Core Viewpoint - Terreno Realty (TRNO) is pursuing an acquisition-driven growth strategy, recently acquiring an industrial property in Redmond, WA for $9.3 million, with an estimated stabilized cap rate of 5.5% post-renovation [1] Group 1: Property Acquisition Details - The acquired property is located at 9660 153rd Avenue NE, comprising one industrial distribution building of approximately 33,000 square feet on 1.5 acres, fully leased on a short-term basis [2] - After the existing tenant vacates, the property will undergo renovation, reducing the space to roughly 26,000 square feet, and is expected to attract new tenants due to its advantageous location [2] Group 2: Portfolio Restructuring - TRNO is actively restructuring its portfolio by selling non-core assets and acquiring value-accretive investments, which is expected to support long-term revenue growth [3] - In Q1 2025, TRNO sold two properties with a total of around 88,000 square feet for approximately $24.9 million, and as of March 31, 2025, had acquisitions worth about $55.9 million under contract and nearly $16 million under letters of intent [3] Group 3: Development Projects - As of March 31, 2025, Terreno Realty has five properties under development or redevelopment, which will consist of eight buildings totaling around 0.8 million square feet, with 48% pre-leased [4] - The company also holds around 22.4 acres of land for future developments, estimated to require an investment of approximately $392.8 million [4] Group 4: Market Position and Performance - Terreno Realty is expanding its portfolio in six major coastal U.S. markets, including New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C., which show strong demographic trends and demand for industrial real estate [5] - Despite these expansion efforts, TRNO's shares have declined by 8.8% year-to-date, compared to a 4.7% decline in the industry, reflecting concerns over macroeconomic uncertainty and tariff issues [5]

Company Overview - Terreno Realty (TRNO) shares increased by 9.1% to $55.83 in the last trading session, following a significant volume of trading, contrasting with a 24.3% loss over the past four weeks [1] - The optimism surrounding the stock is linked to President Donald Trump's announcement of a 90-day pause on reciprocal tariffs for most countries [1] Financial Performance Expectations - Terreno is projected to report quarterly funds from operations (FFO) of $0.64 per share, reflecting a year-over-year increase of 12.3% [2] - Expected revenues for the upcoming report are $109.03 million, which is a 28.2% increase compared to the same quarter last year [2] Market Trends and Stock Movement - The consensus estimate for FFO per share for Terreno has remained stable over the last 30 days, indicating that stock price movements may not sustain without changes in FFO estimate revisions [3] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [3] Industry Comparison - Terreno is part of the Zacks REIT and Equity Trust - Other industry, where Plymouth Industrial (PLYM) also operates [3] - Plymouth Industrial's FFO per share estimate has decreased by 1.1% to $0.45, showing no change compared to the previous year, and it currently has a Zacks Rank of 4 (Sell) [4]

Core Insights - Terreno Realty Corporation (TRNO) reported a strong first-quarter 2025 performance, highlighting increased rents and improved occupancy rates, driven by the rising demand for industrial real estate in the e-commerce sector [1][12] Operating Activity - In Q1 2025, TRNO experienced a 34.2% increase in cash rents for new and renewed leases in its operating portfolio, while the improved land portfolio saw no change [2] - The total leases that commenced in Q1 amounted to approximately 0.6 million square feet and 4.3 acres of improved land, with a tenant retention ratio of 71.7% [2] Occupancy Rates - As of March 31, 2025, the occupancy rate for the operating portfolio was 96.6%, reflecting a year-over-year increase of 40 basis points, although it decreased by 80 basis points sequentially [3] - The same-store portfolio, covering around 15.6 million square feet, had a quarter-end occupancy of 97.4%, up 110 basis points year-over-year but down 90 basis points sequentially [3] - The improved land portfolio, consisting of 47 parcels and 150.6 acres, maintained an occupancy rate of 95.1% [4] Investment Activity - TRNO is restructuring its portfolio by selling non-core assets and acquiring value-accretive investments, with two properties sold in Q1 2025 for a total of approximately $24.9 million [5] - As of March 31, 2025, TRNO had acquisitions worth around $55.9 million under contract and nearly $16 million under letters of intent [6] Development and Redevelopment Activity - TRNO had five properties under development or redevelopment as of March 31, 2025, which will include eight buildings totaling around 0.8 million square feet, currently 48% leased [7] - The company also has approximately 22.4 acres of land earmarked for future developments, with an estimated investment value of around $392.8 million [7] Capital Market Activity - In Q1 2025, TRNO issued 3,506,371 shares of common stock at a weighted average offer price of $67.71 per share, generating gross proceeds of $237.4 million [8] - The company had no borrowings outstanding under its $600 million revolving credit facility as of March 31, 2025, with no debt maturities in 2025 [9] Industry Context - The industrial real estate sector is experiencing significant growth due to the rising e-commerce market, which is transforming consumer shopping and delivery methods [12] - Companies are focusing on enhancing supply-chain efficiencies, increasing the demand for logistics infrastructure and distribution networks, positioning TRNO to capitalize on these trends [12]

