Terreno Realty Corporation Announces Leases in Brooklyn, NY

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO), a leader in industrial real estate, has announced the execution of leases totaling 43,000 square feet in East Williamsburg, Brooklyn. These leases are with a provider of expedited urban delivery, starting March 1, 2023, and expiring in April 2028. An existing lease will also be extended to the same expiration date. Terreno operates in six major U.S. coastal markets including Los Angeles, New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.

Positive

• Executed leases totaling 43,000 square feet in Brooklyn, enhancing property utilization.
• New leases will provide stable income starting March 1, 2023, through April 2028.
• Extension of existing lease contributes to overall occupancy stability.

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 leases totaling 43,000 square feet in East Williamsburg, Brooklyn, New York with a provider of expedited urban delivery. Two leases, for space which will become vacant on January 31, 2023, will commence on March 1, 2023 and will expire April 2028. Further an existing lease, scheduled to expire January 31, 2023, will be extended and now expire April 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/20220930005665/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What is the significance of the new leases executed by Terreno Realty Corporation (TRNO)?

The new leases for 43,000 square feet in Brooklyn will enhance property utilization and provide stable income.

When do the new leases for TRNO commence and expire?

The new leases will commence on March 1, 2023, and expire in April 2028.

What markets does Terreno Realty Corporation (TRNO) operate in?

Terreno Realty Corporation operates in six major U.S. coastal markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.

What is the impact of the lease extension for TRNO?

The lease extension contributes to overall occupancy stability for Terreno Realty Corporation.