Adelante Capital Management LLC
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 18, 2026), Adelante Capital Management LLC reported 42 stock positions worth $1.5 billion. Its top holding was Welltower (WELL) at 13.9% of the portfolio, followed by Prologis (PLD, 11.9%) and Equinix (EQIX, 8.8%). Compared with Q4 2025, it opened 4 new positions, sold out of 4, added to 22 and reduced 16. The biggest buy was Equinix (EQIX, shares +3%) and the biggest sale Extra Space Storage (EXR, shares −11%).
- Most Recent 13F
- Q2 2026
- Location
- ALAMEDA, CA
- CIK
- 0001067926
- Portfolio Value
- $1.5B (Q1 2026)
- SEC Filing
- 0001067926-26-000004 ↗ filed May 18, 2026
Holdings Value
Holdings 42 stocks · $1.5B
| WELL Welltower Inc. | 13.91% | 1,029,079 | $203.5M | Add +2.3% |
| PLD Prologis Inc. | 11.95% | 1,321,965 | $174.7M | Reduce -0.6% |
| EQIX Equinix Inc. | 8.79% | 131,207 | $128.6M | Add +2.7% |
| DLR Digital Realty Trust Inc. | 5.89% | 478,296 | $86.2M | Add +0.4% |
| SPG Simon Property Group Inc. | 5.73% | 449,333 | $83.8M | Reduce -7.0% |
| O Realty Income Corp. | 4.99% | 1,193,546 | $73.0M | Reduce -1.4% |
| AVB Avalonbay Communities Inc. | 3.63% | 325,177 | $53.1M | Add +2.3% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 3.62% | 894,206 | $52.9M | Add +4.5% |
| VTR Ventas Inc. | 3.45% | 616,206 | $50.4M | Reduce -11.4% |
| BKD Brookdale Senior Living Inc. | 3.26% | 1,027,392 | $47.6M | Reduce -5.6% |
| KIM Kimco Realty Corp. | 2.93% | 1,906,033 | $42.8M | Reduce -3.7% |
| IRM Iron Mountain Inc. filed as IRON MTN INC DEL | 2.49% | 356,934 | $36.5M | Add +5.2% |
| BRX Brixmor Property Group Inc. | 2.48% | 1,257,485 | $36.2M | Add +0.1% |
| ELS Equity Lifestyle Properties | 2.36% | 553,063 | $34.5M | Reduce -4.6% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 2.31% | 1,235,626 | $33.8M | Reduce -17.1% |
| ADC Agree Realty Corp. | 2.27% | 440,181 | $33.2M | Add +0.4% |
| FR First Industrial Realty TR | 2.15% | 544,609 | $31.5M | Add +14.9% |
| AMH American Homes 4 Rent- A | 1.73% | 903,999 | $25.2M | Reduce -30.5% |
| VNO Vornado Realty Trust | 1.42% | 798,184 | $20.7M | Add +23.2% |
| RHP Ryman Hospitality Properties | 1.38% | 218,849 | $20.2M | Add +18.7% |
| EPRT Essential Properties Realty | 1.35% | 650,129 | $19.7M | Add +58.1% |
| MAA Mid-America Apartment Comm | 1.30% | 156,165 | $19.1M | Add +34.9% |
| CBRE CBRE Group Inc. Class A | 1.22% | 132,094 | $17.9M | Add +21.1% |
| ARE Alexandria Real Estate Equit | 1.13% | 357,450 | $16.6M | Reduce -10.0% |
| CTRE Caretrust REIT Inc. | 0.88% | 352,462 | $12.9M | Reduce -10.1% |
| MRP Millrose Properties | 0.85% | 443,990 | $12.4M | Add +101.3% |
| PSA Public Storage | 0.77% | 265,447 | $11.2M | Add +10.1% |
| IVT Inventrust Properties Corp. | 0.69% | 330,036 | $10.1M | Add +0.1% |
| AMT American Tower Corp. | 0.64% | 54,289 | $9.4M | Reduce -4.5% |
| EGP Eastgroup Properties Inc. | 0.60% | 47,333 | $8.8M | Reduce -30.3% |
| MAC The Macerich Co. | 0.56% | 430,485 | $8.1M | New |
| COLD Americold Realty Trust Inc. | 0.53% | 670,972 | $7.7M | Add +0.1% |
| JAN Janus Living Inc. Class-A-1 | 0.50% | 309,963 | $7.3M | New |
| LAMR Lamar Advertising Co. Class A | 0.45% | 52,290 | $6.6M | Add +7.5% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.28% | 32,940 | $4.1M | New |
