The Board of Directors of Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, declared a regular cash dividend for the quarter ending December 31, 2016 of $0.20 per common share. The dividend will be payable on January 13, 2017 to common stockholders of record at the close of business on December 30, 2016.
The Board of Directors declared a dividend of $0.484375 per preferred share on Terreno Realty Corporation’s 7.75% Series A Cumulative Redeemable preferred stock. The preferred dividend will be payable December 30, 2016 to preferred stockholders of record at the close of business on December 9, 2016.
The Board of Directors approved a new share repurchase program authorizing Terreno Realty Corporation to repurchase up to 2,000,000 shares of its outstanding common stock from time to time through December 31, 2018. Purchases made pursuant to the program will be made in either the open market or in privately negotiated transactions as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by Terreno Realty Corporation in its discretion and will be subject to economic and market conditions, real estate values, stock price, applicable legal requirements and other factors. The program may be suspended or discontinued at any time. Through November 2, 2016, Terreno Realty Corporation had not repurchased any shares of common stock.
Terreno Realty Corporation filed its quarterly report on Form 10-Q for the quarter ended September 30, 2016 with the U.S. Securities and Exchange Commission. The financial statements and supplemental financial information are available in the Investor & Media section of Terreno Realty Corporation’s website, www.terreno.com.
Terreno Realty Corporation acquires, owns and operates industrial real estate 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.
Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.
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, 2015 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.
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Contacts:
W. Blake Baird or Michael A. Coke,
415-655-4580
