HGI Capital Management, LLC
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), HGI Capital Management, LLC reported 21 stock positions worth $36.4 million. Its top holding was Equinix (EQIX) at 6.6% of the portfolio, followed by CBRE Class A (CBRE, 6.3%) and First Industrial Realty TR (FR, 5.6%). Compared with Q2 2025, it opened 6 new positions, sold out of 8, added to 1 and reduced 13. The biggest buy was a new position in Home Depot (HD) and the biggest sale an exit from Empire State Realty Trust-A (ESRT).
- Most Recent 13F
- Q3 2025
- Location
- NEW YORK, NY
- CIK
- 0001595907
- Portfolio Value
- $36.4M (Q3 2025)
- SEC Filing
- 0001595907-25-000005 ↗ filed Nov 14, 2025
Holdings Value
Holdings 21 stocks · $36.4M
| EQIX Equinix Inc. | 6.57% | 3,053 | $2.4M | Add +10.5% |
| CBRE CBRE Group Inc. Class A | 6.33% | 14,632 | $2.3M | Reduce -45.3% |
| FR First Industrial Realty TR | 5.57% | 39,373 | $2.0M | Reduce -41.1% |
| DLR Digital Realty Trust Inc. | 5.54% | 11,661 | $2.0M | Reduce -51.8% |
| HD Home Depot Inc. | 5.50% | 4,944 | $2.0M | New |
| EXR Extra Space Storage Inc. | 5.46% | 14,110 | $2.0M | Reduce -47.7% |
| PSA Public Storage | 5.28% | 6,654 | $1.9M | Reduce -50.9% |
| ARE Alexandria Real Estate Equit | 5.21% | 22,773 | $1.9M | New |
| PLD Prologis Inc. | 5.14% | 16,330 | $1.9M | Reduce -25.6% |
| ESS Essex Property Trust Inc. | 5.10% | 6,930 | $1.9M | Reduce -47.5% |
| VTR Ventas Inc. | 4.83% | 25,138 | $1.8M | Reduce -49.0% |
| UDR Udr Inc. | 4.66% | 45,536 | $1.7M | Reduce -57.6% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 4.47% | 25,128 | $1.6M | Reduce -57.6% |
| PECO Phillips Edison & Company Inc. | 4.46% | 47,268 | $1.6M | New |
| VRE Veris Residential Inc. | 4.41% | 105,494 | $1.6M | No change |
| OHI Omega Healthcare Investors | 4.26% | 36,722 | $1.6M | New |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 4.21% | 46,931 | $1.5M | Reduce -43.0% |
| HST Host Hotels & Resorts Inc. | 3.72% | 79,502 | $1.4M | Reduce -64.6% |
| NMRK Newmark Group Inc. Class A | 3.62% | 70,688 | $1.3M | Reduce -75.8% |
| BNL Broadstone Net Lease Inc. | 3.37% | 68,558 | $1.2M | New |
| BRX Brixmor Property Group Inc. | 2.29% | 30,050 | $832K | New |
Portfolio Sells Q2 2025 → Q3 2025
| ESRT Empire State Realty Trust-A | Sold out | 0.00% | −5.42 |
| INVH Invitation Homes Inc. | Sold out | 0.00% | −4.89 |
| CPT Camden Property Trust | Sold out | 0.00% | −4.82 |
| KRG Kite Realty Group Trust | Sold out | 0.00% | −4.62 |
| VNO Vornado Realty Trust | Sold out | 0.00% | −4.60 |
| ELS Equity Lifestyle Properties | Sold out | 0.00% | −3.97 |
| ADC Agree Realty Corp. | Sold out | 0.00% | −2.59 |
| UDR Udr Inc. | Reduce -57.6% | 4.66% | −1.28 |
| NMRK Newmark Group Inc. Class A | Reduce -75.8% | 3.62% | −1.20 |
| RLJ RLJ Lodging Trust | Sold out | 0.00% | −1.14 |
| HST Host Hotels & Resorts Inc. | Reduce -64.6% | 3.72% | −0.96 |
| VMRK Vivmark Residential | Reduce -57.6% | 4.47% | −0.95 |
| DLR Digital Realty Trust Inc. | Reduce -51.8% | 5.54% | −0.17 |
| PSA Public Storage | Reduce -50.9% | 5.28% | −0.11 |
| ESS Essex Property Trust Inc. | Reduce -47.5% | 5.10% | +0.02 |
| EXR Extra Space Storage Inc. | Reduce -47.7% | 5.46% | +0.07 |
| VICI Vici Properties Inc. | Reduce -43.0% | 4.21% | +0.57 |
| VTR Ventas Inc. | Reduce -49.0% | 4.83% | +0.62 |
| FR First Industrial Realty TR | Reduce -41.1% | 5.57% | +1.21 |
| CBRE CBRE Group Inc. Class A | Reduce -45.3% | 6.33% | +1.25 |
| PLD Prologis Inc. | Reduce -25.6% | 5.14% | +2.01 |
Portfolio Buys Q2 2025 → Q3 2025
| HD Home Depot Inc. | New | 5.50% | +5.50 |
| ARE Alexandria Real Estate Equit | New | 5.21% | +5.21 |
| PECO Phillips Edison & Company Inc. | New | 4.46% | +4.46 |
| OHI Omega Healthcare Investors | New | 4.26% | +4.26 |
| EQIX Equinix Inc. | Add +10.5% | 6.57% | +3.59 |
| BNL Broadstone Net Lease Inc. | New | 3.37% | +3.37 |
| BRX Brixmor Property Group Inc. | New | 2.29% | +2.29 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q3 2025 | 21 | $36.4M | EQIX, CBRE, FR, DLR, HD |
| Q2 2025 | 23 | $73.8M | UDR, DLR, ESRT, VMRK, PSA |
| Q1 2025 | 22 | $80.2M | VMRK, FR, VICI, VTR, VRE |
| Q4 2024 | 18 | $97.2M | ELME, VMRK, INVH, WSR, VTR |
| Q3 2024 | 17 | $114.6M | ELME, VMRK, NMRK, CPT, CBRE |
| Q2 2024 | 19 | $106.5M | ELME, CBRE, NMRK, VMRK, CPT |
| Q1 2024 | 43 | $92.8M | ELME, FR, VMRK, NMRK, CBRE |