Attached files
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| 8-K - FORM 8-K - Terreno Realty Corp | f59282e8vk.htm |
Exhibit 99.1
Terreno Realty Corporation Acquires Building in Kearny for $32.6 Million
SAN FRANCISCO, May 23, 2011 — Terreno Realty Corporation (NYSE:TRNO) acquired an industrial
property located in Kearny, New Jersey on May 20, 2011 for a purchase price of approximately $32.6
million. As part of the acquisition the Company assumed a mortgage loan with a total principal
amount of approximately $14.8 million with a fixed annual interest rate of 5.5%. The mortgage loan
has a maturity date of March 31, 2021.
The property consists of one industrial building containing approximately 211,000 square feet. The
property is currently 100% leased to one tenant. The estimated stabilized cap rate of the property
is 5.6%.
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, buyer’s
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 company’s 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 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”, 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, 2010 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.
Contact:
Terreno Realty Corporation
W. Blake Baird, 415-655-4580
Michael A. Coke, 415-655-4580
Terreno Realty Corporation
W. Blake Baird, 415-655-4580
Michael A. Coke, 415-655-4580
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