Adelante Capital Management LLC
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed February 24, 2025), Adelante Capital Management LLC reported 42 stock positions worth $1.5 billion. Its top holding was Prologis (PLD) at 12.4% of the portfolio, followed by Welltower (WELL, 9.6%) and Equinix (EQIX, 9.2%). Compared with Q2 2024, it opened 5 new positions, sold out of 5, added to 15 and reduced 22. The biggest buy was Iron Mountain (IRM, shares +2442%) and the biggest sale Alexandria Real Estate Equit (ARE, shares −48%).
- Most Recent 13F
- Q2 2026
- Location
- ALAMEDA, CA
- CIK
- 0001067926
- Portfolio Value
- $1.5B (Q3 2024)
- SEC Filing
- 0001067926-25-000004 ↗ filed Feb 24, 2025
Holdings Value
Holdings 42 stocks · $1.5B
| PLD Prologis Inc. | 12.42% | 1,523,733 | $192.4M | Add +0.9% |
| WELL Welltower Inc. | 9.61% | 1,162,695 | $148.9M | Add +0.7% |
| EQIX Equinix Inc. | 9.22% | 160,850 | $142.8M | Reduce -5.4% |
| PSA Public Storage | 6.83% | 290,842 | $105.8M | Reduce -2.6% |
| AVB Avalonbay Communities Inc. | 5.88% | 404,045 | $91.0M | Add +4.9% |
| SPG Simon Property Group Inc. | 5.63% | 516,313 | $87.3M | Reduce -10.6% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 5.38% | 1,119,711 | $83.4M | Reduce -3.0% |
| DLR Digital Realty Trust Inc. | 4.86% | 465,127 | $75.3M | Reduce -7.6% |
| BRX Brixmor Property Group Inc. | 3.45% | 1,919,660 | $53.5M | Add +8.1% |
| EXR Extra Space Storage Inc. | 3.21% | 276,236 | $49.8M | Reduce -3.3% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 3.05% | 397,223 | $47.2M | Add +2441.9% |
| BXP BXP Inc. | 3.04% | 584,471 | $47.0M | Add +37.7% |
| KIM Kimco Realty Corp. | 2.68% | 1,789,363 | $41.5M | Reduce -17.0% |
| VTR Ventas Inc. | 2.48% | 599,644 | $38.5M | Reduce -0.9% |
| EGP Eastgroup Properties Inc. | 2.36% | 195,583 | $36.5M | Add +10.4% |
| INVH Invitation Homes Inc. | 2.08% | 912,563 | $32.2M | Add +33.7% |
| ELS Equity Lifestyle Properties | 1.99% | 432,580 | $30.9M | Add +17.6% |
| RHP Ryman Hospitality Properties | 1.94% | 280,595 | $30.1M | Reduce -2.6% |
| AMH American Homes 4 Rent- A | 1.89% | 761,980 | $29.3M | Reduce -39.5% |
| ARE Alexandria Real Estate Equit | 1.73% | 225,014 | $26.7M | Reduce -48.3% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 1.35% | 154,958 | $20.9M | Reduce -25.5% |
| DOC Healthpeak Properties Inc. | 1.24% | 837,739 | $19.2M | New |
| MAR Marriott International Class A | 1.05% | 65,625 | $16.3M | Add +46.1% |
| IVT Inventrust Properties Corp. | 0.88% | 481,437 | $13.7M | Add +34.4% |
| VNO Vornado Realty Trust | 0.77% | 303,299 | $11.9M | Reduce -14.4% |
| COLD Americold Realty Trust Inc. | 0.63% | 347,556 | $9.8M | Add +1244.8% |
| VRE Veris Residential Inc. | 0.59% | 507,736 | $9.1M | New |
| AMT American Tower Corp. | 0.58% | 38,527 | $9.0M | Reduce -9.6% |
| OHI Omega Healthcare Investors | 0.50% | 190,873 | $7.8M | Reduce -26.3% |
| BKD Brookdale Senior Living Inc. | 0.49% | 1,107,944 | $7.5M | New |
| LAMR Lamar Advertising Co. Class A | 0.46% | 53,679 | $7.2M | Reduce -20.1% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.39% | 182,239 | $6.1M | Reduce -2.2% |
| O Realty Income Corp. | 0.27% | 66,501 | $4.2M | Reduce -0.8% |
| FR First Industrial Realty TR | 0.27% | 212,092 | $4.2M | Reduce -32.3% |
| MAA Mid-America Apartment Comm | 0.16% | 137,919 | $2.5M | Reduce -16.0% |
| CBRE CBRE Group Inc. Class A | 0.15% | 49,994 | $2.3M | New |
