Adelante Capital Management LLC Concentrated Active

Name: Adelante Capital Management LLC Q1 2026 13F Filing | 13F Explorer
Creator: Adelante Capital Management LLC
Published: 2026-05-18

Location: Alameda, CA

CIK: 0001067926 · Show all filings

Period: Q1 2026 (← Previous)

Filing Date: May 18, 2026

Total Value: $1.462B (100.0% shares, 0.0% debt)

Holdings (42)

New Positions (4)

MAC The Macerich Company 0.6%

Value $8.136M Shares 430,485 Est. Cost $18.90 Unrealized —

JAN Janus Living Inc 0.5%

Value $7.306M Shares 309,963 Est. Cost $23.57 Unrealized —

SUI Sun Communities, Inc. 0.3%

Value $4.15M Shares 32,940 Est. Cost $125.97 Unrealized —

RYN Rayonier Inc 0.1%

Value $1.627M Shares 78,915 Est. Cost $20.62 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
MAC	The Macerich Company	430,485	$8.136M	0.6%	$18.90	—	COM	554382101
JAN	Janus Living Inc	309,963	$7.306M	0.5%	$23.57	—	COM	471024109
SUI	Sun Communities, Inc.	32,940	$4.15M	0.3%	$125.97	—	COM	866674104
RYN	Rayonier Inc	78,915	$1.627M	0.1%	$20.62	—	COM	754907103

Increased Positions (16)

PSA Public Storage 0.8%

Value $11.21M (-82.1%) Shares 265,447 (+10.0%) Est. Cost $266.51 Unrealized -3.0%

EQIX Equinix Inc. 8.8%

Value $129M (+31.4%) Shares 131,207 (+2.7%) Est. Cost $406.73 Unrealized +87.9%

FR First Industrial Realty Trust, 2.2%

Value $31.51M (+227.9%) Shares 544,609 (+14.9%) Est. Cost $46.89 Unrealized —

WELL Welltower Inc. 13.9%

Value $203M (+9.0%) Shares 1,029,079 (+2.3%) Est. Cost $65.99 Unrealized +183.3%

EPRT Essential Properties Realty 1.3%

Value $19.74M (+142.4%) Shares 650,129 (+58.1%) Est. Cost $31.61 Unrealized —

IRM Iron Mountain 2.5%

Value $36.46M (+29.6%) Shares 356,934 (+5.2%) Est. Cost $100.42 Unrealized -17.1%

MRP Millrose Properties 0.9%

Value $12.43M (+88.7%) Shares 443,990 (+101.3%) Est. Cost $28.93 Unrealized —

AVB AvalonBay Communities, Inc. 3.6%

Value $53.12M (-7.8%) Shares 325,177 (+2.3%) Est. Cost $168.13 Unrealized +7.3%

MAA Mid-America Apartment Communit 1.3%

Value $19.07M (+18.6%) Shares 156,165 (+34.9%) Est. Cost $141.87 Unrealized -1.9%

