LDR Capital Management LLC

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 3, 2025), LDR Capital Management LLC reported 27 stock positions worth $52.2 million. Its top holding was Equinix (EQIX) at 6.7% of the portfolio, followed by Starwood Property Trust (STWD, 6.1%) and Kite Realty Group Trust (KRG, 5.7%). Compared with Q3 2024, it opened 3 new positions, sold out of 3, added to 9 and reduced 15. The biggest buy was Equinix (EQIX, shares +66%) and the biggest sale an exit from SS Real Estate Select Sector (XLRE).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001566089
Portfolio Value
$52.2M (Q4 2024)
SEC Filing
0001172661-25-000472 ↗ filed Feb 3, 2025

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $121.8M Q1 2024 Q2 2024: $82.6M Q2 2024 Q3 2024: $60.5M Q3 2024 Q4 2024: $52.2M $52.2M Q4 2024 Q1 2025: $50.5M Q1 2025 Q2 2025: $43.8M Q2 2025 Q3 2025: $36.7M Q3 2025 Q4 2025: $46.0M Q4 2025 Q1 2026: $51.2M Q1 2026 Q2 2026: $62.7M Q2 2026

Holdings 27 stocks · $52.2M
EQIX Equinix Inc. 6.65% 3,684 $3.5M Add +66.2%
STWD Starwood Property Trust Inc. 6.13% 168,949 $3.2M Add +8.1%
KRG Kite Realty Group Trust 5.67% 117,284 $3.0M Reduce -10.6%
AMT American Tower Corp. 5.63% 16,015 $2.9M Add +96.8%
VICI Vici Properties Inc. filed as VICI PPTYS INC 5.35% 95,569 $2.8M Reduce -0.2%
UMH Umh Properties Inc. filed as UMH PPTYS INC 4.75% 131,466 $2.5M Reduce -21.3%
DOC Healthpeak Properties Inc. 4.67% 120,375 $2.4M Reduce -25.7%
HR Healthcare Realty Trust Inc. 4.61% 141,844 $2.4M Reduce -50.6%
UE Urban Edge Properties 4.53% 109,969 $2.4M Reduce -17.2%
BRX Brixmor Property Group Inc. 4.23% 79,386 $2.2M Reduce -18.4%
AVB Avalonbay Communities Inc. 3.99% 9,474 $2.1M Add +9.2%
ALEX Alexander & Baldwin Inc. 3.80% 111,844 $2.0M Add +26.7%
HHH Howard Hughes Holdings Inc. 3.69% 25,015 $1.9M Reduce -11.6%
PSA Public Storage 3.66% 6,388 $1.9M Add +10.1%
KW Kennedy-Wilson Holdings Inc. 3.52% 183,839 $1.8M Reduce -36.8%
VRE Veris Residential Inc. 3.21% 100,784 $1.7M Reduce -12.4%
CHCT Community Healthcare Trust I 3.01% 81,808 $1.6M Add +135.6%
PLD Prologis Inc. 2.94% 14,536 $1.5M Reduce -0.2%
CCI Crown Castle Inc. 2.90% 16,661 $1.5M Reduce -1.8%
CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW 2.58% 68,412 $1.3M Add +237.8%
BDN Brandywine Realty Trust 2.58% 240,518 $1.3M Reduce -52.1%
DLR Digital Realty Trust Inc. 2.58% 7,592 $1.3M New
ELME Elme Communities 2.42% 82,883 $1.3M Add +259.7%
BIPC Brookfield Infrastructure-A 2.09% 27,271 $1.1M Reduce -39.7%
ARE Alexandria Real Estate Equit 1.95% 10,430 $1.0M New
VRT Vertiv Holdings Co. Class A 1.92% 8,817 $1.0M New
STAG Stag Industrial Inc. 0.92% 14,204 $480K Reduce -67.5%
Other holdings (5): bonds, preferreds, convertibles and warrants · $21.6M (not counted above)
SecurityClassShares / PrincipalValueChange
EPR PROPERTIES (EPR 9 PERP E) CONV PFD 9% SR E 272,600$7.4MReduce -10.8%
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 287,182$7.1MReduce -2.5%
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% 161,760$3.4MReduce -25.2%
LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) PFD CONV SER C 41,188$2.0MReduce -5.1%
BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) 5.5 CUM CV PFD B 126,925$1.7MReduce -11.2%

Total filed on the 13F, all lines: $73.8M.

