Adelante Capital Management LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 17, 2025), Adelante Capital Management LLC reported 43 stock positions worth $1.5 billion. Its top holding was Welltower (WELL) at 11.7% of the portfolio, followed by Prologis (PLD, 9.7%) and Equinix (EQIX, 6.6%). Compared with Q2 2025, it opened 6 new positions, sold out of 5, added to 18 and reduced 19. The biggest buy was Prologis (PLD, shares +9%) and the biggest sale an exit from Hudson Pac Pptys.
- Most Recent 13F
- Q2 2026
- Location
- ALAMEDA, CA
- CIK
- 0001067926
- Portfolio Value
- $1.5B (Q3 2025)
- SEC Filing
- 0001067926-25-000009 ↗ filed Nov 17, 2025
Holdings Value
Holdings 43 stocks · $1.5B
| WELL Welltower Inc. | 11.67% | 979,382 | $174.5M | Reduce -0.2% |
| PLD Prologis Inc. | 9.74% | 1,272,288 | $145.7M | Add +8.9% |
| EQIX Equinix Inc. | 6.56% | 125,234 | $98.1M | Reduce -10.6% |
| SPG Simon Property Group Inc. | 5.64% | 449,344 | $84.3M | Add +22.1% |
| DLR Digital Realty Trust Inc. | 5.35% | 463,235 | $80.1M | Add +13.8% |
| O Realty Income Corp. | 4.61% | 1,135,259 | $69.0M | Add +5.0% |
| PSA Public Storage | 4.54% | 235,117 | $67.9M | Reduce -4.0% |
| AVB Avalonbay Communities Inc. | 4.39% | 340,288 | $65.7M | Reduce -0.5% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 3.80% | 878,252 | $56.8M | Add +12.6% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 3.32% | 1,521,457 | $49.6M | Reduce -6.8% |
| BKD Brookdale Senior Living Inc. | 3.14% | 1,013,181 | $47.0M | Reduce -9.5% |
| VTR Ventas Inc. | 3.10% | 661,909 | $46.3M | Add +7.9% |
| KIM Kimco Realty Corp. | 2.92% | 2,000,750 | $43.7M | Reduce -6.3% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 2.63% | 386,285 | $39.4M | Reduce -4.2% |
| ELS Equity Lifestyle Properties | 2.57% | 634,055 | $38.5M | Reduce -6.0% |
| ADC Agree Realty Corp. | 2.10% | 441,605 | $31.4M | Add +3.3% |
| BRX Brixmor Property Group Inc. | 2.06% | 1,113,830 | $30.8M | New |
| AMH American Homes 4 Rent- A | 2.03% | 912,001 | $30.3M | Add +9.8% |
| DOC Healthpeak Properties Inc. | 1.77% | 1,305,556 | $26.5M | Add +69.2% |
| HST Host Hotels & Resorts Inc. | 1.53% | 1,343,133 | $22.9M | New |
| BXP BXP Inc. | 1.42% | 285,339 | $21.2M | Add +117.3% |
| FR First Industrial Realty TR | 1.37% | 397,648 | $20.5M | Add +0.8% |
| MAA Mid-America Apartment Comm | 1.10% | 117,764 | $16.5M | Reduce -8.4% |
| TRNO Terreno Realty Corp. | 1.07% | 283,173 | $16.1M | New |
| RHP Ryman Hospitality Properties | 1.03% | 171,496 | $15.4M | Reduce -34.1% |
| EPRT Essential Properties Realty | 1.01% | 506,994 | $15.1M | Add +4.0% |
| VNO Vornado Realty Trust | 1.01% | 370,941 | $15.0M | Add +2.5% |
| INVH Invitation Homes Inc. | 0.94% | 478,893 | $14.0M | Add +2.5% |
| KRC Kilroy Realty Corp. | 0.93% | 327,909 | $13.9M | New |
| EGP Eastgroup Properties Inc. | 0.86% | 75,778 | $12.8M | Reduce -60.5% |
| CTRE Caretrust REIT Inc. | 0.79% | 340,197 | $11.8M | New |
| VRE Veris Residential Inc. | 0.76% | 752,225 | $11.4M | Add +1.9% |
| AMT American Tower Corp. | 0.74% | 57,567 | $11.1M | Reduce -8.6% |
| IVT Inventrust Properties Corp. | 0.64% | 335,032 | $9.6M | Reduce -8.0% |
| CUZ Cousins Properties Inc. | 0.56% | 289,203 | $8.4M | Reduce -68.0% |
| COLD Americold Realty Trust Inc. | 0.47% | 574,892 | $7.0M | Add +22.5% |
| ARE Alexandria Real Estate Equit | 0.40% | 72,405 | $6.0M | Reduce -64.3% |
