December 9, 2023

Terreno Realty Corp TRNO disclosed main working and monetary developments of Q3 FY23. 

Leasing: As of September 30, 2023, the corporate’s working portfolio was 98.3% leased to 563 tenants, the same-store portfolio (round 13.2 million sq. ft) was 98.5% leased, and the improved land portfolio of 46 parcels (about 165.8 acres) was 96.3% leased. 

Additionally, TRNO witnessed a 38.9% improve in money rents on new and renewed leases, with a 48.6% rise in money rents on new and renewed leases (excluding one fixed-rate lease renewal). 

Acquisition & Divestiture: In Q3, TRNO acquired one 4.9-acre property in Santa Ana (California), which might be redeveloped, for about $14.8 million.

12 months-to-date, the corporate purchased 5 properties spanning round 681,000 sq. ft and a 121-acre undertaking entitled to 2.2 million sq. ft of commercial distribution buildings for round $410.8 million.

As of September 30, 2023, the corporate had eight properties underneath growth or redevelopment with an anticipated funding of about $336.1 million.

Additionally, TRNO owned about 62.7 acres of land entitled for the long run growth of six buildings totaling round 1.1 million sq. ft. Furthermore, TRNO had about $76.3 million value of acquisitions underneath contract.

Alternatively, submit the tip of September 2023, TRNO bought one absolutely leased property in Maryland for round $18.0 million.

Financing: In Q3, the commercial REIT issued widespread shares at a weighted common providing value of $60.78 per share underneath the at-the-market fairness providing program and garnered gross proceeds of $95.7 million.

As of September 30, 2023, the corporate had no excellent borrowings underneath its revolving credit score facility value $400 million and no debt maturities in 2023.

Value Motion: TRNO shares traded increased by 0.53% at $58.03 on the final test Tuesday.

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