Terreno Realty Corporation Announces Quarterly Investment and Operating Activity
- Quarter end occupancy of 93.3%, up from prior year of 92.5%
- $31.8 million of acquisitions comprising 427,000 square feet
- Sold one property in Los Angeles for $17.0 million that was acquired for $12.1 million
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 and operating activity for the fourth quarter of 2012.
During the fourth quarter of 2012, Terreno Realty Corporation acquired four industrial properties consisting of six buildings containing approximately 427,000 square feet for an aggregate purchase price of approximately $31.8 million as follows:
- Sweitzer. One industrial building in Laurel, Maryland located within the Baltimore/Washington Corridor and adjacent to Interstate 95 and between Maryland Highways 198 and 200. This 100% leased property contains approximately 85,000 square feet and was acquired for a purchase price of approximately $7.0 million.
- 17600 West Valley Highway. One approximately 110,000 square foot industrial property in Tukwila, Washington located approximately three miles from Sea-Tac International Airport and adjacent to Interstate Highways 5 and 405 in the northern Kent Valley. This property was 100% leased to six tenants and was acquired for approximately $8.0 million including an assumed mortgage loan with a total principal amount of approximately $5.0 million with a fixed annual interest rate of 6.31% that matures in 2016.
- Brennan. One multi-tenant industrial property in San Jose, California adjacent to Montague Expressway, US 101 and Interstate 880, and approximately two miles from Mineta San Jose International Airport. The approximately 47,000 square foot property was 71% leased to two tenants and was acquired for approximately $4.2 million.
- South Main. One industrial property in Carson, California that contains approximately 186,000 square feet within three industrial buildings. This property is adjacent to CA Highway 91 and I-110 and is approximately midway between Los Angeles International Airport and the Ports of Los Angeles and Long Beach. The approximately 9.6 acre site is 100% ground leased until June 30, 2015 and was acquired for a purchase price of approximately $12.8 million.
For the full year 2012 Terreno Realty Corporation acquired 22 buildings containing approximately 1.8 million square feet for approximately $180.9 million. This compares to 2011 acquisitions of approximately $118.7 million.
During the fourth quarter of 2012, Terreno Realty Corporation sold one trans-shipment property located in San Bernardino, California for a sale price of approximately $17.0 million. This property was acquired by Terreno Realty Corporation for approximately $12.1 million in September 2010.
As of December 31, 2012, Terreno Realty Corporation owned a total of 67 buildings aggregating approximately 5.1 million square feet, which were approximately 93.3% leased to 112 tenants. The leased percentage increased from 92.6% at September 30, 2012 and 92.5% at December 31, 2011. In addition, the Company extended a lease previously expiring on March 31, 2013 of approximately 413,000 square feet with the existing tenant at its Interstate 130 property for one year. This reduced by approximately 48% the 2013 anticipated lease expirations as of September 30, 2012.
Additional information is available on the companys website at www.terreno.com. Terreno Realty Corporation expects to file its annual report on Form 10-K for the year ended December 31, 2012 on or about February 21, 2013.
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.
Source: Terreno Realty Corporation
Terreno Realty Corporation
W. Blake Baird or Michael A. Coke, 415-655-4580
Source: Terreno Realty CorporationCopyright Business Wire 2013