Terreno Realty Corporation Announces Quarterly Operating, Investment and Capital Markets Activity - Seite 2

As of December 31, 2019, Terreno Realty Corporation had four properties under redevelopment (SoDo Row North, SoDo Row South, 6^th Avenue South, and Kent 192, all in Seattle) that upon completion will contain approximately 505,000 square feet with a total expected investment of approximately $120 million.

During the fourth quarter of 2019, Terreno Realty Corporation sold one 97,000 square foot industrial R&D building in Annapolis Junction, Maryland for approximately $15.0 million generating an unleveraged internal rate of return of approximately 7.6%, and one 88,000 square foot industrial building in Jessup, Maryland for approximately $7.5 million generating an unleveraged internal rate of return of approximately 7.5%. For the full year 2019, Terreno Realty Corporation sold four properties containing an aggregate 382,000 square feet for approximately $48.9 million generating an unleveraged internal rate of return of approximately 8.6%.

Terreno Realty Corporation has one acquisition of approximately $18.0 million under letter of intent comprising approximately 66,000 square feet. There is no assurance that Terreno Realty Corporation will acquire the property under letter of intent because the proposed acquisition is subject to the completion of a contract and satisfactory due diligence and closing conditions.

Capital Markets

During the fourth quarter of 2019, Terreno Realty Corporation issued 241,875 shares of common stock with a weighted average offering price of $56.61 per share, receiving gross proceeds of $13.7 million under the Company’s at-the-market equity offering program. For the full year 2019, Terreno Realty Corporation issued 6,064,576 shares of common stock with a weighted average offering price of $45.85 per share, receiving gross proceeds of $278.1 million under the Company’s at-the-market equity offering program. Terreno Realty Corporation did not repurchase any shares of common stock pursuant to the Company’s share repurchase authorization.

During the fourth quarter of 2019, Terreno Realty Corporation closed on the private placement of $100 million of senior unsecured notes with a ten-year term that bears interest at a fixed annual rate of 3.14%. The Company used the proceeds to repay a $50 million term loan with a 2021 maturity and, subsequent to December 31, 2019, a $32 million mortgage loan with a 2020 maturity.