Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     

TERRENO REALTY CORPORATION

(TRNO)
  Report
Real-time Estimate Cboe BZX  -  01:00 2022-10-04 pm EDT
55.36 USD   +1.69%
10/03Terreno Realty Corporation Announces Leases in Brooklyn, NY
BU
09/29TERRENO REALTY CORPORATION : Ex-dividend day for
FA
09/12Terreno Realty Corporation Announces Leases in New York City
AQ
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Terreno Realty : Q2 2022 Update

08/03/2022 | 04:42pm EDT

Terreno Realty Corporation

Q2 2022 Update

August 3, 2022

SACRAMENTO2013Investor PresentationTerreno Realty Roadshow Presentation (July 10, 2013) v7.pptx

Forward Looking Statements

This presentation contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact are forward-looking statements and, in some cases, can be identified by the use of the words "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "project," "result," "should," "will," "seek," "target," "see," "likely," "position," "opportunity," "outlook," "potential," "enthusiastic," "future," and similar expressions. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates and the impact of the COVID-19 pandemic on our business, our tenants and the national and local economies. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected.

We caution investors that forward-looking statements are based on management's beliefs and on assumptions made by, and information currently available to, management. Factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: (i) our ability to identify and acquire industrial properties on terms favorable to us; (ii) general volatility of the capital markets and the market price of our stock; (iii) adverse economic or real estate conditions or developments in the industrial real estate sector and/or in the markets in which we acquire properties; (iv) our dependence on key personnel and our reliance on third parties to property manage the majority of our industrial properties; (v) our dependence upon tenants; (vi) our ability to comply with the laws, rules and regulations applicable to companies, and in particular, public companies; (vii) our ability to manage our growth effectively; (viii) tenant bankruptcies and defaults on or non-renewal of leases by tenants; (ix) decreased rental rates or increased vacancy rates; (x) increased interest rates and operating costs; (xi) declining real estate valuations and impairment charges; (xii) our expected leverage, our failure to obtain necessary outside financing, and future debt obligations; (xiii) our ability to make distributions to our stockholders; (xiv) our failure to successfully hedge against interest rate increases; (xv) our failure to successfully operate acquired properties; (xvi) our failure to maintain our status as a real estate investment trust ("REIT") and possible adverse changes to tax laws; (xvii) uninsured or underinsured losses relating to our properties; (xviii) environmental uncertainties and risks related to natural disasters; (xix) financial market fluctuations; (xx) changes in real estate and zoning laws and increases in real property tax rates; and (xxi) the impact of COVID-19 on the U.S., regional and global economies and the business, financial condition and results of operations of our Company and our tenants. Other factors that could materially affect results can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2021, including those set forth under the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," in the Company's preliminary prospectus supplement relating to the offering under the section titled "Risk Factors", and in our other public filings.

We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

2

SACRAMENTO2013Investor PresentationTerreno Realty Roadshow Presentation (July 10, 2013) v7.pptx

Investment Strategy

Unique and Highly Selective

Market Approach

  • Acquire, own and operate industrial real estate in six major coastal U.S. markets. Exclusively.
    • Mix of core and value-add investments
    • No greenfield development
    • No complex joint ventures
    • Emphasis on discount to replacement cost provides margin of safety
  • Superior market fundamentals
    • Strong demand generators (high population densities, high volume distribution points, logistics infrastructure)
    • Physical and regulatory constraints to new supply

Functional Assets

in Infill Locations

  • Broad product opportunity set (1)
    • Warehouse / distribution (77.7%)
    • Improved land (11.6%) (2)
    • Transshipment (6.2%)
    • Flex (including light industrial and R&D) (4.5%)
  • Functional and flexible assets
    • Cater to sub-market tenant demands, including last-mile distribution
    • Generally suitable for multiple tenants
    • Opportunity for higher and better use over time
  • Shrinking supply in certain submarkets

Goal: Superior same store NOI and per share NAV growth

  1. Reflects Terreno portfolio composition based on annualized base rent as of June 30, 2022. Excludes four properties under redevelopment that upon completion will consist

3 of three buildings aggregating approximately 0.3 million square feet and two improved land parcels of approximately 12.1 acres.

  1. Includes 42 improved land parcels totaling approximately 147.7 acres that are 97.0% leased as of June 30, 2022. Such land is used for industrial outdoor storage and may be redeveloped to higher and better use.

SACRAMENTO2013Investor PresentationTerreno Realty Roadshow Presentation (July 10, 2013) v7.pptx

Financial Highlights

Net Income Per Share (1)

FFO Per Share (2)

$1.28

$0.48

$0.46

$0.45

$0.44

$0.44

$0.42

$0.25

$0.30

$0.26

Q2 '21

Q3 '21

Q4 '21

Q1 '22

Q2 '22

Q2 '21

Q3 '21

Q4 '21

Q1 '22

Q2 '22

Cash Same Store NOI Growth (2)(3)

Cash SSNOI Excluding Termination Fees (2)(3)

11.4%

10.8%

11.3%

9.1%

9.2%

9.6%

8.3%

7.7%

7.8%

4.7%

2018

2019

2020

2021 2022 YTD

2018

2019

2020

2021 2022 YTD

  1. Net income for the three months ended June 30, 2022 includes a gain of approximately $76.0 million resulting from the sale of Middlebrook Crossroads.

