Jernigan Capital Announces $0.84 Earnings Per Share And $0.90 Adjusted Earnings Per Share For Third Quarter; Increases Annual Guidance

Jernigan Capital, Inc. (NYSE: JCAP) today announced results for the quarter ended September 30, 2016, updated annual earnings guidance, and issued earnings guidance for the fourth quarter. Key highlights for the quarter include:
  • Increased book value per share to $17.59 at September 30, 2016 from $17.04 at June 30, 2016;
  • Reported earnings per share of $0.84 and adjusted earnings per share of $0.90 for the third quarter; and
  • Increased full-year 2016 earnings per share and adjusted earnings per share guidance to $2.40 - $2.52 (previously $1.93 - $2.23) and $3.01 - $3.12 (previously $2.50 - $2.78), respectively, and issued earnings per share and adjusted earnings per share guidance for the three months ending December 31, 2016 of $0.46 - $0.59 and $0.53 - $0.64, respectively.

"We are pleased with our third quarter results," commented Dean Jernigan, Chairman and Chief Executive Officer of Jernigan Capital, Inc. "We continued to show strong value accretion in our investment portfolio and positioned the Company to deliver significant additional value to our shareholders utilizing our own capital as we take full advantage of this strong development cycle. With the final investment identified to complete the Heitman joint venture, we are excited about our planned deployment of capital in the fourth quarter into new state-of-the-art self-storage projects. Additionally, during the quarter, two more of our self-storage projects opened their doors and are exceeding our original lease-up projections; thus highlighting the excellent job our developers and the JCAP team are doing in identifying and underwriting self-storage sites."

John Good, President and Chief Operating Officer of the Company added: "Our strong third quarter results further emphasize the strength of the Company's business plan and investments. We continue to experience robust demand for our capital as evidenced by $127.5 million of term sheets existing at September 30, 2016 and a stable pipeline of $600 million additional projects in various stages of underwriting. The leasing progress on our six operating self-storage projects continues to outpace our projections, and the continued increase in the fair value of our investments is a signal of the quality and success of our team's hard work and dedication in identifying and closing on high-return self-storage investments. As a result of our performance and our expected activity during the fourth quarter, we are increasing our guidance for 2016 earnings per share and adjusted earnings per share."

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