Jernigan Capital,Inc。(JCAP) 首席执行官 John Good 于 2019年 第二季度业绩 - 收益电话会议记录

Jernigan Capital, Inc. (NYSE:JCAP) Q2 2019 Earnings Conference Call August 1, 2019 11:00 AM ET

Jernigan Capital,Inc。(纽约证券交易所代码:[JCAP])2019年第二季度收益电话会议2019年8月1日美国东部时间上午11:00

公司参与者

David Corak – Senior Vice President-Corporate Finance
John Good – Chief Executive Officer
Jonathan Perry – President and Chief Investment Officer
Kelly Luttrell – Senior Vice President and Chief Financial Officer

  • David Corak - 企业融资高级副总裁
  • John Good - 首席执行官
  • Jonathan Perry - 总裁兼首席投资官
  • Kelly Luttrell - 高级副总裁兼首席财务官

电话会议参与者

Tim Hayes – B. Riley FBR
Todd Thomas – KeyBanc Capital Markets
Jonathan Hughes – Raymond James

  • Tim Hayes - B. Riley FBR
  • Todd Thomas - KeyBanc Capital Markets
  • 乔纳森休斯 - 雷蒙德詹姆斯

会议主持员

Greetings and welcome to the Jernigan Capital Second Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Mr. David Corak, Senior Vice President of Corporate Finance. Thank you Mr. Corak, you may begin.

欢迎来到Jernigan Capital 2019年第二季度收益电话会议。 此时,所有参与者都处于只听模式。 一个简短的问答环节将在正式的演讲之后进行。 [操作员说明]提醒一下,此会议正在录制中。

现在我很荣幸地介绍您的主持人,公司财务高级副总裁David Corak先生。 谢谢科拉克先生,你可以开始吧。

大卫科拉克

Good morning, everyone, and welcome to the Jernigan Capital second quarter 2019 earnings conference call. My name is David Corak, SVP of Corporate Finance.
Today's conference is being recorded, Thursday, August 1, 2019. At this time, all participants are in listen-only mode. The floor will be opened for your questions following management's prepared remarks.
Before 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 Securities Laws. 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.
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. A reconciliation of the GAAP to non-GAAP financial measures provided on this call is included in our earnings press release. You can find our press release, SEC reports and audio webcast replay of this conference call on our website at www.jernigancapital.com.
In addition to myself, on the call today we have John Good, CEO; Jonathan Perry, President and Chief Investment Officer; and Kelly Luttrell, Senior Vice President and CFO. I'll now turn the floor over to Mr. Good. John?

大家早上好,欢迎来到Jernigan Capital 2019年第二季度财报电话会议。我的名字是David Corak,企业财务高级副总裁。

今天的会议正在录制,即2019年8月1日星期四。此时,所有参与者都处于只听模式。在管理层准备好的评论之后,将对您的问题进行讨论。

在开始之前,请记住管理层准备好的评论和问题的答案可能包含美国证券交易委员会在1995年“私人证券诉讼改革法案”和其他联邦证券法中定义的前瞻性陈述。由于与公司业务相关的风险和不确定性,实际结果可能与我们的前瞻性陈述中明示或暗示的结果存在重大差异。

这些前瞻性陈述符合公司最近向美国证券交易委员会提交的文件中包含的警示性声明,我们鼓励您进行审查。我们的财报新闻稿中包含了此次通话中提供的GAAP与非GAAP财务指标的对账。您可以在我们的网站www.jernigancapital.com上找到本次电话会议的新闻稿,SEC报告和音频网播重播。

除了我自己,今天在电话会议上我们有John Good,CEO; Jonathan Perry,总裁兼首席投资官;和高级副总裁兼首席财务官Kelly Luttrell。我现在请讨论好先生。约翰?

John Good

Thanks, David. Good morning, everyone. The second quarter of 2019 was another productive quarter for us. Since our last call, we originated three new development investments for profits interests and rights of first refusal, all of these being in the New York MSA. We continue to originate development investments with highly experienced developers in sub-markets, where, we believe, we can earn healthy development yields over prevailing cap rates and avoid excess new supply.
We believe these three new investments fit those criteria. Today, in 2019, we've committed capital exceeding 83% of the midpoint of our annual investment guidance range, which we provided in February, and we're hitting our targets for allocating capital to new development.
However, development cycle winds down, we expect to be disciplined in our selection of development and investments, and for the level of our investment in new development to moderate. During the quarter, we did not close the acquisition of any developer's interests in projects we have financed. Instead, we chose to wait until the rental season was over to engage in discussions with developers who expressed a desire to sell.
Subsequent to the end of the quarter, we successfully resolved the Miami construction loan dispute, which we had previously reported, and we took full ownership of that property. We look forward to completing that project and placing it in service in the next few months, and we continue to believe that, that property will be a great addition to our Miami investment portfolio.
We expect to continue to evaluate numerous opportunities to buy out the interests of developers over the next 18 months. While our sector's dealing with the issue of elevated supply in certain markets and the impact of such elevated supply on self-storage fundamentals, we're happy to report that our portfolio continues to lease-up nicely. As of today, the 2019 rental season is effectively completed. Approximately 61% of our development investment properties have now experienced one full rental season.
These properties have added an average of 1,590 basis points or 15.9% of physical occupancy between April 1 and this past weekend. Physical occupancy, which is our primary focus, given the age of our portfolio is running approximately 600 basis points ahead of initial underwriting for our 46 properties that have been open for at least one leasing season.
In summary, we're delighted by the way our business performed in the second quarter, and we're optimistic about our prospects moving forward. With that, I'll turn things over to Kelly to talk about our results of operations.

