Terreno Realty Corporation Announces Lease in Elizabeth, NJ

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) announced the pre-leasing of a 31,000 square feet transshipment facility on 6.0 acres in Elizabeth, New Jersey. The lease will start after the current lease expires in January 2023 and end in October 2027. This facility will be utilized by a nationwide operator of container freight stations, marking a strategic move in Terreno's portfolio focused on industrial real estate across major coastal U.S. markets.

Positive

• Secured a pre-lease agreement for 31,000 square feet, enhancing portfolio stability.
• Long-term lease agreement extending to October 2027, providing predictable revenue.

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 pre-leased an approximately 31,000 square feet transshipment facility on 6.0 acres in Elizabeth, New Jersey with a nationwide operator of container freight stations. The lease will commence subsequent to the January 2023 expiration of the current lease and expire October 2027.

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/20220822005635/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What is the recent lease agreement by Terreno Realty Corporation (TRNO)?

Terreno Realty Corporation announced a pre-lease for a 31,000 square feet transshipment facility in Elizabeth, New Jersey, set to commence after January 2023 and expire in October 2027.

When does the current lease for the new facility expire?

The current lease for the facility in Elizabeth, New Jersey, expires in January 2023.

Who is the operator of the transshipment facility leased by TRNO?

The transshipment facility is leased to a nationwide operator of container freight stations.

What are the implications of the new lease for TRNO's revenue?

The long-term lease agreement is expected to provide stable and predictable revenue for Terreno Realty Corporation.