• 96.2% quarter-end occupancy compared to prior quarter of 98.5% and prior year of 98.1%

• 96.2% quarter-end same-store occupancy compared to prior quarter of 98.4% and prior year of 98.3%

• 47.2% increase in cash rents on new and renewed leases and tenant retention ratio of 54.7%

• $18.5 million of acquisitions; $448.8 million under contract

• Commenced two developments with total expected investment of $79.1 million; commenced redevelopment of one existing property with expected additional investment of $67.8 million

• Completed an offering of 6,325,000 shares of common stock for gross proceeds of $392.2 million

• Issued 2,353,278 shares of common stock under ATM for gross proceeds of $150.6 million

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 first quarter of 2024.

Operating

As of March 31, 2024, Terreno Realty Corporation owned 258 buildings aggregating approximately 15.8 million square feet and 45 improved land parcels consisting of approximately 152.4 acres:

• The operating portfolio was 96.2% leased at March 31, 2024 to 572 tenants as compared to 98.5% at December 31, 2023 and 98.1% at March 31, 2023. Occupancy at March 31, 2024 declined primarily due to 123,000 square feet of vacancy (approximately 80bps) at our 620 Division property in Elizabeth, New Jersey, 69,000 square feet of vacancy (approximately 40bps) at our West Avenue 140^th property in San Leandro, California, and 40,000 square feet of acquired vacancy (approximately 30bps) of which 16,000 square feet was subsequently leased with a May 2024 commencement date;

• The same-store portfolio of approximately 14.7 million square feet was 96.2% leased at March 31, 2024 as compared to 98.4% at December 31, 2023 and 98.3% at March 31, 2023;

• The improved land portfolio of 45 parcels totaling approximately 152.4 acres was 94.6% leased at March 31, 2024 as compared to 94.6% at December 31, 2023 and 98.9% at March 31, 2023;

• Cash rents on new and renewed leases totaling approximately 0.7 million square feet and 3.3 acres of improved land commencing during the first quarter increased approximately 47.2% with a tenant retention ratio of 54.7% for the operating portfolio and 82.5% for the improved land portfolio; and

• Terreno Realty Corporation pre-leased 100% of Countyline Corporate Park Phase IV Building 39 in Hialeah, Florida. The ten-year lease is an expansion with an existing tenant who provides turbine engine disassembly, repair, logistics and storage devices, and will commence upon completion of tenant improvements expected in July 2024. Currently under construction, Building 39 of Terreno Realty Corporation’s Countyline Corporate Park is a 178,000 square foot 36-foot clear height rear-load 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 with a total expected investment of $43.8 million and estimated stabilized cap rate of 5.8%.

Investment

During the first quarter of 2024, Terreno Realty Corporation acquired two properties consisting of two buildings aggregating approximately 40,000 square feet for an aggregate purchase price of approximately $18.5 million. The first quarter investment activity was as follows:

• 13045 SE 32^nd Street: One industrial distribution building containing approximately 16,000 square feet on 1.8 acres located in Bellevue, Washington, adjacent to the intersection of I-90 and I-405. The property provides three dock-high and two grade-level loading positions and parking for 22 cars. The property was acquired vacant for a purchase price of approximately $6.5 million and an estimated stabilized cap rate of 5.8%. The property was subsequently leased with a May 2024 commencement date; and

• 181 Lombardy Street: One industrial distribution building containing approximately 24,000 square feet on 0.7 acres located in East Williamsburg, Brooklyn, New York, adjacent to the Brooklyn-Queens Expressway. The property provides one dock-high and one grade-level loading position and parking for 10 cars. The property was acquired vacant for a purchase price of approximately $12.0 million and an estimated stabilized cap rate of 5.7%.

During the first quarter of 2024, Terreno Realty Corporation sold one property in Seattle, Washington consisting of a 25,000 square foot industrial distribution building on 1.5 acres for a sale price of approximately $11.0 million. The property was acquired by Terreno Realty Corporation in May 2016 for approximately $4.7 million. The unleveraged internal rate of return generated by the investment was 16.5%.

During the first quarter of 2024, Terreno Realty Corporation commenced development of two properties at Countyline Corporate Park Phase IV in Hialeah, Florida that, upon completion, will consist of two industrial distribution buildings aggregating approximately 322,000 square feet, with a total expected investment of approximately $79.1 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 $67.8 million.

As of March 31, 2024, Terreno Realty Corporation had ten properties under development or redevelopment that, upon completion, will consist of eleven buildings aggregating approximately 1.6 million square feet which are approximately 58% pre-leased and one approximately 2.8-acre improved land parcel, with a total expected investment of approximately $483.6 million. Additionally, we owned approximately 45.5 acres of land entitled for future development of four buildings aggregating approximately 0.8 million square feet.

Terreno Realty Corporation has approximately $448.8 million of acquisitions under contract. There is no assurance that Terreno Realty Corporation will acquire the properties under contract because the proposed acquisitions are subject to the completion of satisfactory due diligence and closing conditions.

Capital Markets

During the first quarter of 2024, Terreno Realty Corporation completed an offering of 6,325,000 shares of its common stock at a price to the public of $62.00 per share, receiving gross proceeds of $392.2 million. The Company intends to use the net proceeds from the offering for future acquisitions, funding of development and redevelopment properties, and for other general corporate purposes.

In addition, Terreno Realty Corporation issued 2,353,278 shares of common stock with a weighted average offering price of $64.00 per share under the Company’s at-the-market equity offering program, receiving gross proceeds of $150.6 million. Terreno Realty Corporation did not repurchase any shares of common stock pursuant to the Company’s share repurchase authorization.

As of March 31, 2024, there were no borrowings outstanding under Terreno Realty Corporation’s $400 million revolving credit facility. Terreno Realty Corporation has one $100 million senior unsecured note maturing in 2024 and no debt maturing in 2025.

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 March 31, 2024 on or about May 8, 2024.

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.

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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