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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 its Q1 2023 performance, emphasizing a quarter-end occupancy of 98.1%, slightly down from 98.6% in Q4 2022 but improved from 96.9% year-over-year. The same-store occupancy was 98.5%, compared to 98.7% last quarter and 97.3% last year. The company achieved a 69.3% increase in cash rents on new and renewed leases and a tenant retention ratio of 54.4%. Notably, Terreno closed $382.6 million in acquisitions and held $62.9 million under contract. Additionally, it completed a stock offering for $359.4 million and issued $22.2 million under its ATM program. As of March 31, 2023, the company had zero borrowings under its $400 million credit facility.
Terreno Realty Corporation (NYSE:TRNO) has successfully acquired an industrial property in
Terreno Realty Corporation (NYSE:TRNO) has acquired an industrial property in Long Island City, Queens, New York for approximately $23.0 million on March 6, 2023. The property comprises a 45,000 square-foot industrial distribution building on 1.1 acres, located at 42-11 9th Street, and features one dock-high and two grade-level loading positions, along with off-street parking for 13 vehicles. It is fully leased on a short-term basis, with an estimated stabilized cap rate of 5.2%. Terreno Realty operates in six major coastal U.S. markets, focusing on industrial real estate.
Terreno Realty Corporation (NYSE:TRNO) has acquired an industrial property in Hialeah, Florida, for approximately $173.6 million on February 23, 2023. The 121-acre property is entitled for 2.2 million square feet of industrial distribution buildings, with 29.9% currently pre-leased. The total expected investment for the project is around $491.4 million, including ongoing construction of two buildings with an estimated stabilized cap rate of 5.0% and 6.0% for completed buildings. This acquisition increases Terreno's footprint in the Miami market, strategically located near major transportation routes.
Terreno Realty Corporation (NYSE: TRNO) announced the pricing of a public offering of 5,000,000 shares of common stock at $62.50 per share, with a 30-day option for underwriters to purchase an additional 750,000 shares. The offering is set to close on February 13, 2023. Proceeds will be used for future acquisitions, including a 121-acre project in Miami's Countyline Corporate Park, which is entitled for 2.2 million square feet of industrial distribution space, along with other properties. Goldman Sachs & Co. LLC and KeyBanc Capital Markets Inc. are the underwriters for this offering.
Terreno Realty Corporation (NYSE: TRNO) has initiated an offering of 5,000,000 shares of common stock, with underwriters given a 30-day option to purchase up to an additional 750,000 shares. Proceeds from this offering are intended for future acquisitions, including a 121-acre project in Miami's Countyline Corporate Park, which is entitled for 2.2 million square feet of industrial distribution buildings. Goldman Sachs & Co. LLC and KeyBanc Capital Markets Inc. serve as underwriters. The offering is made under an effective shelf registration statement and will rely on a prospectus and supplement.
Terreno Realty Corporation (NYSE: TRNO) has declared a regular cash dividend of
Terreno Realty Corporation (NYSE:TRNO) has announced the income tax treatment for its 2022 dividend distributions, totaling
Terreno Realty Corporation (NYSE:TRNO), an owner and operator of industrial real estate, announced a lease agreement for 3.5 acres in Redmond, Washington. This lease, effective March 31, 2023 and expiring in June 2033, is with a North American workplace transportation services provider. The company operates in six major U.S. coastal markets, including Los Angeles, New York City, and Miami.
Investors may find this long-term lease beneficial as it indicates continued demand for industrial space.
Terreno Realty Corporation (NYSE:TRNO) has announced a new lease for 192,000 square feet of industrial real estate in Northern New Jersey, set to commence on April 1, 2023, and expire in November 2028. This follows an early termination agreement with a prior tenant, effective March 31, 2023. Terreno operates 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. The lease is expected to strengthen TRNO's position in the logistics sector.
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