| CSR Centerspace | 0.28% | 72,201 | $4.1M | Add +0.2% |
| BXP BXP Inc. | 0.28% | 78,363 | $4.1M | Add +4.0% |
| EXR Extra Space Storage Inc. | 0.27% | 196,160 | $3.9M | Reduce -11.4% |
| SLG SL Green Realty Corp. | 0.27% | 104,960 | $3.9M | Add +8.4% |
| CCI Crown Castle Inc. | 0.22% | 38,976 | $3.2M | Reduce -4.8% |
| RYN Rayonier Inc. | 0.11% | 78,915 | $1.6M | New |
| HLT Hilton Worldwide Holdings Inc. | 0.08% | 60,851 | $1.2M | Reduce -9.8% |
Portfolio Sells Q4 2025 → Q1 2026
| EXR Extra Space Storage Inc. | Reduce -11.4% | 0.27% | −1.68 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -9.8% | 0.08% | −1.22 |
| AMH American Homes 4 Rent- A | Reduce -30.5% | 1.73% | −1.09 |
| VRE Veris Residential Inc. | Sold out | 0.00% | −0.74 |
| VICI Vici Properties Inc. | Reduce -17.1% | 2.31% | −0.52 |
| CUZ Cousins Properties Inc. | Sold out | 0.00% | −0.50 |
| KRC Kilroy Realty Corp. | Sold out | 0.00% | −0.34 |
| SPG Simon Property Group Inc. | Reduce -7.0% | 5.73% | −0.29 |
| EGP Eastgroup Properties Inc. | Reduce -30.3% | 0.60% | −0.22 |
| VTR Ventas Inc. | Reduce -11.4% | 3.45% | −0.18 |
| ARE Alexandria Real Estate Equit | Reduce -10.0% | 1.13% | −0.18 |
| BKD Brookdale Senior Living Inc. | Reduce -5.6% | 3.26% | −0.14 |
| PCH Potlatchdeltic Corp. | Sold out | 0.00% | −0.13 |
| CTRE Caretrust REIT Inc. | Reduce -10.1% | 0.88% | −0.07 |
| AMT American Tower Corp. | Reduce -4.5% | 0.64% | −0.03 |
| CCI Crown Castle Inc. | Reduce -4.8% | 0.22% | −0.03 |
| ELS Equity Lifestyle Properties | Reduce -4.6% | 2.36% | −0.01 |
| KIM Kimco Realty Corp. | Reduce -3.7% | 2.93% | +0.22 |
| O Realty Income Corp. | Reduce -1.4% | 4.99% | +0.40 |
| PLD Prologis Inc. | Reduce -0.6% | 11.95% | +0.50 |
Portfolio Buys Q4 2025 → Q1 2026
| EQIX Equinix Inc. | Add +2.7% | 8.79% | +2.20 |
| FR First Industrial Realty TR | Add +14.9% | 2.15% | +1.51 |
| WELL Welltower Inc. | Add +2.3% | 13.91% | +1.33 |
| DLR Digital Realty Trust Inc. | Add +0.4% | 5.89% | +0.93 |
| EPRT Essential Properties Realty | Add +58.1% | 1.35% | +0.80 |
| IRM Iron Mountain Inc. | Add +5.2% | 2.49% | +0.60 |
| MAC The Macerich Co. | New | 0.56% | +0.56 |
| JAN Janus Living Inc. Class-A-1 | New | 0.50% | +0.50 |
| MRP Millrose Properties | Add +101.3% | 0.85% | +0.41 |
| SUI Sun Communities Inc. | New | 0.28% | +0.28 |
| BRX Brixmor Property Group Inc. | Add +0.1% | 2.48% | +0.26 |
| MAA Mid-America Apartment Comm | Add +34.9% | 1.30% | +0.22 |
| RHP Ryman Hospitality Properties | Add +18.7% | 1.38% | +0.21 |
| ADC Agree Realty Corp. | Add +0.4% | 2.27% | +0.14 |
| RYN Rayonier Inc. | New | 0.11% | +0.11 |
| IVT Inventrust Properties Corp. | Add +0.1% | 0.69% | +0.06 |
| CBRE CBRE Group Inc. Class A | Add +21.1% | 1.22% | +0.04 |
| LAMR Lamar Advertising Co. Class A | Add +7.5% | 0.45% | +0.04 |
| VMRK Vivmark Residential | Add +4.5% | 3.62% | −0.02 |
| SLG SL Green Realty Corp. | Add +8.4% | 0.27% | −0.03 |
| VNO Vornado Realty Trust | Add +23.2% | 1.42% | −0.03 |
| CSR Centerspace | Add +0.2% | 0.28% | −0.04 |
| COLD Americold Realty Trust Inc. | Add +0.1% | 0.53% | −0.06 |
| BXP BXP Inc. | Add +4.0% | 0.28% | −0.06 |
| AVB Avalonbay Communities Inc. | Add +2.3% | 3.63% | −0.25 |
| PSA Public Storage | Add +10.1% | 0.77% | −3.45 |
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 |