Terreno Realty Corporation Prices Equity Offering

Rhea-AI Summary

Terreno Realty Corporation (NYSE: TRNO) has priced a public offering of 3,500,000 shares of common stock at $74.50 per share, with a 30-day option for underwriters to buy an additional 525,000 shares. The offering's closing date is set for November 8, 2021. Proceeds will support general corporate needs, including working capital and potential acquisitions. Goldman Sachs & Co. LLC and KeyBanc Capital Markets Inc. are the underwriters. This offering is part of an effective shelf registration statement.

Positive

• Successful pricing of 3,500,000 shares at $74.50 enhances capital structure.
• Underwriters secured an option for an additional 525,000 shares, indicating strong demand.

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 the pricing of its public offering of 3,500,000 shares of its common stock at a price to the public of $74.50 per share. The underwriters have been granted a 30-day option to purchase up to an additional 525,000 shares of common stock. The offering is expected to close on November 8, 2021.

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/20211104006430/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What is the stock offering price for Terreno Realty Corporation (TRNO)?

The offering price for Terreno Realty Corporation's stock is $74.50 per share.

When does the stock offering for TRNO close?

The stock offering for Terreno Realty Corporation is expected to close on November 8, 2021.

What will the proceeds from TRNO's stock offering be used for?

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

Who are the underwriters for TRNO's stock offering?

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