Terreno Realty reports Q2 occupancy of 97.8% vs. 97.9% last year

Terreno Realty announced its operating, investment and capital markets activity for the second quarter of 2023. As of June 30, 2023, Terreno Realty Corporation owned 257 buildings aggregating approximately 15.8 million square feet and 46 improved land parcels consisting of approximately 165.8 acres: The operating portfolio was 97.8% leased at June 30, 2023 to 566 tenants as compared to 98.1% at March 31, 2023 and 97.9% at June 30, 2022. Occupancy decreased during the second quarter primarily due to a 45,000 square foot short-term sale leaseback expiration at the Company’s recently acquired Long Island City property. The property was subsequently leased with a September 1, 2023 commencement date; The same-store portfolio of approximately 13.2 million square feet was 98.4% leased at June 30, 2023 as compared to 98.5% at March 31, 2023 and 97.1% at June 30, 2022; The improved land portfolio of 46 parcels totaling approximately 165.8 acres was 96.3% leased at June 30, 2023 as compared to 98.9% at March 31, 2023 and 97.0% at June 30, 2022; Cash rents on new and renewed leases totaling approximately 0.8 million square feet and 3.0 acres of improved land commencing during the second quarter increased approximately 59.2% with a tenant retention ratio of 51.7% for the operating portfolio and 0.0% for the improved land portfolio. Cash rents on new and renewed leases totaling approximately 1.3 million square feet and 8.6 acres of improved land commencing during the six months ended June 30, 2023 increased approximately 64.3% with a tenant retention ratio of 52.9% for the operating portfolio and 0.0% for the improved land portfolio.