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 fourth quarter of 2022.
Operating
As of December 31, 2022, Terreno Realty Corporation owned 252 buildings aggregating approximately 15.3 million square feet and 46 improved land parcels consisting of approximately 161.4 acres. In addition, Terreno Realty Corporation had three properties under redevelopment that, upon completion, will consist of one building aggregating approximately 34,000 square feet and two improved land parcels aggregating approximately 12.1 acres:
Investment
During the fourth quarter of 2022, Terreno Realty Corporation acquired four properties consisting of three buildings containing approximately 65,000 square feet and one improved land parcel of approximately 2.8 acres for an aggregate purchase price of approximately $59.4 million. The fourth quarter investment activity was as follows:
During the fourth quarter of 2022, Terreno Realty Corporation commenced the redevelopment of 4857 W 147th Street in Hawthorne, California. Upon completion, the property will consist of an approximately 34,000 square foot LEED-certified industrial distribution building, with a total expected investment of approximately $18.1 million. The estimated stabilized cap rate of the redeveloped property is approximately 6.1%. As of December 31, 2022, Terreno Realty Corporation had three properties under redevelopment (245 Paterson Plank Road in Northern New Jersey, Berryessa Road in San Francisco and 147th Street in Los Angeles) that, upon completion, will consist of one building aggregating approximately 34,000 square feet and two improved land parcels aggregating approximately 12.1 acres, with a total expected investment of approximately $69.3 million.
Terreno Realty Corporation’s acquisition activity for the full year 2022 included 20 properties consisting of 17 buildings containing approximately 831,000 square feet and eleven improved land parcels of approximately 35.7 acres for an aggregate purchase price of $414.8 million.
During the fourth quarter of 2022, Terreno Realty Corporation sold three properties containing approximately 216,000 square feet for an aggregate sale price of approximately $57.9 million:
For the full year 2022, Terreno Realty Corporation sold four properties containing approximately 797,000 square feet for an aggregate sale price of $168.3 million generating an unleveraged internal rate of return of approximately 15.5%.
Terreno Realty Corporation has approximately $73.0 million of acquisitions under contract and approximately $13.5 million of acquisitions under letters of intent. There is no assurance that Terreno Realty Corporation will acquire the properties under contract or letters of intent because the proposed acquisitions are subject to the completion of satisfactory due diligence, closing conditions and, in the case of letters of intent, contracts.
Capital Markets
During the fourth quarter of 2022, Terreno Realty Corporation issued 814,526 shares of common stock with a weighted average offering price of $58.82 per share, receiving gross proceeds of $47.9 million under the Company’s at-the-market equity offering program. For the full year 2022, Terreno Realty Corporation issued 1,286,125 shares of common stock with a weighted average offering price of $61.31 per share, receiving gross proceeds of $78.9 million under the Company’s at-the-market equity offering program. Terreno Realty Corporation did not repurchase any shares of common stock pursuant to the Company’s share repurchase authorization.
As of December 31, 2022, 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 annual report on Form 10-K for the year ended December 31, 2022 on or about February 8, 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, 2021 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