From left to right: Scott Voigts, District Director for Chairman Donald Wagner, Orange County Board of Supervisors District 3; Dustin McDonald; Regional Business Development Specialist for California Governor's Office of Business & Economic Development; Cody Mendoza, District Director for Representative Katie Porter, U.S. House of Representatives District 47; Brian See, Assistant to California State Senator Dave Min, District 37; Lillian Hollar, Field Representative for California State Assemblywoman Cottie Petrie-Norris, District 73; Brooks Gordon, Head of Asset Management, W. P. Carey; Nicolas Isham, Managing Director, W. P. Carey; Jennifer Bell, Terran Orbital; Marc Bell, Chairman & CEO, Terran Orbital; Bryan Starr, CEO of the Greater Irvine Chamber of Commerce; Major General Douglas Raaberg, USAF (Ret.), Board Member, Terran Orbital; William Beck, SVP of Infrastructure, Terran Orbital; Colonel Tom Manion, USMC (Ret.), Board Member, Terran Orbital; Dr. Tobi Petrocelli, Board Member, Terran Orbital; Lt. General Richard Newton III, USAF (Ret.), Board Member, Terran Orbital; Stratton Sclavos, Board Member, Terran Orbital (Image Credit: Terran Orbital)
94,000-square-foot facility developed by W. P. Carey will help fast-growing satellite manufacturer bolster production capacity
Irvine, Calif., May 19, 2023 – Terran Orbital Corporation (NYSE: LLAP) (“Terran Orbital” or “the Company”), a global leader in satellite-based solutions primarily serving the aerospace and defense industries, and W. P. Carey, one of the largest U.S. net lease REITs with over 1,400 properties across the U.S. and Europe, broke ground this morning on a 94,000-square-foot, state-of-the-art satellite manufacturing facility located at 4 Goodyear in Irvine, Calif. In partnership with Terran Orbital, W. P. Carey will redevelop one of its outdated office properties into a new, Class A industrial facility, which will serve as Terran Orbital’s fifth production facility. Demolition of the existing building commenced in February 2023, and the project is expected to be completed in January 2024.
The facility will be located on a five-acre site and upon completion will increase Terran Orbital’s satellite assembly, integration, and test facility space by over three times the Company’s current size. All satellite assembly will be transitioned to this new facility enabling the dedication of Terran Orbital’s existing facilities to the production of components and modules. This optimization will enhance the efficiency and capacity of Terran Orbital’s entire production system.
The property will have 36-foot clear heights and will be built with several sustainable features, including solar panels on the rooftop and electric vehicle charging stations. It is also expected to receive a LEED Gold certification.
“Terran Orbital is thrilled to break ground on 4 Goodyear,” said Terran Orbital Co-Founder, Chairman, and Chief Executive Officer Marc Bell. “The new facility will propel Terran Orbital to new heights. We are currently working on 30 programs and over 375 satellites, including initial constellation orders for SDA, Rivada, and a new constellation customer announced on May 15. We also look forward to the capacity increase the new facility will create as we continue to onboard contracts and satellite orders. W. P. Carey has been a joy to work with and we look forward to developing this new facility together.”
Nicolas Isham, Managing Director, W. P. Carey added, “We are thrilled to leverage our development capabilities to redevelop an outdated office asset and construct a new, state-of-the-art industrial facility for Terran Orbital, a global leader in satellite-based solutions. In addition to bolstering Terran Orbital’s satellite production capacity and bringing jobs to the Irvine area, the redevelopment will create significant value for W. P. Carey by adding to its portfolio a Class A industrial asset located in a top-tier infill market. W. P. Carey pre-leased the building before completion, demonstrating that demand continues to outpace supply for well-located, Class A properties. The facility will be built with sustainability in mind and will target LEED Gold certification, with plans for a solar rooftop installation and electric vehicle charging stations. We look forward to welcoming Terran Orbital as our tenant and to working with them throughout the development process.”
About Terran Orbital
Terran Orbital is a leading manufacturer of satellite products primarily serving the aerospace and defense industries. Terran Orbital provides end-to-end satellite solutions by combining satellite design, production, launch planning, mission operations, and on-orbit support to meet the needs of the most demanding military, civil, and commercial customers. Learn more at www.terranorbital.com.
About W. P. Carey Inc.
Celebrating its 50th anniversary, W. P. Carey ranks among the largest net lease REITs with an enterprise value of approximately $25 billion and a well-diversified portfolio of high-quality, operationally critical commercial real estate, which includes 1,446 net lease properties covering approximately 176 million square feet and a portfolio of 84 self-storage operating properties, as of March 31, 2023. With offices in New York, London, Amsterdam and Dallas, the company remains focused on investing primarily in single-tenant, industrial, warehouse and retail properties located in the U.S. and Northern and Western Europe, under long-term net leases with built-in rent escalations. www.wpcarey.com
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This press release contains “forward-looking statements” for purposes of the federal securities laws. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. All statements, other than statements of present or historical facts, contained in this press release, regarding our future operations, our ability to execute and the expectations, plans and objectives of management are forward-looking statements. Forward-looking statements are typically identified by such words as “plan,” “believe,” “expect,” “anticipate,” “intend,” “outlook, “estimate,” “will,” “should,” “would” and “could” and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements involve a number of risks, uncertainties (many of which are beyond our control), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by the forward-looking statements contained in this press release, including, but not limited to: our ability to scale-up our manufacturing processes and facilities; our ability to finance our operations, research and development activities and capital expenditures; the ability to implement business plans, forecasts, and other expectations, and to identify and realize additional opportunities; anticipated timing, cost, financing and development of our satellite manufacturing capabilities; prospective performance and commercial opportunities and competitors; our expansion plans and opportunities; our ability to finance and invest in growth initiatives; the possibility that the COVID-19 pandemic, or another major disease, natural disaster, or threat to the physical security of our facilities or employees disrupts our business; supply chain disruptions, including delays, increased costs and supplier quality control challenges; and the other risks disclosed in our filings with the Securities and Exchange Commission (the “SEC”) from time to time, including in “Part I, Item 1A. Risk Factors” of our most recent Annual Report on Form 10-K for the year ended December 31, 2022, which was filed with the SEC on March 23, 2023.
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