- 98.5% quarter-end occupancy compared to prior quarter of
98.3% and prior year of 98.6%
- 98.5% quarter-end same-store occupancy compared to prior
quarter of 98.7% and prior year of 98.8%
- 47.5% increase in cash rents on new and renewed leases;
55.5% increase for the full year
- $73.2 million of acquisitions; full year acquisitions of
$484.0 million
- Sold three properties for $51.6 million; for the full year
sold four properties for $77.0 million
- During 2023 commenced developments and redevelopments with
total expected investment of $283.2 million
- Issued 2,610,173 shares of common stock under ATM for gross
proceeds of $158.4 million; for the full year issued 5,152,279
shares of common stock under ATM for gross proceeds of $315.1
million
- Combined with the February 2023 public offering of 5.75
million shares, issued 10,902,279 shares of common stock in 2023
for gross proceeds of $674.4 million
Terreno Realty Corporation (NYSE:TRNO), an acquirer,
owner and operator of industrial real estate in six major coastal
U.S. markets, announced today its operating, investment and capital
markets activity for the fourth quarter of 2023.
Operating
As of December 31, 2023, Terreno Realty Corporation owned 259
buildings aggregating approximately 16.0 million square feet and 45
improved land parcels consisting of approximately 152.4 acres:
- The operating portfolio was 98.5% leased at December 31, 2023
to 580 tenants as compared to 98.3% at September 30, 2023 and 98.6%
at December 31, 2022;
- The same-store portfolio of approximately 13.1 million square
feet was 98.5% leased at December 31, 2023 as compared to 98.7% at
September 30, 2023 and 98.8% at December 31, 2022;
- The improved land portfolio of 45 parcels totaling
approximately 152.4 acres was 94.6% leased at December 31, 2023 as
compared to 96.3% at September 30, 2023 and 92.5% at December 31,
2022;
- Cash rents on new and renewed leases totaling approximately 0.3
million square feet and 0.0 acres of improved land commencing
during the fourth quarter increased approximately 47.5% with a
tenant retention ratio of 75.6% for the operating portfolio and
0.0% for the improved land portfolio. Cash rents on new and renewed
leases totaling approximately 2.1 million square feet and 11.4
acres of improved land commencing during the year ended December
31, 2023 increased approximately 55.5% with a tenant retention
ratio of 57.7% for the operating portfolio and 16.8% for the
improved land portfolio; and
- Terreno Realty Corporation completed the development of
Countyline Corporate Park Phase IV Building 41 in Hialeah, Florida
and leased 100% of the building to an international logistics
services provider. Building 41 of Terreno Realty Corporation’s
Countyline Corporate Park is a 191,000 square foot 32-foot clear
height rear-load industrial distribution building on 10.5 acres
with 62 dock-high and two grade-level loading positions and parking
for 196 cars. The building is expected to achieve LEED
certification, the total expected investment is $41.2 million and
the estimated stabilized cap rate is 5.1%.
Investment
During the fourth quarter of 2023, Terreno Realty Corporation
acquired two properties consisting of three buildings containing
approximately 208,000 square feet for an aggregate purchase price
of approximately $73.2 million. The fourth quarter investment
activity was as follows:
- 2411 Santa Fe Avenue: One industrial transshipment building
containing approximately 67,000 square feet and one industrial flex
building containing approximately 45,000 square feet on 6.7 acres
located in Redondo Beach, California, west of Interstate 405
between Los Angeles International Airport and the ports of Los
Angeles and Long Beach. The property provides 23 dock-high and one
grade-level loading positions and parking for 200 cars. The
property was acquired 100% leased to two tenants for a purchase
price of approximately $45.7 million and an estimated stabilized
cap rate of 5.3%; and
- 185 Van Dyke Street: One industrial flex building containing
approximately 96,000 square feet on 3.8 acres located in Red Hook,
Brooklyn, New York, on the Upper New York Bay waterfront. The
property provides two dock-high and ten grade-level loading
positions and off-street parking for 26 cars. The property was
acquired 66% leased to 19 tenants for a purchase price of
approximately $27.5 million and an estimated stabilized cap rate of
6.4%.
In 2023 Terreno Realty Corporation acquired seven properties
consisting of nine buildings containing approximately 889,000
square feet, 4.9 acres which will be redeveloped with the
construction of an approximately 92,000 square foot industrial
distribution building, and a 121-acre project entitled for 2.2
million square feet of industrial distribution buildings for an
aggregate purchase price of approximately $484.0 million.
Subsequent to December 31, 2023, Terreno Realty Corporation
acquired a property at 13045 SE 32nd Street in Bellevue,
Washington. The property consists of one industrial distribution
building containing approximately 16,000 square feet on 1.8 acres
adjacent to the intersection of I-90 and I-405. The property was
acquired vacant for a purchase price of approximately $6.5 million
and an estimated stabilized cap rate of 5.8%.