4 (2) This is a non-GAAP financial measure. Please see our Reporting Definitions for further explanation.

  1. Approximately $0.1 million (20bps) of the increase in cash-basis same store NOI for the six months ended June 30, 2022 was related to properties that were acquired vacant or with near term expirations. Same store NOI for the year ended December 31, 2020 included approximately $3.3 million of termination fees at our Belleville property.

SACRAMENTO2013Investor PresentationTerreno Realty Roadshow Presentation (July 10, 2013) v7.pptx

Recent Highlights

Investment Highlights

Q2 2022 Acquisitions

$203.3 million

2022 YTD Acquisitions(1)

$316.0 million

Acquisitions Under Contract(1)(2)

$51.3 million

Acquisitions Under LOI(1)(2)

$78.5 million

Capital Markets Activities

  • During both the three months and six ended June 30, 2022, Terreno Realty Corporation issued an aggregate of 27,087 shares of common stock under the ATM at a weighted average offering price of $76.03 per share, receiving gross proceeds of approximately $2.1 million.
  • During the second quarter of 2022, Terreno Realty Corporation announced an increase in borrowing capacity under its unsecured revolving credit facility (the "Facility") by $150 million to $400 million.
    The balance outstanding on the Facility at June 30, 2022 was approximately $12 million.

2022 YTD Dispositions(1)

$110.4 million

Operating Highlights

  • Cash rents on new and renewed leases commencing during the three months ended June 30, 2022 increased approximately 55.4% on approximately 0.5 million square feet and 7.2 acres of improved land; tenant retention during the three months ended June 30, 2022 was 27.5% for the operating portfolio and 100% for the improved land portfolio. Cash rents on new and renewed leases commencing during the six months ended June 30, 2022 increased approximately 42.8% on approximately 1.2 million square feet and 11.3 acres of improved land; tenant retention during the six months ended June 30, 2022 was 38.6% for the operating portfolio and 87.4% for the improved land portfolio.
  • Total portfolio, excluding four properties under redevelopment and 42 improved land parcels, was 97.9% leased as of June 30, 2022 as compared to 96.9% at March 31, 2022 and 97.5% at June 30, 2021.
  • The same store portfolio of approximately 12.4 million square feet, representing approximately 81.8% of our total square feet, was 98.0% leased as of June 30, 2022 as compared to 98.4% as of March 31, 2022 and 97.9% as of June 30, 2021.
  • Increased the cash dividend by 17.6% for the quarter ending September 30, 2022 to $0.40 per common share.

5 (1) As of August 2, 2022.

  1. There is no assurance that we will acquire the properties under contract or letter of intent because the proposed acquisitions are subject to the completion of satisfactory due diligence and various closing conditions and, in the case of properties under letter of intent, purchase and sale agreements.

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Terreno Realty Corporation published this content on 03 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 August 2022 20:37:03 UTC.


© Publicnow 2022
All news about TERRENO REALTY CORPORATION
10/03Terreno Realty Corporation Announces Leases in Brooklyn, NY
BU
09/29TERRENO REALTY CORPORATION : Ex-dividend day for
FA
09/12Terreno Realty Corporation Announces Leases in New York City
AQ
09/09Terreno Realty Corporation Announces Leases in New York City
BU
09/07Terreno Realty Buys Industrial Property in Anaheim
MT
09/07Terreno Realty Corporation Acquires Property in Anaheim, CA for $7.3 Million
BU
09/07Terreno Realty Corporation Acquires Property in Anaheim, CA for $7.3 Million
CI
09/07Terreno Realty Corporation acquired Industrial property in Anaheim, California for $7.3..
CI
09/06Terreno Realty Corp : Entry into a Material Definitive Agreement, Creation of a Direct Fin..
AQ
09/06Terreno Realty Corporation Closes $100 Million Five-Year Unsecured Term Loan
BU
More news
Analyst Recommendations on TERRENO REALTY CORPORATION
More recommendations
Financials (USD)
Sales 2022 265 M - -
Net income 2022 160 M - -
Net Debt 2022 836 M - -
P/E ratio 2022 25,6x
Yield 2022 2,69%
Capitalization 4 153 M 4 153 M -
EV / Sales 2022 18,8x
EV / Sales 2023 17,6x
Nbr of Employees 34
Free-Float 97,5%
Chart TERRENO REALTY CORPORATION
Duration : Period :
Terreno Realty Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends TERRENO REALTY CORPORATION
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 11
Last Close Price 54,44 $
Average target price 72,20 $
Spread / Average Target 32,6%
EPS Revisions
Managers and Directors
W. Blake Baird Chairman & Chief Executive Officer
Michael A. Coke President & Director
Jaime J. Cannon Chief Financial Officer & Executive Vice President
LeRoy E. Carlson Independent Director
Dennis Polk Independent Director
Sector and Competitors
1st jan.Capi. (M$)
TERRENO REALTY CORPORATION-36.17%4 153
PROLOGIS, INC.-38.01%77 266
GOODMAN GROUP-40.23%19 544
DUKE REALTY CORPORATION-26.57%18 557
REXFORD INDUSTRIAL REALTY, INC.-33.70%9 185
AMERICOLD REALTY TRUST, INC.-22.35%6 858