Latham & Watkins Advises Extra Space Storage Inc. In $300 Million Preferred Equity Investment in Jernigan Capital, Inc.
Extra Space Storage Inc., a leading owner and operator of self-storage properties, announced 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. 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.
Latham & Watkins LLP represented Extra Space Storage in the transaction with a corporate team lead by San Diego partner Craig Garner, New York partner Stelios Saffos and New York counsel Ryan deFord with associates Jeff Woodley and Andrew Blumenthal. Advice was also provided on tax matters by Los Angeles partners Pardis Zomorodi and Eric Cho with associate Janet Hsu; on environmental matters by Orange County partner Chris Norton with associate Laura Glickman; on investment fund matters by Chicago partner Nabil Sabki and counsel Laura Ferrell; and on real estate matters by associates Zonia Medina and Euna Park.