Unsecured credit

Terreno Realty Corporation enters into $ 350 million unsecured credit facility


BELLEVUE, Washington – (COMMERCIAL THREAD) – Terreno Realty Corporation (NYSE: TRNO), an acquirer, owner and operator of industrial properties in six major US coastal markets, today announced the closing of a modified senior unsecured credit facility and $ 350 million update (the “Facility”) to replace its existing $ 350 million senior unsecured credit facility. The interest rates on the Facility depend on the total debt of Terreno Realty Corporation as a percentage of the total value of the assets as defined by the Facility.

Additional highlights are as follows:

  • $ 250 million revolving credit facility. The current new interest rate on the unsecured revolving credit facility has decreased to LIBOR plus 1.00% (previously 1.05%) and will expire in August 2025; and

  • Term loan of $ 100 million. The new interest rate on outstanding unsecured term loans has been reduced to LIBOR plus 1.15% currently, a reduction of 5 basis points. The maturity date of the outstanding term loan has been extended to January 2027.

KeyBanc Capital Markets, MUFG Union Bank, NA, PNC Capital Markets LLC and Regions Capital Markets served as Principal Arrangers and KeyBank, NA is the administrative agent. MUFG Union Bank, PNC Bank, NA and regional banks served as co-syndication agents. Other key participants were Goldman Sachs Bank USA and US Bank, NA

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major US coastal markets: Los Angeles; northern New Jersey / New York; San Francisco Bay Area; Seattle; Miami; and Washington, DC

Additional information about Terreno Realty Corporation is available on the company’s website at www.terreno.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of federal securities laws. We caution investors that forward-looking statements are based on the beliefs of management and assumptions made by management and on information currently available to it. When used, the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “could”, “plan”, “plan” , “Result”, “should”, “” will “,” seek “,” target “,” see “,” probable “,” position “,” opportunity “,” prospect “and similar expressions which do not relate only historical questions 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 which are beyond our control, including including the risks related to our ability to meet our estimated forecasts related to stabilized capitalization rates, the impact of the COVID-19 pandemic on our business, our tenants and national and local economies, and the risk factors contained in our annual report on Form 10-K for the fiscal year ended December 31, 2020 and our other public documents. If one or more of these risks or uncertainties materialize, or if the underlying assumptions turn out to be inaccurate, actual results could differ materially from those anticipated, estimated or projected. We expressly disclaim any responsibility for updating our forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Therefore, investors should exercise 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.



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