Adelante Capital Management LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 15, 2025), Adelante Capital Management LLC reported 42 stock positions worth $1.4 billion. Its top holding was Welltower (WELL) at 11.1% of the portfolio, followed by Equinix (EQIX, 8.2%) and Public Storage (PSA, 5.3%). Compared with Q1 2025, it opened 1 new position, added to 19 and reduced 22. The biggest buy was a new position in Hudson Pac Pptys and the biggest sale Prologis (PLD, shares −3%).
- Most Recent 13F
- Q2 2026
- Location
- ALAMEDA, CA
- CIK
- 0001067926
- Portfolio Value
- $1.4B (Q2 2025)
- SEC Filing
- 0001067926-25-000008 ↗ filed Aug 15, 2025
Holdings Value
Holdings 42 stocks · $1.4B
| WELL Welltower Inc. | 11.11% | 981,590 | $150.9M | Add +1.9% |
| EQIX Equinix Inc. | 8.20% | 140,006 | $111.4M | Reduce -2.2% |
| PSA Public Storage | 5.29% | 244,857 | $71.8M | Reduce -2.4% |
| DLR Digital Realty Trust Inc. | 5.22% | 407,136 | $71.0M | Reduce -4.7% |
| AVB Avalonbay Communities Inc. | 5.12% | 341,855 | $69.6M | Reduce -0.9% |
| O Realty Income Corp. | 4.59% | 1,081,406 | $62.3M | Add +25.6% |
| HUDSON PAC PPTYS INC | 4.44% | 3,043,383 | $60.3M | New |
| SPG Simon Property Group Inc. | 4.35% | 368,002 | $59.2M | Reduce -4.8% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 3.92% | 1,631,912 | $53.2M | Add +14.5% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 3.88% | 780,332 | $52.7M | Reduce -16.1% |
| KIM Kimco Realty Corp. | 3.30% | 2,134,766 | $44.9M | Reduce -1.3% |
| ELS Equity Lifestyle Properties | 3.06% | 674,425 | $41.6M | Add +6.3% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 3.04% | 403,205 | $41.4M | Add +3.3% |
| VTR Ventas Inc. | 2.85% | 613,415 | $38.7M | Add +25.5% |
| EXR Extra Space Storage Inc. | 2.64% | 243,070 | $35.8M | Add +30.6% |
| EGP Eastgroup Properties Inc. | 2.36% | 191,849 | $32.1M | Add +14.0% |
| ADC Agree Realty Corp. | 2.30% | 427,610 | $31.2M | Add +15.4% |
| AMH American Homes 4 Rent- A | 2.21% | 830,542 | $30.0M | Reduce -9.1% |
| CUZ Cousins Properties Inc. | 2.00% | 902,912 | $27.1M | Add +32.3% |
| REG Regency Centers Corp. | 1.97% | 376,117 | $26.8M | Add +7.9% |
| RHP Ryman Hospitality Properties | 1.89% | 260,178 | $25.7M | Reduce -14.1% |
| PLD Prologis Inc. | 1.53% | 1,167,878 | $20.8M | Reduce -3.1% |
| MAA Mid-America Apartment Comm | 1.40% | 128,589 | $19.0M | Add +82.1% |
| FR First Industrial Realty TR | 1.40% | 394,445 | $19.0M | Reduce -1.1% |
| EPRT Essential Properties Realty | 1.14% | 487,395 | $15.6M | Reduce -23.4% |
| ARE Alexandria Real Estate Equit | 1.08% | 202,726 | $14.7M | Add +115.0% |
| AMT American Tower Corp. | 1.02% | 62,998 | $13.9M | Reduce -0.3% |
| VNO Vornado Realty Trust | 1.02% | 361,948 | $13.8M | Add +25.8% |
| DOC Healthpeak Properties Inc. | 0.99% | 771,586 | $13.5M | Reduce -35.1% |
| VRE Veris Residential Inc. | 0.81% | 737,945 | $11.0M | Add +19.7% |
| MAR Marriott International Class A | 0.78% | 38,637 | $10.6M | Reduce -12.5% |
| IVT Inventrust Properties Corp. | 0.73% | 364,286 | $10.0M | Add +0.6% |
| INVH Invitation Homes Inc. | 0.70% | 467,453 | $9.5M | Add +33.1% |
| BXP BXP Inc. | 0.65% | 131,341 | $8.9M | Reduce -65.8% |
| SKT Tanger Inc. | 0.60% | 268,040 | $8.2M | Reduce -4.6% |
