Terreno Realty Corporation · NYSE:TRNO
Terreno Realty — Q4 2024 Earnings Presentation
36 slides from Terreno Realty's earnings presentation, Feb 5, 2025
Slide 1: Terreno Realty Corporation Q4 2024 Update
Terreno Realty Corporation Q4 2024 Update February 5, 2025
Slide 2: Forward Looking Statements
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Forward Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact are forward-lo
Slide 3: Investment Strategy
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Investment Strategy Unique and Highly Selective Functional Assets Market Approach in Infill Locations Acquire, own and operate industrial real estate in six Broad product opportunity set (1) major c
Slide 4: Financial Highlights
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Financial Highlights FFO Per Share (1) Net Income Per Share $2.61 $2.42 $2.22 $2.00 $1.92 $1.71 $1.81 $1.44 $1.16 $1.23 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024 Cash Same Store NOI Growth (1) C
Slide 5: Recent Highlights
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Recent Highlights Investment Highlights Capital Markets Activities During the fourth quarter of 2024, Terreno Realty Corporation did not issue any shares of Q4 2024 Acquisitions $409.6 million common
Slide 6: Current Portfolio Overview
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Current Portfolio Overview Occupancy (1) (2) Six Major Coastal U.S. Markets (2) (3) Portfolio Same Store Seattle 12.8% 98.3% 97.4% 97.3% 97.0% Northern New Jersey / New York City 96.2% 96.2% 27.9% 96.0%
Slide 7: Terreno’s Submarket Focus
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Terreno’s Submarket Focus Percentage Decrease in Industrial Supply Highly Focused Submarket Strategy Since 2000 (2) In Select Submarkets 38% of portfolio located in shrinking supply submarkets (1) ̶ C
Slide 8: Shrinking Supply: Seattle Eastside
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Shrinking Supply: Seattle Eastside Approximately 16.6% Decrease in Supply and 6.9% Average Annual Increase in Rental Rate Since 2000 Source: CoStar The Eastside’s continued urbanization and light rail
Slide 9: Submarket Focus: Infill
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Submarket Focus: Infill Terreno portfolio located within highest density population submarkets as compared to other industrial REITs (1) Represents average population density weighted by square feet and
Slide 10: Submarket Focus: Infill
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Submarket Focus: Infill Terreno portfolio located within highest density population submarkets as compared to other industrial REITs TRNO: 8,719 Peer Avg: 4,418 TRNO: 28,990 Peer Avg: 7,602 TRNO: 12,143
Slide 11: Submarket Focus: Ownership Density
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Submarket Focus: Ownership Density Expanding presence in infill submarkets JFK Airport - Jamaica, Queens, New York City Airgate Building F Building K Building E Building I Building G Building D Building
Slide 12: Superior Long-Term Results
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Superior Long-Term Results 11.1% 13.0% Average Cash Unleveraged IRR on SSNOI Growth 39 Sold Properties Since IPO(1) Since IPO(1) 12.3% 10.8% Dividend CAGR TSR CAGR Since Since 2011 Initiation 2010 IPO (
Slide 13: Countyline Corporate Park Phase IV
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Countyline Corporate Park Phase IV Countyline Corporate Park Phase IV is a 121-acre landfill redevelopment project in Miami’s Countyline Corporate Park (“Countyline”), immediately adjacent to Terreno
Slide 14: Environmental Highlights
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Environmental Highlights We contribute positively to the environment by owning and operating facilities in infill locations close to population centers thereby minimizing vehicle miles traveled and the
Slide 15: Market Leading Corporate Structure
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Market Leading Corporate Structure Management Alignment Corporate Governance Executive Team’s long-term incentive Tied for #1 among all REITs for Corporate compensation fully aligned with stockholde
Slide 16: Key Takeaways
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Key Takeaways Focused strategy – Six major coastal US markets, exclusively – Flexible and functional assets in infill locations Acquisition opportunities across our target markets at discounts to re
Slide 17: Appendix
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix 17
Slide 18: Appendix: Statements Of Operations
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Statements Of Operations CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended December 31, For the Year Ended December 31, (in thousands except share and per share data) 2024 2023
Slide 19: Appendix: Net Income, FFO and Adjusted FFO
