Terreno Realty Corporation Announces Leases in Seattle, WA

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) has announced the execution of leases totaling 57,000 square feet at its SoDo Row redevelopment property in Seattle. The leases will begin on September 1, 2021 and December 31, 2021, expiring on March 31, 2027, bringing the property to 65% leased. Terreno Realty operates industrial real estate across six major coastal U.S. markets including Los Angeles, New Jersey, San Francisco, Seattle, Miami, and Washington, D.C.

Positive

• Executed leases totaling 57,000 square feet enhance portfolio utilization.
• SoDo Row is now 65% leased, indicating a positive leasing trend.

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 for a total of 57,000 square feet in Terreno Realty Corporation’s SoDo Row redevelopment property in Seattle, Washington, with a provider of omnichannel logistics programs. The leases will commence on September 1, 2021 for 32,000 square feet and December 31, 2021 for 25,000 square feet and will expire March 31, 2027. These leases bring SoDo Row to 65% leased.

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, 2020 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/20210907005027/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What recent lease agreements were announced by Terreno Realty Corporation (TRNO)?

Terreno Realty Corporation announced leases totaling 57,000 square feet at the SoDo Row property in Seattle.

When do the new leases for TRNO commence and expire?

The leases commence on September 1, 2021, and December 31, 2021, and will expire on March 31, 2027.

What percentage of the SoDo Row property is leased after the new agreements?

After the new leases, the SoDo Row property is now 65% leased.