Adelante Capital Management LLC Concentrated Active

CIK: 0001067926 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 18, 2026

Total Value ($000): $1,484,078 (100.0% shares, 0.0% debt)

Holdings (42)

New Positions (4)

HLT Hilton, Inc. 1.3%

Value ($000) $19,387 Shares 67,494 Est. Cost $272.20 Unrealized 0.0%

MRP Millrose Properties 0.4%

Value ($000) $6,588 Shares 220,567 Est. Cost $29.87 Unrealized —

CSR Centerspace 0.3%

Value ($000) $4,808 Shares 72,059 Est. Cost $66.72 Unrealized —

SLG SL Green Realty Corp. 0.3%

Value ($000) $4,441 Shares 96,825 Est. Cost $45.87 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
HLT	Hilton, Inc.	67,494	$19,387	1.3%	$272.20	0.0%	COM	43300A203
MRP	Millrose Properties	220,567	$6,588	0.4%	$29.87	—	COM	601137102
CSR	Centerspace	72,059	$4,808	0.3%	$66.72	—	COM	15202L107
SLG	SL Green Realty Corp.	96,825	$4,441	0.3%	$45.87	—	COM	78440X887

Increased Positions (19)

PLD ProLogis Inc. 11.4%

Value ($000) $169,836 (+16.6%) Shares 1,330,380 (+4.6%) Est. Cost $68.28 Unrealized +81.4%

ARE Alexandria Real Estate Equitie 1.3%

Value ($000) $19,443 (+222.2%) Shares 397,289 (+448.7%) Est. Cost $63.15 Unrealized -8.1%

CBRE CBRE Group 1.2%

Value ($000) $17,541 (+320.7%) Shares 109,094 (+312.2%) Est. Cost $145.54 Unrealized +8.0%

WELL Welltower Inc. 12.6%

Value ($000) $186,711 (+7.0%) Shares 1,005,930 (+2.7%) Est. Cost $63.20 Unrealized +195.0%

AMH American Homes 4 Rent 2.8%

Value ($000) $41,741 (+37.6%) Shares 1,300,347 (+42.6%) Est. Cost $23.95 Unrealized —

FR First Industrial Realty Trust, 0.6%

Value ($000) $9,609 (-53.0%) Shares 474,066 (+19.2%) Est. Cost $8.59 Unrealized —

VTR Ventas, Inc. 3.6%

Value ($000) $53,797 (+16.1%) Shares 695,237 (+5.0%) Est. Cost $51.91 Unrealized +44.4%

VNO Vornado Realty Trust 1.5%

Value ($000) $21,560 (+43.4%) Shares 647,857 (+74.7%) Est. Cost $14.80 Unrealized —

DLR Digital Realty Trust 5.0%

Value ($000) $73,708 (-8.0%) Shares 476,430 (+2.8%) Est. Cost $128.65 Unrealized +26.8%

PSA Public Storage 4.2%

Value ($000) $62,595 (-7.8%) Shares 241,215 (+2.6%) Est. Cost $267.32 Unrealized +3.7%

SPG Simon Property Group, Inc. 6.0%

Value ($000) $89,416 (+6.0%) Shares 483,043 (+7.5%) Est. Cost $118.67 Unrealized +51.7%

BKD Brookdale Senior Living 3.4%

Value ($000) $50,454 (+7.4%) Shares 1,088,545 (+7.4%) Est. Cost $6.90 Unrealized +42.4%

CTRE Caretrust REIT Inc 1.0%

Value ($000) $14,172 (+20.1%) Shares 391,935 (+15.2%) Est. Cost $34.88 Unrealized —

BRX Brixmor Property Group 2.2%

Value ($000) $32,953 (+6.9%) Shares 1,256,794 (+12.8%) Est. Cost $27.51 Unrealized —

RHP Ryman Hospitality Properties 1.2%

Value ($000) $17,447 (+13.6%) Shares 184,398 (+7.5%) Est. Cost $47.75 Unrealized —

COLD Americold Realty Trust 0.6%

Value ($000) $8,620 (+22.5%) Shares 670,301 (+16.6%) Est. Cost $3.78 Unrealized —

O Realty Income 4.6%

Value ($000) $68,213 (-1.2%) Shares 1,210,086 (+6.6%) Est. Cost $53.30 Unrealized +7.6%

