Extra Space Storage (EXR) announces $300 million preferred investment in Jernigan Capital.

Extra Space Storage (EXR) announced today that is has made a $300 million preferred stock investment in Jernigan Capital (JCAP) in connection with JCAP's recent privatization by NexPoint Advisors, L.P.  EXR's preferred stock investment is said to include a $200 million tranche yielding 10% and a $100 million tranche yielding 12%.  EXR will also assume property management of the 37 JCAP stores.

Founded in 1977, Extra Space Storage Inc. (EXR) is the second-largest owner/manager of self storage properties in the U.S. As of September 30, 2020, the company's portfolio totaled 1,906 properties in 40 states and the District of Columbia, including 247 properties held in joint ventures and 718 properties managed on a fee basis for third parties. Extra Space Storage is a member of the S&P 500 and has a total market capitalization of approximately $19.9 billion.


11/09/2020