$750 Million in CMBS Financing from Citigroup and JPMorgan and $75 Million in Series F Preferred Equity raised through Raymond James Among Key Transactions

DALLAS, Jan. 2, 2025 /PRNewswire/ -- NexPoint, a multibillion-dollar alternative investment firm, today highlighted significant refinancing transactions for NexPoint Storage Partners, Inc. ("NexPoint Storage") completed in 2024. Major transactions over the past 12 months1 include $750 million in CMBS financing co-managed by Citigroup and JPMorgan, and an additional $75 million private placement of Series F Preferred Equity through Raymond James.

The transactions fully refinanced NexPoint Storage's existing debt across its entire self-storage portfolio, which includes 61 self-storage facilities across 21 states, fixing the interest/dividend rate and extending maturities to 2029. This strategic balance sheet repositioning significantly enhances free cash flow as properties near stabilization, reduces annual interest expenses by $9 million and positions the company for future growth.

"These transactions highlight our team's ability to nimbly navigate markets and underscore the exceptional quality and performance that our investors and stakeholders are realizing from our world-class self-storage portfolio," said John Good, Chief Executive Officer of NexPoint Storage Partners. "NexPoint Storage enters 2025 with positive momentum that positions us to pursue strategic initiatives."

Managed by Extra Space Storage, NexPoint Storage's portfolio encompasses 4.9 million square feet2 of rentable space and boasts a 92.1%3 occupancy rate. These are concentrated in high-growth, densely populated markets.

The refinancing transactions not only enhance NexPoint Storage's financial flexibility but also position the company to capitalize on future opportunities. By improving free cash flow and reducing interest expenses, NexPoint Storage can pursue additional investments and strategic growth initiatives while maintaining a strong balance sheet into 2025, when self-storage fundamentals are expected to improve, and new supply is expected to remain muted.

About NexPoint
NexPoint is a multibillion-dollar alternative investment firm based in Dallas, Texas. The firm is structured around three major business areas: real estate, corporate credit and equities, and insurance solutions. NexPoint's businesses span asset classes, industries, and strategies, providing the flexibility to invest across capital structures and market environments. Serving a diverse client base, NexPoint's investment strategies are offered in a range of vehicles and fund structures, including mutual funds, public and private REITs, tax-advantaged vehicles, private funds, and separate accounts. For more information, visit nexpoint.com.

About NexPoint Storage Partners

NexPoint Storage is a real estate investment platform that specializes in the self-storage sector. A product of NexPoint's 2020 acquisition of Jernigan Capital, NexPoint Storage invests in newly built, multi-story, climate-controlled, Class-A self-storage facilities—known as "Generation V" facilities—located in dense and growing markets throughout the U.S. NexPoint Storage acquires and selectively develops GenV self-storage facilities. The platform leverages resources and expertise across NexPoint, especially in the areas of real estate financing, product strategy, and distribution. For more information, visit nexpointstorage.com.

Contacts

Investor Relations
Kristen Griffith
[email protected]

Media Relations
Prosek Partners for NexPoint
[email protected]

SOURCE NexPoint