SAN FRANCISCO--(BUSINESS WIRE)--
Terreno Realty Corporation (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 2013.
During the third quarter of 2013, Terreno Realty Corporation acquired three industrial properties consisting of five buildings containing approximately 250,000 square feet for an aggregate purchase price of approximately $37.8 million as follows:
- 17 Madison. One approximately 31,000 square foot industrial building in Fairfield, New Jersey adjacent to Highway 46 and Interstate 80. This building was 100% leased to one tenant at acquisition and was acquired for a purchase price of approximately $2.8 million;
- 550 Delancy. One trans-shipment industrial building totaling approximately 52,000 square feet on 9.4 acres in Newark, New Jersey. This property provides 101 dock high loading positions and is located adjacent to the intersection of the New Jersey Turnpike, Interstate 78 and Routes 1 and 9. This building was 100% leased upon acquisition to one tenant and was acquired for a purchase price of approximately $15.0 million; and
- Melanie Lane. Three buildings totaling approximately 167,000 square feet in East Hanover, New Jersey that were acquired for a purchase price of approximately $20.0 million. These buildings are adjacent to Highway 10 and near the intersection of Interstates 80, 280 and 287 and were approximately 94% leased to 34 tenants as of October 1, 2013.
As of September 30, 2013, Terreno Realty Corporation owned a total of 85 buildings aggregating approximately 6.3 million square feet, which were approximately 88.6% leased to 172 tenants. The leased percentage was 89.1% at June 30, 2013 and 92.6% at September 30, 2012.
Subsequent to September 30, 2013, Terreno Realty Corporation executed two leases totaling approximately 139,320 square feet that commence in the fourth quarter of 2013. These leases would have the effect of increasing the leased percentage of Terreno Realty Corporation’s portfolio as of September 30, 2013 by approximately 2.2%.
Capital Markets Activity
During the third quarter of 2013, Terreno Realty Corporation issued 5,750,000 shares of common stock at a price per share of $18.25, generating approximately $99.9 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, 2013 on or about November 6, 2013.
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.
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, 2012 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.
- Investment & Company Information
W. Blake Baird or Michael A. Coke, 415-655-4580