Terreno Realty Corporation Announces Quarterly Investment, Operating and Capital Markets Activity
- Quarter end occupancy of 91.3%, up from prior year of 71.6%
- $68.5 million of acquisitions comprising approximately 707,000 square feet
- Closed a $39.8 million 3.65% interest rate non-recourse secured financing
SAN FRANCISCO--(BUSINESS WIRE)-- Terreno Realty Corporation (TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today its quarterly investment, operating and capital markets activity for the second quarter of 2012.
During the second quarter of 2012, Terreno Realty Corporation acquired two industrial properties consisting of six buildings containing approximately 707,000 square feet for an aggregate purchase price of approximately $68.5 million as follows:
- Garfield. Five industrial buildings in Commerce, California located in the Mid-Counties submarket with direct access to the I-5, I-710 and I-605 expressways and 79% leased to 14 tenants. This property contains approximately 545,000 square feet and was acquired for a purchase price of approximately $52.4 million.
- Whittier. One industrial property in Whittier, California located on Whittier Boulevard in the Mid-Counties submarket with access to the I-605 and I-5 expressways and 100% leased to one tenant. This property contains approximately 162,000 square feet and was acquired for a purchase price of approximately $16.1 million.
Further, on July 3, 2012, Terreno Realty Corporation acquired two R&D buildings and one distribution building (Caribbean) in Sunnyvale, California for a purchase price of approximately $33.7 million, aggregating approximately 172,000 square feet and 100% leased to two tenants. The buildings are within Silicon Valleys Moffett Park submarket and are adjacent to Highways 237 and 101.
As of June 30, 2012, Terreno Realty Corporation owned a total of 54 buildings aggregating approximately 4.2 million square feet, which were approximately 91.3% leased to 85 tenants. The leased percentage decreased from 92.9% at March 31, 2012 and increased from 71.6% at June 30, 2011.
During the second quarter of 2012, Terreno Realty Corporation:
- Closed a $39.8 million non-recourse mortgage loan at a fixed annual interest rate of 3.65% that matures on March 5, 2020.
- Expanded its $80.0 million senior revolving credit agreement to $100.0 million by exercising its accordion option.
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 June 30, 2012 on or about August 8, 2012.
Terreno Realty Corporation is an acquirer, owner and operator of industrial real estate 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