Q4 2025 · 13F-HR
Adelante Capital Management LLCholdings as filed
Filed 2026-02-18 · accession 0001067926-26-000003
The Brief · Adelante Capital Management LLC · Q4 2025
AI · grounded in 13F
Adelante Capital Management LLC closed its position in Healthpeak Properties DOC, reducing exposure by $26.46M. The fund also exited positions in Host Hotels & Resorts, Inc. HST and Terreno Realty Corp TRNO, totaling $38.93M in combined sales. On the buy side, the fund established a new position in Hilton, Inc. HLT worth $19.39M and increased its holdings in Alexandria Real Estate Equitie ARE by 448.7%.
Holdings as filed
| CUSIP | Ticker | Issuer | Value | % port. | Shares | Class | Voting |
|---|---|---|---|---|---|---|---|
| 95040Q104 | WELL | Welltower Inc. | $186.7M | 12.6% | 1,005,930 | Common | SOLE |
| 74340W103 | PLD | ProLogis Inc. | $169.8M | 11.4% | 1,330,380 | Common | SOLE |
| 29444U700 | EQIX | Equinix Inc. | $97.9M | 6.60% | 127,773 | Common | SOLE |
| 828806109 | SPG | Simon Property Group, Inc. | $89.4M | 6.03% | 483,043 | Common | SOLE |
| 253868103 | DLR | Digital Realty Trust | $73.7M | 4.97% | 476,430 | Common | SOLE |
| 756109104 | O | Realty Income | $68.2M | 4.60% | 1,210,086 | Common | SOLE |
| 74460D109 | PSA | Public Storage | $62.6M | 4.22% | 241,215 | Common | SOLE |
| 053484101 | AVB | AvalonBay Communities, Inc. | $57.6M | 3.88% | 317,906 | Common | SOLE |
| 29476L107 | EQR | Equity Residential | $53.9M | 3.63% | 855,472 | Common | SOLE |
| 92276F100 | VTR | Ventas, Inc. | $53.8M | 3.62% | 695,237 | Common | SOLE |
| 112463104 | BKD | Brookdale Senior Living | $50.5M | 3.40% | 1,088,545 | Common | NONE |
| 925652109 | VICI | Vici Properties | $41.9M | 2.82% | 1,490,427 | Common | SOLE |
| 02665T306 | AMH | American Homes 4 Rent | $41.7M | 2.81% | 1,300,347 | Common | SOLE |
| 49446R109 | KIM | Kimco Realty Corp. | $40.1M | 2.70% | 1,979,607 | Common | SOLE |
| 29472R108 | ELS | Equity Lifestyle Properties | $35.1M | 2.37% | 579,880 | Common | SOLE |
| 11120U105 | BRX | Brixmor Property Group | $33.0M | 2.22% | 1,256,794 | Common | SOLE |
| 008492100 | ADC | Agree Realty Corporation | $31.6M | 2.13% | 438,415 | Common | SOLE |
| 30225T102 | EXR | Extra Space Storage, Inc. | $28.8M | 1.94% | 221,431 | Common | SOLE |
| 46284V101 | IRM | Iron Mountain | $28.1M | 1.90% | 339,227 | Common | SOLE |
| 929042109 | VNO | Vornado Realty Trust | $21.6M | 1.45% | 647,857 | Common | NONE |
| 015271109 | ARE | Alexandria Real Estate Equitie | $19.4M | 1.31% | 397,289 | Common | SOLE |
| 43300A203 | HLT | Hilton, Inc. | $19.4M | 1.31% | 67,494 | Common | SOLE |
| 12504L109 | CBRE | CBRE Group | $17.5M | 1.18% | 109,094 | Common | SOLE |
| 78377T107 | RHP | Ryman Hospitality Properties | $17.4M | 1.18% | 184,398 | Common | SOLE |
| 59522J103 | MAA | Mid-America Apartment Communit | $16.1M | 1.08% | 115,761 | Common | SOLE |
| 14174T107 | CTRE | Caretrust REIT Inc | $14.2M | 0.95% | 391,935 | Common | SOLE |
| 277276101 | EGP | Eastgroup Properties | $12.1M | 0.82% | 67,903 | Common | SOLE |
| 554489104 | VRE | Veris Residential, Inc. | $11.0M | 0.74% | 737,176 | Common | NONE |
| 03027X100 | AMT | American Tower Corp. | $10.0M | 0.67% | 56,840 | Common | SOLE |
| 32054K103 | FR | First Industrial Realty Trust, | $9.6M | 0.65% | 474,066 | Common | SOLE |
| 46124J201 | IVT | Inventrust Properties | $9.3M | 0.63% | 329,783 | Common | NONE |
| 03064D108 | COLD | Americold Realty Trust | $8.6M | 0.58% | 670,301 | Common | NONE |
| 29670E107 | EPRT | Essential Properties Realty | $8.1M | 0.55% | 411,313 | Common | NONE |
| 222795502 | CUZ | Cousins Properties, Inc. | $7.3M | 0.50% | 285,108 | Common | SOLE |
| 601137102 | MRP | Millrose Properties | $6.6M | 0.44% | 220,567 | Common | NONE |
| 512816109 | LAMR | Lamar Advertising Co-A | $6.2M | 0.41% | 48,651 | Common | SOLE |
| 49427F108 | KRC | Kilroy Realty | $5.1M | 0.34% | 136,904 | Common | NONE |
| 101121101 | BXP | BXP, Inc. | $5.1M | 0.34% | 75,363 | Common | SOLE |
| 15202L107 | CSR | Centerspace | $4.8M | 0.32% | 72,059 | Common | NONE |
| 78440X887 | SLG | SL Green Realty Corp. | $4.4M | 0.30% | 96,825 | Common | SOLE |
| 22822V101 | CCI | Crown Castle Inc | $3.6M | 0.25% | 40,940 | Common | SOLE |
| 737630103 | PCH | Potlach Corp | $1.9M | 0.13% | 45,393 | Common | SOLE |
Source: SEC EDGAR · raw 13F holdings as filed. The Class column shows the option type when reported (Put/Call) or Common when the issuer's equity is held directly. 13F discloses long positions only.