Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Terreno Realty Corporation Announces Quarterly Operating, Investment and Capital Markets Activity By: Terreno Realty Corporation via Business Wire October 06, 2022 at 16:05 PM EDT 98.4% quarter-end occupancy compared to prior quarter of 97.9% and prior year of 98.0% 98.9% quarter-end same-store occupancy compared to prior quarter of 98.0% and prior year of 98.6% 65.9% increase in cash rents on new and renewed leases; 50.3% increase year-to-date Completed redevelopment and achieved LEED certification at 3000 NW 73rd Street; estimated stabilized cap rate is 8.1% $65.9 million of acquisitions; $355.4 million year-to-date Closed $100 Million Five-Year Unsecured Term Loan Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today its operating, investment and capital markets activity for the third quarter of 2022. Operating As of September 30, 2022, Terreno Realty Corporation owned 252 buildings aggregating approximately 15.4 million square feet and 46 improved land parcels consisting of approximately 159.9 acres. In addition, Terreno Realty Corporation had two properties under redevelopment that, upon completion, will consist of two improved land parcels aggregating approximately 12.1 acres: The operating portfolio was 98.4% leased at September 30, 2022 to 575 tenants as compared to 97.9% at June 30, 2022 and 98.0% at September 30, 2021; The same-store portfolio of approximately 12.2 million square feet was 98.9% leased at September 30, 2022 as compared to 98.0% at June 30, 2022 and 98.6% at September 30, 2021; The improved land portfolio of 46 parcels, excluding two parcels under redevelopment, totaling approximately 159.9 acres was 91.6% leased at September 30, 2022 as compared to 97.0% at June 30, 2022 and 96.1% at September 30, 2021. Occupancy at September 30, 2022 included acquired vacancy of 6.7 acres (approximately 430bps); Cash rents on new and renewed leases totaling approximately 0.7 million square feet and 5.1 acres of improved land commencing during the third quarter increased approximately 65.9% with a tenant retention ratio of 76.2% for the operating portfolio and 53.3% for the improved land portfolio. Cash rents on new and renewed leases totaling approximately 1.9 million square feet and 16.5 acres of improved land commencing during the nine months ended September 30, 2022 increased approximately 50.3% with a tenant retention ratio of 51.4% for the operating portfolio and 74.2% for the improved land portfolio; Completed the redevelopment of 3000 NW 73rd Street in Miami, Florida. The redeveloped property, originally scheduled to be stabilized in the fourth quarter of 2022, consists of two newly developed 32’ clear height industrial distribution buildings containing 129,000 square feet which have achieved LEED certification. The buildings provide 36 dock-high loading positions and parking for 104 cars approximately three miles from Miami International Airport and six miles from both PortMiami and Downtown Miami. The total expected investment is approximately $20.2 million. The property is 92% leased to 11 tenants with leases expiring between 2025 and 2027 and the estimated stabilized cap rate of the redeveloped property is approximately 8.1%; Completed the redevelopment of 4341 West 108th Street in Hialeah, Florida. The redeveloped property consists of one newly developed 32’ clear height industrial distribution building containing 205,000 square feet which is expected to obtain LEED certification. The property is immediately adjacent to Terreno Realty Corporation’s six existing buildings on West 108th Street and adjacent to Florida’s Turnpike and the southern terminus of I-75. The total expected investment is approximately $37.9 million. The property is 100% leased to one tenant and the estimated stabilized cap rate of the redeveloped property is approximately 3.8%; Pre-leased an approximately 31,000 square foot transshipment facility on 6.0 acres in Elizabeth, New Jersey with a nationwide operator of container freight stations. The lease will commence subsequent to the January 2023 expiration of the current lease and expire October 2027; Executed an early lease renewal, assignment, and expansion in Jamaica, Queens, New York with a global logistics provider totaling 86,000 square feet. The early lease renewal of 44,000 square feet, which was to expire in February 2023, will now expire April 2030. The five expansion spaces totaling 23,000 square feet, which are vacant currently, will expire April 2030. The assignment of an existing 18,000 square foot lease at the property will expire April 2030; and Executed leases totaling 43,000 square feet in East Williamsburg, Brooklyn, New York with a provider of expedited urban delivery. Two leases, for space which will become vacant on January 31, 2023, will commence on March 1, 2023 and will expire April 2028. Further an existing lease, scheduled to expire January 31, 2023, will be extended and now expire April 2028. Investment