• 97.0% quarter-end occupancy compared to prior quarter of 96.0% and prior year of 98.3%

• 97.3% quarter-end same-store occupancy compared to prior quarter of 96.0% and prior year of 98.4%

• 24.1% increase in cash rents on new and renewed leases; 40.5% increase year-to-date

• $7.6 million of acquisitions; $474.9 million year-to-date

• Completed the development and stabilization of Countyline Corporate Park Building 39 containing 178,000 square feet

• Issued 2,976,266 shares of common stock under ATM for gross proceeds of $204.5 million

• Increased revolving credit facility borrowing capacity by $200 million to $600 million; extended term

• Increased dividend 8.9%

Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today its operating, investment and capital markets activity for the third quarter of 2024.

Operating

As of September 30, 2024, Terreno Realty Corporation owned 294 buildings aggregating approximately 18.3 million square feet and 45 improved land parcels consisting of approximately 152.4 acres leased to 675 customers:

• The operating portfolio was 97.0% leased at September 30, 2024 as compared to 96.0% at June 30, 2024 and 98.3% at September 30, 2023;

• The same-store portfolio of approximately 14.6 million square feet was 97.3% leased at September 30, 2024 as compared to 96.0% at June 30, 2024 and 98.4% at September 30, 2023;

• The improved land portfolio of 45 parcels totaling approximately 152.4 acres was 98.1% leased at September 30, 2024 as compared to 98.1% at June 30, 2024 and 96.3% at September 30, 2023;

• Cash rents on new and renewed leases totaling approximately 0.5 million square feet and 0.3 acres of improved land commencing during the third quarter increased approximately 24.1% with a tenant retention ratio of 67.3% for the operating portfolio and 100.0% for the improved land portfolio. Cash rents on new and renewed leases totaling approximately 1.6 million square feet and 22.5 acres of improved land commencing during the nine months ended September 30, 2024 increased approximately 40.5% with a tenant retention ratio of 58.0% for the operating portfolio and 66.3% for the improved land portfolio;

• Executed an early lease renewal for 5.4 acres of improved land in Carson, California with a leading national ground delivery company. The lease, which was to expire in March 2025, will now expire March 2030;

• Executed an early lease renewal for 99,000 square feet in Torrance, California with a global supplier of automotive parts, components and technologies. The lease, which was to expire in January 2025, will now expire January 2030;

• Executed a lease for 69,000 square feet in San Leandro, California with an ocean freight provider. The lease commenced on September 30, 2024 and will expire January 2030;

• Executed early lease renewals of three buildings totaling 172,000 square feet in Sunnyvale, California with a leading provider of molecular diagnostic testing. The leases, which were to expire in March 2025, will now expire March 2030;

• Executed a lease for 75,000 square feet in Elizabeth, New Jersey with a third-party logistics provider. The lease commenced on September 30, 2024 and will expire January 2028; and

• Pre-leased 67% of Countyline Corporate Park Phase IV Building 33 in Hialeah, Florida.

Investment

During the third quarter of 2024, Terreno Realty Corporation acquired one industrial property consisting of one building containing approximately 26,000 square feet for a purchase price of approximately $7.6 million. The third quarter investment activity was as follows:

• 3000 V Street NE: One industrial distribution building containing approximately 26,000 square feet on 0.7 acres located in Washington, D.C., immediately adjacent to and between two existing Terreno Realty Corporation buildings on V Street. The property provides four dock-high and one grade-level loading positions and parking for 16 cars. The property was acquired vacant for a purchase price of approximately $7.6 million and an estimated stabilized cap rate of 5.6%.

Year-to-date, Terreno Realty Corporation has acquired four properties consisting of seven buildings containing approximately 423,000 square feet and a multi-market portfolio of industrial properties consisting of 28 buildings containing approximately 1.2 million square feet for an aggregate purchase price of approximately $474.9 million.

During the third quarter of 2024, Terreno Realty Corporation completed the development and stabilization of Countyline Corporate Park Phase IV Building 39 in Hialeah, Florida. The building is 100% leased to one tenant. Building 39 is a 178,000 square foot 36-foot clear height industrial distribution building on 10.9 acres with 58 dock-high and two grade-level loading positions and parking for 156 cars. The building is expected to achieve LEED certification, the total expected investment is $43.8 million and the estimated stabilized cap rate is 5.8%.

Year-to-date, Terreno Realty Corporation has commenced development of three properties that, upon completion, will consist of three industrial distribution buildings aggregating approximately 484,000 square feet, with a total expected investment of approximately $121.2 million. Additionally, we commenced the redevelopment of one existing property in Gardena, California that, upon completion, will consist of three industrial distribution buildings aggregating approximately 228,000 square feet, with an expected additional investment of $64.0 million.

As of September 30, 2024, Terreno Realty Corporation had eight properties under development or redevelopment that, upon completion, will consist of nine buildings aggregating approximately 882,000 square feet which are approximately 41% pre-leased and one approximately 2.8-acre improved land parcel, with a total expected investment of approximately $345.8 million. Additionally, we owned approximately 35.4 acres of land entitled for future development of three buildings aggregating approximately 653,000 square feet.

Terreno Realty Corporation has no acquisitions under contract and approximately $7.6 million of acquisitions under letters of intent. There is no assurance that Terreno Realty Corporation will acquire the properties under letters of intent because the proposed acquisitions are subject to the completion of purchase and sale agreements, satisfactory due diligence and various closing conditions.

Capital Markets

During the third quarter of 2024, Terreno Realty Corporation issued 2,976,266 shares of common stock with a weighted average offering price of $68.70 per share under the Company’s at-the-market equity offering program, receiving gross proceeds of $204.5 million. Year-to-date through September 30, 2024, Terreno Realty Corporation has issued 5,329,544 shares of common stock with a weighted average offering price of $66.62 per share under the Company’s at-the-market equity offering program, receiving gross proceeds of $355.1 million. Combined with the March 2024 public offering of 6,325,000 shares of common stock, Terreno Realty Corporation has issued 11,654,544 shares of common stock at a weighted average offering price of $64.11 per share, receiving aggregate gross proceeds of $747.2 million. Terreno Realty Corporation did not repurchase any shares of common stock pursuant to the Company’s share repurchase authorization.

During the third quarter of 2024, Terreno Realty Corporation closed an $800 million senior amended and restated unsecured credit facility (the “Facility”) to replace its existing $600 million senior unsecured credit facility, including an increase in borrowing capacity under its revolving credit facility by $200 million to $600 million (previously $400 million). In connection with the closing, the maturity of the revolving credit facility was extended to January 2029. As of September 30, 2024, there were no borrowings outstanding under Terreno Realty Corporation’s revolving credit facility.

During the third quarter of 2024, Terreno Realty Corporation repaid $100.0 million of senior unsecured notes using existing cash on hand. We have no further debt maturing in 2024 or 2025. Terreno Realty Corporation declared a regular cash dividend for the quarter ended September 30, 2024 of $0.49 per common share, an increase of 8.9% over the prior dividend level.

Additional information is available on the Company’s website at www.terreno.com. Terreno Realty Corporation expects to file its quarterly report on Form 10-Q for the quarter ended September 30, 2024 on or about November 6, 2024.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: Northern New Jersey/New York City; Los Angeles; Miami; San Francisco Bay Area; Seattle and Washington, D.C.

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”, “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, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2023 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.

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