INVESTOR RELATIONS

Terreno Realty Corporation Sells Buildings in Maryland for $51.3 Million

Company Release - 6/11/2020 9:15 AM ET

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, sold three industrial properties located in Maryland’s Baltimore/Washington Corridor on June 10, 2020 for a sale price of approximately $51.3 million.

The properties consist of one rear-load industrial distribution building containing approximately 66,000 square feet on 4.0 acres at 7125 Troy Hill Drive in Elkridge, Maryland which is 100% leased to three tenants, one cross-dock industrial distribution building containing approximately 159,000 square feet on 11.7 acres at 7190 Parkway Drive in Hanover, Maryland which is 100% leased to two tenants and one rear-load industrial distribution building containing approximately 115,000 square feet on 9.0 acres at 9070 Junction Drive in Annapolis Junction, Maryland which is 100% leased to five tenants. Terreno Realty Corporation’s dates of purchase, acquisition price, disposition price and estimated unleveraged internal rates of return generated by each investment are as follows:

Property

Date Purchased

Acquisition Price

Disposition Price

Unleveraged IRR

Troy Hill

August 17, 2012

$6.7 million

$9.3 million

9.2%

Parkway Drive

March 26, 2014

$18.0 million

$25.3 million

12.8%

Junction Drive

February 19, 2015

$10.4 million

$16.6 million

8.3%

 

Total

$35.1 million

$51.3 million

10.9%

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.

Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.

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,” “seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,” “potential,” “enthusiastic,” “future” 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, the impact of the COVID-19 pandemic on our business, our tenants and the national and local economies, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2019 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, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

W. Blake Baird
Michael A. Coke
415-655-4580

 

Source: Terreno Realty Corporation