Terreno Realty Concludes Property Redevelopment in Santa Ana, CA

Core Viewpoint - Terreno Realty Corporation (TRNO) is actively redeveloping properties to enhance quality and meet tenant demand, with a recent project in Santa Ana, CA costing approximately $41.3 million and achieving a stabilized cap rate of about 5.1% [1][5]. Group 1: Redevelopment Details - The redeveloped property in Santa Ana features a rear-load industrial building of around 92,000 square feet on 4.9 acres, equipped with ten dock-high and two grade-level loading facilities, and a parking area for 145 cars [2]. - The facility is fully leased to a temperature-controlled life-sciences supply chain solution provider and has received LEED Silver certification [2]. Group 2: Location Advantages - The property is strategically located near the Costa Mesa Freeway (CA 55) and is less than two miles from the intersection of CA 55 and I-405, as well as John Wayne Airport in Orange County, providing significant connectivity advantages [3]. Group 3: Company Strategy and Performance - Terreno Realty's redevelopment efforts are part of a broader strategy to optimize its portfolio and improve financial performance, with a focus on expanding its asset base in six major coastal U.S. markets [4][5]. - The company reported fourth-quarter 2024 earnings with funds from operations (FFO) of 62 cents per share, matching the Zacks Consensus Estimate and showing a year-over-year increase from 58 cents per share [6]. - Revenues for the quarter reached$ 103.7 million, exceeding consensus estimates by 2.1% and reflecting a 20% year-over-year growth [6]. Group 4: Stock Performance - TRNO shares have increased by 10.1% over the past three months, contrasting with a 3.7% decline in the industry [7].