Market Overview

Jernigan Capital Reports Second Quarter Results Above Guidance Range with 24% YoY Growth in Net Income and 82% YoY Growth in Adjusted Earnings

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Jernigan Capital, Inc. (NYSE:JCAP), a leading capital partner for
self-storage entrepreneurs nationwide, today announced results for the
quarter ended June 30, 2018, initiated earnings per share and adjusted
earnings per share guidance for the third quarter 2018 and adjusted its
guidance for full year 2018 to reflect the June common stock offering,
among other changes.

Second Quarter Highlights include:

  • Quarterly earnings per share and adjusted earnings per share of $0.40
    and $0.64, or $0.05 and $0.04, respectively, above the top end of the
    Company's quarterly guidance ranges provided with its first quarter
    2018 earnings release, due primarily to interest income and fair value
    increases exceeding expectations.
  • Grew its investment portfolio by closing six new on-balance sheet
    development investments during the quarter for a combined total
    commitment amount of $67.0 million.
  • Enhanced its strong balance sheet by successfully executing an upsized
    public offering of 4.6 million shares of its common stock at a public
    offering price of $18.50 per share for net proceeds of approximately
    $81.1 million.
  • Added Jonathan Perry to its executive team as Executive Vice President
    and Chief Investment Officer.

"2018 continues to be an exceptional year for JCAP," stated Dean
Jernigan, Chairman and Chief Executive Officer of Jernigan Capital, Inc.
"During the second quarter alone, we closed on six new on-balance sheet
development investments, bringing us to $175.2 million of capital
commitments to date in 2018, or 81% of the midpoint of our annual
investment guidance. Our development investment pipeline stands at
approximately $475 million today, intentionally down from prior highs as
we look to meticulously underwrite and develop only the best sites in
underserved submarkets while we continue to monitor opportunities to
transition into the property ownership chapter of our Company's life."

John Good, President and Chief Operating Officer of Jernigan Capital,
Inc. added, "Our second quarter results represent 179% growth in total
revenues, 24% growth in net income attributable to common stockholders
and 82% growth in adjusted earnings compared to the comparable quarter
in 2017. The summer leasing season has exceeded expectations for our 21
development and wholly-owned self-storage properties, with our lease-up
properties adding 11% of occupancy since the end of April. These
properties are on average 54% occupied, or 10% ahead of our initial
underwriting expectations (44%). By comparison, occupancy at the end of
April stood at 43%, or 3% ahead of initial underwriting at that time. We
believe the exceptional performance of our portfolio is indicative of
the quality of our self-storage properties, our micro-market locations,
as well as the revenue management systems and marketing power of our
third party managers."

"We further strengthened our balance sheet by issuing $81.8 million of
common stock during the quarter in an underwritten public offering and
through the use of our at-the-market offering program, as well as by
issuing an additional $36.5 million of preferred stock to Highland
Capital and through our Series B preferred stock at-the-market program.
Our capital commitments are now fully-covered through 2019 and we have
positioned ourselves to maintain low leverage levels for the foreseeable
future." Mr. Good added, "Finally, we are very excited to have added
Jonathan Perry to our executive team as Executive Vice President and
Chief Investment Officer. Jonathan brings to JCAP extensive experience
and relationships in the self-storage industry, and we believe that as
the real estate cycle progresses and we move into a period of more
customized and innovative investment opportunities, including a period
of increased acquisitions of developer interests in our properties and
other potential growth initiatives, Jonathan is the perfect addition to
our already strong team."

Financial Highlights

Net income attributable to common stockholders for the three months
ended June 30, 2018 was $6.2 million, an increase of $1.2 million, or
24%, over the $5.0 million net income attributable to common
stockholders for the comparable quarter in 2017. Net income attributable
to common stockholders for the six months ended June 30, 2018 was $8.0
million, an increase of $1.7 million, or 28%, over the $6.3 million
reported for the comparable six month period in 2017.

Adjusted earnings for the three months ended June 30, 2018 was $10.0
million, an 82% increase over the $5.5 million adjusted earnings for the
comparable quarter of 2017. Adjusted earnings for the six months ended
June 30, 2018 was $15.2 million compared to $7.4 million for the
comparable six month period in 2017, a 105% increase.

Earnings per share and adjusted earnings per share for the three months
ended June 30, 2018 were $0.40 and $0.64, or $0.05 and $0.04,
respectively, over the top end of the Company's guidance range.

