Adelante Capital Management LLC Concentrated Active

CIK: 0001067926 · Show all filings

Period: Q3 2025 (← Previous) (Next →)

Filing Date: Nov 17, 2025

Total Value ($000): $1,495,634 (100.0% shares, 0.0% debt)

Holdings (43)

WELL Welltower Inc. 11.7%

Value ($000) $174,467 Shares 979,382 Est. Cost $59.86 Unrealized +173.0%

PLD ProLogis Inc. 9.7%

Value ($000) $145,702 Shares 1,272,288 Est. Cost $65.75 Unrealized +64.7%

EQIX Equinix Inc. 6.6%

Value ($000) $98,088 Shares 125,234 Est. Cost $389.34 Unrealized +98.9%

SPG Simon Property Group, Inc. 5.6%

Value ($000) $84,328 Shares 449,344 Est. Cost $114.07 Unrealized +48.2%

DLR Digital Realty Trust 5.4%

Value ($000) $80,084 Shares 463,235 Est. Cost $127.66 Unrealized +32.1%

O Realty Income 4.6%

Value ($000) $69,013 Shares 1,135,259 Est. Cost $53.04 Unrealized +7.3%

PSA Public Storage 4.5%

Value ($000) $67,913 Shares 235,117 Est. Cost $267.06 Unrealized +5.4%

AVB AvalonBay Communities, Inc. 4.4%

Value ($000) $65,734 Shares 340,288 Est. Cost $167.85 Unrealized +13.9%

EQR Equity Residential 3.8%

Value ($000) $56,849 Shares 878,252 Est. Cost $46.66 Unrealized +37.2%

VICI Vici Properties 3.3%

Value ($000) $49,615 Shares 1,521,457 Est. Cost $29.07 Unrealized +10.3%

BKD Brookdale Senior Living 3.1%

Value ($000) $46,961 Shares 1,013,181 Est. Cost $6.69 Unrealized +14.0%

VTR Ventas, Inc. 3.1%

Value ($000) $46,327 Shares 661,909 Est. Cost $50.75 Unrealized +30.7%

KIM Kimco Realty Corp. 2.9%

Value ($000) $43,717 Shares 2,000,750 Est. Cost $16.16 Unrealized +31.8%

IRM Iron Mountain 2.6%

Value ($000) $39,378 Shares 386,285 Est. Cost $101.32 Unrealized -6.5%

ELS Equity Lifestyle Properties 2.6%

Value ($000) $38,487 Shares 634,055 Est. Cost $28.22 Unrealized —

ADC Agree Realty Corporation 2.1%

Value ($000) $31,372 Shares 441,605 Est. Cost $2.33 Unrealized —

BRX Brixmor Property Group 2.1%

Value ($000) $30,831 Shares 1,113,830 Est. Cost $27.68 Unrealized —

AMH American Homes 4 Rent 2.0%

Value ($000) $30,325 Shares 912,001 Est. Cost $20.47 Unrealized —

DOC Healthpeak Properties 1.8%

Value ($000) $26,464 Shares 1,305,556 Est. Cost $18.42 Unrealized -5.2%

HST Host Hotels & Resorts, Inc. 1.5%

Value ($000) $22,860 Shares 1,343,133 Est. Cost $16.09 Unrealized 0.0%

BXP BXP, Inc. 1.4%

Value ($000) $21,212 Shares 285,339 Est. Cost $70.35 Unrealized -1.6%

FR First Industrial Realty Trust, 1.4%

Value ($000) $20,467 Shares 397,648 Est. Cost $6.35 Unrealized —

MAA Mid-America Apartment Communit 1.1%

Value ($000) $16,455 Shares 117,764 Est. Cost $142.82 Unrealized -0.1%

TRNO Terreno Realty Corp 1.1%

Value ($000) $16,070 Shares 283,173 Est. Cost $56.75 Unrealized —

RHP Ryman Hospitality Properties 1.0%

Value ($000) $15,364 Shares 171,496 Est. Cost $44.22 Unrealized —

EPRT Essential Properties Realty 1.0%

Value ($000) $15,088 Shares 506,994 Est. Cost $1.18 Unrealized —

VNO Vornado Realty Trust 1.0%

Value ($000) $15,034 Shares 370,941 Est. Cost $1.01 Unrealized —

INVH Invitation Homes Inc 0.9%

Value ($000) $14,046 Shares 478,893 Est. Cost $28.13 Unrealized +7.3%

KRC Kilroy Realty 0.9%

Value ($000) $13,855 Shares 327,909 Est. Cost $42.25 Unrealized —

EGP Eastgroup Properties 0.9%

Value ($000) $12,826 Shares 75,778 Est. Cost $30.53 Unrealized —

CTRE Caretrust REIT Inc 0.8%

Value ($000) $11,798 Shares 340,197 Est. Cost $34.68 Unrealized —

VRE Veris Residential, Inc. 0.8%

Value ($000) $11,434 Shares 752,225 Est. Cost $0.31 Unrealized —

AMT American Tower Corp. 0.7%

Value ($000) $11,071 Shares 57,567 Est. Cost $159.63 Unrealized +28.1%

IVT Inventrust Properties 0.6%

Value ($000) $9,589 Shares 335,032 Est. Cost $0.03 Unrealized —

CUZ Cousins Properties, Inc. 0.6%

Value ($000) $8,370 Shares 289,203 Est. Cost $0.03 Unrealized —

COLD Americold Realty Trust 0.5%

Value ($000) $7,037 Shares 574,892 Est. Cost $2.27 Unrealized —

