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Terreno Realty Corporation (TRNO) is a renowned real estate investment trust (REIT) that focuses on acquiring, owning, and operating industrial real estate in six prominent coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C. The company aims to leverage its strategic locations to cater to high-demand areas, ensuring robust financial health and steady growth.
As of September 30, 2020, Terreno Realty owned a diversified portfolio comprising 219 buildings totaling approximately 13.1 million square feet. Furthermore, the company holds 22 improved land parcels covering around 85 acres and one property under redevelopment expected to provide an additional 0.2 million square feet upon completion. This extensive and varied portfolio enables Terreno to address the diverse needs of its clients effectively.
The company operates as an internally managed Maryland corporation and has elected to be taxed as a REIT under sections 856 through 860 of the Internal Revenue Code since its taxable year ended December 31, 2010. Terreno Realty’s business model focuses on industrial real estate, including warehouse/distribution centers, flex (light industrial and research and development spaces), transshipment facilities, and improved land parcels. This focus allows the company to maintain a competitive edge in the market.
Terreno Realty Corporation is committed to maintaining high occupancy rates and optimal use of its properties. Its strategic approach to acquisitions, combined with an emphasis on prime locations, ensures consistent performance and attractive returns for its investors. The company's recent achievements and ongoing projects demonstrate its capability to adapt and thrive in the ever-evolving real estate market.
The company’s financial health is bolstered by its strong market presence and sound investment strategies. Regular updates, transparent financial disclosures, and proactive management practices underscore Terreno Realty’s dedication to its stakeholders. For the latest information on the company's performance, events, and developments, investors and interested parties can refer to the most recent news and updates provided by Terreno Realty Corporation.
Terreno Realty Corporation (NYSE:TRNO) reported strong performance metrics for Q3 2022, achieving 98.4% occupancy and a 65.9% increase in cash rents on new/renewed leases. The company completed redevelopment projects like the 3000 NW 73rd Street in Miami, leading to an estimated stabilized cap rate of 8.1%. Additionally, $65.9 million in acquisitions were completed this quarter, totaling $355.4 million year-to-date. A new $100 million unsecured term loan was secured, further enhancing its capital structure.
Terreno Realty Corporation (NYSE:TRNO), a leader in industrial real estate, has announced the execution of leases totaling 43,000 square feet in East Williamsburg, Brooklyn. These leases are with a provider of expedited urban delivery, starting March 1, 2023, and expiring in April 2028. An existing lease will also be extended to the same expiration date. Terreno operates in six major U.S. coastal markets including Los Angeles, New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.
Terreno Realty Corporation (NYSE:TRNO) announced an early lease renewal, assignment, and expansion in Jamaica, Queens, New York, covering a total of 86,000 square feet with a global logistics provider. The early renewal of 44,000 square feet extends the lease expiry from February 2023 to April 2030. Additionally, the lease includes five expansion spaces totaling 23,000 square feet and an assignment of an existing 18,000 square foot lease, both expiring in April 2030. This strategic move highlights Terreno's commitment to expanding its industrial real estate portfolio.
Terreno Realty Corporation (NYSE:TRNO) has successfully acquired an industrial property located in Anaheim, California for approximately $7.3 million as of September 6, 2022. The 1.2-acre site, which was acquired vacant, is strategically positioned near major freeways. A lease has been executed with a Southern California investment group to provide commissary services, expected to yield a stabilized cap rate of 5.0% by December 2027. This acquisition enhances Terreno Realty's industrial portfolio across six key U.S. markets.
Terreno Realty Corporation (NYSE: TRNO) has successfully closed a new $100 million five-year unsecured term loan, maturing on January 15, 2028. The interest rate for the loan is generally SOFR plus 1.25% to 1.75%, based on leverage, with the current rate set at SOFR plus 1.25%. The proceeds were utilized to substantially reduce borrowings under its $400 million revolving credit facility, bringing it down to $10 million.
Terreno Realty Corporation (NYSE: TRNO) has appointed Gary N. Boston as an independent director, effective October 1, 2022. This move expands the Board of Directors to eight members. Boston previously served as Senior Portfolio Manager at APG Asset Management and was a Director at Retail Value Inc. (NYSE: RVI) until its dissolution in June 2022. Terreno Realty specializes in acquiring, owning, and operating industrial real estate across six major coastal U.S. markets, including Los Angeles and New York City.
Terreno Realty Corporation (NYSE:TRNO) announced the pre-leasing of a 31,000 square feet transshipment facility on 6.0 acres in Elizabeth, New Jersey. The lease will start after the current lease expires in January 2023 and end in October 2027. This facility will be utilized by a nationwide operator of container freight stations, marking a strategic move in Terreno's portfolio focused on industrial real estate across major coastal U.S. markets.
Terreno Realty Corporation (NYSE:TRNO) announced the acquisition of an industrial property in Rancho Dominguez, California, for approximately
Terreno Realty Corporation (NYSE: TRNO) announced a quarterly cash dividend of $0.40 per common share for the quarter ending September 30, 2022, reflecting a 17.6% increase over the previous dividend. This dividend will be payable on October 14, 2022 to shareholders on record as of September 30, 2022. Additionally, the company filed its quarterly report on Form 10-Q for the quarter ended June 30, 2022, available on their website for investors.
Terreno Realty Corporation (NYSE:TRNO) acquired a 1.3-acre industrial property in
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