Adelante Capital Management LLC Concentrated Active

Location: Alameda, CA

CIK: 0001067926 · Show all filings

Period: Q4 2025 (← Previous) (Next →)

Filing Date: Feb 18, 2026

Total Value: $1.484B (100.0% shares, 0.0% debt)

Holdings (42)

WELL Welltower Inc. 12.6%

Value $187M Shares 1,005,930 Est. Cost $63.20 Unrealized +195.0%

PLD ProLogis Inc. 11.4%

Value $170M Shares 1,330,380 Est. Cost $68.28 Unrealized +81.4%

EQIX Equinix Inc. 6.6%

Value $97.89M Shares 127,773 Est. Cost $397.12 Unrealized +96.7%

SPG Simon Property Group, Inc. 6.0%

Value $89.42M Shares 483,043 Est. Cost $118.67 Unrealized +51.7%

DLR Digital Realty Trust 5.0%

Value $73.71M Shares 476,430 Est. Cost $128.65 Unrealized +26.8%

O Realty Income 4.6%

Value $68.21M Shares 1,210,086 Est. Cost $53.30 Unrealized +7.6%

PSA Public Storage 4.2%

Value $62.6M Shares 241,215 Est. Cost $267.32 Unrealized +3.7%

AVB AvalonBay Communities, Inc. 3.9%

Value $57.64M Shares 317,906 Est. Cost $167.85 Unrealized +7.1%

EQR Equity Residential 3.6%

Value $53.93M Shares 855,472 Est. Cost $46.66 Unrealized +30.0%

VTR Ventas, Inc. 3.6%

Value $53.8M Shares 695,237 Est. Cost $51.91 Unrealized +44.4%

BKD Brookdale Senior Living 3.4%

Value $50.45M Shares 1,088,545 Est. Cost $6.90 Unrealized +42.4%

VICI Vici Properties 2.8%

Value $41.91M Shares 1,490,427 Est. Cost $29.07 Unrealized +0.8%

AMH American Homes 4 Rent 2.8%

Value $41.74M Shares 1,300,347 Est. Cost $32.19 Unrealized —

KIM Kimco Realty Corp. 2.7%

Value $40.13M Shares 1,979,607 Est. Cost $16.16 Unrealized +27.3%

ELS Equity Lifestyle Properties 2.4%

Value $35.15M Shares 579,880 Est. Cost $63.55 Unrealized —

BRX Brixmor Property Group 2.2%

Value $32.95M Shares 1,256,794 Est. Cost $27.51 Unrealized —

ADC Agree Realty Corporation 2.1%

Value $31.58M Shares 438,415 Est. Cost $76.28 Unrealized —

EXR Extra Space Storage, Inc. 1.9%

Value $28.83M Shares 221,431 Est. Cost $86.29 Unrealized +56.4%

IRM Iron Mountain 1.9%

Value $28.14M Shares 339,227 Est. Cost $101.32 Unrealized -8.4%

VNO Vornado Realty Trust 1.5%

Value $21.56M Shares 647,857 Est. Cost $31.94 Unrealized —

ARE Alexandria Real Estate Equitie 1.3%

Value $19.44M Shares 397,289 Est. Cost $63.15 Unrealized -8.1%

HLT Hilton, Inc. 1.3%

Value $19.39M Shares 67,494 Est. Cost $272.20 Unrealized 0.0%

CBRE CBRE Group 1.2%

Value $17.54M Shares 109,094 Est. Cost $145.54 Unrealized +8.0%

RHP Ryman Hospitality Properties 1.2%

Value $17.45M Shares 184,398 Est. Cost $66.72 Unrealized —

MAA Mid-America Apartment Communit 1.1%

Value $16.08M Shares 115,761 Est. Cost $142.82 Unrealized -6.9%

CTRE Caretrust REIT Inc 1.0%

Value $14.17M Shares 391,935 Est. Cost $34.88 Unrealized —

EGP Eastgroup Properties 0.8%

Value $12.1M Shares 67,903 Est. Cost $168.00 Unrealized —

VRE Veris Residential, Inc. 0.7%

Value $10.97M Shares 737,176 Est. Cost $17.14 Unrealized —

AMT American Tower Corp. 0.7%

Value $9.979M Shares 56,840 Est. Cost $159.63 Unrealized +12.9%

FR First Industrial Realty Trust, 0.6%

Value $9.609M Shares 474,066 Est. Cost $45.26 Unrealized —

IVT Inventrust Properties 0.6%

Value $9.303M Shares 329,783 Est. Cost $25.49 Unrealized —

COLD Americold Realty Trust 0.6%

Value $8.62M Shares 670,301 Est. Cost $22.21 Unrealized —

EPRT Essential Properties Realty 0.5%

Value $8.144M Shares 411,313 Est. Cost $32.33 Unrealized —

CUZ Cousins Properties, Inc. 0.5%

Value $7.35M Shares 285,108 Est. Cost $30.18 Unrealized —

MRP Millrose Properties 0.4%

Value $6.588M Shares 220,567 Est. Cost $29.87 Unrealized —

LAMR Lamar Advertising Co-A 0.4%

