Terreno Realty Corporation Announces Leases in New York City

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) announced an early lease renewal, assignment, and expansion in Jamaica, Queens, New York, covering a total of 86,000 square feet with a global logistics provider. The early renewal of 44,000 square feet extends the lease expiry from February 2023 to April 2030. Additionally, the lease includes five expansion spaces totaling 23,000 square feet and an assignment of an existing 18,000 square foot lease, both expiring in April 2030. This strategic move highlights Terreno's commitment to expanding its industrial real estate portfolio.

Positive

• Early lease renewal secures 44,000 square feet until April 2030.
• Expansion into 23,000 square feet of currently vacant space.
• Assignment of existing 18,000 square foot lease solidifies occupancy.
• Strategic location in Jamaica, Queens enhances market presence.

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, assignment, and expansion in Jamaica Queens, New York with a global logistics provider totaling 86,000 square feet. The early lease renewal of 44,000 square feet, which was to expire in February 2023, will now expire April 2030. The five expansion spaces total 23,000 square feet which is vacant currently and will expire April 2030. The assignment of an existing 18,000 square foot lease at the property will expire April 2030.

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/20220908005806/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What recent lease agreements has Terreno Realty Corporation executed in New York?

Terreno Realty Corporation executed an early lease renewal, assignment, and expansion covering a total of 86,000 square feet in Jamaica, Queens, New York.

What is the new expiry date for the early renewed lease by Terreno Realty Corporation?

The early renewed lease of 44,000 square feet will expire in April 2030.

How much space is Terreno Realty Corporation expanding in Jamaica, Queens?

Terreno Realty Corporation is expanding into 23,000 square feet of currently vacant space in Jamaica, Queens.

What is the significance of the lease assignment executed by Terreno Realty Corporation?

The lease assignment involves an existing 18,000 square foot lease, also expiring in April 2030, which reinforces tenant occupancy.