Terreno Realty Corporation Declares Quarterly Dividend, Announces New Stock Repurchase Program and Files Third Quarter 2024 Financial Statements

Rhea-AI Summary

Terreno Realty (NYSE: TRNO) has announced three key updates: First, the company declared a quarterly dividend of $0.49 per common share for Q4 2024, payable on January 7, 2025. Second, the Board approved a new share repurchase program for up to 3,000,000 shares through December 31, 2026. Third, the company filed its Q3 2024 Form 10-Q with the SEC. The industrial real estate company operates in six major coastal U.S. markets, including Northern New Jersey/New York City, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C.

Positive

• Quarterly dividend maintained at $0.49 per share
• New share repurchase program authorized for 3 million shares
• Continued presence in six major coastal U.S. markets

Negative

• None.

Insights

Financial Analyst

This triple announcement showcases significant financial moves by Terreno Realty. The $0.49 quarterly dividend maintains their commitment to shareholder returns, while the new 3-million share repurchase program through 2026 provides flexibility to return capital when market conditions are favorable. The buyback authorization represents approximately 4% of outstanding shares, indicating management's confidence in the company's valuation and long-term prospects. For REITs focused on industrial properties in major coastal markets, these capital return initiatives are particularly noteworthy given the current market dynamics and rising interest rates. The timing flexibility until 2026 allows strategic execution based on market conditions and share price levels.

Real Estate Market Analyst

The industrial real estate sector in coastal markets continues to demonstrate resilience, supporting Terreno's confident capital allocation strategy. Their focused portfolio in six major coastal markets - including high-demand areas like NYC/NJ, LA and San Francisco - positions them well in the industrial REIT space. The combination of steady dividends and share repurchase flexibility reflects management's balanced approach to capital deployment. Industrial properties in these markets typically command premium rents and maintain high occupancy rates, providing stable cash flows to support these shareholder-friendly initiatives.

BELLEVUE, Wash.--(BUSINESS WIRE)-- Terreno Realty Corporation (NYSE: TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, declared a regular cash dividend for the quarter ending December 31, 2024 of $0.49 per common share. The dividend will be payable on January 7, 2025 to common stockholders of record at the close of business on December 13, 2024.

The Board of Directors approved a share repurchase program authorizing Terreno Realty Corporation to repurchase up to 3,000,000 shares of its outstanding common stock from time to time through December 31, 2026. Purchases made pursuant to this program, if any, will be made in either the open market or in privately negotiated transactions as permitted by federal securities laws and other legal requirements. The timing, manner, price and amount of any repurchases will be determined by Terreno Realty Corporation in its discretion and will be subject to economic and market conditions, stock price, applicable legal requirements and other factors. The program may be suspended or discontinued at any time.

Terreno Realty Corporation filed its quarterly report on Form 10-Q for the quarter ended September 30, 2024 with the U.S. Securities and Exchange Commission. The financial statements and supplemental financial information are available in the Investors & Media section of Terreno Realty Corporation’s website, www.terreno.com.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Northern New Jersey/New York City, Los Angeles, Miami, San Francisco Bay Area, Seattle and Washington, D.C.

Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “project”, “result”, “should”, “will”, “seek”, “target”, “see”, “likely”, “position”, “opportunity”, “outlook” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241105369035/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What is Terreno Realty's (TRNO) dividend amount for Q4 2024?

Terreno Realty declared a quarterly dividend of $0.49 per common share for Q4 2024, payable on January 7, 2025.

How many shares can Terreno Realty (TRNO) repurchase under its new program?

Terreno Realty can repurchase up to 3,000,000 shares of its outstanding common stock through December 31, 2026.

When will Terreno Realty (TRNO) pay its Q4 2024 dividend?

The dividend will be paid on January 7, 2025, to stockholders of record as of December 13, 2024.