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TRNO > SEC Filings for TRNO > Form 8-K on 23-Dec-2013All Recent SEC Filings

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Form 8-K for TERRENO REALTY CORP


23-Dec-2013

Entry into a Material Definitive Agreement


Item 1.01 Entry into a Material Definitive Agreement.

On December 20, 2013, a wholly-owned subsidiary (the "Subsidiary") of Terreno Realty Corporation (the "Company") entered into an agreement (the "Agreement") with a third-party seller (the "Seller") to acquire an industrial property located in Queens, New York consisting of four buildings, aggregating approximately 229,300 square feet (the "Property") for a purchase price of approximately $53.1 million. The Company expects to utilize cash on hand and borrowings from its revolving credit facility to fund the acquisition.

The Company made an approximately $0.8 million deposit upon entering into the Agreement, which may be refunded to the Company if it elects to terminate the transaction following the due diligence period ending on December 27, 2013. Upon the expiration of the due diligence period, if the Company elects to proceed with the transaction, the Company will make an additional $0.5 million deposit, and the entire $1.3 million deposit will be non-refundable, except in the case of a Seller default or failure to satisfy closing conditions. The acquisition is scheduled to close on or about December 31, 2013, subject to certain extension rights of the parties as set forth in the Agreement, and subject to the satisfaction of customary closing conditions.

There are no material relationships between the Company or its affiliates and the Seller, other than in respect of the Agreement. There is no assurance that the Company will acquire the Property because the proposed acquisition is subject to a variety of factors, including the satisfaction of customary closing conditions.

Forward-Looking Statements.

This Current Report on Form 8-K 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 those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2012 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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