SAN FRANCISCO, Aug 08, 2011 (BUSINESS WIRE) –
Terreno Realty Corporation
/quotes/zigman/580648/quotes/nls/trno TRNO
+0.06%
announced today that
during the quarter ended June 30, 2011 it acquired five industrial
properties consisting of five buildings containing approximately 400,000
square feet for an aggregate consideration of approximately $55.9
million, including the assumption of one mortgage loan of approximately
$14.8 million with a fixed annual interest rate of 5.5%. The following
table summarizes the acquisitions for the quarter:
Number of Purchase Price
Property Name Location Buildings Square Feet (in thousands)
------------- ------------- --------- ----------- ----------------
Belleville Kearny, NJ 1 211,418 $ 32,600
Glasgow Inglewood, CA 1 27,505 4,100
Bollman Savage, MD 1 98,745 7,500
Dell Carlstadt, NJ 1 27,410 7,725
70th Avenue Miami, FL 1 35,000 4,000
--------- ----------- -------
Total 5 400,078 $ 55,925
========= =========== ======= =======
As of June 30, 2011 Terreno Realty Corporation owned a total of 39
buildings aggregating approximately 2.9 million square feet, which were
approximately 71.6% leased.
Further, on July 20, 2011, Terreno Realty Corporation acquired one
industrial property in Torrance, California containing approximately
73,000 square feet for a purchase price of approximately $12.4 million,
including the assumption of one mortgage loan of approximately $6.8
million with a fixed annual interest rate of 5.5%. In addition, the
following table summarizes properties that Terreno Realty Corporation
has under contract as of August 8, 2011. There can be no assurance that
the Company will purchase such properties which are subject to customary
closing conditions:
Number of Purchase Price
Market Buildings Square Feet (in thousands)
---------------------------- --------- ----------- ----------------
Miami 1 40,000 $ 4,400
Northern New Jersey/New York 1 150,500 10,350
--------- ----------- -------
Total 2 190,500 $ 14,750
========= =========== ======= =======
Additional information, including the Company’s quarterly report on Form
10-Q for the period ended June 30, 2011, is available on the company’s
website at
www.terreno.com .
Terreno Realty Corporation is an acquirer, owner and operator of
industrial real estate located 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, 2010 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, 415-655-4580
Michael A. Coke, 415-655-4580
Copyright Business Wire 2011
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Article source: http://www.marketwatch.com/story/terreno-realty-corporation-announces-quarterly-investment-activity-2011-08-08?reflink=MW_news_stmp