MDN: Jernigan Capital Reports Strong Second Quarter
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.
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.”