HGI Capital Management, LLC
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 12, 2025), HGI Capital Management, LLC reported 23 stock positions worth $73.8 million. Its top holding was Udr (UDR) at 5.9% of the portfolio, followed by Digital Realty Trust (DLR, 5.7%) and Empire State Realty Trust-A (ESRT, 5.4%). Compared with Q1 2025, it opened 10 new positions, sold out of 9, added to 6 and reduced 7. The biggest buy was a new position in Digital Realty Trust (DLR) and the biggest sale an exit from Walker & Dunlop (WD).
- Most Recent 13F
- Q3 2025
- Location
- NEW YORK, NY
- CIK
- 0001595907
- Portfolio Value
- $73.8M (Q2 2025)
- SEC Filing
- 0001595907-25-000004 ↗ filed Aug 12, 2025
Holdings Value
Holdings 23 stocks · $73.8M
| UDR Udr Inc. | 5.94% | 107,355 | $4.4M | Add +59.3% |
| DLR Digital Realty Trust Inc. | 5.71% | 24,179 | $4.2M | New |
| ESRT Empire State Realty Trust-A | 5.42% | 494,696 | $4.0M | New |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 5.42% | 59,254 | $4.0M | Reduce -38.7% |
| PSA Public Storage | 5.39% | 13,557 | $4.0M | Add +28.2% |
| EXR Extra Space Storage Inc. | 5.39% | 26,977 | $4.0M | Add +124.3% |
| CBRE CBRE Group Inc. Class A | 5.08% | 26,754 | $3.7M | Reduce -11.4% |
| ESS Essex Property Trust Inc. | 5.07% | 13,207 | $3.7M | Add +1.0% |
| INVH Invitation Homes Inc. | 4.89% | 110,106 | $3.6M | New |
| CPT Camden Property Trust | 4.82% | 31,590 | $3.6M | Add +13.7% |
| NMRK Newmark Group Inc. Class A | 4.82% | 292,757 | $3.6M | Reduce -16.1% |
| HST Host Hotels & Resorts Inc. | 4.67% | 224,577 | $3.4M | New |
| KRG Kite Realty Group Trust | 4.62% | 150,618 | $3.4M | New |
| VNO Vornado Realty Trust | 4.60% | 88,686 | $3.4M | Add +1.9% |
| FR First Industrial Realty TR | 4.36% | 66,835 | $3.2M | Reduce -46.1% |
| VTR Ventas Inc. | 4.22% | 49,265 | $3.1M | Reduce -44.2% |
| ELS Equity Lifestyle Properties | 3.97% | 47,474 | $2.9M | New |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 3.64% | 82,312 | $2.7M | Reduce -56.2% |
| PLD Prologis Inc. | 3.13% | 21,953 | $2.3M | New |
| EQIX Equinix Inc. | 2.98% | 2,762 | $2.2M | New |
| ADC Agree Realty Corp. | 2.59% | 26,176 | $1.9M | New |
| VRE Veris Residential Inc. | 2.13% | 105,494 | $1.6M | Reduce -58.6% |
| RLJ RLJ Lodging Trust | 1.14% | 115,818 | $843K | New |
Portfolio Sells Q1 2025 → Q2 2025
| WD Walker & Dunlop Inc. | Sold out | 0.00% | −5.31 |
| WSR Whitestone REIT | Sold out | 0.00% | −4.80 |
| SAFE Safehold Inc. | Sold out | 0.00% | −4.60 |
| SLG SL Green Realty Corp. | Sold out | 0.00% | −4.49 |
| VICI Vici Properties Inc. | Reduce -56.2% | 3.64% | −4.01 |
| FR First Industrial Realty TR | Reduce -46.1% | 4.36% | −3.98 |
| SUI Sun Communities Inc. | Sold out | 0.00% | −3.69 |
| VTR Ventas Inc. | Reduce -44.2% | 4.22% | −3.36 |
| VRE Veris Residential Inc. | Reduce -58.6% | 2.13% | −3.25 |
| VMRK Vivmark Residential | Reduce -38.7% | 5.42% | −3.22 |
| PEB Pebblebrook Hotel Trust | Sold out | 0.00% | −2.50 |
| AHRT Ah Realty Trust Inc. | Sold out | 0.00% | −2.11 |
| DRH Diamondrock Hospitality Co. | Sold out | 0.00% | −1.13 |
| NMRK Newmark Group Inc. Class A | Reduce -16.1% | 4.82% | −0.48 |
| IYR iShares US Real Estate ETF | Sold out | 0.00% | −0.33 |
| CBRE CBRE Group Inc. Class A | Reduce -11.4% | 5.08% | +0.15 |
Portfolio Buys Q1 2025 → Q2 2025
| DLR Digital Realty Trust Inc. | New | 5.71% | +5.71 |
| ESRT Empire State Realty Trust-A | New | 5.42% | +5.42 |
| INVH Invitation Homes Inc. | New | 4.89% | +4.89 |
| HST Host Hotels & Resorts Inc. | New | 4.67% | +4.67 |
| KRG Kite Realty Group Trust | New | 4.62% | +4.62 |
| ELS Equity Lifestyle Properties | New | 3.97% | +3.97 |
| EXR Extra Space Storage Inc. | Add +124.3% | 5.39% | +3.16 |
| PLD Prologis Inc. | New | 3.13% | +3.13 |
| EQIX Equinix Inc. | New | 2.98% | +2.98 |
| ADC Agree Realty Corp. | New | 2.59% | +2.59 |
| UDR Udr Inc. | Add +59.3% | 5.94% | +2.14 |
| PSA Public Storage | Add +28.2% | 5.39% | +1.44 |
| RLJ RLJ Lodging Trust | New | 1.14% | +1.14 |
| CPT Camden Property Trust | Add +13.7% | 4.82% | +0.58 |
| VNO Vornado Realty Trust | Add +1.9% | 4.60% | +0.58 |
| ESS Essex Property Trust Inc. | Add +1.0% | 5.07% | +0.07 |
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 |