Media Appearances

For your interest, please find below a link to today’s BNN Bloomberg Market Call segment featuring Andrew Moffs, Vision’s Senior Vice President, Portfolio Manager. In this segment, Andrew answers investor questions about a wide range of publicly-traded real estate securities, providing insights on their future operating fundamentals.

Andrew’s top picks include:

• First Capital REIT (TSX: FCR.UN): This REIT features a high-quality grocery-anchored retail portfolio with strong potential for additional development, making it currently undervalued and well-positioned to deliver strong returns.
• Dream Industrial REIT (TSX: DIR.UN): A pure-play industrial REIT, it focuses on small-to-mid-bay urban distribution and logistics properties across Canada and Europe, showcasing healthy NOI growth, significant embedded upside, and a favourable valuation.
• Sienna Senior Living (TSX: SIA): As Canada’s leading senior housing provider, Sienna benefits from strong occupancy growth and accretive external acquisitions.

We encourage you to watch the complete interview for an in-depth analysis of the current market landscape and additional insights into Vision’s approach to real estate investing through publicly traded securities.

We are pleased to share a link to this week’s episode of Michael Campbell’s MoneyTalks podcast, featuring Vision’s Jeff Olin, President and CEO, Portfolio Manager, in conversation with host and industry veteran Michael Campbell. The episode is available for streaming on Spotify, Apple Podcasts, YouTube, and Google Play.

 Jeff discusses the significant upside potential of select U.S. and Canadian REITs. He highlights their resilience in a dynamic macro environment, noting how stabilizing borrowing rates, improving investor sentiment, and attractive public market valuations relative to property values present compelling opportunities. With strong balance sheets, lower leverage, and limited new supply enhancing pricing power for stabilized properties, select REITs with favourable supply-demand fundamentals and increasing net rental growth profiles are well-positioned to provide long-term value for investors.

Finally, Jeff points out select core holdings within the Vision Funds that align with these structural criteria and are trading significantly below their net asset value: First Capital REIT (TSX: FCR.UN), Dream Industrial REIT (TSX: DIR.UN) and Tritax Big Box REIT PLC (LSE: BBOX). He also highlights other top picks, including Sun Communities Inc. (NYSE: SUI), Boardwalk REIT (TSX: BEI.UN), Chartwell Retirement Residences (TSX: CSH.UN) and Sienna Senior Living Inc. (TSX: SIA)

We encourage you to tune in to the podcast for a deeper dive into the current market outlook and further insights into Vision’s approach to real estate investing through publicly traded securities.

For your interest, please find below a link to today’s BNN Bloomberg Market Call segment featuring Andrew Moffs, Vision’s Senior Vice President, Portfolio Manager.

Andrew addressed investor inquiries on the broad spectrum of publicly-traded real estate securities, providing a dual perspective on forward-looking operating fundamentals.

Andrew’s top picks include:

• First Capital Realty Inc. (TSX: FCR.UN): A high-quality grocery-anchored retail portfolio with a robust pipeline of incremental development density, currently undervalued and positioned to deliver strong returns.
• Chartwell Retirement Residences (TSX: CSH.UN): Canada’s leading senior housing provider experiencing strong occupancy growth and capitalizing on accretive external acquisitions.
• Empire State Realty Trust Inc. (NYSE: ESRT): An office portfolio concentrated in the prime New York City submarket, strategically positioned to capture leasing gains. 

We are pleased to share a link to an article published by The Globe and Mail titled "Three publicly traded real estate buys and one sell from a $1-billion money manager", based on an interview of Jeff Olin, Vision’s President and CEO and Portfolio Manager.

In the interview, Jeff discusses the Funds’ unique long-short strategy, which capitalizes on structural market inefficiencies that misprice public REITs relative to the value of their underlying properties and platforms. This allows the Funds to “buy real estate cheaper in the stock market than the property market” while aiming to consistently deliver strong risk-adjusted total returns across a full market cycle.

