Jernigan Capital Announces Acquisition of Developers’ Interests in Seven Properties

-Further Executes Long-Term Strategy to Wholly Own JCAP-Financed Development Projects-

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 six development investments on its balance sheet, including Atlanta 5, Atlanta 6, Atlanta 7, Charlotte 2, Knoxville, and Louisville 1. Additionally, in November, the SL1 Venture in which the Company has a 10% interest, purchased the membership units of the LLC that owned the Raleigh development. These seven properties are all Generation V, multi-story facilities with a combined 540,222 net of rentable square feet. The current weighted average physical occupancy of the facilities is 39.2%. Each of the properties is branded and managed by CubeSmart.

With these acquisitions, the Company, either alone or with its joint venture partner, has now acquired full ownership of 26 development projects financed this cycle, representing 32.5% of the net rentable square feet in the Company’s investment portfolio.

We are excited to assume full ownership of these properties within our high-quality portfolio of recently delivered self-storage facilities in top MSAs,” said John Good, Chief Executive Officer of the Company. “Our eight properties in the Atlanta MSA, six wholly owned and another two in our development investment portfolio, give us a strong footprint in one of the nation’s largest and fastest growing gateway markets. 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.”

PORTFOLIO ACQUISITION DETAILS

 

Six On Balance Sheet

One SL1 Joint Venture

C/O Date/Range

8/15/2018-8/6/2019

6/8/2018

Average Time Open

14 months

20 months

Acquisition Date

2/10/2020

11/7/2019

MSA

Atlanta

Charlotte

Knoxville

Louisville

Raleigh

Management Company

CubeSmart

CubeSmart

Physical Occupancy (2/10/2020)

36.98%

55.86%

Number of Units

5,294

739

Net Rentable SQFT

476,114

64,108

Percent Climate Controlled

100%

100%

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.

Forward-Looking Statements

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.

Contacts

Jernigan Capital, Inc.

David Corak, 901-567-9580

investorrelations@jernigancapital.com

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