Sophron Capital Management L.P.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Sophron Capital Management L.P. reported 39 stock positions worth $311.1 million. Its top holding was Agree Realty (ADC) at 7.0% of the portfolio, followed by Essex Property Trust (ESS, 6.5%) and Vivmark Residential (VMRK, 5.8%). Compared with Q3 2025, it opened 4 new positions, sold out of 4, added to 17 and reduced 18. The biggest buy was Vivmark Residential (VMRK, shares +146%) and the biggest sale Avalonbay Communities (AVB, shares −37%).
- Most Recent 13F
- Q2 2026
- Location
- SUMMIT, NJ
- CIK
- 0002027142
- Portfolio Value
- $311.1M (Q4 2025)
- SEC Filing
- 0001214659-26-001984 ↗ filed Feb 17, 2026
Holdings Value
Holdings 39 stocks · $311.1M
| ADC Agree Realty Corp. | 6.99% | 301,782 | $21.7M | Reduce -5.4% |
| ESS Essex Property Trust Inc. | 6.49% | 77,089 | $20.2M | Add +25.3% |
| VMRK Vivmark Residential filed as EQUITY RESIDENTIAL | 5.83% | 287,825 | $18.1M | Add +146.1% |
| MTH Meritage Homes Corp. | 5.14% | 243,124 | $16.0M | Reduce -12.5% |
| FCPT Four Corners Property Trust | 4.99% | 673,305 | $15.5M | Add +2.3% |
| CHH Choice Hotels Intl Inc. | 4.56% | 148,795 | $14.2M | Add +29.1% |
| PECO Phillips Edison & Company Inc. | 4.25% | 371,486 | $13.2M | Reduce -35.2% |
| UDR Udr Inc. | 4.16% | 353,090 | $13.0M | Add +22.9% |
| AMT American Tower Corp. | 3.63% | 64,305 | $11.3M | Add +84.0% |
| AVB Avalonbay Communities Inc. | 3.40% | 58,352 | $10.6M | Reduce -37.2% |
| TPH Tri Pointe Homes Inc. | 3.39% | 334,828 | $10.5M | Reduce -10.3% |
| INVH Invitation Homes Inc. | 3.14% | 351,366 | $9.8M | Add +196.3% |
| WH Wyndham Hotels & Resorts Inc. | 3.10% | 127,814 | $9.7M | Reduce -18.5% |
| PSA Public Storage | 3.05% | 36,578 | $9.5M | Add +0.8% |
| VICI Vici Properties Inc. filed as VICI PPTYS INC | 2.86% | 316,683 | $8.9M | Add +127.3% |
| DRH Diamondrock Hospitality Co. | 2.73% | 949,477 | $8.5M | Reduce -42.6% |
| GLPI Gaming and Leisure Propertie | 2.67% | 185,694 | $8.3M | Reduce -24.0% |
| ELS Equity Lifestyle Properties | 2.60% | 133,592 | $8.1M | Reduce -38.4% |
| REXR Rexford Industrial Realty Inc. | 2.31% | 185,944 | $7.2M | New |
| BNL Broadstone Net Lease Inc. | 2.30% | 411,855 | $7.2M | Add +8.6% |
| EGP Eastgroup Properties Inc. | 2.18% | 38,110 | $6.8M | Add +270.6% |
| CUBE Cubesmart | 2.07% | 178,792 | $6.4M | Add +3.9% |
| DLR Digital Realty Trust Inc. | 2.03% | 40,726 | $6.3M | Add +230.7% |
| RHP Ryman Hospitality Properties | 1.92% | 63,196 | $6.0M | Reduce -14.1% |
| NNN NNN REIT Inc. | 1.81% | 141,783 | $5.6M | Reduce -1.1% |
| REG Regency Centers Corp. | 1.68% | 75,834 | $5.2M | New |
| KIM Kimco Realty Corp. | 1.35% | 206,723 | $4.2M | New |
| LEN Lennar Corp. Class A | 1.17% | 35,436 | $3.6M | Reduce -53.3% |
| AMH American Homes 4 Rent- A | 1.09% | 105,996 | $3.4M | Reduce -60.6% |
| EXR Extra Space Storage Inc. | 1.05% | 25,197 | $3.3M | Add +68.7% |
| NHI Natl Health Investors Inc. filed as NATIONAL HEALTH INVS INC | 1.05% | 42,815 | $3.3M | Add +129.1% |
| DOC Healthpeak Properties Inc. | 0.90% | 173,245 | $2.8M | Reduce -20.6% |
| SBAC SBA Communications Corp. | 0.89% | 14,318 | $2.8M | Reduce -60.9% |
