Terreno Realty Corporation Announces Offering of 5,000,000 Shares of Common Stock

Rhea-AI Summary

Terreno Realty Corporation (NYSE: TRNO) has initiated an offering of 5,000,000 shares of common stock, with underwriters given a 30-day option to purchase up to an additional 750,000 shares. Proceeds from this offering are intended for future acquisitions, including a 121-acre project in Miami's Countyline Corporate Park, which is entitled for 2.2 million square feet of industrial distribution buildings. Goldman Sachs & Co. LLC and KeyBanc Capital Markets Inc. serve as underwriters. The offering is made under an effective shelf registration statement and will rely on a prospectus and supplement.

Positive

• Commencement of offering for 5,000,000 shares may indicate growth plans.
• Proceeds targeted for acquisitions, including a significant 121-acre industrial project in Miami.

Negative

• None.

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 5,000,000 shares of its common stock. The underwriters will be granted a 30-day option to purchase up to an additional 750,000 shares of common stock.

The Company intends to use the net proceeds from the offering for future acquisitions, including the acquisition of a 121-acre project that is subject to a purchase and sale agreement and is entitled for 2.2 million square feet of industrial distribution buildings in Miami’s Countyline Corporate Park and other properties that are currently subject to purchase and sale agreements, redevelopments and for other general corporate purposes.

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, 7th 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. Factors that could materially affect results of the Company include those risk factors contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, the Company’s preliminary prospectus supplement relating to the offering under the section titled “Risk Factors”, 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/20230209005727/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What is Terreno Realty Corporation's stock offering about?

Terreno Realty Corporation is offering 5,000,000 shares of common stock to fund future acquisitions, including a large industrial project in Miami.

How many shares can underwriters purchase additionally for TRNO?

Underwriters can purchase an additional 750,000 shares for 30 days after the initial offering.

What are the intended uses of proceeds from the TRNO stock offering?

Proceeds will be used for future acquisitions, specifically a 121-acre project in Miami's Countyline Corporate Park and other properties.

Who are the underwriters for the TRNO stock offering?

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

What are the risks associated with Terreno Realty Corporation's stock offering?

The offering contains forward-looking statements and is subject to risks and uncertainties that could materially affect results.