Terreno Realty Corporation Announces Quarterly Operating, Investment and Capital Markets Activity

• 97.7% quarter-end occupancy compared to prior quarter of 96.6% and prior year of 96.0%

• 98.5% quarter-end same-store occupancy compared to prior quarter of 97.4% and prior year of 96.1%

• 22.6% increase in cash rents on new and renewed leases; 26.8% increase year-to-date

• $123.5 million of acquisitions; $123.5 million year-to-date

• $445.3 million of acquisitions under contract or letter of intent

• $114.5 million of dispositions; $139.4 million year-to-date

• $240.8 million of dispositions under contract or access agreement

• No shares of common stock issued under the ATM during the second quarter

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 second quarter of 2025.

Operating

As of June 30, 2025, Terreno Realty Corporation owned 297 buildings aggregating approximately 18.9 million square feet and 47 improved land parcels consisting of approximately 150.6 acres leased to 662 customers:

• The operating portfolio was 97.7% leased at June 30, 2025 as compared to 96.6% at March 31, 2025 and 96.0% at June 30, 2024;

• The same-store portfolio of approximately 14.1 million square feet was 98.5% leased at June 30, 2025 as compared to 97.4% at March 31, 2025 and 96.1% at June 30 2024;

• The improved land portfolio of 47 parcels totaling approximately 150.6 acres was 95.1% leased at June 30, 2025 as compared to 95.1% at March 31, 2025 and 98.1% at June 30, 2024;

• Cash rents on new and renewed leases totaling approximately 0.8 million square feet and 9.2 acres of improved land commencing during the second quarter increased approximately 22.6% with a tenant retention ratio of 71.1% for the operating portfolio and 100.0% for the improved land portfolio. Cash rents on new and renewed leases totaling approximately 1.4 million square feet and 13.5 acres of improved land commencing during the six months ended June 30, 2025 increased approximately 26.8% with a tenant retention ratio of 71.4% for the operating portfolio and 56.1% for the improved land portfolio;

• Executed a lease for 70,000 square feet in Woodinville, Washington with a designer and manufacturer of camera movement systems and stabilizers for unmanned aerial cinematography and remote controlled vehicles. The lease commenced on June 30, 2025 and will expire November 2030;

• Executed a lease renewal for 53,000 square feet in Washington, D.C. with the United States Postal Service. The renewal lease commenced on June 1, 2025 and will expire June 2030;

• Executed a lease for a 3.0-acre improved land parcel in Rancho Dominguez, California with a provider of environmental and regulated waste management services. The lease commenced on May 20, 2025 and will expire May 2028;

• Executed a lease for 103,000 square feet in Redondo Beach, California with a provider of in-space mobility. The lease will commence in stages between July and October 2025 and expire October 2035;

• Executed a lease for 81,000 square feet in Avenel, New Jersey with a third-party logistics provider. The lease commenced on June 30, 2025 and will expire November 2030; and

• Executed a lease renewal for 35,000 square feet and an expansion lease for 30,000 square feet in Santa Clara, California, with a designer and developer of eVTOL aircraft. The renewal lease will commence upon expiration of the existing lease in September 2025 and the expansion lease will commence in August 2025. Both leases will expire August 2028.

Investment

During the second quarter of 2025, Terreno Realty Corporation acquired six industrial properties consisting of six buildings containing approximately 305,000 square feet for an aggregate purchase price of approximately $123.5 million. The second quarter investment activity was as follows:

• 9660 153rd Avenue NE: One industrial distribution building containing approximately 33,000 square feet on 1.5 acres located in Redmond, Washington, on Seattle's Eastside. The property provides two dock-high and one grade-level loading positions. The property was acquired 100% leased on a short-term basis, for a purchase price of approximately $9.3 million. After the existing tenant vacates, the property will be renovated to contain approximately 24,000 square feet. The estimated stabilized cap rate after renovation is 5.5%;

• 43-27 33rd Street: One industrial distribution building containing approximately 20,000 square feet on 0.5 acres located in Long Island City, Queens, New York, adjacent to New York State Route 25 (Queens Boulevard) and approximately one mile from the Queensboro (59th Street) Bridge. The property provides four grade-level loading positions. The property was acquired 100% leased through December 2027 to a commercial bakery and kitchen for a purchase price of approximately $7.6 million and an estimated stabilized cap rate of 4.6%;

