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Terreno Realty Corporation Announces Tax Treatment of 2023 Dividends

Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today the income tax treatment of its 2023 dividend distributions to holders of its common stock.

For holders of Terreno Realty Corporation common stock, the 2023 distribution of $1.65 per share includes a portion of one quarterly distribution declared in 2022 and paid in 2023, three quarterly distributions declared and paid in 2023, and a portion of one quarterly distribution declared in 2023 and paid in 2024. The distribution characteristics are as follows:

 
Security Record Date Date Paid Dividend

per Share
2023 Ordinary

Taxable

Dividend
2023 Total

Capital Gain

Dividend
2023 Return

of Capital

Dividend
2023

Unrecaptured

Section 1250

Gain (1)
2023 Section

199A Dividend (2)
Common stock December 30, 2022 January 13, 2023

$

0.275800

$

0.257565

 

$

0.018235

 

$

-

 

$

0.002222

 

$

0.257565

 

Common stock March 31, 2023 April 6, 2023

$

0.400000

$

0.373553

 

$

0.026447

 

$

-

 

$

0.003222

 

$

0.373553

 

Common stock June 30, 2023 July 14, 2023

$

0.400000

$

0.373553

 

$

0.026447

 

$

-

 

$

0.003222

 

$

0.373553

 

Common stock September 29, 2023 October 13, 2023

$

0.450000

$

0.420247

 

$

0.029753

 

$

-

 

$

0.003625

 

$

0.420247

 

Common stock December 15, 2023 January 5, 2024

$

0.125400

$

0.117109

 

$

0.008291

 

$

-

 

$

0.001010

 

$

0.117109

 

Total

$

1.651200

$

1.542027

 

$

0.109173

 

$

-

 

$

0.013301

 

$

1.542027

 

Dividend as a % of total

 

93.4

%

 

6.6

%

 

0.0

%

 

0.8

%

 

93.4

%

(1)

The 2023 Unrecaptured Section 1250 Gain is a subset of, and is included in, the 2023 Total Capital Gain Dividend amount.

(2)

2023 Section 199A Dividends are a subset of, and are included in, the 2023 Ordinary Taxable Dividends.

Approximately $0.13 of the $0.45 distribution that was declared on October 31, 2023 and paid on January 5, 2024 will be considered a distribution made in 2023 for U.S. federal income tax purposes.

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

Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.

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,” 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, 2022 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.

Contacts

Jaime Cannon

415-655-4580

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