Adelante Capital Management LLC

ALAMEDA, CA · CIK 1067926 · 13F filing filed 2026-08-17

SEC-registered investment adviser since 1995 · limited liability company

Assets managed$1.5bn
Staff10 · 5 in investment roles
Main clients (by assets)State and local governments 78%, Private funds 6%, High net worth individuals 3%
Private funds2 · $7.7m gross assets
Form ADV · 2026-03-20SEC adviser record

Kindinstitutions
Others nearbyAlameda, CA

As an employer

Offices in1 country
Private fundsother private 2

$1.5bn reported value +4.0% vs Q1 2026

42positions

64.0%in top 10

5 new 14 added 23 reduced 5 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	WELLTOWER INC COM WELL	WELL	972,469	$220.7m14.51%	14.51%	Reduced -56.6k	-56,610 -5.5%
2	PROLOGIS INC. COM PLD	PLD	1,274,473	$172.7m11.35%	11.35%	Reduced -47.5k	-47,492 -3.6%
3	EQUINIX INC COM EQIX	EQIX	123,901	$129.2m8.49%	8.49%	Reduced -7.3k	-7,306 -5.6%
4	SIMON PPTY GROUP INC NEW COM SPG	SPG	417,092	$93.3m6.13%	6.13%	Reduced -32.2k	-32,241 -7.2%
5	DIGITAL RLTY TR INC COM DLR	DLR	487,419	$87.5m5.75%	5.75%	Added +9.1k	+9,123 1.9%
6	REALTY INCOME CORP COM O	O	1,163,890	$72.1m4.74%	4.74%	Reduced -29.7k	-29,656 -2.5%
7	AVALONBAY CMNTYS INC COM AVB	AVB	291,487	$55.0m3.62%	3.62%	Reduced -33.7k	-33,690 -10.4%
8	VENTAS INC COM VTR	VTR	593,888	$52.7m3.47%	3.47%	Reduced -22.3k	-22,318 -3.6%
9	EQUITY RESIDENTIAL SH BEN INT VMRK	VMRK	723,095	$49.1m3.23%	3.23%	Reduced -171.1k	-171,111 -19.1%
10	IRON MTN INC DEL COM IRM	IRM	325,641	$41.1m2.70%	2.70%	Reduced -31.3k	-31,293 -8.8%
11	EQUITY LIFESTYLE PPTYS INC COM ELS	ELS	615,154	$39.6m2.61%	2.61%	Added +62.1k	+62,091 11.2%
12	BRIXMOR PPTY GROUP INC COM BRX	BRX	1,148,695	$36.2m2.38%	2.38%	Reduced -108.8k	-108,790 -8.7%
13	VICI PPTYS INC COM VICI	VICI	1,338,445	$35.5m2.34%	2.34%	Added +102.8k	+102,819 8.3%
14	AGREE RLTY CORP COM ADC	ADC	430,209	$32.6m2.14%	2.14%	Reduced -10.0k	-9,972 -2.3%
15	AMERICAN HOMES 4 RENT CL A AMH	AMH	846,202	$28.4m1.86%	1.86%	Reduced -57.8k	-57,797 -6.4%
16	EXTRA SPACE STORAGE INC COM EXR	EXR	189,610	$27.6m1.81%	1.81%	Reduced -6.5k	-6,550 -3.3%
17	FEDERAL RLTY INVT TR NEW SH BEN INT NEW FRT	FRT	222,622	$27.5m1.81%	1.81%	New
18	VORNADO RLTY TR SH BEN INT VNO	VNO	687,780	$27.0m1.78%	1.78%	Reduced -110.4k	-110,404 -13.8%
19	RYMAN HOSPITALITY PPTYS INC COM RHP	RHP	199,884	$25.7m1.69%	1.69%	Reduced -19.0k	-18,965 -8.7%
