Adelante Capital Management LLC Concentrated Active

Location: Alameda, CA

CIK: 0001067926 · Show all filings

Period: Q2 2025 (← Previous) (Next →)

Filing Date: Aug 15, 2025

Total Value: $1.359B

Holdings (42)

WELL Welltower Inc. 11.1%

Value $151M Shares 981,590 Est. Cost $59.86 Unrealized +147.0%

EQIX Equinix Inc. 8.2%

Value $111M Shares 140,006 Est. Cost $389.34 Unrealized +114.6%

PSA Public Storage 5.3%

Value $71.85M Shares 244,857 Est. Cost $267.06 Unrealized +7.6%

DLR Digital Realty Trust 5.2%

Value $70.98M Shares 407,136 Est. Cost $122.02 Unrealized +31.3%

AVB AvalonBay Communities, Inc. 5.1%

Value $69.57M Shares 341,855 Est. Cost $167.85 Unrealized +18.6%

O Realty Income 4.6%

Value $62.3M Shares 1,081,406 Est. Cost $52.84 Unrealized +3.1%

— Hudson Pacific Properties 4.4%

Value $60.26M Shares 3,043,383 Est. Cost $19.80 Unrealized —

SPG Simon Property Group, Inc. 4.4%

Value $59.16M Shares 368,002 Est. Cost $101.91 Unrealized +49.9%

VICI Vici Properties 3.9%

Value $53.2M Shares 1,631,912 Est. Cost $29.07 Unrealized +5.0%

EQR Equity Residential 3.9%

Value $52.66M Shares 780,332 Est. Cost $44.48 Unrealized +49.8%

KIM Kimco Realty Corp. 3.3%

Value $44.87M Shares 2,134,766 Est. Cost $16.16 Unrealized +24.2%

ELS Equity Lifestyle Properties 3.1%

Value $41.59M Shares 674,425 Est. Cost $63.55 Unrealized —

IRM Iron Mountain 3.0%

Value $41.36M Shares 403,205 Est. Cost $101.32 Unrealized -9.3%

VTR Ventas, Inc. 2.9%

Value $38.74M Shares 613,415 Est. Cost $49.52 Unrealized +29.2%

EXR Extra Space Storage, Inc. 2.6%

Value $35.84M Shares 243,070 Est. Cost $86.29 Unrealized +63.3%

EGP Eastgroup Properties 2.4%

Value $32.06M Shares 191,849 Est. Cost $168.00 Unrealized —

ADC Agree Realty Corporation 2.3%

Value $31.24M Shares 427,610 Est. Cost $76.45 Unrealized —

AMH American Homes 4 Rent 2.2%

Value $29.96M Shares 830,542 Est. Cost $32.13 Unrealized —

CUZ Cousins Properties, Inc. 2.0%

Value $27.11M Shares 902,912 Est. Cost $30.18 Unrealized —

REG Regency Centers Corp. 2.0%

Value $26.79M Shares 376,117 Est. Cost $69.71 Unrealized -0.4%

RHP Ryman Hospitality Properties 1.9%

Value $25.67M Shares 260,178 Est. Cost $64.62 Unrealized —

PLD ProLogis Inc. 1.5%

Value $20.85M Shares 1,167,878 Est. Cost $61.94 Unrealized +65.2%

MAA Mid-America Apartment Commun 1.4%

Value $19.03M Shares 128,589 Est. Cost $142.82 Unrealized +6.8%

FR First Industrial Realty Trus 1.4%

Value $18.98M Shares 394,445 Est. Cost $50.06 Unrealized —

EPRT Essential Properties Realty 1.1%

Value $15.55M Shares 487,395 Est. Cost $32.43 Unrealized —

ARE Alexandria Real Estate Equit 1.1%

Value $14.72M Shares 202,726 Est. Cost $86.18 Unrealized -17.9%

AMT American Tower Corp. 1.0%

Value $13.92M Shares 62,998 Est. Cost $159.63 Unrealized +31.8%

VNO Vornado Realty Trust 1.0%

Value $13.84M Shares 361,948 Est. Cost $30.71 Unrealized —

DOC Healthpeak Properties 1.0%

Value $13.51M Shares 771,586 Est. Cost $19.08 Unrealized -10.9%

VRE Veris Residential, Inc. 0.8%

Value $10.99M Shares 737,945 Est. Cost $17.18 Unrealized —

MAR Marriott International-CL A 0.8%

Value $10.56M Shares 38,637 Est. Cost $189.79 Unrealized +31.3%

IVT Inventrust Properties 0.7%

Value $9.982M Shares 364,286 Est. Cost $25.49 Unrealized —

INVH Invitation Homes Inc 0.7%

Value $9.475M Shares 467,453 Est. Cost $28.08 Unrealized +16.1%

BXP BXP, Inc. 0.7%

Value $8.862M Shares 131,341 Est. Cost $71.67 Unrealized -10.1%

SKT Tanger Factory Outlet Center 0.6%

Value $8.196M Shares 268,040 Est. Cost $33.79 Unrealized —

COLD Americold Realty Trust 0.6%

