Terreno Realty (TRNO) announced that it has executed a lease for 226,000 square feet in Newark, California with an Original Design Manufacturer of cloud computing hardware. The lease commenced November 1 and will expire May 2036. To facilitate the new lease, Terreno Realty Corporation terminated effective October 31, the in-place lease that was to expire June 2030 and received a negotiated early termination payment from the prior tenant of approximately $13.5M. In addition, Terreno Realty Corporation will record a net increase in revenue of approximately $4.4M for the three months ended December 31 from the write-off of the below-market lease and straight-line rent related to the early termination of the prior lease.
Meet Your ETF AI Analyst
- Discover how TipRanks' ETF AI Analyst can help you make smarter investment decisions
- Explore ETFs TipRanks' users love and see what insights the ETF AI Analyst reveals about the ones you follow.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TRNO:
- Terreno Realty price target raised to $71 from $64 at Goldman Sachs
- Terreno Realty acquires industrial property in California for $5.6M
- Terreno Realty: Balancing Positive Leasing Activity with Market Challenges
- Terreno Realty’s Mixed Signals: Hold Rating Amid Stable Market and Leasing Spread Concerns
- Terreno Realty reports Q3 operating activity