Jernigan Capital, Inc. Comments on Impact of Hurricanes Irma and Harvey
September 13 2017 - 7:00AM
Business Wire
Jernigan Capital, Inc. (NYSE:JCAP) (the “Company”) commented
today on the impact of Hurricanes Irma and Harvey on the Company’s
projects in Florida and Texas.
The Company’s four operating properties in the Tampa, Orlando
and Jacksonville MSAs sustained minimal damage and have reopened
for business. The Company has three projects in Miami/Ft.
Lauderdale under construction that incurred minimal damage. The
resumption of work is expected to be delayed due to power outages
in south Florida. One project under construction in Jacksonville
did incur minor damage, which the Company believes will be fully
insured, but opening of the project is likely to be delayed.
The Company has two investments in Texas. The Round Rock
property in the Austin area is operating and sustained no damage
from Hurricane Harvey. The Company’s project in Houston is likely
to be significantly delayed due to disruption in all Houston-area
business processes. The project is now expected to be completed in
the first half of 2018.
John Good, President and Chief Operating Officer commented: “As
a Company we are mindful that many lives have been adversely
affected by Irma and Harvey, and our thoughts and prayers are with
those who were not so fortunate. We were very fortunate to have
been spared the impact of both Irma and Harvey, and the majority of
our projects and operations have been minimally affected by the
storms.”
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. 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170913005360/en/
Jernigan Capital, Inc.Investor Relations:
901-567-9580Investorrelations@jernigancapital.com
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