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Adelante Capital Management LLC

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13F filer, CIK 1067926, ALAMEDA, CA

Adelante Capital Management LLC reported $1,495,633,575 across 43 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-17. Its ten largest share positions make up 59.63% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001067926-25-000009

Period
2025-09-30
Reported value
$1.5B
Holdings
43
Top 10 weight
59.63%
New
6
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
BRXnew+1,113,830$30.8M
HSTnew+1,343,133$22.9M
TRNOnew+283,173$16.1M
SPGadded+81,342$15.3M
KRCnew+327,909$13.9M

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
HPPexited-3,043,383-$60.3M
REGexited-376,117-$26.8M
EGPreduced-116,071-$19.6M
CUZreduced-613,709-$17.8M
EQIXreduced-14,772-$11.6M

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, Q3 2025

Share positions as resolved from 13F-HR 0001067926-25-000009, largest first. % of portfolio is the value over $1,495,633,575, 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; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,162,695 shares; 2024Q4: 1,171,232 shares; 2025Q1: 963,730 shares; 2025Q2: 981,590 shares; 2025Q3: 979,382 shares 979,382$174M11.67%-2,208Timeline
PLDPROLOGIS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,523,733 shares; 2024Q4: 1,400,344 shares; 2025Q1: 1,205,055 shares; 2025Q2: 1,167,878 shares; 2025Q3: 1,272,288 shares 1,272,288$146M9.74%+104,410Timeline
EQIXEQUINIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 160,850 shares; 2024Q4: 151,087 shares; 2025Q1: 143,114 shares; 2025Q2: 140,006 shares; 2025Q3: 125,234 shares 125,234$98.1M6.56%-14,772Timeline
SPGSIMON PPTY GROUP INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 516,313 shares; 2024Q4: 535,740 shares; 2025Q1: 386,479 shares; 2025Q2: 368,002 shares; 2025Q3: 449,344 shares 449,344$84.3M5.64%+81,342Timeline
DLRDIGITAL RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 465,127 shares; 2024Q4: 507,703 shares; 2025Q1: 427,306 shares; 2025Q2: 407,136 shares; 2025Q3: 463,235 shares 463,235$80.1M5.35%+56,099Timeline
OREALTY INCOME CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 66,501 shares; 2024Q4: 58,145 shares; 2025Q1: 860,671 shares; 2025Q2: 1,081,406 shares; 2025Q3: 1,135,259 shares 1,135,259$69M4.61%+53,853Timeline
PSAPUBLIC STORAGEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 290,842 shares; 2024Q4: 286,811 shares; 2025Q1: 250,826 shares; 2025Q2: 244,857 shares; 2025Q3: 235,117 shares 235,117$67.9M4.54%-9,740Timeline
AVBAVALONBAY CMNTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 404,045 shares; 2024Q4: 400,444 shares; 2025Q1: 344,822 shares; 2025Q2: 341,855 shares; 2025Q3: 340,288 shares 340,288$65.7M4.4%-1,567Timeline
VMRKVIVMARK RESIDENTIALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,119,711 shares; 2024Q4: 1,077,337 shares; 2025Q1: 929,789 shares; 2025Q2: 780,332 shares; 2025Q3: 878,252 shares 878,252$56.8M3.8%+97,920Timeline
VICIVICI PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 182,239 shares; 2024Q4: 148,132 shares; 2025Q1: 1,424,836 shares; 2025Q2: 1,631,912 shares; 2025Q3: 1,521,457 shares 1,521,457$49.6M3.32%-110,455Timeline
BKDBROOKDALE SR LIVING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,107,944 shares; 2024Q4: 1,625,835 shares; 2025Q1: 1,502,850 shares; 2025Q2: 1,119,470 shares; 2025Q3: 1,013,181 shares 1,013,181$47M3.14%-106,289Timeline
