TRNO acquires another industrial property in New York to fructify its portfolio expansion efforts amid healthy demand for its asset base.
Terreno Realty shifted focus from nominal growth to deleveraging, raising questions about internal valuation. The company has a distinguished and so far successful long-term investment philosophy. Despite high valuations, Terreno has issued more shares than assets purchased, suggesting management believes current valuations are rich and possibly overstretched.
TRNO's securing of a new lease with a leading national wholesale tire distributor at Avenel, NJ, highlights healthy demand for its properties.
On September 30, 2024, FMR LLC (Trades, Portfolio), a prominent investment firm, expanded its holdings in Terreno Realty Corp (TRNO, Financial) by acquiring an additional 1,460,862 shares. This transaction, executed at a price of $66.83 per share, increased FMR LLC (Trades, Portfolio)'s total stake in the company to 10,563,453 shares, reflecting a significant commitment to TRNO within its diverse portfolio.
TRNO completes the development and stabilization of Building 39 in Hialeah, FL, poising it well to capitalize on favorable industrial real estate market fundamentals.
Terreno Realty Corporation operates in high-density coastal markets with a strong portfolio, focusing on warehouse, light industrial, R&D, and transshipment properties. Despite market oversupply and cooling demand, TRNO maintains a 96% occupancy rate and achieves significant cash rent increases upon lease expirations. TRNO's short-term weighted average lease term allows for rapid rent adjustments, benefiting from market improvements and potential interest rate cuts.
Terreno Realty is an industrial REIT focused on Warehouse/distribution properties, with the company's largest market being Northern New Jersey/New York City. The shares have marginally outperformed the Vanguard Real Estate Index Fund so far in 2024, delivering a 12% total return. I expect the company to perform in line with real estate ETFs going forward, with positives such as strong NOI growth offset by an expensive valuation and low gearing.
TRNO executed an early lease renewal in Sunnyvale, CA, with a leading molecular diagnostic testing provider.
Terreno's (TRNO) latest leasing activities highlight healthy demand for the company's properties.
Terreno Realty just increased its dividend by nearly 9%. The industrial REIT has delivered robust dividend growth over the years.
Terreno's (TRNO) securing of renewal lease with a global supplier of automotive parts, components and technologies at Torrance, CA, highlights healthy demand for its properties.
Terreno Realty's (TRNO) Q2 operating results witness solid rent growth on new and renewed leases, though occupancy declines because of acquired vacancy.