Terreno Realty Corporation Acquires Property in Hanover, MD for $8.2 Million
Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal
U.S. markets, acquired an improved land parcel in Hanover, Maryland on July 12, 2016 for a purchase price of approximately $8.2
million.
The property consists of approximately 13.4 acres, of which 8.7 acres are paved, at 7479 New Ridge Road adjacent to Baltimore
Washington International Airport, the Baltimore Washington Parkway (MD Highway 295) and MD Route 100. The property includes
approximately 18,300 square feet of existing building improvements, is 100% leased to one tenant and the estimated stabilized cap
rate of the property is 7.9%.
Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy
(generally 95%) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of
marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs
necessary to achieve stabilization.
Terreno Realty Corporation acquires, owns and operates 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.
Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.
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, 2015 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
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