HGI Capital Management, LLC
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 14, 2024), HGI Capital Management, LLC reported 19 stock positions worth $106.5 million. Its top holding was Elme Communities (ELME) at 38.4% of the portfolio, followed by CBRE Class A (CBRE, 5.1%) and Newmark Class A (NMRK, 4.8%). Compared with Q1 2024, it opened 4 new positions, sold out of 28, added to 7 and reduced 7. The biggest buy was Elme Communities (ELME, shares +133%) and the biggest sale an exit from Alexandria Real Estate Equit (ARE).
- Most Recent 13F
- Q3 2025
- Location
- NEW YORK, NY
- CIK
- 0001595907
- Portfolio Value
- $106.5M (Q2 2024)
- SEC Filing
- 0001595907-24-000004 ↗ filed Aug 14, 2024
Holdings Value
Holdings 19 stocks · $106.5M
| ELME Elme Communities | 38.43% | 2,569,954 | $40.9M | Add +132.7% |
| CBRE CBRE Group Inc. Class A | 5.07% | 60,546 | $5.4M | Add +35.7% |
| NMRK Newmark Group Inc. Class A | 4.78% | 497,894 | $5.1M | Add +23.1% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 4.68% | 71,927 | $5.0M | No change |
| CPT Camden Property Trust | 4.45% | 43,427 | $4.7M | Add +11.9% |
| COLD Americold Realty Trust Inc. | 4.29% | 178,886 | $4.6M | New |
| CWK Cushman & Wakefield UK Holdc | 4.19% | 429,258 | $4.5M | Add +33.4% |
| IVT Inventrust Properties Corp. | 3.89% | 167,240 | $4.1M | Add +34.7% |
| AMH American Homes 4 Rent- A | 3.75% | 107,541 | $4.0M | Reduce -6.9% |
| FR First Industrial Realty TR | 3.68% | 82,561 | $3.9M | Reduce -16.2% |
| INVH Invitation Homes Inc. | 3.34% | 99,252 | $3.6M | Reduce -17.4% |
| VRE Veris Residential Inc. | 3.09% | 219,631 | $3.3M | New |
| DOC Healthpeak Properties Inc. | 3.08% | 167,564 | $3.3M | Reduce -24.1% |
| HR Healthcare Realty Trust Inc. | 2.83% | 183,066 | $3.0M | Reduce -32.1% |
| UDR Udr Inc. | 2.51% | 64,850 | $2.7M | Reduce -37.4% |
| SAFE Safehold Inc. | 2.21% | 122,021 | $2.4M | Add +11.4% |
| O Realty Income Corp. | 2.12% | 42,821 | $2.3M | New |
| AHRT Ah Realty Trust Inc. filed as ARMADA HOFFLER PPTYS INC | 1.80% | 173,081 | $1.9M | New |
| WSR Whitestone REIT | 1.80% | 143,727 | $1.9M | Reduce -11.9% |
Portfolio Sells Q1 2024 → Q2 2024
| ARE Alexandria Real Estate Equit | Sold out | 0.00% | −4.51 |
| OHI Omega Healthcare Investors | Sold out | 0.00% | −3.66 |
| AIRC Apartment Income REIT Co. | Sold out | 0.00% | −2.54 |
| FR First Industrial Realty TR | Reduce -16.2% | 3.68% | −1.89 |
| UDR Udr Inc. | Reduce -37.4% | 2.51% | −1.67 |
| DOC Healthpeak Properties Inc. | Reduce -24.1% | 3.08% | −1.38 |
| EQIX Equinix Inc. | Sold out | 0.00% | −1.31 |
| HR Healthcare Realty Trust Inc. | Reduce -32.1% | 2.83% | −1.28 |
| INVH Invitation Homes Inc. | Reduce -17.4% | 3.34% | −1.27 |
| CUBE Cubesmart | Sold out | 0.00% | −0.94 |
| EGP Eastgroup Properties Inc. | Sold out | 0.00% | −0.89 |
| TOL Toll Brothers Inc. | Sold out | 0.00% | −0.87 |
| WPC WP Carey Inc. | Sold out | 0.00% | −0.84 |
| AMH American Homes 4 Rent- A | Reduce -6.9% | 3.75% | −0.83 |
| AVB Avalonbay Communities Inc. | Sold out | 0.00% | −0.79 |
| DLR Digital Realty Trust Inc. | Sold out | 0.00% | −0.75 |
| UE Urban Edge Properties | Sold out | 0.00% | −0.73 |
| KRG Kite Realty Group Trust | Sold out | 0.00% | −0.66 |
| NSA National Storage Affiliates | Sold out | 0.00% | −0.62 |
| NNN NNN REIT Inc. | Sold out | 0.00% | −0.62 |
| ESS Essex Property Trust Inc. | Sold out | 0.00% | −0.56 |
| EPRT Essential Properties Realty | Sold out | 0.00% | −0.54 |
| CTRE Caretrust REIT Inc. | Sold out | 0.00% | −0.52 |
| NHI Natl Health Investors Inc. | Sold out | 0.00% | −0.51 |
| CUZ Cousins Properties Inc. | Sold out | 0.00% | −0.51 |
| TRNO Terreno Realty Corp. | Sold out | 0.00% | −0.50 |
| SPG Simon Property Group Inc. | Sold out | 0.00% | −0.49 |
| WELL Welltower Inc. | Sold out | 0.00% | −0.43 |
| WSR Whitestone REIT | Reduce -11.9% | 1.80% | −0.41 |
| SBRA Sabra Health Care REIT Inc. | Sold out | 0.00% | −0.40 |
| BNL Broadstone Net Lease Inc. | Sold out | 0.00% | −0.33 |
| FOR Forestar Group Inc. | Sold out | 0.00% | −0.32 |
| AIV Apartment Invt & Mgmt Co. Class A | Sold out | 0.00% | −0.31 |
| PLYM Plymouth Industrial REIT Inc. | Sold out | 0.00% | −0.30 |
| UHAL U-Haul Holding Co. | Sold out | 0.00% | −0.27 |
Portfolio Buys Q1 2024 → Q2 2024
| ELME Elme Communities | Add +132.7% | 38.43% | +21.87 |
| COLD Americold Realty Trust Inc. | New | 4.29% | +4.29 |
| VRE Veris Residential Inc. | New | 3.09% | +3.09 |
| O Realty Income Corp. | New | 2.12% | +2.12 |
| AHRT Ah Realty Trust Inc. | New | 1.80% | +1.80 |
| CWK Cushman & Wakefield UK Holdc | Add +33.4% | 4.19% | +0.56 |
| IVT Inventrust Properties Corp. | Add +34.7% | 3.89% | +0.45 |
| CBRE CBRE Group Inc. Class A | Add +35.7% | 5.07% | +0.39 |
| CPT Camden Property Trust | Add +11.9% | 4.45% | +0.33 |
| NMRK Newmark Group Inc. Class A | Add +23.1% | 4.78% | −0.05 |
| SAFE Safehold Inc. | Add +11.4% | 2.21% | −0.22 |
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 |