Sophron Capital Management L.P.
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Sophron Capital Management L.P. reported 39 stock positions worth $324.6 million. Its top holding was Agree Realty (ADC) at 7.0% of the portfolio, followed by Meritage Homes (MTH, 6.2%) and Phillips Edison & (PECO, 6.1%). Compared with Q2 2025, it opened 7 new positions, sold out of 7, added to 15 and reduced 17. The biggest buy was a new position in Tri Pointe Homes (TPH) and the biggest sale Gaming and Leisure Propertie (GLPI, shares −49%).
- Most Recent 13F
- Q2 2026
- Location
- SUMMIT, NJ
- CIK
- 0002027142
- Portfolio Value
- $324.6M (Q3 2025)
- SEC Filing
- 0001214659-25-016638 ↗ filed Nov 14, 2025
Holdings Value
Holdings 39 stocks · $324.6M
| ADC Agree Realty Corp. | 6.98% | 318,916 | $22.7M | Reduce -9.5% |
| MTH Meritage Homes Corp. | 6.20% | 277,782 | $20.1M | Add +5.6% |
| PECO Phillips Edison & Company Inc. | 6.07% | 573,661 | $19.7M | Add +46.7% |
| AVB Avalonbay Communities Inc. | 5.53% | 92,957 | $18.0M | Add +0.9% |
| ESS Essex Property Trust Inc. | 5.07% | 61,503 | $16.5M | Add +2.0% |
| FCPT Four Corners Property Trust | 4.95% | 658,446 | $16.1M | Add +137.9% |
| ELS Equity Lifestyle Properties | 4.06% | 216,932 | $13.2M | Reduce -15.1% |
| DRH Diamondrock Hospitality Co. | 4.06% | 1,654,026 | $13.2M | Add +5.7% |
| TPH Tri Pointe Homes Inc. | 3.91% | 373,186 | $12.7M | New |
| WH Wyndham Hotels & Resorts Inc. | 3.86% | 156,745 | $12.5M | Reduce -13.4% |
| CHH Choice Hotels Intl Inc. | 3.79% | 115,208 | $12.3M | Add +123.5% |
| GLPI Gaming and Leisure Propertie | 3.51% | 244,477 | $11.4M | Reduce -49.5% |
| UDR Udr Inc. | 3.30% | 287,352 | $10.7M | Add +367.8% |
| PSA Public Storage | 3.23% | 36,269 | $10.5M | Add +13.4% |
| LEN Lennar Corp. Class A | 2.94% | 75,833 | $9.6M | Reduce -0.9% |
| AMH American Homes 4 Rent- A | 2.75% | 268,933 | $8.9M | Add +5.0% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 2.33% | 116,977 | $7.6M | Reduce -45.3% |
| FR First Industrial Realty TR | 2.26% | 142,532 | $7.3M | Reduce -18.9% |
| SBAC SBA Communications Corp. | 2.18% | 36,573 | $7.1M | New |
| CUBE Cubesmart | 2.16% | 172,146 | $7.0M | Add +18.4% |
| BNL Broadstone Net Lease Inc. | 2.09% | 379,369 | $6.8M | Reduce -43.6% |
| AMT American Tower Corp. | 2.07% | 34,950 | $6.7M | Add +118.5% |
| RHP Ryman Hospitality Properties | 2.03% | 73,596 | $6.6M | New |
| NNN NNN REIT Inc. | 1.88% | 143,336 | $6.1M | Add +20.1% |
| IRT Independence Realty Trust Inc. | 1.75% | 347,461 | $5.7M | Reduce -23.5% |
| FRT Federal Realty Invs Trust | 1.62% | 51,956 | $5.3M | Reduce -58.3% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 1.40% | 139,339 | $4.5M | New |
| DOC Healthpeak Properties Inc. | 1.29% | 218,281 | $4.2M | Reduce -10.5% |
| EQIX Equinix Inc. | 1.22% | 5,048 | $4.0M | Reduce -41.3% |
| INVH Invitation Homes Inc. | 1.07% | 118,590 | $3.5M | New |
| CCI Crown Castle Inc. | 0.66% | 22,212 | $2.1M | Reduce -66.3% |
| DLR Digital Realty Trust Inc. | 0.66% | 12,315 | $2.1M | Add +69.3% |
| EXR Extra Space Storage Inc. | 0.65% | 14,935 | $2.1M | Reduce -44.2% |
| PLD Prologis Inc. | 0.64% | 18,120 | $2.1M | Reduce -77.4% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.62% | 15,586 | $2.0M | Reduce -6.0% |
| EGP Eastgroup Properties Inc. | 0.54% | 10,284 | $1.7M | New |
| NHI Natl Health Investors Inc. filed as NATIONAL HEALTH INVS INC | 0.46% | 18,685 | $1.5M | Add +29.8% |