During the fourth quarter of 2023, Terreno Realty Corporation
sold three properties consisting of two buildings containing
approximately 151,000 square feet and one improved land parcel of
approximately 13.4 acres for an aggregate sale price of
approximately $51.6 million:
- One property in Hanover, Maryland consisting of a 13.4-acre
improved land parcel for a sale price of approximately $18.0
million. The property was acquired by Terreno Realty Corporation in
July 2016 for approximately $8.2 million. The unleveraged internal
rate of return generated by the investment was 17.5%;
- One property in West Caldwell, New Jersey consisting of a
93,000 square foot industrial distribution building on 8.9 acres
for a sale price of approximately $17.8 million. The property was
acquired by Terreno Realty Corporation in June 2013 for
approximately $6.8 million. The unleveraged internal rate of return
generated by the investment was 11.2%; and
- One property in Compton, California consisting of a 58,000
square foot industrial distribution building on 3.0 acres for a
sale price of approximately $15.9 million. The property was
acquired by Terreno Realty Corporation in July 2017 for
approximately $9.4 million. The unleveraged internal rate of return
generated by the investment was 13.0%.
For the full year 2023, Terreno Realty Corporation sold four
properties consisting of three buildings containing approximately
278,000 square feet and one improved land parcel of approximately
13.4 acres for an aggregate sale price of approximately $77.0
million generating an unleveraged internal rate of return of
approximately 13.7%.
During 2023, Terreno Realty Corporation commenced development or
redevelopment of six properties that, upon completion, will consist
of five buildings aggregating approximately 1.2 million square feet
and one approximately 2.8-acre improved land parcel, with a total
expected investment of approximately $283.2 million.
As of December 31, 2023, Terreno Realty Corporation had seven
properties under development or redevelopment that, upon
completion, will consist of six buildings aggregating approximately
1.0 million square feet which are approximately 71% pre-leased and
one approximately 2.8-acre improved land parcel, with a total
expected investment of approximately $295.2 million. Additionally,
we owned approximately 62.7 acres of land entitled for future
development of six buildings aggregating approximately 1.1 million
square feet.
Terreno Realty Corporation has no acquisitions under
contract.
Capital Markets
During the fourth quarter of 2023, Terreno Realty Corporation
issued 2,610,000 shares of common stock with a weighted average
offering price of $60.71 per share under the Company’s
at-the-market equity offering program, receiving gross proceeds of
$158.4 million. Year-to-date through December 31, 2023, Terreno
Realty Corporation has issued 5,152,279 shares of common stock with
a weighted average offering price of $61.15 per share, receiving
gross proceeds of $315.1 million under the Company’s at-the-market
equity offering program. Combined with the February 2023 public
offering of 5.75 million shares of common stock, Terreno Realty
Corporation issued 10,902,279 shares of common stock in 2023 at a
weighted average offering price of $61.86 per share, receiving
aggregate gross proceeds of $674.4 million. Terreno Realty
Corporation did not repurchase any shares of common stock pursuant
to the Company’s share repurchase authorization.
As of December 31, 2023, there were no borrowings outstanding
under Terreno Realty Corporation’s $400 million revolving credit
facility. Terreno Realty Corporation has one $100 million senior
unsecured note maturing in 2024 and none maturing in 2025.
John Meyer Promoted to Chief Operating Officer
Terreno Realty Corporation announced today the promotion of John
Meyer to Chief Operating Officer effective January 8, 2024. Mr.
Meyer will continue to report to Michael A. Coke, President and W.
Blake Baird, Chairman and Chief Executive Officer. Prior to joining
Terreno Realty Corporation in 2010, Mr. Meyer was Executive Vice
President, Director of Transactions, Southwest Region of North
America for AMB Property Corporation (now Prologis, NYSE: PLD). Mr.
Meyer holds a BS degree in architecture from the University of
Oklahoma.
Additional information is available on the Company’s website at
www.terreno.com. Terreno Realty Corporation expects to file its
annual report on Form 10-K for the year ended December 31, 2023 on
or about February 7, 2024.
Terreno Realty Corporation acquires, owns and operates
industrial real estate in six major coastal U.S. markets: Los
Angeles, Northern New Jersey/New York City, San Francisco Bay Area,
Seattle, Miami, and Washington, D.C.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. We caution investors
that forward-looking statements are based on management’s beliefs
and on assumptions made by, and information currently available to,
management. When used, the words “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,”
“result,” “should,” “will,” “seek,” “target,” “see,” “likely,”
“position,” “opportunity,” “outlook,” and similar expressions which
do not relate solely to historical matters are intended to identify
forward-looking statements. These statements are subject to risks,
uncertainties, and assumptions and are not guarantees of future
performance, which may be affected by known and unknown risks,
trends, uncertainties, and factors that are beyond our control,
including risks related to our ability to meet our estimated
forecasts related to stabilized cap rates, and those risk factors
contained in our Annual Report on Form 10-K for the year ended
December 31, 2022 and our other public filings. Should one or more
of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those anticipated, estimated, or projected. We expressly
disclaim any responsibility to update our forward-looking
statements, whether as a result of new information, future events,
or otherwise, except as required by law. Accordingly, investors
should use caution in relying on past forward-looking statements,
which are based on results and trends at the time they are made, to
anticipate future results or trends.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240108817694/en/
Terreno Realty Corporation Jaime Cannon, 415-655-4580
Terreno Realty (NYSE:TRNO)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Terreno Realty (NYSE:TRNO)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024