谢谢,大卫。大家,早安。 2019年第二季度是我们的另一个富有成效的季度。自从我们上次召开会议以来,我们针对利润利益和优先购买权发起了三项新的开发投资,所有这些投资都在纽约MSA。我们继续与次级市场中经验丰富的开发商进行开发投资,我们相信,我们可以通过现行的上限费率获得健康的开发收益,并避免过多的新供应。

我们认为这三项新投资符合这些标准。今天,在2019年,我们承诺的资本超过我们在2月份提供的年度投资指导范围中点的83%,并且我们的目标是为新开发项目分配资金。

然而,开发周期逐渐减少,我们期望在选择开发和投资方面受到纪律处分,并且我们对新开发项目的投资水平要适度。在本季度,我们并未完全收购任何开发商对我们融资项目的兴趣。相反,我们选择等到租赁季节结束,与表达出售欲望的开发商进行讨论。

在本季度结束之后,我们成功解决了我们之前报道的迈阿密建筑贷款纠纷,并且我们完全拥有该房产。我们期待在接下来的几个月内完成该项目并投入使用,我们仍然相信,该物业将成为迈阿密投资组合的重要补充。

我们预计将继续评估在未来18个月内购买开发商利益的众多机会。虽然我们的行业正在处理某些市场供应增加的问题以及供应增加对自存储基本面的影响,但我们很高兴地报告我们的投资组合继续良好地出租。截至今天,2019年的租赁季节已经有效完成。我们约有61%的开发投资物业现在经历了一个完整的租赁季节。

这些房产在4月1日和上周末之间平均增加了1,590个基点或15.9%的实际入住率。实际占用率是我们的主要关注点,考虑到我们的投资组合的年龄,我们的46个物业的初始承销业务开始前至少有一个租赁季节开放约600个基点。

总而言之,我们对第二季度业务的表现感到高兴,我们对未来前景感到乐观。有了这个,我会把事情交给凯利,谈谈我们的运营结果。

Kelly Luttrell

Thank you, John and hello everyone. Last night, we reported second quarter earnings per share of $0.46 and adjusted earnings per share of $0.65, both of which are above the high end of our quarterly guidance. Overall, for the quarter, our results came in above our expectations on several line items, but there were a few noteworthy items on which I'll provide some additional color.
First, fair value for the quarter came in $5 million above the midpoint of our range. This was primarily driven by favorable movements of interest rates, along with overall better-than-expected construction progress on our portfolio. Second, interest income exceeded the high end of our guidance, driven by higher-than-expected loan fundings and additional fee income. And lastly, our interest expense came in below our guidance midpoint as we sold more common stock than expected for our ATM program during the quarter.
Taking all of this into consideration, even if fair value would have been in our $7 million midpoint, quarterly EPS and adjusted EPS would have been $0.03 above the midpoint of our guidance range.
Moving on to guidance for the remaining part of the year. As of the end of the second quarter, our construction progress and timing of deliveries remain on track. Our operating portfolio is performing in line or slightly better than budgeted. And we have greater visibility now on the impact of market interest rates over the balance of the year. Additionally, we now have more clarity on prospective acquisitions of developer interest than we had before the rental season began.
Based on these factors, we have determined that it is now appropriate to adjust our EPS and our adjusted EPS guidance ranges. We currently expect to acquire more developer interest than we initially forecast, when we issued guidance in February. And as we've previously communicated, when we buy developer interest during lease-up, these acquisitions have a near-term dilutive effect on our earnings, as we're swapping interest income at our contract interest rate and fair value accretion for property NOI, which builds throughout lease-up of the property.
This near-term dilution from increased developer is more than offset, though, by construction, that is ahead of schedule, lower interest rates and additional fee income. The net effect of all of this is an increase in the midpoint of our full year adjusted EPS guidance range and the tightening of our EPS guidance range.
Turning to the balance sheet. During the second quarter, we issued $30.6 million of common stock under our ATM program at an average share price of $20.04, which was a 10.6% premium to our March 31 book value per share. We also utilized our credit facility, with just under $63 million drawn at quarter end. These capital activities continue to help position us well for funding our current activities, and notably, our leverage, as measured by net debt to gross assets stood at 13% at quarter end.
Our table of capital sources and uses contained in our supplement reflects ample capital to fund our commitments for the remaining part of the year. As we have done since inception, we will continue to prudently seek to match our funding obligations with the sources of capital that best add to the value of the company and maintain our debt levels in the range of 25% to 30% of gross assets.

