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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) has acquired a 9.7-acre industrial property in Newark, New Jersey, for $17.3 million. The acquisition, completed on April 18, 2022, adds to its portfolio of industrial real estate across six coastal U.S. markets. The property is 100% leased to two tenants, with an estimated stabilized cap rate of 5.3%. This strategic location near the New Jersey Turnpike aims to bolster TRNO’s market presence and operational capacity.
Terreno Realty Corporation (NYSE:TRNO) has successfully acquired an industrial property in Redmond, Washington for approximately $9.8 million on April 8, 2022. This acquisition includes two distribution buildings totaling around 32,000 square feet on 2.0 acres. The property is 100% leased and features 13 grade-level loading positions, with parking for 58 vehicles. The estimated stabilized cap rate is 4.1%, indicating a solid investment. This acquisition strengthens Terreno's industrial footprint in key U.S. markets.
Terreno Realty Corporation (NYSE:TRNO) reported strong first-quarter 2022 results with a quarter-end occupancy of 96.9% and same-store occupancy of 98.4%, reflecting an increase from the previous quarter and year. The company achieved a 34.8% rise in cash rents on new and renewed leases and a tenant retention ratio of 47.7%. They completed the Americas Gateway 5 redevelopment with an estimated stabilized cap rate of 6.6%. Year-to-date acquisitions totaled $86.1 million, with $293.6 million under contract or letter of intent.
Terreno Realty Corporation (NYSE: TRNO) has announced agreements to establish rooftop solar projects in Washington, D.C., with a total power capacity of 8.4 MW, enough to supply over 700 homes. These projects align with the company's sustainability goal of implementing solar solutions on at least 5% of their rooftop areas by the end of 2024. The projects are anticipated to be operational in 2023, supporting Terreno’s commitment to renewable energy.
Terreno Realty Corporation (NYSE:TRNO) has acquired three industrial properties in Bellevue, Washington on February 23, 2022, for approximately $13.0 million. The portfolio includes:
- One industrial distribution building (20,000 sq. ft.) at 11113 NE 33rd Place,
- One flex building (9,000 sq. ft.) at 11110 Northup Way,
- One improved land parcel (1.2 acres) at 11135 NE 33rd Place.
All properties are fully leased with an estimated stabilized cap rate of 3.4%.
Terreno Realty Corporation (NYSE:TRNO) has finalized the redevelopment of its America’s Gateway Building 5 in Doral, Florida, leasing 100% of the property. The redevelopment, costing approximately
Terreno Realty Corporation (NYSE:TRNO) has acquired a new industrial property in
The property is strategically located near key transportation routes, enhancing its operational efficiency.
Terreno Realty Corporation (NYSE: TRNO) declared a regular cash dividend of $0.34 per common share for the quarter ending March 31, 2022. The dividend is payable on April 8, 2022 to stockholders of record as of the close of business on March 25, 2022. The company also filed its annual report on Form 10-K for the year ending December 31, 2021, providing detailed financial statements and supplemental information available on its website.
Terreno Realty Corporation (NYSE:TRNO) announced the lease renewal of 231,000 square feet in Gardena, California, with an omnichannel home goods retailer. The lease will be effective from September 1, 2022, to August 31, 2025. Terreno specializes in acquiring, owning, and operating industrial real estate in major coastal U.S. markets including Los Angeles, New York City, and Miami. The company is focused on expanding its footprint in industrial real estate, highlighting the ongoing demand in the sector despite broader economic uncertainties.
Terreno Realty Corporation (NYSE:TRNO) has announced the income tax treatment of its 2021 dividend distributions, totaling
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