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Adelante Capital Management LLC

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13F filer, CIK 1067926, ALAMEDA, CA

Adelante Capital Management LLC reported $1,484,078,428 across 42 holdings for the quarter ended 2025-12-31, in a 13F-HR filed 2026-02-18. Its ten largest share positions make up 61.57% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001067926-26-000003

Period
2025-12-31
Reported value
$1.48B
Holdings
42
Top 10 weight
61.57%
New
4
Sold out
5

Largest buys vs the previous quarter

SecurityShares changeApprox. value
HLTnew+67,494$19.4M
AREadded+324,884$15.9M
CBREadded+82,629$13.3M
AMHadded+388,346$12.5M
VNOadded+276,916$9.22M

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
DOCexited-1,305,556-$26.5M
HSTexited-1,343,133-$22.9M
TRNOexited-283,173-$16.1M
BXPreduced-209,976-$14.2M
INVHexited-478,893-$14M

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, Q4 2025

Share positions as resolved from 13F-HR 0001067926-26-000003, largest first. % of portfolio is the value over $1,484,078,428, 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; 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; 2025Q4: 1,005,930 shares 1,005,930$187M12.58%+26,548Timeline
PLDPROLOGIS INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,330,380 shares 1,330,380$170M11.44%+58,092Timeline
EQIXEQUINIX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 160,850 shares; 2024Q4: 151,087 shares; 2025Q1: 143,114 shares; 2025Q2: 140,006 shares; 2025Q3: 125,234 shares; 2025Q4: 127,773 shares 127,773$97.9M6.6%+2,539Timeline
SPGSIMON PPTY GROUP INC NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 516,313 shares; 2024Q4: 535,740 shares; 2025Q1: 386,479 shares; 2025Q2: 368,002 shares; 2025Q3: 449,344 shares; 2025Q4: 483,043 shares 483,043$89.4M6.03%+33,699Timeline
DLRDIGITAL RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 465,127 shares; 2024Q4: 507,703 shares; 2025Q1: 427,306 shares; 2025Q2: 407,136 shares; 2025Q3: 463,235 shares; 2025Q4: 476,430 shares 476,430$73.7M4.97%+13,195Timeline
OREALTY INCOME CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,210,086 shares 1,210,086$68.2M4.6%+74,827Timeline
PSAPUBLIC STORAGEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 290,842 shares; 2024Q4: 286,811 shares; 2025Q1: 250,826 shares; 2025Q2: 244,857 shares; 2025Q3: 235,117 shares; 2025Q4: 241,215 shares 241,215$62.6M4.22%+6,098Timeline
AVBAVALONBAY CMNTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 404,045 shares; 2024Q4: 400,444 shares; 2025Q1: 344,822 shares; 2025Q2: 341,855 shares; 2025Q3: 340,288 shares; 2025Q4: 317,906 shares 317,906$57.6M3.88%-22,382Timeline
VMRKVIVMARK RESIDENTIALQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 855,472 shares 855,472$53.9M3.63%-22,780Timeline
VTRVENTAS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 599,644 shares; 2024Q4: 522,956 shares; 2025Q1: 488,664 shares; 2025Q2: 613,415 shares; 2025Q3: 661,909 shares; 2025Q4: 695,237 shares 695,237$53.8M3.62%+33,328Timeline
BKDBROOKDALE SR LIVING INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,088,545 shares 1,088,545$50.5M3.4%+75,364Timeline
VICIVICI PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,490,427 shares 1,490,427$41.9M2.82%-31,030Timeline
AMHAMERICAN HOMES 4 RENTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 761,980 shares; 2024Q4: 837,803 shares; 2025Q1: 913,578 shares; 2025Q2: 830,542 shares; 2025Q3: 912,001 shares; 2025Q4: 1,300,347 shares 1,300,347$41.7M2.81%+388,346Timeline
KIMKIMCO REALTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,979,607 shares 1,979,607$40.1M2.7%-21,143Timeline
ELSEQUITY LIFESTYLE PROPERTIESQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 432,580 shares; 2024Q4: 429,028 shares; 2025Q1: 634,637 shares; 2025Q2: 674,425 shares; 2025Q3: 634,055 shares; 2025Q4: 579,880 shares 579,880$35.1M2.37%-54,175Timeline
BRXBRIXMOR PPTY GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,919,660 shares; 2024Q4: 606,342 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 1,113,830 shares; 2025Q4: 1,256,794 shares 1,256,794$33M2.22%+142,964Timeline
ADCAGREE RLTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 11,885 shares; 2025Q1: 370,652 shares; 2025Q2: 427,610 shares; 2025Q3: 441,605 shares; 2025Q4: 438,415 shares 438,415$31.6M2.13%-3,190Timeline
EXREXTRA SPACE STORAGE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 276,236 shares; 2024Q4: 291,112 shares; 2025Q1: 186,050 shares; 2025Q2: 243,070 shares; 2025Q3: 238,341 shares; 2025Q4: 221,431 shares 221,431$28.8M1.94%-16,910Timeline
IRMIRON MTN INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 397,223 shares; 2024Q4: 445,897 shares; 2025Q1: 390,346 shares; 2025Q2: 403,205 shares; 2025Q3: 386,285 shares; 2025Q4: 339,227 shares 339,227$28.1M1.9%-47,058Timeline
VNOVORNADO RLTY TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 303,299 shares; 2024Q4: 297,058 shares; 2025Q1: 287,797 shares; 2025Q2: 361,948 shares; 2025Q3: 370,941 shares; 2025Q4: 647,857 shares 647,857$21.6M1.45%+276,916Timeline
