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 third quarter of 2023.

Operating

As of September 30, 2023, Terreno Realty Corporation owned 257 buildings aggregating approximately 15.8 million square feet and 46 improved land parcels consisting of approximately 165.8 acres:

• The operating portfolio was 98.3% leased at September 30, 2023 to 563 tenants as compared to 97.8% at June 30, 2023 and 98.4% at September 30, 2022;
• The same-store portfolio of approximately 13.2 million square feet was 98.5% leased at September 30, 2023 as compared to 98.4% at June 30, 2023 and 98.1% at September 30, 2022;
• The improved land portfolio of 46 parcels totaling approximately 165.8 acres was 96.3% leased at September 30, 2023 as compared to 96.3% at June 30, 2023 and 91.6% at September 30, 2022;
• Cash rents on new and renewed leases totaling approximately 0.5 million square feet and 2.8 acres of improved land commencing during the third quarter increased approximately 38.9% with a tenant retention ratio of 61.4% for the operating portfolio and 100.0% for the improved land portfolio. Excluding one fixed-rate lease renewal for approximately 93,000 square feet in Oakland, California, cash rents on new and renewed leases increased approximately 48.6% during the third quarter;
• Cash rents on new and renewed leases totaling approximately 1.8 million square feet and 11.4 acres of improved land commencing during the nine months ended September 30, 2023 increased approximately 57.1% with a tenant retention ratio of 55.0% for the operating portfolio and 19.4% for the improved land portfolio;
• Executed an early lease renewal and expansion in San Leandro, California with a provider of global aerospace and defense industry products and services. The expansion lease of 22,000 square feet commenced July 20, 2023 and expires December 2034. The renewal lease of 148,000 square feet, which was to expire in December 2024, will now expire December 2034; and
• Executed a lease for 31,000 square feet in Carlstadt, New Jersey with a North American distributor of grocery and non-food products. The lease commenced on August 1, 2023 and will expire May 2028.

Investment