Adelante Capital Management LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Adelante Capital Management LLC reported 43 stock positions worth $1.5 billion. Its top holding was Prologis (PLD) at 14.5% of the portfolio, followed by Equinix (EQIX, 10.1%) and Welltower (WELL, 8.1%). Compared with Q4 2023, it opened 5 new positions, sold out of 6, added to 25 and reduced 13. The biggest buy was Simon Property (SPG, shares +4%) and the biggest sale BXP (BXP, shares −25%).
- Most Recent 13F
- Q2 2026
- Location
- ALAMEDA, CA
- CIK
- 0001067926
- Portfolio Value
- $1.5B (Q1 2024)
- SEC Filing
- 0001067926-24-000004 ↗ filed May 15, 2024
Holdings Value
Holdings 43 stocks · $1.5B
| PLD Prologis Inc. | 14.54% | 1,695,757 | $220.8M | Add +2.2% |
| EQIX Equinix Inc. | 10.13% | 186,505 | $153.9M | Add +4.2% |
| WELL Welltower Inc. | 8.09% | 1,314,732 | $122.8M | Add +1.3% |
| SPG Simon Property Group Inc. | 6.36% | 617,628 | $96.7M | Add +3.9% |
| PSA Public Storage | 6.11% | 319,874 | $92.8M | Add +18.0% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 5.29% | 1,273,810 | $80.4M | Add +2.3% |
| AVB Avalonbay Communities Inc. | 4.72% | 386,562 | $71.7M | Add +7.1% |
| DLR Digital Realty Trust Inc. | 4.61% | 486,469 | $70.1M | Reduce -9.1% |
| ARE Alexandria Real Estate Equit | 3.79% | 446,156 | $57.5M | Reduce -1.4% |
| KIM Kimco Realty Corp. | 3.72% | 2,884,717 | $56.6M | Add +3.0% |
| EXR Extra Space Storage Inc. | 3.33% | 343,739 | $50.5M | Add +2.9% |
| AMH American Homes 4 Rent- A | 3.07% | 1,266,028 | $46.6M | Add +10.6% |
| BRX Brixmor Property Group Inc. | 2.47% | 1,596,634 | $37.4M | Add +30.5% |
| BXP BXP Inc. filed as BOSTON PROPERTIES INC | 2.44% | 568,314 | $37.1M | Reduce -24.8% |
| VTR Ventas Inc. | 2.26% | 786,922 | $34.3M | Add +6.2% |
| MAA Mid-America Apartment Comm | 2.09% | 241,471 | $31.8M | Add +2.8% |
| INVH Invitation Homes Inc. | 1.88% | 803,649 | $28.6M | Reduce -1.6% |
| PLYA Playa Hotels & Resorts NV | 1.74% | 1,482,939 | $26.5M | Reduce -12.7% |
| ELS Equity Lifestyle Properties | 1.72% | 404,742 | $26.1M | Add +0.7% |
| EGP Eastgroup Properties Inc. | 1.58% | 133,524 | $24.0M | Add +49.3% |
| RHP Ryman Hospitality Properties | 1.05% | 137,350 | $15.9M | Reduce -12.0% |
| DRH Diamondrock Hospitality Co. | 0.99% | 1,563,330 | $15.0M | Reduce -21.4% |
| MAR Marriott International Class A | 0.98% | 58,765 | $14.8M | Add +33.4% |
| AMT American Tower Corp. | 0.79% | 60,590 | $12.0M | Reduce -43.5% |
| AHR American Healthcare REIT Inc. | 0.76% | 784,286 | $11.6M | New |
| VNO Vornado Realty Trust | 0.72% | 381,175 | $11.0M | New |
| REXR Rexford Industrial Realty Inc. | 0.62% | 186,295 | $9.4M | Reduce -1.9% |
| IVT Inventrust Properties Corp. | 0.60% | 357,262 | $9.2M | Add +2.5% |
| COLD Americold Realty Trust Inc. | 0.56% | 344,209 | $8.6M | New |
| ELME Elme Communities | 0.55% | 598,574 | $8.3M | Add +0.3% |
| LAMR Lamar Advertising Co. Class A | 0.51% | 65,057 | $7.8M | Add +8.2% |
| ESS Essex Property Trust Inc. | 0.49% | 30,681 | $7.5M | Reduce -42.8% |
| FR First Industrial Realty TR | 0.36% | 276,692 | $5.5M | Reduce -34.0% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.36% | 183,372 | $5.5M | Add +7.9% |
| O Realty Income Corp. | 0.20% | 54,855 | $3.0M | Add +189.2% |
| BNL Broadstone Net Lease Inc. | 0.13% | 41,711 | $1.9M | Add +11.5% |
| PCH Potlatchdeltic Corp. | 0.10% | 32,750 | $1.5M | Add +3.2% |
| HLT Hilton Worldwide Holdings Inc. | 0.10% | 7,004 | $1.5M | Reduce -6.8% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.09% | 17,552 | $1.4M | Add +25.0% |
| EPRT Essential Properties Realty | 0.05% | 29,475 | $786K | New |
| SLG SL Green Realty Corp. | 0.04% | 10,843 | $598K | New |