During the third quarter of 2022, Terreno Realty Corporation acquired four properties consisting of four improved land parcels of approximately 12.2 acres for an aggregate purchase price of approximately $65.9 million. The third quarter investment activity was as follows: 8050 NW 90th Street: One 6.7-acre improved land parcel in Medley, Florida, adjacent to the intersection of the Palmetto Expressway and West Okeechobee Road. The property was acquired vacant for a purchase price of approximately $20.0 million and an estimated stabilized cap rate of 5.6%; 4857 W 147th Street: One 1.3-acre improved land parcel in Hawthorne, California, adjacent to I-405 approximately four miles south of Los Angeles International Airport. The property was acquired 100% leased on a short-term basis through December 2022 for a purchase price of approximately $6.5 million and is expected to be redeveloped with the construction of an approximately 33,000 square foot LEED-certified industrial distribution building. The estimated stabilized cap rate of the redeveloped property is 5.0% and the total expected investment is approximately $15.8 million; 19500 South Alameda Street: One 3.0-acre improved land parcel in Rancho Dominguez, California, south of the Gardena Freeway (SR 91) and west of the Long Beach Freeway (I-710). The property was acquired 100% leased to two tenants on a short-term basis for a purchase price of approximately $32.1 million and an estimated stabilized cap rate of 5.5%; and 3091 East Coronado Street: One 1.2-acre improved land parcel in Anaheim, California, adjacent to the intersection of CA SR 91 (The Riverside Freeway) and CA SR 57 (The Orange Freeway). The property was acquired vacant for a purchase price of approximately $7.3 million. Terreno Realty Corporation executed a lease for the property commencing on the date of acquisition and ending December 2027 with a Southern California investment group facilitating commissary services, resulting in an estimated stabilized cap rate of 5.0%. As of September 30, 2022, Terreno Realty Corporation had two properties under redevelopment (245 Paterson Plank Road in Northern New Jersey and Berryessa Road in San Francisco) that, upon completion, will consist of two improved land parcels aggregating approximately 12.1 acres, with a total expected investment of approximately $51.3 million. Year-to-date, Terreno Realty Corporation acquired 16 properties consisting of 14 buildings containing approximately 766,000 square feet and ten improved land parcels of approximately 32.9 acres for an aggregate purchase price of $355.4 million. Terreno Realty Corporation has approximately $37.7 million of acquisitions under contract and approximately $65.1 million of acquisitions under letters of intent. Terreno Realty Corporation has three properties under contract for sale for approximately $59.4 million aggregating approximately 217,000 square feet. There is no assurance that Terreno Realty Corporation will acquire or dispose of the properties under contract or letters of intent because the proposed acquisitions and dispositions are subject to the completion of satisfactory due diligence, closing conditions and, in the case of letters of intent, contracts. Capital Markets During the third quarter of 2022, Terreno Realty Corporation issued 444,512 shares of common stock with a weighted average offering price of $64.97 per share, receiving gross proceeds of $28.9 million under the Company’s at-the-market equity offering program. Year-to-date through September 30, 2022, Terreno Realty Corporation has issued 471,599 shares of common stock with a weighted average offering price of $65.61 per share, receiving gross proceeds of $30.9 million under the Company’s at-the-market equity offering program. Terreno Realty Corporation did not repurchase any shares of common stock pursuant to the Company’s share repurchase authorization. During the third quarter of 2022, Terreno Realty Corporation issued a new $100 million five-year unsecured term loan. The new five-year unsecured term loan will mature on January 15, 2028, and the interest rate generally will be SOFR plus 1.25% to 1.75%, depending on leverage. The current interest rate is SOFR plus 1.25%, and proceeds from the term loan were used to reduce borrowings under Terreno Realty Corporation’s $400 million revolving credit facility. Further, on August 1, 2022, the Company prepaid $50 million of senior unsecured notes which bore interest at 4.23% and had an original maturity date of September 1, 2022. The Company has no remaining debt maturities in 2022 or 2023. Additional information is available on the Company’s website at www.terreno.com. Terreno Realty Corporation expects to file its quarterly report on Form 10-Q for the period ended September 30, 2022 on or about November 2, 2022. 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. 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,” 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/20221006005943/en/Contacts Terreno Realty Corporation Jaime Cannon, 415-655-4580 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. By accessing this page, you agree to the following Privacy Policy and Terms and Conditions.
