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VOL. 132 | NO. 153 | Thursday, August 3, 2017

Jernigan Capital Reports Strong Second Quarter

By Andy Meek

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Memphis-based self-storage financing company Jernigan Capital Inc. has “had an outstanding first half of 2017.” That’s according to its namesake chairman and CEO Dean Jernigan.

He was speaking about the company’s results for the quarter ended June 30 during which the company posted net income of $5 million, maintained an investment pipeline of about $700 million, raised about $108 million of additional equity capital and closed $130.1 million of new on-balance sheet development investments, among other things.

Jernigan Capital, he went on, also closed $236 million of new development investments.

“Our development investments that have opened for business continue to perform at or above expectations (and) we look forward to continuing this momentum over the balance of the year and into 2018,” he said.

Two of the company’s investments, according to president and COO John Good, are at or above 80 percent physical occupancy about two years earlier than planned, and eight other opened facilities “continue to trend at or above our underwritten lease-ups.”

And the company currently has executed term sheets for an additional $174 million in investments, along with $522 million of investments in the underwriting process.

In related news, Jernigan Capital’s board declared a cash dividend of 35 cents per share of common stock for the quarter that will end Sept. 30, 2017. The company has also updated its guidance for the year, with net income attributable to common shareholders estimated to be between $16.9 million and $20.6 million. It was previously $14.6 million to $18.3 million.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 115 270 19,843
MORTGAGES 141 311 23,225
FORECLOSURE NOTICES 23 71 8,375
BUILDING PERMITS 0 338 40,366
BANKRUPTCIES 74 196 13,300
BUSINESS LICENSES 25 48 6,185
UTILITY CONNECTIONS 40 125 13,120
MARRIAGE LICENSES 15 73 4,915

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