Terreno Realty Expands Offering to 5.5 Million Shares Amid Growth Strategy

Terreno Realty Corporation (NYSE:TRNO), renowned for its strategic focus on industrial real estate within pivotal coastal markets across the United States, has announced the expansion of its public offering to 5.5 million shares, each priced at $62.00. Initially set to offer 5 million shares, the company has adjusted its strategy to accommodate the closing of this offering, slated for March 27, 2024, pending standard closing prerequisites.

In a move to ensure flexibility, underwriters have been granted an option to acquire up to an additional 825,000 shares within 30 days. The endeavor is overseen by industry stalwarts Goldman Sachs & Co. LLC and KeyBanc Capital Markets Inc., who are spearheading the offering’s execution.

The infusion of capital from this upsized offering is earmarked for a series of strategic investments aimed at bolstering Terreno Realty’s footprint. A significant portion of the proceeds is targeted towards the acquisition of an expansive portfolio, including 28 industrial properties that span a cumulative 1.245 million square feet across strategic locations such as New York City, Northern New Jersey, the San Francisco Bay Area, and Los Angeles.

Further, the funds will support the acquisition of additional properties under current agreements, fuel development and redevelopment initiatives, and cater to general corporate functions.

This offering follows the protocols of an effective shelf registration statement previously filed with the Securities and Exchange Commission (SEC). Interested parties can access a detailed prospectus and supplement directly through the SEC’s platform or via the underwriters.

This communication serves informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any securities. Such offerings will not proceed in jurisdictions where, or to individuals for whom, such actions would constitute a violation of local securities laws.

Terreno Realty Corporation’s operational scope spans across Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C., marking it as a pivotal player in the industrial real estate sector. This upsized offering and strategic acquisitions underscore the company’s commitment to consolidating its presence in prime industrial locales.