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8-K - FORM 8-K - Terreno Realty Corp | f56933e8vk.htm |
Exhibit 99.1
Terreno Realty Corporation Acquires 18 Buildings in Bound Brook, New Jersey for $27.0 Million
SAN FRANCISCO, September 27, 2010 Terreno Realty Corporation (NYSE:TRNO) acquired an
industrial property located in Bound Brook, New Jersey on September 24, 2010 for a purchase price
of approximately $27.0 million. As part of the acquisition the Company assumed a mortgage loan with
a total principal amount of approximately $15.5 million with a fixed annual interest rate of 4.9%.
The mortgage loan has a maturity date of December 15, 2015. The Company utilized cash on hand to
fund the acquisition net of the amount of the assumed mortgage loan.
The property consists of 18 multitenant industrial buildings containing approximately 581,000
square feet. The property is currently 76% leased to 20 tenants. The estimated stabilized cap rate
of the property is 8.4%.
Estimated stabilized cap rates are calculated as annualized cash basis net operating income
stabilized to market occupancy (generally 95%) divided by total acquisition cost. Total acquisition
cost includes the initial purchase price, the effects of marking assumed debt to market, buyers
due diligence and closing costs, estimated near-term capital expenditures and leasing costs
necessary to achieve stabilization.
Terreno Realty Corporation is an acquirer, owner and operator of industrial real estate located in
six major coastal U.S. markets: Los Angeles Area; Northern New Jersey/New York City; San Francisco
Bay Area; Seattle Area; Miami Area; and Washington, D.C./Baltimore.
Additional information about Terreno Realty Corporation is available on the companys web site at
www.terreno.com.
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 managements 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, 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, 2009 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.
Contacts:
W. Blake Baird or Michael A. Coke, 415-655-4580