Terreno Realty Corporation Announces Lease in Rancho Dominguez, CA

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) has renewed a lease for 66,000 square feet in Rancho Dominguez, California, extending it until May 2026. The lease was previously set to expire in April 2023 and is with a third-party logistics provider servicing the Southwestern U.S. and Mexico. This move underscores Terreno's strategic focus on retaining tenants and maintaining occupancy levels across its industrial real estate portfolio, which spans six major U.S. coastal markets, including Los Angeles and New York City.

Positive

• Early lease renewal increases tenant retention and stability.
• The lease extension aligns with Terreno's strategy to maintain occupancy in its industrial properties.

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 for 66,000 square feet in Rancho Dominguez, California with a provider of third-party logistics in the Southwestern U.S. and Mexico. The lease, which was to expire in April 2023, will now expire May 2026.

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/20221027006172/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What recent lease agreement did Terreno Realty Corporation announce?

Terreno Realty Corporation announced an early lease renewal for 66,000 square feet in Rancho Dominguez, California, extending it until May 2026.

What was the original expiration date of the lease renewed by TRNO?

The original expiration date of the lease was April 2023.

Which company is the tenant for the renewed lease with TRNO?

The tenant is a provider of third-party logistics servicing the Southwestern U.S. and Mexico.

In which markets does Terreno Realty Corporation operate?

Terreno Realty Corporation 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.