谢谢你,约翰,大家好。昨晚,我们报告第二季度每股收益0.46美元,调整后每股收益0.65美元,均高于我们季度指引的高端。总体而言,在本季度,我们的结果超出了我们对多个订单项的预期,但有一些值得注意的项目,我将提供一些额外的颜色。

首先,该季度的公允价值比我们的产品系列中点高出500万美元。这主要是由于利率的有利变动以及我们投资组合的总体好于预期的建筑进度。其次,由于高于预期的贷款资金和额外的手续费收入,利息收入超过了我们指引的高端。最后,我们的利息支出低于我们的指导中点,因为我们在本季度销售了比我们的ATM计划预期更多的普通股。

考虑到所有这些因素,即使公允价值出现在我们700万美元的中点,季度每股盈利和调整后的每股盈利将比我们的指导范围中点高出0.03美元。

继续进行今年剩余时间的指导。截至第二季度末,我们的建设进度和交付时间仍在进行中。我们的运营组合表现符合预算或略好于预算。我们现在可以更好地了解市场利率对今年余额的影响。此外,我们现在对租赁季节开始前的开发商利益的预期收购有更清晰的了解。

基于这些因素,我们已确定现在适当调整我们的每股盈利和调整后的每股盈利指引范围。我们目前预计会在2月份发布指引时获得比我们最初预测更多的开发商利益。正如我们之前所传达的那样,当我们在租赁期间购买开发商的利息时,这些收购对我们的收益产生近期的摊薄影响,因为我们将利息收入与合同利率和物业NOI的公允价值增长进行交换,在整个物业租赁期间建造。

然而,增加开发商的这种近期稀释不仅仅是通过建设提前抵消,提前计划,降低利率和额外的手续费收入。所有这一切的净效应是我们全年调整的EPS指导范围的中点和我们的EPS指导范围收紧的增加。

转向资产负债表。在第二季度,我们在ATM计划下发行了3060万美元的普通股,平均股价为20.04美元,比我们3月31日的每股账面价值溢价10.6%。我们还利用了我们的信贷额度,在季度末提取的资金不到6300万美元。这些资本活动继续帮助我们很好地为我们当前的活动提供资金,特别是我们的杠杆率,按净负债与总资产衡量,在季度末达到13%。

我们的补充资料中包含的资金来源和用途表反映了充足的资金来为我们今年剩余时间的承诺提供资金。正如我们自成立以来所做的那样,我们将继续谨慎地寻求将我们的融资义务与最能增加公司价值的资本来源相匹配,并将我们的债务水平维持在总资产的25%至30%范围内。

That's all we have in the form of prepared remarks, and we will now turn it over for Q&A.

这就是我们以准备好的言论形式提供的所有内容,我们现在将其转为问答。

问答环节

Thank you. [Operator Instructions] The first question is from Tim Hayes, B. Riley FBR. Please go ahead, sir.

谢谢。 [操作员说明]第一个问题来自Tim Hayes,B。Riley FBR。 请继续,先生。

蒂姆海耶斯

Hey, good morning, everyone. Thank you for taking my questions. I appreciate the comments around the acquisition pipeline and encouraged to hear that the pace should be picking up in the back half of the year. Some of your peers have noted on conference calls this quarter that their acquisition pipelines have picked up as sellers have rationalized exit price expectations and have become more willing to sell earlier in the projects, even before construction starts, in some cases.
Just wondering if you're seeing this trend? And if you're willing, maybe size your pipeline for buyouts for the second half of the year?

嘿,大家早上好。 感谢您提出我的问题。 我很欣赏有关收购渠道的评论,并鼓励听到今年下半年的步伐应该会加快。 一些同行在本季度的电话会议上注意到,由于卖家已经合理化退出价格预期并且在某些情况下甚至在施工开始之前就已经更愿意在项目中提前出售,他们的收购渠道已经恢复。

只是想知道你是否看到这种趋势? 如果你愿意,也许可以在今年下半年调整你的收购渠道?

Jonathan Perry

Yes, Tim, this is Jonathan. I think that, for us, our developers have been coming to us on average, 18 months post CO. And when you think about everything that is being developed in this cycle, I think, a good estimate is that 75% of those projects are being built by merchant developers with the intent to sell at some point in the future. I think, for us, that percentage is higher, greater than 75%.
So if you just look at the age of our properties when they were placed in service and use that 17 to 18-month mark, by the end of 2020, 12/31/2020, we will have had 40 assets in our portfolio that would hit that mark. So I think that we would expect those conversations, assuming that, that trend holds, to continue to pick up the balance of the year and continue on into 2020.

是的,蒂姆,这是乔纳森。 我认为,对于我们来说,我们的开发人员平均来到我们这里的时间是18个月。当我考虑这个周期中正在开发的所有内容时,我认为,一个很好的估计是75%的项目是 由商业开发商建造,意图在未来的某个时刻出售。 我认为,对我们来说,这个百分比更高,超过75%。

因此,如果您只是看看我们的物业投入使用时的年龄并使用17至18个月的商标,到2020年底,即12月31日,我们的投资组合中将拥有40个资产。 达到那个标记。 所以我认为,假设这种趋势持续下去,我们会期望这些对话继续保持今年的平衡,并持续到2020年。

蒂姆海耶斯

Okay. Great. I appreciate those comments. And then interest income was pretty high this quarter relative to your guidance. Was there any outsized early prepayment or loan modification income in there? Or does this just reflect an expectation that you would have acquired an asset during the quarter, which would have decreased interest income?

