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Terreno Realty Prices Equity Offer

Fri, 13 Jan 2012 23:19:45 +0000

Terreno Realty Corporation (TRNO), a real estate investment trust (REIT), has recently announced an equity offer of 4 million shares at $14.25 each to raise cash to increase its liquidity. The company has also decided to grant a 30-day option to the underwriters to purchase an additional 0.6 million shares to cover any over-allotments.

The Goldman Sachs Group, Inc. (GS) – a full-service global investment banking and securities firm, and KeyBanc Capital Markets Inc. – the investment banking division of KeyCorp (KEY), are acting as the joint book-running managers for the offering.

Terreno Realty intends to utilize the proceeds to repay a part of its debt and fund potential acquisitions. Over the years, the company has resisted from pursuing ground-up development or land investments and instead focused on acquiring high-quality assets. The continuous acquisition binge is also part of the long-term strategy of the company to own functional and flexible buildings in infill locations that can be modified to accommodate single and multiple tenants at discounts to replacement cost.

San Francisco-based Terreno Realty owns and operates industrial real estate properties primarily in six major coastal markets of the U.S. These include the high barrier-to-entry markets of Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington D.C./Baltimore.

Each of the locations in which Terreno Realty has a significant presence is characterized by a well-established transportation network – seaports, airports, highways and railways that are essential for the swift distribution of goods. In addition, available land in these markets is scarce, resulting in steep barriers for the development of new and competing properties.

We have a ‘Neutral’ rating on Terreno Realty, which presently has a Zacks #3 Rank translating into a short-term ‘Hold’ rating.

Read the full analyst report on KEY

Read the full analyst report on GS

Read the full analyst report on TRNO

Article source: http://www.zacks.com/stock/news/67805/Terreno+Realty+Prices+Equity+Offer

California hedge fund manager settles SEC charges

Wed, 02 Mar 2011 00:13:51 +0000

SAN FRANCISCO |
Tue Mar 1, 2011 3:54pm EST

SAN FRANCISCO (Reuters) – A Bay Area hedge fund manager settled civil charges that he secretly diverted more than $12 million in proceeds to other entities he controlled, securities regulators announced.

Lawrence Goldfarb, of Baystar Capital Management in Larkspur, California, allegedly redirected the money from a fund that it managed worth more than $100 million at its peak, the U.S. Securities and Exchange Commission said in a court filing on Tuesday.

Attorneys for Goldfarb did not immediately respond to a request for a comment.

In addition to managing Baystar, Goldfarb also ran LRG Capital Group, which promotes itself as a global investment, banking and advisory boutique, the SEC said in its filing.

According to LRG’s website, Goldfarb previously worked at Credit Suisse (CRP.N) as a partner and director of mergers and acquisitions. Before that, he was an attorney at law firms including Skadden, Arps, Slate, Meagher Flom, the website says.

Representatives for Credit Suisse and Skadden had no immediate comment.

Goldfarb transferred funds from a “side pocket” investment, which is commonly used by hedge funds to separate illiquid assets from the rest of the fund’s investments, the SEC filing said.

Instead of returning money to fund investors, Goldfarb diverted it to several entities he controlled, including a separate real estate fund, a San Francisco record company and various other private companies.

According to the SEC filing, Goldfarb asserted his constitutional right to remain silent and refused to answer SEC questions about his management of the fund, called Baystar Capital II.

A spokesman for the U.S. attorney’s office in San Francisco declined to comment.

Goldfarb agreed to pay more than $14 million to settle the SEC case, including nearly $2 million in prejudgment interest and a $130,000 penalty.

He will also be barred from associating with any investment adviser or broker.

(Reporting by Dan Levine, editing by Maureen Bavdek and Matthew Lewis)

Article source: http://www.reuters.com/article/2011/03/01/us-sec-hedge-idUSTRE7206X920110301