Terreno Realty - TRNO STOCK NEWS

Terreno Realty (NYSE: TRNO), an industrial real estate company operating in six major coastal U.S. markets, has announced two key updates. First, the company declared a quarterly dividend of $0.49 per common share for Q1 2025, payable on April 4, 2025, to stockholders of record as of March 27, 2025. Second, TRNO has filed its annual report on Form 10-K for the year ended December 31, 2024, with the SEC.

The company's operations span across major coastal markets including New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C. Financial statements and supplemental information are available on the company's website.

Terreno Realty (NYSE:TRNO) has disclosed the tax treatment of its 2024 dividend distributions for common stockholders. The total distribution of $1.97 per share encompasses quarterly payments throughout 2024, including portions from late 2023 and early 2025. The dividend composition consists of:

- 87.9% ($1.731505) as Ordinary Taxable Dividends
- 12.1% ($0.239095) as Total Capital Gain Dividend
- 0.4% ($0.008316) as Unrecaptured Section 1250 Gain
- 87.9% ($1.731505) qualifies as Section 199A Dividends

The quarterly distributions increased progressively from $0.3246 to $0.49 per share during 2024, demonstrating a consistent dividend growth pattern.

Terreno Realty (NYSE:TRNO) has sold an industrial property in South San Francisco, California for $8.0 million on January 16, 2025. The property, which consists of one industrial building spanning approximately 22,000 square feet on 0.7 acres, was initially purchased by the company on July 10, 2020 for $6.3 million. The property is fully leased to a single tenant and generated an unleveraged internal rate of return of 7.5%.

Terreno Realty operates as an acquirer, owner, and operator of industrial real estate across six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C.

Terreno Realty (NYSE:TRNO) has sold an industrial property in Union City, California for $16.9 million on January 7, 2025. The property, which includes a 66,000-square-foot industrial distribution building on 3.0 acres, was originally purchased by the company on March 26, 2015, for $7.4 million. The investment generated an unleveraged internal rate of return of 13.0%.

The property was vacant at the time of sale. Terreno Realty operates in six major coastal U.S. markets, including New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C.

Terreno Realty (NYSE:TRNO) reported strong Q4 2024 performance with quarter-end occupancy reaching 97.4%, up from 97.0% in Q3. The company achieved a significant 26.7% increase in cash rents on new and renewed leases during Q4, and a 36.5% increase for the full year 2024.

Notable Q4 activities include $409.6 million in acquisitions of four industrial properties totaling 857,000 square feet, and the sale of three properties for $63.4 million. For the full year 2024, acquisitions totaled $884.5 million. The company commenced one new development project with an expected investment of $55.9 million and completed three development projects with a total investment of $86.0 million.

The company's portfolio now includes 299 buildings totaling 19.3 million square feet and 47 improved land parcels across six major coastal U.S. markets. Same-store occupancy improved to 98.3% from 97.3% in Q3.

Terreno Realty (NYSE:TRNO) has acquired an industrial property in Maspeth Queens, New York for $50.1 million. The property includes a 33,000-square-foot industrial transshipment building on 2.6 acres. Located at 49-15 Maspeth Avenue, near major highways I-278 and I-495, the facility features 40 dock-high and 4 grade-level loading positions, 50 trailer positions, and parking for 31 cars.

The property is fully leased to a plumbing, heating, HVAC and industrial products distributor, with an estimated stabilized cap rate of 4.5%. This acquisition aligns with Terreno's strategy of owning industrial real estate in six major coastal U.S. markets.

Terreno Realty (NYSE:TRNO) has acquired Terreno Doral Air Logistics, an industrial property in Doral, Florida for $195.6 million. The property features three 36-foot clear height rear-load industrial distribution buildings spanning approximately 495,000 square feet on 23.4 acres. Located at 7725-7785 NW 41st Street, the facility is strategically positioned near major transportation routes, including the Palmetto Expressway and Miami International Airport.

The property includes 110 dock-high and six grade-level loading positions, with parking for 528 cars (including 11 EV charging positions). Currently 76% leased to six tenants, the property has an estimated stabilized cap rate of 4.6%.

Terreno Realty (NYSE:TRNO) has completed the redevelopment of a 2.8-acre improved land parcel in Rancho Dominguez, California. The property, located at 14805 S. Maple Avenue, was formerly a 51,000 square-foot building and is strategically positioned between Los Angeles International Airport and the Ports of Los Angeles and Long Beach. The total redevelopment cost amounts to $28.3 million.

The property has been fully leased to a trucking and transloading provider on an 18-month short-term basis. The redeveloped property's stabilized cap rate is approximately 2.3%. The site is adjacent to two other Terreno Realty improved land parcels on S. Maple Avenue.

Terreno Realty (NYSE:TRNO) has pre-leased 50% of its Countyline Corporate Park Phase IV Building 32 in Hialeah, Florida. The ten-year lease covers 82,000 square feet to an aircraft engine maintenance provider, starting June 2025. The 164,000-square-foot building is part of a larger 121-acre development project with a total expected investment of $41.9 million and an estimated 6.0% cap rate.

The complete Countyline Corporate Park Phase IV project will feature ten LEED-certified industrial buildings totaling 2.2 million square feet, with a total investment of approximately $511.5 million, expected to complete in 2027. Combined with Phase III, the development will encompass 17 buildings totaling 3.5 million square feet.