Jeff also provides an overview of the Funds’ long and short themes by property type, and notes Vision’s current long investments in:

• Digital Realty Trust Inc. (NYSE: DLR-N), which benefits from AI-driven demand for its developments and portfolio of data centers; 
• Empire State Realty Trust Inc. (NYSE: ESRT-N), which is poised to gain from both New York firms’ increasing “return to office” mandates and a resurgence in tourism; and, 
• First Capital REIT (TSX: FCR-UN-T), which owns high-quality grocery-anchored shopping centers with significant potential for residential development. 

These investments reflect the Funds’ focused strategy of targeting operators with outsized growth potential relative to their peers.

Finally, Jeff touches on the Funds’ long-standing holding in Tricon Residential Inc. (TSX/NYSE: TCN), augmented through an exchangeable preferred equity investment in 2020 and later expanded by a tactical long position in its common shares in late 2023. Tricon was acquired by Blackstone (NYSE: BX) at a 30% premium to its previous closing share price in January 2024.

We are pleased to share a link to this week’s episode of Michael Campbell’s MoneyTalks podcast, featuring Vision’s Jeff Olin, President and CEO, Portfolio Manager, in conversation with guest host and industry veteran Victor Adair. The episode is available for streaming on Spotify, Apple Podcasts, YouTube, and Google Play.

 In this episode, Jeff and Victor engaged in a broad discussion covering:  

·     A detailed overview of the Vison Funds' (the "Funds") long-short strategy and active approach to public real estate securities. 

·     The distinct opportunities and risks across the spectrum of private and listed real estate.

Jeff also shared insights into the core investment themes currently shaping the Funds, which span a wide range of property types and geographic regions benefiting from strong supply-demand dynamics and growth drivers. Finally, Jeff shared some of Vision's top pick recommendations with strong fundamentals that are expected to outperform over the next 24 to 36 months. 

 We encourage you to tune in to the podcast for a deeper dive into the current market outlook and further insights into Vision’s approach to real estate investing through publicly traded securities.

Andrew Moffs, Senior Vice-President, Portfolio Manager was featured in a Globe & Mail interview alongside other prominent portfolio managers to highlight U.S.-listed REITs that may benefit from the catalyst of projected U.S. Federal Reserve interest rate cuts.

Andrew’s top picks include Sun Communities Inc. (NYSE: SUI), a REIT focused on manufactured housing, recreational vehicle communities, and marinas, benefiting from strong demand for its sites against limited new supply, and Americold Realty Trust, Inc. (NYSE: COLD), a REIT operating in the cold storage sector that is expected to significantly improve occupancy and diversify its growth strategy through partnerships with railroads and ports.

In a recent article published by The Globe and Mail focused on the sustainability of the recent rally in the Canadian REITs, Jeff Olin, President and CEO, provided a balanced view on REITs', and provided some nuance therein, challenging the assumption that falling interest rates alone will guarantee REIT performance.

While many attribute the rally to falling interest rates, Jeff emphasized that the real estate sector is fundamentally driven by supply and demand, highlighting the example of Calgary's office market, which struggled despite low interest rates in 2015 due to a lack of demand following the oil price collapse.  

Jeff is cautiously optimistic about grocery-anchored retail REITs, which have performed well despite economic challenges. However, he warns that high-yield REITs, while tempting, often reflect underlying risks like distribution cuts or creditor protection, potentially exposing investors to long-term dangers in a weakening economy.

Please find below for your interest a link to today's appearance by Andrew Moffs, Vision's Senior Vice President, Portfolio Manager on BNN Bloomberg Market Call.

The minutes released from the May 1st meeting of the U.S. Federal Open Market Committee have taken on a hawkish tone, which is causing uncertainty regarding the timing and extent of interest rate cuts from their current restrictive levels. As a result, investor interest in publicly-traded REITs has been tepid, leading to lagging performance year-to-date.

Despite the challenges, therein lies an opportunity today, as REITs appear to be approaching an inflection point. Certain market factors that were once seen as headwinds weighing on sector prospects are now becoming tailwinds. These positive factors include the prospect of peak interest rates, renewed investor confidence leading to historical fund flows, and increased transaction activity due to improved credit markets. Notably, Blackstone, the poster child for taking advantage of public-private arbitrage, recently announced the privatization of two publicly listed real estate entities this year; Tricon Residential Inc. (TSX/NYSE: TCN) at a 30% premium to its prior day closing share price and Apartment Income REIT Corp. (NYSE: AIRC) at a 25% premium to its prior day closing share price, both on the New York Stock Exchange ("NYSE").

