Groowe Groowe BETA / Newsroom
⏱ News is delayed by 15 minutes. Sign in for real-time access. Sign in

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

businesswire.com
TRNO The article details Terreno Realty Corporation's Q1 2026 operating, investment, and capital markets activity, including acquisitions, dispositions, development projects, and capital raises. While specific financial gains or losses aren't highlighted, the company is actively managing its portfolio and securing financing, indicating ongoing business operations without a strong positive or negative outlook.

Terreno Realty Corporation Announces Quarterly Operating, Investment and Capital Markets Activity BELLEVUE, Wash.--( BUSINESS WIRE)--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 2026.

Operating

As of March 31, 2026, Terreno Realty Corporation owned 310 buildings aggregating approximately 19.9 million square feet and 46 improved land parcels consisting of approximately 147.0 acres leased to 681 customers:

Investment

During the first quarter of 2026, Terreno Realty Corporation acquired two industrial properties consisting of two buildings containing approximately 119,000 square feet for an aggregate purchase price of approximately $101.8 million. The first quarter investment activity was as follows:

During the first quarter of 2026, Terreno Realty Corporation sold two properties consisting of three buildings containing approximately 287,000 square feet for an aggregate sale price of approximately $55.1 million:

Subsequent to March 31, 2026, Terreno Realty Corporation sold one property consisting of a 99,000 square foot industrial distribution building in Torrance, California for a sale price of approximately $31.1 million. The property was purchased by Terreno Realty Corporation in January 2018 for approximately $17.5 million. The unleveraged internal rate of return generated by the investment was 10.3%.

Year-to-date, Terreno Realty Corporation has sold three properties consisting of four buildings containing approximately 386,000 square feet for an aggregate sale price of approximately $86.2 million.

During the first quarter of 2026, Terreno Realty Corporation completed the redevelopment and stabilization of Countyline Corporate Park Phase IV Building 32 in Hialeah, Florida. Building 32 is 100% leased to two tenants. Building 32 of Terreno Realty Corporation’s Countyline Corporate Park is a 164,000 square foot 36-foot clear height rear-load industrial distribution building on 8.3 acres with 53 dock-high and two grade-level loading positions and parking for 148 cars. The building is expected to achieve LEED certification, the total investment is $43.4 million and the estimated stabilized cap rate is 6.0%.

As of March 31, 2026, Terreno Realty Corporation had five properties under development or redevelopment that, upon completion, will consist of five buildings aggregating approximately 0.9 million square feet which are approximately 71.5% pre-leased, with a total expected investment of approximately $323.8 million.

Terreno Realty Corporation has approximately $11.4 million of acquisitions under contract and approximately $13.0 million of acquisitions under letters of intent. Additionally, Terreno Realty Corporation has approximately $8.8 million of dispositions under contract where due diligence has completed and $4.0 million of dispositions under contract where due diligence has commenced. There is no assurance that Terreno Realty Corporation will acquire or dispose of the properties under contract or letters of intent because the proposed acquisitions and dispositions are subject to the completion of satisfactory due diligence, closing conditions and, in the case of letters of intent, contracts.

Capital Markets

During the first quarter of 2026, Terreno Realty Corporation issued 2,081,288 shares of common stock with a weighted average offering price of $64.85 per share under the Company’s at-the-market equity offering program, receiving gross proceeds of $135.0 million. Terreno Realty Corporation did not repurchase any shares of common stock pursuant to the Company’s share repurchase authorization.

On January 7, 2026, Terreno Realty Corporation obtained a new $200 million five-year unsecured term loan. The loan will mature on January 15, 2031, and the interest rate generally will be SOFR plus 1.15% to 1.65%, depending on leverage. Additionally, the previous 10 basis point SOFR credit spread adjustment premium was eliminated on all credit facility borrowings, including term loans. The current interest rate is SOFR plus 1.15%, and proceeds from the term loan were used to reduce borrowings under Terreno Realty Corporation’s $600 million revolving credit facility and for general corporate purposes.

As of March 31, 2026, there were no borrowings outstanding under Terreno Realty Corporation’s $600 million revolving credit facility. Terreno Realty Corporation has $50 million of debt maturities in July 2026 and $150 million of debt maturities in 2027.

Additional information is available on the Company’s website at www.terreno.com. Terreno Realty Corporation expects to file its quarterly report on Form 10-Q for the quarter ended March 31, 2026 on or about May 6, 2026.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey; Los Angeles; Miami; San Francisco Bay Area; Seattle and Washington, D.C.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “project”, “result”, “should”, “will”, “seek”, “target”, “see”, “likely”, “position”, “opportunity”, “outlook”, “potential”, “future” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.