• 11100 Hindry Avenue: One industrial flex building containing approximately 34,000 square feet on 1.5 acres located in Los Angeles, California, west of I-405 and adjacent to Los Angeles International Airport. The property provides two dock-high and five grade-level loading positions. The property was acquired 100% leased to four tenants all of which expire by September 2028 for a purchase price of approximately $10.0 million and an estimated stabilized cap rate of 6.4%;

• 11-40 Borden Avenue: One industrial distribution building containing approximately 36,000 square feet on 1.0 acres located in Long Island City, Queens, New York, adjacent to the entrance to the Queens-Midtown Tunnel and the Pulaski Bridge. The property provides two dock-high and one van-level loading positions. The property was acquired 100% leased through May 2028 to an insulation distributor for a purchase price of approximately $16.0 million and an estimated stabilized cap rate of 3.9%;

• 3500 West MacArthur Boulevard: One industrial distribution building containing approximately 134,000 square feet on 12.1 acres of industrial-zoned land located in Santa Ana, California, adjacent to I-405 in Orange County. The property provides seven dock-high and three grade-level loading positions. The property is currently 100% leased to a major home improvement retailer and operated as a retail location. The property was acquired for a purchase price of approximately $49.5 million and an estimated stabilized cap rate of 5.7%; and

• 49-10 27th Street: One industrial distribution containing approximately 48,000 square feet on 2.2 acres located in Long Island City, Queens, New York, adjacent to the entrance to the Queens-Midtown Tunnel. The property provides ten dock-high and 14 grade-level loading positions. The property was acquired vacant for a purchase price of approximately $31.1 million. Terreno Realty Corporation expects to substantially renovate the building including new truck loading configuration, new office, new warehouse and exterior lighting, slab repair and possibly a roof raise. The renovated property, expected to be completed in 2026, is expected to have a total investment of approximately $40.2 million and the estimated stabilized cap rate is 5.5%.

Year-to-date, Terreno Realty Corporation has acquired six industrial properties consisting of six buildings containing approximately 305,000 square feet for an aggregate purchase price of approximately $123.5 million.

During the second quarter of 2025, Terreno Realty Corporation sold two properties consisting of six buildings containing approximately 584,000 square feet for an aggregate sale price of approximately $114.5 million:

• One industrial flex building containing approximately 39,000 square feet on 2.1 acres in Bellevue, Washington for a sale price of approximately $17.5 million. The property was acquired by Terreno Realty Corporation in November 2020 for approximately $11.7 million. The unleveraged internal rate of return generated by the investment was 11.1%; and

• Five multi-tenant industrial buildings containing approximately 545,000 square feet on 24.0 acres in Commerce, California for a sale price of approximately $97.0 million. The property was acquired by Terreno Realty Corporation in May 2012 for approximately $52.4 million. The unleveraged internal rate of return generated by the investment was 9.5%.

Year-to-date, Terreno Realty Corporation has sold four properties consisting of eight buildings containing approximately 672,000 square feet for an aggregate sale price of approximately $139.4 million.

As of June 30, 2025, Terreno Realty Corporation had six properties under development or redevelopment that, upon completion, will consist of nine buildings aggregating approximately 0.9 million square feet which are approximately 47% pre-leased, and approximately 22.4 acres of land entitled for future development, with a total expected investment of approximately $436.4 million.

Terreno Realty Corporation has approximately $10.3 million of acquisitions under contract and approximately $435.0 million of acquisitions under letters of intent. Additionally, Terreno Realty Corporation has approximately $9.5 million of dispositions under contract and approximately $231.3 million of dispositions under access agreements where due diligence has commenced. There is no assurance that Terreno Realty Corporation will acquire or dispose of the properties under contract, letters of intent or access agreements because the proposed acquisitions and dispositions are subject to the completion of satisfactory due diligence, closing conditions and, in the case of letters of intent and access agreements, contracts.

Capital Markets

During the second quarter of 2025, Terreno Realty Corporation did not issue any shares of common stock under the Company's at-the-market equity offering program. Year-to-date through June 30, 2025, Terreno Realty Corporation has issued 3,506,371 shares of common stock with a weighted average offering price of $67.71 per share under the Company's at-the-market equity offering program, receiving gross proceeds of $237.4 million. Terreno Realty Corporation did not repurchase any shares of common stock pursuant to the Company's share repurchase authorization.

As of June 30, 2025, there were no borrowings outstanding under Terreno Realty Corporation's $600 million revolving credit facility. Terreno Realty Corporation has no debt maturities in 2025 and $50 million of debt maturities in 2026.

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 June 30, 2025 on or about August 6, 2025.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey; 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, 2024 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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Terreno Realty Corporation

Jaime Cannon, 415-655-4580