Terreno Realty Corporation Increases Quarterly Dividend by 8.9% and Files Second Quarter 2024 Financial Statements

Rhea-AI Summary

Terreno Realty (NYSE: TRNO), an industrial real estate company operating in six major coastal U.S. markets, has announced an 8.9% increase in its quarterly dividend. The new dividend of $0.49 per common share will be payable on October 11, 2024, to stockholders of record as of September 30, 2024.

Additionally, Terreno has filed its quarterly report on Form 10-Q for the second quarter of 2024 with the SEC. The company's financial statements and supplemental information are now available on their website. Terreno focuses on acquiring, owning, and operating industrial properties in key markets including Northern New Jersey/New York City, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C.

Positive

• Quarterly dividend increased by 8.9% to $0.49 per common share
• Timely filing of Q2 2024 financial statements with the SEC

Negative

• None.

Financial Analyst

Terreno Realty's 8.9% dividend increase signals strong financial health and confidence in future cash flows. This $0.49 per share quarterly dividend represents a significant boost for income-focused investors. The increase outpaces inflation, potentially attracting yield-seeking capital in the current economic environment.

The timing of the Q2 2024 financial statement filing is standard, but without specific figures, it's challenging to gauge the company's overall performance. However, the dividend hike suggests positive underlying fundamentals. Terreno's focus on six major coastal U.S. markets positions it well in high-demand industrial real estate sectors, potentially benefiting from e-commerce growth and supply chain reconfigurations.

Investors should closely examine the filed 10-Q for key metrics like FFO growth, occupancy rates and lease renewal spreads to fully assess the company's operational strength behind this dividend increase.

Real Estate Market Analyst

Terreno's dividend increase reflects confidence in the industrial real estate sector's resilience. The 6 major coastal markets they operate in - NJ/NYC, LA, Miami, SF Bay Area, Seattle and DC - are strategic hubs for logistics and distribution, likely benefiting from ongoing e-commerce expansion and nearshoring trends.

The 8.9% dividend hike outpaces the average industrial REIT dividend growth, potentially indicating Terreno's superior market position or operational efficiency. This could attract more investor interest to the industrial REIT sector, which has shown strength amid broader real estate market fluctuations.

However, investors should be cautious. High interest rates and economic uncertainties could impact demand for industrial space. It's important to analyze Terreno's tenant mix, lease durations and market-specific performance in the Q2 2024 financials to gauge the sustainability of this increased payout.

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 September 30, 2024 of $0.49 per common share, an increase of 8.9% over the prior dividend level. The dividend will be payable on October 11, 2024 to common stockholders of record at the close of business on September 30, 2024.

Terreno Realty Corporation filed its quarterly report on Form 10-Q for the quarter ended June 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/20240806165597/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What is Terreno Realty 's new quarterly dividend for Q3 2024?

Terreno Realty 's new quarterly dividend for Q3 2024 is $0.49 per common share, an 8.9% increase from the previous dividend level.

When will Terreno Realty (TRNO) pay its Q3 2024 dividend?

Terreno Realty (TRNO) will pay its Q3 2024 dividend on October 11, 2024, to stockholders of record as of September 30, 2024.

In which major U.S. markets does Terreno Realty (TRNO) operate?

Terreno Realty (TRNO) operates 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.

Has Terreno Realty (TRNO) filed its Q2 2024 financial report?

Yes, Terreno Realty (TRNO) has filed its quarterly report on Form 10-Q for the quarter ended June 30, 2024, with the U.S. Securities and Exchange Commission.