HGI Capital Management, LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), HGI Capital Management, LLC reported 43 stock positions worth $92.8 million. Its top holding was Elme Communities (ELME) at 16.6% of the portfolio, followed by First Industrial Realty TR (FR, 5.6%) and Vivmark Residential (VMRK, 4.9%). Compared with Q4 2023, it opened 18 new positions, sold out of 15, added to 13 and reduced 12. The biggest buy was Elme Communities (ELME, shares +390%) and the biggest sale an exit from Realty Income (O).
- Most Recent 13F
- Q3 2025
- Location
- NEW YORK, NY
- CIK
- 0001595907
- Portfolio Value
- $92.8M (Q1 2024)
- SEC Filing
- 0001172661-24-002402 ↗ filed May 15, 2024
Holdings Value
Holdings 43 stocks · $92.8M
| ELME Elme Communities | 16.56% | 1,104,271 | $15.4M | Add +390.1% |
| FR First Industrial Realty TR | 5.58% | 98,507 | $5.2M | Add +22.7% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 4.89% | 71,927 | $4.5M | Add +25.1% |
| NMRK Newmark Group Inc. Class A | 4.83% | 404,591 | $4.5M | Reduce -18.7% |
| CBRE CBRE Group Inc. Class A | 4.67% | 44,611 | $4.3M | Reduce -20.8% |
| INVH Invitation Homes Inc. | 4.61% | 120,238 | $4.3M | Add +3.0% |
| AMH American Homes 4 Rent- A | 4.58% | 115,567 | $4.3M | Reduce -1.0% |
| ARE Alexandria Real Estate Equit | 4.51% | 32,439 | $4.2M | Add +78.2% |
| DOC Healthpeak Properties Inc. | 4.46% | 220,728 | $4.1M | New |
| UDR Udr Inc. | 4.18% | 103,607 | $3.9M | Reduce -12.2% |
| CPT Camden Property Trust | 4.11% | 38,799 | $3.8M | Add +435.9% |
| HR Healthcare Realty Trust Inc. | 4.11% | 269,780 | $3.8M | Add +966.1% |
| OHI Omega Healthcare Investors | 3.66% | 107,401 | $3.4M | New |
| CWK Cushman & Wakefield UK Holdc | 3.63% | 321,769 | $3.4M | Add +34.4% |
| IVT Inventrust Properties Corp. | 3.44% | 124,191 | $3.2M | Reduce -20.4% |
| AIRC Apartment Income REIT Co. | 2.54% | 72,709 | $2.4M | Add +890.6% |
| SAFE Safehold Inc. | 2.43% | 109,520 | $2.3M | New |
| WSR Whitestone REIT | 2.21% | 163,081 | $2.0M | Add +297.0% |
| EQIX Equinix Inc. | 1.31% | 1,474 | $1.2M | Reduce -31.5% |
| CUBE Cubesmart | 0.94% | 19,229 | $870K | Add +28.4% |
| EGP Eastgroup Properties Inc. | 0.89% | 4,611 | $829K | New |
| TOL Toll Brothers Inc. | 0.87% | 6,213 | $804K | New |
| WPC WP Carey Inc. | 0.84% | 13,818 | $780K | New |
| AVB Avalonbay Communities Inc. | 0.79% | 3,968 | $736K | Add +9.7% |
| DLR Digital Realty Trust Inc. | 0.75% | 4,850 | $699K | Reduce -63.6% |
| UE Urban Edge Properties | 0.73% | 38,995 | $673K | New |
| KRG Kite Realty Group Trust | 0.66% | 28,083 | $609K | New |
| NSA National Storage Affiliates | 0.62% | 14,750 | $578K | New |
| NNN NNN REIT Inc. | 0.62% | 13,424 | $574K | New |
| ESS Essex Property Trust Inc. | 0.56% | 2,109 | $516K | New |
| EPRT Essential Properties Realty | 0.54% | 18,859 | $503K | Add +62.7% |
| CTRE Caretrust REIT Inc. | 0.52% | 19,929 | $486K | New |
| NHI Natl Health Investors Inc. filed as NATIONAL HEALTH INVS INC | 0.51% | 7,495 | $471K | New |
| CUZ Cousins Properties Inc. | 0.51% | 19,558 | $470K | Reduce -5.6% |
| TRNO Terreno Realty Corp. | 0.50% | 6,938 | $461K | New |
| SPG Simon Property Group Inc. | 0.49% | 2,917 | $456K | New |
| WELL Welltower Inc. | 0.43% | 4,269 | $399K | Reduce -8.3% |
| SBRA Sabra Health Care REIT Inc. | 0.40% | 25,274 | $373K | Reduce -25.8% |
| BNL Broadstone Net Lease Inc. | 0.33% | 19,649 | $308K | Reduce -54.6% |
| FOR Forestar Group Inc. | 0.32% | 7,312 | $294K | New |
| AIV Apartment Invt & Mgmt Co. Class A | 0.31% | 35,191 | $288K | Reduce -56.2% |
