Terreno Realty Corporation Announces Lease in Commerce, CA

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) has secured a lease renewal for 110,000 square feet in Commerce, California, extending the lease expiration from March 2023 to April 2028. This renewal highlights the company's commitment to maintaining long-term relationships with tenants in the industrial real estate sector.

Terreno operates in six major coastal U.S. markets, including Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.

Positive

• Secured a lease renewal for 110,000 square feet, ensuring long-term revenue stability.
• Extension of lease expiration to April 2028 strengthens tenant relationship.

Negative

• None.

BELLEVUE, Wash.--(BUSINESS WIRE)-- Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today that it has executed a lease renewal for 110,000 square feet in Commerce, California with a provider of third-party logistics. The lease, which was to expire in March 2023, will now expire April 2028.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C.

Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “result,” “should,” “will,” “seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,” “potential,” “enthusiastic,” “future” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors, that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates, the impact of the COVID-19 pandemic on our business, our tenants and the national and local economies, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2021 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221215006066/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What is the recent lease renewal by Terreno Realty Corporation involving TRNO?

Terreno Realty Corporation has renewed a lease for 110,000 square feet in Commerce, California, now expiring in April 2028.

How does the lease renewal impact TRNO's financial outlook?

The lease renewal provides long-term revenue stability, positively impacting TRNO's financial outlook.

What markets does Terreno Realty Corporation operate in?

Terreno Realty Corporation operates in Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.