Orlando, FL 1/10/12 (StreetBeat) – Terreno Realty Corp. (NYSE: TRNO) said on Tuesday that an offering of 4 million shares will price at $14.25 each, lower than the $15.04 close on Monday.The company's stock fell $1.16, or 7.7 percent, to $13.88 in morning trading.
Terreno said underwriters have an option to buy another 600,000 shares as well.
It said it will use the money from the offering to pay off debt, for potential acquisitions and general corporate purposes.
The offering was announced after markets closed on Monday. Pricing was announced Tuesday morning.
Terreno Realty buys industrial real estate in California, the New York City area, Seattle, Miami, and in the Washington area.
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