LONDON, UK / ACCESSWIRE / September 20, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Jernigan Capital, Inc. (NYSE: JCAP), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=JCAP. The Company announced on September 18, 2017, that it has closed a $14.7 million investment commitment in a proposed multi-story, all climate-controlled self-storage facility in Miami, Florida. The proposed 69,175 net rentable square foot facility will be a ground-up project in Miami, while the proposed facility, located in the Little Gables neighborhood between Miami and Coral Gables, will act as a high growth submarket primarily occupied by renters. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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The Announcement
The proposed facility is about one mile from the central business district of Coral Gables, home to luxury hotels such as the Biltmore Miami, and numerous dining establishments, gourmet shops, and international retailers. Located in the vicinity of the University of Miami, the construction at the site is expected to begin during Q1 2018, and the facility is expected to open in Q1 2019. The Company has collaborated with Self Storage Associates, Inc., for the development of the proposed project. Since January 01, 2017, Jernigan Capital has executed 23 investments in the latest self-storage projects for an aggregate commitment of about $296.4 million.
The Los Angeles Development
Prior to the announcement, the Company also declared on September 14, 2017, that it has closed a $28.7 million investment in a proposed multi-story, primarily climate-controlled self-storage facility in Inglewood, California. The facility, spanning across 120,038 of net rentable square foot, will be a ground-up project, delivering "billboard" visibility to about 300,000 cars per day. Additionally, the proposed facility is located next to the new Metro Rail, delivering further visibility to thousands of rail commuters.
The proposed project is located about two miles from Hollywood Park, a future site of an approved arena for the Los Angeles Clippers. Plans are dominant that the Hollywood Park District will include an entertainment district containing a 6,000-seat performing arts venue; substantial office, retail, and hotel space; 25 acres of parks, pedestrian walkways, and bicycle paths; dining options; and 2,500 modern residences. Construction at the site is expected to begin in Q1 2019 and be completed by mid-2020. The facility is expected to serve multiple surrounding communities that offer limited self-storage solutions to an expanding population. Currently, the submarket is served by big-box retailers, namely Target, Costco, and Home Depot.
Company Growth Prospects
Prior to the announcement, on July 28, 2017, the Company closed an $8.0 million investment in a proposed multi-story climate-controlled 749 unit facility in Jacksonville, Florida. The Company additionally announced three facilities in which it had invested and were open for business. The properties were located in the states of Pennsylvania, and Orlando-Jacksonville areas of Florida, where each of the facilities is managed by CubeSmart (NYSE: CUBE). On August 30, 2017, Jernigan Capital announced the closure of a $9.0 million investment in a proposed multi-story climate-controlled 779-unit facility in Orlando, Florida.
Last Close Stock Review
On Tuesday, September 19, 2017, the stock closed the trading session at $20.14, slightly up 0.55% from its previous closing price of $20.03. A total volume of 155.25 thousand shares have exchanged hands. Jernigan Capital's stock price advanced 5.94% in the last one month and 8.28% in the previous twelve months. The stock is trading at a PE ratio of 10.11 and has a dividend yield of 6.95%. The stock currently has a market cap of $285.38 million.
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