Adaptive investor letter

Thought everyone might enjoy a glimpse into how we handle investor relations here at Adaptive.

Per the terms of the Adaptive Realty Fund 1 operating agreement, we are required to share quarterly financial reporting with our largest investor. In order to be fair to all of the investors, we decided to make the same financials available to all investors in the fund.

But financials don’t give a really clear picture of the business, particularly because, on Fund 1, we’re still in the construction phase for all four projects. Therefore, I decided to write a quarterly letter to our investors to accompany the financial reports.

I can’t share the financials, because that’s sensitive. And I can’t share the Q2 letter, because only our investors get access to our best ideas / insight into the market.

But I can share last quarter’s letter. Enjoy…

AR Fund 1 – Investor Letter – Q1 2013

[Obligatory fine print: This post and the attached letter do not represent offers to sell shares or solicitations to invest. They are for education/entertainment purposes only.]