Terreno Realty Corporation Closes $800 Million Unsecured Credit Facility
Terreno Realty (NYSE: TRNO), an industrial real estate company operating in six major coastal U.S. markets, has closed an $800 million senior amended and restated unsecured credit facility. This new facility replaces their existing $600 million facility and includes a $200 million increase in borrowing capacity under the revolving credit facility, now totaling $600 million. The maturity of the revolving credit facility has been extended to January 2029.
As of September 24, 2024, there were no borrowings outstanding under Terreno's revolving credit facility. The transaction involved multiple financial institutions as joint lead arrangers, with KeyBank National Association serving as the administrative agent. Terreno Realty focuses on acquiring, owning, and operating industrial real estate in Northern New Jersey/New York City, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C.
Terreno Realty (NYSE: TRNO), un'azienda immobiliare industriale che opera in sei importanti mercati costieri degli Stati Uniti, ha chiuso un prestito senior ammorbidito e rifatto non garantito di 800 milioni di dollari. Questa nuova struttura sostituisce il loro prestito esistente di 600 milioni di dollari e include un aumento della capacità di prestito di 200 milioni di dollari sotto la linea di credito rotativo, ora pari a 600 milioni di dollari. La scadenza della linea di credito rotativo è stata estesa a gennaio 2029.
Al 24 settembre 2024, non c'erano prestiti in corso nella linea di credito rotativa di Terreno. La transazione ha coinvolto diverse istituzioni finanziarie come co-organizzatori principali, con KeyBank National Association che ha svolto il ruolo di agente amministrativo. Terreno Realty si concentra sull'acquisizione, proprietà e gestione di immobili industriali nel Nord del New Jersey/New York City, Los Angeles, Miami, San Francisco Bay Area, Seattle e Washington, D.C.
Terreno Realty (NYSE: TRNO), una empresa de bienes raíces industriales que opera en seis importantes mercados costeros de EE. UU., ha cerrado una facilidad de crédito no asegurada, enmendada y reformulada de 800 millones de dólares. Esta nueva facilidad reemplaza su facilidad existente de 600 millones de dólares e incluye un aumento de 200 millones de dólares en capacidad de endeudamiento bajo la facilidad de crédito revolving, que ahora totaliza 600 millones de dólares. El vencimiento de la facilidad de crédito revolving se ha extendido hasta enero de 2029.
Hasta el 24 de septiembre de 2024, no había préstamos pendientes bajo la facilidad de crédito revolving de Terreno. La transacción involucró a múltiples instituciones financieras como organizadores principales conjuntos, con KeyBank National Association actuando como agente administrativo. Terreno Realty se centra en la adquisición, propiedad y operación de bienes raíces industriales en el norte de Nueva Jersey/Ciudad de Nueva York, Los Ángeles, Miami, el área de la bahía de San Francisco, Seattle y Washington D.C.
Terreno Realty (NYSE: TRNO)는 미국의 여섯 주요 해안 시장에서 운영되는 산업 부동산 회사로, 8억 달러 규모의 수정 및 재구성된 무담보 신용 시설을 완료했습니다. 이 새로운 시설은 기존 6억 달러 시설을 대체하며, 회전 신용 시설 하에 2억 달러의 대출 용량 증가가 포함되어 있어 현재 총 6억 달러에 달합니다. 회전 신용 시설의 만기는 2029년 1월로 연장되었습니다.
2024년 9월 24일 기준으로 Terreno의 회전 신용 시설 하에 대출은 없었습니다. 이 거래는 여러 금융 기관이 공동 주관으로 참여했으며, KeyBank National Association이 관리 에이전트 역할을 했습니다. Terreno Realty는 뉴저지 북부/뉴욕시, 로스앤젤레스, 마이애미, 샌프란시스코 만 지역, 시애틀 및 워싱턴 D.C.에서 산업 부동산의 인수, 소유 및 운영에 집중하고 있습니다.
Terreno Realty (NYSE: TRNO), une société immobilière industrielle opérant dans six principaux marchés côtiers des États-Unis, a clôturé une facilité de crédit seniorsamendée et récapitulée de 800 millions de dollars. Cette nouvelle facilité remplace leur facilité existante de 600 millions de dollars et comprend une augmentation de 200 millions de dollars de la capacité d'emprunt dans le cadre de la facilité de crédit revolving, totalisant désormais 600 millions de dollars. L'échéance de la facilité de crédit revolving a été prolongée jusqu'à janvier 2029.