20	CARETRUST REIT INC COM CTRE	CTRE	545,493	$22.0m1.45%	1.45%	Added +193.0k	+193,031 54.8%
21	MID-AMER APT CMNTYS INC COM MAA	MAA	157,364	$21.9m1.44%	1.44%	Added +1.2k	+1,199 0.8%
22	HEALTHPEAK PROPERTIES INC COM DOC	DOC	1,009,623	$21.6m1.42%	1.42%	New
23	ESSEX PPTY TR INC COM ESS	ESS	67,992	$19.8m1.30%	1.30%	New
24	LAMAR ADVERTISING CO NEW CL A LAMR	LAMR	122,594	$19.1m1.26%	1.26%	Added +70.3k	+70,304 134.4%
25	KIMCO RLTY CORP COM KIM	KIM	739,084	$18.7m1.23%	1.23%	Reduced -1.2m	-1,166,949 -61.2%
26	ESSENTIAL PPTYS RLTY TR INC COM EPRT	EPRT	549,615	$16.4m1.08%	1.08%	Reduced -100.5k	-100,514 -15.5%
27	JANUS LIVING INC CL A-1 JAN	JAN	544,072	$15.6m1.03%	1.03%	Added +234.1k	+234,109 75.5%
28	INVENTRUST PPTYS CORP COM NEW IVT	IVT	378,545	$13.4m0.88%	0.88%	Added +48.5k	+48,509 14.7%
29	MACERICH CO COM MAC	MAC	499,198	$12.6m0.83%	0.83%	Added +68.7k	+68,713 16.0%
30	MILLROSE PPTYS INC COM CL A MRP	MRP	410,847	$12.3m0.81%	0.81%	Reduced -33.1k	-33,143 -7.5%
31	FIRST INDL RLTY TR INC COM FR	FR	576,611	$11.4m0.75%	0.75%	Added +32.0k	+32,002 5.9%
32	PUBLIC STORAGE COM PSA	PSA	245,064	$10.3m0.68%	0.68%	Reduced -20.4k	-20,383 -7.7%
33	EASTGROUP PPTYS INC COM EGP	EGP	43,962	$8.9m0.59%	0.59%	Reduced -3.4k	-3,371 -7.1%
34	AMERICAN TOWER CORP NEW COM AMT	AMT	52,165	$8.5m0.56%	0.56%	Reduced -2.1k	-2,124 -3.9%
35	BROOKDALE SR LIVING INC COM BKD	BKD	504,410	$8.1m0.53%	0.53%	Reduced -523.0k	-522,982 -50.9%
36	CBRE GROUP INC CL A CBRE	CBRE	133,209	$6.2m0.41%	0.41%	Added +1.1k	+1,115 0.8%
37	BXP INC COM BXP	BXP	84,018	$5.6m0.37%	0.37%	Added +5.7k	+5,655 7.2%
38	SL GREEN RLTY CORP COM SLG	SLG	106,160	$5.5m0.36%	0.36%	Added +1.2k	+1,200 1.1%
39	ALEXANDRIA REAL ESTATE EQ IN COM ARE	ARE	68,285	$3.6m0.24%	0.24%	Reduced -289.2k	-289,165 -80.9%
40	SBA COMMUNICATIONS CORP NEW CL A SBAC	SBAC	15,505	$2.7m0.18%	0.18%	New
41	WEYERHAEUSER CO MTN BE COM NEW WY	WY	64,703	$1.5m0.10%	0.10%	New
42	HILTON WORLDWIDE HLDGS INC COM HLT	HLT	72,219	$1.5m0.10%	0.10%	Added +11.4k	+11,368 18.7%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
AMERICOLD REALTY TRUST INC COLD	COLD	670,972	$7.7m671.0k shares
SUN CMNTYS INC SUI	SUI	32,940	$4.1m32.9k shares
CENTERSPACE CSR	CSR	72,201	$4.1m72.2k shares
CROWN CASTLE INC CCI	CCI	38,976	$3.2m39.0k shares
RAYONIER INC RYN	RYN	78,915	$1.6m78.9k shares