LDR Capital Management LLC

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed April 21, 2025), LDR Capital Management LLC reported 21 stock positions worth $50.5 million. Its top holding was American Tower (AMT) at 9.3% of the portfolio, followed by Rexford Industrial Realty (REXR, 9.0%) and Equinix (EQIX, 7.8%). Compared with Q4 2024, it opened 3 new positions, sold out of 9, added to 13 and reduced 5. The biggest buy was a new position in Rexford Industrial Realty (REXR) and the biggest sale an exit from Healthcare Realty Trust (HR).

Most Recent 13F
Q2 2026
Location
New York, NY
CIK
0001566089
Portfolio Value
$50.5M (Q1 2025)
SEC Filing
0001172661-25-001519 ↗ filed Apr 21, 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 Q4 2024 Q1 2025: $50.5M $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 21 stocks · $50.5M
AMT American Tower Corp. 9.28% 21,536 $4.7M Add +34.5%
REXR Rexford Industrial Realty Inc. 9.03% 116,417 $4.6M New
EQIX Equinix Inc. 7.83% 4,849 $4.0M Add +31.6%
VICI Vici Properties Inc. filed as VICI PPTYS INC 6.68% 103,381 $3.4M Add +8.2%
ELS Equity Lifestyle Properties 6.05% 45,779 $3.1M New
CHCT Community Healthcare Trust I 5.11% 142,027 $2.6M Add +73.6%
VRE Veris Residential Inc. 5.08% 151,552 $2.6M Add +50.4%
UMH Umh Properties Inc. filed as UMH PPTYS INC 5.05% 136,477 $2.6M Add +3.8%
DOC Healthpeak Properties Inc. 4.97% 124,206 $2.5M Add +3.2%
STWD Starwood Property Trust Inc. 4.97% 126,977 $2.5M Reduce -24.8%
BRX Brixmor Property Group Inc. 4.91% 93,412 $2.5M Add +17.7%
KRG Kite Realty Group Trust 4.89% 110,410 $2.5M Reduce -5.9%
ALEX Alexander & Baldwin Inc. 4.73% 138,534 $2.4M Add +23.9%
HHH Howard Hughes Holdings Inc. 4.60% 31,321 $2.3M Add +25.2%
KW Kennedy-Wilson Holdings Inc. 4.20% 244,124 $2.1M Add +32.8%
ELME Elme Communities 2.71% 78,703 $1.4M Reduce -5.0%
CTO Cto Realty Growth Inc. filed as CTO RLTY GROWTH INC NEW 2.49% 65,116 $1.3M Reduce -4.8%
ARE Alexandria Real Estate Equit 2.37% 12,918 $1.2M Add +23.9%
DLR Digital Realty Trust Inc. 2.14% 7,540 $1.1M Reduce -0.7%
VRT Vertiv Holdings Co. Class A 1.93% 13,510 $975K Add +53.2%
SBRA Sabra Health Care REIT Inc. 0.99% 28,625 $500K New
Other holdings (8): bonds, preferreds, convertibles and warrants · $32.4M (not counted above)
SecurityClassShares / PrincipalValueChange
EPR PROPERTIES (EPR 9 PERP E) CONV PFD 9% SR E 279,693$8.4MAdd +2.6%
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A 310,238$7.6MAdd +8.0%
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% 166,884$3.9MAdd +3.2%
PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) 6.375 PFD SER E 195,888$3.4MNew
PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) 6.3 CUM PFD SR F 190,424$3.3MNew
RITHM PROPERTY TRUST (RPT V9.875 PERP) 9.875 FXD-FLT C 102,052$2.6MNew
BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) 5.5 CUM CV PFD B 134,222$1.7MAdd +5.8%
LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) PFD CONV SER C 33,513$1.5MReduce -18.6%

Total filed on the 13F, all lines: $82.9M.

Portfolio Sells Q4 2024 → Q1 2025
HR Healthcare Realty Trust Inc. Sold out 0.00% −4.61
UE Urban Edge Properties Sold out 0.00% −4.53
AVB Avalonbay Communities Inc. Sold out 0.00% −3.99
PSA Public Storage Sold out 0.00% −3.66
PLD Prologis Inc. Sold out 0.00% −2.94
CCI Crown Castle Inc. Sold out 0.00% −2.90
BDN Brandywine Realty Trust Sold out 0.00% −2.58
BIPC Brookfield Infrastructure-A Sold out 0.00% −2.09
STWD Starwood Property Trust Inc. Reduce -24.8% 4.97% −1.16
STAG Stag Industrial Inc. Sold out 0.00% −0.92
KRG Kite Realty Group Trust Reduce -5.9% 4.89% −0.78
DLR Digital Realty Trust Inc. Reduce -0.7% 2.14% −0.44
CTO Cto Realty Growth Inc. Reduce -4.8% 2.49% −0.09
ELME Elme Communities Reduce -5.0% 2.71% +0.29

Portfolio Buys Q4 2024 → Q1 2025
REXR Rexford Industrial Realty Inc. New 9.03% +9.03
ELS Equity Lifestyle Properties New 6.05% +6.05
AMT American Tower Corp. Add +34.5% 9.28% +3.65
CHCT Community Healthcare Trust I Add +73.6% 5.11% +2.10
VRE Veris Residential Inc. Add +50.4% 5.08% +1.87
VICI Vici Properties Inc. Add +8.2% 6.68% +1.33
EQIX Equinix Inc. Add +31.6% 7.83% +1.18
SBRA Sabra Health Care REIT Inc. New 0.99% +0.99
ALEX Alexander & Baldwin Inc. Add +23.9% 4.73% +0.93
HHH Howard Hughes Holdings Inc. Add +25.2% 4.60% +0.91
KW Kennedy-Wilson Holdings Inc. Add +32.8% 4.20% +0.68
BRX Brixmor Property Group Inc. Add +17.7% 4.91% +0.68
ARE Alexandria Real Estate Equit Add +23.9% 2.37% +0.42
DOC Healthpeak Properties Inc. Add +3.2% 4.97% +0.30
UMH Umh Properties Inc. Add +3.8% 5.05% +0.30
VRT Vertiv Holdings Co. Class A Add +53.2% 1.93% +0.01

Notes & Other Activity Q4 2024 → Q1 2025
EPR PROPERTIES (EPR 9 PERP E) CONV PFD 9% SR E Add +2.6% 279,693 $8.4M
RLJ LODGING TRUST (RLJ 1.95 PERP A) CUM CONV PFD A Add +8.0% 310,238 $7.6M
EPR PROPERTIES (EPR 5.75 PERP C) PFD C CV 5.75% Add +3.2% 166,884 $3.9M
PEBBLEBROOK HOTEL TRUST (PEB 6.375 PERP E) 6.375 PFD SER E New 195,888 $3.4M
PEBBLEBROOK HOTEL TRUST (PEB 6.3 PERP F) 6.3 CUM PFD SR F New 190,424 $3.3M
RITHM PROPERTY TRUST (RPT V9.875 PERP) 9.875 FXD-FLT C New 102,052 $2.6M
BRAEMAR HOTELS & RESORTS (BHR 5.5 PERP b) 5.5 CUM CV PFD B Add +5.8% 134,222 $1.7M
LXP INDUSTRIAL TRUST (LXP 6.5 PERP C) PFD CONV SER C Reduce -18.6% 33,513 $1.5M

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