Jernigan Capital, Inc. Comments on Impact of Hurricanes Irma and Harvey
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.
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.