VTRVENTAS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 599,644 shares; 2024Q4: 522,956 shares; 2025Q1: 488,664 shares; 2025Q2: 613,415 shares; 2025Q3: 661,909 shares 661,909$46.3M3.1%+48,494Timeline
KIMKIMCO REALTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,789,363 shares; 2024Q4: 2,317,331 shares; 2025Q1: 2,163,571 shares; 2025Q2: 2,134,766 shares; 2025Q3: 2,000,750 shares 2,000,750$43.7M2.92%-134,016Timeline
IRMIRON MTN INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 397,223 shares; 2024Q4: 445,897 shares; 2025Q1: 390,346 shares; 2025Q2: 403,205 shares; 2025Q3: 386,285 shares 386,285$39.4M2.63%-16,920Timeline
ELSEQUITY LIFESTYLE PROPERTIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 432,580 shares; 2024Q4: 429,028 shares; 2025Q1: 634,637 shares; 2025Q2: 674,425 shares; 2025Q3: 634,055 shares 634,055$38.5M2.57%-40,370Timeline
ADCAGREE RLTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 11,885 shares; 2025Q1: 370,652 shares; 2025Q2: 427,610 shares; 2025Q3: 441,605 shares 441,605$31.4M2.1%+13,995Timeline
BRXBRIXMOR PPTY GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,919,660 shares; 2024Q4: 606,342 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,113,830 shares 1,113,830$30.8M2.06%newTimeline
AMHAMERICAN HOMES 4 RENTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 761,980 shares; 2024Q4: 837,803 shares; 2025Q1: 913,578 shares; 2025Q2: 830,542 shares; 2025Q3: 912,001 shares 912,001$30.3M2.03%+81,459Timeline
DOCHEALTHPEAK PROPERTIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 837,739 shares; 2024Q4: 26,052 shares; 2025Q1: 1,189,069 shares; 2025Q2: 771,586 shares; 2025Q3: 1,305,556 shares 1,305,556$26.5M1.77%+533,970Timeline
HSTHOST HOTELS & RESORTS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,343,133 shares 1,343,133$22.9M1.53%newTimeline
BXPBXP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 584,471 shares; 2024Q4: 559,494 shares; 2025Q1: 383,958 shares; 2025Q2: 131,341 shares; 2025Q3: 285,339 shares 285,339$21.2M1.42%+153,998Timeline
FRFIRST INDL RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 212,092 shares; 2024Q4: 244,443 shares; 2025Q1: 399,043 shares; 2025Q2: 394,445 shares; 2025Q3: 397,648 shares 397,648$20.5M1.37%+3,203Timeline
MAAMID-AMER APT CMNTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 137,919 shares; 2024Q4: 128,120 shares; 2025Q1: 70,612 shares; 2025Q2: 128,589 shares; 2025Q3: 117,764 shares 117,764$16.5M1.1%-10,825Timeline
TRNOTERRENO RLTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 283,173 shares 283,173$16.1M1.07%newTimeline
RHPRYMAN HOSPITALITY PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 280,595 shares; 2024Q4: 348,890 shares; 2025Q1: 302,992 shares; 2025Q2: 260,178 shares; 2025Q3: 171,496 shares 171,496$15.4M1.03%-88,682Timeline
EPRTESSENTIAL PPTYS RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 48,043 shares; 2024Q4: 47,763 shares; 2025Q1: 636,179 shares; 2025Q2: 487,395 shares; 2025Q3: 506,994 shares 506,994$15.1M1.01%+19,599Timeline
VNOVORNADO RLTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 303,299 shares; 2024Q4: 297,058 shares; 2025Q1: 287,797 shares; 2025Q2: 361,948 shares; 2025Q3: 370,941 shares 370,941$15M1.01%+8,993Timeline
INVHINVITATION HOMES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 912,563 shares; 2024Q4: 718,041 shares; 2025Q1: 351,142 shares; 2025Q2: 467,453 shares; 2025Q3: 478,893 shares 478,893$14M0.94%+11,440Timeline
