Adelante Capital Management LLC
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Adelante Capital Management LLC reported 45 stock positions worth $1.5 billion. Its top holding was Prologis (PLD) at 9.8% of the portfolio, followed by Welltower (WELL, 9.7%) and Equinix (EQIX, 9.4%). Compared with Q3 2024, it opened 4 new positions, sold out of 1, added to 19 and reduced 22. The biggest buy was Brookdale Senior Living (BKD, shares +47%) and the biggest sale Prologis (PLD, shares −8%).
- Most Recent 13F
- Q2 2026
- Location
- ALAMEDA, CA
- CIK
- 0001067926
- Portfolio Value
- $1.5B (Q4 2024)
- SEC Filing
- 0001067926-25-000003 ↗ filed Feb 14, 2025
Holdings Value
Holdings 45 stocks · $1.5B
| PLD Prologis Inc. | 9.77% | 1,400,344 | $148.0M | Reduce -8.1% |
| WELL Welltower Inc. | 9.74% | 1,171,232 | $147.6M | Add +0.7% |
| EQIX Equinix Inc. | 9.40% | 151,087 | $142.5M | Reduce -6.1% |
| SPG Simon Property Group Inc. | 6.09% | 535,740 | $92.3M | Add +3.8% |
| DLR Digital Realty Trust Inc. | 5.94% | 507,703 | $90.0M | Add +9.2% |
| AVB Avalonbay Communities Inc. | 5.81% | 400,444 | $88.1M | Reduce -0.9% |
| PSA Public Storage | 5.67% | 286,811 | $85.9M | Reduce -1.4% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 5.10% | 1,077,337 | $77.3M | Reduce -3.8% |
| BKD Brookdale Senior Living Inc. | 4.97% | 1,625,835 | $75.4M | Add +46.7% |
| KIM Kimco Realty Corp. | 3.58% | 2,317,331 | $54.3M | Add +29.5% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 3.09% | 445,897 | $46.9M | Add +12.3% |
| BXP BXP Inc. | 2.75% | 559,494 | $41.6M | Reduce -4.3% |
| RHP Ryman Hospitality Properties | 2.40% | 348,890 | $36.4M | Add +24.3% |
| ARE Alexandria Real Estate Equit | 2.30% | 357,889 | $34.9M | Add +59.0% |
| EGP Eastgroup Properties Inc. | 2.29% | 215,909 | $34.7M | Add +10.4% |
| AMH American Homes 4 Rent- A | 2.07% | 837,803 | $31.4M | Add +9.9% |
| VTR Ventas Inc. | 2.03% | 522,956 | $30.8M | Reduce -12.8% |
| ELS Equity Lifestyle Properties | 1.89% | 429,028 | $28.6M | Reduce -0.8% |
| REG Regency Centers Corp. | 1.61% | 330,024 | $24.4M | New |
| INVH Invitation Homes Inc. | 1.51% | 718,041 | $23.0M | Reduce -21.3% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 1.29% | 159,147 | $19.6M | Add +2.7% |
| BRX Brixmor Property Group Inc. | 1.11% | 606,342 | $16.9M | Reduce -68.4% |
| OHI Omega Healthcare Investors | 1.10% | 438,626 | $16.6M | Add +129.8% |
| MAR Marriott International Class A | 0.90% | 48,658 | $13.6M | Reduce -25.9% |
| CUZ Cousins Properties Inc. | 0.88% | 436,627 | $13.4M | New |
| IVT Inventrust Properties Corp. | 0.84% | 424,769 | $12.8M | Reduce -11.8% |
| VNO Vornado Realty Trust | 0.82% | 297,058 | $12.5M | Reduce -2.1% |
| FR First Industrial Realty TR | 0.81% | 244,443 | $12.3M | Add +15.3% |
| VRE Veris Residential Inc. | 0.69% | 625,229 | $10.4M | Add +23.1% |
| COLD Americold Realty Trust Inc. | 0.62% | 441,492 | $9.4M | Add +27.0% |
| AMT American Tower Corp. | 0.48% | 39,844 | $7.3M | Add +3.4% |
| LAMR Lamar Advertising Co. Class A | 0.48% | 59,763 | $7.3M | Add +11.3% |
| CBRE CBRE Group Inc. Class A | 0.39% | 45,309 | $5.9M | Reduce -9.4% |
| EXR Extra Space Storage Inc. | 0.38% | 291,112 | $5.8M | Add +5.4% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 0.29% | 148,132 | $4.3M | Reduce -18.7% |
| O Realty Income Corp. | 0.20% | 58,145 | $3.1M | Reduce -12.6% |
| MAA Mid-America Apartment Comm | 0.15% | 128,120 | $2.3M | Reduce -7.1% |
