LDR Capital Management LLC
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 1, 2024), LDR Capital Management LLC reported 33 stock positions worth $121.8 million. Its top holding was Blackstone Mortgage Tru Class A (BXMT) at 26.1% of the portfolio, followed by SL Green Realty (SLG, 13.6%) and Sabra Health Care REIT (SBRA, 5.3%). Compared with Q4 2023, it sold out of 3, added to 9 and reduced 20. The biggest buy was Kite Realty Group Trust (KRG, shares +65%) and the biggest sale SL Green Realty (SLG, shares −57%).
- Most Recent 13F
- Q2 2026
- Location
- New York, NY
- CIK
- 0001566089
- Portfolio Value
- $121.8M (Q1 2024)
- SEC Filing
- 0001172661-24-001970 ↗ filed May 1, 2024
Holdings Value
Holdings 33 stocks · $121.8M
| BXMT Blackstone Mortgage Tru Class A | 26.12% | 1,598,140 | $31.8M | Reduce -11.0% |
| SLG SL Green Realty Corp. | 13.58% | 300,000 | $16.5M | Reduce -57.3% |
| SBRA Sabra Health Care REIT Inc. | 5.26% | 433,665 | $6.4M | Reduce -0.2% |
| DOC Healthpeak Properties Inc. | 4.06% | 263,981 | $4.9M | Add +14.6% |
| HR Healthcare Realty Trust Inc. | 3.61% | 310,586 | $4.4M | Add +4.7% |
| UE Urban Edge Properties | 3.21% | 226,523 | $3.9M | Reduce -3.1% |
| AIRC Apartment Income REIT Co. | 3.19% | 119,832 | $3.9M | No change |
| UMH Umh Properties Inc. filed as UMH PPTYS INC | 3.15% | 236,461 | $3.8M | Reduce -5.8% |
| XLRE SS Real Estate Select Sector | 2.74% | 84,403 | $3.3M | Reduce -36.9% |
| BRX Brixmor Property Group Inc. | 2.59% | 134,372 | $3.2M | Reduce -7.0% |
| KRG Kite Realty Group Trust | 2.44% | 137,105 | $3.0M | Add +65.0% |
| STWD Starwood Property Trust Inc. | 2.41% | 144,679 | $2.9M | Add +31.7% |
| BDN Brandywine Realty Trust | 2.13% | 540,027 | $2.6M | Add +86.1% |
| STAG Stag Industrial Inc. | 2.12% | 67,218 | $2.6M | Reduce -13.6% |
| KW Kennedy-Wilson Holdings Inc. | 2.08% | 295,194 | $2.5M | Reduce -2.0% |
| BIPC Brookfield Infrastructure-A | 1.98% | 67,004 | $2.4M | Add +73.4% |
| VRE Veris Residential Inc. | 1.87% | 149,522 | $2.3M | Reduce -1.7% |
| PSA Public Storage | 1.59% | 6,682 | $1.9M | Reduce -0.3% |
| CCI Crown Castle Inc. | 1.57% | 18,062 | $1.9M | Reduce -0.2% |
| PLD Prologis Inc. | 1.56% | 14,636 | $1.9M | Reduce -0.3% |
| ALEX Alexander & Baldwin Inc. | 1.51% | 111,961 | $1.8M | No change |
| EQIX Equinix Inc. | 1.50% | 2,221 | $1.8M | Reduce -0.1% |
| INVH Invitation Homes Inc. | 1.49% | 50,851 | $1.8M | Reduce -0.3% |
| AMT American Tower Corp. | 1.46% | 8,999 | $1.8M | Reduce -0.3% |
| AVB Avalonbay Communities Inc. | 1.44% | 9,476 | $1.8M | Reduce -0.3% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 1.39% | 56,756 | $1.7M | Reduce -0.3% |
| HHH Howard Hughes Holdings Inc. | 1.04% | 17,491 | $1.3M | Add +1.9% |
| IRT Independence Realty Trust Inc. | 1.00% | 75,283 | $1.2M | No change |
| CBRE CBRE Group Inc. Class A | 0.69% | 8,695 | $846K | Reduce -7.0% |
| CCS Century Communities Inc. | 0.52% | 6,526 | $630K | Reduce -16.3% |
| ALCO Alico Inc. | 0.49% | 20,541 | $601K | Add +16.9% |
| DRH Diamondrock Hospitality Co. | 0.10% | 13,244 | $127K | Add +25.5% |
| CLDT Chatham Lodging Trust | 0.09% | 11,300 | $114K | No change |
Other holdings (6): bonds, preferreds, convertibles and warrants · $26.8M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | 307,706 | $8.3M | Reduce -0.1% |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | 292,210 | $7.2M | Add +0.1% |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | 218,498 | $4.1M | Reduce -33.8% |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% | 58,671 | $3.3M | New |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | 142,671 | $2.0M | Reduce -0.1% |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | 41,224 | $1.9M | Add +2.8% |
Total filed on the 13F, all lines: $148.6M.