| CCI Crown Castle Inc. | 0.12% | 15,776 | $1.9M | Add +9.7% |
| EPRT Essential Properties Realty | 0.11% | 48,043 | $1.6M | Add +75.7% |
| PCH Potlatchdeltic Corp. | 0.10% | 35,840 | $1.6M | Add +12.0% |
| HLT Hilton Worldwide Holdings Inc. | 0.05% | 3,488 | $804K | Reduce -35.5% |
| ESS Essex Property Trust Inc. | 0.04% | 2,099 | $620K | Reduce -54.1% |
| CDP Copt Defense Properties | 0.04% | 18,353 | $557K | New |
Portfolio Sells Q2 2024 → Q3 2024
| ARE Alexandria Real Estate Equit | Reduce -48.3% | 1.73% | −2.29 |
| AMH American Homes 4 Rent- A | Reduce -39.5% | 1.89% | −1.81 |
| SPG Simon Property Group Inc. | Reduce -10.6% | 5.63% | −1.29 |
| DLR Digital Realty Trust Inc. | Reduce -7.6% | 4.86% | −1.18 |
| AHR American Healthcare REIT Inc. | Sold out | 0.00% | −0.96 |
| EQIX Equinix Inc. | Reduce -5.4% | 9.22% | −0.94 |
| VMRK Vivmark Residential | Reduce -3.0% | 5.38% | −0.94 |
| FR First Industrial Realty TR | Reduce -32.3% | 0.27% | −0.90 |
| PLYA Playa Hotels & Resorts NV | Sold out | 0.00% | −0.80 |
| ELME Elme Communities | Sold out | 0.00% | −0.68 |
| KIM Kimco Realty Corp. | Reduce -17.0% | 2.68% | −0.63 |
| SUI Sun Communities Inc. | Reduce -25.5% | 1.35% | −0.63 |
| OHI Omega Healthcare Investors | Reduce -26.3% | 0.50% | −0.20 |
| LAMR Lamar Advertising Co. Class A | Reduce -20.1% | 0.46% | −0.17 |
| BNL Broadstone Net Lease Inc. | Sold out | 0.00% | −0.13 |
| AMT American Tower Corp. | Reduce -9.6% | 0.58% | −0.08 |
| MAA Mid-America Apartment Comm | Reduce -16.0% | 0.16% | −0.07 |
| ESS Essex Property Trust Inc. | Reduce -54.1% | 0.04% | −0.06 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -35.5% | 0.05% | −0.04 |
| DRH Diamondrock Hospitality Co. | Sold out | 0.00% | −0.03 |
| VICI Vici Properties Inc. | Reduce -2.2% | 0.39% | −0.03 |
| O Realty Income Corp. | Reduce -0.8% | 0.27% | −0.01 |
| VNO Vornado Realty Trust | Reduce -14.4% | 0.77% | +0.04 |
| PSA Public Storage | Reduce -2.6% | 6.83% | +0.05 |
| RHP Ryman Hospitality Properties | Reduce -2.6% | 1.94% | +1.94 |
| VTR Ventas Inc. | Reduce -0.9% | 2.48% | +2.48 |
| EXR Extra Space Storage Inc. | Reduce -3.3% | 3.21% | +2.77 |
Portfolio Buys Q2 2024 → Q3 2024
| IRM Iron Mountain Inc. | Add +2441.9% | 3.05% | +2.94 |
| DOC Healthpeak Properties Inc. | New | 1.24% | +1.24 |
| BXP BXP Inc. | Add +37.7% | 3.04% | +0.97 |
| VRE Veris Residential Inc. | New | 0.59% | +0.59 |
| COLD Americold Realty Trust Inc. | Add +1244.8% | 0.63% | +0.58 |
| BKD Brookdale Senior Living Inc. | New | 0.49% | +0.49 |
| BRX Brixmor Property Group Inc. | Add +8.1% | 3.45% | +0.21 |
| MAR Marriott International Class A | Add +46.1% | 1.05% | +0.20 |
| IVT Inventrust Properties Corp. | Add +34.4% | 0.88% | +0.18 |
| CBRE CBRE Group Inc. Class A | New | 0.15% | +0.15 |
| INVH Invitation Homes Inc. | Add +33.7% | 2.08% | +0.14 |
| WELL Welltower Inc. | Add +0.7% | 9.61% | +0.11 |
| ELS Equity Lifestyle Properties | Add +17.6% | 1.99% | +0.10 |
| EPRT Essential Properties Realty | Add +75.7% | 0.11% | +0.05 |
| CDP Copt Defense Properties | New | 0.04% | +0.04 |
| CCI Crown Castle Inc. | Add +9.7% | 0.12% | +0.01 |
| PCH Potlatchdeltic Corp. | Add +12.0% | 0.10% | +0.00 |
| EGP Eastgroup Properties Inc. | Add +10.4% | 2.36% | −0.02 |
| AVB Avalonbay Communities Inc. | Add +4.9% | 5.88% | −0.42 |
| PLD Prologis Inc. | Add +0.9% | 12.42% | −0.97 |
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 |