Tandem Diabetes signs lease for 181,949 sq ft in San Diego; total future rent ~$192M

TANDEM DIABETES CARE INC

Lease with Kilroy Realty for 181,949 sq ft at 12400 High Bluff Drive, San Diego, in two phases.
Phase I (143,850 sq ft) expected possession Sept 2022; Phase II (38,099 sq ft) by May 2025.
Initial monthly base rent ~$906k; increases by ~$255k after Phase II commences; annual 3% escalations.
Initial term ~12 years 8 months; two five-year renewal options; right of first offer on 34,569 additional sq ft.
Estimated future minimum lease payments total ~$192.13M through 2035.

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