RHP Ryman Hospitality Properties 1.4%

Value $20.19M (+15.7%) Shares 218,849 (+18.7%) Est. Cost $70.75 Unrealized —

EQR Equity Residential 3.6%

Value $52.89M (-1.9%) Shares 894,206 (+4.5%) Est. Cost $47.32 Unrealized +31.1%

BXP BXP, Inc. 0.3%

Value $4.067M (-20.0%) Shares 78,363 (+4.0%) Est. Cost $70.25 Unrealized -3.5%

VNO Vornado Realty Trust 1.4%

Value $20.74M (-3.8%) Shares 798,184 (+23.2%) Est. Cost $30.82 Unrealized —

SLG SL Green Realty Corp. 0.3%

Value $3.877M (-12.7%) Shares 104,960 (+8.4%) Est. Cost $45.17 Unrealized —

LAMR Lamar Advertising Co-A 0.5%

Value $6.623M (+7.6%) Shares 52,290 (+7.5%) Est. Cost $111.04 Unrealized —

CBRE CBRE Group 1.2%

Value $17.89M (+2.0%) Shares 132,094 (+21.1%) Est. Cost $148.30 Unrealized +8.8%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
PSA	Public Storage	265,447 (+10.0%)	$11.21M (-82.1%)	0.8%	$266.51	-3.0%	COM	74460D109
EQIX	Equinix Inc.	131,207 (+2.7%)	$129M (+31.4%)	8.8%	$406.73	+87.9%	COM	29444U700
FR	First Industrial Realty Trust,	544,609 (+14.9%)	$31.51M (+227.9%)	2.2%	$46.89	—	COM	32054K103
WELL	Welltower Inc.	1,029,079 (+2.3%)	$203M (+9.0%)	13.9%	$65.99	+183.3%	COM	95040Q104
EPRT	Essential Properties Realty	650,129 (+58.1%)	$19.74M (+142.4%)	1.3%	$31.61	—	COM	29670E107
IRM	Iron Mountain	356,934 (+5.2%)	$36.46M (+29.6%)	2.5%	$100.42	-17.1%	COM	46284V101
MRP	Millrose Properties	443,990 (+101.3%)	$12.43M (+88.7%)	0.9%	$28.93	—	COM	601137102
AVB	AvalonBay Communities, Inc.	325,177 (+2.3%)	$53.12M (-7.8%)	3.6%	$168.13	+7.3%	COM	053484101
MAA	Mid-America Apartment Communit	156,165 (+34.9%)	$19.07M (+18.6%)	1.3%	$141.87	-1.9%	COM	59522J103
RHP	Ryman Hospitality Properties	218,849 (+18.7%)	$20.19M (+15.7%)	1.4%	$70.75	—	COM	78377T107
EQR	Equity Residential	894,206 (+4.5%)	$52.89M (-1.9%)	3.6%	$47.32	+31.1%	COM	29476L107
BXP	BXP, Inc.	78,363 (+4.0%)	$4.067M (-20.0%)	0.3%	$70.25	-3.5%	COM	101121101
VNO	Vornado Realty Trust	798,184 (+23.2%)	$20.74M (-3.8%)	1.4%	$30.82	—	COM	929042109
SLG	SL Green Realty Corp.	104,960 (+8.4%)	$3.877M (-12.7%)	0.3%	$45.17	—	COM	78440X887
LAMR	Lamar Advertising Co-A	52,290 (+7.5%)	$6.623M (+7.6%)	0.5%	$111.04	—	COM	512816109
CBRE	CBRE Group	132,094 (+21.1%)	$17.89M (+2.0%)	1.2%	$148.30	+8.8%	COM	12504L109

Exited Positions (4)

VRE Veris Residential, Inc. 0.8%

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

CUZ Cousins Properties, Inc. 0.5%

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

KRC Kilroy Realty 0.3%

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

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
VRE	Veris Residential, Inc.	737,176	$10.97M	0.8%	$17.14	—	—	554489104
CUZ	Cousins Properties, Inc.	285,108	$7.35M	0.5%	$30.18	—	—	222795502
KRC	Kilroy Realty	136,904	$5.116M	0.3%	$42.25	—	—	49427F108
PCH	Potlach Corp	45,393	$1.916M	0.1%	$46.40	—	—	737630103

Decreased Positions (15)

EXR Extra Space Storage, Inc. 0.3%

Value $3.884M (-86.5%) Shares 196,160 (-11.4%) Est. Cost $86.29 Unrealized +51.8%

HLT Hilton, Inc. 0.1%

Value $1.233M (-93.6%) Shares 60,851 (-9.8%) Est. Cost $272.20 Unrealized +12.1%

AMH American Homes 4 Rent 1.7%

Value $25.24M (-39.5%) Shares 903,999 (-30.5%) Est. Cost $32.19 Unrealized —

VICI Vici Properties 2.3%

Value $33.76M (-19.5%) Shares 1,235,626 (-17.1%) Est. Cost $29.07 Unrealized -3.2%

SPG Simon Property Group, Inc. 5.7%

Value $83.81M (-6.3%) Shares 449,333 (-7.0%) Est. Cost $118.67 Unrealized +55.0%

O Realty Income 5.0%

Value $73.02M (+7.0%) Shares 1,193,546 (-1.4%) Est. Cost $53.30 Unrealized +7.5%

VTR Ventas, Inc. 3.4%

Value $50.39M (-6.3%) Shares 616,206 (-11.4%) Est. Cost $51.91 Unrealized +49.0%

EGP Eastgroup Properties 0.6%

Value $8.761M (-27.6%) Shares 47,333 (-30.3%) Est. Cost $168.00 Unrealized —

ARE Alexandria Real Estate Equitie 1.1%

Value $16.59M (-14.7%) Shares 357,450 (-10.0%) Est. Cost $63.15 Unrealized -22.4%

BKD Brookdale Senior Living 3.3%

Value $47.62M (-5.6%) Shares 1,027,392 (-5.6%) Est. Cost $6.90 Unrealized +100.6%

KIM Kimco Realty Corp. 2.9%

Value $42.83M (+6.7%) Shares 1,906,033 (-3.7%) Est. Cost $16.16 Unrealized +24.2%

