2023-07-10 16:21:02 ET
Terreno Realty ( NYSE: TRNO ) said Monday its operating portfolio of industrial real estate was 97.8% leased in Q2 to 566 tenants, down from 98.1% in Q1 and 97.9% in the year-ago quarter.
Occupancy decreased during Q2 primarily due to a 45K square foot short-term sale leaseback expiration at the company's recently acquired Long Island City property.
Cash rents on new and renewed leases totaled about 800K square feet and 3.0 acres of improved land commencing during the quarter increased some 59.2% with a tenant retention ratio of 51.7% for the operating portfolio and 0.0% for the improved land portfolio.
Also during the quarter, TRNO acquired one property consisting of one building containing ~33K square feet for a purchase price of ~$13.4M. As of June 30, the REIT had seven properties under development or redevelopment.
Elsewhere, Terreno ( TRNO ) received gross proceeds of $38.7M after issuing 617,106 shares of common stock with a weighted average offering price of $62.75 a share under its at-the-market equity offering program.
More on Terreno Realty:
For further details see:
Terreno Realty portfolio occupancy slips to 97.8% in Q2