NexPoint Completes Acquisition of Listed REIT Jernigan Capital
Affiliates of NexPoint Advisors L.P. have completed the acquisition of publicly traded real estate investment trust Jernigan Capital Inc. (NYSE: JCAP).
Affiliates of NexPoint Advisors L.P. have completed the acquisition of publicly traded real estate investment trust Jernigan Capital Inc. (NYSE: JCAP), an owner of self-storage facilities and a capital partner for self-storage entrepreneurs.
Jernigan Capital was purchased by NexPoint in an all-cash transaction valued at approximately $900 million, including debt and preferred stock to be assumed or refinanced.
Under the terms of the agreement, holders of JCAP’s common stock and holders of units of operating company interests in Jernigan Capital Operating Company LLC will receive $17.30 per share/unit in cash. In connection with the transaction, all of Jernigan’s outstanding Series B preferred shares be redeemed for its Series B liquidation value.
As a result of the transaction, Jernigan’s common shares and Series B Preferred Shares will stop trading on the New York Stock Exchange. The final closing price for JCAP stock was $17.22.
NexPoint Advisors, L.P. is a registered investment adviser to a suite of funds and investment offerings, including a closed-end fund, a business development company, an interval fund, and various real estate vehicles. NexPoint is part of a multi-billion-dollar global alternative investment platform.