Total revenues for the three and six months ended June 30, 2018 were
$7.2 million and $12.5 million, respectively, representing increases of
$4.6 million, or 179%, and $7.6 million, or 154%, over total revenues
for the three and six months ended June 30, 2017, respectively. The
increase in revenues is primarily attributed to the increase in the
outstanding principal balances on the Company's investment portfolio and
the increase in rental and other property-related income derived from
the Company's self-storage real estate owned.

General and administrative expenses for the three and six months ended
June 30, 2018 were $2.0 million and $3.9 million, compared to $1.4
million and $2.9 million for the comparable 2017 periods, respectively.
Included in these amounts were stock-based compensation expense ("SBE")
of $0.8 million and $0.4 million for the three months ended June 30,
2018 and 2017, respectively, and $1.1 million and $0.7 million for the
six months ended June 30, 2018 and 2017, respectively. The increase in
SBE was primarily due to additional restricted stock grants to certain
officers and employees of the Company's external manager during 2017 and
2018.

Net income attributable to common stockholders and adjusted earnings for
the three and six months ended June 30, 2018 also include increases in
the fair value of investments of $8.6 million and $12.9 million,
respectively, compared to increases of $4.3 million and $5.7 million for
the comparable periods in 2017. This represents a $4.3 million, or 101%,
and $7.3 million, or 128%, year-over-year increase from the three and
six months ended June 30, 2017, respectively. During 2017, the Company
consummated 32 on-balance sheet development investments totaling $408.8
compared to three on-balance sheet development investments totaling
$25.6 million in 2016. The increase in the fair value of investments is
driven primarily by construction progression on the Company's 2017
investments.

Capital Markets Activities

On June 14, 2018, the Company completed an underwritten public offering
of 4,600,000 shares of its common stock, receiving $81.1 million in
proceeds, net of underwriters' discounts and offering expenses payable
by the Company.

In addition, as of June 30, 2018, the Company had issued 110,000 shares
of its Series A Preferred Stock and received $110.0 million in gross
proceeds pursuant to the terms of a purchase agreement between the
Company and Highland Capital Management (the "Purchase Agreement").
Effective as of July 25, 2018, the Company entered into the First
Amendment to the Purchase Agreement in order to extend the final date to
issue Series A Preferred Stock under the Purchase Agreement from July
27, 2018 to September 30, 2018. Accordingly, as of July 31, 2018, the
Company has $15.0 million available for issuance under the Purchase
Agreement.

As of June 30, 2018, the Company had no borrowings under its secured
revolving credit facility of its $90.8 million in total availability.
The Company expects such availability to increase over the balance of
2018 as the Company's on-balance sheet self-storage investments continue
to achieve certificates of occupancy and commence lease-up.

Additionally, the Company has signed a non-binding term sheet to enter
into term loans in an aggregate principal amount of $24.9 million
secured by three of its wholly-owned assets. The Company expects to
close on these loans during the third quarter of 2018.

Dividends

On May 2, 2018, the Company declared cash and stock dividends on its
Series A Preferred Stock. The cash dividend of $1.8 million was paid on
July 13, 2018 to holders of record on July 1, 2018. A stock dividend of
111,199 shares of common stock was issued on July 13, 2018 to holders of
record on July 1, 2018 for an aggregate value of $2.1 million pursuant
to the terms of the Stock Purchase Agreement.

On May 2, 2018, the Company declared a cash dividend on its Series B
Preferred Stock. The cash dividend of $0.7 million was paid on July 13,
2018 to holders of record on July 2, 2018.

Additionally, on May 2, 2018, the Company declared a dividend of $0.35
per common share. The dividend was paid on July 13, 2018 to common
stockholders of record on July 2, 2018.

Third Quarter and Full-Year 2018 Guidance

The following table reflects earnings per share and adjusted earnings
per share guidance ranges for the three months ending September 30, 2018
and updated guidance for the full-year 2018. Such guidance is based on
management's current expectations of Company investment activity
(including fair value appreciation and the expected timing of
construction progress), the operational and new supply dynamics of the
self-storage markets in which the Company has invested, and overall
economic conditions. Adjusted earnings is a performance measure that is
not specifically defined by accounting principles generally accepted in
the United States ("GAAP") and is defined as net income attributable to
common stockholders (computed in accordance with GAAP) plus stock
dividends payable to preferred stockholders, stock-based compensation
expense, depreciation and amortization on real estate assets, and other
expenses. For more information about our calculation of adjusted
earnings, see "Non-GAAP Financial Measures" below.

  Dollars in thousands,
except share and per share data
Three months ending   Year ending
September 30, 2018   December 31, 2018
Low   High   Low   High
Interest income from investments $ 7,400   $ 7,500 $ 25,650   $ 26,450
Rental revenue from real estate owned 880 900 3,150 3,250
Other income   30     35     90     110
Total revenues $ 8,310 $ 8,435 $ 28,890 $ 29,810
G&A expenses (1) (3,845) (3,730) (15,350) (14,650)
Property operating expenses (excl. depreciation and amortization) (470) (440) (1,690) (1,590)
Depreciation and amortization on real estate assets (820) (800) (3,250) (3,150)
Interest expense (520) (490) (2,750) (2,550)
Other expenses - - (290) (290)
JV income 445 475 1,600 1,800
Other interest income 100 120 270 330
Change in fair value of investments (2)   10,500     12,500     41,000     47,000
Net income 13,700 16,070 48,430 56,710
Net income attributable to preferred stockholders (3)   (4,825)     (4,785)     (18,060)     (17,970)
Net income attributable to common stockholders 8,875 11,285 30,370 38,740
Add: stock dividends 2,125 2,125 8,500 8,500
Add: stock-based compensation 390 380 1,870 1,820
Add: depreciation and amortization on real estate assets 820 800 3,250 3,150
Add: other expenses   -     -     290     290
Adjusted earnings $ 12,210 $ 14,590 $ 44,280 $ 52,500
Earnings per share – diluted $ 0.46 $ 0.58 $ 1.77 $ 2.25
Adjusted earnings per share - diluted $ 0.63 $ 0.75 $ 2.57 $ 3.05
Average shares outstanding - diluted 19,400,000 19,400,000 17,200,000 17,200,000
 

(1)

Includes $1.9 million (low and high) and $7.6 million (low) / $7.1
million (high) of fees due to the Manager for the three months
ending September 30, 2018 and for the year ending December 31, 2018,
respectively.

(2)

Excludes $0.3 million (low and high) and $1.0 million (low) / $1.1
million (high) of unrealized appreciation in fair value of
investments from the real estate venture which is included in JV
income for the three months ending September 30, 2018 and for the
year ending December 31, 2018, respectively.

(3)

Represents both cash dividends and stock dividends (which stock
dividends will be paid out in either shares of the Company's common
stock or additional shares of Series A Preferred Stock, at the
option of the Series A stockholders) estimated with respect to
shares of Series A Preferred Stock, as well as cash dividends
estimated with respect to shares of Series B Preferred Stock.

The guidance above is based on the following key assumptions regarding
the Company's business activities in 2018:

  • Impact of development and investment activity:
    • Projected closings on $200 million to $230 million of new
      self-storage investments with a profits interest for the full-year
      2018, including the approximately $83 million bridge loan
      investment closed on March 2, 2018 ($175.2 million closed as of
      July 31, 2018 and $24.8 million subject to non-binding term sheets
      with projected closing in 2018); and
    • Fundings of approximately $300 million to $320 million on the
      Company's closed and projected investment commitments during the
      full-year 2018 ($177.1 million as of June 30, 2018).
  • Impact of financing activity:
    • Guidance ranges assume 2018 investment fundings and commitments
      are financed with long-term capital, with specific impact on 2018
      earnings dependent upon the amount, timing, cost, and form of
      capital raised.
    • Specific assumptions included in guidance are as follows:
      • Proceeds of $85.0 million from the issuance of Series A
        Preferred Stock during the first nine months of 2018, which
        includes the issuance of $70.0 million of Series A Preferred
        Stock through July 31, 2018;
      • Impact of the amendment to the Series A Preferred Stock that
        was executed during the first quarter of 2018 which had the
        effect of leveling out the quarterly stock dividend through
        the second quarter of 2021;
      • Impact of the issuance of $39.3 million of 7.00% Series B
        Cumulative Redeemable Perpetual Preferred Stock through July
        31, 2018;
      • Impact of the issuance of 4.6 million shares of common stock
        in June 2018; and
      • Utilization of debt over the remaining course of the year with
        expected borrowings at year-end of $55.0 million to $65.0
        million.

