Terreno Realty Stock Price, News & Analysis

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.

Terreno Realty Corporation (NYSE:TRNO) announced the pre-leasing of a 31,000 square feet transshipment facility on 6.0 acres in Elizabeth, New Jersey. The lease will start after the current lease expires in January 2023 and end in October 2027. This facility will be utilized by a nationwide operator of container freight stations, marking a strategic move in Terreno's portfolio focused on industrial real estate across major coastal U.S. markets.

Terreno Realty Corporation (NYSE:TRNO) announced the acquisition of an industrial property in Rancho Dominguez, California, for approximately $32.1 million on August 3, 2022. The 3.0-acre property is fully leased to two tenants on a short-term basis, with an estimated stabilized cap rate of 5.5%. This acquisition strengthens Terreno's portfolio in key U.S. coastal markets, including Los Angeles and Northern New Jersey. The company continues to focus on strategic acquisitions to enhance its operational footprint.

Terreno Realty Corporation (NYSE: TRNO) announced a quarterly cash dividend of $0.40 per common share for the quarter ending September 30, 2022, reflecting a 17.6% increase over the previous dividend. This dividend will be payable on October 14, 2022 to shareholders on record as of September 30, 2022. Additionally, the company filed its quarterly report on Form 10-Q for the quarter ended June 30, 2022, available on their website for investors.

Terreno Realty Corporation (NYSE:TRNO) acquired a 1.3-acre industrial property in Hawthorne, California for approximately $6.5 million on August 2, 2022. This property, located near I-405 and Los Angeles International Airport, is currently leased short-term until December 2022. The company plans to redevelop the site into a 33,000 square foot LEED-certified industrial building, with an estimated total investment of $15.8 million and a projected stabilized cap rate of 5.0%.

Terreno Realty Corporation (NYSE:TRNO) reported a strong second quarter of 2022 with 97.9% quarter-end occupancy, an increase from 96.9% in the prior quarter. The cash rents on new and renewed leases rose by 55.4% in Q2. The firm invested $203.3 million in acquisitions and expanded its credit facility by $150 million to $400 million. Additionally, LEED certification was achieved for several properties, enhancing its sustainability profile. Overall, year-to-date acquisitions totaled $309.5 million.

Terreno Realty Corporation (NYSE:TRNO) has acquired a 6.7-acre industrial property in Medley, Florida, for approximately $20.0 million on July 5, 2022. The vacant parcel is near the Palmetto Expressway and West Okeechobee Road, with an estimated stabilized cap rate of 5.6%. This acquisition aligns with Terreno’s strategy to enhance its industrial real estate portfolio across six major U.S. coastal markets, including Los Angeles, Northern New Jersey, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.

Terreno Realty Corporation (NYSE:TRNO) announced a full-building lease for 117,000 square feet in Kent, Washington. The lease, effective from June 30, 2022 to December 2029, is with a nationwide building products distributor. As a key player in industrial real estate across six major coastal U.S. markets, including Los Angeles and Miami, this lease reinforces Terreno's strategy to expand its footprint and ensure steady revenue streams.

Terreno Realty Corporation (NYSE: TRNO) has announced an increase in borrowing capacity under its revolving credit facility by $150 million, bringing the total capacity to $400 million. Currently, the outstanding balance on the facility is $12 million. This adjustment is facilitated by KeyBanc Capital Markets, MUFG Union Bank, PNC Capital Markets, and Regions Capital Markets, among others. The company focuses on industrial real estate in major coastal U.S. markets, including Los Angeles, New York City, and Miami.