Terreno Realty Announces Lease Renewal in WA, Sees Healthy Demand

Core Viewpoint - Terreno Realty (TRNO) is actively renewing and securing leases, indicating strong demand for its properties and a positive outlook for growth in the industrial real estate sector [1][2][3]. Group 1: Lease Renewals and New Leases - TRNO has executed a lease renewal for 53,000 square feet with the United States Postal Service in Washington, D.C., effective from June 1, 2025, to June 2030 [1]. - A new lease of 70,000 square feet has been signed in Woodinville, WA, starting June 30, 2025, and expiring in November 2030, with a tenant specializing in camera movement systems [2]. Group 2: Portfolio Performance - As of March 31, 2025, TRNO's operating portfolio was 96.6% leased to 663 tenants, with a same-store portfolio of 15.6 million square feet at 97.4% leased [4]. - The leased rate for the improved land portfolio of 47 parcels covering 150.6 acres was 95.1% as of the same date [4]. Group 3: Financial Performance - TRNO achieved a 34.2% increase in cash rents on new and renewed leases during Q1 2025, reflecting the company's ability to secure higher rents [5]. - The tenant retention ratio for the operating portfolio was 71.7% [5]. Group 4: Market Position and Growth Potential - TRNO is well-positioned for long-term growth opportunities due to its solid operating platform, healthy balance sheet, and strategic expansion moves [6]. - In the past month, TRNO shares have gained 2%, compared to the industry's growth of 2.9% [6].