Business
Jernigan Capital Reports Second Quarter Results
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 ended June 30, 2020.\n\n\nSecond Quarter Highlights include:\n\n\n\nReported $(0.24) loss per share and adjusted earnings per share of $0.04\n\n\n\n\nIncreased the number of wholly owned self-storage facilities on its balance sheet or in its SL1 Joint Venture from 29 to 37 through developer buyouts of eight development property investments including the Jacksonville 3, Raleigh, Louisville 2, Baltimore 1, Minneapolis 1, Minneapolis 2, Minneapolis 3 and Columbia development property investments.\n\n\n\nSubsequent Events include:\n\n\n\nEntered into a definitive merger agreement with an affiliate of NexPoint Advisors, LLC (“NexPoint”), in an all-cash transaction valued at approximately $900 million, including debt and preferred stock to be assumed or refinanced. Under the terms of the merger agreement, holders of JCAP's common stock will receive $17.30 per share in cash. Jernigan Capital's Board of Directors has unanimously approved the transaction.\n\n\n\n\nAcquired 100% of the Class A membership units of the LLCs that own the New York City 2, Orlando 3 and Denver 1 development property investments. With these acquisitions, the Company now wholly owns 40 facilities on its balance sheet or in its SL1 Joint Venture, representing approximately 53% of its total portfolio by net rentable square feet.\n\n\n\n\nReceived repayment of the Boston 3 development property investment totaling $2.9 million, one of the five previously announced forgone investments.\n\n\n\nFinancial Highlights \n\n\nTotal revenues for the quarter ended June 30, 2020 were $11.7 million representing an increase of $0.8 million, or 8%, over total revenues for the quarter ended June 30, 2019. Total interest income from investments for the three months ended June 30, 2020 was $6.8 million, a decrease of approximately $2.3 million, or 26%, from the three months ended June 30, 2019. The decrease is primarily attributable to a decrease in the principal amount of development loans and bridge loans outstanding as a result of the Company’s acquisitions of developer interests in 23 additional self-storage facilities. At the same time, rental revenue was $4.8...