Terreno Realty reports $472.6 million in third quarter acquisitions

Terreno Realty Corporation (NYSE: TRNO) reported quarterly operating and investment activity for the third quarter ended September 30, 2025, according to a company press release.

The industrial real estate investment trust maintained 96.2% occupancy at quarter-end, down from 97.7% in the prior quarter but up from 97.0% in the same period last year. Same-store occupancy reached 98.6%, compared to 98.5% in the previous quarter and 97.1% year-over-year.

Cash rents on new and renewed leases increased 17.2% during the quarter and 23.8% year-to-date. The company completed approximately 0.6 million square feet of lease transactions with a tenant retention rate of 68.7% for its operating portfolio.

Terreno acquired $472.6 million worth of properties during the quarter, bringing year-to-date acquisitions to $596.1 million. The acquisitions included two properties in California totaling 132,000 square feet and a multi-market portfolio of 12 buildings containing 1.2 million square feet across Washington, Florida and New Jersey.

The company disposed of $102.8 million in properties during the quarter, including six buildings in Doral, Florida, and two improved land parcels. Year-to-date dispositions totaled $386.4 million.

Terreno commenced development of one property with an expected investment of $54.1 million and completed development of another property requiring $39.9 million. The company has six properties under development totaling 0.9 million square feet with a total expected investment of $391.2 million.

As of September 30, 2025, Terreno owned 307 buildings totaling 20.2 million square feet and 44 improved land parcels across 146.4 acres, serving 676 customers. The company had $280 million outstanding on its $600 million revolving credit facility.

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