Bayfront targets real estate investments that fall into three broad categories: Basis-driven investment opportunities. An important aspect of Bayfront’s fundamental value approach is acquiring assets at attractive bases relative to replacement costs and stabilized cash flows, with the goal of providing meaningful downside protection across shifting market cycles. Cash flow enhancement and value creation opportunities. Many investments Bayfront pursues are expected to provide opportunities for near-term increases in value through proactive asset management and strategic property management. These opportunities may involve more focused management of operating expenses, implementation of capital expenditure programs, re-positioning under-utilized assets, re-leasing vacant space and other revenue-enhancing initiatives. Additionally, in select instances Bayfront may pursue development or re-development opportunities that provide the potential for high returns with prudent levels of leverage.