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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 (NYSE:TRNO) has acquired an industrial property in Washington, D.C. for $7.6 million. The property, located at 3000 V Street NE, consists of a 26,000 square foot industrial distribution building on 0.7 acres. It features four dock-high and one grade-level loading positions, along with parking for 16 cars. The property is currently vacant, with an estimated stabilized cap rate of 5.6%. This acquisition expands Terreno's presence in the area, as it is adjacent to two existing Terreno buildings on V Street. Terreno Realty specializes in acquiring, owning, and operating industrial real estate in six major coastal U.S. markets.
Terreno Realty (NYSE:TRNO) has announced a significant pre-lease agreement for its Countyline Corporate Park Phase IV Building 33 in Hialeah, Florida. A third-party logistics provider has leased 105,000 square feet, representing 67% of the building, for a seven-year term starting in March 2025. The 158,000 square foot facility is part of a larger 121-acre project set to include 2.2 million square feet of industrial distribution space across ten buildings.
The total expected investment for Building 33 is $39.0 million with an estimated stabilized cap rate of 5.9%. The entire Countyline Corporate Park Phase IV project has a projected investment of $511.5 million. Upon completion in 2027, Terreno's combined Countyline Corporate Park Phase III and IV will encompass 17 buildings totaling 3.5 million square feet.
Terreno Realty (NYSE:TRNO), a major player in industrial real estate across six coastal U.S. markets, has announced an early lease renewal for a property in Carson, California. The renewal involves a 5.4-acre improved land parcel leased to a leading national ground delivery company. Originally set to expire in March 2025, the lease has been extended to March 2030, securing a long-term tenant for the property.
This strategic move reinforces Terreno's position in the Los Angeles market, one of its key operational areas. The company's focus on prime coastal locations, including Northern New Jersey/New York City, Miami, San Francisco Bay Area, Seattle, and Washington, D.C., underscores its targeted approach to industrial real estate investment and management.
Terreno Realty (NYSE: TRNO) reported its Q2 2024 operating, investment, and capital markets activity.
Key highlights include: 96.0% portfolio occupancy, a slight dip from 96.2% in Q1 2024 and 97.8% in Q2 2023. Cash rents on new and renewed leases increased by 45.9%, with a year-to-date rise of 46.5%. The company acquired properties worth $448.8 million and began developing a $42.1 million project. They also stabilized two buildings totaling 692,000 sq. ft. at Countyline Corporate Park.
Year-to-date, Terreno Realty acquired properties valued at $467.3 million and issued 8.68 million shares at an average price of $62.54, generating $542.8 million in proceeds. No shares were repurchased, and there were no outstanding borrowings on their $400 million credit facility.
Terreno Realty (NYSE: TRNO) announced the appointment of Constance von Muehlen as an independent director, effective June 1, 2024. This addition expands the Board of Directors to eight members. Ms. von Muehlen is currently the Executive Vice President and Chief Operating Officer of Alaska Airlines, a position she has held since April 2021. She has a comprehensive background, including a Bachelor’s degree from Johns Hopkins University and an Executive MBA from the Foster School of Business at the University of Washington. Additionally, she holds an FAA Commercial Instrument Helicopter Pilot’s License and has served on various boards, including the FAA’s Women in Aviation advisory board and the San Jose Public Library Foundation board. Terreno Realty specializes in acquiring, owning, and operating industrial real estate in key coastal U.S. markets like Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.
Terreno Realty (NYSE:TRNO) has completed the development and stabilization of Countyline Corporate Park Phase IV Building 40 in Hialeah, Florida, ahead of the previously expected Q4 2024 timeline. The 186,000 square foot industrial distribution building, featuring 60 dock-high and two grade-level loading positions, is fully leased to four tenants. The total investment for Building 40 is $43.8 million, with an estimated stabilized cap rate of 6.3%. Countyline Phase IV, part of a 121-acre project, is set to contain ten LEED-certified buildings totaling 2.2 million square feet upon its completion in 2027, with a projected total investment of $511.5 million. Terreno Realty's combined Countyline Corporate Park Phases III and IV will comprise 17 buildings and 3.5 million square feet of industrial space.
Terreno Realty (NYSE: TRNO) has announced an early lease renewal and expansion in Fremont, California with an Advanced Air Mobility provider. The renewal lease, initially set to expire in February 2025, has been extended to August 2029. Additionally, an expansion lease of 41,000 square feet will begin in June 2024 and also conclude in August 2029.
Terreno Realty focuses on acquiring, owning, and operating industrial real estate in six major coastal U.S. markets, including Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.
Terreno Realty (NYSE: TRNO) announced a lease agreement for 5.5 acres of improved land in Newark, New Jersey with an automobile exporter. The lease began on May 16, 2024, and will run until January 2028. Terreno specializes in acquiring, owning, and operating industrial real estate in key coastal markets, including Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.
Terreno Realty (NYSE: TRNO) declared a cash dividend of $0.45 per share for the quarter ending June 30, 2024. The dividend will be paid on July 12, 2024, to common stockholders of record on June 28, 2024. The company also filed its Form 10-Q for the quarter ended March 31, 2024 with the SEC. Terreno Realty focuses on industrial real estate in key U.S. markets.
Terreno Realty acquired a portfolio of industrial properties in New York City, Northern New Jersey, San Francisco, and Los Angeles for $364.5 million. The portfolio consists of 28 buildings totaling 1.2 million square feet, with a 91.6% occupancy rate. The in-place cap rate is 4.3%, estimated stabilized cap rate is 5.0%, and adjusting to market rents is 5.8%. Goldman Sachs & Co. served as the financial advisor for the acquisition.
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