好的。 大。 我很欣赏这些评论。 然后,相对于您的指导,本季度的利息收入相当高。 那里有超额的提前还款或贷款修改收入吗? 或者这只是反映了您本季度会收购资产的预期,这会降低利息收入?

Kelly Luttrell

Good question, Tim. There were some modification and fee income that we had during the quarter, kind of in line with what we saw last quarter, maybe a little bit higher, so about $300,000 total recognized this quarter. As a reminder, those are facts and circumstances specific and are episodic in nature. We also had some loan closings that we have set through development investments that we closed earlier in the quarter. And so we were able to deploy some capital and start earning income on that sooner than we had initially projected. Those are the big drivers of this quarter.

蒂姆,好问题。 我们在本季度有一些修改和费用收入,与我们上个季度看到的一致,可能略高一些,因此本季度总共确认了约300,000美元。 提醒一下,这些都是具体的事实和情况,本质上是偶然的。 我们还通过我们在本季度早些时候关闭的开发投资设定了一些贷款。 因此,我们能够部署一些资金,并且比我们最初的预测更早地开始赚取收入。 这些是本季度的重要推动力。

蒂姆海耶斯

Okay, thanks Kelly. And then recently, as you pointed out, your new commitments have been largely in the greater New York City area. Just wondering if you can talk a little bit more about the trends you're seeing there, that keep you interested even as the new supply pipeline has picked up in that area. And if you think the recent multifamily rent control legislation, was any impact of future development there?

好的,谢谢凯利。 最近,正如您所指出的那样,您的新承诺主要集中在纽约市的大区。 只是想知道你是否可以谈谈你在那里看到的趋势,即使新的供应渠道已经在该领域取得进展,也会让你感兴趣。 如果你认为最近的多户型租金管制立法,是否会对未来的发展产生影响?

Jonathan Perry

Yes. I don't think that -- I don't see a major impact on the rent control. The demographics in New York is the population densities up there and the movement across the those are just characteristics unlike really any other metro area in the country. So as long as long as that trend continues, then we continue to be bullish on New York. It just so happens that our most recent investments have been up there.
Again, if you think about our where we are right now in the cycle, we have, what I would say, to be about a half a dozen, I would call them programmatic developers or partners, and we continue to look at opportunities obviously in New York, but also in the Mid-Atlantic and other parts of the country. So it just happens timing on getting these particular deals across the goal line as to why you’re seeing a little bit of a surge of activity from us in New York. Timothy Paul Hayes

是。 我不认为 - 我没有看到对租金控制产生重大影响。 纽约的人口统计数据是那里的人口密度,而这些人口的流动只是该国其他任何都市区的特征。 因此,只要这种趋势继续下去,那么我们继续看好纽约。 碰巧我们最近的投资已经到了那里。

再说一遍,如果你考虑一下我们现在在这个周期中的位置,我会说,大约有六个,我会称之为程序化开发人员或合作伙伴,我们继续关注机会 纽约,也在中大西洋和全国其他地区。 所以它恰好在整个目标线上获得这些特定交易的时机,以及为什么你会看到纽约的一些活动。 蒂莫西保罗海耶斯

蒂姆海耶斯

Okay. I appreciate the comments there. I’m going to sneak one more in, and then I’ll hop in the queue. The internalization process, I believe, formally begins in October. Just wondering if there’s any comments to be made around that at this point? If – how conversations have been progressing? And just any color would be appreciated.

好的。 我很欣赏那里的评论。 我要再潜入一个,然后我就会排队等候。 我认为,内化过程正式于10月开始。 只是想知道此时是否有任何评论要做? 如果 - 对话如何进展? 任何颜色都会受到赞赏。

John Good

Yes. Tim, this is John, and thanks for the question. We’ve communicated since before the IPO closed through SEC filings, I think every SEC filing that we have – the we’ve made since that point in time, that outlines the process for internalization. It’s all set forth in the management agreement that is on file. And under the management agreement, as you noted, the process is required to begin no later than October 3. Under the agreement that what that process requires is that for the manager to make an offer to JCAP, the company’s Board then appoints a special committee to evaluate the offer, and the special committee can either accept, reject or counter the offer.
If and when the special committee and the manager agree upon the terms of an internalization transaction, the special committee is then required to obtain a fairness opinion from a nationally recognized investment bank. Once that’s happened, the stockholders will then be asked to approve the transaction. And at that time, we’ll issue a proxy statement, call a meeting and everything that’s going on will be described in that proxy statement. It’s – I think this process was designed to produce a fair result for all the parties, and there will really be nothing to comment on until the process has run its course.

