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Subsequent Events
 6 Months Ended
Jun. 30, 2020
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
The COVID-19 pandemic, and mitigation measures put in place by governments to slow it, have caused widespread economic disruption. The Company is headquartered in San Francisco, California and its employees have been working remotely in compliance with shelter-in-place orders mandated across the San Francisco Bay Area on March 16, 2020. The Company utilizes local, third-party property managers, and they are generally under similar shelter-in-place orders and are working remotely. The Company has business continuity and communication plans that the Company believes, although there can be no assurance, allow the Company to operate and manage its portfolio effectively during such disruptions. The Company expects that even after shelter-in-place orders have been lifted, it will, for the intermediate term, employ lower density work arrangements consistent with social distancing and the Company’s business continuity plan.

Terreno Realty Corporation continues to work with its customers who have been forced to close or otherwise limit operations or whose businesses have been adversely impacted during the pandemic to, on a case-by-case basis, provide rent deferments. For vacant space and upcoming lease expirations, the current leasing environment has slowed due to shelter-in-place orders, which will reduce revenue from what it would be in a normal leasing environment. With regard to rent billed for July 2020, the Company received, as of August 4, 2020, approximately 95% of such rent in cash and an additional 1% by applying security deposits. As of August 4, 2020:

•174 tenants, representing approximately 36.0% of the Company’s total tenants had requested rent deferral or abatement. Such requests aggregated 7.0% of the Company’s annualized base rent;

•Of the 174 requests, the Company granted rent deferrals to 61 tenants aggregating 2.7% of annualized base rent (35.1% of total requests by number and 38.7% by dollar amount) which represents 76.7% of the total dollar deferral requests (3.6% of annualized base rent) from those tenants. The Company did not grant any rent abatement;

•The Company denied 50 tenant requests aggregating 1.8% of annualized base rent (28.7% of total requests by number and 25.7% by dollar amount). 59 tenants aggregating 1.6% of annualized base rent requesting rent deferral or abatement rescinded their requests (33.3% of requests by number and 22.5% by dollar amount);

•The Company is still in discussions with four tenants who are requesting 0.05% of the Company's annualized base rent in rent deferral or abatement (2.3% of requests by number and 0.7% by dollar amount); and

•The Company may in the future amend or enter into additional rent deferral agreements.
The acquisition and disposition markets have slowed as market participants search for price discovery. The Company’s acquisition volume will remain dependent on both the quality and pricing of the opportunity set and the price of its stock relative to net asset value per share. The Company has no remaining debt maturities in 2020, an $11.5 million mortgage loan maturing in April 2021, and no balance outstanding on its $250.0 million revolving credit facility. In addition, the Company had a cash and cash equivalents balance of approximately $148.3 million as of June 30, 2020, in the accompanying consolidated balance sheets.
On July 9, 2020, the Company terminated a lease with the existing tenant at its Belleville property and executed a new lease with a leading e-commerce firm. The lease termination fee received was approximately $3.3 million and the deferred rent receivable write-off was approximately $3.4 million.
On July 10, 2020, the Company acquired one industrial building totaling 22,000 square feet located in South San Francisco, CA for a total purchase price of approximately $6.3 million. The property was acquired from an unrelated third party using existing cash on hand.
On July 23, 2020, the Company sold one industrial building totaling 192,500 square feet located in Miami Lakes, Florida for a sales price of approximately $22.2 million. The property was sold to an unrelated third party.
On August 4, 2020, the Company’s board of directors declared a cash dividend in the amount of $0.29 per share of its common stock payable on October 16, 2020 to the stockholders of record as of the close of business on October 2, 2020.