Terreno Realty Corporation reported significant financial growth in its latest quarterly results, with total revenues reaching $110.4 million for the three months ended March 31, 2025, a 29.9% increase from $85.0 million in the same period last year. This growth was primarily driven by a substantial rise in rental revenues and tenant expense reimbursements, which amounted to $110.4 million, compared to $85.0 million in the prior year. The company’s net income also saw a notable increase, rising to $48.1 million, or $0.48 per share, up from $36.1 million, or $0.40 per share, in the previous year.
In terms of operational metrics, Terreno Realty's properties were approximately 96.6% leased as of March 31, 2025, with a total of 298 buildings encompassing around 19.3 million square feet. The company reported a tenant retention ratio of 71.7% for its operating portfolio, indicating a stable demand for its industrial real estate assets. The company’s strategic focus on infill locations in major coastal U.S. markets continues to support its occupancy rates and rental income.
Terreno Realty did not acquire any new properties during the first quarter of 2025, but it has five properties under development or redevelopment, which are expected to add approximately 0.8 million square feet of space upon completion. The company also completed the redevelopment of one property during the quarter. The total expected investment for these developments is approximately $392.8 million, which includes redevelopment costs and capitalized interest.
The company’s financial position improved significantly, with cash and cash equivalents increasing to $156.5 million from $18.1 million at the end of the previous fiscal year. Total liabilities decreased to $1.0 billion from $1.1 billion, primarily due to the repayment of a credit facility. The company’s equity also rose to $3.9 billion, reflecting a strong capital structure that supports its growth strategy.
Looking ahead, Terreno Realty remains optimistic about its growth prospects, citing a favorable market environment for industrial real estate. The company plans to continue leveraging its existing cash flows and capital resources to fund future acquisitions and developments. Additionally, the board of directors declared a cash dividend of $0.49 per share, payable on July 11, 2025, indicating the company’s commitment to returning value to its shareholders while pursuing growth opportunities.
About Terreno Realty Corp
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