Welcome to our dedicated page for Terreno Realty news (Ticker: TRNO), a resource for investors and traders seeking the latest updates and insights on Terreno Realty stock.
Terreno Realty Corporation reports recurring developments as an industrial real estate REIT that acquires, owns and operates properties in New York City/Northern New Jersey, Los Angeles, Miami, the San Francisco Bay Area, Seattle and Washington, D.C. Its updates focus on leasing activity, early renewals, occupancy, acquisitions, dispositions, development completions and capital markets activity across warehouse, distribution, transshipment, flex and improved-land assets.
Company announcements also cover quarterly dividends, Form 10-Q financial statements and supplemental operating information. Property-level releases often describe square footage, acreage, loading configuration, tenant use and project status, including industrial distribution buildings at Countyline Corporate Park in Hialeah, Florida.
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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 Newark, California, for approximately $186.0 million on March 30, 2023. The facility includes four industrial distribution buildings totaling about 603,000 square feet on 30.5 acres, featuring 86 dock-high and eight grade-level loading positions. Currently, the property is fully leased to four tenants, with lease expirations scheduled between 2026 and 2032. The acquisition is expected to achieve an estimated stabilized cap rate of 4.6%, reinforcing Terreno's presence in key U.S. coastal markets.
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.