AREALEXANDRIA REAL ESTATE EQ INQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 225,014 shares; 2024Q4: 357,889 shares; 2025Q1: 94,287 shares; 2025Q2: 202,726 shares; 2025Q3: 72,405 shares; 2025Q4: 397,289 shares 397,289$19.4M1.31%+324,884Timeline
HLTHILTON WORLDWIDE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 3,488 shares; 2024Q4: 3,371 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 67,494 shares 67,494$19.4M1.31%newTimeline
CBRECBRE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 49,994 shares; 2024Q4: 45,309 shares; 2025Q1: 29,858 shares; 2025Q2: 27,865 shares; 2025Q3: 26,465 shares; 2025Q4: 109,094 shares 109,094$17.5M1.18%+82,629Timeline
RHPRYMAN HOSPITALITY PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 280,595 shares; 2024Q4: 348,890 shares; 2025Q1: 302,992 shares; 2025Q2: 260,178 shares; 2025Q3: 171,496 shares; 2025Q4: 184,398 shares 184,398$17.4M1.18%+12,902Timeline
MAAMID-AMER APT CMNTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 137,919 shares; 2024Q4: 128,120 shares; 2025Q1: 70,612 shares; 2025Q2: 128,589 shares; 2025Q3: 117,764 shares; 2025Q4: 115,761 shares 115,761$16.1M1.08%-2,003Timeline
CTRECARETRUST REIT INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 340,197 shares; 2025Q4: 391,935 shares 391,935$14.2M0.95%+51,738Timeline
EGPEASTGROUP PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 195,583 shares; 2024Q4: 215,909 shares; 2025Q1: 168,269 shares; 2025Q2: 191,849 shares; 2025Q3: 75,778 shares; 2025Q4: 67,903 shares 67,903$12.1M0.82%-7,875Timeline
VREVERIS RESIDENTIAL INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 507,736 shares; 2024Q4: 625,229 shares; 2025Q1: 616,656 shares; 2025Q2: 737,945 shares; 2025Q3: 752,225 shares; 2025Q4: 737,176 shares 737,176$11M0.74%-15,049Timeline
AMTAMERICAN TOWER CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 38,527 shares; 2024Q4: 39,844 shares; 2025Q1: 63,158 shares; 2025Q2: 62,998 shares; 2025Q3: 57,567 shares; 2025Q4: 56,840 shares 56,840$9.98M0.67%-727Timeline
FRFIRST INDL RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 212,092 shares; 2024Q4: 244,443 shares; 2025Q1: 399,043 shares; 2025Q2: 394,445 shares; 2025Q3: 397,648 shares; 2025Q4: 474,066 shares 474,066$9.61M0.65%+76,418Timeline
IVTINVENTRUST PPTYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 481,437 shares; 2024Q4: 424,769 shares; 2025Q1: 362,173 shares; 2025Q2: 364,286 shares; 2025Q3: 335,032 shares; 2025Q4: 329,783 shares 329,783$9.3M0.63%-5,249Timeline
COLDAMERICOLD REALTY TRUST INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 347,556 shares; 2024Q4: 441,492 shares; 2025Q1: 465,202 shares; 2025Q2: 469,411 shares; 2025Q3: 574,892 shares; 2025Q4: 670,301 shares 670,301$8.62M0.58%+95,409Timeline
EPRTESSENTIAL PPTYS RLTY TR INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 48,043 shares; 2024Q4: 47,763 shares; 2025Q1: 636,179 shares; 2025Q2: 487,395 shares; 2025Q3: 506,994 shares; 2025Q4: 411,313 shares 411,313$8.14M0.55%-95,681Timeline
CUZCOUSINS PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 436,627 shares; 2025Q1: 682,499 shares; 2025Q2: 902,912 shares; 2025Q3: 289,203 shares; 2025Q4: 285,108 shares 285,108$7.35M0.5%-4,095Timeline
MRPMILLROSE PPTYS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 220,567 shares 220,567$6.59M0.44%newTimeline
LAMRLAMAR ADVERTISING COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 53,679 shares; 2024Q4: 59,763 shares; 2025Q1: 54,787 shares; 2025Q2: 42,589 shares; 2025Q3: 47,825 shares; 2025Q4: 48,651 shares 48,651$6.16M0.41%+826Timeline
KRCKILROY REALTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 327,909 shares; 2025Q4: 136,904 shares 136,904$5.12M0.34%-191,005Timeline
BXPBXP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 584,471 shares; 2024Q4: 559,494 shares; 2025Q1: 383,958 shares; 2025Q2: 131,341 shares; 2025Q3: 285,339 shares; 2025Q4: 75,363 shares 75,363$5.08M0.34%-209,976Timeline
CSRCENTERSPACEQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 72,059 shares 72,059$4.81M0.32%newTimeline
SLGSL GREEN RLTY CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 96,825 shares 96,825$4.44M0.3%newTimeline
CCICROWN CASTLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 15,776 shares; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 42,486 shares; 2025Q4: 40,940 shares 40,940$3.64M0.25%-1,546Timeline
PCHPOTLATCHDELTIC CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 35,840 shares; 2024Q4: 33,880 shares; 2025Q1: 48,708 shares; 2025Q2: 48,622 shares; 2025Q3: 53,345 shares; 2025Q4: 45,393 shares 45,393$1.92M0.13%-7,952Timeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
DOCHEALTHPEAK PROPERTIES INC1,305,556$26.5Mshares
HSTHOST HOTELS & RESORTS INC1,343,133$22.9Mshares
TRNOTERRENO RLTY CORP283,173$16.1Mshares
INVHINVITATION HOMES INC478,893$14Mshares
OHIOMEGA HEALTHCARE INVS INC8,357$353Kshares

How Q4 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 0001067926-26-000003 base2026-02-18acceptance time not in the bulk data set