There are said to be at least a half dozen real estate investment trust initial public offerings getting ready to hit Canadian markets, and the managers at top-performing real estate hedge fund Vision Capital aren’t very keen on what is coming.

It’s not that Vision’s principals are not bullish on real estate – they are. They just don’t like much of what is on offer as investment bankers hunt about for companies to take public, feeding a market that swallows new REIT IPOs like a contestant at the Coney Island hot dog eating contest scarfs tube steaks.