Jernigan Capital comments on impact of Hurricanes Irma and Harvey
Jernigan Capital commented on the impact of Hurricanes Irma and Harvey on the company's projects in Florida and Texas. The company's four operating properties in the Tampa, Orlando and Jacksonville MSAs sustained minimal damage and have reopened for business. The company has three projects in Miami/Ft. Lauderdale under construction that incurred minimal damage. The resumption of work is expected to be delayed due to power outages in south Florida. One project under construction in Jacksonville did incur minor damage, which the company believes will be fully insured, but opening of the project is likely to be delayed. The company has two investments in Texas. The Round Rock property in the Austin area is operating and sustained no damage from Hurricane Harvey. The company's project in Houston is likely to be significantly delayed due to disruption in all Houston-area business processes. The project is now expected to be completed in the first half of 2018.