– Company Completes 14 Investments for $164.8 Million in 2017 –
MEMPHIS, Tenn. -- (Business Wire)
Jernigan Capital, Inc. (NYSE:JCAP) who provides debt and equity capital
to private developers, owners, and operators of self-storage facilities
announced today that it has closed a $9.2 million self-storage
development investment commitment in Tampa, Florida. The proposed 70,888
net rentable square foot facility will be well-located in an area of the
Tampa MSA that is experiencing significant population growth. This will
be a ground-up project located on Falkenburg Rd. at the Selmon
Expressway less than a mile from Top Golf, Bass Pro Shop, and Westfield
Brandon Shopping Centre, a high-end shopping mall that features
prominent national retailers and restaurants. Construction is expected
to start near the beginning of third quarter 2017 and be completed by
the end of second quarter 2018. Phillips Development & Realty,
headquartered in Tampa, is the developer of the proposed project. The
Company and Phillips have co-invested in two other self-storage
development projects.
Since January 1, 2017, the Company has closed 14 investments in new
self-storage projects for an aggregate commitment amount of $164.8
million. Each of these facilities will be managed by CubeSmart upon
completion.
About Jernigan Capital, Inc.
Jernigan Capital, Inc. 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.
Our mission is to be the preeminent capital partner for self-storage
entrepreneurs nationwide by offering creative solutions through an
experienced team demonstrating the highest levels of integrity,
dedication, excellence and community, while maximizing shareholder
value. The Jernigan Capital team has extensive experience in over 100
U.S. markets—from acquiring and managing self-storage properties to new
self-storage development—providing JCAP with knowledge unmatched by any
lender, broker or advisor to the sector. Jernigan Capital is the only
source of construction and development capital focused solely on the
self-storage sector.
Forward-Looking Statements
This press release includes "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 and
other federal securities laws, including statements regarding our future
performance, our second quarter 2017 earnings guidance and full year
2017 updated earnings guidance, including related key assumptions,
future profits from investments, our anticipated loan closings, our
access to capital and our ability to fund our existing loan commitments.
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 our Annual Report on Form 10-K filed with the
Securities and Exchange Commission (“SEC”) and our other filings with
the SEC from time to time, which are accessible on the SEC’s website at www.sec.gov.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170522005460/en/
Contacts:
Jernigan Capital, Inc.
Investor Relations: 901-567-9580
Investorrelations@jernigancapital.com
Source: Jernigan Capital, Inc.
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