MEMPHIS, Tenn.--(BUSINESS WIRE)-- Jernigan Capital, Inc. (NYSE: JCAP) (the “Company”) announced today that it has acquired the membership interests of its developer partners in two development investments on its balance sheet, including Boston 2 and Fort Lauderdale. These properties are both Generation V, multi-story facilities with a combined 157,150 net rentable square feet. The current weighted average physical occupancy of the facilities is 45.7%. Both of the properties are branded and managed by CubeSmart.
Year-to-date, the Company has acquired eight properties on balance sheet including the February 10, 2020 acquisitions of Atlanta 6, Atlanta 5, Atlanta 3, Charlotte 2, Knoxville, and Louisville 1. With these eight acquisitions, the Company, either alone or with its joint venture partner, has now acquired full ownership of 28 development projects financed this cycle, representing 35.2% of the net rentable square feet in the Company’s investment portfolio.
“We are thrilled to announce the acquisition of these properties, which are both recently delivered self-storage facilities in top 10 U.S. MSAs,” said John Good, Chief Executive Officer of the Company. “With eight acquisitions already this year, we are excited by the pace of our developer buyouts and the quality of the assets we are adding to our best-of-class portfolio of owned assets. 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.”
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 it finances. 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.
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”), which are accessible on the SEC’s website at www.sec.gov.
Thumbnail: Joshua J. Cotten on Unsplash