Company News

Jul 8, 2010

Update on Storage Capital Inc.

SCI recently closed a deal that provided capital for a 25,000 sq. ft. development for one of Canada’s larger operators. The development is to be located in Eastern Canada and will be a traditional drive up self-storage facility. SCI anticipates funding the next several phases of development for this particular project.

SCI is also currently working on a handful of deals that look to provide fresh capital for existing operators.

For more information please contact Michael Foy at

Jun 8, 2010

Latest Self-Storage Transactions

Spring brought the warm weather and two closing in Southwestern Ontario for Foy & Company. We closed the first deal in May 2010, selling a 26,000 sq. ft. facility plus several acres of excess land that is currently utilized for vehicle parking. This facility was sold to a portable storage company.

We closed the second deal in June 2010, selling a 25,000 sq. ft. facility with excess land to an individual investor.

For more information please call Michael Foy at 416.966.3800.

Sep 1, 2009

Self-Storage Canada Magazine

Over the past year Foy & Company has researched and submitted various articles for MiniCo, Inc.’s “Self-Storage Canada” publication. The topic of focus has primarily surrounded the uncertainty of the economy and its impact on self-storage, as well as a feature on property tax assessment in the self-storage industry.

For more information please take a look. You can find these articles under our publication section at

These articles are provided courtesy of Foy & Compnay with the permission of Mini-Storage Messenger magazine. © MiniCo, Inc. All Rights Reserved. It is not intended for further reproduction/distribution without the exclusive permission of MiniCo, Inc.
For more information please visit

Jul 16, 2009

Introducing Storage Capital Inc.!

Michael Foy is pleased to announce the commencement of his newest endeavor, Storage Capital Inc. Storage Capital Inc. is Canada’s only exclusive storage lender providing informed and strategic self-storage investment solutions. For more information contact Michael Foy at

Mar 15, 2009

Latest Self-Storage Transaction

On March 2nd, 2009 we closed on a facility in Winnipeg, Manitoba.
The 45, 000 sq. ft. facility was bought by StorageVault Inc.
The facility is located on a high traffic street, across from a new Ikea build. It has several acres of excess land currently used for R.V. Parking.

This is the first self-storage transaction to happen in Manitoba this year.

Dec 1, 2008

Self-Storage Financing: What lies ahead...

Lending has slowed down for Self-Storage, and it is about to get worse.
Big banks are pulling out. Many of the lending institutions that owners and operators have relied on are backing out of the industry. This means that as mortgages reach their renewal date money may not be available.

Many of the large lending institutions that have supported self-storage are not going to be extending or renewing mortgages. Owners with mortgages coming due in the near term may have to start rethinking their game plan. Finding financing is going to be more difficult, and may put some owners in a position where they have to come up with additional capital to replace all or some of their financing. If they cannot find the capital they may be forced to sell.

Some of the big self-storage institutions and portfolios will still be able to acquire financing however it will not come without added costs. An example of the impending pressure of refinancing is Instorage’s recent mortgage renewal deal. The company recently had to refinance a 29.2 million dollar loan on which they had previously been paying under 6 % interest. In the renewal the company was only able to secure 25 million dollars at a 9.65 % interest rate for three years. This means that in addition to paying an increase of approximately 4% interest, it also had to come up with 4.2 million dollars in equity. They are now paying approximately 650, 000 more interest annually for less money. If these sites were 100% occupied, Instorage would have to increase there rents by $2.65 psf to maintain there bottom line.

Instorage’s refinancing provides a good sneak peak at what may be in store for many owners in the near future. Looking at the number of mortgages that may be coming up for renewal the prospects are astonishing. Let’s say that Canadian Self-Storage is a 5 billion dollar industry, and 50% of that is leveraged, and that most mortgages are 5-year loans. This would mean that 500 million dollars will be coming to term in the next year. If we do not have the resources to renew 500 million dollars, the industry will see a portion of that amount hitting the market in one year. The most the Canadian market has historically seen exchanged in a year is 300 – 350 million dollars, 65% of which was probably financed.

The potential impact is staggering and it is indeed a situation owners and operators need to be aware of and be thinking or planning for. It will not be a devastating situation for everyone. In market down turns there are always interesting opportunities that arise. This is a situation in which a few may benefit. Either way, it is important to understand and know what may lie ahead, and to plan accordingly.

Sep 19, 2008

Speech Notes From The Halifax CSSA Conference

Micheal's notes on his speech presented at the Halifax CSSA Conference are now available under our publications section.

His speech addressed the Canadian Self-Storage Industry during the last two years which include the recent economic uncertainty.

Please click on the Publications Section to read more.

Jul 9, 2008

Recent Transactions

On July 7th we closed on a facility in Southwestern Ontario. The 33, 500 square foot facility was bought by an Ontario moving company. The company bought the facility because of its’ fit with their portfolio, and will be updating and upgrading the office of their new acquisition.

This is the second self-storage transaction to happen in Ontario this year, the other taking place in Ottawa. Foy & Company facilitated both deals.

Jun 16, 2008

CSSA Conference - Halifax

Michael Foy will be the keynote speaker at the CSSA Eastern Canadian conference being held in Halifax, July 25th, 2008

Jun 16, 2008

New Website News

Welcome to our new website! We are excited to now be able to interact with our clients online.

Our website will provide you with all the latest News on
Foy & Company, and the industry.

Website Sections:

Company news will be available in the 'News" section.

Our Blog will provide you with the most recent industry news.

You will be able to access our National Self-Storage Review in this section.

The properties section will show you our most recent transactions.

The Links section will provide addition industry links.


Foy & Company