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

As of March 31, 2024, Terreno Realty Corporation had ten properties under development or redevelopment that, upon completion, will consist of eleven buildings aggregating approximately 1.6 million square feet which are approximately 58% pre-leased and one approximately 2.8-acre improved land parcel, with a total expected investment of approximately $483.6 million. Additionally, we owned approximately 45.5 acres of land entitled for future development of four buildings aggregating approximately 0.8 million square feet.

Terreno Realty Corporation has approximately $448.8 million of acquisitions under contract. There is no assurance that Terreno Realty Corporation will acquire the properties under contract because the proposed acquisitions are subject to the completion of satisfactory due diligence and closing conditions.

Capital Markets

During the first quarter of 2024, Terreno Realty Corporation completed an offering of 6,325,000 shares of its common stock at a price to the public of $62.00 per share, receiving gross proceeds of $392.2 million. The Company intends to use the net proceeds from the offering for future acquisitions, funding of development and redevelopment properties, and for other general corporate purposes.

In addition, Terreno Realty Corporation issued 2,353,278 shares of common stock with a weighted average offering price of $64.00 per share under the Company’s at-the-market equity offering program, receiving gross proceeds of $150.6 million. Terreno Realty Corporation did not repurchase any shares of common stock pursuant to the Company’s share repurchase authorization.

As of March 31, 2024, there were no borrowings outstanding under Terreno Realty Corporation’s $400 million revolving credit facility. Terreno Realty Corporation has one $100 million senior unsecured note maturing in 2024 and no debt maturing in 2025.

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 quarter ended March 31, 2024 on or about May 8, 2024.

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”, “potential”, “future” 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, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023 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.