Terreno Realty Corporation Announces Lease in Newark, NJ

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) has announced an early lease renewal for 7.2 acres in Newark, New Jersey, extending the lease expiration from February 2023 to February 2028. The leased land will be utilized by a manufacturer and direct importer of stone products. This strategic move reflects Terreno's commitment to enhancing its portfolio in key coastal markets, including Los Angeles, Northern New Jersey, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.

Positive

• Early lease renewal extending to February 2028 ensures stable revenue.
• Strategic location in Newark may enhance operational efficiency.

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 and extension for 7.2 acres of improved land in Newark, New Jersey with a manufacturer and direct importer of stone products. The lease, which was to expire in February 2023, will now expire February 2028.

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/20220531006037/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What recent lease agreement did Terreno Realty Corporation execute?

Terreno Realty Corporation executed an early lease renewal for 7.2 acres in Newark, New Jersey, extending the lease expiration to February 2028.

What is the significance of the lease extension for TRNO shareholders?

The lease extension ensures stable revenue for Terreno Realty Corporation, which is significant for shareholder value.

Which company operates in Newark, New Jersey, as per the latest TRNO press release?

The lease is with a manufacturer and direct importer of stone products.

How does the lease renewal impact Terreno Realty Corporation's portfolio?

The renewal solidifies Terreno's presence in key coastal markets, contributing to operational stability.