Exhibit 99.1

 

 

 

JERNIGAN CAPITAL ANNOUNCES $0.50 EARNINGS PER SHARE AND

$0.55 ADJUSTED EARNINGS PER SHARE FOR SECOND QUARTER 2017

 

MEMPHIS, Tennessee, August 2, 2017 / Business Wire / Jernigan Capital, Inc. (NYSE: JCAP), a leading capital partner for self-storage entrepreneurs nationwide, today announced results for the quarter ended June 30, 2017, issued earnings guidance for the third quarter of 2017, and adjusted earnings guidance for the full-year 2017.

 

Highlights for the quarter include:

 

Earnings per share and adjusted earnings per share of $0.50 and $0.55, respectively;

Increased guidance of full-year net income available to common stockholders and adjusted earnings by approximately $2.3 million at the midpoint;

Closed $130.1 million of new on-balance sheet development investments during the second quarter;
Raised ~$108 million of additional equity capital;
Maintained robust investment pipeline of approximately $700 million; and
Obtained $100 million revolving credit facility that closed July 25, 2017.

 

“We have had an outstanding first half of 2017,” stated Dean Jernigan, Chairman and Chief Executive Officer of Jernigan Capital. “We closed $236 million of new development investments, maintained a full pipeline of excellent new investment opportunities and were able to more effectively match future cash commitments with efficiently priced equity capital and an exciting new credit facility. Our development investments that have opened for business continue to perform at or above expectations. We look forward to continuing this momentum over the balance of the year and into 2018.”

 

John Good, President and Chief Operating Officer of Jernigan Capital added, “We are very pleased with our second quarter and year-to-date performance. For the quarter ended June 30, 2017, we increased total revenue by $1.1 million, or 69.5%, over the comparable period in 2016, while general and administrative expenses (excluding management fees) only increased $36,000 over the second quarter of 2016. Two of our investments are at or above 80% physical occupancy, nearly two years earlier than anticipated, and our other eight opened facilities continue to trend at or above our underwritten lease ups. Our 24 programmatic development partners, along with five new prospects who are working through our underwriting process, continue to provide us a full pipeline of prospective investments. We currently have executed term sheets for an additional $174 million of investments along with $522 million of high quality prospective investments currently in our underwriting process. We remain very excited about the growth of the business over the balance of the year and beyond.”

 


The following information was filed by Jernigan Capital, Inc. (JCAP) on Wednesday, August 2, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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