Terreno Realty IPO prices in range in twice cut deal

NEW YORK (Reuters) - Terreno Realty Corp (TRNO.N) priced shares in its initial public offering in line with estimates on Tuesday, after twice cutting the size of the deal.

The company sold 8.75 million shares for $20 each, raising about $175 million.

Terreno had originally filed to sell 15 million shares but cut the size of its offering to 10 million shares in January, and again, to 8.75 million shares, on Monday.

Companies have struggled with their IPOs of late, as investors have shied away from unproven companies amid rocky equities markets.

Terreno Realty plans to buy industrial real estate in six major U.S. coastal areas including Los Angeles, New York City and its headquarters city of San Francisco.

Terreno Realty, which is organized as a real estate investment trust (REIT), is a so-called "blank check company." It said in a regulatory filing with the U.S. Securities and Exchange Commission that it has no operating history and has not yet identified any acquisitions, or committed any portion of the proceeds to such acquisitions.

It also said it may change its business, investment, leverage and strategies without stockholder approval.

Concurrently with the offering, Chairman and Chief Executive Blake Baird and President and Chief Financial Officer Mike Coke will acquire an additional 350,000 shares at the offering price but without paying an underwriting discount.

The underwriters, led by Goldman Sachs & Co, have the option to purchase an additional 1.3 million shares.

So-called "blank check" companies rely heavily on executive experience.

Baird and Coke have eight and nine years of experience, respectively, working at New York Stock Exchange-listed industrial REIT AMB Property Corp AMB.N.

During that time AMB went from owning 64 million square feet of space in 30 U.S. markets to owning 125 million square feet in 12 countries in North America, Europe and Asia, including real estate acquisitions worth roughly $4.6 billion.

During that time, AMB's total returns outperformed the MSCI U.S. REIT Index .RMZ, according to a regulatory filing with the U.S. Securities and Exchange Commission.

Terreno Realty is expected to debut on the New York Stock Exchange on Wednesday under the symbol "TRNO."

(Reporting by Clare Baldwin; Editing by Gary Hill)