Terreno Realty Corporation
NAREIT Update
June 1, 2026
Investment Strategy
Unique and Highly Selective Market Approach
Functional Assets in Infill Locations
Acquire, own and operate industrial real estate in six major coastal U.S. markets. Exclusively.
Mix of core and value-add investments
No greenfield development
No joint ventures
Emphasis on discount to replacement cost provides margin of safety
Superior market fundamentals
Strong demand generators (high population densities, high volume distribution points, logistics infrastructure)
Physical and regulatory constraints to new supply
Shrinking supply in certain submarkets
Broad product opportunity set (1)
Warehouse / distribution (80.5%)
Improved land (10.2%) (2)
Transshipment (6.3%)
Flex (including light industrial and R&D) (3.0%)
Functional and flexible assets
Cater to sub-market tenant demands, including last-mile distribution
Generally suitable for multiple tenants
Opportunity for higher and better use over time
Goal: Superior same store NOI and per share NAV growth
Reflects Terreno portfolio composition based on annualized base rent ("ABR") as of March 31, 2026. Excludes five properties under development or redevelopment as of
3 March 31, 2026, that, upon completion, will consist of five buildings aggregating approximately 0.9 million square feet.
Includes 46 improved land parcels totaling approximately 147.0 acres that were 96.6% leased as of March 31, 2026. Such land is used for industrial outdoor storage and
may be redeveloped to higher and better use.
Financial Highlights
FFO Per Share (1)
Net Income Per Share
$1.52 (2)
$0.62 $0.64 $0.67
$0.83 (2)
$0.68
$0.47
$0.90
$1.00
$0.66
Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26
Cash Same Store NOI Growth (1)
Cash SSNOI Excluding Termination Fees (1)
26.2%
7.0% 7.3% 7.0%
8.9%
6.9% 7.6% 6.9%
4.0%
8.4%
Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q1 '25 Q2 '25 Q3 '25 Q4 '25 Q1 '26
This is a non-GAAP financial measure. Please see our Reporting Definitions for further explanation.
The three months ended December 31, 2025 includes lease termination income of $13.8 million relating to lease terminations which occurred during the quarter. In connection
4 with the lease terminations, we also recorded a net increase in revenue of approximately $5.8 million from the write-off of the below market leases, net of straight-line rent write-offs. The increase in lease termination revenue was partially offset by a $1.3 million termination fee we paid as part of a lease buy out at two properties. The combined net impact
of lease terminations during the three months ended December 31, 2025 was approximately $18.4 million (approximately $0.18 per share).
Recent Highlights
Investment Highlights
Capital Markets Activities
2026 YTD Acquisitions (1)
$101.8 million
Acquisitions Under Contract (1)(2)
$142.2 million
Acquisitions Under Access Agreements or LOI (1)(2)
$111.5 million
Q2 2026 Dispositions (1)
$31.1 million
2026 YTD Dispositions (1)
$86.2 million
Dispositions Under Contract (1)(2)(3)
$29.9 million
During the second quarter of 2026 through May 29, 2026, Terreno Realty Corporation issued 1,231,860 shares of common stock with a weighted average offering price of $66.31 per share under the Company's at-the-market equity offering program ("ATM"), receiving gross proceeds of $81.7 million. Year-to-date, Terreno Realty Corporation issued 3,313,148 shares of common stock with a weighted average offering price of $65.39 per share under the Company's ATM, receiving gross proceeds of $216.7 million(1).
As of May 29, 2026, there were no borrowings outstanding under Terreno Realty Corporation's $600 million revolving credit facility. The company has $50 million of debt maturities in July 2026 and $150 million of debt maturities in 2027.
On January 7, 2026, Terreno Realty Corporation obtained a new $200 million five-year unsecured term loan. The loan will mature on January 15, 2031, and the interest rate generally will be SOFR plus 1.15% to 1.65%, depending on leverage. Additionally, the previous 10 basis point SOFR credit spread adjustment premium was eliminated on all credit facility borrowings, including term loans. The current interest rate is SOFR plus 1.15%.
