Terreno Realty Corporation (NYSE: TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today the closing of a combined $200 million unsecured credit facility to replace its existing $150 million credit facility. The new credit facility is unsecured. Additional highlights are:
$50 Million Seven-Year Term Loan: The new seven-year unsecured term loan will mature on May 7, 2021 and the interest rate will be LIBOR plus 1.75% to 2.30%, depending on leverage. Terreno Realty Corporation will have up to six months to borrow the full $50 million.
$100 Million Credit Facility. The $100 million unsecured revolving credit facility maturity date was extended by two years to May 7, 2018. The interest rate decreased to LIBOR plus 1.50%-2.05% (previously 1.65% to 2.65%), depending on leverage.
$50 Million Five-Year Term Loan. The maturity date of the $50 million unsecured five-year term loan was extended by one year to May 7, 2019. The interest rate decreased to LIBOR plus 1.50%-2.05% (previously 1.65% to 2.65%), depending on leverage.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. 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”, 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, 2013 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.