| EQIX Equinix Inc. | 0.85% | 3,441 | $2.6M | Reduce -31.8% |
| CCI Crown Castle Inc. | 0.78% | 27,223 | $2.4M | Add +22.6% |
| FR First Industrial Realty TR | 0.57% | 31,000 | $1.8M | Reduce -78.3% |
| SUI Sun Communities Inc. filed as SUN CMNTYS INC | 0.50% | 12,482 | $1.5M | Reduce -19.9% |
| SILA Sila Realty Trust Inc. | 0.34% | 44,832 | $1.0M | Add +90.6% |
| NTST Netstreit Corp. | 0.17% | 30,135 | $532K | New |
Portfolio Sells Q3 2025 → Q4 2025
| AVB Avalonbay Communities Inc. | Reduce -37.2% | 3.40% | −2.13 |
| PECO Phillips Edison & Company Inc. | Reduce -35.2% | 4.25% | −1.82 |
| LEN Lennar Corp. Class A | Reduce -53.3% | 1.17% | −1.77 |
| IRT Independence Realty Trust Inc. | Sold out | 0.00% | −1.75 |
| FR First Industrial Realty TR | Reduce -78.3% | 0.57% | −1.69 |
| AMH American Homes 4 Rent- A | Reduce -60.6% | 1.09% | −1.66 |
| FRT Federal Realty Invs Trust | Sold out | 0.00% | −1.62 |
| ELS Equity Lifestyle Properties | Reduce -38.4% | 2.60% | −1.45 |
| DRH Diamondrock Hospitality Co. | Reduce -42.6% | 2.73% | −1.32 |
| SBAC SBA Communications Corp. | Reduce -60.9% | 0.89% | −1.29 |
| MTH Meritage Homes Corp. | Reduce -12.5% | 5.14% | −1.05 |
| GLPI Gaming and Leisure Propertie | Reduce -24.0% | 2.67% | −0.84 |
| WH Wyndham Hotels & Resorts Inc. | Reduce -18.5% | 3.10% | −0.75 |
| PLD Prologis Inc. | Sold out | 0.00% | −0.64 |
| TPH Tri Pointe Homes Inc. | Reduce -10.3% | 3.39% | −0.52 |
| DOC Healthpeak Properties Inc. | Reduce -20.6% | 0.90% | −0.39 |
| EQIX Equinix Inc. | Reduce -31.8% | 0.85% | −0.37 |
| SUI Sun Communities Inc. | Reduce -19.9% | 0.50% | −0.12 |
| RHP Ryman Hospitality Properties | Reduce -14.1% | 1.92% | −0.11 |
| NNN NNN REIT Inc. | Reduce -1.1% | 1.81% | −0.07 |
| ELME Elme Communities | Sold out | 0.00% | −0.06 |
| ADC Agree Realty Corp. | Reduce -5.4% | 6.99% | +0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| VMRK Vivmark Residential | Add +146.1% | 5.83% | +3.50 |
| REXR Rexford Industrial Realty Inc. | New | 2.31% | +2.31 |
| INVH Invitation Homes Inc. | Add +196.3% | 3.14% | +2.07 |
| REG Regency Centers Corp. | New | 1.68% | +1.68 |
| EGP Eastgroup Properties Inc. | Add +270.6% | 2.18% | +1.65 |
| AMT American Tower Corp. | Add +84.0% | 3.63% | +1.56 |
| VICI Vici Properties Inc. | Add +127.3% | 2.86% | +1.46 |
| ESS Essex Property Trust Inc. | Add +25.3% | 6.49% | +1.41 |
| DLR Digital Realty Trust Inc. | Add +230.7% | 2.03% | +1.37 |
| KIM Kimco Realty Corp. | New | 1.35% | +1.35 |
| UDR Udr Inc. | Add +22.9% | 4.16% | +0.87 |
| CHH Choice Hotels Intl Inc. | Add +29.1% | 4.56% | +0.76 |
| NHI Natl Health Investors Inc. | Add +129.1% | 1.05% | +0.59 |
| EXR Extra Space Storage Inc. | Add +68.7% | 1.05% | +0.41 |
| BNL Broadstone Net Lease Inc. | Add +8.6% | 2.30% | +0.21 |
| NTST Netstreit Corp. | New | 0.17% | +0.17 |
| SILA Sila Realty Trust Inc. | Add +90.6% | 0.34% | +0.15 |
| CCI Crown Castle Inc. | Add +22.6% | 0.78% | +0.12 |
| FCPT Four Corners Property Trust | Add +2.3% | 4.99% | +0.04 |
| CUBE Cubesmart | Add +3.9% | 2.07% | −0.08 |
| PSA Public Storage | Add +0.8% | 3.05% | −0.18 |
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 |