Terreno Realty Increases Public Stock Offering to 5.5 Million Shares, Reports Investing.com

Terreno Realty Increases Public Stock Offering to 5.5 Million Shares, Reports Investing.com

© Reuters.

BELLEVUE, Wash. – Terreno Realty Corporation (NYSE:), a company specializing in the acquisition, ownership and operation of industrial real estate in major coastal markets across the United States, has increased its public offering to 5,500,000 shares ordinary, priced at $62.00 each. . The offering, initially priced at 5,000,000 shares, is expected to close on March 27, 2024, subject to customary closing conditions.

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

Terreno Realty intends to use the net proceeds from this offering to fund various strategic initiatives. These include the acquisition of a portfolio of industrial properties, comprising 28 buildings with a total floor area of ​​1,245,000 m², located in New York, northern New Jersey, the Bay Area. San Francisco and Los Angeles.

Additionally, funds will be allocated to acquire other properties currently under purchase and sale agreements or letters of intent, to finance development and redevelopment projects and for general corporate purposes.

The offering is being conducted pursuant to 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 on the SEC’s website or directly from the underwriters.

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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

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

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