KRCKILROY REALTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 327,909 shares 327,909$13.9M0.93%newTimeline
EGPEASTGROUP PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 195,583 shares; 2024Q4: 215,909 shares; 2025Q1: 168,269 shares; 2025Q2: 191,849 shares; 2025Q3: 75,778 shares 75,778$12.8M0.86%-116,071Timeline
CTRECARETRUST REIT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 340,197 shares 340,197$11.8M0.79%newTimeline
VREVERIS RESIDENTIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 507,736 shares; 2024Q4: 625,229 shares; 2025Q1: 616,656 shares; 2025Q2: 737,945 shares; 2025Q3: 752,225 shares 752,225$11.4M0.76%+14,280Timeline
AMTAMERICAN TOWER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 38,527 shares; 2024Q4: 39,844 shares; 2025Q1: 63,158 shares; 2025Q2: 62,998 shares; 2025Q3: 57,567 shares 57,567$11.1M0.74%-5,431Timeline
IVTINVENTRUST PPTYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 481,437 shares; 2024Q4: 424,769 shares; 2025Q1: 362,173 shares; 2025Q2: 364,286 shares; 2025Q3: 335,032 shares 335,032$9.59M0.64%-29,254Timeline
CUZCOUSINS PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 436,627 shares; 2025Q1: 682,499 shares; 2025Q2: 902,912 shares; 2025Q3: 289,203 shares 289,203$8.37M0.56%-613,709Timeline
COLDAMERICOLD REALTY TRUST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 347,556 shares; 2024Q4: 441,492 shares; 2025Q1: 465,202 shares; 2025Q2: 469,411 shares; 2025Q3: 574,892 shares 574,892$7.04M0.47%+105,481Timeline
AREALEXANDRIA REAL ESTATE EQ INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 225,014 shares; 2024Q4: 357,889 shares; 2025Q1: 94,287 shares; 2025Q2: 202,726 shares; 2025Q3: 72,405 shares 72,405$6.03M0.4%-130,321Timeline
LAMRLAMAR ADVERTISING COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 53,679 shares; 2024Q4: 59,763 shares; 2025Q1: 54,787 shares; 2025Q2: 42,589 shares; 2025Q3: 47,825 shares 47,825$5.86M0.39%+5,236Timeline
EXREXTRA SPACE STORAGE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 276,236 shares; 2024Q4: 291,112 shares; 2025Q1: 186,050 shares; 2025Q2: 243,070 shares; 2025Q3: 238,341 shares 238,341$4.72M0.32%-4,729Timeline
CBRECBRE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 49,994 shares; 2024Q4: 45,309 shares; 2025Q1: 29,858 shares; 2025Q2: 27,865 shares; 2025Q3: 26,465 shares 26,465$4.17M0.28%-1,400Timeline
CCICROWN CASTLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,776 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 42,486 shares 42,486$4.1M0.27%newTimeline
PCHPOTLATCHDELTIC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 35,840 shares; 2024Q4: 33,880 shares; 2025Q1: 48,708 shares; 2025Q2: 48,622 shares; 2025Q3: 53,345 shares 53,345$2.17M0.15%+4,723Timeline
OHIOMEGA HEALTHCARE INVS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 190,873 shares; 2024Q4: 438,626 shares; 2025Q1: 337,195 shares; 2025Q2: 148,205 shares; 2025Q3: 8,357 shares 8,357$353K0.02%-139,848Timeline

Sold out in Q3 2025

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

SecurityShares beforeValue beforeType
HPPHUDSON PAC PPTYS INC3,043,383$60.3Mshares
REGREGENCY CTRS CORP376,117$26.8Mshares
MARMARRIOTT INTL INC NEW38,637$10.6Mshares
SKTTANGER INC268,040$8.2Mshares
SBACSBA COMMUNICATIONS CORP13,765$3.23Mshares

How Q3 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 0001067926-25-000009 base2025-11-17acceptance time not in the bulk data set