| SILA Sila Realty Trust Inc. | 0.18% | 23,517 | $590K | Reduce -62.2% |
| ELME Elme Communities | 0.06% | 10,696 | $180K | New |
Portfolio Sells Q2 2025 → Q3 2025
| GLPI Gaming and Leisure Propertie | Reduce -49.5% | 3.51% | −3.40 |
| REXR Rexford Industrial Realty Inc. | Sold out | 0.00% | −2.44 |
| VMRK Vivmark Residential | Reduce -45.3% | 2.33% | −2.08 |
| FRT Federal Realty Invs Trust | Reduce -58.3% | 1.62% | −2.00 |
| PLD Prologis Inc. | Reduce -77.4% | 0.64% | −1.94 |
| LXP LXP Industrial Trust | Sold out | 0.00% | −1.82 |
| CCI Crown Castle Inc. | Reduce -66.3% | 0.66% | −1.41 |
| BNL Broadstone Net Lease Inc. | Reduce -43.6% | 2.09% | −1.22 |
| HR Healthcare Realty Trust Inc. | Sold out | 0.00% | −1.17 |
| ADC Agree Realty Corp. | Reduce -9.5% | 6.98% | −0.90 |
| EQIX Equinix Inc. | Reduce -41.3% | 1.22% | −0.88 |
| ELS Equity Lifestyle Properties | Reduce -15.1% | 4.06% | −0.77 |
| IRT Independence Realty Trust Inc. | Reduce -23.5% | 1.75% | −0.71 |
| WH Wyndham Hotels & Resorts Inc. | Reduce -13.4% | 3.86% | −0.64 |
| EXR Extra Space Storage Inc. | Reduce -44.2% | 0.65% | −0.56 |
| MAR Marriott International Class A | Sold out | 0.00% | −0.36 |
| KIM Kimco Realty Corp. | Sold out | 0.00% | −0.35 |
| FR First Industrial Realty TR | Reduce -18.9% | 2.26% | −0.33 |
| SILA Sila Realty Trust Inc. | Reduce -62.2% | 0.18% | −0.27 |
| KREF KKR Real Estate Finance Trus | Sold out | 0.00% | −0.15 |
| RLJ RLJ Lodging Trust | Sold out | 0.00% | −0.04 |
| SUI Sun Communities Inc. | Reduce -6.0% | 0.62% | −0.02 |
| DOC Healthpeak Properties Inc. | Reduce -10.5% | 1.29% | −0.02 |
| LEN Lennar Corp. Class A | Reduce -0.9% | 2.94% | +0.35 |
Portfolio Buys Q2 2025 → Q3 2025
| TPH Tri Pointe Homes Inc. | New | 3.91% | +3.91 |
| FCPT Four Corners Property Trust | Add +137.9% | 4.95% | +2.67 |
| UDR Udr Inc. | Add +367.8% | 3.30% | +2.53 |
| SBAC SBA Communications Corp. | New | 2.18% | +2.18 |
| RHP Ryman Hospitality Properties | New | 2.03% | +2.03 |
| PECO Phillips Edison & Company Inc. | Add +46.7% | 6.07% | +1.87 |
| CHH Choice Hotels Intl Inc. | Add +123.5% | 3.79% | +1.79 |
| VICI Vici Properties Inc. | New | 1.40% | +1.40 |
| INVH Invitation Homes Inc. | New | 1.07% | +1.07 |
| AMT American Tower Corp. | Add +118.5% | 2.07% | +0.99 |
| MTH Meritage Homes Corp. | Add +5.6% | 6.20% | +0.81 |
| EGP Eastgroup Properties Inc. | New | 0.54% | +0.54 |
| DRH Diamondrock Hospitality Co. | Add +5.7% | 4.06% | +0.39 |
| PSA Public Storage | Add +13.4% | 3.23% | +0.35 |
| NNN NNN REIT Inc. | Add +20.1% | 1.88% | +0.30 |
| DLR Digital Realty Trust Inc. | Add +69.3% | 0.66% | +0.27 |
| CUBE Cubesmart | Add +18.4% | 2.16% | +0.26 |
| NHI Natl Health Investors Inc. | Add +29.8% | 0.46% | +0.15 |
| ELME Elme Communities | New | 0.06% | +0.06 |
| AMH American Homes 4 Rent- A | Add +5.0% | 2.75% | −0.07 |
| ESS Essex Property Trust Inc. | Add +2.0% | 5.07% | −0.16 |
| AVB Avalonbay Communities Inc. | Add +0.9% | 5.53% | −0.21 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 43 | $322.7M | ADC, HST, LEN, AVB, FCPT |
| Q1 2026 | 41 | $339.4M | AVB, ESS, ADC, LEN, VMRK |
| Q4 2025 | 39 | $311.1M | ADC, ESS, VMRK, MTH, FCPT |
| Q3 2025 | 39 | $324.6M | ADC, MTH, PECO, AVB, ESS |
| Q2 2025 | 39 | $326.7M | ADC, GLPI, AVB, MTH, ESS |
| Q1 2025 | 39 | $294.1M | AVB, VMRK, ESS, MAR, REXR |
| Q4 2024 | 38 | $253.0M | VMRK, REXR, ESS, VICI, ADC |