Andrew's top picks included Boardwalk REIT (TSX: BEI.UN), benefiting from strong supply-demand conditions in its core Alberta submarket, Digital Realty Trust, Inc. (NYSE: DLR), well-positioned as a premier operator and preferred partner for institutional capital seeking to establish platforms and/or partnerships within the data centre sector, and Chartwell Retirement Residences (TSX: CSH.UN), a deeply discounted seniors housing operator regaining occupancy at a faster rate than forecast by the street.

For your interest and information, please find a link below featuring Vision's Jeff Olin, President and CEO, Portfolio Manager as a featured guest on today's Michael Campbell's MoneyTalks podcast, available to stream through Spotify, Apple Podcasts and Google Play.

Moving beyond a myopic focus of a "higher for longer" interest rate environment, Jeff discusses the resilience of public REIT balance sheets and business models as higher costs of capital continue to be digested by the sector. Cheaper and more flexible financing has allowed REITs to go on the offensive, taking advantage of declining values in the property market to revive accretive external growth, complementing organic internal growth evidenced by a swathe of dividend increases in the first quarter of 2024.

REITs continue to screen cheap relative to the private market and broader equities as generalists shun the sector, ascribing "guilt by association" to all properties as headlines continue to plague the outlook for office and select retail assets. Two major factors have already begun to catalyze a recovery in REIT pricing - positive fund flows as investor sentiment hits a point of inflection, and the oft-mentioned mergers & acquisition activity ("M&A") when scaled operators in the private market identify REITs trading at stark discounts to the properties they manage.

Jeff highlights operators that are benefiting from strong supply-demand fundamentals and compelling valuations that may deliver outsized total returns over the next 12-18 months: First Capital REIT (TSX: FCR.UN), Sun Communities Inc. (NYSE: SUI), Boardwalk REIT (TSX: BEI.UN), Dream Industrial REIT (TSX: DIR.UN), Chartwell Retirement Residences (TSX: CSH.UN), and Sienna Senior Living Inc. (TSX: SIA).

Please find below for your interest a link to today's appearance by Andrew Moffs, Vision's Senior Vice President, Portfolio Manager on BNN Bloomberg Market Call.

Amidst an evolving macroeconomic backdrop, REITs appear to be approaching a point of inflection. Previously seen as headwinds weighing on sector prospects, certain market factors are now becoming tailwinds. These factors include the prospect of peak interest rates, a resurgence of investor confidence leading to fund flows returning to historic averages, and an uptick in transaction activity due to improved credit markets. A notable example of this trend is Blackstone’s recent announcement on January 19th to acquire Tricon Residential Inc. (TSX/NYSE: TCN) at a 30% premium over its prior day closing share price on the New York Stock Exchange ("NYSE").

Andrew discussed prior top picks First Capital REIT (TSX: FCR.UN), Sun Communities Inc. (NYSE: SUI) and American Homes 4 Rent (NYSE: AMH), as well as highlighting current top picks comprised of Dream Industrial REIT (TSX: DIR.UN), First Industrial Realty Trust, Inc. (NYSE: FR) and Chartwell Retirement Residences (TSX: CSH.UN), pure-play vehicles benefiting from robust forward-looking supply-demand fundamentals, while trading at wide discounts to their North American listed peer groups, private market appraisals and transactions, and their own intrinsic value.

Please find below for your interest a link to today's appearance by Andrew Moffs, Vision's Senior Vice President, Portfolio Manager on BNN Bloomberg Market Call.

Andrew discussed a broad cross-section of the publicly-traded REIT universe, noting a significant divergence in forward-looking fundamentals by individual security, property type and geographic region. As interest rate expectations have stabilized, the performance spread between top and bottom-quartile performers has widened, nearing the historical average of 49%.  This underscores the importance of stock selection and active management in protecting capital and achieving outperformance over the next 12-24 months. This is particularly crucial as business conditions may be challenged by a deceleration in economic activity during this period.

