Getting started
How ADR works
ADR builds diversified commercial real estate funds and runs the infrastructure that issues and administers ownership in them. This page explains what you own and how the pieces fit, before the pages that follow cover each step in detail.
What you own
When you invest, you buy units in a fund. The fund is a legal entity that owns commercial property interests, and your units are a proportional claim on that entity: on the income it collects and on the value of what it holds.
You do not own a specific building, and that is deliberate. A single property concentrates your outcome in one tenant, one submarket and one lease expiry. A fund spreads it, which is what makes the income steadier than any one asset in it.
Where the income comes from
Commercial tenants sign leases, and those leases oblige them to pay rent for a defined term. That rent is collected, the costs of running the properties are paid, and what remains is available to distribute to investors. The income is lease driven rather than sentiment driven, which is why it behaves differently to a listed holding that reprices every time the market changes its mood.
The three parts of the platform
| The fund | Owns the property interests, collects the rent, pays the costs and determines what is distributed. This is where the economics live. |
|---|---|
| The platform | Your account. Onboarding, subscribing, statements, distributions and documents all happen here. |
| The ledger | An independent public record of units in issue and the movements between holders. It is evidence, not accounting. See viewing your holding on chain. |
The order of things
Four steps stand between registering and holding units, and they have to happen in order. Each one is a separate page in this help centre.