Adelante Capital Management LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 16, 2025), Adelante Capital Management LLC reported 41 stock positions worth $1.3 billion. Its top holding was Welltower (WELL) at 11.2% of the portfolio, followed by Prologis (PLD, 10.2%) and Equinix (EQIX, 8.8%). Compared with Q4 2024, it opened 1 new position, sold out of 5, added to 14 and reduced 26. The biggest buy was Realty Income (O, shares +1380%) and the biggest sale Public Storage (PSA, shares −13%).
- Most Recent 13F
- Q2 2026
- Location
- ALAMEDA, CA
- CIK
- 0001067926
- Portfolio Value
- $1.3B (Q1 2025)
- SEC Filing
- 0001067926-25-000005 ↗ filed May 16, 2025
Holdings Value
Holdings 41 stocks · $1.3B
| WELL Welltower Inc. | 11.17% | 963,730 | $147.7M | Reduce -17.7% |
| PLD Prologis Inc. | 10.19% | 1,205,055 | $134.7M | Reduce -13.9% |
| EQIX Equinix Inc. | 8.83% | 143,114 | $116.7M | Reduce -5.3% |
| AVB Avalonbay Communities Inc. | 5.60% | 344,822 | $74.0M | Reduce -13.9% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 5.04% | 929,789 | $66.6M | Reduce -13.7% |
| SPG Simon Property Group Inc. | 4.86% | 386,479 | $64.2M | Reduce -27.9% |
| DLR Digital Realty Trust Inc. | 4.63% | 427,306 | $61.2M | Reduce -15.8% |
| O Realty Income Corp. | 3.78% | 860,671 | $49.9M | Add +1380.2% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 3.52% | 1,424,836 | $46.5M | Add +861.9% |
| KIM Kimco Realty Corp. | 3.48% | 2,163,571 | $46.0M | Reduce -6.6% |
| ELS Equity Lifestyle Properties | 3.20% | 634,637 | $42.3M | Add +47.9% |
| AMH American Homes 4 Rent- A | 2.61% | 913,578 | $34.5M | Add +9.0% |
| VTR Ventas Inc. | 2.54% | 488,664 | $33.6M | Reduce -6.6% |
| EGP Eastgroup Properties Inc. | 2.24% | 168,269 | $29.6M | Reduce -22.1% |
| ADC Agree Realty Corp. | 2.17% | 370,652 | $28.6M | Add +3018.7% |
| RHP Ryman Hospitality Properties | 2.10% | 302,992 | $27.7M | Reduce -13.2% |
| EXR Extra Space Storage Inc. | 2.09% | 186,050 | $27.6M | Reduce -36.1% |
| BXP BXP Inc. | 1.95% | 383,958 | $25.8M | Reduce -31.4% |
| REG Regency Centers Corp. | 1.95% | 348,468 | $25.7M | Add +5.6% |
| DOC Healthpeak Properties Inc. | 1.82% | 1,189,069 | $24.0M | Add +4464.2% |
| FR First Industrial Realty TR | 1.63% | 399,043 | $21.5M | Add +63.3% |
| EPRT Essential Properties Realty | 1.57% | 636,179 | $20.8M | Add +1232.0% |
| CUZ Cousins Properties Inc. | 1.52% | 682,499 | $20.1M | Add +56.3% |
| AMT American Tower Corp. | 1.04% | 63,158 | $13.7M | Add +58.5% |
| OHI Omega Healthcare Investors | 0.97% | 337,195 | $12.8M | Reduce -23.1% |
| INVH Invitation Homes Inc. | 0.93% | 351,142 | $12.2M | Reduce -51.1% |
| MAA Mid-America Apartment Comm | 0.90% | 70,612 | $11.8M | Reduce -44.9% |
| VNO Vornado Realty Trust | 0.81% | 287,797 | $10.6M | Reduce -3.1% |
| MAR Marriott International Class A | 0.80% | 44,174 | $10.5M | Reduce -9.2% |
| VRE Veris Residential Inc. | 0.79% | 616,656 | $10.4M | Reduce -1.4% |
| COLD Americold Realty Trust Inc. | 0.76% | 465,202 | $10.0M | Add +5.4% |
| SKT Tanger Inc. | 0.72% | 281,084 | $9.5M | New |
| BKD Brookdale Senior Living Inc. | 0.71% | 1,502,850 | $9.4M | Reduce -7.6% |
| ARE Alexandria Real Estate Equit | 0.66% | 94,287 | $8.7M | Reduce -73.7% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 0.60% | 390,346 | $7.9M | Reduce -12.5% |
