Vision Capital Corp Activity Q4 2018-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
SPY	New	SPDR S&P 500 ETF TRput	$145,343,200	–	3,400	–	49.94%	–
FR	Sell	FIRST INDL RLTY TR INC	$36,051,805	+67699.7%	757,550	-25.0%	12.39%	-39.2%
VTR	New	VENTAS INC	$31,597,500	–	750,000	–	10.86%	–
KIM	New	KIMCO RLTY CORP	$9,674,500	–	550,000	–	3.32%	–
MHO	Exit	M/I HOMES INC	$0	–	-1,803	–	-0.06%	–
ELS	Exit	EQUITY LIFESTYLE PPTYS INC	$0	–	-83,929	–	-2.15%	–
SHO	Exit	SUNSTONE HOTEL INVS INC NEW	$0	–	-751,757	–	-2.92%	–
GRPU	Exit	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$0	–	-256,123	–	-5.82%	–
DLR	Exit	DIGITAL RLTY TR INC	$0	–	-161,474	–	-7.05%	–
	Exit	ISHARES TRput	$0	–	-10,000	–	-33.16%	–

Q2 2023

			Value		Shares		↓ Weighting
	New	ISHARES TRput	$86,540	–	10,000	–	33.16%	–
FR	New	FIRST INDL RLTY TR INC	$53,174	–	1,010,142	–	20.38%	–
SUI	New	SUN CMNTYS INC	$52,027	–	398,793	–	19.94%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$22,261	–	627,968	–	8.53%	–
DLR	New	DIGITAL RLTY TR INC	$18,387	–	161,474	–	7.05%	–
GRPU	New	GRANITE REAL ESTATE INVT TRunit 99/99/9999	$15,175	–	256,123	–	5.82%	–
SHO	New	SUNSTONE HOTEL INVS INC NEW	$7,608	–	751,757	–	2.92%	–
ELS	New	EQUITY LIFESTYLE PPTYS INC	$5,614	–	83,929	–	2.15%	–
MHO	New	M/I HOMES INC	$157	–	1,803	–	0.06%	–

Q4 2022

			Value		Shares		↓ Weighting
	Exit	BOSTON PROPERTIES INCcall	$0	–	-180,000	–	-0.01%	–
	Exit	ISHARES TRput	$0	–	-776,000	–	-0.17%	–
	Exit	MARRIOTT INTL INC NEWput	$0	–	-150,000	–	-0.57%	–
	Exit	ISHARES TRput	$0	–	-3,004,600	–	-0.97%	–
TLT	Exit	ISHARES TR20 yr tr bd etf	$0	–	-50,000	–	-1.36%	–
	Exit	TRICON RESIDENTIAL INC	$0	–	-1,669,969	–	-3.83%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-432,157	–	-3.87%	–
ELS	Exit	EQUITY LIFESTYLE PPTYS INC	$0	–	-252,532	–	-4.21%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-156,487	–	-5.82%	–
	Exit	INVESCO EXCH TRADED FD TR IIput	$0	–	-1,120,000	–	-5.99%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-967,121	–	-8.41%	–
FR	Exit	FIRST INDL RLTY TR INC	$0	–	-1,010,386	–	-12.00%	–
SUI	Exit	SUN CMNTYS INC	$0	–	-448,795	–	-16.10%	–
	Exit	ISHARES TRcall	$0	–	-1,700,000	–	-36.69%	–

