TMCnet News
Jernigan Capital Announces Acquisition of Developers' Interests in Six Properties and Other Business UpdatesJernigan Capital, Inc. (NYSE: JCAP) (the "Company") announced today that it has acquired the membership interests of its developer partners in the five self-storage facilities underlying its Miami bridge portfolio as well as its Jacksonville 2 development investment. These six properties are all Gen-V, multi-story facilities with a combined 437,343 net rentable square feet, located in strong submarkets in the Miami and Jacksonville MSAs. The current weighted average physical occupancy of the facilities is 73.6%, exceeding the Company's average pro-forma physical occupancy at this stage of lease-up. The properties are branded and managed by CubeSmart. With these acquisitions, the Company, either alone or with its joint venture partner, has now acquired full ownership of 19 development projects financed this cycle. These six acquisitions, along with the Company's previously disclosed 2019 acquisitions and development commitments, bring the Company's aggregate year-to-date investment commitments to over $100 million, exceeding the midpoint of the Company's investment guidance range. "We are excited to add six additional properties into our high-quality portfolio of recently delivered self-storage facilities in top MSAs," said John Good, Chief Executive Officer of the Company. "Our 14 properties in the Miami MSA, six wholly owned and another eight in our development investment program, give us a strong footprint in one of the nation's largest and fastest growing gateway markets. These acquisitions continue the execution of our strategy to create value for our shareholders through long-term ownership of exceptionally located, high quality, current generation self-storage assets at attractive investment yields." PROPERTY ACQUISITION DETAILS
About Jernigan Capital, Inc. Jernigan Capital is a New York Stock Exchange-listed real estate investment trust (NYSE: JCAP) that provides debt and equity capital to private developers, owners and operators of self-storage facilities with a view to eventual outright ownership of facilities we finance. Our mission is to maximize shareholder value by accumulating a multi-billion-dollar investment portfolio consisting of the newest, most attractive and best located self-storage facilities in the United States through a talented and experienced team demonstrating the highest levels of integrity, dedication, excellence and community. Forward-Looking Statements This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. The ultimate occurrence of events and results referenced in these forward-looking statements is subject to known and unknown risks and uncertainties, many of which are beyond our control. These forward-looking statements are based upon the Company's present intentions and expectations, but the events and results referenced in these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For a discussion of these and other risks facing our business, see the information under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2018, and those set forth in the Company's other reports and information filed with the Securities and Exchange Commission ("SEC (News - Alert)"), which are accessible on the SEC's website at www.sec.gov. View source version on businesswire.com: https://www.businesswire.com/news/home/20190917006071/en/ |
