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JCAP - Extra Space Storage invests $300M in the acquisition of Jernigan Capital
Jernigan Capital Inc.
Extra Space Storage (EXR) made a $300M investment in preferred stock of Jernigan Capital (JCAP) in connection with the acquisition of JCAP by affiliates of NexPoint Advisors, L.P. Preferred stock investment consists of a $200M tranche, which will yield 10% per annum and a $100M tranche which will yield 12% per annum, for a blended yield of 10.7% per annum.The company will assume management of 37 JCAP stores in connection with the investment.Press release