是。蒂姆,这是约翰,谢谢你的提问。我们已经在IPO通过美国证券交易委员会提交的文件之前进行了沟通,我认为我们所拥有的每一份美国证券交易委员会文件 - 我们自那时以来所做的那样 - 都概述了内部化的过程。这一切都在存档的管理协议中阐述。根据管理协议,如您所述,该流程必须在10月3日之前开始。根据协议,该流程需要的是经理向JCAP提出要约,公司董事会随后任命一个特别委员会评估报价,特别委员会可以接受,拒绝或反驳报价。

如果特别委员会和经理就内部化交易的条款达成一致,则要求特别委员会从国家认可的投资银行获得公平意见。一旦发生这种情况,股东将被要求批准交易。那时,我们将发出一个代理声明,召集一个会议,所有正在进行的事情将在该代理声明中描述。它是 - 我认为这个过程旨在为所有各方产生公平的结果,在该过程完成之前,实际上没有什么可评论的。

蒂姆海耶斯

Okay. Appreciate the comments guys.

好的。 欣赏评论家伙。

会议主持员

We have a question from Todd Thomas, KeyBanc Capital Markets. Please go ahead, sir.

我们向KeyBanc Capital Markets的Todd Thomas提出了一个问题。 请继续,先生。

托德托马斯

Hi. Thanks. Good morning. Wanted to circle back to your comments and the increase in your assumption for the acquisition of developer interest here. What do you think is an appropriate range for us to consider in terms of partner buyouts? And how many additional assets do you think that you might expect to own heading into 2020.

你好。 谢谢。 早上好。 想回到你的评论,并增加你在这里获得开发者兴趣的假设。 在合作伙伴收购方面,您认为我们认为合适的范围是什么? 您认为有多少额外资产可能会持续到2020年。

Jonathan Perry

Yes, that’s a great question, Todd. And while the – while the conversations have heated up and have progressed, as you would expect, coming on the heels of – out of this current rental season, I don’t know that I can – we can give you a specific range. I would think that earlier in the year, we may have indicated a range of four to 10 developer buyouts. I would think that you would be – or discussions. I think that you’re probably towards the upper end of that range?

是的,这是一个很好的问题,托德。 虽然 - 谈话已经升温并且已经取得了进展,正如您所期望的那样 - 在当前的租赁季节之后,我不知道我可以 - 我们可以给你一个特定的范围。 我认为在今年早些时候,我们可能已经指出了4到10个开发商的收购范围。 我认为你会 - 或者讨论。 我认为你可能会走向该范围的上限?

John Good

Yes, Todd, let me make a quick comment along those lines. As we’ve told people all along, the developer is really in control of this process, and we can’t control when or if they come to us. And so we evaluate all of this in light of really the stage of lease-up of properties.
So as we, I think, a pretty consistently disclosed over the last several quarters, the trend has been, and I think Jonathan alluded to this earlier, that when a property is somewhere between 16 and 18 months of lease up, somewhere 50% plus physically occupied, those conversations begin. And I think earlier in the year, we indicated that four to 10 of those properties would kind of hit that sweet spot of potential for discussions. And as Jonathan just said, we hold to that range. I think the number of discussions probably ends up at the upper end of that range. But in terms of what ultimately happens, I – we don’t control that.

是的,托德,让我按照这些方针做一个快速评论。 正如我们一直告诉人们的那样,开发人员真正控制着这个过程,我们无法控制他们何时或是否来找我们。 因此,我们根据物业租赁的阶段来评估所有这些。

因此,我认为,在过去的几个季度中,我们一直在披露这一趋势,而且我认为Jonathan早些时候提到过,当房产租赁时间介于16到18个月之间时,大约50%以上 身体上被占用,那些谈话开始了。 我认为在今年早些时候,我们表示这些房产中有4到10个可能会成为讨论潜力的最佳点。 正如乔纳森刚才所说,我们坚持到那个范围。 我认为讨论的数量可能最终会在该范围的上端。 但就最终发生的事情而言,我 - 我们并不控制它。

托德托马斯

Okay. That’s helpful. And then you have the one store in Miami that you took possession of after the quarter end. Are there others that you’re watching today, where it appears as though you could be headed down that road?

好的。 这很有帮助。 然后你在迈阿密有一家商店,你在季末结束后占有。 还有其他你今天在看的地方,好像你可能会走向那条路吗?

Jonathan Perry

Not really. There’s – I think it’s episodic, and it depends upon how things go from a lease-up standpoint. And I think our propensity has generally been – if a project was long delayed in delivery, and we’ve ended up with a prolonged period of construction, that’s maybe eaten into reserves, our propensity has always been to get with the developer, have discussions, move more toward modifications than taking the properties and adjust economics accordingly. As you know, that, that Miami loan was the only remaining construction loan that we had, and we did not have a profits interest in that. So that was really a completely different type of situation than what our typical situation is, but with respect to the rest of our portfolio, we don’t expect to have any more situations like that where we end up not working things out with the developer.