Terreno Realty Corporation Announces Quarterly Operating, Investment and Capital Markets Activity By: Terreno Realty Corporation via Business Wire October 06, 2022 at 16:05 PM EDT 98.4% quarter-end occupancy compared to prior quarter of 97.9% and prior year of 98.0% 98.9% quarter-end same-store occupancy compared to prior quarter of 98.0% and prior year of 98.6% 65.9% increase in cash rents on new and renewed leases; 50.3% increase year-to-date Completed redevelopment and achieved LEED certification at 3000 NW 73rd Street; estimated stabilized cap rate is 8.1% $65.9 million of acquisitions; $355.4 million year-to-date Closed $100 Million Five-Year Unsecured Term Loan Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today its operating, investment and capital markets activity for the third quarter of 2022. Operating As of September 30, 2022, Terreno Realty Corporation owned 252 buildings aggregating approximately 15.4 million square feet and 46 improved land parcels consisting of approximately 159.9 acres. In addition, Terreno Realty Corporation had two properties under redevelopment that, upon completion, will consist of two improved land parcels aggregating approximately 12.1 acres: The operating portfolio was 98.4% leased at September 30, 2022 to 575 tenants as compared to 97.9% at June 30, 2022 and 98.0% at September 30, 2021; The same-store portfolio of approximately 12.2 million square feet was 98.9% leased at September 30, 2022 as compared to 98.0% at June 30, 2022 and 98.6% at September 30, 2021; The improved land portfolio of 46 parcels, excluding two parcels under redevelopment, totaling approximately 159.9 acres was 91.6% leased at September 30, 2022 as compared to 97.0% at June 30, 2022 and 96.1% at September 30, 2021. Occupancy at September 30, 2022 included acquired vacancy of 6.7 acres (approximately 430bps); Cash rents on new and renewed leases totaling approximately 0.7 million square feet and 5.1 acres of improved land commencing during the third quarter increased approximately 65.9% with a tenant retention ratio of 76.2% for the operating portfolio and 53.3% for the improved land portfolio. Cash rents on new and renewed leases totaling approximately 1.9 million square feet and 16.5 acres of improved land commencing during the nine months ended September 30, 2022 increased approximately 50.3% with a tenant retention ratio of 51.4% for the operating portfolio and 74.2% for the improved land portfolio; Completed the redevelopment of 3000 NW 73rd Street in Miami, Florida. The redeveloped property, originally scheduled to be stabilized in the fourth quarter of 2022, consists of two newly developed 32’ clear height industrial distribution buildings containing 129,000 square feet which have achieved LEED certification. The buildings provide 36 dock-high loading positions and parking for 104 cars approximately three miles from Miami International Airport and six miles from both PortMiami and Downtown Miami. The total expected investment is approximately $20.2 million. The property is 92% leased to 11 tenants with leases expiring between 2025 and 2027 and the estimated stabilized cap rate of the redeveloped property is approximately 8.1%; Completed the redevelopment of 4341 West 108th Street in Hialeah, Florida. The redeveloped property consists of one newly developed 32’ clear height industrial distribution building containing 205,000 square feet which is expected to obtain LEED certification. The property is immediately adjacent to Terreno Realty Corporation’s six existing buildings on West 108th Street and adjacent to Florida’s Turnpike and the southern terminus of I-75. The total expected investment is approximately $37.9 million. The property is 100% leased to one tenant and the estimated stabilized cap rate of the redeveloped property is approximately 3.8%; Pre-leased an approximately 31,000 square foot transshipment facility on 6.0 acres in Elizabeth, New Jersey with a nationwide operator of container freight stations. The lease will commence subsequent to the January 2023 expiration of the current lease and expire October 2027; Executed an early lease renewal, assignment, and expansion in Jamaica, Queens, New York with a global logistics provider totaling 86,000 square feet. The early lease renewal of 44,000 square feet, which was to expire in February 2023, will now expire April 2030. The five expansion spaces totaling 23,000 square feet, which are vacant currently, will expire April 2030. The assignment of an existing 18,000 square foot lease at the property will expire April 2030; and Executed leases totaling 43,000 square feet in East Williamsburg, Brooklyn, New York with a provider of expedited urban delivery. Two leases, for space which will become vacant on January 31, 2023, will commence on