SEC 13F Intelligence

Managers / Q4 2022 · view latest →

HGI Capital Management, LLC

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

Reported Value
$350M
Q4 2022
Positions
31
Filings on Record
28
2019–present window
Filed
Feb 14, 2023
original filing

Summary

Hgi Capital Management, LLC reported $350M in U.S.-listed holdings across 31 positions for Q4 2022.

Its largest position, SUI, represents 7.2% of the portfolio.

Compared with Q3 2022, the fund opened 13 new positions and exited 17.

Portfolio Metrics

Turnover
+46.5%
vs prior filed quarter
Top-10 Concentration
+52.1%
share of reported value
Largest Position
+7.2%
Sun Cmntys
New / Exited
13 / 17
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: 92.6%Common Stock: 5.4%ETP: 2.0%
  • REIT · 92.6% · $324M
  • Common Stock · 5.4% · $19M
  • ETP · 2.0% · $7M

Quarter-over-Quarter Changes full breakdown →

vs Q3 2022 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
SUISUN CMNTYS INCNEW+176.0K176.0K+$25M$25M
VICIVICI PPTYS INCNEW+590.9K590.9K+$19M$19M
REXRREXFORD INDL RLTY INCNEW+261.6K261.6K+$14M$14M
KRCKILROY RLTY CORPNEW+338.0K338.0K+$13M$13M
IRTINDEPENDENCE RLTY TR INCNEW+760.0K760.0K+$13M$13M
WELLWELLTOWER INCNEW+191.0K191.0K+$13M$13M
KRGKITE RLTY GROUP TRNEW+503.1K503.1K+$11M$11M
NNNNATIONAL RETAIL PROPERTIES INEW+205.4K205.4K+$9M$9M

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

Holdings — Q4 2022

31 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1SUISUN CMNTYS INChistory →COM7.19%$25M176.0K
2DOCHEALTHPEAK PROPERTIES INChistory →COM6.46%$23M902.8K
3KIMKIMCO RLTY CORPhistory →COM5.59%$20M923.8K
4VICIVICI PPTYS INChistory →COM5.47%$19M590.9K
5DLRDIGITAL RLTY TR INChistory →COM5.44%$19M190.0K
6REGREGENCY CTRS CORPhistory →COM5.00%$18M280.0K
7LIFE STORAGE INCCOM4.45%$16M158.1K
8BXPBOSTON PROPERTIES INChistory →COM4.41%$15M228.3K
9REXRREXFORD INDL RLTY INChistory →COM4.08%$14M261.6K
10HSTHOST HOTELS & RESORTS INChistory →COM4.03%$14M878.4K
11VTRVENTAS INChistory →COM3.89%$14M302.7K
12KRCKILROY RLTY CORPhistory →COM3.73%$13M338.0K
13IRTINDEPENDENCE RLTY TR INChistory →COM3.66%$13M760.0K
14WELLWELLTOWER INChistory →COM3.58%$13M191.0K
15EQREQUITY RESIDENTIALhistory →SH BEN INT3.16%$11M187.6K
16AREALEXANDRIA REAL ESTATE EQ INhistory →COM3.03%$11M72.7K
17KRGKITE RLTY GROUP TRhistory →COM NEW3.02%$11M503.1K
18ADCAGREE RLTY CORPhistory →COM3.02%$11M149.2K
19EPRTESSENTIAL PPTYS RLTY TR INChistory →COM2.80%$10M417.7K
20NNNNATIONAL RETAIL PROPERTIES Ihistory →COM2.69%$9M205.4K
21APLEAPPLE HOSPITALITY REIT INChistory →COM NEW2.57%$9M570.5K
22SLGSL GREEN RLTY CORPhistory →COM2.49%$9M258.5K
23SPYSPDR S&P 500 ETF TRhistory →TR UNIT2.02%$7M18.5K
24PSAPUBLIC STORAGEhistory →COM1.99%$7M24.9K
25UDRUDR INChistory →COM1.71%$6M154.7K
26ELSEQUITY LIFESTYLE PPTYS INChistory →COM1.20%$4M65.0K
27STAGSTAG INDL INCCOM0.98%$3M106.3K
28AMHAMERICAN HOMES 4 RENTCL A0.96%$3M111.4K
29FUNSIX FLAGS ENTMT CORP NEWCOM0.71%$3M107.6K
30MAAMID-AMER APT CMNTYS INCCOM0.47%$2M10.4K
31NMRKNEWMARK GROUP INCCL A0.20%$706,08688.6K

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 ↗.