- The total portfolio was 97.4% leased to 388 tenants as compared to 97.4% at December 31, 2016 and 90.7% at March 31, 2016;
- The same store portfolio of approximately 10.7 million square feet was 99.0% leased at March 31, 2017 as compared to 98.9% at December 31, 2016 and 90.4% at March 31, 2016; and
- Cash rents on new and renewed leases totaling approximately 0.5 million square feet commencing during the first quarter increased approximately 15.4%.
- Lucile: One industrial distribution building totaling approximately 45,000 square feet on approximately 1.5 acres in Seattle, Washington adjacent to Seattle's Port and SoDo district. This property provides fourteen dock-high and two grade level loading positions and was 100% leased to one tenant on a short-term basis at acquisition. The purchase price was approximately $7.8 million with an estimated stabilized cap rate of 6.0%; and
- Acacia: One rear-load industrial distribution building totaling approximately 46,000 square feet on approximately 2.6 acres in Compton, California adjacent to CA Route 91 (the Artesia Freeway) between Los Angeles International Airport and the Ports of LA and Long Beach. This property provides five dock-high and one grade level loading positions and was 100% leased to one tenant on a short-term basis at acquisition. The purchase price was approximately $7.1 million. Subsequent to acquisition the property was leased to a new tenant for a five-year term and the estimated stabilized cap rate increased to 5.1%.
Capital MarketsDuring the first quarter of 2017, Terreno Realty Corporation issued an aggregate of 2,047,000 shares of common stock with a weighted average offering price of $27.36 per share, receiving gross proceeds of approximately $56.0 million under the Company's at-the-market equity offering program. The Company 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 period ended March 31, 2017 on or about May 3, 2017. 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./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, 2016 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.