并不是的。 有 - 我认为这是偶然的,这取决于事情从租赁的角度来看如何。 而且我认为我们的倾向一般是 - 如果一个项目在交付时间很长时间延迟,而且我们最终需要长时间的建设,这可能会被用于储备,我们的倾向一直是与开发商合作,进行讨论 ,更多地转向修改,而不是采取属性,并相应调整经济。 如你所知,迈阿密的贷款是我们唯一剩余的建设贷款,我们没有利润。 所以这真的是一种完全不同于我们典型情况的情况,但就我们的其他投资组合而言,我们不希望再有任何情况,例如我们最终没有与开发人员合作的情况。

托德托马斯

Okay. And then just lastly, wondering if you could maybe just comment on development activity, in general. Just curious to get your updated read on your outlook heading into 2020. But in that context, maybe as you think about your developer partners, specifically, which maybe is not representative of the entire industry, I was curious, though, if your partners that you’re working with or have worked with, if they’re slowing down their pace of development and their pipelines are changing at all?

好的。 然后,最后,想知道你是否可能只是评论一般的开发活动。 只是好奇地将您的展望更新到2020年。但在这种情况下,也许当您考虑您的开发商合作伙伴时,特别是,这可能不代表整个行业,但我很好奇,如果您的合作伙伴那么 如果他们正在放慢他们的发展速度并且他们的管道正在发生变化,那么你正在与之合作或已经合作过?

John Good

Yes, Todd. I mean, you’ve been on all the other calls that have occurred thus far. And I think the commentary is pretty consistently been that the cycle is starting to wind down. 2019, it looks as if deliveries will be down a little bit from 2018, but in our markets, maybe more in the range of 10% to 20%. We focus only on the top 50 markets. So we’re not looking at it from a nationwide basis and what goes on in non-top 50 markets is really not particularly relevant to us.
We feel like, from the standpoint of new starts, and I think some of our friends in the sector have commented on this, developers in certain markets will find opportunities, where they feel that they can get yields that are appealing to them. But we believe that the banks are looking at things much more carefully. We believe that bank’s underwriting has probably tightened a lot, and banks have been the primary source of capital to those kinds of developers.
With respect to our developers, as Jonathan said a little earlier, we’re – we have about six programmatic developers. And they’re really at a point, where they are collaborating with us on potential submarkets, where perhaps you have seen an insufficient amount of new supply delivered, where there is a demand, and we’re guiding them to those submarkets and asking them to go find sites in those submarkets.
And we’ll continue to do that as long as company exists, I believe. I mean, that’s an important part of our business model. And we believe that this relationship between us and these developers, which is programmatic and very collaborative, will continue to produce good opportunities, but our – everybody who follows us closely knows that a couple of years ago, we were running a really large pipeline, and that pipeline has, has shrunk to about $300 million of projects that are under some level of evaluation by us. We obviously won’t close all of those. And we’ll just continue to be very careful and very prudent in underwriting and look for those submarkets where there’s a real need for new development.

是的,托德。我的意思是,你已经处理了到目前为止发生的所有其他呼叫。而且我认为评论一直是这个周期开始逐渐减弱。 2019年,看起来交付量将从2018年开始略有下降,但在我们的市场中,可能会在10%到20%的范围内更多。我们只关注前50大市场。所以我们不是从全国范围来看这个问题,非前50个市场的情况对我们来说并不是特别相关。

我们觉得,从新的开始的角度来看,我认为我们这个行业的一些朋友对此有所评论,某些市场的开发商会找到机会,他们觉得他们可以获得对他们有吸引力的收益。但我们相信银行正在更加谨慎地看待事情。我们认为银行的承销业务可能收紧了很多,银行一直是这类开发商的主要资金来源。

关于我们的开发人员,正如Jonathan早些时候所说,我们 - 我们有大约六个程序开发人员。而且他们确实在某一点上,他们在潜在的子市场上与我们合作,在那里你可能已经看到了有需求的新供应量不足,我们正引导他们到那些子市场并询问他们去寻找那些子市场的网站。

我相信,只要公司存在,我们就会继续这样做。我的意思是,这是我们商业模式的重要组成部分。我们相信,我们与这些开发人员之间的关系,这是一个程序化和非常协作的关系,将继续提供良好的机会,但我们 - 密切关注我们的每个人都知道,几年前,我们正在运行一个非常大的管道,并且该管道已经缩减到约3亿美元的项目,这些项目受到我们的某种程度的评估。我们显然不会关闭所有这些。我们将继续非常小心谨慎地进行承销,并寻找那些真正需要新开发的子市场。

Jonathan Perry

Todd, just to add a little bit more color on the macro front, I think that you can attribute the slowdown to really probably three factors. I think you have local bank financing, which John alluded to, is getting tighter, I think that the – some of the equity that was funding development early in the cycle has pivoted, and they’re focused more on acquisitions. And then sites, in general, they’re harder to find. It’s harder to find pockets or locations in underserved markets, and zoning continues to be a challenge. And then, obviously, lastly, on the absorption of new supplies weighing on fundamentals which just makes deals harder to pencil this late in the cycle. So you have a host of factors that are bringing this development cycle to a close.

托德,只是为了在宏观方面添加更多颜色,我认为你可以将减速归因于三个因素。 我认为你所拥有的本地银行融资正在变得越来越紧,我认为 - 在周期早期为发展提供资金的一些股权已经转向,而且他们更关注收购。 然后,一般来说,网站很难找到。 在服务欠缺的市场中找到口袋或地点更加困难,分区仍然是一个挑战。 然后,显然,最后,吸收新的供应量会影响基本面,这使得交易难以在周期的后期进行。 因此,您有许多因素可以使这个开发周期结束。

托德托马斯

Okay. Thank you.