CTRE Caretrust REIT Inc 0.9%

Value $12.92M (-8.8%) Shares 352,462 (-10.1%) Est. Cost $34.88 Unrealized —

ELS Equity Lifestyle Properties 2.4%

Value $34.52M (-1.8%) Shares 553,063 (-4.6%) Est. Cost $63.55 Unrealized —

AMT American Tower Corp. 0.6%

Value $9.369M (-6.1%) Shares 54,289 (-4.5%) Est. Cost $159.63 Unrealized +9.5%

CCI Crown Castle Inc 0.2%

Value $3.169M (-12.9%) Shares 38,976 (-4.8%) Est. Cost $99.10 Unrealized -10.5%

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
EXR	Extra Space Storage, Inc.	196,160 (-11.4%)	$3.884M (-86.5%)	0.3%	$86.29	+51.8%	COM	30225T102
HLT	Hilton, Inc.	60,851 (-9.8%)	$1.233M (-93.6%)	0.1%	$272.20	+12.1%	COM	43300A203
AMH	American Homes 4 Rent	903,999 (-30.5%)	$25.24M (-39.5%)	1.7%	$32.19	—	COM	02665T306
VICI	Vici Properties	1,235,626 (-17.1%)	$33.76M (-19.5%)	2.3%	$29.07	-3.2%	COM	925652109
SPG	Simon Property Group, Inc.	449,333 (-7.0%)	$83.81M (-6.3%)	5.7%	$118.67	+55.0%	COM	828806109
O	Realty Income	1,193,546 (-1.4%)	$73.02M (+7.0%)	5.0%	$53.30	+7.5%	COM	756109104
VTR	Ventas, Inc.	616,206 (-11.4%)	$50.39M (-6.3%)	3.4%	$51.91	+49.0%	COM	92276F100
EGP	Eastgroup Properties	47,333 (-30.3%)	$8.761M (-27.6%)	0.6%	$168.00	—	COM	277276101
ARE	Alexandria Real Estate Equitie	357,450 (-10.0%)	$16.59M (-14.7%)	1.1%	$63.15	-22.4%	COM	015271109
BKD	Brookdale Senior Living	1,027,392 (-5.6%)	$47.62M (-5.6%)	3.3%	$6.90	+100.6%	COM	112463104
KIM	Kimco Realty Corp.	1,906,033 (-3.7%)	$42.83M (+6.7%)	2.9%	$16.16	+24.2%	COM	49446R109
CTRE	Caretrust REIT Inc	352,462 (-10.1%)	$12.92M (-8.8%)	0.9%	$34.88	—	COM	14174T107
ELS	Equity Lifestyle Properties	553,063 (-4.6%)	$34.52M (-1.8%)	2.4%	$63.55	—	COM	29472R108
AMT	American Tower Corp.	54,289 (-4.5%)	$9.369M (-6.1%)	0.6%	$159.63	+9.5%	COM	03027X100
CCI	Crown Castle Inc	38,976 (-4.8%)	$3.169M (-12.9%)	0.2%	$99.10	-10.5%	COM	22822V101

Unchanged Positions (7)

DLR Digital Realty Trust 5.9%

Value $86.19M Shares 478,296 Est. Cost $128.65 Unrealized +20.5%

PLD ProLogis Inc. 11.9%

Value $175M Shares 1,321,965 Est. Cost $68.28 Unrealized +89.0%

BRX Brixmor Property Group 2.5%

Value $36.22M Shares 1,257,485 Est. Cost $27.51 Unrealized —

ADC Agree Realty Corporation 2.3%

Value $33.18M Shares 440,181 Est. Cost $76.28 Unrealized —

COLD Americold Realty Trust 0.5%

Value $7.689M Shares 670,972 Est. Cost $22.21 Unrealized —

IVT Inventrust Properties 0.7%

Value $10.05M Shares 330,036 Est. Cost $25.49 Unrealized —

CSR Centerspace 0.3%

Value $4.148M Shares 72,201 Est. Cost $66.72 Unrealized —

Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
DLR	Digital Realty Trust	478,296	$86.19M	5.9%	$128.65	+20.5%	COM	253868103
PLD	ProLogis Inc.	1,321,965	$175M	11.9%	$68.28	+89.0%	COM	74340W103
BRX	Brixmor Property Group	1,257,485	$36.22M	2.5%	$27.51	—	COM	11120U105
ADC	Agree Realty Corporation	440,181	$33.18M	2.3%	$76.28	—	COM	008492100
COLD	Americold Realty Trust	670,972	$7.689M	0.5%	$22.21	—	COM	03064D108
IVT	Inventrust Properties	330,036	$10.05M	0.7%	$25.49	—	COM	46124J201
CSR	Centerspace	72,201	$4.148M	0.3%	$66.72	—	COM	15202L107