Sophron Capital Management L P's Q3 2025 13F: 7 new positions, 7 exits
Form 13F-HR for the quarter ended Sep 30, 2025 · filed Nov 14, 2025 · 39 reported positions · accession 0001214659-25-016638
What changed this quarter
| Activity | Security | Weight before | Weight now | Change | Shares | Shares % |
|---|---|---|---|---|---|---|
| New | TRI POINTE HOMES INC (TPH) | — | 3.9% | +3.9 pts | +373K sh | new |
| Reduced | GAMING & LEISURE PPTYS INC (GLPI) | 6.9% | 3.5% | −3.4 pts | −239K sh | −49% |
| Increased | FOUR CORNERS PPTY TR INC (FCPT) | 2.3% | 4.9% | +2.7 pts | +382K sh | +138% |
| Increased | UDR INC (UDR) | 0.8% | 3.3% | +2.5 pts | +226K sh | +368% |
| Exited | REXFORD INDL RLTY INC (REXR) | 2.4% | — | −2.4 pts | −224K sh | −100% |
| Reduced | FEDERAL RLTY INVT TR NEW (FRT) | 3.6% | 1.6% | −2.0 pts | −72,649 sh | −58% |
| Reduced | PROLOGIS INC. (PLD) | 2.6% | 0.6% | −1.9 pts | −61,911 sh | −77% |
| New | SBA COMMUNICATIONS CORP NEW (SBAC) | — | 2.2% | +2.2 pts | +36,573 sh | new |
| Increased | CHOICE HOTELS INTL INC (CHH) | 2.0% | 3.8% | +1.8 pts | +63,660 sh | +123% |
| New | RYMAN HOSPITALITY PPTYS INC (RHP) | — | 2.0% | +2.0 pts | +73,596 sh | new |
| Increased | PHILLIPS EDISON & CO INC (PECO) | 4.2% | 6.1% | +1.9 pts | +183K sh | +47% |
| Reduced | EQUITY RESIDENTIAL (EQR) | 4.4% | 2.3% | −2.1 pts | −96,731 sh | −45% |
| Exited | LXP INDUSTRIAL TRUST (LXP) | 1.8% | — | −1.8 pts | −719K sh | −100% |
| Reduced | BROADSTONE NET LEASE INC (BNL) | 3.3% | 2.1% | −1.2 pts | −293K sh | −44% |
| New | VICI PPTYS INC (VICI) | — | 1.4% | +1.4 pts | +139K sh | new |
| Reduced | CROWN CASTLE INC (CCI) | 2.1% | 0.7% | −1.4 pts | −43,760 sh | −66% |
| Exited | HEALTHCARE RLTY TR (HR) | 1.2% | — | −1.2 pts | −241K sh | −100% |
| Increased | AMERICAN TOWER CORP NEW (AMT) | 1.1% | 2.1% | +1.0 pts | +18,957 sh | +119% |
| New | INVITATION HOMES INC (INVH) | — | 1.1% | +1.1 pts | +119K sh | new |
| Reduced | EQUINIX INC (EQIX) | 2.1% | 1.2% | −0.9 pts | −3,551 sh | −41% |
| Reduced | AGREE RLTY CORP (ADC) | 7.9% | 7.0% | −0.9 pts | −33,485 sh | −10% |
| Reduced | EQUITY LIFESTYLE PPTYS INC (ELS) | 4.8% | 4.1% | −0.8 pts | −38,505 sh | −15% |
| Reduced | WYNDHAM HOTELS & RESORTS INC (WH) | 4.5% | 3.9% | −0.6 pts | −24,318 sh | −13% |
| Reduced | INDEPENDENCE RLTY TR INC (IRT) | 2.5% | 1.8% | −0.7 pts | −107K sh | −24% |
| New | EASTGROUP PPTYS INC (EGP) | — | 0.5% | +0.5 pts | +10,284 sh | new |
| Reduced | FIRST INDL RLTY TR INC (FR) | 2.6% | 2.3% | −0.3 pts | −33,284 sh | −19% |
| Reduced | EXTRA SPACE STORAGE INC (EXR) | 1.2% | 0.6% | −0.6 pts | −11,812 sh | −44% |
| Increased | PUBLIC STORAGE OPER CO (PSA) | 2.9% | 3.2% | +0.4 pts | +4,275 sh | +13% |
| Exited | MARRIOTT INTL INC NEW (MAR) | 0.4% | — | −0.4 pts | −4,278 sh | −100% |
