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

During the first quarter of 2024, Terreno Realty Corporation acquired two properties consisting of two buildings aggregating approximately 40,000 square feet for an aggregate purchase price of approximately $18.5 million. The first quarter investment activity was as follows:

• 13045 SE 32^nd Street: One industrial distribution building containing approximately 16,000 square feet on 1.8 acres located in Bellevue, Washington, adjacent to the intersection of I-90 and I-405. The property provides three dock-high and two grade-level loading positions and parking for 22 cars. The property was acquired vacant for a purchase price of approximately $6.5 million and an estimated stabilized cap rate of 5.8%. The property was subsequently leased with a May 2024 commencement date; and

• 181 Lombardy Street: One industrial distribution building containing approximately 24,000 square feet on 0.7 acres located in East Williamsburg, Brooklyn, New York, adjacent to the Brooklyn-Queens Expressway. The property provides one dock-high and one grade-level loading position and parking for 10 cars. The property was acquired vacant for a purchase price of approximately $12.0 million and an estimated stabilized cap rate of 5.7%.

During the first quarter of 2024, Terreno Realty Corporation sold one property in Seattle, Washington consisting of a 25,000 square foot industrial distribution building on 1.5 acres for a sale price of approximately $11.0 million. The property was acquired by Terreno Realty Corporation in May 2016 for approximately $4.7 million. The unleveraged internal rate of return generated by the investment was 16.5%.

During the first quarter of 2024, Terreno Realty Corporation commenced development of two properties at Countyline Corporate Park Phase IV in Hialeah, Florida that, upon completion, will consist of two industrial distribution buildings aggregating approximately 322,000 square feet, with a total expected investment of approximately $79.1 million. Additionally, we commenced the redevelopment of one existing property in Gardena, California that, upon completion, will consist of three industrial distribution buildings aggregating approximately 228,000 square feet, with an expected additional investment of $67.8 million.