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, operating and capital markets activity for the second quarter of 2014. Acquisitions During the second quarter of 2014, Terreno Realty Corporation acquired five industrial properties consisting of seven buildings containing approximately 401,000 square feet for an aggregate purchase price of approximately $46.7 million. The second quarter acquisition activity was as follows:
- 747 Glasgow. One industrial building totaling approximately 19,000 square feet in Inglewood, California approximately one mile from Los Angeles International Airport. This building was 94% leased to two tenants at acquisition and was acquired for a purchase price of approximately $3.5 million;
- 1000 Hampton. One industrial building totaling approximately 139,000 square feet in Capitol Heights, Maryland. This property, which provides 32-foot clear height, 18 dock-high and two grade-level loading positions, is adjacent to the Capital Beltway and approximately four miles east of Washington, DC. This building was 100% leased at acquisition to one tenant and was acquired for a purchase price of approximately $18.1 million;
- Burroughs. Three industrial buildings totaling approximately 129,000 square feet in San Leandro, California that was acquired for a purchase price of approximately $13.3 million and was 100% leased to one tenant at acquisition. These buildings are located less than four miles from Oakland International Airport and approximately nine miles from the Port of Oakland;
- 2095 California. One industrial building totaling approximately 90,000 square feet on 5.0 acres in Corona, California that was acquired for a purchase price of approximately $7.8 million. This building is located with access to the I-15 and SR-91 freeways, provides ten dock-high loading positions, trailer storage and was 100% leased to one tenant at acquisition; and
- Las Hermanas. One industrial building totaling approximately 24,000 square feet with trailer storage on 2.5 acres in Compton, California. This property is adjacent to Interstate 710 and the Artesia Freeway between Los Angeles International Airport and the Ports of LA and Long Beach and was acquired for a purchase price of approximately $4.0 million. The property was 100% leased to two tenants at acquisition.
Capital Markets ActivityDuring the second quarter of 2014, Terreno Realty Corporation:
- Issued 8,050,000 shares of common stock at a price per share of $17.75, generating approximately $136.5 million in net proceeds;
- Added a new seven-year $50.0 million term loan which was $42.0 million undrawn at June 30, 2014, bears interest at an annual rate of LIBOR plus 1.75% to 2.30% depending on leverage and matures in May 2021;
- Amended its $100.0 million revolving credit facility and $50.0 million five-year term loan, extending the maturity to May 2018 and May 2019, respectively and reduced the annual rate of interest to LIBOR plus 1.50% to 2.05% depending on leverage; and
- Issued no shares of stock under the Company’s at-the-market equity offering program.