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 third quarter of 2012.
Acquisitions
During the third quarter of 2012, Terreno Realty Corporation acquired
six industrial properties consisting of nine buildings containing
approximately 577,000 square feet for an aggregate purchase price of
approximately $74.4 million as follows:
-
Caribbean. Three multi-tenant industrial buildings in Sunnyvale,
California located within Silicon Valley’s Moffett Park submarket and
100% leased to two tenants. This property contains approximately
172,000 square feet and was acquired for a purchase price of
approximately $33.7 million. -
NW 78th Avenue. One approximately 75,000 square foot
industrial property in Doral, Florida adjacent to the west cargo area
of Miami International Airport and the Palmetto Expressway. This
property was acquired for a purchase price of approximately $4.2
million and is vacant. -
Manhattan Beach. One multi-tenant industrial property in Redondo
Beach, California located in the South Bay submarket and approximately
one-half mile west of I-405 and four miles south of Los Angeles
International Airport. This property contains approximately 103,000
square feet, was acquired for a purchase price of approximately $14.2
million and is 100% leased to one tenant. -
Carlton Court. One multi-tenant industrial property in South San
Francisco, California located east of Highway 101 and less than two
miles from San Francisco International Airport and 100% leased to two
tenants. This property contains approximately 24,000 square feet and
was acquired for a purchase price of approximately $3.6 million. -
Troy Hill. One multi-tenant industrial property in Elkridge, Maryland
located in the Troy Hill Industrial Park, a Baltimore/Washington
corridor park between Interstate 95 and US Route 1 and adjacent to
Maryland Highway 100. This property is 90% leased to two tenants,
contains approximately 66,000 square feet and was acquired for a
purchase price of approximately $6.7 million including an assumed
mortgage loan with a total principal amount of approximately $3.6
million with a fixed annual interest rate of 5.9% that matures on
August 1, 2014. -
NW 26th Street. Two industrial buildings in Miami, Florida
located approximately one mile from the west cargo area of Miami
International Airport and 100% leased to one tenant. This property
contains approximately 138,000 square feet and was acquired for a
purchase price of approximately $12.1 million including an assumed
mortgage loan with a total principal amount of approximately $6.2
million with a fixed annual interest rate of 5.8% that matures on
March 1, 2014.
Operations
As of September 30, 2012, Terreno Realty Corporation owned a total of 63
buildings aggregating approximately 4.8 million square feet, which were
approximately 92.6% leased to 97 tenants.
The leased percentage increased from 91.3% at June 30, 2012 and 74.0% at
September 30, 2011.
Capital Markets
During the second quarter of 2012, Terreno Realty Corporation issued
1,840,000 shares of 7.75% Series A Perpetual Preferred Stock at $25.00
per share, generating approximately $44.3 million in net proceeds.
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 September 30, 2012 on or about November 7,
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.
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, 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.