{"id":1004491534,"date":"2020-11-10T03:30:57","date_gmt":"2020-11-10T11:30:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004491534"},"modified":"2025-02-26T06:19:10","modified_gmt":"2025-02-26T14:19:10","slug":"extra-space-storage-adds-37-properties-to-management-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/extra-space-storage-adds-37-properties-to-management-portfolio\/","title":{"rendered":"Extra Space Storage Adds 37 Properties to Management Portfolio"},"content":{"rendered":"
\"\"<\/a>

Image by Joshua Coleman via Unsplash.com<\/i><\/p><\/div>\n

Extra Space Storage has added 37 properties across the U.S. to its self storage management portfolio after investing $300 million into the recently acquired Jernigan Capital.<\/p>\n

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READ ALSO<\/strong>: Self Storage Enjoys Pricing Power As Americans Continue to Relocate<\/a><\/p>\n

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Extra Space\u2019s $300 million investment in Jernigan\u2019s preferred stock is made up of a $200 million tranche that will yield 10 percent per year and a $100 million tranche that will yield 12 percent annually for a blended yield of 10.7 percent per year. The investment was made in connection with NexPoint Advisors LP\u2019s $900 million acquisition<\/a> of Jernigan Capital in August.<\/p>\n

According to Extra Space, after five years, the preferred dividend increases annually if the investment is not retired by Jernigan Capital and includes prepayment penalties and make-whole provisions if retired early. J.P. Morgan served as the financial advisor to Extra Space, while Latham & Watkins LLP served as the legal counsel in the transaction.<\/p>\n

With the major investment, Extra Space will take over management of 37 storage stores in Jernigan Capital\u2019s portfolio. The storage properties span several states include locations that are branded under CubeSmart, Life Storage, Public Storage and Extra Space Storage. Jeff Norman, Extra Space\u2019s vice president of investor relations and corporate communications, told Commercial Property Executive<\/em> that the company will rebrand all the 37 stores under the Extra Space name.<\/p>\n

Norman also told CPE<\/em> that the properties are newly constructed and don\u2019t currently require much renovation. He added that Extra Space will focus on rebranding the spaces to the company\u2019s color palette and addressing any urgent capex items that are found once the company assumes management.<\/p>\n

Extra space for acquisitions<\/h2>\n

According to Extra Space\u2019s third quarter report, the company owns or operates more than 1,906 self storage stores, equating to 1.4 million units and approximately 147.5 million square feet of rentable space spread throughout 40 states, Washington, D.C. and Puerto Rico as of Sept. 30, 2020.<\/p>\n

Extra Space has also recently grew its portfolio through the acquisition of a 83,270-square-foot self storage property<\/a> in an Opportunity Zone in Tampa, Fla. Extra Space, who was the property manager, acquired the storage facility from a partnership between Flagship Cos. Group and Blue Vista Capital.<\/p>\n","protected":false},"excerpt":{"rendered":"

The company invested $300 million in Jernigan Capital\u2019s preferred stock and will assume management of its assets.<\/p>\n","protected":false},"author":883,"featured_media":1004453812,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,23891,21742,21785],"tags":[35738,43145,33293,49801],"class_list":["post-1004491534","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-national","category-latest","category-property-management","tag-extra-space-storage","tag-j-p-morgan","tag-jernigan-capital","tag-latham-watkins"],"acf":[],"yoast_head":"\nExtra Space Storage Adds 37 Properties to Management Portfolio - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/extra-space-storage-adds-37-properties-to-management-portfolio\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Extra Space Storage Adds 37 Properties to Management Portfolio\" \/>\n<meta property=\"og:description\" content=\"The company invested $300 million in Jernigan Capital\u2019s preferred stock and will assume management of its assets.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/extra-space-storage-adds-37-properties-to-management-portfolio\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-10T11:30:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-26T14:19:10+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/06\/Image-by-Joshua-Coleman-via-Unsplash.com_.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jackson Chen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/extra-space-storage-adds-37-properties-to-management-portfolio\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/extra-space-storage-adds-37-properties-to-management-portfolio\\\/\"},\"author\":{\"name\":\"Jackson Chen\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/8d4607aca26f3427c49fe54ddc82ddf1\"},\"headline\":\"Extra Space Storage Adds 37 Properties to Management Portfolio\",\"datePublished\":\"2020-11-10T11:30:57+00:00\",\"dateModified\":\"2025-02-26T14:19:10+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/extra-space-storage-adds-37-properties-to-management-portfolio\\\/\"},\"wordCount\":381,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/extra-space-storage-adds-37-properties-to-management-portfolio\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2020\\\/06\\\/Image-by-Joshua-Coleman-via-Unsplash.com_.jpg\",\"keywords\":[\"Extra Space Storage\",\"J.P. 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