Company News »

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

Business Wire
Share on StockTwits
Published on

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 first quarter of 2015.

Acquisitions

During the first quarter of 2015, Terreno Realty Corporation acquired five industrial properties consisting of 11 buildings containing approximately 1.2 million square feet for an aggregate purchase price of approximately $151.6 million. The first quarter acquisition activity was as follows:

  • 10100 NW 25th Street. One industrial building totaling approximately 107,000 square feet in Doral, Florida in Miami’s Airport West submarket. This building provides 25 dock-high and six grade-level loading positions and was 100% leased to one tenant at acquisition. The purchase price for this building was approximately $9.9 million;
  • Gateway Business Park. Six industrial buildings totaling approximately 820,000 square feet located on V Street in Washington, D.C. This property consists of six front-load industrial buildings and provides 102 dock-high and eight grade-level loading positions and is one block from New York Avenue/Route 50 in the northeastern section of the District of Columbia. These buildings were 87% leased to 22 tenants at acquisition and were acquired for a purchase price of approximately $115.5 million;
  • 9070 Junction. One rear-load industrial building totaling approximately 115,000 square feet in Annapolis Junction, Maryland. This building provides 25 dock-high and five grade-level loading positions and is approximately three miles from Fort Mead in the central Baltimore/Washington corridor. This building was 38% leased at acquisition to two tenants and was acquired for a purchase price of approximately $10.4 million;
  • NW 81st. Two industrial buildings totaling approximately 89,000 square feet in Medley, Florida. This property is located approximately four miles northwest of Miami International Airport adjacent to the Palmetto Expressway and North Okeechobee Road and provides 30 dock-high and two grade-level loading positions and was 100% leased to one tenant at acquisition. These buildings were acquired for a purchase price of approximately $8.5 million; and
  • Ahern II. One rear-load industrial building totaling approximately 65,000 square feet in Union City, California. This property provides six dock-high and four grade-level loading positions and is immediately across the street from Terreno Realty Corporation’s existing two building Ahern Avenue property and adjacent to Interstate 880 between California Highways 84 and 92. This building was 100% leased at acquisition to one tenant and was acquired for a purchase price of approximately $7.4 million.

Terreno Realty Corporation currently has approximately $73.3 million of acquisitions under contract and $6.8 million under letter of intent. In addition, Terreno Realty Corporation has two properties under contract for sale for approximately $24.6 million aggregating approximately 225,000 square feet.

There is no assurance that Terreno Realty Corporation will acquire or dispose of the properties under contract or letter of intent because the proposed acquisitions and dispositions are subject to the completion of satisfactory due diligence, closing conditions and, in the case of letters of intent, contracts.

Operations

As of March 31, 2015, Terreno Realty Corporation owned a total of 137 buildings aggregating approximately 10.4 million square feet, which were approximately 92.0% leased to 315 tenants. The leased percentage was 93.7% at December 31, 2014 and 93.5% at March 31, 2014. The decrease in occupancy from December 31, 2014 was primarily due to the acquisition of approximately 176,000 of vacant space in the quarter. In addition, approximately 851,000 square feet of new and renewed leases commenced with a cash rent change on rollover of approximately 11.4%. The same store portfolio of approximately 6.6 million square feet was 94.1% leased at March 31, 2015 as compared to 95.6% at December 31, 2014 and 93.0% at March 31, 2014.

Capital Markets Activity

During the first quarter of 2015, Terreno Realty Corporation 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 March 31, 2015 on or about May 6, 2015.

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, 2014 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.

Share on StockTwits