March 1, 2023 and will expire April 2028. Further an existing lease, scheduled to expire January 31, 2023, will be extended and now expire April 2028. Investment During the third quarter of 2022, Terreno Realty Corporation acquired four properties consisting of four improved land parcels of approximately 12.2 acres for an aggregate purchase price of approximately $65.9 million. The third quarter investment activity was as follows: 8050 NW 90th Street: One 6.7-acre improved land parcel in Medley, Florida, adjacent to the intersection of the Palmetto Expressway and West Okeechobee Road. The property was acquired vacant for a purchase price of approximately $20.0 million and an estimated stabilized cap rate of 5.6%; 4857 W 147th Street: One 1.3-acre improved land parcel in Hawthorne, California, adjacent to I-405 approximately four miles south of Los Angeles International Airport. The property was acquired 100% leased on a short-term basis through December 2022 for a purchase price of approximately $6.5 million and is expected to be redeveloped with the construction of an approximately 33,000 square foot LEED-certified industrial distribution building. The estimated stabilized cap rate of the redeveloped property is 5.0% and the total expected investment is approximately $15.8 million; 19500 South Alameda Street: One 3.0-acre improved land parcel in Rancho Dominguez, California, south of the Gardena Freeway (SR 91) and west of the Long Beach Freeway (I-710). The property was acquired 100% leased to two tenants on a short-term basis for a purchase price of approximately $32.1 million and an estimated stabilized cap rate of 5.5%; and 3091 East Coronado Street: One 1.2-acre improved land parcel in Anaheim, California, adjacent to the intersection of CA SR 91 (The Riverside Freeway) and CA SR 57 (The Orange Freeway). The property was acquired vacant for a purchase price of approximately $7.3 million. Terreno Realty Corporation executed a lease for the property commencing on the date of acquisition and ending December 2027 with a Southern California investment group facilitating commissary services, resulting in an estimated stabilized cap rate of 5.0%. As of September 30, 2022, Terreno Realty Corporation had two properties under redevelopment (245 Paterson Plank Road in Northern New Jersey and Berryessa Road in San Francisco) that, upon completion, will consist of two improved land parcels aggregating approximately 12.1 acres, with a total expected investment of approximately $51.3 million. Year-to-date, Terreno Realty Corporation acquired 16 properties consisting of 14 buildings containing approximately 766,000 square feet and ten improved land parcels of approximately 32.9 acres for an aggregate purchase price of $355.4 million. Terreno Realty Corporation has approximately $37.7 million of acquisitions under contract and approximately $65.1 million of acquisitions under letters of intent. Terreno Realty Corporation has three properties under contract for sale for approximately $59.4 million aggregating approximately 217,000 square feet. There is no assurance that Terreno Realty Corporation will acquire or dispose of the properties under contract or letters of intent because the proposed acquisitions and dispositions are subject to the completion of satisfactory due diligence, closing conditions and, in the case of letters of intent, contracts. Capital Markets During the third quarter of 2022, Terreno Realty Corporation issued 444,512 shares of common stock with a weighted average offering price of $64.97 per share, receiving gross proceeds of $28.9 million under the Company’s at-the-market equity offering program. Year-to-date through September 30, 2022, Terreno Realty Corporation has issued 471,599 shares of common stock with a weighted average offering price of $65.61 per share, receiving gross proceeds of $30.9 million under the Company’s at-the-market equity offering program. Terreno Realty Corporation did not repurchase any shares of common stock pursuant to the Company’s share repurchase authorization. During the third quarter of 2022, Terreno Realty Corporation issued a new $100 million five-year unsecured term loan. The new five-year unsecured term loan will mature on January 15, 2028, and the interest rate generally will be SOFR plus 1.25% to 1.75%, depending on leverage. The current interest rate is SOFR plus 1.25%, and proceeds from the term loan were used to reduce borrowings under Terreno Realty Corporation’s $400 million revolving credit facility. Further, on August 1, 2022, the Company prepaid $50 million of senior unsecured notes which bore interest at 4.23% and had an original maturity date of September 1, 2022. The Company has no remaining debt maturities in 2022 or 2023. Additional information is available on the Company’s website at www.terreno.com. Terreno Realty Corporation expects to file its quarterly report on Form 10-Q for the period ended September 30, 2022 on or about November 2, 2022. 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. 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,” 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/20221006005943/en/Contacts Terreno Realty Corporation Jaime Cannon, 415-655-4580
