What s in Store! SUCCESSFUL REAL ESTATE & FINANCE SUMMIT HELD AT UNION LEAGUE CLUB, NYC

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1 What s in Store! Volume XVII, No. 1 - July 2013 A publication of the NYSSA SUCCESSFUL REAL ESTATE & FINANCE SUMMIT HELD AT UNION LEAGUE CLUB, NYC Pictured left to right: Nick Malagisi, Marc Slayton, Rich Monteforte and Frank Relf. The New York Self Storage Association recently hosted a Real Estate and Finance Summit at the Union League Club in NYC to an audience of 100 attendees & participants. It had been 5 years since the organition last hosted this event, which is sure to become an anual affair once again under the able and enthusiastic stewardship of NYSSA President, Matthew Powers. The day long program started with Neal Gussis of CCM Commercial Mortgage moderating a panel of finance experts that focused on the current market lending conditions which included: Matt Bertram, Principal at Prudential Mortgage Capital Company, Chris Kosonen, Executive Director in JP Morgan s Securitized Products Group; and David Garcia, Senior Vice President of Oritani Bank. The keynote speakers during lunch were representatives from REIS [Real Estate Information Services]. Eric Martinez, REIS Director of Custom Research & Advisory Services, and Victor Calanog, REIS Vice President of Research & Economics, presented an overview of the REIS self storage market analysis and it s benefits to industry participation in their information survey on behalf of their partnership with the national Self Storage Association. The afternoon sessions were divided between the acquisition and development sectors with a focus on the Metro NYC area market. Matt Powers introduced Nick Malagisi, National Director of Self Storage for Sperry Van Ness, who moderated both panels. The development panel consisted of architect, Frank Relf and representatives from American Self Storage, Richard Monteforte, and Post Management Self-Storage, Marc Slayton. The discussion centered around development issues particular to the New York self storage industry such as the dynamics of the NYC building code for developers of both new construction and conversions. The star studded acquisitions panel featured the real estate representatives from two of the four Self Storage REITs [real estate investment trusts], Zack Dickens from Extra Space Storage and Jonathan Perry from CubeSmart; NYC based WP Carey was represented by Elizabeth Raun Schlesinger; Compass Self Storage was represented by industry veteran, Todd Amsdell and Jones Lang LaSalle Brokerage was represented by Managing Director Pete Williams. Sponsors for the event were Betco, The Corvus Group, Cushman & Wakefield, Janus International, LC Realty, Phone Smart & Trachte Building Systems. Many thanks to ALL attendees! Pictured left to right: Todd Amsdell, Elizabeth Raun Schlesinger, Pete Williams, Jonathan Perry and Zachary Dickens. 1

2 Member Support Association staff is always available to supply members with research and referral information for specific problems. We can also put you in contact with those considered experts in your area of concern. We are always interested in your thoughts, ideas and feedback! Group - New York Self Storage Association What s in Store! July Volume XVII, No. 1 What s in Store! is produced by the New York Self Storage Assn. (NYSSA) as a service to its members and the self storage industry. It is distributed by NYSSA on a quarterly basis. We welcome all comments and articles of interest. You may contact NYSSA at: 22 Clinton Ave., 3 rd Flr, Albany, NY 12207; Tel: ; info@nyselfstorage.org; Website: 2

3 WE RE LOOKING FORWARD TO YOUR PRESENCE AT OUR UPCOMING GRASSROOTS SEMINAR ON THURSDAY, JULY 18, 2013! TIME & PLACE P Date: Thursday, July 18, 2013 Time: 10:00 am - 2:00 pm (Lunch included) COST: The only form of payment accepted is check or cash PRE-REGISTRATION IS REQUIRED! Place: Belhurst Castle, 4069 Route 14S, Geneva, NY Hotel Tel: Website: CHECK OUT THESE HOT TOPICS OPICS!!! Value of a Real Estate Tax Appeal with Megan Dorritie of Harter Secrest & Emery LLP and Nick Malagisi, National Director of Self Storage-Sperry Van Ness Commercial Realty Auctions with Russ Scherrer, Auctions International Social Media Marketing with Patrick Lane, Syrasoft Management Software Legal with Pat Quigley, Harter Secrest & Emery LLP Network with others in the self storage industry! Please plan on attending and participating by contacting Lisa via (lherbst@nyselfstorage.org) or fax ( ) to register. DIRECTIONS: NYS THRUWAY TO EXIT 42, TAKE 14 SOUTH FOR 8 MILES, THROUGH GENEVA, BELHURST CASTLE ON THE LEFT g{tç~á àé bâü fñéçáéü4 Registration form on page 4! SAVE THE DATE! Annual Convention - October 16-17, 2013 Watch for more details! 3

