Terreno Realty Corporation Announces Lease in Redmond, WA

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO), an owner and operator of industrial real estate, announced a lease agreement for 3.5 acres in Redmond, Washington. This lease, effective March 31, 2023 and expiring in June 2033, is with a North American workplace transportation services provider. The company operates in six major U.S. coastal markets, including Los Angeles, New York City, and Miami.

Investors may find this long-term lease beneficial as it indicates continued demand for industrial space.

Positive

• Executed a long-term lease for 3.5 acres in Redmond, Washington, indicating strong demand for industrial real estate.
• Lease set to start on March 31, 2023, and extend until June 2033, providing stable revenue for a decade.

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 3.5 acres of improved land in Redmond, Washington with a North American provider of workplace transportation services. The lease will commence March 31, 2023 and expire June 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/20230130005778/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation