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Terreno Realty Corporation (TRNO+0.63%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details the company's acquisition of eight industrial properties and one portfolio of industrial properties for a total purchase price of approximately $884.5 million during 2024. These acquisitions were funded through a combination of cash on hand, proceeds from dispositions, issuance of common stock, and debt.
As of December 31, 2024, Terreno Realty Corporation owned 299 buildings, including one building held for sale, totaling approximately 19.3 million square feet, and 47 improved land parcels consisting of approximately 150.6 acres. The company's properties are located in six major U.S. coastal markets.
The company reported total revenues of $382.6 million for the year ended December 31, 2024, an increase from $323.6 million in the previous year. This increase was attributed to new and renewed leases and property acquisitions.
Net income for the year was $184.5 million, compared to $151.5 million in the prior year. The increase in net income was primarily due to gains from property sales and increased rental revenues.
Terreno Realty Corporation's debt as of December 31, 2024, included $829.9 million in total debt, with a weighted average interest rate of 4.0%. The company maintains a revolving credit facility with a borrowing capacity of $600.0 million, of which $82.0 million was outstanding at year-end.
The company declared total cash dividends of $1.88 per share for the year ended December 31, 2024, compared to $1.70 per share in the prior year.
Looking ahead, Terreno Realty Corporation plans to continue its strategy of acquiring industrial properties in its target markets, focusing on urban infill locations, and maintaining a conservative capital structure to support growth.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Terreno Realty Corporation annual 10-K report dated February 5, 2025. To report an error, please email earnings@qz.com.