Terreno Realty Corporation Announces Quarterly Operating, Investment and Capital Markets Activity - Seite 2
As of March 31, 2021, Terreno Realty Corporation had two properties under redevelopment (SoDo Row in Seattle, and America’s Gateway 5 in Miami) that upon completion will contain approximately 286,000 square feet with a total expected investment of approximately $71.5 million.
Terreno Realty Corporation has approximately $41.5 million of acquisitions under contract and approximately $78.4 million of acquisitions under letter of intent. There is no assurance that Terreno Realty Corporation will acquire properties under contract or letter of intent because the proposed acquisitions are subject to the completion of satisfactory due diligence, closing conditions and, in the case of letters of intent, contracts.
During the first quarter of 2021, Terreno Realty Corporation issued 706,524 shares of common stock with a weighted average offering price of $58.20 per share, receiving gross proceeds of $41.1 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. As of March 31, 2021, the Company had a cash balance of approximately $29 million, no balance outstanding on its $250 million revolving credit facility, and no 2021 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 March 31, 2021 on or about May 5, 2021.
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.
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, 2020 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.