Operating Highlights
Leases Commencing During the Three
Months Ended March 31, 2026
Operating Portfolio Improved Land Portfolio Operating Portfolio Improved Land Portfolio
22.4%
0.7 million square feet
7.2 acres
72.6%
45.8%
As of May 29, 2026.
5 (2) There is no assurance that Terreno Realty Corporation will acquire or dispose of the properties under contract, access agreements or letters of intent because the proposed acquisitions and dispositions are subject to the completion of satisfactory due diligence, closing conditions and, in the case of access agreements and letters of intent, contracts.
$8.8 million of dispositions under contract where due diligence has completed and $21.1 million under contract where due diligence has commenced.
Current Portfolio Overview
Occupancy (1) (2)
Portfolio
Same Store
96.4%
97.6% 97.6%
97.6%
47%
Seattle 15.0%
53%
New York City /
Northern New Jersey 26.3%
San Francisco Bay Area
16.5%
Los Angeles 15.3%
Washington, D.C.
9.6%
Miami
17.3%
Key Metrics (4)
Six Major Coastal U.S. Markets (2) (3)
98.0%
97.7%
96.6%
96.2%
96.1%
96.3%
Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26
Square Feet (2)
Average Acquisition Size
19.9 million $22.9 million
Weighted Average Occupancy at Acquisition
Number of Buildings (2)
310 84.3%
Square Feet Under Development or Redevelopment
46 Improved Land Parcels
147.0 acres; 96.6% leased 0.9 million
Portfolio and Same Store occupancy based on approximately 19.9 million and 17.5 million square feet, respectively, as of March 31, 2026, and excludes 46 improved land parcels consisting of approximately 147.0 acres. Vacancy at both March 31, 2026 and December 31, 2025 included 205,000 square feet (approximately 100bps) of vacancy at Countyline Corporate Park Building 30 in Hialeah, Florida which is 100% pre-leased with leases expected to commence in the second quarter of 2026;
Excludes five properties under development or redevelopment as of March 31, 2026, that, upon completion, will consist of five buildings aggregating approximately 0.9 million square feet.
6 (3) Based on annualized base rent ("ABR") by market including approximately 19.9 million square feet and 46 improved land parcels consisting of approximately 147.0 acres as of March 31, 2026. Subsequent to March 31, 2026, we sold one property in the Los Angeles market for approximately $31.1 million.
Portfolio as of March 31, 2026.
Terreno's Submarket Focus
Highly Focused Submarket Strategy
Percentage Decrease in Industrial Supply Since 2010 (2) In Select Submarkets
43% of portfolio located in shrinking supply submarkets (1)
Characterized by shrinking industrial supply. Offers opportunities to convert existing buildings into higher and better use over time. Urban infill.
39% of portfolio in no net new supply submarkets (1)
Characterized by older existing industrial product. Offers opportunities to redevelop existing buildings into new, modern industrial buildings. Infill.
18% of portfolio in new supply submarkets (1)
Characterized by industrial buildings that will remain in their current state for the foreseeable future with
previously undeveloped land available for industrial development. | Submarket | SF Decrease (Millions of SF) | Total SF Decrease Since 2010 | Annual SF Decrease |
Washington, D.C. | 2.0 | 20.3% | 1.3% | |
South San Francisco | 2.2 | 13.9% | 0.9% | |
Seattle Eastside | 1.2 | 8.0% | 0.5% | |
LAX/West of 405 | 1.2 | 7.1% | 0.4% | |
Brooklyn/Queens | 10.6 | 6.0% | 0.4% |
7 (1) As of May 5, 2026. Reflects Terreno portfolio composition based on geography and purchase price, includes five properties under development or redevelopment and improved land parcels. Developments and redevelopments are included at total investment. Refer to Appendix for submarket classifications.
