05:45 PM EDT, 04/09/2024 (MT Newswires) -- Terreno Realty ( TRNO ) reported late Tuesday a 96.2% occupancy rate at the end of Q1, compared with 98.1% a year earlier, and 98.5% in the previous quarter.

It said the rate declined mainly because of a 123,000-square-foot vacancy at its 620 Division property in Elizabeth, New Jersey, a 69,000-square-foot vacancy at its West Avenue 140th property in San Leandro, California, and 40,000 square feet of acquired vacancy, of which 16,000 square feet was subsequently leased beginning May.

The real estate investment trust also reported quarter-end same-store occupancy of 96.2%, compared with 98.3% a year earlier, and 98.4% in the previous quarter.

Terreno Realty ( TRNO ) said it owned 258 buildings totaling about 15.8 million square feet and 45 improved land parcels consisting of roughly 152.4 acres as of March 31.