REXR - Terreno Leases Newark Property Sees Decent Demand | Benzinga
Terreno Realty (NYSE: TRNO) is witnessing healthy demand for its properties. Recently, the company executed a lease for 5.5 acres of improved land in Newark, NJ. This lease with an automobile exporter commenced on May 16, 2024 and is slated for expiry in January 2028.
The demand for industrial real estate space has been high amid an e-commerce boom, growth in industries and companies making efforts to improve supply-chain efficiencies. Terreno Realty is also experiencing healthy demand for its properties.
TRNO's operating portfolio was 96.2% leased to 572 tenants as of Mar 31, 2024. For the company's improved land portfolio of 45 parcels spanning 152.4 acres, the leased rate was 94.6% as of Mar 31, 2024 compared to 94.6% and 98.9% recorded as of Dec 31, 2023 and Mar 31, 2023, respectively.
However, TRNO was able to lock in higher rents on new and renewed leases during the quarter. The cash rents on new and renewed leases climbed 47.2%. The tenant retention ratio was 54.7% for the operating portfolio and 82.5% for the improved land portfolio.
Per a Cushman & Wakefield (NYSE: