![]() So the silver lining to me is a huge opportunity for companies like Jernigan Capital, who have good access to capital to be able to buy storage facilities that are well located. And you've also heard us say that we think in this development cycle, 75% of those are going to be for sale sooner rather than later.Īnd I think that opportunity is going to start presenting itself in a large way starting this year, Q3, Q4 this year. And I've always said, yes, there's going to be some short term pain, but some long term gain, and the game is going to be far greater than the short-term pain.Īnd specifically what I mean by that is we've got some data providers out there, who have done a good job in this cycle telling us how many properties are being built, where, and they estimate it's ranging from, maybe, a couple of thousand to 2,500 facilities that are going to be built in this development cycle in the top fifty markets. There are a lot of storage facilities being built around the country. At least for the last three years you've heard us here Jernigan Capital talk about the silver lining in this development cycle. ![]() But I want to speak a little bit more about the sector, as I always like to do, I want to look forward and talk about the silver lining. So pleased with the quarter as we've seen, and John, and Kelly, and Jonathan will talk so about our results, how good our results were for the quarter. That - those platforms are very powerful and are functioning exceptionally well right now, I think. Powered the the platforms up these large companies to be able to attract customers, get them into their funnels and not let him out of the funnel until they run a unit. That would, of course, be in normal times, but I think we're - these aren't so much normal times as we do have a lot of new product hitting the market out there on a weekly basis, but because of the power of the platforms, you've heard me talk a lot about that over these last four years. So if history is any indication, I think we're headed for a good year. Q4 comes back some, but still ahead of the Q1 of that same year. Q2 builds on Q1, Q3 ends up being the best quarter of the year. I've been tracking results like this for a lot of years now, and I've always found that the first quarter of each year tends to be the weakest quarter of the year. And I'm pleased to see the results of our friends who have reported so far. We've had some good reports so far in our sector this quarter. I'd like to start this morning by just kind of looking at the present situation. You can find our press release, SEC reports and audio webcast replay of this conference call on our website at In addition to myself, on the call today we have Dean Jernigan, Executive Chairman John Good, CEO Jonathan Perry, President and Chief Investment Officer and Kelly Luttrell, Senior Vice President and CFO. ![]() These forward looking statements are qualified by the cautionary statements contained in the Company's latest filings with the SEC, which we encourage you to review.Ī reconciliation of the GAAP to Non-GAAP financial measures provided on this call is included in our earnings press release. Actual results could differ materially from those stated or implied by our forward looking statements, due to risks and uncertainties associated with the Company's business. The floor will be open for your questions following management's prepared remarks.īefore we begin please remember that management's prepared remarks and answers to your questions may contain forward looking statements as defined by the SEC in the Private Securities Litigation Reform Act of 1995 and other federal security laws. At this time all participants are in a listen-only mode. Today's conference is being recorded, Thursday, May 2nd, 2019. My name is David Corak, Senior Vice President of Corporate Finance. Good morning, everyone, and welcome to the Jernigan Capital first quarter 2019 earnings conference call. Please go ahead, sir.ĭavid Corak - Senior Vice President, Corporate Finance ![]() It is my now pleasure to introduce your host, David Corak, Senior Vice President of Corporate Finance. (Operator Instructions) As a reminder this conference is being recorded. A question- and-answer session will follow the formal presentation. Greetings, and welcome to the Jernigan Capital First Quarter 2019 Conference Call.
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