Terreno Realty Corporation Announces Quarterly Operating, Investment and Capital Markets Activity - Seite 3

As of June 30, 2020, Terreno Realty Corporation had two properties under redevelopment (SoDo Row and Kent 192, both in Seattle) that upon completion will contain approximately 454,000 square feet with a total expected investment of approximately $97 million.

Terreno Realty Corporation has two acquisitions under contract totaling approximately $13.6 million consisting of one 7.0-acre improved land parcel and one building containing 22,000 square feet. Additionally, the Company has one property under contract for sale for approximately $22.2 million comprising approximately 192,000 square feet. There is no assurance that Terreno Realty Corporation will acquire or dispose of properties under contract because the proposed acquisitions and disposition are subject to the completion of satisfactory due diligence and closing conditions.

Capital Markets

During the second quarter of 2020, Terreno Realty Corporation issued 619,300 shares of common stock with a weighted average offering price of $52.81 per share, receiving gross proceeds of $32.7 million under the Company’s at-the-market equity offering program. Year-to-date through June 30, 2020, Terreno Realty Corporation has issued 1,046,327 shares of common stock with a weighted average offering price of $53.04 per share, receiving gross proceeds of $55.5 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. The Company has a cash balance of approximately $150 million, no balance outstanding on its $250 million revolving credit facility, and no remaining 2020 debt maturities.

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 June 30, 2020 on or about August 5, 2020.

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.

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,” “seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,” 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, the impact of the COVID-19 pandemic on our business, our tenants and the national and local economies, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2019 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, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.