Self-Storage Finance Firm Jernigan Capital Releases 2Q 2015 Financial Results

Update 8/12/15 – Jernigan Capital has released its financial statement for the quarter that ended June 30, 2015, its first since completing a $120 million initial public offering (IPO) in March. During the second quarter, the company closed $74.5 million in loan commitments, including eight self-storage development loans for $68.5 million. It funded about $22.4 million of the aggregate committed loan principal, realizing $157,000 of interest income and $745,000 of loan-origination fees received during the quarter.

Update 8/12/15 – Jernigan Capital has released its financial statement for the quarter that ended June 30, 2015, its first since completing a $120 million initial public offering (IPO) in March. During the second quarter, the company closed $74.5 million in loan commitments, including eight self-storage development loans for $68.5 million. It funded about $22.4 million of the aggregate committed loan principal, realizing $157,000 of interest income and $745,000 of loan-origination fees received during the quarter.

The company incurred operating expenses of approximately $1.35 million, including $520,000 in administrative and general expenses reimbursed to its external manager, JCap Advisors LLC. In addition, $150,400 in unreimbursed loan expenses, comprised primarily of legal fees, were incurred in structuring the company’s profit interests in its development loans. Jernigan Capital paid JCap Advisors $409,000 in management fees during the quarter.

As of June 30, the company had no outstanding debt, according to the report.

“Our first quarter as a public company was marked by strong acceptance by self-storage developers of our loan products, as evidenced by our exceptional loan pipeline growth,” said Dean Jernigan, chairman and CEO. “At quarter-end, we had committed approximately 67 percent of our IPO net proceeds, with approximately 92 percent of that capital committed to development loans that include 49.9 percent profit participations. Our loan pipeline is currently over 300 percent greater than at the time of our IPO and growing every day.”

The company currently expects to close on 16 loans worth approximately $118.6 million during the third quarter, including $78.6 million in development financing.

The lender paid an initial quarterly dividend of $0.35 per share on July 15 to stockholders of record on July 6.

In changes to management, Gregory W. Ward has resigned as chief financial officer (CFO), company secretary and secretary of JCap Advisors, effective Aug. 10. He has been replaced by William C. Drummond, who will serve as the company’s CFO, secretary and senior vice president. Drummond will also serve as CFO and senior vice president of JCap Advisors.

Drummond, 62, spent 37 years at Ernst & Young LLP as an audit partner, eventually becoming managing partner in the firm’s Memphis, Tenn., office. During his time at Ernst & Young, Drummond was audit partner to more than 15 public-company clients.


7/23/15 – Jernigan Capital Inc., a merchant bank and advisory firm serving the self-storage industry, will release financial results for the three and six months that ended June 30 after the market closes on Aug. 11. An accompanying conference call will be held at 11 a.m. on Aug. 12.

The call, open to investors and other interested parties, will be accessible via phone and online. The dial-in number is 877.876.9177 for U.S. callers and 785.424.1666 for international callers. The passcode for the call is JCAPQ215. Participants may also access the call via live webcast by visiting investors.jernigancapital.com.

A replay of the call will be available from approximately 2 p.m. EDT on Aug. 12 through midnight on Aug. 27. The dial-in number for the replay is 800.695.2122 for U.S. callers and 402.530.9027 for international callers. The archive of the webcast will be available on the company’s website until Aug. 26.

Headquartered in Miami, Jernigan Capital is a commercial real estate finance company that provides financing to private developers, operators and owners of self-storage facilities. The company offers financing for acquisition, ground-up construction, major redevelopment or refinancing. Its senior staff has participated in more than $6 billion of self-storage transactions over the past 30 years, according to a press release. The firm intends to be taxed as a real estate investment trust and is externally managed by JCap Advisors LLC.

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