SAN FRANCISCO–(BUSINESS WIRE)–Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and
operator of industrial real estate in six major coastal U.S. markets,
acquired two industrial properties located in San Francisco, California
on May 28, 2019 for a purchase price of approximately $47.8 million.
The properties consist of two industrial buildings containing
approximately 119,000 square feet on 2.7 acres in the Dogpatch submarket
of San Francisco’s Central Waterfront. The properties are at 1501
Tennessee Street and 1400 Minnesota Street, provide 12 dock-high and 15
grade-level loading positions and parking for 12 cars. The properties
are 100% leased to nine tenants, two of which expire within one year and
all of which expire by January 2024. The estimated stabilized cap rate
of the property is 4.0%.
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 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.
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,”
“seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,”
“potential,” “enthusiastic,” “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, 2018 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.
Contacts
W. Blake Baird
Michael A. Coke
415-655-4580
