Business
Jernigan Capital Reports Fourth Quarter Results; Introduces 2020 Guidance
MEMPHIS, Tenn.--(BUSINESS WIRE)-- Jernigan Capital, Inc. (NYSE: JCAP), an owner of self-storage facilities and a leading capital partner for self-storage
About this update from Jefferson Capital, Inc.
[{"type":"text","content":" MEMPHIS, Tenn.--(BUSINESS WIRE)--\nJernigan Capital, Inc. (NYSE: JCAP), an owner of self-storage facilities and a leading capital partner for self-storage entrepreneurs nationwide, today announced results for the quarter and year ended December 31, 2019.\n\n\nFourth Quarter Highlights include:\n\n\n\nEarnings per share and adjusted earnings per share of $0.06 and $0.39, respectively.\n\n\n\n\nExecuted a definitive asset purchase agreement with JCAP Advisors, LLC (“the Advisor”), the Company’s external advisor, in which Jernigan Capital Operating Company, LLC (the “Operating Company”), would acquire the business assets and liabilities of the Advisor, thereby internalizing the Advisor (the \"Internalization\").\n\n\n\n\nIncreased to 20 the number of self-storage facilities wholly owned either on balance sheet or in the SL1 Joint Venture through a developer buyout of the self-storage facility underlying the SL1 Joint Venture’s Raleigh development investment.\n\n\n\n\nCommenced leasing of Generation V self-storage facilities underlying four development property investments in which the Company has an aggregate committed investment of $38.7 million, 49.9% profits interests and ROFRs.\n\n\n\nFull-Year 2019 Highlights include:\n\n\n\nEarnings per share and adjusted earnings per share of $1.11 and $2.00, respectively.\n\n\n\n\nIncreased the number of wholly owned self-storage facilities from seven to 20 through developer buyouts of seven development property investments and five self-storage facilities underlying the Company’s Miami bridge portfolio, as well as the acquisition of the interests in the entity that owned the property underlying the Company’s Miami construction loan.\n\n\n\n\nOriginated six on-balance sheet development property investments for an aggregate committed investment of $87.9 million.\n\n\n\n\nCommenced leasing of 16 additional Generation V self-storage development properties in which the Company has an aggregate committed investment of $169.2 million.\n\n\n\nSubsequent Events include:\n\n\n\nPurchased 100% of the Class A membership units of the LLCs that own Fort Lauderdale, Boston 2, Atlanta 4, Atlanta 6, Atlanta 5, Atlanta 3, Charlotte 2, Knoxville, and Louisville 1 development property investments.\n\n\n\n\nClosed the Internalization of the Company’s Advisor upon stockholder approval on February 20, 2020.\n\n...