Portfolio Sells Q3 2024 → Q4 2024
XLRE SS Real Estate Select Sector Sold out 0.00% −4.22
HR Healthcare Realty Trust Inc. Reduce -50.6% 4.61% −4.01
IRT Independence Realty Trust Inc. Sold out 0.00% −2.11
BDN Brandywine Realty Trust Reduce -52.1% 2.58% −1.94
STAG Stag Industrial Inc. Reduce -67.5% 0.92% −1.91
KW Kennedy-Wilson Holdings Inc. Reduce -36.8% 3.52% −1.79
DOC Healthpeak Properties Inc. Reduce -25.7% 4.67% −1.45
BIPC Brookfield Infrastructure-A Reduce -39.7% 2.09% −1.16
UMH Umh Properties Inc. Reduce -21.3% 4.75% −0.68
INVH Invitation Homes Inc. Sold out 0.00% −0.45
CCI Crown Castle Inc. Reduce -1.8% 2.90% −0.43
BRX Brixmor Property Group Inc. Reduce -18.4% 4.23% −0.25
VRE Veris Residential Inc. Reduce -12.4% 3.21% −0.19
UE Urban Edge Properties Reduce -17.2% 4.53% −0.17
PLD Prologis Inc. Reduce -0.2% 2.94% −0.10
KRG Kite Realty Group Trust Reduce -10.6% 5.67% −0.09
HHH Howard Hughes Holdings Inc. Reduce -11.6% 3.69% +0.06
VICI Vici Properties Inc. Reduce -0.2% 5.35% +0.07

Portfolio Buys Q3 2024 → Q4 2024
EQIX Equinix Inc. Add +66.2% 6.65% +3.40
DLR Digital Realty Trust Inc. New 2.58% +2.58
AMT American Tower Corp. Add +96.8% 5.63% +2.50
CHCT Community Healthcare Trust I Add +135.6% 3.01% +1.97
ARE Alexandria Real Estate Equit New 1.95% +1.95
CTO Cto Realty Growth Inc. Add +237.8% 2.58% +1.95
VRT Vertiv Holdings Co. Class A New 1.92% +1.92
ELME Elme Communities Add +259.7% 2.42% +1.75
ALEX Alexander & Baldwin Inc. Add +26.7% 3.80% +1.00
STWD Starwood Property Trust Inc. Add +8.1% 6.13% +0.87
AVB Avalonbay Communities Inc. Add +9.2% 3.99% +0.76
PSA Public Storage Add +10.1% 3.66% +0.17

Notes & Other Activity Q3 2024 → Q4 2024
EPR PROPERTIES (EPR 9 PERP E) CONV PFD 9% SR E Reduce -10.8% 272,600 $7.4M
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A Reduce -2.5% 287,182 $7.1M
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% Reduce -25.2% 161,760 $3.4M
KIMCO REALTY CORP (KIM 7.25 PERP N) DP CV CL N 7.25% Sold out 50,650 $3.1Mbefore exit
LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) PFD CONV SER C Reduce -5.1% 41,188 $2.0M
BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) 5.5 CUM CV PFD B Reduce -11.2% 126,925 $1.7M

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 38$62.7MEQIX, DLR, CCI, SPG, SLG
Q1 2026 37$51.2MEQIX, AMT, PLD, ELS, WELL
Q4 2025 34$46.0MCCI, DLR, PLD, AMT, SUI
Q3 2025 26$36.7MVICI, EQIX, AMT, ELS, DHC
Q2 2025 21$43.8MVICI, EQIX, AMT, ELS, DHC
Q1 2025 21$50.5MAMT, REXR, EQIX, VICI, ELS
Q4 2024 27$52.2MEQIX, STWD, KRG, AMT, VICI
Q3 2024 27$60.5MHR, DOC, KRG, UMH, KW
Q2 2024 34$82.6MSLG, SBRA, HR, DOC, UE
Q1 2024 33$121.8MBXMT, SLG, SBRA, DOC, HR