Terreno Realty Corporation Announces Leases in Los Angeles

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) has announced the renewal of three significant leases totaling 306,000 square feet across California. The first renewal in Commerce involves 203,000 square feet with a logistics provider, expiring June 30, 2026. The second renewal in Redondo Beach covers 103,000 square feet with an aerospace manufacturer, set to last until December 31, 2025. Additionally, a new lease of 2.5 acres for a trucking services provider in Rancho Dominguez will begin on December 31, 2020, and run until February 28, 2026. This strategic renewal underscores Terreno's commitment to its industrial real estate portfolio.

Positive

• Renewed lease of 203,000 square feet in Commerce, expiring June 30, 2026.
• Renewed lease of 103,000 square feet in Redondo Beach, expiring December 31, 2025.
• Executed a new lease for a 2.5-acre parcel, enhancing operational capacity.

Negative

• None.

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 two renewal leases totaling 306,000 square feet and a 2.5-acre lease of a recently acquired vacant improved land parcel.

In Commerce, California Terreno Realty Corporation renewed a lease of approximately 203,000 square feet expiring March 31, 2021 with a third-party logistics provider. The renewed lease will expire June 30, 2026.

In Redondo Beach, California Terreno Realty Corporation renewed a lease of approximately 103,000 square feet expiring December 31, 2020 with a leading aerospace manufacturer. The renewed lease will expire December 31, 2025.

In Rancho Dominguez, California Terreno Realty Corporation executed a full-property lease for a 2.5-acre improved land parcel which Terreno Realty Corporation acquired on December 2, 2020. The new lease with a regional provider of trucking services will commence December 31, 2020 and expire February 28, 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, 2019 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.

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FAQ

What recent leases has Terreno Realty Corporation (TRNO) executed?

Terreno Realty Corporation (TRNO) recently executed two renewal leases totaling 306,000 square feet and a 2.5-acre lease for improved land in California.

When do the renewed leases for TRNO in Commerce and Redondo Beach expire?

The renewed lease in Commerce expires on June 30, 2026, while the lease in Redondo Beach expires on December 31, 2025.

What is the significance of the new lease executed by TRNO?

The new lease for a 2.5-acre improved land parcel in Rancho Dominguez represents an expansion of TRNO's leasing portfolio, starting December 31, 2020, and ending February 28, 2026.

How does the lease renewal by TRNO affect its business strategy?

The lease renewals reflect Terreno Realty Corporation's strategy to maintain long-term relationships with tenants in key industrial markets, ensuring steady revenue.