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Jernigan Capital (JCAP) EPS misses by $0.01, beats on revenueJernigan Capital (NYSE:JCAP): Q4 Non-GAAP EPS of $0.39; GAAP EPS of $0.06 misses by $0.01. Revenue of $12.1M (+25.1% Y/Y) beats by $0.07M. Fourth Quarter Highlights include: Earnings per share and adjusted earnings per share of $0.06 and $0.39, respectively. Executed a definitive asset purchase agreement with JCAP Advisors, LLC (“the Advisor”), the Company’s external advisor, in which Jernigan Capital Operating Company, LLC (the “Operating Company”), would acquire the business assets and liabilities of the Advisor, thereby internalizing the Advisor (the "Internalization"). Increased to 20 the number of self-storage facilities wholly owned either on balance sheet or in the SL1 Joint Venture through a developer buyout of the self-storage facility underlying the SL1 Joint Venture’s Raleigh development investment. Commenced leasing of Generation V self-storage facilities underlying four development property investments in which the Company has an aggregate committed investment of $38.7 million, 49.9% profits interests and ROFRs. Full-Year 2019 Highlights include: Earnings per share and adjusted earnings per share of $1.11 and $2.00, respectively. Increased the number of wholly owned self-storage facilities from seven to 20 through developer buyouts of seven development property investments and five self-storage facilities underlying the Company’s Miami bridge portfolio, as well as the acquisition of the interests in the entity that owned the property underlying the Company’s Miami construction loan. Originated six on-balance sheet development property investments for an aggregate committed investment of $87.9 million. Commenced leasing of 16 additional Generation V self-storage development properties in which the Company has an aggregate committed investment of $169.2 million. |
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