Terreno Realty Corporation · NYSE:TRNO
Terreno Realty — Q3 2025 Earnings Presentation
32 slides from Terreno Realty's earnings presentation, Nov 5, 2025
Slide 1: Terreno Realty Corporation Q3 2025 Update
Terreno Realty Corporation Q3 2025 Update November 5, 2025
Slide 2: Forward Looking Statements
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Forward Looking Statements This presentation contains forward-looking statements within the meaning of the federal securities laws. When used, the words “anticipate”, “believe”, “estimate”, “expect”, “i
Slide 3: Investment Strategy
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Investment Strategy Unique and Highly Selective Functional Assets Market Approach in Infill Locations Acquire, own and operate industrial real estate in six Broad product opportunity set (1) major c
Slide 4: Financial Highlights
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Financial Highlights FFO Per Share (1) Net Income Per Share $0.67 $1.00 $0.90 $0.76 $0.64 $0.47 $0.62 $0.62 $0.62 $0.37 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 Cash Same St
Slide 5: Recent Highlights
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Recent Highlights Investment Highlights Capital Markets Activities Q3 2025 Acquisitions $472.6 million During the third quarter of 2025, Terreno Realty Corporation did not issue any shares of common s
Slide 6: Current Portfolio Overview
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Current Portfolio Overview Occupancy (1) (2) Six Major Coastal U.S. Markets (2) (3) Portfolio Same Store 46% 54% 98.5% 98.6% Seattle 98.2% 14.7% 97.4% 97.7% 97.3% 97.0% 97.1% New York City / 96.6% North
Slide 7: Terreno's Submarket Focus
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Terreno’s Submarket Focus Percentage Decrease in Industrial Supply Highly Focused Submarket Strategy Since 2010 (2) In Select Submarkets 40% of portfolio located in shrinking supply submarkets (1) ̶ C
Slide 8: Submarket Focus: Infill
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Submarket Focus: Infill Terreno portfolio located within highest density population submarkets as compared to other industrial REITs • TRNO represents average population density within 5-mile and 10-mil
Slide 9: Submarket Focus: Infill
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Submarket Focus: Infill Terreno portfolio located within highest density population submarkets as compared to other industrial REITs TRNO: 7,930 Peer Avg: 4,418 TRNO: 35,142 Peer Avg: 7,580 TRNO: 12,141
Slide 10: Submarket Focus: Ownership Density
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Submarket Focus: Ownership Density Expanding presence in infill submarkets (1) 13% ownership of Seattle Eastside industrial product (2) 12% ownership of Washington, D.C. industrial product Redmond-Woodi
Slide 11: Shrinking Supply: Seattle Eastside
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Shrinking Supply: Seattle Eastside Approximately 8.5% Decrease in Supply and 9.0% Average Annual Increase in Rental Rate Since 2010 Source: CoStar The Eastside’s continued urbanization and light rail
Slide 12: Superior Long-Term Results
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Superior Long-Term Results 10.9% 12.7% Average Cash Unleveraged IRR on SSNOI Growth 45 Sold Properties Since IPO(1) Since IPO(1) 12.0% 9.7% Dividend CAGR TSR CAGR Since Since 2011 Initiation 2010 IPO (1
Slide 13: Market Leading Corporate Structure
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Market Leading Corporate Structure Management Alignment Corporate Governance Executive Team’s long-term incentive Tied for #4 among all REITs for Corporate compensation fully aligned with stockholde
Slide 14: Key Takeaways
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Key Takeaways Focused strategy – Six major coastal US markets, exclusively – Flexible and functional assets in infill locations Acquisition opportunities across our target markets at discounts to re
Slide 15: Appendix
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix 15
Slide 16: Appendix: Statements Of Operations
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Statements Of Operations CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands except share and per share data) 2
Slide 17: Appendix: Net Income, FFO and Adjusted FFO
