- Kent Corporate Park. Four industrial buildings totaling approximately 138,000 square feet in Kent, Washington in the northern Kent Valley. This property provides 50 dock-high and 18 grade-level loading positions and was 94% leased to 13 tenants at acquisition. The purchase price was approximately $12.25 million including the assumption of a mortgage loan with a principal balance of approximately $4.8 million. The mortgage loan matures in March 2016 and bears interest at approximately 5.7%; and
- Miami International Trade Center ("MITC"). Four industrial buildings totaling approximately 155,000 square feet in Medley, Florida adjacent to the Palmetto Expressway and approximately four miles from Miami International Airport. MITC provides 56 dock-high loading positions and was 81% leased to 14 tenants at acquisition. The purchase price was approximately $17.25 million.
In addition, Terreno Realty Corporation began redevelopment of its South Main Street property in Carson, California that will demolish three buildings totaling 186,000 square feet, construct a new front-load industrial distribution building containing approximately 210,000 square feet and renovate an existing 34,000 square foot office building. The property is 73.8% pre-leased and the expected redevelopment cost is approximately $16.4 million for a total expected investment of approximately $38 million.Operations As of September 30, 2015, Terreno Realty Corporation owned 141 buildings aggregating approximately 10.5 million square feet. Key operating measures for the portfolio were as follows:
- The total portfolio was 90.2% leased to 344 tenants as compared to 94.4% at June 30, 2015 and 93.8% at September 30, 2014;
- The same store portfolio of approximately 6.4 million square feet was 93.3% leased at September 30, 2015 as compared to 96.8% at June 30, 2015 and 93.5% at September 30, 2014; and
- Cash rents on new and renewed leases totaling approximately 1.6 million square feet commencing during the nine months ended September 30, 2015 increased approximately 6.6%.
During the third quarter of 2015, Terreno Realty Corporation issued no shares of stock under the Company's at-the-market equity offering program and did not repurchase any shares of stock pursuant to the Company's share repurchase authorization.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 September 30, 2015 on or about November 4, 2015. 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, 2014 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.