Terreno Realty (TRNO) Updates on Acquisition, Ops Activity in Q411

Terreno Realty Corporation (NYSE: TRNO) announced today its acquisition and operating activity for the fourth quarter of 2011.

Acquisitions

During the fourth quarter of 2011, Terreno Realty Corporation acquired four industrial properties consisting of six buildings containing approximately 411,000 square feet for an aggregate purchase price of approximately $40.2 million as follows:

• 620 Division. One multi-tenant industrial building in Elizabeth, New Jersey adjacent to the Newark Liberty International Airport and located approximately 1.5 miles from Port Elizabeth. This property contains approximately 150,500 square feet and was acquired for a purchase price of approximately $10.4 million. Approximately 20% of the property was leased back to the seller as part of the purchase and the remaining approximately 80% was leased to a third party by Terreno Realty Corporation after the property was placed under contract and prior to closing. As a result, the property is currently 100% leased to two tenants.
  
• Clawiter. One trans-shipment industrial building in Hayward, California adjacent to California Route 92 with convenient access to Interstate 880 and 100% leased to one tenant. The 66 door truck terminal contains approximately 34,000 square feet on 10.2 acres and was acquired for a purchase price of approximately $7.6 million.
  
• 48th Avenue. One trans-shipment industrial building and separate maintenance facility in Miami Gardens, Florida adjacent to the Palmetto Expressway in northern Miami-Dade County and 100% leased to one tenant. The 86 door truck terminal contains approximately 58,000 square feet on 13.0 acres and was acquired for a purchase price of approximately $7.2 million.
  
• Valley Corporate. Two multi-tenant industrial buildings in Kent, Washington located less than five miles from Seattle-Tacoma International Airport and accessible directly via both West Valley Highway and 64th Avenue South. The property contains approximately 168,800 square feet, is 85% leased to six tenants and was acquired for a purchase price of approximately $15.0 million.

For the full year 2011, Terreno Realty Corporation acquired 12 industrial properties consisting of 14 industrial buildings containing approximately 1,059,000 square feet for an aggregate purchase price of approximately $118.7 million, including the assumption of approximately $21.5 million in mortgage debt.

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