Tuesday, January 19States Top Leading News (STL.News)

Tag: jernigan capital

Extra Space Storage Makes $300 M Investment in Jernigan Capital
Business

Extra Space Storage Makes $300 M Investment in Jernigan Capital

SALT LAKE CITY, UT (STL.News) Extra Space Storage Inc. ("Extra Space" or the "Company") (NYSE: EXR), a leading owner and operator of self-storage properties, announced today it made a $300 million investment in preferred stock of Jernigan Capital, Inc. ("JCAP") in connection with the acquisition of JCAP by affiliates of NexPoint Advisors, L.P.  The previously announced acquisition was approved by JCAP stockholders on October 26, 2020, and closed on Friday, November 6, 2020. Extra Space's preferred stock investment consists of a $200 million tranche, which will yield 10% per annum and a $100 million tranche which will yield 12% per annum, for a blended yield of 10.7% per annum.  After five years, the preferred dividend increases annually if the investment is not retired by JCAP and include...