Terreno Realty to sell series A cumulative redeemable preferreds

By Stephanie N. Rotondo

Phoenix, July 11 - Terreno Realty Corp. is planning an offering of series A cumulative redeemable preferred stock, the company said in a prospectus filed with the Securities and Exchange Commission on Wednesday.

Dividends will be payable quarterly on the last day of March, June, September and December. The first dividend will be paid Oct. 1.

The preferred shares can be redeemed on or after July 2017 or upon a change of control.

There is no stated maturity or any sinking fund clause.

Terreno will apply to list the new preferreds on the New York Stock Exchange under the ticker symbol "TRNOPA."

Stifel, Nicolaus & Co. Inc. is the bookrunner. Robert W. Baird & Co. Inc. and KeyBanc Capital Markets LLC are the joint lead managers. Mitsubishi UFJ Securities (USA) Inc. and JMP Securities are the co-managers.

Proceeds will be used to reduce outstanding borrowings under a credit facility.

Terreno is a San Francisco-based real estate investment trust focused on industrial properties.

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