Terreno Realty Corporation reported significant growth in its financial performance for the three and nine months ended September 30, 2024, compared to the same periods in 2023. Total revenues for the third quarter reached $99.6 million, a 20.2% increase from $82.9 million in the prior year. This growth was driven by new and renewed leases, as well as property acquisitions. Rental revenues and tenant expense reimbursements also rose to $99.6 million from $82.9 million, reflecting a similar increase.
Net income for the third quarter was $36.6 million, up 20.9% from $30.3 million in the same quarter of 2023. For the nine-month period, net income increased to $108.4 million from $93.9 million, marking a 15.4% rise. Funds from Operations (FFO) attributable to common stockholders for the third quarter increased by 25.1% to $60.4 million, while for the nine months, FFO rose by 25.3% to $169.8 million.
Terreno's total investments in properties grew to $4.67 billion as of September 30, 2024, up from $4.05 billion at the end of 2023. Net investments in properties also increased to $4.23 billion from $3.66 billion. The company’s cash and cash equivalents rose to $243.7 million, compared to $165.4 million at the end of 2023.
The company engaged in several strategic developments, including the acquisition of four industrial properties and one portfolio for a total investment of approximately $499.4 million during the nine months ended September 30, 2024. This included a significant acquisition of one industrial property for approximately $7.9 million in the third quarter. Additionally, Terreno has eight properties under development, with a total expected investment of approximately $520.3 million.
Operating expenses increased due to property acquisitions, with total property operating expenses rising by approximately $12.8 million for the nine months ended September 30, 2024. General and administrative expenses also increased by $3.6 million, primarily due to higher compensation costs and an increase in employee numbers.
As of September 30, 2024, Terreno had total unsecured debt of $675 million, down from $775 million at the end of 2023. The company repaid a $100 million tranche of Senior Unsecured Notes in July 2024 and increased its revolving credit facility's borrowing capacity by $200 million to $600 million in September 2024.
Overall, Terreno Realty Corporation's financial results reflect a robust performance, driven by strategic acquisitions and effective management of its property portfolio.
About Terreno Realty Corp
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