Jernigan Capital (JCAP) to acquire external manager.

Jernigan Capital, Inc. (JCAP) announced today that it has agreed to acquire its external manager for total consideration of approximately $45.1 million, including a $13.5 million earnout based on post-closing stock price performance.  The transaction is expected to close in the first quarter of 2020.

Jernigan Capital is a self-storage REIT with a mixed portfolio of development loans (70%) and owned properties (30%).  As of September 30, 2019, JCAP had a total market capitalization of approximately $765 million.