Jernigan Capital Inc., a merchant bank and advisory firm serving the self-storage industry, has declared a third-quarter dividend of $0.35 per share, payable on Oct. 15 to stockholders of record on Oct. 1. The dividend is equal to the one issued for the second quarter.
In its second-quarter financial statement, the company said it closed on $74.5 million in loan commitments, including eight self-storage development loans for $68.5 million. It funded about $22.4 million of the aggregate committed loan principal, realizing $157,000 of interest income and $745,000 of loan-origination fees received during the quarter.
At the end of June, Jernigan Capital expected to close on 16 loans worth approximately $118.6 million during the third quarter, including $78.6 million in development financing.
The company also recently announced it was consolidating its offices and relocating its headquarters to Memphis, Tenn.
Jernigan Capital is a commercial real estate finance company that provides financing to private developers, operators and owners of self-storage facilities. The company offers financing for acquisition, ground-up construction, major redevelopment or refinancing. The firm intends to be taxed as a real estate investment trust and is externally managed by JCap Advisors LLC.