Terreno Realty reports Q4 occupancy of 98.6% vs. 98.4% q/q and 95.5% y/y

The company states: "Terreno Realty announced today its operating, investment and capital markets activity for the fourth quarter of 2022. The operating portfolio, excluding one property under redevelopment, was 98.6% leased at December 31, 2022 to 569 tenants as compared to 98.4% at September 30, 2022 and 95.5% at December 31, 2021; The same-store portfolio of approximately 12.1 million square feet was 99.5% leased at December 31, 2022 as compared to 98.9% at September 30, 2022 and 98.1% at December 31, 2021; The improved land portfolio of 46 parcels, excluding two parcels under redevelopment, totaling approximately 161.4 acres was 92.5% leased at December 31, 2022 as compared to 91.6% at September 30, 2022 and 94.8% at December 31, 2021. Occupancy at December 31, 2022 included acquired vacancy of 6.7 acres which is pre-leased and expected to commence February 1, 2023; Cash rents on new and renewed leases totaling approximately 0.3 million square feet and 2.6 acres of improved land commencing during the fourth quarter increased approximately 45.2% with a tenant retention ratio of 80.6% for the operating portfolio and 0.0% for the improved land portfolio. Cash rents on new and renewed leases totaling approximately 2.2 million square feet and 19.1 acres of improved land commencing during the year ended December 31, 2022 increased approximately 49.5% with a tenant retention ratio of 56.6% for the operating portfolio and 65.0% for the improved land portfolio; Executed a lease renewal for 66,000 square feet in Rancho Dominguez, California with a provider of third-party logistics in the Southwestern U.S. and Mexico. The lease, which was to expire in April 2023, will now expire May 2026; Executed a lease renewal for 63,000 square feet in Jamaica Queens, New York with a global freight forwarding provider. The lease, which was to expire in December 2022, will now expire December 2027; Executed a lease renewal for 110,000 square feet in Commerce, California with a provider of third-party logistics. The lease, which was to expire in March 2023, will now expire April 2028; Executed a lease for 6.7 acres of improved land in Medley, Florida with a North American provider of equipment rentals. The lease will commence February 1, 2023 and expire March 2033."