| PLYM Plymouth Industrial REIT Inc. | 0.30% | 12,174 | $274K | New |
| UHAL U-Haul Holding Co. | 0.27% | 3,686 | $249K | New |
Portfolio Sells Q4 2023 → Q1 2024
| O Realty Income Corp. | Sold out | 0.00% | −6.70 |
| KIM Kimco Realty Corp. | Sold out | 0.00% | −5.87 |
| VTR Ventas Inc. | Sold out | 0.00% | −4.94 |
| REXR Rexford Industrial Realty Inc. | Sold out | 0.00% | −4.20 |
| PLD Prologis Inc. | Sold out | 0.00% | −3.43 |
| TCN Tricon Residential Inc. | Sold out | 0.00% | −2.80 |
| EQC Equity Commonwealth | Sold out | 0.00% | −2.73 |
| SUI Sun Communities Inc. | Sold out | 0.00% | −2.73 |
| VICI Vici Properties Inc. | Sold out | 0.00% | −1.97 |
| SIX Six Flags Entertainment Corp. | Sold out | 0.00% | −1.94 |
| NMRK Newmark Group Inc. Class A | Reduce -18.7% | 4.83% | −1.37 |
| DLR Digital Realty Trust Inc. | Reduce -63.6% | 0.75% | −1.29 |
| CBRE CBRE Group Inc. Class A | Reduce -20.8% | 4.67% | −1.29 |
| IVT Inventrust Properties Corp. | Reduce -20.4% | 3.44% | −1.06 |
| UDR Udr Inc. | Reduce -12.2% | 4.18% | −0.96 |
| PECO Phillips Edison & Company Inc. | Sold out | 0.00% | −0.85 |
| EQIX Equinix Inc. | Reduce -31.5% | 1.31% | −0.66 |
| REG Regency Centers Corp. | Sold out | 0.00% | −0.56 |
| BNL Broadstone Net Lease Inc. | Reduce -54.6% | 0.33% | −0.51 |
| AIV Apartment Invt & Mgmt Co. Class A | Reduce -56.2% | 0.31% | −0.40 |
| HUDSON PAC PPTYS INC | Sold out | 0.00% | −0.34 |
| RYN Rayonier Inc. | Sold out | 0.00% | −0.33 |
| AMH American Homes 4 Rent- A | Reduce -1.0% | 4.58% | −0.19 |
| IHS Ihs Holding Ltd. | Sold out | 0.00% | −0.15 |
| SBRA Sabra Health Care REIT Inc. | Reduce -25.8% | 0.40% | −0.15 |
| CUZ Cousins Properties Inc. | Reduce -5.6% | 0.51% | −0.07 |
| WELL Welltower Inc. | Reduce -8.3% | 0.43% | −0.05 |
Portfolio Buys Q4 2023 → Q1 2024
| ELME Elme Communities | Add +390.1% | 16.56% | +12.82 |
| DOC Healthpeak Properties Inc. | New | 4.46% | +4.46 |
| OHI Omega Healthcare Investors | New | 3.66% | +3.66 |
| HR Healthcare Realty Trust Inc. | Add +966.1% | 4.11% | +3.62 |
| CPT Camden Property Trust | Add +435.9% | 4.11% | +3.30 |
| SAFE Safehold Inc. | New | 2.43% | +2.43 |
| AIRC Apartment Income REIT Co. | Add +890.6% | 2.54% | +2.25 |
| ARE Alexandria Real Estate Equit | Add +78.2% | 4.51% | +1.88 |
| WSR Whitestone REIT | Add +297.0% | 2.21% | +1.63 |
| EGP Eastgroup Properties Inc. | New | 0.89% | +0.89 |
| VMRK Vivmark Residential | Add +25.1% | 4.89% | +0.89 |
| TOL Toll Brothers Inc. | New | 0.87% | +0.87 |
| WPC WP Carey Inc. | New | 0.84% | +0.84 |
| FR First Industrial Realty TR | Add +22.7% | 5.58% | +0.77 |
| UE Urban Edge Properties | New | 0.73% | +0.73 |
| CWK Cushman & Wakefield UK Holdc | Add +34.4% | 3.63% | +0.69 |
| KRG Kite Realty Group Trust | New | 0.66% | +0.66 |
| NSA National Storage Affiliates | New | 0.62% | +0.62 |
| NNN NNN REIT Inc. | New | 0.62% | +0.62 |
| ESS Essex Property Trust Inc. | New | 0.56% | +0.56 |
| CTRE Caretrust REIT Inc. | New | 0.52% | +0.52 |
| NHI Natl Health Investors Inc. | New | 0.51% | +0.51 |
| TRNO Terreno Realty Corp. | New | 0.50% | +0.50 |
| SPG Simon Property Group Inc. | New | 0.49% | +0.49 |
| FOR Forestar Group Inc. | New | 0.32% | +0.32 |
| PLYM Plymouth Industrial REIT Inc. | New | 0.30% | +0.30 |
| UHAL U-Haul Holding Co. | New | 0.27% | +0.27 |
| EPRT Essential Properties Realty | Add +62.7% | 0.54% | +0.20 |
| CUBE Cubesmart | Add +28.4% | 0.94% | +0.15 |
| INVH Invitation Homes Inc. | Add +3.0% | 4.61% | +0.09 |
| AVB Avalonbay Communities Inc. | Add +9.7% | 0.79% | +0.02 |
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 |