4 Update from the Hill: The NYS Legislature just wrapped up its 2013 session on the morning of June 22 nd. The NYSSA team had been actively monitoring events and developments that took place at our State Capitol this session, and were on the scene right to the end. While we work year round to ensure that our industry is protected from any unwanted taxes or regulations, it is during the legislative session that bills get passed that can, for better or worse, impact our industry. And so as your representatives we must be vigilant for any last minute pieces of legislation that could pop up. President Matt Powers and Legislative Director Jose Paulino had a daily presence on the Hill and worked hard to ensure that our industry remained out of harm s way. The following is a recap of some of the bigger issues that were taken up by our state legislators this year. The 2013 session started of with a bang with the passage of the NY SAFE act in January. That early session legislation was followed by an on time April 1 st budget, which did not include any new tax hikes or fees LEGISLATIVE UPDATE Legislation was passed to increase the state s minimum wage from 7.25 to 9.00 over the next three years. The Legislature oversaw reforms to the State s worker s compensation and unemployment insurance laws. The final days of session saw enactment of the new economic development package Start-Up NY, which seeks to provide incentives for new companies that work with upstate colleges and also passage of the upstate casino authorization bill, which if approved by the public in November would allow for 4 casinos to be built in the Catskills, Capital Region and Southern Tier areas of the State. State leaders also signed off on a one time 350 credit to every family in NY. Please feel free to contact NYSSA with any political or governmental questions you may have. We can assist you with questions or concerns you have about politics, legislators or legislation, whether it is on the local, state, or federal level. Call us anytime! Legislative alerts are available to all members via . If you would like to be added to the list, please contact us at: info@nyselfstorage.org GRASSROOTS SEMINAR - JULY 18, 2013 Registration: 40/person Walk-ins will be charged 40/person Company Name: Street Address: City: State / Zip: Telephone: Website: All fees are per person and registration form must be accompanied by payment. Name(s) of Person(s) Attending. Amount Due: TOTAL DUE: Please make checks payable to NYSSA and mail to: NYSSA 22 Clinton Ave., 3rd Floor Albany, NY Refund/Cancellation Policy: No refunds will be issued for any registration cancellations at any time. Payment of registration confirms that you have read, understood, agree and will comply with the published registration cancellation policy. Non-attending registrants are liable for the full registration fee. Someone may be substituted for a registrant without an additional charge. Notify NYSSA in writing, fax or to inform us of the change. 4

5 REAL ESTATE & FINANCE SUMMIT - FEATURED PANELISTS Todd Amsdell - Amsdell Group: Over 25 years of experience in the self-storage industry. Serves as President and CEO of the Amsdell group of companies, and is responsible for overseeing the executive management operations of all of self-storage, office and industrial real estate properties across the country. Mr. Amsdell served as COO of U-Store-It Trust (now Cubesmart Trust) from its initial public offering in Oct 2004 until Feb 2007, and was directly responsible for the property management operations of over 400+ U-Store-It s facilities across the country. Prior to becoming COO of U-Store-It Trust, Mr. Amsdell served as President of U-Store-It Mini-Warehouse Co. Matt Bertram - Prudential Mortgage Capital Company: Principal with a focus on loan origination in the Northeastern and Midwestern US. Responsible for the origination of over 100 conventional, bridge and construction/perm transactions across all asset classes including over 500 million in Agency Debt, 4 billion in portfolio loans, and 500 million in CMBS transactions. Matt has been responsible for PMCC s pipeline of New Market Tax Credit transactions. Prudential Mortgage Capital Company is a national full-service, commercial, multifamily and agricultural mortgage finance business. Zachary Dickens - Extra Space Storage: Director of Real Estate for Extra Space Storage. He has been with Extra Space since 2002 and has closed on more than 3.5 billion in self-storage transactions. Zach s background in deal flow allows for finding unique solutions to sellers needs that may be aided with the use of earn-outs, an operating partnership unit transaction, or a plain-vanilla, all-cash purchase option. Prior to coming to Extra Space Storage, Zach worked for ebay and Starwood Hotels. He has an MBA from Arizona State University and a Masters of International Management from Thunderbird. David Garcia - Oritani Bank: Senior Vice President of Oritani Bank, created a platform for efficient execution of the business plan including sizing models, underwriting protocol, credit memo format and closing regime to accommodate loans up to statutory limits of 30MM. Established the Bank s profile among recognized commercial real estate market participants, and has on-going portfolio management responsibilities. Mr. Garcia received an MBA from Fairleigh Dickinson University. He has over 20 years experience in the banking industry and is a member of the NY Mortgage Bankers Association and the Real Estate Lenders Association. Neal Gussis Corvus Group: Managing director of Chicago-based Capital Markets group and is responsible for business development, client relations and transactional structuring. A 25-year commercial real estate finance industry veteran, Neal has been involved in securing more than 1 billion in debt for commercial properties during his career. Neal previously was a principal at Beacon Realty Capital, a mortgage brokerage and advisory firm, where he was on the executive committee and managed its self storage finance group. A certified public accountant, Neal earned a bachelor s degree in accountancy from Indiana University. Chris Kosonen - J.P. Morgan: Executive Director in J.P. Morgan s Securitized Products Group and is responsible for the origination, underwriting, structuring and execution of non-recourse fixed and floating rate loans (first mortgage and subordinate debt) secured by commercial real estate. Prior to J.P Morgan, he was a Vice President at Starwood Capital Group where he focused on making debt investments for Starwood Property Trust, Inc., which is a publicly traded mortgage REIT that is externally managed and advised by Starwood Capital Group. Mr. Kosonen received his Bachelor of Science in Finance, magna cum laude, from Villanova University and his Master of Science in Real Estate Development with honors from Columbia University. Nicholas Malagisi Sperry Van Ness Commercial Real Estate Advisors: National Director of self storage and Senior Advisor, specializing in the purchase and disposition of self storage properties, primarily in the Northeast US. Began his self storage career with Public Storage, where he was responsible for site acquisition & development of new properties and acquisition of existing storage properties throughout the northeast US. Malagisi earned his B.S. degree from Syracuse Univ. and the Whitman School of Management. He is a licensed real estate broker in NYS and a long-standing member of NYSSA and the National Self Storage Association. Richard Monteforte - American Self Storage: Chief Operating / Financial Officer for American Self Storage which operates (15) stores in the New Jersey/New York metropolitan area. Formerly the President and Chief Operations and Financial Officer for Treasure Island Self-Storage, he opened and operated (11) facilities in the tri-state area as well as consulting on (12) ground up and renovation projects locally. All projects were financed using Conventional, Conduit and CMBS sources. Mr. Monteforte developed, built and managed over (38) self storage properties in his (13) year self-storage career. Jonathan Perry - CubeSmart: Jonathan Perry joined CubeSmart in 2008 and is responsible for executing the Company s external growth initiatives. Since joining the company, he has been the lead on more than 1.4B in selfstorage transactions. Previously, Jonathan served as Vice President, Asset Management. Prior to CubeSmart, he was a partner in a private self-storage venture that acquired, operated, and ultimately disposed of self-storage facilities in multiple markets across the United States including New York. From 1998 to April 2004 he worked in various finance and real estate related roles at Storage USA (NYSE: SUS) and its successor GE Capital Real Estate. 5