Andrew's top picks highlighted REITs that are well-positioned to benefit from favourable supply and demand fundamentals, including Boardwalk REIT (TSX: BEI.UN), First Industrial Realty Trust, Inc. (NYSE: FR) and Chartwell Retirement Residences (TSX: CSH.UN). Andrew’s picks are REITs whose units/shares are trading well below the net asset value of the real estate which they own and manage.

For your interest and information, we are pleased to provide you with a link to Jeffrey Olin, Vision’s President and CEO, Portfolio Manager’s presentation at the 10th annual Capitalize for Kids (“C4K”) Investors Conference, held from October 18th-19th 2023.

 C4K has evolved into Canada's preeminent annual conference where leading North American alternative investment managers are invited to present their best investment ideas, participate in thematic panels, offer economic outlooks, and, most importantly, contribute to the efforts of raising significant funds in support of children's mental health charities. 

 Since 2014, this initiative has successfully raised over $17 million in support of child and youth mental health. It is noteworthy that 100% of the net proceeds from the conference are dedicated to bolstering the capacity building efforts within this sector.

 Jeff’s track record of “best ideas” at past C4K conferences have realized significant near-term (and sustained) upside, including: 

 ·         General Growth Properties Inc. (NYSE: GGP) in 2017, subsequently privatized by Brookfield Property Partners L.P. three weeks later at a 21% premium to the unaffected trading price

 ·         Liberty Property Trust (NYSE: LPT) in 2019, subsequently privatized by Prologis, Inc. (NYSE: PLD) three days later at a 21% premium to the unaffected trading price

 ·         Boardwalk REIT (TSX: BEI.UN) in 2021, generating a 35.0% annualized 3-month total return, and remains one of the only North American REITs that has generated a positive total return from the start of the global pandemic up to the present date 

 This year, Jeff profiled First Capital REIT (TSX: FCR.UN) as Vision’s top investment recommendation, highlighting it as the best grocery-anchored, necessity-based retail property portfolio globally.

Please find below for your interest a link to today's appearance by Andrew Moffs, Vision's Senior Vice President, Portfolio Manager on BNN Bloomberg Market Call. Andrew provided insight into the current state of the real estate market in the context of a dynamic interest rate environment. He emphasized the divergent returns observed across various real estate sectors. Specifically, he pointed out that sectors with relatively favourable supply-demand fundamentals have consistently delivered superior performance. Additionally, he highlighted the pricing disparities between privately-held and publicly-traded real estate assets, which have created unique arbitrage and investment opportunities, particularly within publicly-traded REITs.

Andrew also addressed the substantial amount of dry powder, amounting to US$344 billion, earmarked for direct property investments by institutions, pension plans, endowments, sovereign wealth funds and fully-funded real estate dedicated private equity funds. The significant amount of available capital suggests the potential for increased M&A activity for publicly-traded REITs within sectors characterized by robust supply and demand fundamentals, provided they continue to trade at significant discounts relative to the net asset value of their underlying properties.

Andrew's top picks highlighted REITs that are well-positioned to benefit from favourable operating fundamentals and resilient cash flow, including Dream Industrial REIT (TSX: DIR.UN), Sun Communities Inc. (NYSE: SUI) and Boardwalk REIT (TSX: BEI.UN), REITs whose units/shares are trading well below the net asset value of the real estate which they own and manage.

For your interest and information, please find the audio below featuring Vision's Jeff Olin, President and CEO, Portfolio Manager as a featured guest on today's Michael Campbell's MoneyTalks podcast, which is available on Spotify, Apple Podcasts and Google Play.

During the podcast, Jeff provides valuable insights into the current landscape of publicly-traded real estate securities and identifies compelling opportunities within the real estate sector. Jeff also delves into key sectors that are currently trading at noteworthy discounts in the public markets relative to their underlying property values. 

