Terreno Realty Corporation Announces Quarterly Operating, Investment and Capital Markets Activity

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 first quarter of 2020.

Operating

As of March 31, 2020, Terreno Realty Corporation owned 219 buildings aggregating approximately 13.4 million square feet and 21 improved land parcels consisting of approximately 82.2 acres. In addition, Terreno Realty Corporation had four properties under redevelopment that upon completion will contain approximately 505,000 square feet:

• The operating portfolio, excluding four properties under redevelopment, was 97.8% leased at March 31, 2020 to 498 tenants as compared to 96.8% at December 31, 2019 and 98.1% at March 31, 2019;
• The same-store portfolio of approximately 12.5 million square feet was 98.1% leased at March 31, 2020 as compared to 97.9% at December 31, 2019 and 98.2% at March 31, 2019;
• The improved land portfolio of 21 parcels totaling approximately 82.2 acres was 96.7% leased at March 31, 2020 as compared to 92.0% at December 31, 2019 and 86.6% at March 31, 2019;
• Cash rents on new and renewed leases totaling approximately 0.6 million square feet commencing during the first quarter increased approximately 21.9% with a tenant retention ratio of 85.7%; and
• Executed two full-building leases totaling 283,000 square feet and one lease for a 5.4-acre improved land parcel. In South Brunswick, New Jersey, the Company leased 190,000 square feet to a manufacturer of LED lighting products and electrical fittings that will commence May 1, 2020 and was previously leased through March 31, 2020. In Oakland, California, the Company leased a vacant building totaling 93,000 square feet to a lithium extraction technology and services company that commenced March 31, 2020. In Carson, California, the Company leased a vacant 5.4-acre improved land parcel to a leading national ground delivery Company that commenced March 20, 2020.

Terreno Realty Corporation is headquartered in San Francisco and its employees have been working remotely in compliance with shelter-in-place orders mandated across the Bay Area on March 16, 2020. While the impact of the COVID-19 pandemic on our business is not possible to predict accurately, the Company is working with our customers who have been forced to close during the pandemic to, on a case-by-case basis, provide rent deferments while those customers seek emergency funding from the U.S. Small Business Administration and other state and local funding programs. In addition, the Company has been working with local municipalities and charitable organizations to donate space within our portfolio for relief efforts.