| COLD Americold Realty Trust Inc. | 0.57% | 469,411 | $7.8M | Add +0.9% |
| BKD Brookdale Senior Living Inc. | 0.57% | 1,119,470 | $7.8M | Reduce -25.5% |
| OHI Omega Healthcare Investors | 0.40% | 148,205 | $5.4M | Reduce -56.0% |
| LAMR Lamar Advertising Co. Class A | 0.38% | 42,589 | $5.2M | Reduce -22.3% |
| SBAC SBA Communications Corp. | 0.24% | 13,765 | $3.2M | Add +9.2% |
| PCH Potlatchdeltic Corp. | 0.14% | 48,622 | $1.9M | Reduce -0.2% |
| CBRE CBRE Group Inc. Class A | 0.10% | 27,865 | $1.3M | Reduce -6.7% |
Portfolio Sells Q1 2025 → Q2 2025
| PLD Prologis Inc. | Reduce -3.1% | 1.53% | −8.66 |
| BXP BXP Inc. | Reduce -65.8% | 0.65% | −1.30 |
| VMRK Vivmark Residential | Reduce -16.1% | 3.88% | −1.16 |
| DOC Healthpeak Properties Inc. | Reduce -35.1% | 0.99% | −0.82 |
| EQIX Equinix Inc. | Reduce -2.2% | 8.20% | −0.63 |
| OHI Omega Healthcare Investors | Reduce -56.0% | 0.40% | −0.57 |
| SPG Simon Property Group Inc. | Reduce -4.8% | 4.35% | −0.50 |
| AVB Avalonbay Communities Inc. | Reduce -0.9% | 5.12% | −0.48 |
| EPRT Essential Properties Realty | Reduce -23.4% | 1.14% | −0.43 |
| AMH American Homes 4 Rent- A | Reduce -9.1% | 2.21% | −0.41 |
| FR First Industrial Realty TR | Reduce -1.1% | 1.40% | −0.23 |
| RHP Ryman Hospitality Properties | Reduce -14.1% | 1.89% | −0.21 |
| KIM Kimco Realty Corp. | Reduce -1.3% | 3.30% | −0.17 |
| BKD Brookdale Senior Living Inc. | Reduce -25.5% | 0.57% | −0.14 |
| SKT Tanger Inc. | Reduce -4.6% | 0.60% | −0.12 |
| LAMR Lamar Advertising Co. Class A | Reduce -22.3% | 0.38% | −0.09 |
| PCH Potlatchdeltic Corp. | Reduce -0.2% | 0.14% | −0.03 |
| MAR Marriott International Class A | Reduce -12.5% | 0.78% | −0.02 |
| AMT American Tower Corp. | Reduce -0.3% | 1.02% | −0.02 |
| CBRE CBRE Group Inc. Class A | Reduce -6.7% | 0.10% | −0.01 |
| DLR Digital Realty Trust Inc. | Reduce -4.7% | 5.22% | +0.59 |
| PSA Public Storage | Reduce -2.4% | 5.29% | +4.95 |
Portfolio Buys Q1 2025 → Q2 2025
| HUDSON PAC PPTYS INC | New | 4.44% | +4.44 |
| IRM Iron Mountain Inc. | Add +3.3% | 3.04% | +2.45 |
| O Realty Income Corp. | Add +25.6% | 4.59% | +0.81 |
| EXR Extra Space Storage Inc. | Add +30.6% | 2.64% | +0.55 |
| MAA Mid-America Apartment Comm | Add +82.1% | 1.40% | +0.51 |
| CUZ Cousins Properties Inc. | Add +32.3% | 2.00% | +0.47 |
| ARE Alexandria Real Estate Equit | Add +115.0% | 1.08% | +0.42 |
| VICI Vici Properties Inc. | Add +14.5% | 3.92% | +0.40 |
| VTR Ventas Inc. | Add +25.5% | 2.85% | +0.31 |
| VNO Vornado Realty Trust | Add +25.8% | 1.02% | +0.21 |
| IVT Inventrust Properties Corp. | Add +0.6% | 0.73% | +0.19 |
| ADC Agree Realty Corp. | Add +15.4% | 2.30% | +0.13 |
| EGP Eastgroup Properties Inc. | Add +14.0% | 2.36% | +0.12 |
| SBAC SBA Communications Corp. | Add +9.2% | 0.24% | +0.03 |
| REG Regency Centers Corp. | Add +7.9% | 1.97% | +0.03 |
| VRE Veris Residential Inc. | Add +19.7% | 0.81% | +0.02 |
| WELL Welltower Inc. | Add +1.9% | 11.11% | −0.07 |
| ELS Equity Lifestyle Properties | Add +6.3% | 3.06% | −0.14 |
| COLD Americold Realty Trust Inc. | Add +0.9% | 0.57% | −0.18 |
| INVH Invitation Homes Inc. | Add +33.1% | 0.70% | −0.23 |
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 |