Terreno Realty Corporation - TRNO STOCK NEWS

Terreno Realty Corporation (NYSE:TRNO) has renewed a lease for 66,000 square feet in Rancho Dominguez, California, extending it until May 2026. The lease was previously set to expire in April 2023 and is with a third-party logistics provider servicing the Southwestern U.S. and Mexico. This move underscores Terreno's strategic focus on retaining tenants and maintaining occupancy levels across its industrial real estate portfolio, which spans six major U.S. coastal markets, including Los Angeles and New York City.

Terreno Realty Corporation (NYSE:TRNO) has acquired an industrial property in Miami, Florida for approximately $4.7 million on October 24, 2022. The property spans 16,000 square feet on 0.7 acres, featuring 2 dock-high loading positions and parking for 15 cars. It is located near Miami International Airport and the Palmetto Expressway, with an estimated stabilized cap rate of 5.2%. This acquisition enhances Terreno's portfolio across six major U.S. coastal markets.

Terreno Realty Corporation (NYSE:TRNO), a major player in the industrial real estate sector, sold a property in Kent, Washington for approximately $8.7 million on October 13, 2022. The property, which spans 32,000 square feet and is situated on 3.8 acres, was 52% leased at the time of sale. Originally acquired for around $2.8 million in 2014, this investment yielded an unleveraged internal rate of return of 15.6%. Terreno operates in six coastal U.S. markets, including Los Angeles and Miami.

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.