- Quarter end occupancy of 93.3%, up from prior year of 92.9%
- $11.5 million of acquisitions comprising 118,000 square feet
- Common equity offering raised approximately $90.8 million in net
proceeds
- Closed $50.0 million term loan and amended $100.0 million revolving
credit facility
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 and operating activity for the
first quarter of 2013.
Acquisitions
During the first quarter of 2013, Terreno Realty Corporation acquired
two industrial properties consisting of two buildings containing
approximately 118,000 square feet for an aggregate purchase price of
approximately $11.5 million as follows:
-
107th Avenue. One approximately 49,000 square foot
industrial building in Medley, Florida located approximately one mile
east of the Florida Turnpike. This 100% leased property contains land
for trailer storage or expansion and was acquired for a purchase price
of approximately $5.1 million.
- SeaTac 8th Ave. One approximately 69,000 square foot
industrial property in Burien, Washington located adjacent to the
south side of Sea-Tac International Airport. This cross-dock
airfreight property was 89% leased to four tenants and was acquired
for approximately $6.5 million.
Further, on April 3, 2013, Terreno Realty Corporation acquired its fifth
building in the South San Francisco submarket for $8.4 million (240
Littlefield). This building will be substantially renovated, creating a
68,000 square foot rear load distribution facility.
Operations
As of March 31, 2013, Terreno Realty Corporation owned a total of 69
buildings aggregating approximately 5.2 million square feet, which were
approximately 93.3% leased to 115 tenants.
The leased percentage was unchanged from 93.3% at December 31, 2012 and
increased from 92.9% at March 31, 2012.
On January 29, 2013Terreno Realty Corporation filed a one count
eviction action against Banah International Group ("Banah"), our tenant
at 10th Avenue located in Hialeah, FL for failure to pay December 2012
and January 2013 rent. On February 21, 2013 the State Court entered a
default judgment for possession against Banah. Later that same day,
Banah filed a Chapter 11 bankruptcy petition. Subsequently, Banah paid
rent for the period February 21, 2013 thru April 30, 2013. It can not be
determined currently if Banah will affirm or reject the lease, or
continue to pay rent, in bankruptcy. Therefore at March 31, 2013 the
lease is recorded as month-to-month. Any ultimate recovery of damages,
including past due rent, is undetermined at this time.
Capital Markets Activity
During the first quarter of 2013, Terreno Realty Corporation:
-
Issued 5,750,000 shares of common stock at a price per share of
$16.60, generating approximately $90.8 million in net proceeds;
-
Added a new five-year $50.0 million term loan which was undrawn at
March 31, 2013 and bears interest at an annual rate of LIBOR plus
1.65% to 2.65% depending on leverage; and
-
Amended its revolving credit facility, extending the maturity to
January 2016 and reduced the annual rate of interest by 85 basis
points to LIBOR plus 1.65% to 2.65% depending on leverage.
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, 2013 on or about May 8, 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.
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, 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.
Terreno Realty Corporation
W. Blake Baird or Michael A. Coke,
415-655-4580
Source: Terreno Realty Corporation