98.4% quarter-end occupancy compared to prior quarter of 97.9% and prior year of 98.0% 98.9% quarter-end same-store occupancy compared to prior quarter of 98.0% and prior year of 98.6% 65.9% increase in cash rents on new and renewed leases; 50.3% increase year-to-date Completed redevelopment and achieved LEED certification at 3000 NW 73rd Street; estimated stabilized cap rate is 8.1% $65.9 million of acquisitions; $355.4 million year-to-date Closed $100 Million Five-Year Unsecured Term Loan
Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today its operating, investment and capital markets activity for the third quarter of 2022. Operating As of September 30, 2022, Terreno Realty Corporation owned 252 buildings aggregating approximately 15.4 million square feet and 46 improved land parcels consisting of approximately 159.9 acres. In addition, Terreno Realty Corporation had two properties under redevelopment that, upon completion, will consist of two improved land parcels aggregating approximately 12.1 acres: The operating portfolio was 98.4% leased at September 30, 2022 to 575 tenants as compared to 97.9% at June 30, 2022 and 98.0% at September 30, 2021; The same-store portfolio of approximately 12.2 million square feet was 98.9% leased at September 30, 2022 as compared to 98.0% at June 30, 2022 and 98.6% at September 30, 2021; The improved land portfolio of 46 parcels, excluding two parcels under redevelopment, totaling approximately 159.9 acres was 91.6% leased at September 30, 2022 as compared to 97.0% at June 30, 2022 and 96.1% at September 30, 2021. Occupancy at September 30, 2022 included acquired vacancy of 6.7 acres (approximately 430bps); Cash rents on new and renewed leases totaling approximately 0.7 million square feet and 5.1 acres of improved land commencing during the third quarter increased approximately 65.9% with a tenant retention ratio of 76.2% for the operating portfolio and 53.3% for the improved land portfolio. Cash rents on new and renewed leases totaling approximately 1.9 million square feet and 16.5 acres of improved land commencing during the nine months ended September 30, 2022 increased approximately 50.3% with a tenant retention ratio of 51.4% for the operating portfolio and 74.2% for the improved land portfolio; Completed the redevelopment of 3000 NW 73rd Street in Miami, Florida. The redeveloped property, originally scheduled to be stabilized in the fourth quarter of 2022, consists of two newly developed 32’ clear height industrial distribution buildings containing 129,000 square feet which have achieved LEED certification. The buildings provide 36 dock-high loading positions and parking for 104 cars approximately three miles from Miami International Airport and six miles from both PortMiami and Downtown Miami. The total expected investment is approximately $20.2 million. The property is 92% leased to 11 tenants with leases expiring between 2025 and 2027 and the estimated stabilized cap rate of the redeveloped property is approximately 8.1%; Completed the redevelopment of 4341 West 108th Street in Hialeah, Florida. The redeveloped property consists of one newly developed 32’ clear height industrial distribution building containing 205,000 square feet which is expected to obtain LEED certification. The property is immediately adjacent to Terreno Realty Corporation’s six existing buildings on West 108th Street and adjacent to Florida’s Turnpike and the southern terminus of I-75. The total expected investment is approximately $37.9 million. The property is 100% leased to one tenant and the estimated stabilized cap rate of the redeveloped property is approximately 3.8%; Pre-leased an approximately 31,000 square foot transshipment facility on 6.0 acres in Elizabeth, New Jersey with a nationwide operator of container freight stations. The lease will commence subsequent to the January 2023 expiration of the current lease and expire October 2027; Executed an early lease renewal, assignment, and expansion in Jamaica, Queens, New York with a global logistics provider totaling 86,000 square feet. The early lease renewal of 44,000 square feet, which was to expire in February 2023, will now expire April 2030. The five expansion spaces totaling 23,000 square feet, which are vacant currently, will expire April 2030. The assignment of an existing 18,000 square foot lease at the property will expire April 2030; and Executed leases totaling 43,000 square feet in East Williamsburg, Brooklyn, New York with a provider of expedited urban delivery. Two leases, for space which will become vacant on January 31, 2023, will commence on March 1, 2023 and will expire April 2028. Further an existing lease, scheduled to expire January 31, 2023, will be extended and now expire April 2028. Investment