Jeff emphasized the importance of supply-demand fundamentals in comparison to factors such as interest rates when evaluating the attractiveness of publicly-traded real estate securities, regardless of the prevailing market conditions. Notably, Jeff highlights the significant pool of dry powder, amounting to US$344 billion, held by institutional, pension and private equity funds earmarked for property acquisitions. This substantial capital suggests potential merger and acquisition activities involving REITs and REOCs trading at significant discounts to the net asset value (“NAV”) of their underlying properties. Lastly, Jeff shares insights into select core holdings within the Vision Funds that are exceptionally well-positioned and are currently trading at significant discounts to their NAVs, including First Capital REIT (TSX: FCR.UN), Sun Communities Inc. (NYSE: SUI), Boardwalk REIT (TSX: BEI.UN), Dream Industrial REIT (TSX: DIR.UN) and First Industrial Realty Trust (NYSE: FR).

For your interest and information, please find the audio below to Vision's Jeff Olin, President and CEO, Portfolio Manager as a featured guest on today's Michael Campbell's MoneyTalks podcast, available on Spotify, Apple Podcasts and Google Play.

Jeff comments on the broad landscape of publicly-traded real estate securities, and the road ahead for the remainder of 2023. Amidst the prevailing market uncertainty, Jeff underscores key sectors that exhibit noteworthy discounts in public markets in relation to their underlying property values, as well as robust supply-demand fundamentals. Moreover, with concerns of an economic downturn mounting among investors, Jeff highlights the advantages and historically strong performance of publicly-traded real estate securities during and following such bearish periods. Jeff notes select core holdings within the Vision Funds that are well-positioned and are trading at significant discounts to their net asset value, including First Capital REIT (TSX: FCR.UN), Sun Communities Inc. (NYSE: SUI), Boardwalk REIT (TSX: BEI.UN), Dream Industrial REIT (TSX: DIR.UN) and First Industrial Realty Trust (NYSE: FR). 

Andrew commented on the current state of real estate in a changing rate environment, the importance of the quality of real estate operators in the current market climate and the sectors that are favourable at this time. As well, he noted the mismatches in pricing between private and public real estate, outlining the buying opportunities in publicly-traded REITs as a result.

Andrew also spoke on the recent closing of the C$5.9 billion all-cash acquisition of Summit Industrial Income REIT (“Summit” (TSX: SMU.UN)) by a joint venture between Singapore’s sovereign wealth fund GIC and Dream Industrial REIT (TSX: DIR.UN) at a 33.4% premium to Summit’s then 20-day volume-weighted average of its publicly-traded units. Before the acquisition announcement, Summit had been a top pick from Andrew’s previous Market Call appearances, where he shared his strong view of Summit being a good potential M&A target in the industrial sector.

Andrew's top picks highlighted REITs that are well-positioned to benefit from favourable operating fundamentals and resilient cash flow, including First Capital REIT (TSX: FCR.UN), First Industrial Realty Trust, Inc. (NYSE: FR) and Dream Industrial REIT (TSX: DIR.UN), REITs whose units/shares are trading well below the net asset value of the real estate which they own and manage.

Andrew commented on a variety of property sectors, outlining the supply & demand fundamentals of each, the secular changes underway and the outlook for the year ahead.

Andrew's top picks highlighted REITs that are well-positioned to benefit from favourable operating fundamentals and resilient cash flow, including First Capital REIT: (TSX: FCR.UN), Sun Communities, Inc.: (NYSE: SUI) and AMH (NYSE: AMH).

For your interest and information, please find the link below to Vision's Jeff Olin, President and CEO, Portfolio Manager as a featured guest on today's Michael Campbell's MoneyTalks podcast , available on Spotify, Apple Podcasts and Google Play.

Jeff comments on the broad landscape of publicly-traded real estate securities in 2023, after a year in which markets were quite volatile, and publicly-traded REIT indices suffering the worst first-half performance in the history of the asset class. With market uncertainty still ahead, Jeff highlights key areas that reflect significant discounts available in public markets relative to underlying property values, and, compelling supply-demand fundamentals. Jeff notes select core holdings within the Vision Funds that are well-positioned and are trading at significant discounts to their net asset value, including First Capital REIT (TSX: FCR.UN), Sun Communities Inc. (NYSE: SUI), Boardwalk REIT (TSX: BEI.UN), Dream Industrial REIT (TSX: DIR.UN), First Industrial Realty Trust (NYSE: FR) and American Homes 4 Rent (NYSE: AMH)