Terreno Realty Corporation Announces Lease in Kent, WA

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) announced a full-building lease for 117,000 square feet in Kent, Washington. The lease, effective from June 30, 2022 to December 2029, is with a nationwide building products distributor. As a key player in industrial real estate across six major coastal U.S. markets, including Los Angeles and Miami, this lease reinforces Terreno's strategy to expand its footprint and ensure steady revenue streams.

Positive

• Executed a full-building lease for 117,000 square feet in Kent, Washington.
• Long-term lease running until December 2029, ensuring stable revenue.
• Strengthens presence in key U.S. coastal markets.

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 full-building lease for approximately 117,000 square feet in Kent, Washington with a nationwide building products distributor. The lease commenced June 30, 2022 and expires December 2029.

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/20220630005686/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 (TRNO) has executed a lease for approximately 117,000 square feet in Kent, Washington, effective from June 30, 2022, until December 2029.

What is the significance of the lease executed by TRNO in Kent, Washington?

The lease enhances TRNO's portfolio by providing stable revenue from a nationwide building products distributor and reinforces its presence in the industrial real estate market.

When does the lease agreement for TRNO in Kent, Washington, expire?

The lease agreement for TRNO in Kent, Washington, is set to expire in December 2029.

In which markets does Terreno Realty Corporation (TRNO) operate?

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