During the third quarter of 2022, Terreno Realty Corporation acquired four properties consisting of four improved land parcels of approximately 12.2 acres for an aggregate purchase price of approximately $65.9 million. The third quarter investment activity was as follows: 8050 NW 90th Street: One 6.7-acre improved land parcel in Medley, Florida, adjacent to the intersection of the Palmetto Expressway and West Okeechobee Road. The property was acquired vacant for a purchase price of approximately $20.0 million and an estimated stabilized cap rate of 5.6%; 4857 W 147th Street: One 1.3-acre improved land parcel in Hawthorne, California, adjacent to I-405 approximately four miles south of Los Angeles International Airport. The property was acquired 100% leased on a short-term basis through December 2022 for a purchase price of approximately $6.5 million and is expected to be redeveloped with the construction of an approximately 33,000 square foot LEED-certified industrial distribution building. The estimated stabilized cap rate of the redeveloped property is 5.0% and the total expected investment is approximately $15.8 million; 19500 South Alameda Street: One 3.0-acre improved land parcel in Rancho Dominguez, California, south of the Gardena Freeway (SR 91) and west of the Long Beach Freeway (I-710). The property was acquired 100% leased to two tenants on a short-term basis for a purchase price of approximately $32.1 million and an estimated stabilized cap rate of 5.5%; and 3091 East Coronado Street: One 1.2-acre improved land parcel in Anaheim, California, adjacent to the intersection of CA SR 91 (The Riverside Freeway) and CA SR 57 (The Orange Freeway). The property was acquired vacant for a purchase price of approximately $7.3 million. Terreno Realty Corporation executed a lease for the property commencing on the date of acquisition and ending December 2027 with a Southern California investment group facilitating commissary services, resulting in an estimated stabilized cap rate of 5.0%. As of September 30, 2022, Terreno Realty Corporation had two properties under redevelopment (245 Paterson Plank Road in Northern New Jersey and Berryessa Road in San Francisco) that, upon completion, will consist of two improved land parcels aggregating approximately 12.1 acres, with a total expected investment of approximately $51.3 million. Year-to-date, Terreno Realty Corporation acquired 16 properties consisting of 14 buildings containing approximately 766,000 square feet and ten improved land parcels of approximately 32.9 acres for an aggregate purchase price of $355.4 million. Terreno Realty Corporation has approximately $37.7 million of acquisitions under contract and approximately $65.1 million of acquisitions under letters of intent. Terreno Realty Corporation has three properties under contract for sale for approximately $59.4 million aggregating approximately 217,000 square feet. There is no assurance that Terreno Realty Corporation will acquire or dispose of the properties under contract or letters of intent because the proposed acquisitions and dispositions are subject to the completion of satisfactory due diligence, closing conditions and, in the case of letters of intent, contracts. Capital Markets During the third quarter of 2022, Terreno Realty Corporation issued 444,512 shares of common stock with a weighted average offering price of $64.97 per share, receiving gross proceeds of $28.9 million under the Company’s at-the-market equity offering program. Year-to-date through September 30, 2022, Terreno Realty Corporation has issued 471,599 shares of common stock with a weighted average offering price of $65.61 per share, receiving gross proceeds of $30.9 million under the Company’s at-the-market equity offering program. Terreno Realty Corporation did not repurchase any shares of common stock pursuant to the Company’s share repurchase authorization. During the third quarter of 2022, Terreno Realty Corporation issued a new $100 million five-year unsecured term loan. The new five-year unsecured term loan will mature on January 15, 2028, and the interest rate generally will be SOFR plus 1.25% to 1.75%, depending on leverage. The current interest rate is SOFR plus 1.25%, and proceeds from the term loan were used to reduce borrowings under Terreno Realty Corporation’s $400 million revolving credit facility. Further, on August 1, 2022, the Company prepaid $50 million of senior unsecured notes which bore interest at 4.23% and had an original maturity date of September 1, 2022. The Company has no remaining debt maturities in 2022 or 2023. Additional information is available on the Company’s website at www.terreno.com. Terreno Realty Corporation expects to file its quarterly report on Form 10-Q for the period ended September 30, 2022 on or about November 2, 2022. 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. 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,” 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/20221006005943/en/