HGI Capital Management, LLC
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), HGI Capital Management, LLC reported 22 stock positions worth $80.2 million. Its top holding was Vivmark Residential (VMRK) at 8.6% of the portfolio, followed by First Industrial Realty TR (FR, 8.3%) and Vici Properties (VICI, 7.6%). Compared with Q4 2024, it opened 12 new positions, sold out of 8, added to 3 and reduced 7. The biggest buy was a new position in Vici Properties (VICI) and the biggest sale an exit from Elme Communities (ELME).
- Most Recent 13F
- Q3 2025
- Location
- NEW YORK, NY
- CIK
- 0001595907
- Portfolio Value
- $80.2M (Q1 2025)
- SEC Filing
- 0001595907-25-000002 ↗ filed May 14, 2025
Holdings Value
Holdings 22 stocks · $80.2M
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 8.64% | 96,699 | $6.9M | Reduce -5.9% |
| FR First Industrial Realty TR | 8.34% | 123,928 | $6.7M | Add +237.9% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 7.65% | 187,878 | $6.1M | New |
| VTR Ventas Inc. | 7.58% | 88,337 | $6.1M | Reduce -9.1% |
| VRE Veris Residential Inc. | 5.38% | 254,905 | $4.3M | Reduce -4.4% |
| WD Walker & Dunlop Inc. | 5.31% | 49,817 | $4.3M | New |
| NMRK Newmark Group Inc. Class A | 5.30% | 348,841 | $4.2M | Add +40.2% |
| ESS Essex Property Trust Inc. | 5.00% | 13,078 | $4.0M | New |
| CBRE CBRE Group Inc. Class A | 4.93% | 30,186 | $3.9M | Add +5.4% |
| WSR Whitestone REIT | 4.80% | 264,334 | $3.9M | Reduce -37.6% |
| SAFE Safehold Inc. | 4.60% | 196,746 | $3.7M | New |
| SLG SL Green Realty Corp. | 4.49% | 62,406 | $3.6M | New |
| CPT Camden Property Trust | 4.24% | 27,792 | $3.4M | Reduce -38.4% |
| VNO Vornado Realty Trust | 4.01% | 86,997 | $3.2M | New |
| PSA Public Storage | 3.95% | 10,572 | $3.2M | New |
| UDR Udr Inc. | 3.80% | 67,409 | $3.0M | New |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 3.69% | 22,990 | $3.0M | New |
| PEB Pebblebrook Hotel Trust | 2.50% | 198,041 | $2.0M | Reduce -17.6% |
| EXR Extra Space Storage Inc. | 2.23% | 12,028 | $1.8M | New |
| AHRT Ah Realty Trust Inc. filed as ARMADA HOFFLER PPTYS INC | 2.11% | 225,072 | $1.7M | New |
| DRH Diamondrock Hospitality Co. | 1.13% | 117,754 | $909K | Reduce -45.6% |
| IYR iShares US Real Estate ETF | 0.33% | 2,751 | $263K | New |
Portfolio Sells Q4 2024 → Q1 2025
| ELME Elme Communities | Sold out | 0.00% | −33.64 |
| INVH Invitation Homes Inc. | Sold out | 0.00% | −6.69 |
| COLD Americold Realty Trust Inc. | Sold out | 0.00% | −4.81 |
| HST Host Hotels & Resorts Inc. | Sold out | 0.00% | −4.67 |
| CWK Cushman & Wakefield UK Holdc | Sold out | 0.00% | −3.17 |
| LEN Lennar Corp. Class A | Sold out | 0.00% | −1.86 |
| WSR Whitestone REIT | Reduce -37.6% | 4.80% | −1.37 |
| CPT Camden Property Trust | Reduce -38.4% | 4.24% | −1.15 |
| LINE Lineage Inc. | Sold out | 0.00% | −1.00 |
| DRH Diamondrock Hospitality Co. | Reduce -45.6% | 1.13% | −0.88 |
| PEB Pebblebrook Hotel Trust | Reduce -17.6% | 2.50% | −0.85 |
| STRW Strawberry Fields REIT Inc. | Sold out | 0.00% | −0.17 |
| VRE Veris Residential Inc. | Reduce -4.4% | 5.38% | +0.82 |
| VMRK Vivmark Residential | Reduce -5.9% | 8.64% | +1.05 |
| VTR Ventas Inc. | Reduce -9.1% | 7.58% | +1.69 |
Portfolio Buys Q4 2024 → Q1 2025
| VICI Vici Properties Inc. | New | 7.65% | +7.65 |
| FR First Industrial Realty TR | Add +237.9% | 8.34% | +6.45 |
| WD Walker & Dunlop Inc. | New | 5.31% | +5.31 |
| ESS Essex Property Trust Inc. | New | 5.00% | +5.00 |
| SAFE Safehold Inc. | New | 4.60% | +4.60 |
| SLG SL Green Realty Corp. | New | 4.49% | +4.49 |
| VNO Vornado Realty Trust | New | 4.01% | +4.01 |
| PSA Public Storage | New | 3.95% | +3.95 |
| UDR Udr Inc. | New | 3.80% | +3.80 |
| SUI Sun Communities Inc. | New | 3.69% | +3.69 |
| EXR Extra Space Storage Inc. | New | 2.23% | +2.23 |
| AHRT Ah Realty Trust Inc. | New | 2.11% | +2.11 |
| NMRK Newmark Group Inc. Class A | Add +40.2% | 5.30% | +2.02 |
| CBRE CBRE Group Inc. Class A | Add +5.4% | 4.93% | +1.06 |
| IYR iShares US Real Estate ETF | New | 0.33% | +0.33 |
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 |