Jernigan Capital, Inc. swung to a net profit for the quarter ended Sep. 30, 2016. The company has made a net profit of $4.99 million, or $ 0.84 a share in the quarter, against a net loss of $1.41 million, or $0.24 a share in the last year period. On an adjusted basis, net profit for the quarter stood at $5.34 million, or $0.90 a share compared with a net loss of $0.78 million, or $0.14 a share in the last year period. 

Revenue during the quarter surged 193.77 percent to $1.70 million from $0.58 million in the previous year period.

Total expenses were $1.87 million for the quarter, down 11.81 percent or $0.25 million from year-ago period. Operating margin for the quarter stood at negative 9.95 percent as compared to a negative 266.26 percent for the previous year period.

Operating loss for the quarter was $0.17 million, compared with an operating loss of $1.54 million in the previous year period.

For fiscal year 2016, Jernigan Capital expects net income to be in the range of $14.65 million to $15.38 million and adjusted net income to be in the range of $18.27 million to $18.95 million. The company forecasts diluted earnings per share to be in the range of $2.40 to $2.52 and diluted earnings per share to be in the range of $3.01 to $3.12 on adjusted basis.

For the fourth-quarter 2016, Jernigan Capital expects net income to be in the range of $3.12 million to $3.85 million and adjusted net income to be in the range of $3.50 million to $4.18 million. The company forecasts diluted earnings per share to be in the range of $0.46 to $0.59. On an adjusted basis, the company forecasts diluted earnings per share to be in the range of $0.53 to $0.64. 

Other income during the quarter was $1.70 million, up 193.77 percent or $1.12 million from year-ago period.

"We are pleased with our third quarter results," commented Dean Jernigan, chairman and chief executive officer of Jernigan Capital, Inc. "We continued to show strong value accretion in our investment portfolio and positioned the Company to deliver significant additional value to our shareholders utilizing our own capital as we take full advantage of this strong development cycle. With the final investment identified to complete the Heitman joint venture, we are excited about our planned deployment of capital in the fourth quarter into new state-of-the-art self-storage projects. Additionally, during the quarter, two more of our self-storage projects opened their doors and are exceeding our original lease-up projections; thus highlighting the excellent job our developers and the JCAP team are doing in identifying and underwriting self-storage sites."

Net receivables were at $21.33 million as on Sep. 30, 2016, up 122.13 percent or $11.73 million from year-ago.

Real estate investments stood at $2.88 million as on Sep. 30, 2016.

Total assets grew 16.58 percent or $17.90 million to $125.83 million on Sep. 30, 2016. On the other hand, total liabilities were at $20.98 million as on Sep. 30, 2016, up 504.52 percent or $17.51 million from year-ago.

Return on assets was at 4.09 percent in the quarter against a negative 1.30 percent in the last year period. Return on equity was at 4.76 percent in the quarter against a negative 1.35 percent in the last year period.

Total debt was at $17.52 million as on Sep. 30, 2016. Shareholders equity was almost stable over the past one year at $104.84 million on Sep. 30, 2016. Meanwhile, debt to equity ratio was at 0.17 percent in the quarter.