Terreno Realty posted Q2 GAAP net income of USD 57.57 million, down 38.3% from a year earlier as gain on sales fell 78% to USD 12.04 million.
GAAP revenue rose 11.1% to USD 124.71 million, while net operating income increased 12.8% to USD 95.09 million.
GAAP interest expense climbed 18.5% to USD 8.34 million, while general and administrative costs increased 12% to USD 13.84 million.
FFO, acquisitions and dividend
Funds from operations attributable to common stockholders rose 12.1% to USD 74.34 million, lifting basic FFO per share to USD 0.70.
Terreno acquired four industrial properties for USD 172.3 million during the quarter, sold three properties for USD 86.2 million in the first half, and declared a USD 0.57 dividend.
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