好的。 谢谢。

会议主持员

We have a question from Jonathan Hughes, Raymond James. Please go ahead sir.

我们有一个来自Jonathan Hughes,Raymond James的问题。 请继续先生。

乔纳森·休斯

Hey, good morning. I was hoping you could give us some details on the Miami project, that’s now wholly owned? What stage of construction that project is in and who will be finishing it? And then also, maybe comment on the overall new supply pipeline in South Florida, and when you see pressure from new deliveries on fundamentals bottoming there?

嗨,早安。 我希望你能给我们一些关于迈阿密项目的细节,现在这个项目是全资拥有的? 该项目的建设阶段是什么,谁将完成它? 还有,或许也可以对南佛罗里达州的整体新供应管道发表评论,当你看到新交付对基本面的压力有什么影响?

John Good

Yes, Jonathan, the property in South Florida is largely completed. There is one technical fix that has to be made before it’s – it gets a certificate of occupancy, and that has to do with the ventilation system to meet the fire code. There was some confusion with the parties that were involved in designing the building with respect to the legal requirements for that. And we’re in the process of bidding that out.
The general contractor on that project continues to be very cooperative with us and work with us. And everything is going very well. It’s just a matter of going through the permitting process and getting that work done. I think we’ve commented since maybe our very first conference call back in August of 2015, that dealing with the permitting process and the inspection process in Miami-Dade County is not an effort or an activity for the faint of heart. It takes a while. There are a lot of hoops that you have to jump through. And so we’re really at that very tail end process. Yes, the property is, I would say, 99.1% completed. And should be entering lease-up within the next couple of three months. I’ll let Jonathan comment on the level of supply in South Florida, in general?

是的,南佛罗里达州的财产Jonathan基本完工。有一个技术修复必须在它之前进行 - 它获得占用证书,这与通风系统有关,以满足防火规范。参与设计建筑物的各方在法律要求方面存在一些混淆。我们正在招标中。

该项目的总承包商继续与我们合作并与我们合作。一切都进展顺利。这只是通过许可程序并完成工作的问题。我想我们已经评论过,因为也许是我们在2015年8月召开的第一次电话会议,处理迈阿密 - 戴德县的许可程序和检查程序对于胆小的人来说不是一种努力或活动。这需要一段时间。你必须跳过很多篮球。所以我们真的在那个尾端过​​程。是的,我想说,该物业已完成99.1%。并且应该在接下来的三个月内进入租赁状态。一般来说,我会让Jonathan评论南佛罗里达州的供应水平吗?

Jonathan Perry

Yes. So South Florida has been interesting, Jonathan, because deliveries have come online at a measured pace. And that has been really a function of having to navigate the permitting process, generally projects have been -- they’ve been on the boards, but they’ve been slower to get out of the ground and slower to open up or CO. So if you look back, really, 2017, 2018 and 2019, it’s been a steady, measurable flow of assets being placed into service. Not really aware of too much on the board, meaning new starts planned down in South Florida. Our data suggest that it’s going to be a pretty significant drop off in 2020. So I think that we have the final push of deliveries should be this year, you’re going to see a pretty substantial drop off.

是。 所以南佛罗里达州一直很有意思,乔纳森,因为交付已经以适当的速度上线。 这实际上是必须在允许过程中进行导航的功能,通常是项目已经 - 他们已经在董事会上,但他们开始走得更慢,开放速度更慢或者CO。所以 如果你回顾一下,真的,2017年,2018年和2019年,这是一个稳定的,可衡量的资产流动投入使用。 董事会并没有真正意识到太多,这意味着南佛罗里达州计划新的开工计划。 我们的数据表明,它将在2020年出现相当大的下降。所以我认为我们最终推出的交付应该是今年,你会看到相当大的下降。

John Good

Yes. One point I’d like to add to Jonathan’s comments on Miami Dade, in particular, is a lot of our development projects there are in Miami-Dade County. And two or three years ago Miami-Dade County a distance restriction for new self-storage facility, So even if a site is zoned for self-storage, if that site’s within, I think it’s a 0.5 mile or so 0.5 mile perhaps a little bit less than 0.5 mile from an existing self-storage facility, then notwithstanding the zoning, developer is not entitled to build self-storage on that site. So when you start drawing circles around existing sites, finding a place to develop new suppliers going to be very, very difficult. So we feel really good about the location of our portfolio, the location of our projects. And notwithstanding what happens in South Florida, in general, and South Florida is a huge MSA. It runs -- some people define the MSA all the way from kind of West Palm Beach down to the Keys. And when you start looking at a geographic area that, that’s big, we feel like we’re in the prime locations within that whole MSA, and we have other legal protections against new supply coming in and disrupting what we’ve already done.

