SEC 13F Intelligence

Managers / Q3 2022 · view latest →

HGI Capital Management, LLC

CIK 0001595907 · 51 WEST 52ND STREET, 19TH FLOOR, NEW YORK, NY, 10019 · 212-644-0515

Reported Value
$314M
Q3 2022
Positions
35
Filings on Record
28
2019–present window
Filed
Feb 22, 2023
amendment (RESTATEMENT)

Summary

Hgi Capital Management, LLC reported $314M in U.S.-listed holdings across 35 positions for Q3 2022.

Its largest position, PSA, represents 6.6% of the portfolio.

Compared with Q2 2022, the fund opened 15 new positions and exited 13.

Portfolio Metrics

Turnover
+36.7%
vs prior filed quarter
Top-10 Concentration
+49.5%
share of reported value
Largest Position
+6.6%
Public Storage
New / Exited
15 / 13
positions this quarter

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded, with multiple share classes and repeated sub-manager rows for the same issuer combined into one position — the same rule the holdings table uses by default. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q1 ’19: $190MQ1 ’19Q2 ’19: $220MQ3 ’19: $182MQ4 ’19: $207MQ1 ’20: $106MQ1 ’20Q2 ’20: $162MQ3 ’20: $170MQ4 ’20: $214MQ1 ’21: $235MQ1 ’21Q2 ’21: $287MQ3 ’21: $248MQ4 ’21: $279MQ1 ’22: $324MQ1 ’22Q2 ’22: $239MQ3 ’22: $314MQ4 ’22: $350MQ1 ’23: $151MQ1 ’23Q2 ’23: $208MQ3 ’23: $88MQ4 ’23: $88MQ1 ’24: $93MQ1 ’24Q2 ’24: $107MQ3 ’24: $115MQ4 ’24: $97MQ1 ’25: $80MQ1 ’25Q2 ’25: $74MQ3 ’25: $36Mfilingsflow.com

Portfolio Composition

By security type
REIT: 91.1%Common Stock: 7.5%ETP: 1.4%
  • REIT · 91.1% · $286M
  • Common Stock · 7.5% · $24M
  • ETP · 1.4% · $4M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
EQREQUITY RESIDENTIALNEW+254.0K254.0K+$17M$17M
AREALEXANDRIA REAL ESTATE EQ INNEW+112.7K112.7K+$16M$16M
DLRDIGITAL RLTY TR INCNEW+117.7K117.7K+$12M$12M
INVHINVITATION HOMES INCNEW+337.5K337.5K+$11M$11M
HRHEALTHCARE RLTY TRNEW+545.9K545.9K+$11M$11M
ADCAGREE RLTY CORPNEW+121.3K121.3K+$8M$8M
LIFE STORAGE INCNEW+73.3K73.3K+$8M$8M
EGPEASTGROUP PPTYS INCNEW+52.1K52.1K+$8M$8M

