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Adelante Capital Management LLC

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13F filer, CIK 1067926, ALAMEDA, CA

Adelante Capital Management LLC reported $1,321,437,000 across 41 holdings for the quarter ended 2025-03-31, in a 13F-HR filed 2025-05-16. Its ten largest share positions make up 61.1% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001067926-25-000005

Period
2025-03-31
Reported value
$1.32B
Holdings
41
Top 10 weight
61.1%
New
1
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
Oadded+802,526$46.6M
VICIadded+1,276,704$41.6M
ADCadded+358,767$27.7M
DOCadded+1,163,017$23.5M
EPRTadded+588,416$19.2M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
WELLreduced-207,502-$31.8M
SPGreduced-149,261-$24.8M
AREreduced-263,602-$24.4M
PLDreduced-195,289-$21.8M
SUIexited-159,147-$19.6M

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q1 2025

Share positions as resolved from 13F-HR 0001067926-25-000005, largest first. % of portfolio is the value over $1,321,437,000, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
WELLWELLTOWER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,162,695 shares; 2024Q4: 1,171,232 shares; 2025Q1: 963,730 shares 963,730$148M11.17%-207,502Timeline
PLDPROLOGIS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,523,733 shares; 2024Q4: 1,400,344 shares; 2025Q1: 1,205,055 shares 1,205,055$135M10.19%-195,289Timeline
EQIXEQUINIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 160,850 shares; 2024Q4: 151,087 shares; 2025Q1: 143,114 shares 143,114$117M8.83%-7,973Timeline
AVBAVALONBAY CMNTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 404,045 shares; 2024Q4: 400,444 shares; 2025Q1: 344,822 shares 344,822$74M5.6%-55,622Timeline
VMRKVIVMARK RESIDENTIALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,119,711 shares; 2024Q4: 1,077,337 shares; 2025Q1: 929,789 shares 929,789$66.6M5.04%-147,548Timeline
SPGSIMON PPTY GROUP INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 516,313 shares; 2024Q4: 535,740 shares; 2025Q1: 386,479 shares 386,479$64.2M4.86%-149,261Timeline
DLRDIGITAL RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 465,127 shares; 2024Q4: 507,703 shares; 2025Q1: 427,306 shares 427,306$61.2M4.63%-80,397Timeline
OREALTY INCOME CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 66,501 shares; 2024Q4: 58,145 shares; 2025Q1: 860,671 shares 860,671$49.9M3.78%+802,526Timeline
VICIVICI PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 182,239 shares; 2024Q4: 148,132 shares; 2025Q1: 1,424,836 shares 1,424,836$46.5M3.52%+1,276,704Timeline
KIMKIMCO REALTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,789,363 shares; 2024Q4: 2,317,331 shares; 2025Q1: 2,163,571 shares 2,163,571$46M3.48%-153,760Timeline
ELSEQUITY LIFESTYLE PROPERTIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 432,580 shares; 2024Q4: 429,028 shares; 2025Q1: 634,637 shares 634,637$42.3M3.2%+205,609Timeline
AMHAMERICAN HOMES 4 RENTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 761,980 shares; 2024Q4: 837,803 shares; 2025Q1: 913,578 shares 913,578$34.5M2.61%+75,775Timeline
VTRVENTAS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 599,644 shares; 2024Q4: 522,956 shares; 2025Q1: 488,664 shares 488,664$33.6M2.54%-34,292Timeline
EGPEASTGROUP PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 195,583 shares; 2024Q4: 215,909 shares; 2025Q1: 168,269 shares 168,269$29.6M2.24%-47,640Timeline
ADCAGREE RLTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 11,885 shares; 2025Q1: 370,652 shares 370,652$28.6M2.17%+358,767Timeline
RHPRYMAN HOSPITALITY PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 280,595 shares; 2024Q4: 348,890 shares; 2025Q1: 302,992 shares 302,992$27.7M2.1%-45,898Timeline
EXREXTRA SPACE STORAGE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 276,236 shares; 2024Q4: 291,112 shares; 2025Q1: 186,050 shares 186,050$27.6M2.09%-105,062Timeline
BXPBXP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 584,471 shares; 2024Q4: 559,494 shares; 2025Q1: 383,958 shares 383,958$25.8M1.95%-175,536Timeline
REGREGENCY CTRS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 330,024 shares; 2025Q1: 348,468 shares 348,468$25.7M1.95%+18,444Timeline