是。有一点,我想补充一下乔纳森对迈阿密戴德的评论,特别是我们在迈阿密 - 戴德县的很多开发项目。而且两三年前迈阿密 - 戴德县对新的自助存储设施进行了距离限制,所以即使一个站点划分为自行存储,如果该站点位于其中,我认为它是0.5英里左右0.5英里或许有点离现有的自助存储设施不到0.5英里,然后尽管有分区,开发人员无权在该网站上建立自助存储。因此,当您开始围绕现有网站绘制圆圈时,找到一个开发新供应商的地方将变得非常非常困难。因此,我们对项目组合的位置,项目的位置感到非常满意。尽管在南佛罗里达州发生了什么,一般而言,南佛罗里达州是一个巨大的MSA。它运行 - 一些人定义MSA从西棕榈滩一直到钥匙。当你开始关注那个地理区域时,我们觉得我们处于整个MSA的黄金地段,而且我们还有其他法律保护措施来防止新供应进入并破坏我们已经完成的工作。

乔纳森·休斯

Appreciate all the color. And just one more from me. I’m following upon Tim’s earlier question on the internationalization in that negotiation process, I realize you’re limited and what you can say, but can you give us any color or commentary about other corporate actions that could be address this part of that process, like capital structure, distributions or operational strategy?

欣赏所有的颜色。 还有一个来自我。 我正在关注蒂姆先前关于谈判过程中国际化的问题,我意识到你是有限的,你可以说什么,但你能否给我们任何关于其他公司行动的颜色或评论,可以解决这一过程的这一部分 ,如资本结构,分配或运营策略?

John Good

Yes, Jonathan. Thanks for the question. That is a good question. When we began the company back in 2015, we adopted a business model that was going to be an evolutionary or an evolving business model over a period of time, that involves several phases or several stages, and each stage is different from the other stage. So, our initial stage was the investment in new development in these loan structures that are effectively joint ventures with developers, and the control of those joint ventures were largely in the hands of the developers.
So we adopted, at that time, capitalization policies, leverage policies, personnel, headcount policies, distribution policies that all fit that particular stage of our evolutionary process. As we move along, everybody knows we've been acquiring properties on balance sheet, and we are in the process of shifting into our next evolutionary stage, which I'll call our ownership and operator stage. That stage is – going to be marked by longer-term focus on owning, operating and maximizing the value of what we believe is a preeminent portfolio of self-storage properties. But that type of a business model is different than the business stage in which we've been for the last four years.
So, I think that our Board always evaluates – we evaluate all of our policies on an ongoing basis. And as the company changes, as we own more properties and become more of an owner operator, more of a true equity REIT, I think they'll continue to evaluate those policies, and as appropriate to ensure that we have the best possibility for sustained growth and maximization of shareholder value to the extent that we need to adjust policies to accomplish those goals, I think, we'll do so. And so I think that it's a situation of a management team and a Board that is very keyed in on shareholder value and very keyed in on doing the things and making the judgment calls that maximize that value.

是的,乔纳森。谢谢你的提问。这是一个很好的问题。当我们在2015年创办公司时,我们采用的商业模式在一段时间内将成为一种演化或不断发展的商业模式,涉及多个阶段或几个阶段,每个阶段与另一个阶段不同。因此,我们的初始阶段是对这些贷款结构的新开发投资,这些贷款结构实际上是与开发商的合资企业,而这些合资企业的控制权主要掌握在开发商手中。

因此,我们当时采用了资本化政策,杠杆政策,人事,人数政策,分配政策,这些都适合我们进化过程的特定阶段。随着我们前进,每个人都知道我们一直在资产负债表上收购房产,我们正在进入下一个进化阶段,我将其称为我们的所有权和运营商阶段。这个阶段 - 将长期关注拥有,运营和最大化我们认为是一个卓越的自存储属性组合的价值。但是,这种商业模式与我们过去四年的商业阶段不同。

因此,我认为我们的董事会一直在评估 - 我们会持续评估所有政策。随着公司的变化,我们拥有更多房产并成为更多的业主运营商,更多的是真正的股权房地产投资信托基金,我认为他们将继续评估这些政策,并酌情确保我们拥有持续的最佳可能性。在我们需要调整政策以实现这些目标的程度上,股东价值的增长和最大化,我认为,我们会这样做。所以我认为这是一个管理团队和董事会的情况,他们非常注重股东价值,并非常注重做事并做出最大化价值的判断。

乔纳森·休斯

All right. Appreciate the color. Thanks for the time.

行。 欣赏颜色。 谢谢你的时间。

会议主持员

[Operator Instructions] There are no further questions at this time. I'd like to turn the floor back over to John Good, the CEO, for closing comments. Please go ahead, sir.

[操作员说明]目前没有其他问题。 我想请回到首席执行官约翰·古德(John Good)发表评论。 请继续,先生。

John Good

Thanks and thanks everybody for the questions. Thanks for participating in the call, and thanks for your continued interest in JCAP. And we'll talk to you next quarter. Bye.

感谢并感谢大家提出的问题。 感谢您参与此次电话会议,感谢您对JCAP的持续关注。 我们下个季度会和你谈谈。再见。

会议主持员

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a good day.

这就结束了今天的电话会议。 您可以在此时断开线路。 感谢您的参与,祝您有个愉快的一天。

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写在最后

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