Company Overview - Terreno Realty Corporation (TRNO) has successfully leased 100% of Countyline Corporate Park Phase IV Building 33 in Hialeah, FL, indicating strong demand for its properties [1] - The property has been leased to three tenants, including a third-party logistics provider for 105,000 square feet under a seven-year lease starting in March 2025 [2] Project Details - Countyline Corporate Park Phase IV is a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings, located adjacent to TRNO's existing buildings in Phase III [3] - Building 33 is a 158,000-square-foot industrial distribution building with a total expected investment of $39.9 million and an estimated stabilized cap rate of 5.9% [4] - Upon completion in 2027, Countyline Corporate Phase IV will consist of ten LEED-certified buildings totaling approximately 2.2 million square feet, with an estimated investment of $511.5 million [5] Strategic Positioning - TRNO is well-positioned for long-term growth opportunities due to its solid operating platform, healthy balance sheet, and strategic expansion moves [6] - The Countyline project enhances TRNO's strategic positioning in the regional industrial real estate sector, expected to attract tenants and maintain high occupancy rates [6] Industry Context - The industrial real estate sector is experiencing significant growth driven by the rising e-commerce market, which is transforming consumer shopping and delivery methods [7] - Companies like TRNO, Prologis, and First Industrial Realty Trust are focusing on improving supply-chain efficiencies, increasing demand for logistics infrastructure and distribution networks [8]

Core Viewpoint - Terreno Realty Corporation (TRNO) is actively redeveloping properties to enhance quality and meet tenant demand, with a recent project in Santa Ana, CA costing approximately $41.3 million and achieving a stabilized cap rate of about 5.1% [1][5]. Group 1: Redevelopment Details - The redeveloped property in Santa Ana features a rear-load industrial building of around 92,000 square feet on 4.9 acres, equipped with ten dock-high and two grade-level loading facilities, and a parking area for 145 cars [2]. - The facility is fully leased to a temperature-controlled life-sciences supply chain solution provider and has received LEED Silver certification [2]. Group 2: Location Advantages - The property is strategically located near the Costa Mesa Freeway (CA 55) and is less than two miles from the intersection of CA 55 and I-405, as well as John Wayne Airport in Orange County, providing significant connectivity advantages [3]. Group 3: Company Strategy and Performance - Terreno Realty's redevelopment efforts are part of a broader strategy to optimize its portfolio and improve financial performance, with a focus on expanding its asset base in six major coastal U.S. markets [4][5]. - The company reported fourth-quarter 2024 earnings with funds from operations (FFO) of 62 cents per share, matching the Zacks Consensus Estimate and showing a year-over-year increase from 58 cents per share [6]. - Revenues for the quarter reached $103.7 million, exceeding consensus estimates by 2.1% and reflecting a 20% year-over-year growth [6]. Group 4: Stock Performance - TRNO shares have increased by 10.1% over the past three months, contrasting with a 3.7% decline in the industry [7].

分组1 - Terreno Realty (TRNO) reported quarterly funds from operations (FFO) of $0.62 per share, matching the Zacks Consensus Estimate and showing an increase from $0.58 per share a year ago [1] - The company achieved revenues of $103.71 million for the quarter ended December 2024, exceeding the Zacks Consensus Estimate by 2.05% and up from $86.48 million year-over-year [2] - Terreno has surpassed consensus revenue estimates three times over the last four quarters [2] 分组2 - The stock has gained approximately 11.6% since the beginning of the year, outperforming the S&P 500's gain of 2.7% [3] - The current consensus FFO estimate for the upcoming quarter is $0.63 on revenues of $106.9 million, and for the current fiscal year, it is $2.66 on revenues of $442.76 million [7] - The estimate revisions trend for Terreno is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] 分组3 - The REIT and Equity Trust - Other industry, to which Terreno belongs, is currently ranked in the bottom 33% of over 250 Zacks industries, which may impact stock performance [8]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ Form 10-K _________________________ ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number 001-34603 Terreno Realty Corporation (Exact Name of Regi ...

Terreno Realty Corporation (TRNO) announced the disposition of another asset, this time in South San Francisco, CA. The transaction was carried out on Jan. 16, 2025 for around $8 million. In early January, TRNO announced that it sold a vacant industrial distribution building encompassing around 66,000 square feet on 3.0 acres of land in Union City, CA, for $16.9 million.The moves highlight the REIT’s strategy of doing away with non-core assets and building a more robust portfolio, which will aid future grow ...

I only buy strong businesses. I only buy them when they're cheap. Backgrounds in economics, philosophy, government, data. I started my investing journey with a fairly concentrated portfolio of Canadian dividend payers in the telecom, pipeline and banking industries. I have moved forward through different industries including payments, US regional banking, Chinese and Brazilian equities, REITs, technology companies and a few other emerging market opportunities, as well as microcap through to megacap range. I ...

Terreno Realty Corporation (TRNO) recently announced it has pre-leased 50% of Countyline Corporate Park Phase IV Building 32 in Hialeah, FL. The pre-leasing reflects the solid demand for the company’s properties.The lease will run for 10 years with an aircraft engine maintenance, repair and overhaul provider and encompass 82,000 square feet of space. It will start upon the completion of building construction and tenant improvements expected to be in June 2025. Countyline Corporate Park Phase IV comprises a ...