Terreno Realty Corporation · NYSE:TRNO
Terreno Realty — Q1 2017 Earnings Presentation
23 slides from Terreno Realty's earnings presentation, May 3, 2017
Slide 1: Terreno Realty Corporation Q1 2017 Update
Terreno Realty Corporation Q1 2017 Update May 3, 2017
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 Focus on Functional Assets Market Approach in Infill Locations Acquire, own and operate industrial real estate in six Broad product opportunity set(1)
Slide 4: Recent Highlights
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Recent Highlights Financial Highlights Net Income available to common stockholders of $0.10 per diluted share for the quarter ended March 31, 2017 compared to $0.15 for the same period in 2016 and $0.
Slide 5: Recent Highlights
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Recent Highlights Investment Highlights Q1 2017 Acquisitions $14.9 million Subsequent to March 31, 2017, disposed of one industrial property for an aggregate sales price of approximately $25.3 million
Slide 6: Current Portfolio Overview
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Current Portfolio Overview Occupancy Six Major Coastal U.S. Markets(1) Portfolio Same Store Seattle 12.2% Northern New Jersey / New York City 23.8% San Francisco Bay Area 14.4% Washington, D.C. / Baltim
Slide 7: Terreno's Submarket Focus
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Terreno’s Submarket Focus Terreno Portfolio (4) Market Shrinking Supply (1) No Net New Supply (2) New Supply (3) Shrinking Los Angeles LAX South Bay Inland Empire West Supply New Supply West of 405 Comm
Slide 8: Selected Recent Acquisitions
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Selected Recent Acquisitions Purchase Price: $7.8 million Estimated Stabilized Cap Rate: 6.0% Lucile Size: One industrial distribution building containing approximately 45,000 square feet on appro
Slide 9: Selected Examples of Value Creation
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Selected Examples of Value Creation In addition to the acquisition and operation of core properties, Terreno also focuses on value add projects. Since its IPO, approximately half of Terreno’s acquisit
Slide 10: Value Creation – Near Term Lease Expirations
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Value Creation – Near Term Lease Expirations Property: V Street Location: Washington, D.C., one block from New York Avenue/Route 50 Size: Six buildings, 820,000 SF on 28.2 acres Acquisition Pric
Slide 11: Value Creation – Redevelopment
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Value Creation – Redevelopment BEFORE Property: South Main Location: Carson, CA Acquisition size and price: Three industrial buildings totaling 186,000 SF and one 34,000 SF office building on 14.3
Slide 12: 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 Majority independent directors with diverse compensation fully aligned with stockhol
Slide 13: 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 rep
Slide 14: Appendix
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix 14
Slide 15: 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 March 31, 2017 2016 REVENUES Rental revenues $ 24,467 $ 19,998 Tenant expense reimbursements 6,974 5,6
Slide 16: 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 For the Three Months Ended March 31, NET INCOME, FFO AND ADJUSTED FFO (1) 2017 2016 Total revenues $ 31,441 $ 25,657 Property operating expenses (8,547) (7,754
Slide 17: 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 Q1 2017 Acquisitions Months Ended COMPONENTS OF NET OPERATING INCOME(1) March 31, 2017 Purchase Estimated Total revenues $ 31,441 Price Stabilized
Slide 18: Appendix: Same Store and Disposition Results
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Same Store and Disposition Results For the Three Months Ended March 31, SAME STORE GROWTH (1) 2017 2016 $ Change % Change Net income $ 5,799 $ 7,433 $ (1,634) (22.0)% Depreciation and amortiza
Slide 19: Appendix: Capitalization
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Capitalization Senior Unsecured Mortgage Loans Maturity Credit Facility Term Loans Notes Payable Total Debt 2017 (9 months) $ - $ - $ - $ 1,383 $ 1,383 2018 - - - 1,910 1,910 2019 - - - 18,805
Slide 20: 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 21: 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 22: 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 23: 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