Mission Critical: A Sale Leaseback Podcast By Ascension: Recent Episodes
Ascension
Mission Critical: A Sale Leaseback Podcast - We share the latest in sale leaseback advice from the best in the game, to keep you at the cutting edge of the hottest emerging practice in corporate real estate.
In this episode, Tom Jonsson sits down with Christopher Mertlitz, Managing Director & Head of European Investments at W. P Carey, to discuss their long-term success story in sales leaseback transactions over the past five decades.
Christopher’s impressive portfolio proves just how legitimately knowledgeable and trustworthy he is; his career at W. P Carey started in 2011, rising through the ranks to his current position as Head of European Investments. He has a Masters in Engineering, Economics and Management from Oxford University.
Together, Tom and Christopher explore an array of topics: the W. P Carey success story; the significance of credit underwriting; sales leaseback; and distinctions between the commercial real estate markets of North America and Europe. They also outline the relevance of ESG (Environmental, Social, and Governance) considerations in the real estate industry.Mission Critical is handcrafted by our friends over at: fame.so
This episode with Logan Carbonari, a senior associate at Ascension who specializes in the convenience and gas station sale leaseback space, looks at the fragmentation of the US convenience store market and how all operators, from big private equity backed businesses to small mom and pops, can leverage a number of different tactics to grow or sustain their business in this competitive rising rate market.
Private equity firms are also focused on growth through acquisition and development in order to dominate certain markets. The challenges facing gas station owners were discussed, such as electric vehicles, labor costs, and inflation. Logan suggested a sale leaseback as an effective way to raise capital due to the bonus depreciation benefit which allows for 80% depreciation in year one.
The 2017 Tax Cuts and Jobs Act included language related to bonus depreciation which has been an attractive tax strategy for high net worth individuals looking to offset passive income. Despite the drop in transaction volume across many product types in Q4 of 2020, there was no slowdown seen in the gas station space due to these benefits.
The conversation concluded with a discussion of the current trends in the gas station industry including typical leverage used in deals and how operators need to reassess their underwriting due to low interest rates. This podcast discussed the current state of gas station operators and their exit strategies.
Logan believes that demand for gas stations will remain strong due to their tax benefits, but operators should be aware that mid-to-high six cap rates are no longer realistic exit strategies.Mission Critical is handcrafted by our friends over at: fame.so
In this episode, Tom is joined by Ned Hennessey, Ascension's VP of Automotive, a specialist in auto dealerships and capital maximisation.
Together, Ned and Tom discuss the specific difficulties faced by the automotive industry, such as recent consolidation, manufacturer pressure, and the advent of electric automobiles.
To avoid being threatened by manufacturers, Ned recommends scaling up into the integral component of car business operations. Ned also delves into the current state of the car market, with an emphasis on used cars, and how sale leasebacks within this industry will maximise your capital and equity by growing in the most efficient places.Mission Critical is handcrafted by our friends over at: fame.so
The Intricacies of Sale Leasebacks in Healthcare with Collin Hart, CEO and Managing Director at ERE Healthcare Real Estate Advisors
In this episode, Tom is joined by Collin Hart, CEO and Managing Director of ERE Healthcare Real Estate Advisors, a highly specialized real estate firm situated in the US. With over fifteen years of experience in healthcare real estate and equity, he leads the company’s strategy to provide executive-level advisory services to owners of healthcare real estate.
They discuss medical real estate transactions, touching on topics such as sale-leasebacks, cost of capital, succession plans, lease restructuring, and more. He also provides insights into private equity in the medical industry and how it serves as a conduit between the physician and institutional worlds.Mission Critical is handcrafted by our friends over at: fame.so
In this episode, Tom Jonsson sits with Iani Alecsiu - Principal & Operating Partner at Broadtree Partners - to discuss Broadtree’s approach when acquiring companies. Iani holds a wealth of knowledge, with a portfolio to prove it. Her career has seen her as the CEO and Founder of Bossy, an Equity Researcher at MoffettNathanson LLC, an Associate at Evercore, and a Sector Specialist at Morgan Stanley. She has a Master of Business Administration (MBA) from Harvard Business School and a Bachelor in Economics/German Literature & Cultural history from Columbia University.
Together, Tom and Iani cover detailed topics ranging from the conservative approach of Broadtree Partners, why they are unique, their operator model, sales leaseback, real estate opportunities, and how to explore these opportunities in both a recessive and post-recessive economy.
This episode features an in-depth conversation about the grocery retail industry in the UK with host of the show Tom Jonsson, and his guest Tom Edson, a founding partner of Font Real Estate. Font Real Estate is one of the many boutique real estate firms.
Tom and his partner niched down the firm to focus on leasing development and the capital market, which generated a transaction volume of over four billion pounds over the last five years.
They discuss Tom Edson's vast experience in the sales leaseback sector, corporate real estate, and out-of-town retail specialization. They dive into the challenges and opportunities of grocery stores in the UK, how Bond Real Estate adds value to their client, Tom’s decision to start his business during COVID, the general impact of COVID on the grocery retail industry, and much more.
Chelsea Mandel, Co-Founder & Managing Director at Ascension, joins us to share her thoughts on the purpose of Ascension’s Private Equity division, and the cost of capital in a sale-leaseback.
Dalton Potts, Principal at NRD Capital, joins us to share his thoughts on running a franchising business, the real estate component of franchising, and sale-leaseback in real estate.