Q3 2022

			Value		Shares		↓ Weighting
	New	ISHARES TRcall	$138,414,000	–	1,700,000	–	36.69%	–
SUI	Buy	SUN CMNTYS INC	$60,735,000	+43.4%	448,795	+68.9%	16.10%	+62.9%
FR	Buy	FIRST INDL RLTY TR INC	$45,275,000	+29.7%	1,010,386	+37.4%	12.00%	+47.3%
	New	INVESCO EXCH TRADED FD TR IIput	$22,613,000	–	1,120,000	–	5.99%	–
ARE	Sell	ALEXANDRIA REAL ESTATE EQ IN	$21,938,000	-3.5%	156,487	-0.2%	5.82%	+9.5%
INVH	Sell	INVITATION HOMES INC	$14,594,000	-14.9%	432,157	-10.4%	3.87%	-3.4%
	Buy	TRICON RESIDENTIAL INC	$14,445,000	-2.6%	1,669,969	+14.2%	3.83%	+10.6%
TLT	New	ISHARES TR20 yr tr bd etf	$5,123,000	–	50,000	–	1.36%	–
	Buy	ISHARES TRput	$3,671,000	-98.1%	3,004,600	+41.8%	0.97%	-97.9%
	New	MARRIOTT INTL INC NEWput	$2,153,000	–	150,000	–	0.57%	–
	New	ISHARES TRput	$644,000	–	776,000	–	0.17%	–
	New	BOSTON PROPERTIES INCcall	$54,000	–	180,000	–	0.01%	–
	Exit	SL GREEN RLTY CORPput	$0	–	-238,700	–	-2.57%	–
	Exit	SL GREEN RLTY CORP	$0	–	-242,382	–	-2.61%	–
IRT	Exit	INDEPENDENCE RLTY TR INC	$0	–	-589,152	–	-2.85%	–
	Exit	PHILLIPS EDISON & CO INC	$0	–	-447,773	–	-3.49%	–

Q2 2022

			Value		Shares		↓ Weighting
	New	ISHARES TRput	$194,906,000	–	2,119,000	–	45.50%	–
SUI	New	SUN CMNTYS INC	$42,341,000	–	265,695	–	9.88%	–
FR	New	FIRST INDL RLTY TR INC	$34,911,000	–	735,286	–	8.15%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$34,275,000	–	967,121	–	8.00%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$22,745,000	–	156,832	–	5.31%	–
ELS	New	EQUITY LIFESTYLE PPTYS INC	$17,796,000	–	252,532	–	4.16%	–
INVH	New	INVITATION HOMES INC	$17,155,000	–	482,157	–	4.00%	–
	New	PHILLIPS EDISON & CO INC	$14,960,000	–	447,773	–	3.49%	–
	New	TRICON RESIDENTIAL INC	$14,831,000	–	1,462,644	–	3.46%	–
IRT	New	INDEPENDENCE RLTY TR INC	$12,213,000	–	589,152	–	2.85%	–
	New	SL GREEN RLTY CORP	$11,186,000	–	242,382	–	2.61%	–
	New	SL GREEN RLTY CORPput	$11,016,000	–	238,700	–	2.57%	–

Q4 2021

			Value		Shares		↓ Weighting
AIRC	Exit	APARTMENT INCOME REIT CO	$0	–	-174,600	–	-0.56%	–
CSR	Exit	CENTERSPACE	$0	–	-121,424	–	-0.76%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-302,218	–	-0.76%	–
MDC	Exit	M D C HLDGS INC	$0	–	-250,000	–	-0.77%	–
BLDR	Exit	BUILDERS FIRSTSOURCE INC	$0	–	-244,375	–	-0.83%	–
DRH	Exit	DIAMONDROCK HOSPITALITY CO	$0	–	-1,500,000	–	-0.93%	–
	Exit	INVITATION HOMES INCcall	$0	–	-380,000	–	-0.96%	–
	Exit	BUILDERS FIRSTSOURCE INCcall	$0	–	-301,000	–	-1.02%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-430,877	–	-1.09%	–
	Exit	AMERICOLD RLTY TRcall	$0	–	-738,000	–	-1.41%	–
	Exit	AMERICAN HOMES 4 RENTcall	$0	–	-570,000	–	-1.43%	–
	Exit	PHILLIPS EDISON & CO INC	$0	–	-744,016	–	-1.50%	–
LSI	Exit	LIFE STORAGE INC	$0	–	-250,000	–	-1.89%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-414,060	–	-5.20%	–
	Exit	ISHARES TR U.S. REAL ES ETFcall	$0	–	-1,000,000	–	-6.73%	–
	Exit	ISHARES TR U.S. REAL ES ETFput	$0	–	-4,348,900	–	-29.28%	–
	Exit	SPDR S&P 500 ETF TRput	$0	–	-1,590,700	–	-44.89%	–

