Adaptive reuse of built heritage is a driver for the circular economy. This paper examines Dutch adaptive reuse practices regarding their functional, operational and financial models, and assesses their circularity performance by evaluating cultural values preservation, circularity of reuse intervention, and outcomes from use. Primary data was collected through an online survey of stakeholders representing 53 cases. We employed Multiple Correspondence Analysis (MCA) to summarize the relationships among variables and Partial Least Square-Structural Equation Model (PLS-SEM) analysis to assess the weights of the active variables and their causal relationships. We then conducted a factorial mapping and hierarchical cluster analysis to investigate further the correlations between certain characteristics, individual cases, and active circularity variables. The findings indicate that there has been a major trend towards more private sector involvement, stimulation for pro-active engagement of local actors, and better dialogue among stakeholders. In addition, stakeholders acknowledge that adaptive reuse strongly contributes to conserving cultural values. However, stakeholders only weakly recognize its correlation to the circularity framework in the limited context of the physical built environment. This study provides essential insights regarding emerging adaptive reuse trends and circularity performance, which can be further incorporated into circular economy strategies and roadmaps for the built environment. The framework established in this paper for analyzing circularity performance of adaptive reuse practices is transferable, and can be replicated in empirical studies worldwide.