Terreno Realty Corporation Announces Lease in New York City

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO), based in Bellevue, Washington, announced an early lease renewal in Jamaica, Queens, New York, with a global freight forwarding provider. The renewal covers 63,000 square feet, extending the lease from its original expiration in December 2022 to December 2027. This renewal solidifies the company’s position in the industrial real estate sector, as it operates in six major U.S. coastal markets, including Los Angeles and Miami.

Positive

• Early lease renewal of 63,000 square feet enhances cash flow stability.
• Lease extension until December 2027 indicates tenant confidence and long-term commitment.

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 an early lease renewal in Jamaica Queens, New York with a global freight forwarding provider. The early lease renewal of 63,000 square feet, which was to expire in December 2022, will now expire December 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/20221116006069/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What recent lease renewal did Terreno Realty Corporation announce?

Terreno Realty Corporation announced an early lease renewal of 63,000 square feet in Jamaica, Queens, New York.

How long is the lease extension for Terreno Realty Corporation's recent renewal?

The lease extension is from December 2022 to December 2027.

What is the significance of the lease renewal for TRNO investors?

The lease renewal enhances cash flow stability and reflects tenant confidence, positively impacting TRNO's financial outlook.