ARE Alexandria Real Estate Equitie 0.4%

Value ($000) $6,034 Shares 72,405 Est. Cost $86.18 Unrealized -9.8%

LAMR Lamar Advertising Co-A 0.4%

Value ($000) $5,855 Shares 47,825 Est. Cost $81.07 Unrealized —

EXR Extra Space Storage, Inc. 0.3%

Value ($000) $4,719 Shares 238,341 Est. Cost $86.29 Unrealized +63.0%

CBRE CBRE Group 0.3%

Value ($000) $4,170 Shares 26,465 Est. Cost $109.03 Unrealized +41.9%

CCI Crown Castle Inc 0.3%

Value ($000) $4,099 Shares 42,486 Est. Cost $99.10 Unrealized 0.0%

PCH Potlach Corp 0.1%

Value ($000) $2,174 Shares 53,345 Est. Cost $16.25 Unrealized —

OHI Omega Healthcare Investors 0.0%

Value ($000) $353 Shares 8,357 Est. Cost $0.04 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
WELL	Welltower Inc.	979,382	$174,467	11.7%	$59.86	+173.0%	COM	95040Q104
PLD	ProLogis Inc.	1,272,288	$145,702	9.7%	$65.75	+64.7%	COM	74340W103
EQIX	Equinix Inc.	125,234	$98,088	6.6%	$389.34	+98.9%	COM	29444U700
SPG	Simon Property Group, Inc.	449,344	$84,328	5.6%	$114.07	+48.2%	COM	828806109
DLR	Digital Realty Trust	463,235	$80,084	5.4%	$127.66	+32.1%	COM	253868103
O	Realty Income	1,135,259	$69,013	4.6%	$53.04	+7.3%	COM	756109104
PSA	Public Storage	235,117	$67,913	4.5%	$267.06	+5.4%	COM	74460D109
AVB	AvalonBay Communities, Inc.	340,288	$65,734	4.4%	$167.85	+13.9%	COM	053484101
EQR	Equity Residential	878,252	$56,849	3.8%	$46.66	+37.2%	COM	29476L107
VICI	Vici Properties	1,521,457	$49,615	3.3%	$29.07	+10.3%	COM	925652109
BKD	Brookdale Senior Living	1,013,181	$46,961	3.1%	$6.69	+14.0%	COM	112463104
VTR	Ventas, Inc.	661,909	$46,327	3.1%	$50.75	+30.7%	COM	92276F100
KIM	Kimco Realty Corp.	2,000,750	$43,717	2.9%	$16.16	+31.8%	COM	49446R109
IRM	Iron Mountain	386,285	$39,378	2.6%	$101.32	-6.5%	COM	46284V101
ELS	Equity Lifestyle Properties	634,055	$38,487	2.6%	$28.22	—	COM	29472R108
ADC	Agree Realty Corporation	441,605	$31,372	2.1%	$2.33	—	COM	008492100
BRX	Brixmor Property Group	1,113,830	$30,831	2.1%	$27.68	—	COM	11120U105
AMH	American Homes 4 Rent	912,001	$30,325	2.0%	$20.47	—	COM	02665T306
DOC	Healthpeak Properties	1,305,556	$26,464	1.8%	$18.42	-5.2%	COM	42250P103
HST	Host Hotels & Resorts, Inc.	1,343,133	$22,860	1.5%	$16.09	0.0%	COM	44107P104
BXP	BXP, Inc.	285,339	$21,212	1.4%	$70.35	-1.6%	COM	101121101
FR	First Industrial Realty Trust,	397,648	$20,467	1.4%	$6.35	—	COM	32054K103
MAA	Mid-America Apartment Communit	117,764	$16,455	1.1%	$142.82	-0.1%	COM	59522J103
TRNO	Terreno Realty Corp	283,173	$16,070	1.1%	$56.75	—	COM	88146M101
RHP	Ryman Hospitality Properties	171,496	$15,364	1.0%	$44.22	—	COM	78377T107
EPRT	Essential Properties Realty	506,994	$15,088	1.0%	$1.18	—	COM	29670E107
VNO	Vornado Realty Trust	370,941	$15,034	1.0%	$1.01	—	COM	929042109
INVH	Invitation Homes Inc	478,893	$14,046	0.9%	$28.13	+7.3%	COM	46187W107
KRC	Kilroy Realty	327,909	$13,855	0.9%	$42.25	—	COM	49427F108
EGP	Eastgroup Properties	75,778	$12,826	0.9%	$30.53	—	COM	277276101
CTRE	Caretrust REIT Inc	340,197	$11,798	0.8%	$34.68	—	COM	14174T107
VRE	Veris Residential, Inc.	752,225	$11,434	0.8%	$0.31	—	COM	554489104
AMT	American Tower Corp.	57,567	$11,071	0.7%	$159.63	+28.1%	COM	03027X100
IVT	Inventrust Properties	335,032	$9,589	0.6%	$0.03	—	COM	46124J201
CUZ	Cousins Properties, Inc.	289,203	$8,370	0.6%	$0.03	—	COM	222795502
COLD	Americold Realty Trust	574,892	$7,037	0.5%	$2.27	—	COM	03064D108
ARE	Alexandria Real Estate Equitie	72,405	$6,034	0.4%	$86.18	-9.8%	COM	015271109
LAMR	Lamar Advertising Co-A	47,825	$5,855	0.4%	$81.07	—	COM	512816109
EXR	Extra Space Storage, Inc.	238,341	$4,719	0.3%	$86.29	+63.0%	COM	30225T102
CBRE	CBRE Group	26,465	$4,170	0.3%	$109.03	+41.9%	COM	12504L109
CCI	Crown Castle Inc	42,486	$4,099	0.3%	$99.10	0.0%	COM	22822V101
PCH	Potlach Corp	53,345	$2,174	0.1%	$16.25	—	COM	737630103
OHI	Omega Healthcare Investors	8,357	$353	0.0%	$0.04	—	COM	681936100