Terreno Realty Corporation Sells Property in Hanover, MD for $18.0 Million

Rhea-AI Summary

Terreno Realty Corporation sells industrial property in Hanover, Maryland for $18.0 million.

Positive

• Terreno Realty Corporation sold an industrial property in Hanover, Maryland for approximately $18.0 million.
• The property consists of a 13.4-acre improved land parcel which is 100% leased to one tenant.
• The unleveraged internal rate of return generated by the investment was 17.5%.

Negative

• None.

BELLEVUE, Wash.--(BUSINESS WIRE)-- Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, sold an industrial property located in Hanover, Maryland on October 4, 2023 for a sale price of approximately $18.0 million.

The property consists of a 13.4-acre improved land parcel which is 100% leased to one tenant. The property was purchased by Terreno Realty Corporation on July 12, 2016 for approximately $8.2 million. The unleveraged internal rate of return generated by the investment was 17.5%.

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, 2022 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230929481834/en/

Terreno Realty Corporation

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What is the sale price of the industrial property in Hanover, Maryland?

The sale price of the industrial property in Hanover, Maryland is approximately $18.0 million.

What is the size of the property?

The property consists of a 13.4-acre improved land parcel.

What is the occupancy rate of the property?

The property is 100% leased to one tenant.

What was the unleveraged internal rate of return generated by the investment?

The unleveraged internal rate of return generated by the investment was 17.5%.