Terreno Realty Corporation Announces Offering of 3,500,000 Shares of Common Stock

Rhea-AI Summary

Terreno Realty Corporation (NYSE: TRNO) has announced an offering of 3,500,000 shares of its common stock, with an option for underwriters to purchase an additional 525,000 shares. The net proceeds will be allocated for general corporate purposes, including working capital, debt repayment, and future investments. Goldman Sachs & Co. LLC and KeyBanc Capital Markets Inc. are the underwriters. This offering is registered under an effective shelf registration statement and will be conducted via a prospectus.

Positive

• Offering of 3,500,000 shares may strengthen the company's capital base.
• Potential use of proceeds for future acquisitions could enhance growth.

Negative

• Issuing new shares could dilute existing shareholders' ownership.

BELLEVUE, Wash.--(BUSINESS WIRE)-- Terreno Realty Corporation (NYSE: TRNO) (the “Company”), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today that it has commenced an offering of 3,500,000 shares of its common stock. The underwriters will be granted a 30-day option to purchase up to an additional 525,000 shares of common stock.

The Company intends to use the net proceeds from the offering for general corporate purposes, which may include, without limitation, working capital, repayment of indebtedness, future acquisitions and redevelopments.

Goldman Sachs & Co. LLC and KeyBanc Capital Markets Inc. are serving as underwriters for the offering.

The offering of these securities is being made pursuant to an effective shelf registration statement. The offering will be made only by means of a prospectus and prospectus supplement. A copy of the prospectus and prospectus supplement relating to these securities may be obtained, when available, from the website of the Securities and Exchange Commission or by contacting Goldman Sachs & Co. LLC, Attn: Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1.866.471.2526, facsimile: 1.212.902.9316, email: prospectus-ny@ny.email.gs.com, or KeyBanc Capital Markets Inc., Attn: Equity Syndicate, 127 Public Square, 4th Floor, Cleveland, OH 44114, telephone: 1.800.859.1783.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About the Company

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. The Company cautions 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” 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 the Company’s control, including risks related to the Company’s ability to meet its estimated forecasts related to stabilized cap rates, the impact of the COVID-19 pandemic on the Company’s business, its tenants and the national and local economies, and those risk factors contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and the Company’s 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. The Company expressly disclaims any responsibility to update its 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211104006315/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What is the share offering announced by Terreno Realty Corporation?

Terreno Realty Corporation announced an offering of 3,500,000 shares of common stock, with an underwriters' option for an additional 525,000 shares.

When did Terreno Realty Corporation announce the stock offering?

The stock offering was announced on the date of the press release, which is not specified in the provided information.

Who are the underwriters for TRNO's stock offering?

Goldman Sachs & Co. LLC and KeyBanc Capital Markets Inc. are serving as underwriters for the stock offering.

What will the proceeds from the stock offering be used for?

The proceeds will be used for general corporate purposes, including working capital, debt repayment, and future acquisitions.

What is the stock symbol for Terreno Realty Corporation?

The stock symbol for Terreno Realty Corporation is TRNO.