HGI Capital Management, LLC

Portfolio Overview

HGI Capital Management, LLC disclosed 21 positions worth $36.4M in its Form 13F-HR for Q3 2025, led by $EQIX (EQUINIX INC) at 6.6% of the equity portfolio, followed by $CBRE and $FR. During the quarter the fund opened 6 new positions and exited 8 — including a new stake in $HD and a full exit from $ESRT. The portfolio is most concentrated in Real Estate (90.0% of disclosed assets). All figures are sourced directly from HGI Capital Management, LLC’s Form 13F-HR filing with the SEC under CIK 1595907.

• 

  EQUINIX INC

  $EQIX

  61.4#809

  Quality

  $2.4M3,053 sh
• 

  CBRE GROUP, INC.

  $CBRE

  62.9#713

  Quality

  $2.3M14,632 sh
• 

  FIRST INDUSTRIAL REALTY TRUST INC

  $FR

  67.5#459

  Quality

  $2.0M39,373 sh
• 

  DIGITAL REALTY TRUST, INC.

  $DLR

  70.2

  Quality

  $2.0M11,661 sh
• 

  HOME DEPOT, INC.

  $HD

  69.2

  Quality

  $2.0M4,944 sh
• 

  Extra Space Storage Inc.

  $EXR

  66.7

  Quality

  $2.0M14,110 sh
• 

  Public Storage

  $PSA

  73.9

  Quality

  $1.9M6,654 sh
• 

  ALEXANDRIA REAL ESTATE EQUITIES, INC.

  $ARE

  45.1

  Quality

  $1.9M22,773 sh
• 

  Prologis, Inc.

  $PLD

  67.5

  Quality

  $1.9M16,330 sh
• 

  ESSEX PROPERTY TRUST, INC.

  $ESS

  59.3

  Quality

  $1.9M6,930 sh

Company	Quality	Value	Shares
EQUINIX INC$EQIX	61.4#809	$2.4M	3,053
CBRE GROUP, INC.$CBRE	62.9#713	$2.3M	14,632
FIRST INDUSTRIAL REALTY TRUST INC$FR	67.5#459	$2.0M	39,373
DIGITAL REALTY TRUST, INC.$DLR	70.2	$2.0M	11,661
HOME DEPOT, INC.$HD	69.2	$2.0M	4,944
Extra Space Storage Inc.$EXR	66.7	$2.0M	14,110
Public Storage$PSA	73.9	$1.9M	6,654
ALEXANDRIA REAL ESTATE EQUITIES, INC.$ARE	45.1	$1.9M	22,773
Prologis, Inc.$PLD	67.5	$1.9M	16,330
ESSEX PROPERTY TRUST, INC.$ESS	59.3	$1.9M	6,930

Showing top 10 of 21 holdings.

Full Holdings — HGI Capital Management, LLC (Q3 2025)

All 21 disclosed positions from the latest Form 13F-HR, with quarter-over-quarter share changes and 13F Pro quality scores. Sourced from SEC EDGAR.

#	Ticker	Company	Value	Weight	QoQ	Quality
1	$EQIX	EQUINIX INC	$2.4M	6.6%	+11%	61.4
2	$CBRE	CBRE GROUP, INC.	$2.3M	6.3%	-45%	62.9
3	$FR	FIRST INDUSTRIAL REALTY TRUST INC	$2.0M	5.6%	-41%	67.5
4	$DLR	DIGITAL REALTY TRUST, INC.	$2.0M	5.5%	-52%	70.2
5	$HD	HOME DEPOT, INC.	$2.0M	5.5%	NEW	69.2
6	$EXR	Extra Space Storage Inc.	$2.0M	5.5%	-48%	66.7
7	$PSA	Public Storage	$1.9M	5.3%	-51%	73.9
8	$ARE	ALEXANDRIA REAL ESTATE EQUITIES, INC.	$1.9M	5.2%	NEW	45.1
9	$PLD	Prologis, Inc.	$1.9M	5.1%	-26%	67.5
10	$ESS	ESSEX PROPERTY TRUST, INC.	$1.9M	5.1%	-48%	59.3
11	$VTR	Ventas, Inc.	$1.8M	4.8%	-49%	70.3
12	$UDR	UDR, Inc.	$1.7M	4.7%	-58%	65.2
13	$EQR	EQUITY RESIDENTIAL	$1.6M	4.5%	-58%	—
14	—	Phillips Edison & Co Inc	$1.6M	4.5%	NEW	—
15	$VRE	Veris Residential, Inc.	$1.6M	4.4%	+0%	60.1
16	$OHI	OMEGA HEALTHCARE INVESTORS INC	$1.6M	4.3%	NEW	63.2
17	$VICI	VICI PROPERTIES INC.	$1.5M	4.2%	-43%	76.2
18	$HST	HOST HOTELS & RESORTS, INC.	$1.4M	3.7%	-65%	72.6
19	$NMRK	NEWMARK GROUP, INC.	$1.3M	3.6%	-76%	52.4
20	$BNL	Broadstone Net Lease, Inc.	$1.2M	3.4%	NEW	54
21	$BRX	Brixmor Property Group Inc.	$831,784	2.3%	NEW	68.2