Terreno Realty Corporation Announces Leases in San Leandro, CA

Rhea-AI Summary

Terreno Realty Corporation has executed an early lease renewal and expansion in San Leandro, California. The expansion lease of 22,000 square feet commenced in July 2023 and expires in December 2034. The renewal lease of 148,000 square feet, which was set to expire in December 2024, will now expire in December 2034.

Positive

• Terreno Realty Corporation has secured an early lease renewal and expansion, which indicates a strong and long-term commitment from a provider of global aerospace and defense industry products and services. This could positively impact the company's financial stability and future growth potential.

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 and expansion in San Leandro, California with a provider of global aerospace and defense industry products and services. The expansion lease of 22,000 square feet commenced July 20, 2023 and expires December 2034. The renewal lease of 148,000 square feet, which was to expire in December 2024, will now expire December 2034.

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, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2022 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/20230720703526/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What is the lease renewal and expansion in San Leandro, California about?

Terreno Realty Corporation has executed an early lease renewal and expansion in San Leandro, California with a provider of global aerospace and defense industry products and services.

What is the duration of the expansion lease?

The expansion lease of 22,000 square feet commenced in July 2023 and expires in December 2034.

What is the duration of the renewal lease?

The renewal lease of 148,000 square feet, which was set to expire in December 2024, will now expire in December 2034.

How does this impact Terreno Realty Corporation?

The lease renewal and expansion indicate a strong and long-term commitment from a key tenant, which could positively impact the company's financial stability and future growth potential.