The Internalization Of Jernigan Capital [Seeking Alpha]
JERNIGAN CAPITAL INC (JCAP)
Last jernigan capital inc earnings: 2/26 04:05 pm
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US:NYSE Investor Relations:
investors.jernigancapital.com
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Source: Seeking Alpha
Summary Buyout price of ~$33 million in stock now and $13.5 million incentive bonus is relatively cheap, coming in at less than 3x annual fees. The company will now be relatively self-funded, an important development given the state of the industry and share price declines reducing the possibility of accretive equity issuance. The new dividend yield of 4.9% is still pretty generous compared to the average of 3.8% for the sector. This article is meant to serve as a brief summary of the terms of the internalization and the long-term outlook for the redefined company. It is also meant to be a place where discussion can occur, since very little activity has been seen on since the terms were released. The announcement of the internalization of Jernigan Capital ( JCAP Image from Finviz As you can see from the chart above, the market knew that the cost was coming, and coupled with some self-storage sector headwinds and the late-October mention of “right-sizing” the dividend going forwards,
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