6 REAL ESTATE & FINANCE SUMMIT - FEATURED PANELISTS Marc Slayton - Post Management Self-Storage: President and Owner, a company he started 17 years ago under the name Storage Post. The keys to Post s success in a challenging market have been its knowledge of local markets, experience and track record in the approval and building process and ability to create opportunity through mixed-use development. Post Management Self Storage s current focus is continued growth as a successful selfstorage development company concentrating on the urban markets of Metro New York. All properties are modern and climate-controlled. Several facilities include storage for specialized items. Elizabeth Raun Schlesinger - W.P. Carey: joined W.P. Carey s Investment Department in 2005, began working on the self-storage team in late 2006 and was promoted to Executive Director in Prior to W.P. Carey, she spent four years as an Associate in the Private Equity Group at Brown Brothers Harriman where she was responsible for sourcing, executing and monitoring investments for the 1818 funds. Ms. Raun graduated Phi Beta Kappa and summa cum laude from the University of Pennsylvania and received her M.B. A. from Harvard Business School. Pete Williams - Jones Lang LaSalle: Managing Director, he has been involved in well over 1.0 billion in self storage property transactions throughout his career, including operation and management of approximately 120 million of those assets. Mr. Williams was founder and CEO of Premier Storage Solutions, a vertically integrated owner, developer and manager of self storage facilities. The company acted as a consultant in the development, management and disposition of projects for Storage USA and Extra Space Storage as well as numerous individual clients. Mr. Williams served as Senior VP and Chief Acquisitions Officer for Storage USA and Extra Space Storage. SPECIAL GUEST SPEAKERS Eric Martinez - REIS: Director of Custom Research & Advisory Services. Eric has been with REIS since 2009, managing the firm s custom solutions business which includes the Self Storage data consortium, channel alliances with strategic partners, debt analytics and stress testing solutions and portfolio valuations. Prior to REIS, Eric worked for Fitch Ratings, Booz Allen & Hamilton and the US Department of State. Eric has a BA from George Washington University and a MIA from Columbia University. Victor Calanog - REIS: is Vice President of Research and Economics at Reis. He and his team of economists and analysts are responsible for the firm s market forecasting, valuation, and real estate portfolio analytics services. Dr. Calanog s research has received awards and fellowship support from several institutions, including the Ford Foundation, the Russell Sage Foundation and the Penn Lauder Center for International Business Research. 228 Commerce Blvd. Statesville, NC Tel: Web: Ave of the Americas, 9 th Fl New York, NY 10104, USA Tel: Fax: Web: Janus International Blvd. P.O. Box 567 Temple, GA Tel: Fax: Web: Route 28 North Branch, NJ Tel: Web: P.O. Box U Columbia, Missouri Tel: Fax: Web: Wilburn Road Sun Prairie, WI Tel: Fax: Web: 6

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