MEMPHIS, Tenn. -- (Business Wire)
Jernigan Capital, Inc. (NYSE:JCAP) (the "Company") today announced the
closing of its previously announced offering of 3,500,000 shares of its
common stock. In addition, the Company announced that the underwriters
exercised in full their option to purchase an additional 525,000 shares
at the public offering price of $22.00 per share, which exercise closed
simultaneously. Proceeds from the offering and the exercise of the
underwriters' option to purchase additional shares, net of the
underwriters' discount, are approximately $84.1 million. The Company
intends to use the net proceeds from the offering to fund its
development portfolio and for general corporate purposes.
Raymond James & Associates, Inc., Jefferies LLC, KeyBanc Capital Markets
Inc. and Robert W. Baird & Co. Incorporated served as joint book-running
managers for the offering and FBR & Co. served as co-manager.
The offering was made pursuant to a shelf registration statement on Form
S-3 that was declared effective by the Securities and Exchange
Commission’s (the “SEC”) on June 24, 2016. A prospectus supplement
relating to the offering was filed with the SEC.
Copies of the prospectus supplement and accompanying prospectus related
to the offering may be obtained by visiting the SEC website at www.sec.gov
or from Raymond James & Associates, Inc., 880 Carillon Parkway, St.
Petersburg, FL 33716, telephone: (800) 248-8863, email: prospectus@raymondjames.com;
Jefferies LLC, Attention: Equity Syndicate Prospectus Department, 520
Madison Avenue, 2nd Floor, New York, NY 10022, telephone: (877)
821-7388, email: Prospectus_Department@Jefferies.com;
and KeyBanc Capital Markets Inc., Attention: Equity Syndicate, 127
Public Square, 4th Floor, Cleveland, Ohio 44114, or by telephone at
(800) 859-1783.
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 may include "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,
uncertainties, and other factors that may cause the actual results or
performance to differ from those projected in the forward-looking
statement. 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.
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Contacts:
Jernigan Capital, Inc.
Investor Relations: 901-567-9580
Investorrelations@jernigancapital.com
Source: Jernigan Capital, Inc.
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