SAN FRANCISCO—Terreno Realty Corp. beat financial-analysis firm MLV & Co.‘s first-quarter expectations this year with a core FFO per share of $0.24 (excluding $0.03 per share of acquisitions costs) compared to its estimate of $0.23 and consensus of $0.22, MLV reports. Additionally, Terreno’s AFFO per share of $0.20 was well ahead of its estimate of $0.13 and consensus of $0.16.

Strong fundamentals were responsible for the strong quarter, according to MLV. Occupancy increased 70 bps sequentially, and same-store NOI increased by 11% year-over-year. Following the solid quarter, Terreno increased its quarterly dividend payout by a penny to $0.14 per share.

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