DOCHEALTHPEAK PROPERTIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 837,739 shares; 2024Q4: 26,052 shares; 2025Q1: 1,189,069 shares 1,189,069$24M1.82%+1,163,017Timeline
FRFIRST INDL RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 212,092 shares; 2024Q4: 244,443 shares; 2025Q1: 399,043 shares 399,043$21.5M1.63%+154,600Timeline
EPRTESSENTIAL PPTYS RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 48,043 shares; 2024Q4: 47,763 shares; 2025Q1: 636,179 shares 636,179$20.8M1.57%+588,416Timeline
CUZCOUSINS PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 436,627 shares; 2025Q1: 682,499 shares 682,499$20.1M1.52%+245,872Timeline
AMTAMERICAN TOWER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 38,527 shares; 2024Q4: 39,844 shares; 2025Q1: 63,158 shares 63,158$13.7M1.04%+23,314Timeline
OHIOMEGA HEALTHCARE INVS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 190,873 shares; 2024Q4: 438,626 shares; 2025Q1: 337,195 shares 337,195$12.8M0.97%-101,431Timeline
INVHINVITATION HOMES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 912,563 shares; 2024Q4: 718,041 shares; 2025Q1: 351,142 shares 351,142$12.2M0.93%-366,899Timeline
MAAMID-AMER APT CMNTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 137,919 shares; 2024Q4: 128,120 shares; 2025Q1: 70,612 shares 70,612$11.8M0.9%-57,508Timeline
VNOVORNADO RLTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 303,299 shares; 2024Q4: 297,058 shares; 2025Q1: 287,797 shares 287,797$10.6M0.81%-9,261Timeline
MARMARRIOTT INTL INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 65,625 shares; 2024Q4: 48,658 shares; 2025Q1: 44,174 shares 44,174$10.5M0.8%-4,484Timeline
VREVERIS RESIDENTIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 507,736 shares; 2024Q4: 625,229 shares; 2025Q1: 616,656 shares 616,656$10.4M0.79%-8,573Timeline
COLDAMERICOLD REALTY TRUST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 347,556 shares; 2024Q4: 441,492 shares; 2025Q1: 465,202 shares 465,202$9.98M0.76%+23,710Timeline
SKTTANGER INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 281,084 shares 281,084$9.5M0.72%newTimeline
BKDBROOKDALE SR LIVING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,107,944 shares; 2024Q4: 1,625,835 shares; 2025Q1: 1,502,850 shares 1,502,850$9.41M0.71%-122,985Timeline
AREALEXANDRIA REAL ESTATE EQ INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 225,014 shares; 2024Q4: 357,889 shares; 2025Q1: 94,287 shares 94,287$8.72M0.66%-263,602Timeline
IRMIRON MTN INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 397,223 shares; 2024Q4: 445,897 shares; 2025Q1: 390,346 shares 390,346$7.91M0.6%-55,551Timeline
IVTINVENTRUST PPTYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 481,437 shares; 2024Q4: 424,769 shares; 2025Q1: 362,173 shares 362,173$7.17M0.54%-62,596Timeline
LAMRLAMAR ADVERTISING COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 53,679 shares; 2024Q4: 59,763 shares; 2025Q1: 54,787 shares 54,787$6.23M0.47%-4,976Timeline
PSAPUBLIC STORAGEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 290,842 shares; 2024Q4: 286,811 shares; 2025Q1: 250,826 shares 250,826$4.48M0.34%-35,985Timeline
SBACSBA COMMUNICATIONS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 8,820 shares; 2025Q1: 12,603 shares 12,603$2.77M0.21%+3,783Timeline
PCHPOTLATCHDELTIC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 35,840 shares; 2024Q4: 33,880 shares; 2025Q1: 48,708 shares 48,708$2.2M0.17%+14,828Timeline
CBRECBRE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q2: restricted; 2023Q3: restricted; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 49,994 shares; 2024Q4: 45,309 shares; 2025Q1: 29,858 shares 29,858$1.38M0.1%-15,451Timeline

Sold out in Q1 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
SUISUN CMNTYS INC159,147$19.6Mshares
BRXBRIXMOR PPTY GROUP INC606,342$16.9Mshares
HLTHILTON WORLDWIDE HLDGS INC3,371$833Kshares
ESSESSEX PPTY TR INC2,161$617Kshares
CDPCOPT DEFENSE PROPERTIES18,329$567Kshares

How Q1 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001067926-25-000005 base2025-05-16acceptance time not in the bulk data set