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Jernigan Capital Announces Acquisition of Developers’ Interests in Seven Properties
-Further Executes Long-Term Strategy to Wholly Own JCAP-Financed Development Projects- MEMPHIS, Tenn.--(BUSINESS WIRE)-- Jernigan Capital, Inc. (NYSE: JCAP)
About this update from Jefferson Capital, Inc.
[{"type":"text","content":"\n-Further Executes Long-Term Strategy to Wholly Own JCAP-Financed Development Projects-\n\n MEMPHIS, Tenn.--(BUSINESS WIRE)--\nJernigan Capital, Inc. (NYSE: JCAP) (the “Company”) announced today that it has acquired the membership interests of its developer partners in six development investments on its balance sheet, including Atlanta 5, Atlanta 6, Atlanta 7, Charlotte 2, Knoxville, and Louisville 1. Additionally, in November, the SL1 Venture in which the Company has a 10% interest, purchased the membership units of the LLC that owned the Raleigh development. These seven properties are all Generation V, multi-story facilities with a combined 540,222 net of rentable square feet. The current weighted average physical occupancy of the facilities is 39.2%. Each of the properties is branded and managed by CubeSmart.\n\n\nWith these acquisitions, the Company, either alone or with its joint venture partner, has now acquired full ownership of 26 development projects financed this cycle, representing 32.5% of the net rentable square feet in the Company’s investment portfolio.\n\n\n“We are excited to assume full ownership of these properties within our high-quality portfolio of recently delivered self-storage facilities in top MSAs,” said John Good, Chief Executive Officer of the Company. “Our eight properties in the Atlanta MSA, six wholly owned and another two in our development investment portfolio, 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.”\n\n\nPORTFOLIO ACQUISITION DETAILS\n\n\n\n\n \n\n\n\nSix On Balance Sheet\n\n\n\nOne SL1 Joint Venture\n\n\n\n\n\nC/O Date/Range\n\n\n\n8/15/2018-8/6/2019\n\n\n\n6/8/2018\n\n\n\n\n\nAverage Time Open\n\n\n\n14 months\n\n\n\n20 months\n\n\n\n\n\nAcquisition Date\n\n\n\n2/10/2020\n\n\n\n11/7/2019\n\n\n\n\n\nMSA\n\n\n\nAtlanta\nCharlotte\nKnoxville\nLouisville\n\n\n\nRaleigh\n\n\n\n\n\nManagement Company\n\n\n\nCubeSmart\n\n\n\nCubeSmart\n\n\n\n\n\nPhysical Occupancy (2/10/2020)\n\n\n\n36.98%\n\n\n\n55.86%\n\n\n\n\n\nNumber of Units\n\n\n\n5,294\n\n\n\n739\n\n\n\n\n\nNet Rentable SQFT\n\n\n\n476,114\n\n\n\n64,108\n\n...