In order to further fuel its growth engine, Terreno Realty Corporation (TRNO - Free Report) – the industrial real estate investment trust (REIT) – disclosed the lease extensions at its East Caribbean Drive buildings in Sunnyvale, CA.
Specifically, the extensions were made for additional five years for the tenant, a molecular diagnostics company, thereby pushing the expiry date of the two leases to Mar 31, 2025. The move helps in securing steady rental revenue for Terreno Realty.
Terreno Realty owns and operates industrial real estate properties mainly in 6 major coastal markets of the U.S. – the high barriers-to-entry markets of Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C./Baltimore. Lately, Terreno Realty has been active in capitalizing on opportunities to strengthen its foothold in these areas and opted for acquisitions as well as lease extension and renewal deals.
Last month, Terreno Realty announced the acquisition of an industrial property in Jessup, MD. The company shelled out about $6.0 million for the purchase. Spanning 88,000 square feet across 5.9 acres, the property has one industrial distribution building that is currently 100% leased to one tenant.
Moreover, adding catalysts to its top line, in the same month, Terreno Realty inked two lease deals at its 2 assets in the San Francisco Bay Area – 238 Lawrence in South San Francisco and Warm Springs Boulevard in Fremont. Such activities bode well for Terreno Realty’s long-term growth.
Terreno Realty currently holds a Zacks Rank #3 (Hold). Some better-ranked stocks in the REIT-Equity Trust – Other sector include Public Storage (PSA - Free Report) , First Industrial Realty Trust Inc. (FR - Free Report) and SL Green Realty Corp. (SLG - Free Report) . All stocks carry a Zacks Rank #2 (Buy).