News and Press

"First Capital REIT ("First Capital" or the "REIT") (TSX: FCR.UN) today announced a support and cooperation agreement (the "Agreement") between First Capital and each of Vision Capital Corporation ("Vision") and Ewing Morris & Co. Investment Partners Ltd. ("Ewing Morris") that will result in the immediate increase of the size of the board of trustees (the "Board") of the REIT to ten trustees and the appointment of Mr. Richard Nesbitt to the Board."

Andrew met en évidence les FPI qui bénéficient de fondamentaux favorables en matière d'offre et de demande et qui sont bien positionnés pour surperformer dans le contexte économique actuel, notamment First Capital REIT (TSX : FCR.UN), BSR REIT (TSX : HOM.U $USD, HOM.UN $CAD), Tricon Residential Inc. (TSX : TCN / NYSE : TCN) et Boardwalk REIT (TSX : BEI.UN).

En outre, Andrew décrit l'annonce récente de la prise de contrôle de Summit Industrial Income REIT (TSX : SMU.UN) par la formation d'une coentreprise impliquant le fonds souverain de Singapour GIC et Dream Industrial REIT (TSX : DIR.UN). Summit était une des principales positions des Fonds Vision Opportunity au moment de l'annonce et représente la 20e prise de contrôle d'une position du portefeuille des Fonds Vision Opportunity au cours de leurs 14 années d'existence.

Please find a link to a feature article that was published in Les Affaires entitled "RioCan coupe son dividende du tiers, d’autres pourraient suivre" ("RioCan cuts dividend by a third, others could follow") in which Andrew discusses the recent reduction in the monthly distribution payable by RioCan REIT (TSX: REI.UN) as a prudent re-allocation of capital and which may portend distribution reductions amongst other REITs facing downward pressure on cash flows and/or opportunities to redeploy capital. 

Veuillez trouver un lien vers un article de fond publié dans Les Affaires intitulé « RioCan coupé son dividende du tiers, d’autres pourraient suivre » dans lequel Andrew discute de la récente réduction de la distribution mensuelle payable par le RioCan REIT (TSX: REI.UN) comme une réaffectation prudente des capitaux et qui pourrait laisser présager des réductions de distribution entre autres REITs confrontés à une pression à la baisse sur les flux de trésorerie et/ou des possibilités de redéploiement des capitaux.

For your interest and information, please find a link to a feature article that was published by Investment Executive entitled "Rocky road for real estate" in which Jeff Olin, President and CEO, Portfolio Manager discusses Vision's selective portfolio positioning within the shifting real estate landscape, specifically the opportunity afforded by the recent indiscriminate sell-off in public real estate securities to profit from shorting deteriorating asset classes, while simultaneously buying real estate at significant discounts to net asset value bolstered by favourable supply-demand fundamentals on the long-side of the book.

For your interest and information, please find a link to a feature article that was published by Benefits Canada entitled "How coronavirus will affect real estate investing long term" in which Jeff Olin, President and CEO, Portfolio Manager highlights retail and office as property types that are likely to face a sustained reduction in long-term demand, as the pandemic era expedites secular trends that were already exerting downward pressure on these assets.

For your interest and information, please find a link to an op-ed article that was published in Wealth Professional entitled "REITs are the word: Amid the ravages of COVID-19, opportunity exists in REITs for investors who understand the sub-sectors of real estate" authored by Jeff Olin, Vision's President, CEO and Portfolio Manager.

For your interest and information, please find a link to a feature article that was published in Les Affaires magazine entitled "Ou investir dans le secteur malmene des fonds immobiliers" ("Where to invest funds in the real estate sector") in which Andrew discusses select opportunities in residential and industrial real estate located in geographic regions with positive growth trajectories that can be purchased at significant discounts to the net asset value of their real estate. 

Andrew recommended Canadian Apartment Properties REIT (TSX: CAR.UN), BSR REIT (TSX: HOM.UN/HOM.U), Tricon Capital Group (TSX: TCN), American Homes 4 Rent (NYSE: AMH), Americold Realty Trust (NYSE: COLD) and WPT Industrial REIT (TSX: WIR.UN/WIR.u) as top picks to close the price gap, operating in markets with attractive supply and demand fundamentals.

For your interest and information, please find a link to a feature article that was published in Wealth Professional entitled "How the coronavirus has transformed the REIT landscape" in which Jeff Olin, Vision's President, CEO and Portfolio Manager outlines a divergence of outcomes in commercial real estate by property type, borne out by the secular themes driving supply and demand in the pandemic era.

For your interest and information, please find a link to a feature article that was published in The Globe and Mail entitled "Change is part of DNA for retailers" in which Jeff Olin, Vision's President, CEO and Portfolio Manager anticipates a revaluation of retail properties in the wake of the global pandemic as e-commerce continues to accelerate as a percentage of total retail sales.

For your interest and information, please find a link to a feature article that was published in both Advisor's Edge and Investment Executive entitled "What happens to office space post-pandemic?" in which Jeff Olin, Vision's President, CEO and Portfolio Manager highlighted secular trends already in place for office and retail commercial real estate, that are being accelerated by the global pandemic and resulting in a sustained reduction in demand.

