- SW 34 th. One industrial building totaling approximately 62,000 square feet in Renton, Washington located in the northern Kent Valley submarket, approximately five miles from Sea-Tac International Airport. This building was 100% leased to one tenant at acquisition and was acquired for a purchase price of approximately $6.6 million, including the assumption of a mortgage loan with a total principal amount of approximately $2.8 million with a fixed annual interest rate of 5.09% and a maturity date of August 2015;
- Parkway. One cross-dock industrial building totaling approximately 159,000 square feet in Hanover, Maryland. This property is located in the central Baltimore/Washington corridor adjacent to the Baltimore-Washington Parkway and Route 100, and approximately three miles from the Baltimore/Washington International Airport. This building was 100% leased at acquisition to two tenants and was acquired for a purchase price of approximately $18.0 million; and
- Pulaski. One industrial building totaling approximately 98,000 square feet in Bayonne, New Jersey that was acquired for a purchase price of approximately $9.2 million and was 100% leased to two tenants at acquisition. This building is adjacent to Exit 14A of the New Jersey Turnpike, approximately five miles from the Ports of Elizabeth and Newark, Newark International Airport and the Holland Tunnel.
OperationsAs of March 31, 2014, Terreno Realty Corporation owned a total of 99 buildings aggregating approximately 7.1 million square feet, which were approximately 93.5% leased to 220 tenants. The leased percentage was 92.8% at December 31, 2013 and 93.3% at March 31, 2013. The same store portfolio of approximately 4.9 million square feet was 95.9% leased at March 31, 2014 as compared to 96.3% at December 31, 2013 and 92.8% at March 31, 2013. Capital Markets Activity During the first quarter of 2014, Terreno Realty Corporation filed a prospectus supplement under which it may from time to time sell up to $100 million of its common stock through an “at the market” equity offering program (ATM). The shares would be offered through KeyBanc Capital Markets, JMP Securities, Mitsubishi UFJ Securities and MLV & Co. During the first quarter of 2014, Terreno Realty Corporation did not issue any shares under its ATM. 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, 2014 on or about May 12, 2014. 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, 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.