| Exited | KIMCO RLTY CORP (KIM) | 0.4% | — | −0.4 pts | −54,795 sh | −100% |
| Increased | CUBESMART (CUBE) | 1.9% | 2.2% | +0.3 pts | +26,764 sh | +18% |
| Increased | MERITAGE HOMES CORP (MTH) | 5.4% | 6.2% | +0.8 pts | +14,788 sh | +6% |
| Increased | NNN REIT INC (NNN) | 1.6% | 1.9% | +0.3 pts | +23,959 sh | +20% |
| Reduced | SILA REALTY TRUST INC (CVMCA) | 0.5% | 0.2% | −0.3 pts | −38,672 sh | −62% |
| Increased | DIGITAL RLTY TR INC (DLR) | 0.4% | 0.7% | +0.3 pts | +5,040 sh | +69% |
| Increased | DIAMONDROCK HOSPITALITY CO (DRH) | 3.7% | 4.1% | +0.4 pts | +89,708 sh | +6% |
| Exited | KKR REAL ESTATE FIN TR INC (KREF) | 0.2% | — | −0.2 pts | −57,138 sh | −100% |
| Reduced | HEALTHPEAK PROPERTIES INC (PEAK) | 1.3% | 1.3% | 0.0 pts | −25,725 sh | −11% |
| Increased | AMERICAN HOMES 4 RENT (AMH) | 2.8% | 2.8% | −0.1 pts | +12,834 sh | +5% |
| Increased | NATIONAL HEALTH INVS INC (NHI) | 0.3% | 0.5% | +0.1 pts | +4,289 sh | +30% |
| Increased | ESSEX PPTY TR INC (ESS) | 5.2% | 5.1% | −0.2 pts | +1,201 sh | +2% |
| New | ELME COMMUNITIES (ELME) | — | 0.1% | +0.1 pts | +10,696 sh | new |
| Increased | AVALONBAY CMNTYS INC (AVB) | 5.7% | 5.5% | −0.2 pts | +854 sh | +1% |
| Exited | RLJ LODGING TR (RLJ) | 0.0% | — | 0.0 pts | −19,303 sh | −100% |
| Reduced | SUN CMNTYS INC (SUI) | 0.6% | 0.6% | 0.0 pts | −991 sh | −6% |
| Reduced | LENNAR CORP (LEN) | 2.6% | 2.9% | +0.4 pts | −709 sh | −1% |
Reported by the fund in its Form 13F filed with the SEC; holdings are as of the quarter-end report date and may have changed since. For informational purposes only — not investment advice or a recommendation to buy or sell any security. FilingExplorer is not affiliated with or endorsed by this fund. How this brief is compiled
Top 10 positions — 50.7% of the equity book
Changes in the top 10 this quarter: FCPT entered · TPH entered · GLPI left · EQR left
| # | Security | Weight before | Weight now | |
|---|---|---|---|---|
| 1 | AGREE RLTY CORP (ADC) | 7.9% | 7.0% | |
| 2 | MERITAGE HOMES CORP (MTH) | 5.4% | 6.2% | |
| 3 | PHILLIPS EDISON & CO INC (PECO) | 4.2% | 6.1% | |
| 4 | AVALONBAY CMNTYS INC (AVB) | 5.7% | 5.5% | |
| 5 | ESSEX PPTY TR INC (ESS) | 5.2% | 5.1% | |
| 6 | FOUR CORNERS PPTY TR INC (FCPT) | 2.3% | 4.9% | Entered the top 10 |
| 7 | EQUITY LIFESTYLE PPTYS INC (ELS) | 4.8% | 4.1% | |
| 8 | DIAMONDROCK HOSPITALITY CO (DRH) | 3.7% | 4.1% | |
| 9 | TRI POINTE HOMES INC (TPH) | 0.0% | 3.9% | Entered the top 10 |
| 10 | WYNDHAM HOTELS & RESORTS INC (WH) | 4.5% | 3.9% | |
| — | GAMING & LEISURE PPTYS INC (GLPI) | 6.9% | 3.5% | Left the top 10 |
| — | EQUITY RESIDENTIAL (EQR) | 4.4% | 2.3% | Left the top 10 |
Weights are each position's reported value as a share of the fund's reported equity positions (options and principal-amount holdings excluded).