Business Description

Overview Terreno Realty Corporation (“Terreno”, and together with its subsidiaries, “we”, “us”, “our”, “our Company” or “the Company”) 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. We invest in several types of industrial real estate, including warehouse/distribution (approximately 80.5% of our total annualized base rent as of December 31, 2025), flex (including light industrial and research and development, or R&D) (approximately 3.4%), transshipment (approximately 6.0%) and improved land (approximately 10.1%). We target functional properties in infill locations that may be shared by multiple tenants and that cater to customer demand within the various submarkets in which we operate. Infill locations are geographic locations surrounded by high concentrations of already developed land and existing buildings. As of December 31, 2025, we owned a total of 309 buildings (including one building held for sale) aggregating approximately 19.8 million square feet, 46 improved land parcels consisting of approximately 147.0 acres and six properties under development or redevelopment. As of December 31, 2025, the buildings and improved land parcels were approximately 96.1% and 95.4% leased, respectively, to 683 customers, the largest of which accounted for approximately 4.9% of our total annualized base rent. We are an internally managed Maryland corporation and elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, or the Code, commencing with our taxable year ended December 31, 2010. Our Investment Strategy We acquire, own and operate 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. As described in more detail below, we invest in several types of industrial real estate, including warehouse/distribution, flex (including light industrial and R&D), transshipment and improved land. We target functional properties in infill locations that may be shared by multiple tenants and that cater to customer demand within the various submarkets in which we operate. Industrial Facility General Characteristics Warehouse / distribution (approximately 80.5% of our total annualized base rent as of December 31, 2025) • Single and multiple tenant facilities that typically serve tenants greater than 10,000 square feet of space • Generally less than 20% office space • Typical clear height from 18 feet to 36 feet • May include production/manufacturing areas • Interior access via dock-high and/or grade-level doors • Truck court for large and small truck distribution options, possibly including staging for a high volume of truck activity and/or trailer storage Flex (including light industrial and R&D, approximately 3.4% of our total annualized base rent as of December 31, 2025) • Single and multiple tenant facilities that typically serve tenants less than 10,000 square feet of space • Facilities generally accommodate both office and warehouse/manufacturing activities • Typically has a larger amount of office space and shallower bay depths than warehouse/distribution facilities • Parking consistent with increased office use • Interior access via grade-level and/or dock-high doors • Staging for moderate truck activity • May include a showroom, service center, or assembly/light manufacturing component 4 Table of Contents • Enhanced landscaping Transshipment (approximately 6.0% of our total annualized base rent as of December 31, 2025) • Includes truck terminals and other transshipment facilities, which serve both single and multiple tenants • Typically has a high number of dock-high doors, shallow bay depth and lower clear height • Staging for a high volume of truck activity and trailer storage Improved land (approximately 10.1% of our total annualized base rent as of December 31, 2025) • Used for industrial outdoor storage, including truck, trailer and car parking • May be redeveloped in the future We selected our target markets by drawing upon the experience of our executive management investing and operating in over 50 global industrial markets located in North America, Europe and Asia, the fundamentals of supply and demand, and in anticipation of trends in logistics patterns resulting from population changes, regulatory, geopolitical…