Additionally, the Company continues to monitor its 2018 fair value
guidance with updated estimates of construction progress from its
development partners. Of the estimated $41.0 million to $47.0 million of
fair value appreciation in 2018, the Company recognized $4.3 million in
the first quarter, $8.6 million in the second quarter, and expects $10.5
million to $12.5 million to be recognized in the third quarter, and
$17.6 million to $21.6 million to be recognized in the fourth quarter.
Timing of fair value appreciation is heavily dependent upon construction
progress, which is subject to factors outside the control of the
Company's development partners. As such, the exact timing of fair value
recognition is subject to change.

Refer to the Company's Second Quarter 2018 Supplemental Information
Package for more information.

Conference Call and Webcast Information

The Company will host a webcast and conference call on Wednesday, August
1, 2018 at 11:00 a.m. Eastern Time to discuss the financial results and
recent events. A webcast will be available on the Company's website at investors.jernigancapital.com.
To listen to a live broadcast, access the site at least 15 minutes prior
to the scheduled start time in order to register and download and
install any necessary audio software. The replay of the webcast will be
available on the Company's website until Wednesday, August 15, 2018.

Supplemental financial and operating information as of and for the three
and six months ended June 30, 2018 is available on the Company's website
under Investor Relations – Financial Information – Quarterly
Supplemental Information.

To Participate in the Telephone Conference Call:

Dial in at least 15 minutes prior to start time.

Domestic: 1-877-407-0792
International: 1-201-689-8263

Conference Call Replay:

Domestic: 1-844-512-2921
International: 1-412-317-6671
Passcode:
13681071

The replay can be accessed until midnight Eastern Time on Wednesday,
August 15, 2018.

About Jernigan Capital, Inc.

Jernigan Capital, Inc. is a New York Stock Exchange-listed real estate
investment trust (NYSE:JCAP) that provides debt and equity capital to
private developers, owners, and operators of self-storage facilities.
Our mission is to be the preeminent capital partner for self-storage
entrepreneurs nationwide by offering creative solutions through an
experienced team demonstrating the highest levels of integrity,
dedication, excellence and community, while maximizing shareholder
value. The Jernigan Capital team has extensive experience in over 100
U.S. markets—from acquiring and managing self-storage properties to new
self-storage development—providing JCAP with knowledge unmatched by any
lender, broker or advisor to the sector. Jernigan Capital is the only
source of construction and development capital focused solely on the
self-storage sector.

Forward-Looking Statements

This press release includes "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
including statements relating to our full-year and third quarter 2018
guidance, our ability to successfully consummate our proposed term loans
described in this release, our ability to successfully source,
structure, negotiate and close investments in self-storage facilities,
our ability to fund our outstanding future investment commitments, our
ability to own and manage our real estate assets, the availability,
terms and our rate of deployment of equity capital and our ability to
increase the borrowing base of our credit facility. The ultimate
occurrence of events and results referenced in these forward-looking
statements is subject to known and unknown risks and uncertainties, many
of which are beyond our control. These forward-looking statements are
based upon the Company's present intentions and expectations, but the
events and results referenced in these statements are not guaranteed to
occur. Investors should not place undue reliance upon forward-looking
statements. For a discussion of these and other risks facing our
business, see the information under the heading "Risk Factors" in the
Company's Annual Report on Form 10-K for the year ended December 31,
2017, and those set forth in the Company's other reports and information
filed with the Securities and Exchange Commission ("SEC"), which are
accessible on the SEC's website at www.sec.gov.

Non-GAAP Financial Measures

Adjusted Earnings is a non-GAAP measure and is defined as net income
attributable to common stockholders plus stock dividends payable to
preferred stockholders, stock-based compensation expense, depreciation
and amortization on real estate assets and other expenses. Management
uses Adjusted Earnings and Adjusted Earnings per share as key
performance indicators in evaluating the operations of the Company's
business. The Company is a capital provider to self-storage developers
and believes that these measures are useful to management and investors
as a starting point in measuring its operational performance because
they exclude various equity-based payments (including stock dividends)
and other items included in net income that do not relate to or are not
indicative of its present and future operating performance, which can
make periodic and peer analyses of operating performance more difficult.
The Company's computation of Adjusted Earnings and Adjusted Earnings per
share may not be comparable to other key performance indicators reported
by other REITs or real estate companies. Reconciliations of Adjusted
Earnings and Adjusted Earnings per share to Net income attributable to
common stockholders and Earnings per share, respectively, are provided
in the attached table entitled "Calculation of Adjusted Earnings."

