Terreno Realty Corporation Sells Property in Kent, WA for $8.7 Million

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO), a major player in the industrial real estate sector, sold a property in Kent, Washington for approximately $8.7 million on October 13, 2022. The property, which spans 32,000 square feet and is situated on 3.8 acres, was 52% leased at the time of sale. Originally acquired for around $2.8 million in 2014, this investment yielded an unleveraged internal rate of return of 15.6%. Terreno operates in six coastal U.S. markets, including Los Angeles and Miami.

Positive

• Sale of an industrial property in Kent, Washington, for $8.7 million.
• Original purchase price of the property was $2.8 million, indicating a strong appreciation.
• Generated a robust unleveraged internal rate of return of 15.6% on the investment.

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 Kent, Washington on October 13, 2022 for a sale price of approximately $8.7 million.

The property consists of one industrial distribution building containing approximately 32,000 square feet on 3.8 acres which is 52% leased to one tenant. The property was purchased by Terreno Realty Corporation on July 25, 2014 for approximately $2.8 million. The unleveraged internal rate of return generated by the investment was 15.6%.

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, the impact of the COVID-19 pandemic on our business, our tenants and the national and local economies, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2021 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/20221005005750/en/

Terreno Realty Corporation

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What was the sale price of the property sold by TRNO in Kent, Washington?

The property was sold for approximately $8.7 million.

When did Terreno Realty Corporation sell the industrial property in Kent, Washington?

The property was sold on October 13, 2022.

What was the internal rate of return on the property sold by Terreno Realty Corporation?

The unleveraged internal rate of return was 15.6%.

How much did Terreno Realty Corporation originally pay for the Kent property?

Terreno Realty Corporation purchased the property for approximately $2.8 million.

What is the size of the property sold by TRNO in Kent, Washington?

The property consists of approximately 32,000 square feet.