Q3 2021

			Value		Shares		↓ Weighting
	Buy	SPDR S&P 500 ETF TRput	$682,633,000	+254.0%	1,590,700	+253.1%	44.89%	+47.0%
	New	ISHARES TR U.S. REAL ES ETFput	$445,284,000	–	4,348,900	–	29.28%	–
	New	ISHARES TR U.S. REAL ES ETFcall	$102,390,000	–	1,000,000	–	6.73%	–
ARE	Buy	ALEXANDRIA REAL ESTATE EQ IN	$79,114,000	+16.0%	414,060	+10.4%	5.20%	-51.8%
LSI	New	LIFE STORAGE INC	$28,685,000	–	250,000	–	1.89%	–
	New	PHILLIPS EDISON & CO INC	$22,849,000	–	744,016	–	1.50%	–
	New	AMERICAN HOMES 4 RENTcall	$21,728,000	–	570,000	–	1.43%	–
	New	AMERICOLD RLTY TRcall	$21,439,000	–	738,000	–	1.41%	–
INVH	Sell	INVITATION HOMES INC	$16,516,000	-42.9%	430,877	-44.5%	1.09%	-76.3%
	New	BUILDERS FIRSTSOURCE INCcall	$15,574,000	–	301,000	–	1.02%	–
	New	INVITATION HOMES INCcall	$14,565,000	–	380,000	–	0.96%	–
DRH	New	DIAMONDROCK HOSPITALITY CO	$14,175,000	–	1,500,000	–	0.93%	–
BLDR	Sell	BUILDERS FIRSTSOURCE INC	$12,644,000	-45.8%	244,375	-55.3%	0.83%	-77.5%
MDC	New	M D C HLDGS INC	$11,680,000	–	250,000	–	0.77%	–
AMH	Sell	AMERICAN HOMES 4 RENTcl a	$11,521,000	-53.0%	302,218	-52.1%	0.76%	-80.5%
CSR	New	CENTERSPACE	$11,475,000	–	121,424	–	0.76%	–
AIRC	Sell	APARTMENT INCOME REIT CO	$8,522,000	-33.5%	174,600	-35.3%	0.56%	-72.4%
CPT	Exit	CAMDEN PPTY TR	$0	–	-72,822	–	-1.53%	–
	Exit	WASHINGTON REAL ESTATE INVTcall	$0	–	-500,000	–	-1.82%	–
	Exit	M D C HLDGS INCcall	$0	–	-250,000	–	-2.00%	–
	Exit	SIMON PPTY GROUP INC NEWcall	$0	–	-98,000	–	-2.02%	–
	Exit	DIAMONDROCK HOSPITALITY COcall	$0	–	-1,500,000	–	-2.30%	–
	Exit	HOST HOTELS & RESORTS INCcall	$0	–	-980,000	–	-2.65%	–
	Exit	PEBBLEBROOK HOTEL TRUSTcall	$0	–	-1,000,000	–	-3.73%	–
	Exit	ISHARES TRput	$0	–	-1,760,000	–	-28.41%	–