Portfolio Sells Q4 2023 → Q1 2024
| SLG SL Green Realty Corp. | Reduce -57.3% | 13.58% | −7.70 |
| PHYSICIANS REALTY TRUST | Sold out | 0.00% | −0.94 |
| IVT Inventrust Properties Corp. | Sold out | 0.00% | −0.90 |
| XLRE SS Real Estate Select Sector | Reduce -36.9% | 2.74% | −0.85 |
| GNL Global Net Lease Inc. | Sold out | 0.00% | −0.66 |
| KW Kennedy-Wilson Holdings Inc. | Reduce -2.0% | 2.08% | −0.42 |
| CCS Century Communities Inc. | Reduce -16.3% | 0.52% | +0.04 |
| STAG Stag Industrial Inc. | Reduce -13.6% | 2.12% | +0.07 |
| CBRE CBRE Group Inc. Class A | Reduce -7.0% | 0.69% | +0.11 |
| AMT American Tower Corp. | Reduce -0.3% | 1.46% | +0.15 |
| CCI Crown Castle Inc. | Reduce -0.2% | 1.57% | +0.17 |
| VICI Vici Properties Inc. | Reduce -0.3% | 1.39% | +0.17 |
| PSA Public Storage | Reduce -0.3% | 1.59% | +0.22 |
| AVB Avalonbay Communities Inc. | Reduce -0.3% | 1.44% | +0.25 |
| PLD Prologis Inc. | Reduce -0.3% | 1.56% | +0.25 |
| VRE Veris Residential Inc. | Reduce -1.7% | 1.87% | +0.26 |
| EQIX Equinix Inc. | Reduce -0.1% | 1.50% | +0.30 |
| INVH Invitation Homes Inc. | Reduce -0.3% | 1.49% | +0.32 |
| BRX Brixmor Property Group Inc. | Reduce -7.0% | 2.59% | +0.33 |
| UE Urban Edge Properties | Reduce -3.1% | 3.21% | +0.34 |
| BXMT Blackstone Mortgage Tru Class A | Reduce -11.0% | 26.12% | +0.49 |
| UMH Umh Properties Inc. | Reduce -5.8% | 3.15% | +0.57 |
| SBRA Sabra Health Care REIT Inc. | Reduce -0.2% | 5.26% | +1.10 |
Portfolio Buys Q4 2023 → Q1 2024
| KRG Kite Realty Group Trust | Add +65.0% | 2.44% | +1.17 |
| BDN Brandywine Realty Trust | Add +86.1% | 2.13% | +1.08 |
| BIPC Brookfield Infrastructure-A | Add +73.4% | 1.98% | +1.07 |
| DOC Healthpeak Properties Inc. | Add +14.6% | 4.06% | +1.00 |
| STWD Starwood Property Trust Inc. | Add +31.7% | 2.41% | +0.87 |
| HR Healthcare Realty Trust Inc. | Add +4.7% | 3.61% | +0.18 |
| ALCO Alico Inc. | Add +16.9% | 0.49% | +0.15 |
| HHH Howard Hughes Holdings Inc. | Add +1.9% | 1.04% | +0.06 |
| DRH Diamondrock Hospitality Co. | Add +25.5% | 0.10% | +0.04 |
Notes & Other Activity Q4 2023 → Q1 2024
| EPR PROPERTIES (EPR 9 PERP E) | CONV PFD 9% SR E | Reduce -0.1% | 307,706 | $8.3M |
| RLJ LODGING TRUST (RLJ 1.95 PERP A) | CUM CONV PFD A | Add +0.1% | 292,210 | $7.2M |
| EPR PROPERTIES (EPR 5.75 PERP C) | PFD C CV 5.75% | Reduce -33.8% | 218,498 | $4.1M |
| KIMCO REALTY CORP (KIM 7.25 PERP N) | DP CV CL N 7.25% | New | 58,671 | $3.3M |
| RPT REALTY (KIM 7.25 PERP D) | 7.25 PFD D CONV | Sold out | 52,079 | $3.0Mbefore exit |
| BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) | 5.5 CUM CV PFD B | Reduce -0.1% | 142,671 | $2.0M |
| LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) | PFD CONV SER C | Add +2.8% | 41,224 | $1.9M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 38 | $62.7M | EQIX, DLR, CCI, SPG, SLG |
| Q1 2026 | 37 | $51.2M | EQIX, AMT, PLD, ELS, WELL |
| Q4 2025 | 34 | $46.0M | CCI, DLR, PLD, AMT, SUI |
| Q3 2025 | 26 | $36.7M | VICI, EQIX, AMT, ELS, DHC |
| Q2 2025 | 21 | $43.8M | VICI, EQIX, AMT, ELS, DHC |
| Q1 2025 | 21 | $50.5M | AMT, REXR, EQIX, VICI, ELS |
| Q4 2024 | 27 | $52.2M | EQIX, STWD, KRG, AMT, VICI |
| Q3 2024 | 27 | $60.5M | HR, DOC, KRG, UMH, KW |
| Q2 2024 | 34 | $82.6M | SLG, SBRA, HR, DOC, UE |
| Q1 2024 | 33 | $121.8M | BXMT, SLG, SBRA, DOC, HR |