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q3 2022

35 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1PSAPUBLIC STORAGEhistory →COM6.64%$21M71.1K
2KIMKIMCO RLTY CORPhistory →COM5.94%$19M1.01M
3VTRVENTAS INChistory →COM5.73%$18M447.0K
4EQREQUITY RESIDENTIALhistory →SH BEN INT5.44%$17M254.0K
5AREALEXANDRIA REAL ESTATE EQ INhistory →COM5.04%$16M112.7K
6GLPIGAMING & LEISURE PPTYS INChistory →COM4.67%$15M330.6K
7SLGSL GREEN RLTY CORPhistory →COM4.37%$14M341.1K
8DOCHEALTHPEAK PROPERTIES INChistory →COM4.03%$13M551.1K
9REGREGENCY CTRS CORPhistory →COM3.96%$12M230.4K
10DLRDIGITAL RLTY TR INChistory →COM3.72%$12M117.7K
11BXPBOSTON PROPERTIES INChistory →COM3.68%$12M153.9K
12INVHINVITATION HOMES INChistory →COM3.63%$11M337.5K
13HRHEALTHCARE RLTY TRhistory →CL A COM3.63%$11M545.9K
14WHWYNDHAM HOTELS & RESORTS INChistory →COM3.12%$10M159.3K
15CCICROWN CASTLE INChistory →COM2.96%$9M64.2K
16HSTHOST HOTELS & RESORTS INChistory →COM2.63%$8M518.4K
17ADCAGREE RLTY CORPhistory →COM2.62%$8M121.3K
18LIFE STORAGE INCCOM2.59%$8M73.3K
19EGPEASTGROUP PPTYS INChistory →COM2.40%$8M52.1K
20SPIRIT RLTY CAP INC NEWCOM NEW2.29%$7M198.1K
21AMHAMERICAN HOMES 4 RENThistory →CL A2.26%$7M216.3K
22ELSEQUITY LIFESTYLE PPTYS INChistory →COM2.25%$7M112.5K
23OHIOMEGA HEALTHCARE INVS INChistory →COM1.85%$6M196.9K
24RHPRYMAN HOSPITALITY PPTYS INChistory →COM1.84%$6M78.4K
25SBRASABRA HEALTH CARE REIT INChistory →COM1.79%$6M429.0K
26FRFIRST INDL RLTY TR INChistory →COM1.65%$5M115.3K
27CPTCAMDEN PPTY TRhistory →SH BEN INT1.58%$5M41.5K
28AVBAVALONBAY CMNTYS INChistory →COM1.40%$4M23.9K
29SPYSPDR S&P 500 ETF TRhistory →TR UNIT1.39%$4M12.2K
30EPRTESSENTIAL PPTYS RLTY TR INChistory →COM1.34%$4M215.4K
31ABNBAIRBNB INChistory →COM CL A1.20%$4M35.7K
32MACMACERICH COCOM0.92%$3M361.5K
33PARAMOUNT GROUP INCCOM0.85%$3M428.2K
34BKDBROOKDALE SR LIVING INCCOM0.39%$1M282.7K
35NMRKNEWMARK GROUP INCCL A0.22%$696,38486.4K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q3 2025$36M21Nov 14, 202513F-HRchanges · EDGAR ↗
Q2 2025$74M23Aug 12, 202513F-HRchanges · EDGAR ↗
Q1 2025$80M22May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$97M18Feb 13, 202513F-HRchanges · EDGAR ↗
Q3 2024$115M17Nov 14, 202413F-HRchanges · EDGAR ↗
Q2 2024$107M19Aug 14, 202413F-HRchanges · EDGAR ↗
Q1 2024$93M43May 15, 202413F-HRchanges · EDGAR ↗
Q4 2023$88M40Feb 14, 202413F-HRchanges · EDGAR ↗
Q3 2023$88M41Nov 14, 202313F-HRchanges · EDGAR ↗
Q2 2023$208M38Aug 14, 202313F-HRchanges · EDGAR ↗
Q1 2023$151M27May 15, 202313F-HRchanges · EDGAR ↗
Q4 2022$350M31Feb 14, 202313F-HRchanges · EDGAR ↗
Q3 2022$314M35Feb 22, 2023RESTATEMENTchanges · EDGAR ↗
Q2 2022$239M33Aug 15, 202213F-HRchanges · EDGAR ↗
Q1 2022$324M66May 16, 202213F-HRchanges · EDGAR ↗
Q4 2021$279M70Feb 14, 202213F-HRchanges · EDGAR ↗
Q3 2021$248M64Nov 15, 202113F-HRchanges · EDGAR ↗
Q2 2021$287M72Aug 16, 202113F-HRchanges · EDGAR ↗
Q1 2021$235M59May 17, 202113F-HRchanges · EDGAR ↗
Q4 2020$214M58Feb 4, 202113F-HRchanges · EDGAR ↗
Q3 2020$170M54Oct 29, 202013F-HRchanges · EDGAR ↗
Q2 2020$162M52Aug 14, 202013F-HRchanges · EDGAR ↗
Q1 2020$106M51May 7, 202013F-HRchanges · EDGAR ↗
Q4 2019$207M63Feb 5, 202013F-HRchanges · EDGAR ↗
Q3 2019$182M60Nov 5, 201913F-HRchanges · EDGAR ↗
Q2 2019$220M67Jul 26, 201913F-HRchanges · EDGAR ↗
Q1 2019$190M58May 10, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.