Terreno Realty Corporation (NYSE: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 2014.
Acquisitions
During the second quarter of 2014, Terreno Realty Corporation acquired
five industrial properties consisting of seven buildings containing
approximately 401,000 square feet for an aggregate purchase price of
approximately $46.7 million. The second quarter acquisition activity was
as follows:
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747 Glasgow. One industrial building totaling approximately 19,000
square feet in Inglewood, California approximately one mile from Los
Angeles International Airport. This building was 94% leased to two
tenants at acquisition and was acquired for a purchase price of
approximately $3.5 million;
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1000 Hampton. One industrial building totaling approximately 139,000
square feet in Capitol Heights, Maryland. This property, which
provides 32-foot clear height, 18 dock-high and two grade-level
loading positions, is adjacent to the Capital Beltway and
approximately four miles east of Washington, DC. This building was
100% leased at acquisition to one tenant and was acquired for a
purchase price of approximately $18.1 million;
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Burroughs. Three industrial buildings totaling approximately 129,000
square feet in San Leandro, California that was acquired for a
purchase price of approximately $13.3 million and was 100% leased to
one tenant at acquisition. These buildings are located less than four
miles from Oakland International Airport and approximately nine miles
from the Port of Oakland;
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2095 California. One industrial building totaling approximately 90,000
square feet on 5.0 acres in Corona, California that was acquired for a
purchase price of approximately $7.8 million. This building is located
with access to the I-15 and SR-91 freeways, provides ten dock-high
loading positions, trailer storage and was 100% leased to one tenant
at acquisition; and
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Las Hermanas. One industrial building totaling approximately 24,000
square feet with trailer storage on 2.5 acres in Compton, California.
This property is adjacent to Interstate 710 and the Artesia Freeway
between Los Angeles International Airport and the Ports of LA and Long
Beach and was acquired for a purchase price of approximately $4.0
million. The property was 100% leased to two tenants at acquisition.
Operations
As of June 30, 2014, Terreno Realty Corporation owned a total of 106
buildings aggregating approximately 7.5 million square feet, which were
approximately 96.4% leased to 227 tenants. The leased percentage was
93.5% at March 31, 2014 and 89.1% at June 30, 2013. The same store
portfolio of approximately 4.9 million square feet was 97.9% leased at
June 30, 2014 as compared to 95.9% at March 31, 2014 and 93.7% at June
30, 2013.
Capital Markets Activity
During the second quarter of 2014, Terreno Realty Corporation:
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Issued 8,050,000 shares of common stock at a price per share of
$17.75, generating approximately $136.5 million in net proceeds;
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Added a new seven-year $50.0 million term loan which was $42.0 million
undrawn at June 30, 2014, bears interest at an annual rate of LIBOR
plus 1.75% to 2.30% depending on leverage and matures in May 2021;
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Amended its $100.0 million revolving credit facility and $50.0 million
five-year term loan, extending the maturity to May 2018 and May 2019,
respectively and reduced the annual rate of interest to LIBOR plus
1.50% to 2.05% depending on leverage; and
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Issued no shares of stock under the Company’s at-the-market equity
offering program.
Additional information is available on the company’s website at www.terreno.com.
Terreno Realty Corporation expects to file its quarterly report on Form
10-Q for the quarter ended June 30, 2014 on or about August 11, 2014.
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.
Forward-Looking Statements
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 management’s 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, 2013 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.
Copyright Business Wire 2014