0001622353-20-000028.txt : 20201109 0001622353-20-000028.hdr.sgml : 20201109 20201109163126 ACCESSION NUMBER: 0001622353-20-000028 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 79 CONFORMED PERIOD OF REPORT: 20200930 FILED AS OF DATE: 20201109 DATE AS OF CHANGE: 20201109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Jernigan Capital, Inc. CENTRAL INDEX KEY: 0001622353 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 471978772 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-36892 FILM NUMBER: 201298170 BUSINESS ADDRESS: STREET 1: 6410 POPLAR AVE. STREET 2: SUITE 650 CITY: MEMPHIS STATE: TN ZIP: 38119 BUSINESS PHONE: 901.567.9522 MAIL ADDRESS: STREET 1: 6410 POPLAR AVE. STREET 2: SUITE 650 CITY: MEMPHIS STATE: TN ZIP: 38119 10-Q 1 jcap-20200930x10q.htm 10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)

  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

OR

  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                               to                              

001-36892

(Commission file number)

JERNIGAN CAPITAL, INC.

(Exact name of registrant as specified in its charter)

Maryland

 

47-1978772

State or other jurisdiction
of incorporation or organization

 

(I.R.S. Employer
Identification No.)

6410 Poplar Avenue, Suite 650

 

Memphis, Tennessee

 

38119

(Address of principal executive offices)

 

(Zip Code)

(901) 567-9510

Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

 JCAP

New York Stock Exchange

7.00% Series B cumulative redeemable perpetual preferred stock, $0.01 par value per share

JCAP PR B

New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes        No    

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files). Yes         No    

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of ‘‘large accelerated filer,’’ ‘‘accelerated filer,’’ ‘‘smaller reporting company,’’ and ‘‘emerging growth company’’ in Rule 12b-2 of the Exchange Act.

Large accelerated filer  

Accelerated filer  

Non-accelerated filer  

Smaller reporting company  

 

Emerging growth company  

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes        No    

As of November 5, 2020, Jernigan Capital, Inc. had 23,263,130 shares of common stock outstanding.

EXPLANATORY NOTE

On November 6, 2020, Jernigan Capital, Inc. (the “Company”) consummated the transactions contemplated by that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of August 3, 2020 and amended September 21, 2020, by and among Jernigan Capital, Inc. (the “Company”), Jernigan Capital Operating Company, LLC (the “Operating Company”), NexPoint RE Merger, Inc. (“Parent”) and NexPoint RE Merger OP, LLC (the “Parent OP”) , both of whom are affiliates of NexPoint Advisors, L.P. (“NexPoint”). Pursuant to the terms and conditions set forth in the Merger Agreement, on November 6, 2020, the Parent merged with and into the Company, with the Company continuing as the surviving entity (the “Company Merger”), and, immediately following the Company Merger, the Parent OP merged with and into the Operating Company, with the Operating Company continuing as the surviving entity (the “Operating Company Merger” and, together with the Company Merger, the “Mergers”). Following consummation of the Mergers, The New York Stock Exchange filed a notification of removal from listing on Form 25 with the Securities and Exchange Commission (the “SEC”) with respect to the delisting and deregistration of the Company’s common stock, par value $0.01 per share (the “Common Stock”). In addition, the New York Stock Exchange filed a notification of removal from listing on Form 25 with the SEC with respect to the delisting and deregistration of the Company’s 7.00% Series B Cumulative Redeemable Perpetual Preferred Stock, liquidation preference amount $25.00 per share (the “Series B Preferred Stock”). The Common Stock and Series B Preferred Stock ceased being traded prior to the opening of the market on November 6, 2020, and are no longer listed on The New York Stock Exchange. Accordingly, the Company is no longer a publicly traded company. In addition, the Company intends to file with the SEC a Form 15 requesting the suspension of the reporting obligations of the Company under Sections 13(a) and 15(d) of the Securities Exchange Act of 1934, as amended. The financial information in this quarterly report on Form 10-Q (this “Quarterly Report”) and the accompanying Management’s Discussion and Analysis of Financial Condition and Results of Operations reflect the corporate status of the Company as it was at September 30, 2020.

In this Quarterly Report, unless the context indicates otherwise, references to “Jernigan Capital,” “we,” “the Company,” “our” and “us” refer to the activities of and the assets and liabilities of the business and operations of Jernigan Capital, Inc.; “Operating Company” refers to Jernigan Capital Operating Company, LLC, a Delaware limited liability company; and “Manager” refers to JCAP Advisors, LLC, a Florida limited liability company.

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PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

JERNIGAN CAPITAL, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)

(Unaudited)

As of

September 30, 2020

December 31, 2019

Assets:

Cash and cash equivalents

$

22,183

$

3,278

Self-Storage Investment Portfolio:

Development property investments at fair value

316,254

549,684

Self-storage real estate owned, net

513,993

230,844

Investment in and advances to self-storage real estate venture

4,053

11,247

Other loans, at cost

850

4,713

Deferred financing costs

7,717

4,154

Prepaid expenses and other assets

9,107

8,654

Fixed assets, net

127

203

Total assets

$

874,284

$

812,777

Liabilities:

Secured revolving credit facility

$

242,000

$

162,000

Term loans, net of unamortized costs

40,973

40,791

Due to Manager

3,164

Accounts payable, accrued expenses and other liabilities

13,388

4,817

Dividends payable

5,309

13,131

Total liabilities

301,670

223,903

Equity:

7.00% Series A preferred stock, $0.01 par value, 300,000 shares authorized; 139,875 and 133,500 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively, at liquidation preference of $139.9 million and $133.5 million, net of offering costs, respectively

137,012

130,637

7.00% Series B cumulative redeemable perpetual preferred stock, $0.01 par value, 3,750,000 shares authorized; 1,571,734 shares issued and outstanding as of September 30, 2020 and December 31, 2019, at liquidation preference of $39.3 million, net of offering costs

37,298

37,298

Common stock, $0.01 par value, 500,000,000 shares authorized at September 30, 2020 and December 31, 2019; 23,263,130 and 22,423,283 issued and outstanding at September 30, 2020 and December 31, 2019, respectively

232

224

Additional paid-in capital

451,182

426,129

Accumulated deficit

(89,289)

(5,021)

Accumulated other comprehensive income (loss)

(1,084)

(393)

Total Jernigan Capital, Inc. stockholders' equity

535,351

588,874

Non-controlling interests

37,263

Total equity

572,614

588,874

Total liabilities and equity

$

874,284

$

812,777

See accompanying notes to consolidated financial statements.

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JERNIGAN CAPITAL, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except per share data)

Three months ended

Nine months ended

September 30,

September 30,

2020

2019

2020

2019

Revenues:

Interest income from investments

$

5,553

$

10,216

$

20,117

$

27,578

Rental and other property-related income from real estate owned

6,287

1,988

14,982

5,075

Other revenues

38

45

143

312

Total revenues

11,878

12,249

35,242

32,965

Costs and expenses:

General and administrative expenses

2,592

2,137

8,817

6,273

Fees to Manager

2,131

1,230

6,203

Property operating expenses of real estate owned

3,781

989

8,454

2,538

Depreciation and amortization of real estate owned

5,414

1,372

13,319

3,491

Goodwill impairment loss

4,738

Internalization expenses

10

268

37,798

268

Merger expenses

5,031

5,031

Total costs and expenses

16,828

6,897

79,387

18,773

Operating income (loss)

(4,950)

5,352

(44,145)

14,192