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Net Income, FFO and Adjusted FFO NET INCOME, FFO AND ADJUSTED FFO (1) For the Three Months Ended September 30, For the Nine Months Ended September 30, (in thousands except share and per share
Slide 18: Appendix: Supplemental Components of NAV
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Supplemental Components of NAV For the Three COMPONENTS OF NET OPERATING INCOME (1) Months Ended (in thousands except share and per share data) September 30, 2025 Q3 2025 Acquisitions Purchase
Slide 19: Appendix: Same Store Results
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Same Store Results For the Three Months For the Nine Months Ended September 30, Ended September 30, SAME STORE GROWTH (1) (in thousands) 2025 2024 $ Change % Change 2025 2024 $ Change % Change
Slide 20: Appendix: Developments and Redevelopments
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Developments and Redevelopments DEVELOPMENTS AND REDEVELOPMENTS Total Expected Amount Spent Estimated Estimated Post- Estimated % Pre-leased Investment (in to Date (in Stabilized Development S
Slide 21: Appendix: Countyline Corporate Park Phase IV
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Countyline Corporate Park Phase IV Countyline Corporate Park Phase IV is a 121-acre landfill redevelopment project in Miami’s Countyline Corporate Park (“Countyline”), immediately adjacent t
Slide 22: Appendix: Dispositions
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Dispositions HISTORICAL DISPOSITIONS Acquisition Price (in Disposition Price (in Unleveraged Property Market Acquisition Date Disposition Date thousands) thousands) IRR Rialto Los Angeles Sept
Slide 23: Appendix: Value Realized
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Value Realized Property: Interstate Logistics Center Location: South Brunswick, New Jersey Size: 603,000 square foot industrial distribution building on 35.5 acres which is 100% leased
Slide 24: Appendix: Capitalization
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Capitalization Maturity (in thousands except share and per share data) Credit Facility Term Loans Senior Unsecured Notes Mortgage Loan Payable Total Debt Remainder of 2025 $ - $ - - $ - $ - 20
Slide 25: Appendix: Import Partners - LA vs. NY/NJ
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Import Partners - LA vs. NY/NJ Largest Import Sources (1) (2) Ports of Long Beach/Los Angeles Ports of New York City/Newark Rank Country Share % Rank Country Share % 1 China 52% 1 China 22% 2
Slide 26: Appendix: Submarket Focus
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Submarket Focus Market Shrinking Supply (1) No Net New Supply (2) New Supply (3) Los Angeles LAX South Bay West of 405 Commerce/Vernon Hawthorne Mid-Counties Downtown LA Orange County New York
Slide 27: Appendix: Environmental Highlights
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Environmental Highlights We contribute positively to the environment by owning and operating facilities in infill locations close to population centers thereby minimizing vehicle miles travele
Slide 28: Appendix: Management and Board of Directors
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Management and Board of Directors Co-founded Terreno Realty Corporation in 2007 Blake Baird Former President and Director of AMB Property Corporation (NYSE: AMB) Chairman and CEO Directo
Slide 29: Appendix: Reporting Definitions
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Reporting Definitions Adjusted EBITDA: We compute Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, gain on sales of real estate investments, acquisition costs
Slide 30: Appendix: Reporting Definitions
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Reporting Definitions Adjusted Funds from Operations (AFFO): We compute AFFO by adding to or subtracting from FFO (see definition below) (i) acquisition costs (ii) stock-based compensation (ii
Slide 31: Appendix: Reporting Definitions
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Reporting Definitions In-Place Cap Rate: We compute estimated in-place cap rates, at the time of acquisition, as annualized cash basis net operating income for the property divided by the tota
Slide 32: Appendix: Reporting Definitions
SACRAMENTO2013\Investor Presentation\Terreno Realty Roadshow Presentation (July 10, 2013) v7.pptx Appendix: Reporting Definitions Stabilized Cap Rate: We compute estimated stabilized cap rates, at the time of acquisition, as annualized cash basis net operating income for the property stabilized to m