CIK: 0002027142
Total reported value
$339.4M
Reporting period: 2026-03-31 · Number of holdings: 41
Sophron Capital Management L.P. disclosed 41 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $339.4M and a quarterly turnover rate of 43.6%.
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Sophron Capital Management L.P.'s disclosed holdings carry a Herfindahl concentration index of 0.035 — mathematically equivalent to about 29 equally-sized positions, close to its 41 actual disclosed holdings. Value is spread relatively evenly across the portfolio rather than concentrated in a handful of names.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.66), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Add LEN
+476.4% $14.1M
Trim AMT
-67.0% -$7.6M
Add AVB
+104.2% $8.9M
Add AMH
+284.5% $8.0M
Add SBAC
+256.8% $6.0M
Trim ADC
-16.9% -$2.8M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | AVB | Avalonbay Communities INC | Stock-Real Estate | 5.74% | +2.34% | +104.21% | |
| 2 | ESS | Essex Property Trust INC | Stock-Real Estate | 5.64% | -0.84% | +2.57% | |
| 3 | ADC | Agree Realty CORP | Stock-Real Estate | 5.57% | -1.42% | -16.85% | |
| 4 | LEN | Lennar Corp-a | Stock-Consumer Disc | 5.23% | +4.06% | +476.44% | |
| 5 | EQR | Equity Residential | Stock-Real Estate | 4.49% | -1.34% | -10.54% | |
| 6 | MTH | Meritage Homes CORP | Stock-Consumer Disc | 4.29% | -0.85% | -3.24% | |
| 7 | PECO | Phillips Edison & Company In | Stock-Real Estate | 4.23% | -0.02% | +3.30% | |
| 8 | FCPT | Four Corners Property Trust | Stock-Real Estate | 4.11% | -0.88% | -12.44% | |
| 9 | UDR | Udr INC | Stock-Real Estate | 3.84% | -0.32% | +9.27% | |
| 10 | GLPI | Gaming And Leisure Propertie | Stock-Real Estate | 3.73% | +1.06% | +53.66% | |
| 11 | CHH | Choice Hotels Intl INC | Stock-Consumer Disc | 3.68% | -0.88% | -18.89% | |
| 12 | REXR | Rexford Industrial Realty In | Stock-Real Estate | 3.45% | +1.14% | +92.23% | |
| 13 | AMH | American Homes 4 Rent- A | Stock-Real Estate | 3.35% | +2.26% | +284.53% | |
| 14 | RHP | Ryman Hospitality Properties | Stock-Real Estate | 3.25% | +1.33% | +89.42% | |
| 15 | CUBE | Cubesmart | Stock-Real Estate | 2.68% | +0.61% | +38.83% | |
| 16 | ELS | Equity Lifestyle Properties | Stock-Real Estate | 2.66% | +0.06% | +8.34% | |
| 17 | SBAC | Sba Communications CORP | Stock-Real Estate | 2.59% | +1.70% | +256.82% | |
| 18 | DRH | Diamondrock Hospitality Co | Stock-Other | 2.32% | -0.41% | -11.32% | |
| 19 | INVH | Invitation Homes INC | Stock-Real Estate | 2.32% | -0.82% | -9.70% | |
| 20 | PSA | Public Storage | Stock-Real Estate | 2.31% | -0.74% | -21.02% | |
| 21 | EGP | Eastgroup Properties INC | Stock-Real Estate | 2.30% | +0.12% | +10.54% | |
| 22 | VICI | Vici Properties INC | Stock-Real Estate | 2.15% | -0.71% | -15.76% | |
| 23 | HST | Host Hotels & Resorts INC | Stock-Real Estate | 2.02% | +2.02% | NEW | |
| 24 | WH | Wyndham Hotels & Resorts INC | Stock-Consumer Disc | 2.02% | -1.08% | -34.00% | |
| 25 | LXP | Lxp Industrial Trust | Stock-Other | 1.73% | +1.73% | NEW | |
| 26 | DLR | Digital Realty Trust INC | Stock-Real Estate | 1.62% | -0.41% | -25.21% | |
| 27 | NNN | Nnn Reit INC | Stock-Real Estate | 1.50% | -0.31% | -14.57% | |
| 28 | BNL | Broadstone Net Lease INC | Stock-Real Estate | 1.38% | -0.92% | -37.61% | |
| 29 | EXR | Extra Space Storage INC | Stock-Real Estate | 1.26% | +0.21% | +29.78% | |
| 30 | CCI | Crown Castle INC | Stock-Real Estate | 1.15% | +0.37% | +76.07% | |
| 31 | FRT | Federal Realty Invs Trust | Stock-Real Estate | 1.10% | +1.10% | NEW | |
| 32 | AMT | American Tower CORP | Stock-Real Estate | 1.08% | -2.55% | -67.01% | |
| 33 | DOC | Healthpeak Properties INC | Stock-Real Estate | 1.07% | +0.17% | +27.81% | |
| 34 | IRT | Independence Realty Trust In | Stock-Real Estate | 0.93% | +0.93% | NEW | |
| 35 | NHI | Natl Health Investors INC | Stock-Other | 0.84% | -0.21% | -17.29% | |
| 36 | JAN | Janus Living INC Cl-a-1 | Stock-Other | 0.69% | +0.69% | NEW | |
| 37 | SUI | Sun Communities INC | Stock-Real Estate | 0.54% | +0.04% | +16.74% | |
