Terreno Realty Corporation Announces Quarterly Operating, Investment and Capital Markets Activity, and Promotion of John Meyer to Chief Operating Officer

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