Terreno Realty reports March-end portfolio occupancy 96.2% vs. 98.3% last year

As of March 31, 2024, Terreno Realty “owned 258 buildings aggregating approximately 15.8 million square feet and 45 improved land parcels consisting of approximately 152.4 acres: The operating portfolio was 96.2% leased at March 31, 2024 to 572 tenants as compared to 98.5% at December 31, 2023 and 98.1% at March 31, 2023. Occupancy at March 31, 2024 declined primarily due to 123,000 square feet of vacancy (approximately 80bps) at our 620 Division property in Elizabeth, New Jersey, 69,000 square feet of vacancy at our West Avenue 140th property in San Leandro, California, and 40,000 square feet of acquired vacancy of which 16,000 square feet was subsequently leased with a May 2024 commencement date; The same-store portfolio of approximately 14.7 million square feet was 96.2% leased at March 31, 2024 as compared to 98.4% at December 31, 2023 and 98.3% at March 31, 2023.”