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 the private placement of $50 million 10-year senior unsecured notes. The notes will bear interest at a fixed annual rate of 3.99% and the Company expects the private placement to close on or around July 7, 2016.
KeyBanc Capital Markets and Mitsubishi UFJ Securities (USA), Inc. acted as joint-lead placement agents for the offering.
The notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), and were offered and sold in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act.
Quarter-to-date through June 2, 2016, Terreno Realty Corporation issued an aggregate of 1,552,325 shares of common stock with a weighted average offering price of $23.90 per share, receiving gross proceeds of approximately $37.1 million under the Company’s at-the-market equity offering program. Year-to-date through June 2, 2016, Terreno Realty Corporation issued an aggregate of 1,603,293 shares of common stock with a weighted average offering price of $23.89 per share, receiving gross proceeds of approximately $38.3 million.
Terreno Realty Corporation intends to use the net proceeds from the notes and common equity offerings to fund future acquisitions, repay existing indebtedness and for other corporate purposes.
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.
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.