Value $7.807M Shares 469,411 Est. Cost $26.35 Unrealized —

BKD Brookdale Senior Living 0.6%

Value $7.792M Shares 1,119,470 Est. Cost $6.69 Unrealized -2.7%

OHI Omega Healthcare Investors 0.4%

Value $5.432M Shares 148,205 Est. Cost $36.28 Unrealized —

LAMR Lamar Advertising Co-A 0.4%

Value $5.169M Shares 42,589 Est. Cost $108.00 Unrealized —

SBAC SBA Communications 0.2%

Value $3.233M Shares 13,765 Est. Cost $216.56 Unrealized +4.3%

PCH Potlach Corp 0.1%

Value $1.866M Shares 48,622 Est. Cost $46.95 Unrealized —

CBRE CBRE Group 0.1%

Value $1.292M Shares 27,865 Est. Cost $109.03 Unrealized +16.0%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WELL	Welltower Inc.	981,590	$151M	11.1%	$59.86	+147.0%	—	95040Q104
EQIX	Equinix Inc.	140,006	$111M	8.2%	$389.34	+114.6%	—	29444U700
PSA	Public Storage	244,857	$71.85M	5.3%	$267.06	+7.6%	—	74460D109
DLR	Digital Realty Trust	407,136	$70.98M	5.2%	$122.02	+31.3%	—	253868103
AVB	AvalonBay Communities, Inc.	341,855	$69.57M	5.1%	$167.85	+18.6%	—	053484101
O	Realty Income	1,081,406	$62.3M	4.6%	$52.84	+3.1%	—	756109104
—	Hudson Pacific Properties	3,043,383	$60.26M	4.4%	$19.80	—	—	444097109
SPG	Simon Property Group, Inc.	368,002	$59.16M	4.4%	$101.91	+49.9%	—	828806109
VICI	Vici Properties	1,631,912	$53.2M	3.9%	$29.07	+5.0%	—	925652109
EQR	Equity Residential	780,332	$52.66M	3.9%	$44.48	+49.8%	—	29476L107
KIM	Kimco Realty Corp.	2,134,766	$44.87M	3.3%	$16.16	+24.2%	—	49446R109
ELS	Equity Lifestyle Properties	674,425	$41.59M	3.1%	$63.55	—	—	29472R108
IRM	Iron Mountain	403,205	$41.36M	3.0%	$101.32	-9.3%	—	46284V101
VTR	Ventas, Inc.	613,415	$38.74M	2.9%	$49.52	+29.2%	—	92276F100
EXR	Extra Space Storage, Inc.	243,070	$35.84M	2.6%	$86.29	+63.3%	—	30225T102
EGP	Eastgroup Properties	191,849	$32.06M	2.4%	$168.00	—	—	277276101
ADC	Agree Realty Corporation	427,610	$31.24M	2.3%	$76.45	—	—	008492100
AMH	American Homes 4 Rent	830,542	$29.96M	2.2%	$32.13	—	—	02665T306
CUZ	Cousins Properties, Inc.	902,912	$27.11M	2.0%	$30.18	—	—	222795502
REG	Regency Centers Corp.	376,117	$26.79M	2.0%	$69.71	-0.4%	—	758849103
RHP	Ryman Hospitality Properties	260,178	$25.67M	1.9%	$64.62	—	—	78377T107
PLD	ProLogis Inc.	1,167,878	$20.85M	1.5%	$61.94	+65.2%	—	74340W103
MAA	Mid-America Apartment Commun	128,589	$19.03M	1.4%	$142.82	+6.8%	—	59522J103
FR	First Industrial Realty Trus	394,445	$18.98M	1.4%	$50.06	—	—	32054K103
EPRT	Essential Properties Realty	487,395	$15.55M	1.1%	$32.43	—	—	29670E107
ARE	Alexandria Real Estate Equit	202,726	$14.72M	1.1%	$86.18	-17.9%	—	015271109
AMT	American Tower Corp.	62,998	$13.92M	1.0%	$159.63	+31.8%	—	03027X100
VNO	Vornado Realty Trust	361,948	$13.84M	1.0%	$30.71	—	—	929042109
DOC	Healthpeak Properties	771,586	$13.51M	1.0%	$19.08	-10.9%	—	42250P103
VRE	Veris Residential, Inc.	737,945	$10.99M	0.8%	$17.18	—	—	554489104
MAR	Marriott International-CL A	38,637	$10.56M	0.8%	$189.79	+31.3%	—	571903202
IVT	Inventrust Properties	364,286	$9.982M	0.7%	$25.49	—	—	46124J201
INVH	Invitation Homes Inc	467,453	$9.475M	0.7%	$28.08	+16.1%	—	46187W107
BXP	BXP, Inc.	131,341	$8.862M	0.7%	$71.67	-10.1%	—	101121101
SKT	Tanger Factory Outlet Center	268,040	$8.196M	0.6%	$33.79	—	—	875465106
COLD	Americold Realty Trust	469,411	$7.807M	0.6%	$26.35	—	—	03064D108
BKD	Brookdale Senior Living	1,119,470	$7.792M	0.6%	$6.69	-2.7%	—	112463104
OHI	Omega Healthcare Investors	148,205	$5.432M	0.4%	$36.28	—	—	681936100
LAMR	Lamar Advertising Co-A	42,589	$5.169M	0.4%	$108.00	—	—	512816109
SBAC	SBA Communications	13,765	$3.233M	0.2%	$216.56	+4.3%	—	78410G104
PCH	Potlach Corp	48,622	$1.866M	0.1%	$46.95	—	—	737630103
CBRE	CBRE Group	27,865	$1.292M	0.1%	$109.03	+16.0%	—	12504L109