Q2 2021

			Value		Shares		↓ Weighting
	New	SPDR S&P 500 ETF TRput	$192,841,000	–	450,500	–	30.54%	–
	New	ISHARES TRput	$179,414,000	–	1,760,000	–	28.41%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ INcl a	$68,217,000	–	374,940	–	10.80%	–
INVH	New	INVITATION HOMES INC	$28,932,000	–	775,877	–	4.58%	–
AMH	New	AMERICAN HOMES 4 RENT	$24,529,000	–	631,374	–	3.88%	–
	New	PEBBLEBROOK HOTEL TRUSTcall	$23,550,000	–	1,000,000	–	3.73%	–
BLDR	New	BUILDERS FIRSTSOURCE INC	$23,334,000	–	546,970	–	3.70%	–
	New	HOST HOTELS & RESORTS INCcall	$16,748,000	–	980,000	–	2.65%	–
	New	DIAMONDROCK HOSPITALITY COcall	$14,550,000	–	1,500,000	–	2.30%	–
AIRC	New	APARTMENT INCOME REIT CO	$12,806,000	–	270,000	–	2.03%	–
	New	SIMON PPTY GROUP INC NEWcall	$12,787,000	–	98,000	–	2.02%	–
	New	M D C HLDGS INCcall	$12,650,000	–	250,000	–	2.00%	–
	New	WASHINGTON REAL ESTATE INVTcall	$11,500,000	–	500,000	–	1.82%	–
CPT	New	CAMDEN PPTY TR	$9,661,000	–	72,822	–	1.53%	–

Q4 2020

			Value		Shares		↓ Weighting
MDC	Exit	M D C HLDGS INC	$0	–	-80,102	–	-1.93%	–
SUI	Exit	SUN COMMUNITIES INC	$0	–	-51,131	–	-3.68%	–
	Exit	VAIL RESORTS INCcall	$0	–	-48,200	–	-5.28%	–
ARE	Exit	ALEXANDRIA REAL ESTATE EQ IN	$0	–	-93,000	–	-7.62%	–
	Exit	LENNAR CORPcall	$0	–	-195,000	–	-8.16%	–
	Exit	HOST HOTELS & RESORTS INCcall	$0	–	-1,480,000	–	-8.18%	–
ELS	Exit	EQUITY LIFESTYLE PPTYS INC	$0	–	-276,892	–	-8.70%	–
AIV	Exit	APARTMENT INVT & MGMT COcl a	$0	–	-525,000	–	-9.07%	–
KW	Exit	KENNEDY-WILSON HLDGS INC	$0	–	-1,391,485	–	-10.35%	–
COLD	Exit	AMERICOLD RLTY TR	$0	–	-596,398	–	-10.92%	–
AMH	Exit	AMERICAN HOMES 4 RENTcl a	$0	–	-886,677	–	-12.94%	–
INVH	Exit	INVITATION HOMES INC	$0	–	-916,493	–	-13.14%	–

Q3 2020

			Value		Shares		↓ Weighting
INVH	Buy	INVITATION HOMES INC	$25,653,000	+2.1%	916,493	+0.4%	13.14%	-40.2%
AMH	Buy	AMERICAN HOMES 4 RENTcl a	$25,253,000	+54.0%	886,677	+45.5%	12.94%	-9.8%
COLD	Sell	AMERICOLD RLTY TR	$21,321,000	-12.5%	596,398	-11.1%	10.92%	-48.7%
KW	Buy	KENNEDY-WILSON HLDGS INC	$20,204,000	+3.5%	1,391,485	+8.5%	10.35%	-39.4%
AIV	New	APARTMENT INVT & MGMT COcl a	$17,703,000	–	525,000	–	9.07%	–
ELS	Buy	EQUITY LIFESTYLE PPTYS INC	$16,973,000	+107.0%	276,892	+111.0%	8.70%	+21.2%
	New	HOST HOTELS & RESORTS INCcall	$15,969,000	–	1,480,000	–	8.18%	–
	New	LENNAR CORPcall	$15,928,000	–	195,000	–	8.16%	–
ARE	New	ALEXANDRIA REAL ESTATE EQ IN	$14,880,000	–	93,000	–	7.62%	–
	New	VAIL RESORTS INCcall	$10,313,000	–	48,200	–	5.28%	–
SUI	Buy	SUN COMMUNITIES INC	$7,190,000	+4.2%	51,131	+0.5%	3.68%	-39.0%
MDC	New	M D C HLDGS INC	$3,773,000	–	80,102	–	1.93%	–
DHI	Exit	D R HORTON INC	$0	–	-82,000	–	-3.98%	–
LEN	Exit	LENNAR CORPcl a	$0	–	-150,000	–	-8.09%	–