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Net Income, FFO and Adjusted FFO NET INCOME, FFO AND ADJUSTED FFO (1) For the Three Months Ended December 31, For the Year Ended December 31, (in thousands except share and per share data) 202
Slide 20: Appendix: Supplemental Components of NAV
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Supplemental Components of NAV For the Three COMPONENTS OF NET OPERATING INCOME(1) Months Ended Q4 2024 Acquisitions (in thousands except share and per share data) December 31, 2024 Purchase E
Slide 21: Appendix: Same Store Results
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Same Store Results For the Three Months For the Year Ended Ended December 31, December 31, SAME STORE GROWTH (1) (in thousands) 2024 2023 $ Change % Change 2024 2023 $ Change % Change Net inco
Slide 22: Appendix: Developments and Redevelopments
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Developments and Redevelopments DEVELOPMENTS AND REDEVELOPMENTS Total Expected Amount Spent Estimated Estimated Post- Estimated % Pre-leased Investment (in to Date (in Stabilized Development S
Slide 23: Appendix: Dispositions
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Dispositions HISTORICAL DISPOSITIONS Acquisition Price (in Disposition Price (in Unleveraged Property Market Acquisition Date Disposition Date thousands) thousands) IRR Rialto Los Angeles Sept
Slide 24: Appendix: Capitalization
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Capitalization Maturity (in thousands except share and per share data) Credit Facility Term Loans Senior Unsecured Notes Mortgage Loan Payable Total Debt 2025 $ - $ -$ - $ - $ - 2026 - - 50,00
Slide 25: Appendix: Selected Recent Acquisitions
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Selected Recent Acquisitions Purchase Price: $156.3 million Size: One 36-foot clear height industrial distribution building containing approximately 312,000 leasable 280 Richards square fe
Slide 26: Appendix: Selected Examples of Value Creation
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Selected Examples of Value Creation Since Terreno’s 2010 IPO, approximately 55% of our acquisitions have been value-add investments. Terreno has successfully stabilized 128 value-add investmen
Slide 27: Appendix: Value Creation
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Value Creation Property: Terreno 147th Street Location: Hawthorne, CA, adjacent to I-405 approximately four miles south of Los Angeles International Airport Acquisition Date: August 2022
Slide 28: Appendix: Value Creation
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Value Creation Property: Countyline Corporate Park Phase IV, Building 31 Location: Hialeah, FL, immediately adjacent to Terreno Realty Corporation’s seven fully-leased buildings within Cou
Slide 29: Appendix: Value Realized
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Value Realized Property: 1401 NW 78th Avenue Location: Doral, FL, adjacent to the Palmetto Expressway and the west cargo area of Miami International Airport Size: One industrial distribu
Slide 30: Appendix: Import Partners - LA vs. NY/NJ
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Import Partners - LA vs. NY/NJ Largest Import Sources (1) (2) Ports of Long Beach/Los Angeles Ports of New York City/Newark Rank Country Share % Rank Country Share % 1 China 53% 1 China 22% 2
Slide 31: Appendix: Submarket Focus
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Submarket Focus Market Shrinking Supply (1) No Net New Supply (2) New Supply (3) Los Angeles LAX South Bay West of 405 Commerce/Vernon Hawthorne Mid-Counties Downtown LA San Fernando Valley Or
Slide 32: Appendix: Management and Board of Directors
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Management and Board of Directors Co-founded Terreno Realty Corporation in 2007 Blake Baird Former President and Director of AMB Property Corporation (NYSE: AMB) Chairman and CEO Directo
Slide 33: Appendix: Reporting Definitions
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Reporting Definitions Adjusted EBITDA: We compute Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, gain on sales of real estate investments, acquisition costs
Slide 34: Appendix: Reporting Definitions
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Reporting Definitions Adjusted Funds from Operations (AFFO): We compute AFFO by adding to or subtracting from FFO (see definition below) (i) acquisition costs (ii) stock-based compensation (ii
Slide 35: Appendix: Reporting Definitions
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Reporting Definitions In-Place Cap Rate: We compute estimated in-place cap rates, at the time of acquisition, as annualized cash basis net operating income for the property divided by the tota
Slide 36: Appendix: Reporting Definitions
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Reporting Definitions Net Operating Income (NOI): We compute NOI as rental revenues, including tenant expense reimbursements, less property operating expenses. We compute same store NOI as ren