Au 24 septembre 2024, il n'y avait pas de prêts en cours dans le cadre de la facilité de crédit revolving de Terreno. La transaction a impliqué plusieurs institutions financières en tant qu'arrangeurs principaux, avec KeyBank National Association agissant en tant qu'agent administratif. Terreno Realty se concentre sur l'acquisition, la propriété et l'exploitation de biens immobiliers industriels dans le nord du New Jersey/de New York, à Los Angeles, Miami, la région de la baie de San Francisco, Seattle et Washington, D.C.
Terreno Realty (NYSE: TRNO), ein Unternehmen für industrielle Immobilien, das in sechs wichtigen Küstenmärkten der USA tätig ist, hat eine auf 800 Millionen US-Dollar erhöhte und umgestaltete unbesicherte Kreditfazilität abgeschlossen. Diese neue Fazilität ersetzt die bestehende Fazilität von 600 Millionen US-Dollar und umfasst eine Erhöhung der Kreditaufnahme um 200 Millionen US-Dollar unter der revolvierenden Kreditfazilität, die nun insgesamt 600 Millionen US-Dollar beträgt. Die Laufzeit der revolvierenden Kreditfazilität wurde bis Januar 2029 verlängert.
Seit dem 24. September 2024 gab es keine ausstehenden Darlehen im Rahmen von Terrenos revolvierender Kreditfazilität. Die Transaktion umfasste mehrere Finanzinstitute als Joint Lead Arranger, wobei KeyBank National Association als Verwaltungsagentur fungierte. Terreno Realty konzentriert sich auf den Erwerb, das Halten und den Betrieb von Industrieimmobilien in Nord-New Jersey/New York City, Los Angeles, Miami, dem San Francisco Bay Area, Seattle und Washington, D.C.
- Increased credit facility from $600 million to $800 million
- Revolving credit facility capacity increased by $200 million to $600 million
- Extended maturity of revolving credit facility to January 2029
- No outstanding borrowings under the revolving credit facility as of September 24, 2024
- None.
Insights
Terreno Realty 's new
The absence of outstanding borrowings under the revolving credit facility as of September 24, 2024, indicates a strong balance sheet and prudent financial management. This positions TRNO well for potential acquisitions or development projects in its target coastal markets. The involvement of multiple major financial institutions as joint lead arrangers and co-syndication agents suggests strong confidence in TRNO's business model and growth prospects.
For investors, this enhanced credit facility provides a positive outlook on TRNO's ability to execute its strategy in the competitive industrial real estate market, potentially leading to increased shareholder value in the long term.
Terreno Realty 's expanded credit facility is a strategic move that aligns with the current dynamics of the industrial real estate market. The focus on six major coastal U.S. markets - Northern New Jersey/New York City, Los Angeles, Miami, San Francisco Bay Area, Seattle and Washington, D.C. - positions TRNO in some of the most sought-after and supply-constrained industrial markets in the country.
These markets are characterized by high demand for logistics and distribution facilities, driven by e-commerce growth and the need for efficient supply chain networks. The increased financial capacity allows TRNO to act swiftly on acquisition opportunities in these competitive markets, where prime industrial assets often command premium prices.
The timing of this credit facility expansion is noteworthy, as it comes when some real estate sectors are facing challenges due to economic uncertainties. TRNO's ability to secure this facility suggests lender confidence in the industrial sector's resilience and TRNO's market positioning. This could potentially give TRNO an edge over competitors in pursuing high-quality assets and development projects in its target markets.
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Revolving credit facility increased by
$200 million
KeyBanc Capital Markets, PNC Capital Markets LLC, Regions Capital Markets,
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal
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, 2023 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.
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Terreno Realty Corporation
Jaime Cannon
415-655-4580
Source: Terreno Realty Corporation
FAQ
What is the new total amount of Terreno Realty 's (TRNO) unsecured credit facility?
How much has Terreno Realty (TRNO) increased its revolving credit facility?
When is the new maturity date for Terreno Realty 's (TRNO) revolving credit facility?
In which major coastal U.S. markets does Terreno Realty (TRNO) operate?
