Terreno Realty Corporation Announces Quarterly Investment, Operating and Capital Markets Activity
- Quarter end occupancy of 92.9%, up from prior year of 67.5%
- $6.1 million of acquisitions comprising 69,000 square feet
- Common equity offering raised approximately $54.7 million in net proceeds
SAN FRANCISCO--(BUSINESS WIRE)-- Terreno Realty Corporation (TRNO) announced today its acquisition, operating and capital markets activity for the first quarter of 2012.
During the first quarter of 2012, Terreno Realty Corporation acquired one industrial property consisting of one building containing approximately 69,000 square feet for an aggregate purchase price of approximately $6.1 million as follows:
- Global Plaza. One industrial property in Sterling, Virginia located approximately one mile from the north entrance of Washington Dulles Airport and 100% leased to one tenant. This rear load distribution property contains approximately 69,000 square feet and was acquired for a purchase price of approximately $6.1 million.
As of March 31, 2012, Terreno Realty Corporation owned a total of 48 buildings aggregating approximately 3.5 million square feet, which were approximately 92.9% leased to 72 tenants. The leased percentage increased from 92.5% at December 31, 2011 and 67.5% at March 31, 2011.
During the first quarter of 2012, Terreno Realty Corporation:
- Issued 4,061,853 shares of common stock at a price per share of $14.25, generating approximately $54.7 million in net proceeds;
- Amended its $80.0 million senior revolving credit agreement, extending the maturity date to January 19, 2015 and reducing the interest rate by a minimum of 50 basis points; and
- Closed a $20.0 million non-recourse mortgage loan at a fixed annual interest rate of 3.79% that matures on February 5, 2019.
Additional information is available on the companys website at www.terreno.com. Terreno Realty Corporation expects to file its quarterly report on Form 10-Q for the quarter ended March 31, 2012 on or about May 8, 2012.
Terreno Realty Corporation is an acquirer, owner and operator of industrial real estate located in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C./Baltimore.
This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on managements beliefs and on assumptions made by, and information currently available to, management. When used, the words anticipate, believe, estimate, expect, intend, may, might, plan, project, result, should, will, and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2011 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise.
Terreno Realty Corporation
W. Blake Baird or Michael A. Coke, 415-655-4580
Source: Terreno Realty CorporationCopyright Business Wire 2012