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

• 174 tenants, representing approximately 36.0% of the Company’s total tenants had requested rent deferral or abatement. Such requests aggregated 7.0% of the Company’s annualized base rent;
• Of the 174 requests, the Company granted rent deferrals to 62 tenants aggregating 2.7% of annualized base rent (35.6% of total requests by number and 39.3% by dollar amount) which represents 77.0% of the total dollar deferral requests (3.6% of annualized base rent) from those tenants. The Company did not grant any rent abatement;
• The Company denied 50 tenant requests aggregating 1.8% of annualized base rent (28.7% of total requests by number and 25.7% by dollar amount). 58 tenants aggregating 1.6% of annualized base rent requesting rent deferral or abatement rescinded their requests (33.3%% of requests by number and 22.5% by dollar amount);
• The Company is still in discussions with four tenants who are requesting 0.05% of our annualized base rent in rent deferral or abatement (2.3% of requests by number and 0.7% by dollar amount); and
• The Company may in the future amend or enter into additional rent deferral agreements.

Investment

During the second quarter of 2020, Terreno Realty Corporation acquired two industrial properties consisting of one building containing approximately 13,000 square feet and one improved land parcel containing approximately 2.8 acres for an aggregate purchase price of approximately $10.1 million. The second quarter investment activity was as follows:

• 36 South Hudson Street: One industrial distribution building containing approximately 13,000 square feet on 1.1 acres in Seattle, Washington. The property is three blocks from Terreno Realty Corporation’s SoDo Row redevelopment, provides three grade-level loading positions and excess yard. The property was acquired 100% leased to one tenant through December 2021 for a purchase price of approximately $5.6 million and estimated stabilized cap rate of 4.0%; and
• 20045 84^th Ave South: One improved land parcel of approximately 2.8 acres in Kent, Washington. The property is in the northern Kent Valley and adjacent to Terreno Realty Corporation’s Kent 202^nd property. The property was acquired 100% leased to one tenant on a month-to-month basis for a purchase price of approximately $4.5 million and estimated stabilized cap rate of 5.7%. Subsequent to acquisition, executed a full-property lease with a leading e-commerce firm.

Year-to-date through the second quarter of 2020, Terreno Realty Corporation acquired four properties consisting of two buildings totaling approximately 79,000 square feet and two improved land parcels totaling approximately 5.5 acres for an aggregate purchase price of $39.8 million. During the second quarter of 2020, Terreno Realty Corporation sold three properties in Maryland’s Baltimore/Washington Corridor totaling approximately 340,000 square feet for an aggregate sale price of approximately $51.3 million generating an unleveraged internal rate of return of approximately 10.9%.