LAMR Lamar Advertising Co-A 0.4%

Value ($000) $6,158 (+5.2%) Shares 48,651 (+1.7%) Est. Cost $81.84 Unrealized —

EQIX Equinix Inc. 6.6%

Value ($000) $97,895 (-0.2%) Shares 127,773 (+2.0%) Est. Cost $397.12 Unrealized +96.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
PLD	ProLogis Inc.	1,330,380 (+4.6%)	$169,836 (+16.6%)	11.4%	$68.28	+81.4%	COM	74340W103
ARE	Alexandria Real Estate Equitie	397,289 (+448.7%)	$19,443 (+222.2%)	1.3%	$63.15	-8.1%	COM	015271109
CBRE	CBRE Group	109,094 (+312.2%)	$17,541 (+320.7%)	1.2%	$145.54	+8.0%	COM	12504L109
WELL	Welltower Inc.	1,005,930 (+2.7%)	$186,711 (+7.0%)	12.6%	$63.20	+195.0%	COM	95040Q104
AMH	American Homes 4 Rent	1,300,347 (+42.6%)	$41,741 (+37.6%)	2.8%	$23.95	—	COM	02665T306
FR	First Industrial Realty Trust,	474,066 (+19.2%)	$9,609 (-53.0%)	0.6%	$8.59	—	COM	32054K103
VTR	Ventas, Inc.	695,237 (+5.0%)	$53,797 (+16.1%)	3.6%	$51.91	+44.4%	COM	92276F100
VNO	Vornado Realty Trust	647,857 (+74.7%)	$21,560 (+43.4%)	1.5%	$14.80	—	COM	929042109
DLR	Digital Realty Trust	476,430 (+2.8%)	$73,708 (-8.0%)	5.0%	$128.65	+26.8%	COM	253868103
PSA	Public Storage	241,215 (+2.6%)	$62,595 (-7.8%)	4.2%	$267.32	+3.7%	COM	74460D109
SPG	Simon Property Group, Inc.	483,043 (+7.5%)	$89,416 (+6.0%)	6.0%	$118.67	+51.7%	COM	828806109
BKD	Brookdale Senior Living	1,088,545 (+7.4%)	$50,454 (+7.4%)	3.4%	$6.90	+42.4%	COM	112463104
CTRE	Caretrust REIT Inc	391,935 (+15.2%)	$14,172 (+20.1%)	1.0%	$34.88	—	COM	14174T107
BRX	Brixmor Property Group	1,256,794 (+12.8%)	$32,953 (+6.9%)	2.2%	$27.51	—	COM	11120U105
RHP	Ryman Hospitality Properties	184,398 (+7.5%)	$17,447 (+13.6%)	1.2%	$47.75	—	COM	78377T107
COLD	Americold Realty Trust	670,301 (+16.6%)	$8,620 (+22.5%)	0.6%	$3.78	—	COM	03064D108
O	Realty Income	1,210,086 (+6.6%)	$68,213 (-1.2%)	4.6%	$53.30	+7.6%	COM	756109104
LAMR	Lamar Advertising Co-A	48,651 (+1.7%)	$6,158 (+5.2%)	0.4%	$81.84	—	COM	512816109
EQIX	Equinix Inc.	127,773 (+2.0%)	$97,895 (-0.2%)	6.6%	$397.12	+96.7%	COM	29444U700

Exited Positions (5)

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 +5.2%

TRNO Terreno Realty Corp 1.1%

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

INVH Invitation Homes Inc 0.9%

Value ($000) $14,046 Shares 478,893 Est. Cost $28.13 Unrealized -1.7%

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
DOC	Healthpeak Properties	1,305,556	$26,464	1.8%	$18.42	-5.2%	—	42250P103
HST	Host Hotels & Resorts, Inc.	1,343,133	$22,860	1.5%	$16.09	+5.2%	—	44107P104
TRNO	Terreno Realty Corp	283,173	$16,070	1.1%	$56.75	—	—	88146M101
INVH	Invitation Homes Inc	478,893	$14,046	0.9%	$28.13	-1.7%	—	46187W107
OHI	Omega Healthcare Investors	8,357	$353	0.0%	$0.04	—	—	681936100

Decreased Positions (18)

EXR Extra Space Storage, Inc. 1.9%

Value ($000) $28,835 (+511.0%) Shares 221,431 (-7.1%) Est. Cost $86.29 Unrealized +56.4%

BXP BXP, Inc. 0.3%

Value ($000) $5,085 (-76.0%) Shares 75,363 (-73.6%) Est. Cost $70.35 Unrealized +0.1%

IRM Iron Mountain 1.9%

Value ($000) $28,139 (-28.5%) Shares 339,227 (-12.2%) Est. Cost $101.32 Unrealized -8.4%

KRC Kilroy Realty 0.3%

Value ($000) $5,116 (-63.1%) Shares 136,904 (-58.2%) Est. Cost $42.25 Unrealized —

AVB AvalonBay Communities, Inc. 3.9%

Value ($000) $57,639 (-12.3%) Shares 317,906 (-6.6%) Est. Cost $167.85 Unrealized +7.1%

VICI Vici Properties 2.8%

Value ($000) $41,911 (-15.5%) Shares 1,490,427 (-2.0%) Est. Cost $29.07 Unrealized +0.8%

EPRT Essential Properties Realty 0.5%

Value ($000) $8,144 (-46.0%) Shares 411,313 (-18.9%) Est. Cost $1.18 Unrealized —

