Jernigan Capital, Inc. Announces Filing of 10-Q for the First Quarter of 2015
Jernigan Capital, Inc. (NYSE: JCAP) (the "Company") today announced the filing of its quarterly report on Form 10-Q for the three months ended March 31, 2015. On April 1, 2015, the Company closed on its initial public offering (the "IPO") and the related formation transactions. As a result, the Company's quarterly report on Form 10-Q for the first quarter ended March 31, 2015 only reflects results of the formation and is not representative of the Company's consolidated future results.
- Closed on the IPO of common stock generating $100 million in gross proceeds.
- Closed on simultaneous private placement of common stock to founder, Chairman & CEO, Dean Jernigan and his affiliates, generating $5 million in gross proceeds
- Closed on the exercised over-allotment generating $15 million in gross proceeds
- Closed on 6 loans totaling $36.2 million for self-storage properties in Florida and Michigan
- Executed 16 non-binding agreements to provide $123 million in financing for self-storage properties in Arizona, Colorado, Connecticut, Florida, Georgia, Louisiana, Massachusetts, New Jersey, North Carolina, Texas and Wisconsin
- Issued 9 non-binding agreements to provide $75.2 million in financing for self-storage properties in Arizona, Florida, Illinois, Massachusetts, New York, Pennsylvania and Virginia.
Chairman & CEO Dean Jernigan commented, “We were very pleased with the results of the offering and our ability to begin putting funds to work within days of closing. We are gratified to continue to find outstanding developers for our program, as indicated by the new agreements to provide financing.”
About Jernigan Capital, Inc.
Jernigan Capital is a commercial real estate finance company that provides financing to private developers, owners and operators of self-storage facilities. Jernigan Capital offers financing solutions for the ground-up construction of self-storage facilities or major self-storage redevelopment opportunities, as well as for the acquisition of, refinancing of existing indebtedness on, or recapitalization of stabilized self-storage facilities. Jernigan Capital intends to elect to be taxed as a real estate investment trust and is externally managed by JCap Advisors, LLC.
This press release includes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements are subject to known and unknown risks and uncertainties, many of which may be beyond our control. These forward-looking statements are based upon the Company's present expectations, but these statements are not guaranteed to occur. Investors should not place undue reliance upon forward-looking statements. For a discussion of potential risks and uncertainties related to the Company, see the information under the heading “Risk Factors” in the prospectus related to the Company’s IPO dated March 26, 2015, filed with the Securities and Exchange Commission (“SEC”) on March 30, 2015, in accordance with Rule 424(b) of the Securities Act of 1933, which is accessible on the SEC’s website at www.sec.gov.