- Quarter end occupancy of 92.6%, up from prior year of 74.0%
- $74.4 million of acquisitions comprising 577,000 square feet
- Perpetual Preferred stock offering raised approximately $44.3 million in net proceeds
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 third quarter of 2012.
During the third quarter of 2012, Terreno Realty Corporation acquired six industrial properties consisting of nine buildings containing approximately 577,000 square feet for an aggregate purchase price of approximately $74.4 million as follows:
- Caribbean. Three multi-tenant industrial buildings in Sunnyvale, California located within Silicon Valley’s Moffett Park submarket and 100% leased to two tenants. This property contains approximately 172,000 square feet and was acquired for a purchase price of approximately $33.7 million.
- NW 78th Avenue. One approximately 75,000 square foot industrial property in Doral, Florida adjacent to the west cargo area of Miami International Airport and the Palmetto Expressway. This property was acquired for a purchase price of approximately $4.2 million and is vacant.
- Manhattan Beach. One multi-tenant industrial property in Redondo Beach, California located in the South Bay submarket and approximately one-half mile west of I-405 and four miles south of Los Angeles International Airport. This property contains approximately 103,000 square feet, was acquired for a purchase price of approximately $14.2 million and is 100% leased to one tenant.
- Carlton Court. One multi-tenant industrial property in South San Francisco, California located east of Highway 101 and less than two miles from San Francisco International Airport and 100% leased to two tenants. This property contains approximately 24,000 square feet and was acquired for a purchase price of approximately $3.6 million.
- Troy Hill. One multi-tenant industrial property in Elkridge, Maryland located in the Troy Hill Industrial Park, a Baltimore/Washington corridor park between Interstate 95 and US Route 1 and adjacent to Maryland Highway 100. This property is 90% leased to two tenants, contains approximately 66,000 square feet and was acquired for a purchase price of approximately $6.7 million including an assumed mortgage loan with a total principal amount of approximately $3.6 million with a fixed annual interest rate of 5.9% that matures on August 1, 2014.
- NW 26th Street. Two industrial buildings in Miami, Florida located approximately one mile from the west cargo area of Miami International Airport and 100% leased to one tenant. This property contains approximately 138,000 square feet and was acquired for a purchase price of approximately $12.1 million including an assumed mortgage loan with a total principal amount of approximately $6.2 million with a fixed annual interest rate of 5.8% that matures on March 1, 2014.
As of September 30, 2012, Terreno Realty Corporation owned a total of 63 buildings aggregating approximately 4.8 million square feet, which were approximately 92.6% leased to 97 tenants.
The leased percentage increased from 91.3% at June 30, 2012 and 74.0% at September 30, 2011.
During the second quarter of 2012, Terreno Realty Corporation issued 1,840,000 shares of 7.75% Series A Perpetual Preferred Stock at $25.00 per share, generating approximately $44.3 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, 2012 on or about November 7, 2012.
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, 2011 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.
Terreno Realty Corporation
W. Blake Baird or Michael A. Coke, 415-655-4580
Source: Terreno Realty Corporation