NEXPOINT DIVERSIFIED REAL ESTATE TRUST (NXDT): debt financing — NexPoint contributes SAFStor JV interests to NSP OC, enters $97.6M guaranty with Extra Space

NEXPOINT DIVERSIFIED REAL ESTATE TRUST

NXP contributed via subsidiary all SAFStor JV interests to NSP OC for 47,064 Class B Units (14.84% of NSP OC Common Units).
NSP OC acquired remaining SAFStor interests from affiliates managed by NXDT's adviser.
NXDT and co-guarantors entered Sponsor Guaranty for Extra Space covering $64.2M in NSP debt.
Guaranty capped at $97.6M; NXDT's max liability approx. $83.8M on a pro rata common-stock basis.
NSP is a private self-storage REIT, 53% owned by NXDT as of Sept 30, 2022.

item 1.01 item 2.03

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.95

NEXPOINT DIVERSIFIED REAL ESTATE TRUST incurred guarantee of approximately $64.2 million with Extra Space Storage LP.

Instrument: guarantee
Principal: approximately $64.2 million
Counterparty: Extra Space Storage LP
Event: incurrence

Exact text from the filing

entered into a Sponsor Guaranty Agreement in favor of Extra Space pursuant to which the Company and the Co-Guarantors guaranteed obligations of NSP with respect to NSP’s newly created Series D Preferred Stock and two promissory notes in an aggregate principal amount of approximately $64.2 million issued to Extra Space.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NEXPOINT DIVERSIFIED REAL ESTATE TRUST entered into Contribution Agreement with NexPoint Storage Partners Operating Company, LLC (effective 2022-12-08).

Action: entry
Agreement: collaboration
Counterparty: NexPoint Storage Partners Operating Company, LLC
Effective: 2022-12-08

Exact text from the filing

On December 8, 2022, NexPoint Diversified Real Estate Trust (the “Company”), through its indirect wholly owned subsidiary NexPoint Real Estate Opportunities, LLC (“NREO”), entered into a Contribution Agreement pursuant to which NREO contributed all of its interests in joint ventures (the “SAFStor Ventures”) with SAFStor NREA GP – I, LLC, SAFStor NREA GP – II, LLC and NREA GP – III, LLC (collectively, the “SAFStor GPs”) to NexPoint Storage Partners Operating Company, LLC (the “NSP OC”) in exchange for 47,064.35 newly created Class B Units of the NSP OC

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Source: SEC EDGAR

accession 0001437749-22-028929

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