| 38 | SILA | Sila Realty Trust INC | Stock-Other | 0.42% | +0.08% | +33.41% | |
| 39 | HIW | Highwoods Properties INC | Stock-Real Estate | 0.31% | +0.31% | NEW | |
| 40 | ARI | Apollo Commercial Real Estat | Stock-Other | 0.22% | +0.22% | NEW | |
| 41 | STAG | Stag Industrial INC | Stock-Real Estate | 0.19% | +0.19% | NEW |
Performance for Q3 2026
+6.5%
Performance Last 4 Quarters
+15.8%
Based on 84% of reported portfolio value with available pricing
Sophron Capital Management L.P.'s most significant position changes for 2026-03-31: Sold out: Tri Pointe Homes INC (T86); New buy: Host Hotels & Resorts INC (HST); New buy: Lxp Industrial Trust (LXP); Sold out: Regency Centers CORP (REG); Sold out: Kimco Realty CORP (KIM).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | LEN | Lennar Corp-a | +4.1% | +476.44% | Add |
| 2 | AVB | Avalonbay Communities INC | +2.3% | +104.21% | Add |
| 3 | AMH | American Homes 4 Rent- A | +2.3% | +284.53% | Add |
| 4 | SBAC | Sba Communications CORP | +1.7% | +256.82% | Add |
| 5 | RHP | Ryman Hospitality Properties | +1.3% | +89.42% | Add |
| 6 | REXR | Rexford Industrial Realty In | +1.1% | +92.23% | Add |
| 7 | GLPI | Gaming And Leisure Propertie | +1.1% | +53.66% | Add |
| 8 | CUBE | Cubesmart | +0.6% | +38.83% | Add |
| 9 | CCI | Crown Castle INC | +0.4% | +76.07% | Add |
| 10 | EXR | Extra Space Storage INC | +0.2% | +29.78% | Add |
| 11 | DOC | Healthpeak Properties INC | +0.2% | +27.81% | Add |
| 12 | EGP | Eastgroup Properties INC | +0.1% | +10.54% | Add |
| 13 | SILA | Sila Realty Trust INC | +0.1% | +33.41% | Add |
| 14 | ELS | Equity Lifestyle Properties | +0.1% | +8.34% | Add |
| 15 | SUI | Sun Communities INC | 0% | +16.74% | Add |
| 16 | PECO | Phillips Edison & Company In | 0% | +3.30% | Add |
| 17 | NHI | Natl Health Investors INC | -0.2% | -17.29% | Trim |
| 18 | NNN | Nnn Reit INC | -0.3% | -14.57% | Trim |
| 19 | UDR | Udr INC | -0.3% | +9.27% | Add |
| 20 | DLR | Digital Realty Trust INC | -0.4% | -25.21% | Trim |
| 21 | DRH | Diamondrock Hospitality Co | -0.4% | -11.32% | Trim |
| 22 | VICI | Vici Properties INC | -0.7% | -15.76% | Trim |
| 23 | PSA | Public Storage | -0.7% | -21.02% | Trim |
| 24 | INVH | Invitation Homes INC | -0.8% | -9.70% | Trim |
| 25 | ESS | Essex Property Trust INC | -0.8% | +2.57% | Add |
| 26 | MTH | Meritage Homes CORP | -0.9% | -3.24% | Trim |
| 27 | CHH | Choice Hotels Intl INC | -0.9% | -18.89% | Trim |
| 28 | FCPT | Four Corners Property Trust | -0.9% | -12.44% | Trim |
| 29 | BNL | Broadstone Net Lease INC | -0.9% | -37.61% | Trim |
| 30 | WH | Wyndham Hotels & Resorts INC | -1.1% | -34.00% | Trim |
| 31 | EQR | Equity Residential | -1.3% | -10.54% | Trim |
| 32 | ADC | Agree Realty CORP | -1.4% | -16.85% | Trim |
| 33 | AMT | American Tower CORP | -2.6% | -67.01% | Trim |
| 34 | T86 | Tri Pointe Homes INC | — | EXIT | Sold out |
| 35 | HST | Host Hotels & Resorts INC | — | NEW | New buy |
| 36 | LXP | Lxp Industrial Trust | — | NEW | New buy |
| 37 | REG | Regency Centers CORP | — | EXIT | Sold out |
| 38 | KIM | Kimco Realty CORP | — | EXIT | Sold out |
| 39 | FRT | Federal Realty Invs Trust | — | NEW | New buy |
| 40 | IRT | Independence Realty Trust In | — | NEW | New buy |
| 41 | EQIX | Equinix INC | — | EXIT | Sold out |
| 42 | JAN | Janus Living INC Cl-a-1 | — | NEW | New buy |
| 43 | FR | First Industrial Realty Tr | — | EXIT | Sold out |
| 44 | HIW | Highwoods Properties INC | — | NEW | New buy |
| 45 | ARI | Apollo Commercial Real Estat | — | NEW | New buy |
| 46 | STAG | Stag Industrial INC | — | NEW | New buy |
| 47 | NTST | Netstreit CORP | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-15 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-17 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-14 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-14 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-15 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
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