Terreno Realty Corporation Announces Lease in New Jersey

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) has announced a new lease for 192,000 square feet of industrial real estate in Northern New Jersey, set to commence on April 1, 2023, and expire in November 2028. This follows an early termination agreement with a prior tenant, effective March 31, 2023. 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. The lease is expected to strengthen TRNO's position in the logistics sector.

Positive

• Secured a long-term lease of 192,000 sq. ft. in a key market.
• Lease enhances TRNO's presence in the logistics sector, potentially driving revenue.
• Effective early termination of the previous tenant allows for streamlined operations.

Negative

• None.

SAN FRANCISCO--(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 192,000 square feet in Northern New Jersey with a transportation and logistics services provider. The lease will commence April 1, 2023 and will expire November 2028. Terreno Realty Corporation executed an early termination agreement with an existing tenant in the 192,000 square foot space effective March 31, 2023.

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/20230118006053/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What is Terreno Realty Corporation's recent lease announcement for?

Terreno Realty Corporation announced a lease for 192,000 square feet in Northern New Jersey.

When does the new lease for TRNO commence?

The lease will commence on April 1, 2023.

What is the duration of the lease signed by Terreno Realty Corporation?

The lease will expire in November 2028.

What happened to the previous tenant at the TRNO property?

An early termination agreement was executed with the existing tenant effective March 31, 2023.

In which markets does Terreno Realty Corporation operate?

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