Extra Space Announces Preferred Stock Investment In Jernigan Capital - Quick Facts

(RTTNews) - Extra Space Storage Inc. (EXR) has made a $300 million investment in preferred stock of Jernigan Capital, Inc. in connection with the acquisition of JCAP by affiliates of NexPoint Advisors, L.P. The 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.

Joe Margolis, CEO of Extra Space, said: "We are excited to add 37 newly built, high-quality storage assets to our platform, and more importantly to begin new relationships with NexPoint and the JCAP management team."