Terreno Realty Corporation Announces Lease in Medley, FL

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) has secured a lease for 6.7 acres of improved land in Medley, Florida, with a North American equipment rental provider. This lease will begin on February 1, 2023, and continue until March 2033. Terreno specializes in acquiring, owning, and operating industrial real estate across six major U.S. coastal markets including Los Angeles, New York City, and Miami.

Positive

• Secured a long-term lease for 6.7 acres in Medley, Florida.
• Lease duration from February 2023 to March 2033 enhances revenue stability.

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 for 6.7 acres of improved land in Medley, Florida with a North American provider of equipment rentals. The lease will commence February 1, 2023 and expire March 2033.

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/20221221005537/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What is the new lease agreement by Terreno Realty Corporation?

Terreno Realty Corporation has signed a lease for 6.7 acres in Medley, Florida, starting February 1, 2023, and expiring in March 2033.

How does the lease in Medley affect TRNO's operations?

The lease contributes to TRNO's portfolio, providing stable rental income in a key market for industrial real estate.

What markets does Terreno Realty operate in?

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