KIM Kimco Realty Corp. 2.7%

Value ($000) $40,127 (-8.2%) Shares 1,979,607 (-1.1%) Est. Cost $16.16 Unrealized +27.3%

ELS Equity Lifestyle Properties 2.4%

Value ($000) $35,147 (-8.7%) Shares 579,880 (-8.5%) Est. Cost $28.22 Unrealized —

EQR Equity Residential 3.6%

Value ($000) $53,929 (-5.1%) Shares 855,472 (-2.6%) Est. Cost $46.66 Unrealized +30.0%

AMT American Tower Corp. 0.7%

Value ($000) $9,979 (-9.9%) Shares 56,840 (-1.3%) Est. Cost $159.63 Unrealized +12.9%

CUZ Cousins Properties, Inc. 0.5%

Value ($000) $7,350 (-12.2%) Shares 285,108 (-1.4%) Est. Cost $0.03 Unrealized —

EGP Eastgroup Properties 0.8%

Value ($000) $12,096 (-5.7%) Shares 67,903 (-10.4%) Est. Cost $30.53 Unrealized —

VRE Veris Residential, Inc. 0.7%

Value ($000) $10,969 (-4.1%) Shares 737,176 (-2.0%) Est. Cost $0.31 Unrealized —

CCI Crown Castle Inc 0.2%

Value ($000) $3,638 (-11.2%) Shares 40,940 (-3.6%) Est. Cost $99.10 Unrealized -8.1%

MAA Mid-America Apartment Communit 1.1%

Value ($000) $16,080 (-2.3%) Shares 115,761 (-1.7%) Est. Cost $142.82 Unrealized -6.9%

IVT Inventrust Properties 0.6%

Value ($000) $9,303 (-3.0%) Shares 329,783 (-1.6%) Est. Cost $0.03 Unrealized —

PCH Potlach Corp 0.1%

Value ($000) $1,916 (-11.8%) Shares 45,393 (-14.9%) Est. Cost $16.25 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EXR	Extra Space Storage, Inc.	221,431 (-7.1%)	$28,835 (+511.0%)	1.9%	$86.29	+56.4%	COM	30225T102
BXP	BXP, Inc.	75,363 (-73.6%)	$5,085 (-76.0%)	0.3%	$70.35	+0.1%	COM	101121101
IRM	Iron Mountain	339,227 (-12.2%)	$28,139 (-28.5%)	1.9%	$101.32	-8.4%	COM	46284V101
KRC	Kilroy Realty	136,904 (-58.2%)	$5,116 (-63.1%)	0.3%	$42.25	—	COM	49427F108
AVB	AvalonBay Communities, Inc.	317,906 (-6.6%)	$57,639 (-12.3%)	3.9%	$167.85	+7.1%	COM	053484101
VICI	Vici Properties	1,490,427 (-2.0%)	$41,911 (-15.5%)	2.8%	$29.07	+0.8%	COM	925652109
EPRT	Essential Properties Realty	411,313 (-18.9%)	$8,144 (-46.0%)	0.5%	$1.18	—	COM	29670E107
KIM	Kimco Realty Corp.	1,979,607 (-1.1%)	$40,127 (-8.2%)	2.7%	$16.16	+27.3%	COM	49446R109
ELS	Equity Lifestyle Properties	579,880 (-8.5%)	$35,147 (-8.7%)	2.4%	$28.22	—	COM	29472R108
EQR	Equity Residential	855,472 (-2.6%)	$53,929 (-5.1%)	3.6%	$46.66	+30.0%	COM	29476L107
AMT	American Tower Corp.	56,840 (-1.3%)	$9,979 (-9.9%)	0.7%	$159.63	+12.9%	COM	03027X100
CUZ	Cousins Properties, Inc.	285,108 (-1.4%)	$7,350 (-12.2%)	0.5%	$0.03	—	COM	222795502
EGP	Eastgroup Properties	67,903 (-10.4%)	$12,096 (-5.7%)	0.8%	$30.53	—	COM	277276101
VRE	Veris Residential, Inc.	737,176 (-2.0%)	$10,969 (-4.1%)	0.7%	$0.31	—	COM	554489104
CCI	Crown Castle Inc	40,940 (-3.6%)	$3,638 (-11.2%)	0.2%	$99.10	-8.1%	COM	22822V101
MAA	Mid-America Apartment Communit	115,761 (-1.7%)	$16,080 (-2.3%)	1.1%	$142.82	-6.9%	COM	59522J103
IVT	Inventrust Properties	329,783 (-1.6%)	$9,303 (-3.0%)	0.6%	$0.03	—	COM	46124J201
PCH	Potlach Corp	45,393 (-14.9%)	$1,916 (-11.8%)	0.1%	$16.25	—	COM	737630103

Unchanged Positions (1)

ADC Agree Realty Corporation 2.1%

Value ($000) $31,579 Shares 438,415 Est. Cost $2.33 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
ADC	Agree Realty Corporation	438,415	$31,579	2.1%	$2.33	—	COM	008492100