For your interest and information, please find a link to a feature article in the Globe & Mail entitled "Real estate bargain picks for yield hungry investors" in which Jeff Olin, Vision's President, CEO and Portfolio Manager was featured and highlighted two top picks, BSR REIT (TSX: HOM.U and HOM.UN) and Tricon Capital Group Inc. (TSX: TCN) as candidates to outperform under current market conditions, operating in the defensive single /multi-family rental property sector within the US Sunbelt, where favourable supply-demand imbalances persist.

For your interest and information, please find enclosed a link to a feature article in the February issue of the Report on Business Magazine with Jeff Olin, Vision's President, CEO and Portfolio Manager.

Jeff reflects on Vision's ability to consistently capitalize on the inefficient pricing of public real estate securities presenting investors with the opportunity to buy property cheaper in the stock market than one can in the property market.

Jeff discusses secular investment themes in select property types, while highlighting select top picks including Americold Realty Trust (NYSE: COLD), CAPREIT (TSX: CAR.UN), Sienna Senior Living (TSX: SIA), BSR REIT (TSX: HOM.U and HOM.UN) and Tricon Capital Group Inc. (TSX: TCN)

Please find for your interest an article from the Globe and Mail profiling Jeffrey Olin, President and CEO, Portfolio Manager of Vision Capital Corporation and his presentation outlining BSR REIT (TSX - HOM.U) as a top pick at the Capitalize for Kids Conference.

Vision Capital Corporation (“Vision”) is pleased to announce the appointment of Ms. Patricia Saputo to its Advisory Board.

Ms. Saputo brings to Vision a wealth of experience in financial management, accounting and tax, corporate governance and investment management oversight. Since 1998 Ms. Saputo has served in various leadership capacities with Placements Italcan Inc., a privately-owned investment holding company and major shareholder of Saputo Inc. (a multi-national publicly traded corporation on the TSX: SAP) including as its Chief Financial Officer since 2015. 

From 1991 to 1998, Ms. Saputo developed her expertise in accounting, taxation, financial planning and estate planning with Samson Belair/Deloitte & Touche, one of the world's largest chartered accounting, management consulting and tax services firm. 

Ms. Saputo has earned numerous professional and governance accreditations including the Chartered Accountancy designation and Fellowship (FCA/FCPA), Institute of Corporate Directors designation (ICD.D), Trust and Estate Practitioner designation (TEP), and Institut Quebecoise de Planification Financiere - Financial Planner designation (FPl). 

Ms. Saputo also brings extensive corporate governance experience to Vision, including as a past Director and Audit Committee member of Saputo Inc. Since 2005, Ms. Saputo has served in key leadership roles with Concordia University, including present roles with the Pension Plan for the Employees of Concordia University as the Chair of the pension plan and Chair of its sub-committee on review of investments and policy. In addition, as a member of the board of governors of Concordia University Foundation, Ms. Saputo is the Chair of the audit committee and an investment committee member. Since 2016, she has served as a member on the McGill University Health Care (MUHC) Foundation's board and is a member of the investment subcommittee and development subcommittee. 

Ms. Saputo has also been passionate in serving many community, academic and charitable causes and has received numerous awards and recognitions for her contributions and dedication, including a Certificate of Appreciation from the Concordia University Governing Board and the Chai Lifetime Achievement Award from the Ben Weider Educational Center-Chabad Seminary of Canada.  

Ms. Saputo is a graduate of Concordia University with a Bachelor of Commerce degree, and a Graduate of McGill University with a Diploma in Chartered Accountancy and a Diploma in Taxation (DTax). 

Jeffrey Olin, Vision's President & CEO and Portfolio Manager noted "We are extremely pleased with this appointment as Patricia is a very complementary and value-add addition to Vision's Advisory Board. Patricia is recognized for having the highest integrity, which combined with her breadth of relevant expertise and experience, will significantly benefit Vision and its clients."

For your interest and information please see the link below to a press release via GlobeNewswire that identifies Vision’s US$15 million private placement with BSR REIT to support the acquisition of two Class A apartment communities in Austin, Texas.

Please find for your review a press release by Globe NewsWire citing leading commentary from the largest unitholder Vision Capital Corporation on the pending sales proposal from ALEA to acquire Pure Multi-Family REIT

Vision Capital Corporation (“Vision”), is pleased to announce that June 30, 2018 marked the 10-year anniversary since the inception of the Vision Opportunity Funds (the “Vision Funds”).

Over the past decade the unique combination and expertise of its three portfolio managers, whose collective experience in property markets and real estate securities spans nearly 100 years, has been focused on investing in the real estate sector through investments in publicly-traded equity and debt securities. Vision’s strategy of targeting the purchase of real estate cheaper in the stock market than the property market, and shorting overvalued real estate securities, has resulted in the Vision Funds delivering superior risk-adjusted total returns for its clients.

Vision is pleased to report that over this 10-year period the Vision Opportunity Fund LP (A) returned 274%1 net of all fees and expenses. This represents a compounded annual growth rate of approximately 14.1%.

For your interest and information please see a link below to a feature article in the Real Estate News Exchange that profiles Vision’s investment strategy and preferred investments.