Terreno Realty Corporation (NYSE:TRNO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On February 5, 2019, the Board of Directors (the “Board”) of Terreno Realty Corporation (the “Company”), upon the recommendation of its Nominating and Corporate Governance Committee, expanded the Board by one seat and appointed David M. Lee as a director, effective immediately. Mr. Lee has been appointed to serve on the Nominating and Corporate Governance Committee, Compensation Committee and Audit Committee (collectively, the “Committees”). The Board has determined that Mr. Lee satisfies all applicable requirements to serve on the Committees, including without limitation, the applicable requirements of the New York Stock Exchange and the Securities Exchange Act of 1934, as amended.
Mr. Lee is eligible to receive the compensation payable under our compensation program for our independent directors. Additionally, in connection with Mr. Lee’s appointment to the Board, the Company and Mr. Lee will enter into an indemnification agreement in the same form as the Company has previously entered into with its members of the Board.
Mr. Lee is not a party to any arrangement or understanding with any person to which he was appointed as a member of the Board, nor is he a party to any transactions required to be disclosed under Item 404(a) of Regulation S-K involving the Company or any of its subsidiaries.
About Terreno Realty Corporation (NYSE:TRNO)
Terreno Realty Corporation (Terreno) is a real estate investment trust. The Company acquires, owns and operates industrial real estate located in approximately six coastal United States markets, such as Los Angeles Area; Northern New Jersey/New York City; San Francisco Bay Area; Seattle Area; Miami Area, and Washington, D.C./Baltimore. The Company invests in various types of industrial real estate, including warehouse/distribution; flex, which include light industrial and research and development (R&D), and trans-shipment. The Company invests approximately 92.2% of its total portfolio square footage in warehouse or distribution; approximately 6.3% of its total portfolio square footage in flex, and approximately 1.5% of its total portfolio square footage in trans-shipment. Terreno owns approximately 150 buildings aggregating approximately 11.1 million square feet and over two improved land parcels consisting of approximately 3.5 acres.