| LAMR Lamar Advertising Co. Class A | 0.39% | 47,825 | $5.9M | Add +12.3% |
| EXR Extra Space Storage Inc. | 0.32% | 238,341 | $4.7M | Reduce -1.9% |
| CBRE CBRE Group Inc. Class A | 0.28% | 26,465 | $4.2M | Reduce -5.0% |
| CCI Crown Castle Inc. | 0.27% | 42,486 | $4.1M | New |
| PCH Potlatchdeltic Corp. | 0.15% | 53,345 | $2.2M | Add +9.7% |
| OHI Omega Healthcare Investors | 0.02% | 8,357 | $353K | Reduce -94.4% |
Portfolio Sells Q2 2025 → Q3 2025
| HUDSON PAC PPTYS INC | Sold out | 0.00% | −4.44 |
| EXR Extra Space Storage Inc. | Reduce -1.9% | 0.32% | −2.32 |
| REG Regency Centers Corp. | Sold out | 0.00% | −1.97 |
| EQIX Equinix Inc. | Reduce -10.6% | 6.56% | −1.64 |
| EGP Eastgroup Properties Inc. | Reduce -60.5% | 0.86% | −1.50 |
| CUZ Cousins Properties Inc. | Reduce -68.0% | 0.56% | −1.44 |
| RHP Ryman Hospitality Properties | Reduce -34.1% | 1.03% | −0.86 |
| MAR Marriott International Class A | Sold out | 0.00% | −0.78 |
| PSA Public Storage | Reduce -4.0% | 4.54% | −0.75 |
| AVB Avalonbay Communities Inc. | Reduce -0.5% | 4.39% | −0.73 |
| ARE Alexandria Real Estate Equit | Reduce -64.3% | 0.40% | −0.68 |
| SKT Tanger Inc. | Sold out | 0.00% | −0.60 |
| VICI Vici Properties Inc. | Reduce -6.8% | 3.32% | −0.60 |
| ELS Equity Lifestyle Properties | Reduce -6.0% | 2.57% | −0.49 |
| IRM Iron Mountain Inc. | Reduce -4.2% | 2.63% | −0.41 |
| KIM Kimco Realty Corp. | Reduce -6.3% | 2.92% | −0.38 |
| OHI Omega Healthcare Investors | Reduce -94.4% | 0.02% | −0.38 |
| MAA Mid-America Apartment Comm | Reduce -8.4% | 1.10% | −0.30 |
| AMT American Tower Corp. | Reduce -8.6% | 0.74% | −0.28 |
| SBAC SBA Communications Corp. | Sold out | 0.00% | −0.24 |
| IVT Inventrust Properties Corp. | Reduce -8.0% | 0.64% | −0.09 |
| CBRE CBRE Group Inc. Class A | Reduce -5.0% | 0.28% | +0.18 |
| WELL Welltower Inc. | Reduce -0.2% | 11.67% | +0.56 |
| BKD Brookdale Senior Living Inc. | Reduce -9.5% | 3.14% | +2.57 |
Portfolio Buys Q2 2025 → Q3 2025
| PLD Prologis Inc. | Add +8.9% | 9.74% | +8.21 |
| BRX Brixmor Property Group Inc. | New | 2.06% | +2.06 |
| HST Host Hotels & Resorts Inc. | New | 1.53% | +1.53 |
| SPG Simon Property Group Inc. | Add +22.1% | 5.64% | +1.28 |
| TRNO Terreno Realty Corp. | New | 1.07% | +1.07 |
| KRC Kilroy Realty Corp. | New | 0.93% | +0.93 |
| CTRE Caretrust REIT Inc. | New | 0.79% | +0.79 |
| DOC Healthpeak Properties Inc. | Add +69.2% | 1.77% | +0.77 |
| BXP BXP Inc. | Add +117.3% | 1.42% | +0.77 |
| CCI Crown Castle Inc. | New | 0.27% | +0.27 |
| VTR Ventas Inc. | Add +7.9% | 3.10% | +0.25 |
| INVH Invitation Homes Inc. | Add +2.5% | 0.94% | +0.24 |
| DLR Digital Realty Trust Inc. | Add +13.8% | 5.35% | +0.13 |
| O Realty Income Corp. | Add +5.0% | 4.61% | +0.03 |
| LAMR Lamar Advertising Co. Class A | Add +12.3% | 0.39% | +0.01 |
| PCH Potlatchdeltic Corp. | Add +9.7% | 0.15% | +0.01 |
| VNO Vornado Realty Trust | Add +2.5% | 1.01% | −0.01 |
| FR First Industrial Realty TR | Add +0.8% | 1.37% | −0.03 |
| VRE Veris Residential Inc. | Add +1.9% | 0.76% | −0.04 |
| VMRK Vivmark Residential | Add +12.6% | 3.80% | −0.08 |
| COLD Americold Realty Trust Inc. | Add +22.5% | 0.47% | −0.10 |
| EPRT Essential Properties Realty | Add +4.0% | 1.01% | −0.14 |
| AMH American Homes 4 Rent- A | Add +9.8% | 2.03% | −0.18 |
| ADC Agree Realty Corp. | Add +3.3% | 2.10% | −0.20 |
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 |