Terreno Realty Corp. revealed investment as well as operating and capital market activities for fourth-quarter 2015 and the full year.
In sync with its strategy of acquiring industrial properties, this San Francisco, CA-based real estate investment trust ("REIT") purchased five industrial properties in the fourth quarter, spanning around 634,000 square feet, for a total of around $73.0 million. These properties, comprising eight buildings, are located in East Rutherford, NJ; Seattle, WA; Fairfield, NJ; Kent, WA; and Union City, CA, Zacks reported.
For the full year, the company acquired 14 industrial properties, spanning 2.3 million square feet, for approximately $268.5 million. Further, this REIT has buy outs worth around $15.9 million under contract and $24.3 million under non-binding letters of intent. These transactions are, however, subject to due diligence as well as the satisfaction of certain customary conditions.
On the other hand, Terreno Realty sold a Laurel, MD industrial property for approximately $11.2 million in the quarter. For the full year, the company disposed two industrial properties for around $24.6 million. Further, the company has one property under contract for sale for approximately $8.2 million.
For the full year 2015, Terreno Realty Corporation acquired 14 industrial properties consisting of 29 buildings containing approximately 2.3 million square feet for a purchase price of approximately $268.5 million, with a weighted average stabilized cap rate of approximately 5.8 percent, Street Insider reported.
There is no assurance that Terreno Realty Corporation will acquire the properties under contract or letter of intent because the proposed buy outs are subject to the completion of satisfactory due diligence, closing conditions and, in the case of letters of intent, contracts.
During the fourth quarter of 2015, Terreno Realty Corporation closed the previously announced private placement of $50 million, 12-year senior unsecured notes that bear interest at a fixed annual rate of 4.65 percent.
Terreno Realty also acquired major coastal markets in Northern New Jersey, New York, Los Angeles, and the San Francisco Bay Area.
