Table of Contents _________________________ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ Form 10-Q _________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ | --- | --- | |----------------------------- ...

Overview of the Recent Transaction On September 30, 2024, FMR LLC (Trades, Portfolio), a prominent investment firm, expanded its holdings in Terreno Realty Corp (TRNO, Financial) by acquiring an additional 1,460,862 shares. This transaction, excecuted at a price of $66.83 per share, increased FMR LLC (Trades, Portfolio)'s total stake in the company to 10,563,453 shares, reflecting a significant commitment to TRNO within its diverse portfolio. Founded in 1946 by Edward C. Johnson II, FMR LLC (Trades, Portlol ...

Terreno Realty Corporation (TRNO) recently announced the completion of the development and stabilization of Countyline Corporate Park Phase IV Building 39 in Hialeah, FL, effective Sept. 30, 2024. This building has been 100% leased to one tenant. Building 39, with a 36-foot clear height, is located in Terreno Realty's Countyline Corporate Park. This 178,000-square-foot industrial distribution building is placed on 10.9 acres of land. It includes 58 dock-high and two grade-level loading positions, as well as ...

leolintang/iStock via Getty Images Terreno Realty Corporation (NYSE:TRNO) operates within an attractive industrial property sector through investing in: · warehouse/distribution facilities · light industrial properties · R&D facilities · transshipment properties · improved land For those unacquainted with TRNO, the Company targets infill locations with a high concentration of already developed land and buildings) within six coastal US markets. The following table summarizes by type our investments in real e ...

Core Viewpoint - Terreno Realty Corporation has slightly outperformed the Vanguard Real Estate Index Fund ETF in 2024, with a total return of approximately 12% compared to the ETF's 10% gain, driven by elevated valuation metrics and potential for above-average net operating income growth [2] Company Overview - Terreno Realty focuses on industrial real estate, with warehouse and distribution properties accounting for 71.5% of annualized base rent (ABR), followed by improved land at 12.2% and transshipment properties at 6.5% [3] - The company operates in six real estate markets, with Northern New Jersey/New York City representing the largest exposure at 25.2% of ABR, followed by the San Francisco Bay Area at 19.2% [3] Operational Overview - In Q2 2024, Terreno Realty reported a funds from operations (FFO) of $0.61 per share, an 11% year-over-year increase, attributed to a 9% increase in same-store net operating income and a larger portfolio [5] - Occupancy rates stood at 96.2%, down 1.6% year-over-year, while leasing spreads showed a significant increase, with new and renewed leases reflecting 45.9% higher rents [7] Financial Highlights - The company ended Q2 2024 with a net debt of $590 million, representing only 8% of its $7.3 billion enterprise value, with 25.8% of the debt being floating rate [8] - The weighted average interest cost of the debt was 4% at the end of Q2 2024, which has slightly increased following the repayment of a $100 million term loan [9] Valuation and Prospects - Terreno Realty's current FFO multiple stands at 27.6x, one of the highest valuations for a commercial REIT, with a market-implied cap rate of around 3.64%, indicating a low valuation relative to cash flow [11][9] - The company is expected to continue experiencing net operating income growth, currently at 9% year-over-year, although this is a decrease from the previous year's pace of 14.5% [12] Conclusion - Despite strong FFO and NOI growth reported in Q2 2024, the elevated valuation metrics suggest that these growth figures are already priced into the shares, leading to a recommendation of a Hold rating [16][18]

Last Monday,Terreno Realty Corporation (TRNO) announced the execution of an early lease renewal in Sunnyvale, CA, with a leading provider of molecular diagnostic testing. This reflects the healthy demand for its properties from existing tenants. The 172,000-square-foot lease of three buildings, originally set to expire in March 2025, has been extended until March 2030. The demand for industrial real estate space has been high amid an e-commerce boom, growth in industries and companies making efforts to impr ...

Terreno Realty (TRNO) is witnessing healthy demand for its properties. Recently, the company executed a lease for 69,000 square feet in San Leandro, CA. This lease with an ocean freight provider will commence on Sep 30, 2024 and is slated for expiry in January 2030. This industrial REIT has been experiencing healthy demand for its properties and recently announced the execution of an early lease renewal in Torrance, CA, with a global supplier of automotive parts, components and technologies. The 99,000-squa ...

Terreno Realty has quietly done a terrific job growing its dividend. Terreno Realty (TRNO -0.01%) flies under the radar of most investors. The industrial-focused real estate investment trust (REIT) is tiny compared to industry behemoth Prologis (PLD -1.54%). It owns 292 buildings in six U.S. markets compared to over 5,500 properties worldwide for the sector leader. Because of its smaller size, many investors might have missed that the industrial REIT just increased its dividend again. That raise pushed its ...

Terreno Realty Corporation (TRNO) recently provided an update on its operating, investment and capital market activity for the second quarter of 2024. The preliminary results highlight solid growth in cash rents, though occupancy levels declined because of acquired vacancy. Nevertheless, accretive acquisitions and developments are likely to support its growth in the upcoming period. However, TRNO was able to lock in higher rents on new and renewed leases during the quarter. The cash rents on new and renewed ...

Terreno Realty Corporation (TRNO) recently announced the completion of the development and stabilization of Countyline Corporate Park Phase IV Building 40 in Hialeah, FL, effective Jun 30, 2024. This building has been 100% leased to four tenants. Building 40, with a 36-foot clear height, is located in Terreno Realty's Countyline Corporate Park. This 186,000-square-foot industrial distribution building is placed on 9.1 acres of land. It includes 60 dock-high and two grade-level loading positions, as well as ...