Q2 2020

			Value		Shares		↓ Weighting
INVH	New	INVITATION HOMES INC	$25,129,000	–	912,800	–	21.99%	–
COLD	New	AMERICOLD RLTY TR	$24,359,000	–	671,040	–	21.31%	–
KW	New	KENNEDY-WILSON HLDGS INC	$19,524,000	–	1,282,785	–	17.08%	–
AMH	New	AMERICAN HOMES 4 RENTcl a	$16,393,000	–	609,409	–	14.34%	–
LEN	New	LENNAR CORPcl a	$9,243,000	–	150,000	–	8.09%	–
ELS	New	EQUITY LIFESTYLE PPTYS INC	$8,200,000	–	131,249	–	7.17%	–
SUI	New	SUN COMMUNITIES INC	$6,902,000	–	50,872	–	6.04%	–
DHI	New	D R HORTON INC	$4,547,000	–	82,000	–	3.98%	–

Q4 2019

			Value		Shares		↓ Weighting
KW	Exit	KENNEDY-WILSON HLDGS INC	$0	–	-621,362	–	-11.54%	–
SUI	Exit	SUN CMNTYS INC	$0	–	-100,189	–	-12.60%	–
HHC	Exit	HOWARD HUGHES CORP	$0	–	-175,630	–	-19.29%	–
COLD	Exit	AMERICOLD RLTY TR	$0	–	-662,607	–	-20.81%	–
LPT	Exit	LIBERTY PPTY TRsh ben int	$0	–	-821,980	–	-35.75%	–

Q3 2019

			Value		Shares		↓ Weighting
LPT	Buy	LIBERTY PPTY TRsh ben int	$42,192,000	+78.2%	821,980	+73.7%	35.75%	+145.5%
COLD	Sell	AMERICOLD RLTY TR	$24,563,000	-11.8%	662,607	-22.9%	20.81%	+21.5%
HHC	Sell	HOWARD HUGHES CORP	$22,762,000	-27.9%	175,630	-31.1%	19.29%	-0.7%
SUI	Sell	SUN CMNTYS INC	$14,873,000	-32.9%	100,189	-42.0%	12.60%	-7.5%
KW	Buy	KENNEDY-WILSON HLDGS INC	$13,620,000	+23.8%	621,362	+16.1%	11.54%	+70.5%
CPT	Exit	CAMDEN PPTY TRsh ben int	$0	–	-9,900	–	-0.64%	–
DRE	Exit	DUKE REALTY CORP	$0	–	-210,798	–	-4.10%	–
SLG	Exit	SL GREEN RLTY CORP	$0	–	-116,012	–	-5.74%	–
PLD	Exit	PROLOGIS INC	$0	–	-174,581	–	-8.60%	–
ROIC	Exit	RETAIL OPPORTUNITY INVTS CORP	$0	–	-891,967	–	-9.40%	–

Q2 2019

			Value		Shares		↓ Weighting
HHC	New	HOWARD HUGHES CORP	$31,589,000	–	255,077	–	19.43%	–
COLD	New	AMERICOLD RLTY TR	$27,855,000	–	859,185	–	17.13%	–
LPT	New	LIBERTY PPTY TRsh ben int	$23,681,000	–	473,239	–	14.57%	–
SUI	New	SUN CMNTYS INC	$22,160,000	–	172,869	–	13.63%	–
ROIC	New	RETAIL OPPORTUNITY INVTS CORP	$15,279,000	–	891,967	–	9.40%	–
PLD	New	PROLOGIS INC	$13,984,000	–	174,581	–	8.60%	–
KW	New	KENNEDY-WILSON HLDGS INC	$11,005,000	–	535,008	–	6.77%	–
SLG	New	SL GREEN RLTY CORP	$9,324,000	–	116,012	–	5.74%	–
DRE	New	DUKE REALTY CORP	$6,663,000	–	210,798	–	4.10%	–
CPT	New	CAMDEN PPTY TRsh ben int	$1,033,000	–	9,900	–	0.64%	–

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