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.

Operations

During the fourth quarter of 2011, Terreno Realty Corporation executed approximately 761,000 square feet in new and renewal leases, increasing occupancy to 92.5% at December 31, 2011 from 74.0% at September 30, 2011 and reducing anticipated 2012 lease expirations to approximately 2% of Terreno Realty Corporation's total square feet as of December 31, 2011.

As of December 31, 2011 Terreno Realty Corporation owned a total of 47 industrial buildings aggregating approximately 3.4 million square feet, which were approximately 92.5% leased. The leased percentage was 70.6% at December 31, 2010.

Additional information is available on the company's website at www.terreno.com. Terreno Realty Corporation expects to file its annual report on Form 10-K for the year ended December 31, 2011 on or about February 28, 2011.

Terreno Realty Corporation is an acquirer, owner and operator of industrial real estate located 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./Baltimore.

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", 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 and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2010 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.

Terreno Realty Corporation
W. Blake Baird or Michael A. Coke, 415-655-4580