Terreno Realty Corporation Announces Lease in Gardena, CA

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) announced the lease renewal of 231,000 square feet in Gardena, California, with an omnichannel home goods retailer. The lease will be effective from September 1, 2022, to August 31, 2025. Terreno specializes in acquiring, owning, and operating industrial real estate in major coastal U.S. markets including Los Angeles, New York City, and Miami. The company is focused on expanding its footprint in industrial real estate, highlighting the ongoing demand in the sector despite broader economic uncertainties.

Positive

• Executed lease renewal for 231,000 sq. ft. in Gardena, enhancing occupancy rates.
• Lease duration extends until August 31, 2025, providing stable cash flow.

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 231,000 square feet in Gardena, California with an omnichannel home goods retailer. The lease will commence on September 1, 2022 and will expire August 31, 2025.

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, 2020 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/20220113005950/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What recent lease agreement did Terreno Realty Corporation execute?

Terreno Realty Corporation executed a lease renewal for 231,000 square feet in Gardena, California.

When does the new lease for Terreno Realty Corporation commence?

The lease will commence on September 1, 2022.

What is the duration of the lease renewal for Terreno Realty Corporation?

The lease will expire on August 31, 2025.

In which markets does Terreno Realty Corporation operate?

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