Terreno Realty upsizes public stock offering to 5.5 million shares

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Written By Pinang Driod

© Reuters.

BELLEVUE, Wash. – Terreno Realty Corporation (NYSE:), a company specializing in the acquisition, ownership, and operation of industrial real estate in key coastal U.S. markets, has upsized its public offering to 5,500,000 shares of common stock, priced at $62.00 each. The offering, which was initially set at 5,000,000 shares, is expected to close on March 27, 2024, subject to customary closing conditions.

The underwriters for this offering have been provided with a 30-day option to purchase up to an additional 825,000 shares. Goldman Sachs & Co (NYSE:). LLC and KeyBanc Capital Markets Inc. are the underwriters managing the offering process.

Terreno Realty intends to utilize the net proceeds from this offering to fund a variety of strategic initiatives. These include the acquisition of a portfolio of industrial properties, comprising 28 buildings with a total square footage of 1,245,000, located across New York City, Northern New Jersey, San Francisco Bay Area, and Los Angeles.

Additionally, the funds will be allocated towards the acquisition of other properties currently under purchase and sale agreements or letters of intent, funding development and redevelopment projects, and general corporate purposes.

The offering is being conducted in accordance with an effective shelf registration statement filed with the Securities and Exchange Commission (SEC). A prospectus and prospectus supplement relating to the offering will be available from the SEC’s website or directly from the underwriters.

This announcement does not constitute an offer to sell or a solicitation of an offer to buy any securities, and there will be no sale of these securities in any state or jurisdiction where such offer, solicitation, or sale would be unlawful before registration or qualification under the securities laws of such state or jurisdiction.

Terreno Realty Corporation operates in several major U.S. markets, including Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C. The company’s expansion strategy is evidenced by this upsized offering and its targeted acquisitions in prime industrial locations.

The information in this article is based on a press release statement from Terreno Realty Corporation.

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