JERNIGAN CAPITAL, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands)
   
As of
June 30, 2018 December 31, 2017
(unaudited)
Assets:
Cash and cash equivalents $ 43,331 $ 46,977
Self-Storage Investment Portfolio:
Development property investments at fair value 302,245 228,233
Bridge loan investments at fair value 79,581 -
Operating property loans at fair value 5,862 5,938
Self-storage real estate owned, net 59,835 15,355
Investment in and advances to self-storage real estate venture 14,846 13,856
Other loans, at cost 1,361 1,313
Deferred financing costs 1,644 2,004
Prepaid expenses and other assets 975 776
Fixed assets, net   180   182
Total assets $ 509,860 $ 314,634
 
Liabilities:
Senior loan participation $ - $ 718
Secured revolving credit facility - -
Due to Manager 1,887 1,484
Accounts payable, accrued expenses and other liabilities 2,916 1,138
Dividends payable   11,319   5,474
Total liabilities 16,122 8,814
 
Equity:
Series A preferred stock 107,168 37,764
Series B Cumulative preferred stock 37,463 -
Common stock 192 144
Additional paid-in capital 361,636 276,814
Accumulated deficit   (12,721)   (8,902)
Total equity   493,738   305,820
Total liabilities and equity $ 509,860 $ 314,634

JERNIGAN CAPITAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
       
Three months ended Six months ended
June 30, June 30,
2018 2017 2018 2017
Revenues:
Interest income from investments $ 6,403 $ 2,467 $ 10,965 $ 4,586
Rental and other property-related income from real estate owned 805 105 1,428 168
Other revenues   33   27   64   146
Total revenues 7,241 2,599 12,457 4,900
 
Costs and expenses:
General and administrative expenses 2,034 1,371 3,852 2,949
Management fees to Manager 1,582 707 2,886 1,337
Property operating expenses of real estate owned 420 43 731 74
Depreciation and amortization of real estate owned 887 38 1,589 62
Other expenses   -   -   290   -
Total costs and expenses 4,923 2,159 9,348 4,422
               
Operating income   2,318   440   3,109   478
 
Other income (expense):
Equity in earnings from unconsolidated real estate venture 435 595 985 1,017
Change in fair value of investments 8,623 4,289 12,943 5,682
Interest expense (638) (230) (1,054) (434)
Other interest income   59   100   168   234
Total other income   8,479   4,754   13,042   6,499
Net income 10,797 5,194 16,151 6,977
Net income attributable to preferred stockholders   (4,580)   (177)   (8,175)   (723)
Net income attributable to common stockholders $ 6,217 $ 5,017 $ 7,976 $ 6,254
 
Basic earnings per share attributable to common stockholders $ 0.40 $ 0.50 $ 0.53 $ 0.66
Diluted earnings per share attributable to common stockholders $ 0.40 $ 0.50 $ 0.53 $ 0.66
 
Dividends declared per share of common stock $ 0.35 $ 0.35 $ 0.70 $ 0.70

JERNIGAN CAPITAL, INC.
CALCULATION OF ADJUSTED EARNINGS
(in thousands, except share and per share data)
(unaudited)
   
Three months ended
June 30, 2018 June 30, 2017
Net income attributable to common stockholders $ 6,217 $ 5,017
Plus: stock dividends payable to preferred stockholders 2,125 -
Plus: stock-based compensation 777 435
Plus: depreciation and amortization on real estate assets   887   38
Adjusted Earnings $ 10,006 $ 5,490
 
Adjusted Earnings per share attributable to common stockholders -
diluted
$ 0.64 $ 0.55
 
Weighted average shares of common stock outstanding - diluted 15,564,317 10,033,029
  Six months ended
June 30, 2018   June 30, 2017
Net income attributable to common stockholders $ 7,976 $ 6,254
Plus: stock dividends payable to preferred stockholders 4,250 371
Plus: stock-based compensation 1,122 727
Plus: depreciation and amortization on real estate assets 1,589 62
Plus: other expenses   290   -
Adjusted Earnings $ 15,227 $ 7,414
 
Adjusted Earnings per share attributable to common stockholders -
diluted
$ 1.01 $ 0.78
 