| IVT Inventrust Properties Corp. | 0.54% | 362,173 | $7.2M | Reduce -14.7% |
| LAMR Lamar Advertising Co. Class A | 0.47% | 54,787 | $6.2M | Reduce -8.3% |
| PSA Public Storage | 0.34% | 250,826 | $4.5M | Reduce -12.6% |
| SBAC SBA Communications Corp. | 0.21% | 12,603 | $2.8M | Add +42.9% |
| PCH Potlatchdeltic Corp. | 0.17% | 48,708 | $2.2M | Add +43.8% |
| CBRE CBRE Group Inc. Class A | 0.10% | 29,858 | $1.4M | Reduce -34.1% |
Portfolio Sells Q4 2024 → Q1 2025
| PSA Public Storage | Reduce -12.6% | 0.34% | −5.33 |
| BKD Brookdale Senior Living Inc. | Reduce -7.6% | 0.71% | −4.26 |
| IRM Iron Mountain Inc. | Reduce -12.5% | 0.60% | −2.49 |
| ARE Alexandria Real Estate Equit | Reduce -73.7% | 0.66% | −1.64 |
| DLR Digital Realty Trust Inc. | Reduce -15.8% | 4.63% | −1.31 |
| SUI Sun Communities Inc. | Sold out | 0.00% | −1.29 |
| SPG Simon Property Group Inc. | Reduce -27.9% | 4.86% | −1.23 |
| BRX Brixmor Property Group Inc. | Sold out | 0.00% | −1.11 |
| BXP BXP Inc. | Reduce -31.4% | 1.95% | −0.79 |
| INVH Invitation Homes Inc. | Reduce -51.1% | 0.93% | −0.59 |
| EQIX Equinix Inc. | Reduce -5.3% | 8.83% | −0.57 |
| RHP Ryman Hospitality Properties | Reduce -13.2% | 2.10% | −0.31 |
| IVT Inventrust Properties Corp. | Reduce -14.7% | 0.54% | −0.30 |
| CBRE CBRE Group Inc. Class A | Reduce -34.1% | 0.10% | −0.29 |
| AVB Avalonbay Communities Inc. | Reduce -13.9% | 5.60% | −0.21 |
| OHI Omega Healthcare Investors | Reduce -23.1% | 0.97% | −0.12 |
| KIM Kimco Realty Corp. | Reduce -6.6% | 3.48% | −0.11 |
| MAR Marriott International Class A | Reduce -9.2% | 0.80% | −0.10 |
| VMRK Vivmark Residential | Reduce -13.7% | 5.04% | −0.07 |
| HLT Hilton Worldwide Holdings Inc. | Sold out | 0.00% | −0.06 |
| EGP Eastgroup Properties Inc. | Reduce -22.1% | 2.24% | −0.04 |
| ESS Essex Property Trust Inc. | Sold out | 0.00% | −0.04 |
| CDP Copt Defense Properties | Sold out | 0.00% | −0.04 |
| VNO Vornado Realty Trust | Reduce -3.1% | 0.81% | −0.02 |
| LAMR Lamar Advertising Co. Class A | Reduce -8.3% | 0.47% | −0.01 |
| VRE Veris Residential Inc. | Reduce -1.4% | 0.79% | +0.10 |
| PLD Prologis Inc. | Reduce -13.9% | 10.19% | +0.43 |
| VTR Ventas Inc. | Reduce -6.6% | 2.54% | +0.51 |
| MAA Mid-America Apartment Comm | Reduce -44.9% | 0.90% | +0.74 |
| WELL Welltower Inc. | Reduce -17.7% | 11.17% | +1.43 |
| EXR Extra Space Storage Inc. | Reduce -36.1% | 2.09% | +1.71 |
Portfolio Buys Q4 2024 → Q1 2025
| O Realty Income Corp. | Add +1380.2% | 3.78% | +3.57 |
| VICI Vici Properties Inc. | Add +861.9% | 3.52% | +3.23 |
| ADC Agree Realty Corp. | Add +3018.7% | 2.17% | +2.11 |
| DOC Healthpeak Properties Inc. | Add +4464.2% | 1.82% | +1.78 |
| EPRT Essential Properties Realty | Add +1232.0% | 1.57% | +1.47 |
| ELS Equity Lifestyle Properties | Add +47.9% | 3.20% | +1.32 |
| FR First Industrial Realty TR | Add +63.3% | 1.63% | +0.82 |
| SKT Tanger Inc. | New | 0.72% | +0.72 |
| CUZ Cousins Properties Inc. | Add +56.3% | 1.52% | +0.64 |
| AMT American Tower Corp. | Add +58.5% | 1.04% | +0.56 |
| AMH American Homes 4 Rent- A | Add +9.0% | 2.61% | +0.54 |
| REG Regency Centers Corp. | Add +5.6% | 1.95% | +0.33 |
| COLD Americold Realty Trust Inc. | Add +5.4% | 0.76% | +0.13 |
| SBAC SBA Communications Corp. | Add +42.9% | 0.21% | +0.09 |
| PCH Potlatchdeltic Corp. | Add +43.8% | 0.17% | +0.08 |
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 |