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Terreno Realty Announces Leases in California, Sees Healthy Demand
ZACKS· 2025-07-08 17:06
Core Insights - Terreno Realty (TRNO) has executed a 35,000 square foot renewal lease and a 30,000 square foot expansion lease in Santa Clara, CA, with a lessee involved in eVTOL aircraft development [1][7] - The renewal lease will start upon the expiration of the existing lease in September 2025, while the expansion lease will commence in August 2025, both set to expire in August 2028 [1][7] - TRNO has reported strong leasing activity, with its operating portfolio being 96.6% leased to 663 tenants as of March 31, 2025, and a same-store portfolio leased at 97.4% [3] Leasing Activity - In addition to the Santa Clara leases, TRNO announced an 81,000 square foot lease in Avenel, NJ, with a third-party logistics provider [2] - The cash rents on new and renewed leases during Q1 2025 increased by 34.2%, indicating a positive trend in rental income [4] - The tenant retention ratio for the operating portfolio was 71.7% during the same period [4] Financial Position - TRNO is positioned well for long-term growth opportunities due to its solid operating platform and healthy balance sheet [5] - Despite macroeconomic uncertainties and geopolitical issues affecting customer decision-making, TRNO's strategic expansion moves are noteworthy [5] Market Performance - Over the past three months, TRNO's shares have gained 2.7%, while the industry has seen an 8.9% increase [6]
Terreno Realty Executes Lease in New Jersey, Sees Healthy Demand
ZACKS· 2025-06-30 16:51
Core Insights - Terreno Realty (TRNO) has executed an 81,000 square foot lease in Avenel, NJ, starting June 30, 2025, with a third-party logistics provider, expiring in November 2030, indicating strong tenant confidence [1][8] - The company has also secured a 103,000 square foot lease in Redondo Beach, CA, with an in-space mobility provider, showcasing ongoing demand for its properties [2] - 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, and an improved land portfolio of 47 parcels at 95.1% leased [3] - Cash rents on new and renewed leases during Q1 2025 increased by 34.2%, and the tenant retention ratio for the operating portfolio was 71.7% [4] Company Positioning - TRNO is well-positioned for long-term growth with a solid operating platform, a healthy balance sheet, and strategic expansion moves, despite macroeconomic uncertainties and geopolitical issues affecting customer decision-making [5] - Over the past three months, TRNO's shares have declined by 10.4%, compared to a 0.7% decline in the industry [6]
Terreno Realty Executes Lease in CA, Sees Healthy Demand
ZACKS· 2025-06-27 14:46
Core Insights - Terreno Realty (TRNO) has executed a significant lease of 103,000 square feet in Redondo Beach, CA, set to commence in stages from July to October 2025 and expiring in October 2035, with the lessee being a provider of in-space mobility [1][8] - The company has shown strong leasing activity, with its operating portfolio being 96.6% leased to 663 tenants as of March 31, 2025, and a same-store portfolio leased at 97.4% [3] - TRNO has successfully increased cash rents on new and renewed leases by 34.2% during Q1 2025, with a tenant retention ratio of 71.7% [4][8] Leasing Activity - In addition to the Redondo Beach lease, TRNO executed a new lease for a 3.0-acre land parcel in Rancho Dominguez, CA, with an environmental and regulated waste management services provider [2] - The company also renewed a lease for 53,000 square feet with the United States Postal Service in Washington, D.C. [2] Financial Performance - TRNO's improved land portfolio, consisting of 47 parcels over 150.6 acres, had a leased rate of 95.1% as of March 31, 2025 [3] - The company maintains a solid operating platform and a healthy balance sheet, positioning it well for long-term growth opportunities despite macroeconomic uncertainties [5] Market Position - TRNO's shares have seen a slight decline of 0.2% over the past month, contrasting with the industry's growth of 0.4% [6] - Analysts have revised the 2025 funds from operations (FFO) per share estimate marginally downward to $2.61 over the past two months [6]