| SBAC SBA Communications Corp. | 0.12% | 8,820 | $1.8M | New |
| EPRT Essential Properties Realty | 0.10% | 47,763 | $1.5M | Reduce -0.6% |
| PCH Potlatchdeltic Corp. | 0.09% | 33,880 | $1.3M | Reduce -5.5% |
| ADC Agree Realty Corp. | 0.06% | 11,885 | $837K | New |
| HLT Hilton Worldwide Holdings Inc. | 0.06% | 3,371 | $833K | Reduce -3.4% |
| ESS Essex Property Trust Inc. | 0.04% | 2,161 | $617K | Add +3.0% |
| CDP Copt Defense Properties | 0.04% | 18,329 | $567K | Reduce -0.1% |
| DOC Healthpeak Properties Inc. | 0.03% | 26,052 | $528K | Reduce -96.9% |
Portfolio Sells Q3 2024 → Q4 2024
| PLD Prologis Inc. | Reduce -8.1% | 9.77% | −2.66 |
| BRX Brixmor Property Group Inc. | Reduce -68.4% | 1.11% | −2.34 |
| DOC Healthpeak Properties Inc. | Reduce -96.9% | 0.03% | −1.20 |
| PSA Public Storage | Reduce -1.4% | 5.67% | −1.17 |
| INVH Invitation Homes Inc. | Reduce -21.3% | 1.51% | −0.56 |
| VTR Ventas Inc. | Reduce -12.8% | 2.03% | −0.45 |
| BXP BXP Inc. | Reduce -4.3% | 2.75% | −0.29 |
| VMRK Vivmark Residential | Reduce -3.8% | 5.10% | −0.28 |
| MAR Marriott International Class A | Reduce -25.9% | 0.90% | −0.16 |
| CCI Crown Castle Inc. | Sold out | 0.00% | −0.12 |
| ELS Equity Lifestyle Properties | Reduce -0.8% | 1.89% | −0.11 |
| VICI Vici Properties Inc. | Reduce -18.7% | 0.29% | −0.11 |
| O Realty Income Corp. | Reduce -12.6% | 0.20% | −0.07 |
| AVB Avalonbay Communities Inc. | Reduce -0.9% | 5.81% | −0.06 |
| IVT Inventrust Properties Corp. | Reduce -11.8% | 0.84% | −0.04 |
| PCH Potlatchdeltic Corp. | Reduce -5.5% | 0.09% | −0.02 |
| MAA Mid-America Apartment Comm | Reduce -7.1% | 0.15% | −0.01 |
| EPRT Essential Properties Realty | Reduce -0.6% | 0.10% | −0.01 |
| CDP Copt Defense Properties | Reduce -0.1% | 0.04% | +0.00 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -3.4% | 0.06% | +0.00 |
| VNO Vornado Realty Trust | Reduce -2.1% | 0.82% | +0.05 |
| EQIX Equinix Inc. | Reduce -6.1% | 9.40% | +0.18 |
| CBRE CBRE Group Inc. Class A | Reduce -9.4% | 0.39% | +0.24 |
Portfolio Buys Q3 2024 → Q4 2024
| BKD Brookdale Senior Living Inc. | Add +46.7% | 4.97% | +4.49 |
| REG Regency Centers Corp. | New | 1.61% | +1.61 |
| DLR Digital Realty Trust Inc. | Add +9.2% | 5.94% | +1.08 |
| KIM Kimco Realty Corp. | Add +29.5% | 3.58% | +0.90 |
| CUZ Cousins Properties Inc. | New | 0.88% | +0.88 |
| OHI Omega Healthcare Investors | Add +129.8% | 1.10% | +0.59 |
| ARE Alexandria Real Estate Equit | Add +59.0% | 2.30% | +0.58 |
| FR First Industrial Realty TR | Add +15.3% | 0.81% | +0.54 |
| RHP Ryman Hospitality Properties | Add +24.3% | 2.40% | +0.46 |
| SPG Simon Property Group Inc. | Add +3.8% | 6.09% | +0.45 |
| AMH American Homes 4 Rent- A | Add +9.9% | 2.07% | +0.18 |
| WELL Welltower Inc. | Add +0.7% | 9.74% | +0.13 |
| SBAC SBA Communications Corp. | New | 0.12% | +0.12 |
| VRE Veris Residential Inc. | Add +23.1% | 0.69% | +0.10 |
| ADC Agree Realty Corp. | New | 0.06% | +0.06 |
| IRM Iron Mountain Inc. | Add +12.3% | 3.09% | +0.05 |
| LAMR Lamar Advertising Co. Class A | Add +11.3% | 0.48% | +0.02 |
| ESS Essex Property Trust Inc. | Add +3.0% | 0.04% | +0.00 |
| COLD Americold Realty Trust Inc. | Add +27.0% | 0.62% | −0.01 |
| SUI Sun Communities Inc. | Add +2.7% | 1.29% | −0.06 |
| EGP Eastgroup Properties Inc. | Add +10.4% | 2.29% | −0.07 |
| AMT American Tower Corp. | Add +3.4% | 0.48% | −0.10 |
| EXR Extra Space Storage Inc. | Add +5.4% | 0.38% | −2.83 |
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 |