BELLEVUE, Wash.--(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 operating, investment and capital markets activity for the first quarter of 2023.
Operating
As of March 31, 2023, Terreno Realty Corporation owned 257 buildings aggregating approximately 15.9 million square feet and 46 improved land parcels consisting of approximately 161.4 acres:
Investment
During the first quarter of 2023, Terreno Realty Corporation acquired three properties consisting of five buildings containing approximately 648,000 square feet and a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings for an aggregate purchase price of approximately $382.6 million. The first quarter investment activity was as follows:
As of March 31, 2023, Terreno Realty Corporation had four properties under development or redevelopment that, upon completion, will consist of 12 buildings aggregating approximately 2.3 million square feet and one 7.2-acre improved land parcel, with a total expected investment of approximately $571.2 million:
Terreno Realty Corporation has approximately $62.9 million of acquisitions under contract. Terreno Realty Corporation has one property under contract for sale for approximately $25.5 million containing approximately 127,000 square feet. There is no assurance that Terreno Realty Corporation will acquire or dispose of the properties under contract because the proposed acquisitions and dispositions are subject to the completion of satisfactory due diligence and closing conditions.
Capital Markets
During the first quarter of 2023, Terreno Realty Corporation closed an offering of 5,750,000 shares of its common stock at a price to the public of $62.50 per share, receiving gross proceeds of $359.4 million. The Company intends to use the net proceeds from the offering for acquisitions, redevelopments and for general corporate purposes.
In addition, Terreno Realty Corporation issued 350,000 shares of common stock with a weighted average offering price of $63.30 per share under the Company’s at-the-market equity offering program, receiving gross proceeds of $22.2 million. Terreno Realty Corporation did not repurchase any shares of common stock pursuant to the Company’s share repurchase authorization.
As of March 31, 2023, there were no borrowings outstanding under Terreno Realty Corporation’s $400 million revolving credit facility, and the Company has no debt maturities in 2023.
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 period ended March 31, 2023 on or about May 3, 2023.
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.
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,” 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, 2022 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.
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Terreno Realty CorporationJaime Cannon, 415-655-4580
Source: Terreno Realty Corporation