Value $6.158M Shares 48,651 Est. Cost $109.87 Unrealized —

KRC Kilroy Realty 0.3%

Value $5.116M Shares 136,904 Est. Cost $42.25 Unrealized —

BXP BXP, Inc. 0.3%

Value $5.085M Shares 75,363 Est. Cost $70.35 Unrealized +0.1%

CSR Centerspace 0.3%

Value $4.808M Shares 72,059 Est. Cost $66.72 Unrealized —

SLG SL Green Realty Corp. 0.3%

Value $4.441M Shares 96,825 Est. Cost $45.87 Unrealized —

CCI Crown Castle Inc 0.2%

Value $3.638M Shares 40,940 Est. Cost $99.10 Unrealized -8.1%

PCH Potlach Corp 0.1%

Value $1.916M Shares 45,393 Est. Cost $46.40 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
WELL	Welltower Inc.	1,005,930	$187M	12.6%	$63.20	+195.0%	COM	95040Q104
PLD	ProLogis Inc.	1,330,380	$170M	11.4%	$68.28	+81.4%	COM	74340W103
EQIX	Equinix Inc.	127,773	$97.89M	6.6%	$397.12	+96.7%	COM	29444U700
SPG	Simon Property Group, Inc.	483,043	$89.42M	6.0%	$118.67	+51.7%	COM	828806109
DLR	Digital Realty Trust	476,430	$73.71M	5.0%	$128.65	+26.8%	COM	253868103
O	Realty Income	1,210,086	$68.21M	4.6%	$53.30	+7.6%	COM	756109104
PSA	Public Storage	241,215	$62.6M	4.2%	$267.32	+3.7%	COM	74460D109
AVB	AvalonBay Communities, Inc.	317,906	$57.64M	3.9%	$167.85	+7.1%	COM	053484101
EQR	Equity Residential	855,472	$53.93M	3.6%	$46.66	+30.0%	COM	29476L107
VTR	Ventas, Inc.	695,237	$53.8M	3.6%	$51.91	+44.4%	COM	92276F100
BKD	Brookdale Senior Living	1,088,545	$50.45M	3.4%	$6.90	+42.4%	COM	112463104
VICI	Vici Properties	1,490,427	$41.91M	2.8%	$29.07	+0.8%	COM	925652109
AMH	American Homes 4 Rent	1,300,347	$41.74M	2.8%	$32.19	—	COM	02665T306
KIM	Kimco Realty Corp.	1,979,607	$40.13M	2.7%	$16.16	+27.3%	COM	49446R109
ELS	Equity Lifestyle Properties	579,880	$35.15M	2.4%	$63.55	—	COM	29472R108
BRX	Brixmor Property Group	1,256,794	$32.95M	2.2%	$27.51	—	COM	11120U105
ADC	Agree Realty Corporation	438,415	$31.58M	2.1%	$76.28	—	COM	008492100
EXR	Extra Space Storage, Inc.	221,431	$28.83M	1.9%	$86.29	+56.4%	COM	30225T102
IRM	Iron Mountain	339,227	$28.14M	1.9%	$101.32	-8.4%	COM	46284V101
VNO	Vornado Realty Trust	647,857	$21.56M	1.5%	$31.94	—	COM	929042109
ARE	Alexandria Real Estate Equitie	397,289	$19.44M	1.3%	$63.15	-8.1%	COM	015271109
HLT	Hilton, Inc.	67,494	$19.39M	1.3%	$272.20	0.0%	COM	43300A203
CBRE	CBRE Group	109,094	$17.54M	1.2%	$145.54	+8.0%	COM	12504L109
RHP	Ryman Hospitality Properties	184,398	$17.45M	1.2%	$66.72	—	COM	78377T107
MAA	Mid-America Apartment Communit	115,761	$16.08M	1.1%	$142.82	-6.9%	COM	59522J103
CTRE	Caretrust REIT Inc	391,935	$14.17M	1.0%	$34.88	—	COM	14174T107
EGP	Eastgroup Properties	67,903	$12.1M	0.8%	$168.00	—	COM	277276101
VRE	Veris Residential, Inc.	737,176	$10.97M	0.7%	$17.14	—	COM	554489104
AMT	American Tower Corp.	56,840	$9.979M	0.7%	$159.63	+12.9%	COM	03027X100
FR	First Industrial Realty Trust,	474,066	$9.609M	0.6%	$45.26	—	COM	32054K103
IVT	Inventrust Properties	329,783	$9.303M	0.6%	$25.49	—	COM	46124J201
COLD	Americold Realty Trust	670,301	$8.62M	0.6%	$22.21	—	COM	03064D108
EPRT	Essential Properties Realty	411,313	$8.144M	0.5%	$32.33	—	COM	29670E107
CUZ	Cousins Properties, Inc.	285,108	$7.35M	0.5%	$30.18	—	COM	222795502
MRP	Millrose Properties	220,567	$6.588M	0.4%	$29.87	—	COM	601137102
LAMR	Lamar Advertising Co-A	48,651	$6.158M	0.4%	$109.87	—	COM	512816109
KRC	Kilroy Realty	136,904	$5.116M	0.3%	$42.25	—	COM	49427F108
BXP	BXP, Inc.	75,363	$5.085M	0.3%	$70.35	+0.1%	COM	101121101
CSR	Centerspace	72,059	$4.808M	0.3%	$66.72	—	COM	15202L107
SLG	SL Green Realty Corp.	96,825	$4.441M	0.3%	$45.87	—	COM	78440X887
CCI	Crown Castle Inc	40,940	$3.638M	0.2%	$99.10	-8.1%	COM	22822V101
PCH	Potlach Corp	45,393	$1.916M	0.1%	$46.40	—	COM	737630103