Terreno Realty reports Q1 occupancy of 98.1% vs. 96.9% last year

The company states: "As of March 31, 2023, Terreno Realty Corporation owned 257 buildings aggregating approximately 15.9 million square feet and 46 improved land parcels consisting of approximately 161.4 acres: The operating portfolio was 98.1% leased at March 31, 2023 to 566 tenants as compared to 98.6% at December 31, 2022 and 96.9% at March 31, 2022; The same-store portfolio of approximately 13.2 million square feet was 98.5% leased at March 31, 2023 as compared to 98.7% at December 31, 2022 and 97.3% at March 31, 2022; The improved land portfolio of 46 parcels totaling approximately 161.4 acres was 98.9% leased at March 31, 2023 as compared to 92.5% at December 31, 2022 and 94.9% at March 31, 2022; Cash rents on new and renewed leases totaling approximately 0.6 million square feet and 5.6 acres of improved land commencing during the first quarter increased approximately 69.3% with a tenant retention ratio of 54.4% for the operating portfolio and 0.0% for the improved land portfolio."