Weighted average shares of common stock outstanding - diluted 15,058,187 9,507,947

JERNIGAN CAPITAL, INC.
CALCULATION OF EARNINGS PER SHARE AND ADJUSTED EARNINGS PER SHARE
(in thousands, except share and per share data)
(unaudited)
       
Three months ended June 30, Six months ended June 30,
2018 2017 2018 2017
Shares outstanding:
Weighted average common shares - basic 15,274,459 9,850,967 14,763,741 9,356,744
Effect of dilutive securities   289,858   182,062   294,446   151,203
Weighted average common shares, all classes   15,564,317   10,033,029   15,058,187   9,507,947
 
Calculation of Earnings per Share - basic
Net income $ 10,797 $ 5,194 $ 16,151 $ 6,977
Less:
Net income allocated to preferred stockholders 4,580 177 8,175 723
Net income allocated to unvested restricted shares (1)   72   91   98   99
Net income attributable to common stockholders - two-class method $ 6,145 $ 4,926 $ 7,878 $ 6,155
 
Weighted average common shares - basic 15,274,459 9,850,967 14,763,741 9,356,744
Earnings per share - basic $ 0.40 $ 0.50 $ 0.53 $ 0.66
 
Calculation of Earnings per Share - diluted
Net income $ 10,797 $ 5,194 $ 16,151 $ 6,977
Less:
Net income allocated to preferred stockholders   4,580   177   8,175   723
Net income attributable to common stockholders - two-class method $ 6,217 $ 5,017 $ 7,976 $ 6,254
 
Weighted average common shares - diluted 15,564,317 10,033,029 15,058,187 9,507,947
Earnings per share - diluted $ 0.40 $ 0.50 $ 0.53 $ 0.66
 
Calculation of Adjusted Earnings per Share - basic
Adjusted Earnings $ 10,006 $ 5,490 $ 15,227 $ 7,414
Less:
Adjusted Earnings allocated to unvested restricted shares (1)   116   100   187   118
Adjusted Earnings attributable to common stockholders - two-class
method
$ 9,890 $ 5,390 $ 15,040 $ 7,296
 
Weighted average common shares - basic 15,274,459 9,850,967 14,763,741 9,356,744
Adjusted Earnings per share - basic $ 0.65 $ 0.55 $ 1.02 $ 0.78
 
Calculation of Adjusted Earnings per Share - diluted
Adjusted Earnings attributable to common stockholders - two-class
method
$ 10,006 $ 5,490 $ 15,227 $ 7,414
 
Weighted average common shares - diluted 15,564,317 10,033,029 15,058,187 9,507,947
Adjusted Earnings per share - diluted $ 0.64 $ 0.55 $ 1.01 $ 0.78
 

(1)

Unvested restricted shares participate in dividends with common
shares on a 1:1 basis and thus are considered participating
securities under the two-class method for the three and six months
ended June 30, 2018 and 2017.

JERNIGAN CAPITAL, INC.
2018 GUIDANCE - RECONCILIATION OF ADJUSTED EARNINGS
(in thousands, except share and per share data)
(unaudited)
   
Quarter ending September 30, 2018
Low High
 
Net income attributable to common stockholders $ 8,875 $ 11,285
Plus: stock dividends payable to preferred stockholders 2,125 2,125
Plus: stock-based compensation 390 380
Plus: depreciation and amortization on real estate assets   820   800
Adjusted Earnings $ 12,210 $ 14,590
 
Net income attributable to common stockholders per weighted average
share
$ 0.46 $ 0.58
Adjusted Earnings per weighted average share $ 0.63 $ 0.75
 
Weighted average shares of common stock outstanding 19,400,000 19,400,000
   
Year ending December 31, 2018
Low High
 
Net income attributable to common stockholders $ 30,370 $ 38,740
Plus: stock dividends payable to preferred stockholders 8,500 8,500
Plus: stock-based compensation 1,870 1,820
Plus: depreciation and amortization on real estate assets 3,250 3,150
Plus: other expenses   290   290
Adjusted Earnings $ 44,280 $ 52,500
 
Net income attributable to common stockholders per weighted average
share
$ 1.77 $ 2.25
Adjusted Earnings per weighted average share $ 2.57 $ 3.05
 
Weighted average shares of common stock outstanding 17,200,000 17,200,000

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