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8-K - FORM 8-K - Terreno Realty Corp | f56981e8vk.htm |
EX-2.1 - EX-2.1 - Terreno Realty Corp | f56981exv2w1.htm |
Exhibit 99.1
Terreno Realty Corporation Acquires Building in South Brunswick for $22.5 Million
SAN FRANCISCO, September 30, 2010 Terreno Realty Corporation (NYSE:TRNO) acquired an industrial
property located in South Brunswick, New Jersey on September 29, 2010 for a purchase price of
approximately $22.5 million. The Company utilized cash on hand to fund the acquisition.
The property consists of one multitenant industrial building containing approximately 413,000
square feet. The property is currently 100% leased to one tenant. The estimated stabilized cap
rate of the property is 7.7%.
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
Michael A. Coke 415-655-4580