Jernigan Capital Inc | 7.00% Series B Cumulative Redeemable Perpetual Preferred Stock (JCAP.PRB)
Prospectus excerpt: We are offering 1,500,000 shares of our 7.00% Series B Cumulative Redeemable Perpetual Preferred Stock, $0.01 par value per share, or our Series B Preferred Stock, in this offering. This is the original issuance of shares of our Series B Preferred Stock, which have a liquidation preference of? $25.00 per share. Holders of Series B Preferred Stock will be entitled to receive dividend payments only when, as and if authorized by our board of directors and declared by us. We will pay cumulative dividends on the Series B Preferred Stock from the date of original issue at a rate of 7.00% per annum of the $25.00 liquidation preference per share (equivalent to an annual rate of? $1.7500 per share). Dividends will be paid quarterly in arrears on the fifteenth (15th) day of January, April, July and October of each year (or if not a business day, on the immediately preceding business day) to holders of record as of the close of business on the first (1st) day of January, April, July and October of each year (or if not a business day, on the next succeeding business day). The first dividend on the Series B Preferred Stock will be paid on the business day immediately preceding April 15, 2018 to holders of record on the business day immediately succeeding April 1, 2018, and will be a pro rata dividend for the period from, and including, the original issue date to, but excluding the business day immediately preceding April 15, 2018, in the amount of? $0.37431 per share. Payment of dividends on the Series B Preferred Stock is subject to certain legal and other restrictions as described elsewhere in this prospectus supplement. The Series B Preferred Stock will rank senior to our common stock, par value $0.01 per share, or our common stock, and on parity with our Series A Preferred Stock, par value $0.01 per share, or our Series A Preferred Stock, with respect to dividend rights and rights upon our liquidation, dissolution and winding up.
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Jernigan Capital is a holding company that conducts its businesses primarily through wholly- and/or majority-owned subsidiaries. Co. is a commercial real estate company that invests primarily in new or recently-constructed and opened self-storage facilities located predominately in dense urban submarkets within U.S. metropolitan statistical areas. Co.'s investments include wholly-owned self-storage facilities as well as mortgage loans typically coupled with equity interests. Co. conducts its investment activities through its operating company, Jernigan Capital Operating Company, LLC. Co. is an internally advised real estate investment trust. Preferred: JCAP.PRB Open the JCAP Information Page » |
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