| SBAC SBA Communications Corp. | 0.00% | 7,083 | $0 | Reduce -15.2% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.00% | 272,209 | $0 | Add +0.3% |
Portfolio Sells Q4 2023 → Q1 2024
| BXP BXP Inc. | Reduce -24.8% | 2.44% | −1.23 |
| FR First Industrial Realty TR | Reduce -34.0% | 0.36% | −1.17 |
| WPC WP Carey Inc. | Sold out | 0.00% | −0.85 |
| OHI Omega Healthcare Investors | Sold out | 0.00% | −0.85 |
| AMT American Tower Corp. | Reduce -43.5% | 0.79% | −0.81 |
| ALEX Alexander & Baldwin Inc. | Sold out | 0.00% | −0.72 |
| ESS Essex Property Trust Inc. | Reduce -42.8% | 0.49% | −0.43 |
| DLR Digital Realty Trust Inc. | Reduce -9.1% | 4.61% | −0.38 |
| DRH Diamondrock Hospitality Co. | Reduce -21.4% | 0.99% | −0.30 |
| ARE Alexandria Real Estate Equit | Reduce -1.4% | 3.79% | −0.19 |
| SBAC SBA Communications Corp. | Reduce -15.2% | 0.00% | −0.15 |
| RHP Ryman Hospitality Properties | Reduce -12.0% | 1.05% | −0.15 |
| INVH Invitation Homes Inc. | Reduce -1.6% | 1.88% | −0.05 |
| CUBE Cubesmart | Sold out | 0.00% | −0.04 |
| DOC Healthpeak Properties Inc. | Sold out | 0.00% | −0.00 |
| NTST Netstreit Corp. | Sold out | 0.00% | −0.00 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -6.8% | 0.10% | +0.00 |
| REXR Rexford Industrial Realty Inc. | Reduce -1.9% | 0.62% | +0.62 |
| PLYA Playa Hotels & Resorts NV | Reduce -12.7% | 1.74% | +0.72 |
Portfolio Buys Q4 2023 → Q1 2024
| SPG Simon Property Group Inc. | Add +3.9% | 6.36% | +6.36 |
| AHR American Healthcare REIT Inc. | New | 0.76% | +0.76 |
| VNO Vornado Realty Trust | New | 0.72% | +0.72 |
| COLD Americold Realty Trust Inc. | New | 0.56% | +0.56 |
| BRX Brixmor Property Group Inc. | Add +30.5% | 2.47% | +0.49 |
| EGP Eastgroup Properties Inc. | Add +49.3% | 1.58% | +0.44 |
| PSA Public Storage | Add +18.0% | 6.11% | +0.38 |
| MAR Marriott International Class A | Add +33.4% | 0.98% | +0.29 |
| AMH American Homes 4 Rent- A | Add +10.6% | 3.07% | +0.21 |
| EQIX Equinix Inc. | Add +4.2% | 10.13% | +0.14 |
| O Realty Income Corp. | Add +189.2% | 0.20% | +0.12 |
| BNL Broadstone Net Lease Inc. | Add +11.5% | 0.13% | +0.08 |
| LAMR Lamar Advertising Co. Class A | Add +8.2% | 0.51% | +0.07 |
| EPRT Essential Properties Realty | New | 0.05% | +0.05 |
| AVB Avalonbay Communities Inc. | Add +7.1% | 4.72% | +0.04 |
| SLG SL Green Realty Corp. | New | 0.04% | +0.04 |
| IRM Iron Mountain Inc. | Add +25.0% | 0.09% | +0.02 |
| VMRK Vivmark Residential | Add +2.3% | 5.29% | +0.02 |
| PCH Potlatchdeltic Corp. | Add +3.2% | 0.10% | −0.01 |
| IVT Inventrust Properties Corp. | Add +2.5% | 0.60% | −0.01 |
| VICI Vici Properties Inc. | Add +7.9% | 0.36% | −0.02 |
| WELL Welltower Inc. | Add +1.3% | 8.09% | −0.02 |
| ELME Elme Communities | Add +0.3% | 0.55% | −0.06 |
| MAA Mid-America Apartment Comm | Add +2.8% | 2.09% | −0.10 |
| ELS Equity Lifestyle Properties | Add +0.7% | 1.72% | −0.25 |
| VTR Ventas Inc. | Add +6.2% | 2.26% | −0.30 |
| EXR Extra Space Storage Inc. | Add +2.9% | 3.33% | −0.38 |
| KIM Kimco Realty Corp. | Add +3.0% | 3.72% | −0.41 |
| PLD Prologis Inc. | Add +2.2% | 14.54% | −0.79 |
| SUI Sun Communities Inc. | Add +0.3% | 0.00% | −2.51 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 42 | $1.5B | WELL, PLD, EQIX, SPG, DLR |
| Q1 2026 | 42 | $1.5B | WELL, PLD, EQIX, DLR, SPG |
| Q4 2025 | 42 | $1.5B | WELL, PLD, EQIX, SPG, DLR |
| Q3 2025 | 43 | $1.5B | WELL, PLD, EQIX, SPG, DLR |
| Q2 2025 | 42 | $1.4B | WELL, EQIX, PSA, DLR, AVB |
| Q1 2025 | 41 | $1.3B | WELL, PLD, EQIX, AVB, VMRK |
| Q4 2024 | 45 | $1.5B | PLD, WELL, EQIX, SPG, DLR |
| Q3 2024Amended | 42 | $1.5B | PLD, WELL, EQIX, PSA, AVB |
| Q2 2024 | 42 | $1.3B | PLD, EQIX, WELL, SPG, PSA |
| Q1 2024 | 43 | $1.5B | PLD, EQIX, WELL, SPG, PSA |