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Terreno Realty Corporation Announces Quarterly Investment, Operating and Capital Markets Activity

  • $46.7 million of acquisitions comprising 401,000 square feet
  • Quarter end occupancy of 96.4% compared to prior quarter of 93.5% and prior year of 89.1%
  • Common equity offering raised approximately $136.5 million in net proceeds
  • Added a $50.0 million seven-year term loan and amended its existing credit facility

SAN FRANCISCO--(BUSINESS WIRE)--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:

  • 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;
  • 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;
  • 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;
  • 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
  • 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:

  • Issued 8,050,000 shares of common stock at a price per share of $17.75, generating approximately $136.5 million in net proceeds;
  • 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;
  • 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
  • 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.

Contacts

Terreno Realty Corporation
W. Blake Baird or Michael A. Coke, 415-655-4580