(2) Data provided by Costar. As a comparison, industrial supply has increased 21% nationally and 58% in the Inland Empire since 2010.
Submarket Focus: Infill
Terreno portfolio located within highest density population submarkets as compared to other industrial REITs
8 (1) TRNO represents average population density within 5-mile and 10-mile radius of owned properties as of May 5, 2026, weighted by square footage. Peers represent average population density within 5-mile and 10-mile radius of owned properties, weighted by square footage, and ranked by 5-mile radius. PLD and LINE excluded due to lack of
disclosed data. Source: S&P Global Market Intelligence, Terreno Realty Corporation.
Submarket Focus: Infill
Terreno portfolio located within highest density population submarkets as compared to other industrial REITs
TRNO: 8,116
Peer Avg: 3,030TRNO: 12,018
Peer Avg: 7,391TRNO: 37,241
Peer Avg: 5,967TRNO: 16,061
Peer Avg: 3,015TRNO: 13,801
Peer Avg: 10,070TRNO: 14,744
Peer Avg: 5,4459
TRNO represents average population density within 5-mile radius of owned properties as of May 5, 2026, weighted by square footage. Peers represent average population density within 5-mile radius of owned properties for combined portfolios of COLD, EGP, FR, ILPT, LXP, REXR, and STAG, weighted by square footage, and located in states with TRNO-owned properties.
PLD and LINE excluded due to lack of disclosed data.
Source: S&P Global Market Intelligence, Terreno Realty Corporation.
Submarket Focus: Ownership Density
Expanding presence in infill submarkets (1)
13% ownership of Seattle Eastside industrial product (2)
12% ownership of JFK industrial product
Redmond-Woodinville Road, Woodinville submarket, WA: JFK airport submarket, Queens, NY:
11% ownership of Washington, D.C. industrial product
3% ownership of South San Francisco industrial product
V Street NE, Northeast submarket, Washington, D.C.: South San Francisco submarket, CA:
10
Percentage ownership by square footage. Source: Costar and market broker reports.
Bellevue, Redmond, Kirkland and Woodinville south of SR 522 submarkets. Source: market broker reports
Shrinking Supply: Seattle Eastside
Approximately 8.0% Decrease in Supply and 8.8% Average Annual Increase in Rental Rate Since 2010
Source: CoStar
The Eastside's continued urbanization and light rail expansion has led to significant portions of industrial zones being rezoned or slated for redevelopment.
The Bellevue-520 Corridor and Redmond have seen older industrial properties replaced with mixed-use developments including residential, office and retail spaces.
11
Terreno Properties (18 buildings, 3 improved land parcels)Superior Long-Term Results
11.1%
Average Cash SSNOI Growth Since IPO(1)
12.4%
Unleveraged IRR on 48 Sold Properties Since IPO(1)
11.6%
Dividend CAGR Since 2011 Initiation
10.2%
TSR CAGR Since 2010 IPO
See Appendix for details.
12
Market Leading Corporate Structure
Management Alignment
Corporate Governance
Executive Team's long-term incentive compensation fully aligned with stockholders
Performance shares tied to three-year total stockholder return exceeding the MSCI U.S. REIT Index and FTSE Nareit Equity Industrial Index
No annual cash bonus plan for CEO and President with their long-term compensation paid solely in stock
No stock options, SARs, dividend equivalent units or UPREIT units
Significant senior management and board investment in common shares (approximately 1.9% of outstanding shares valued at $132.9 million)
13
Tied for #2 among all REITs for Corporate Governance by Green Street Advisors, May 2026
Ranked #2 Best Company Board and #3 Best ESG Program among mid-cap REITs in the 2025 Extel Awards
Majority independent directors with diverse expertise serving annual terms; no classification of Board without shareholder approval ("MUTA opt-out")
Adopted a majority voting standard in non-contested director elections
Opted out of three Maryland anti-takeover provisions (no opt in without stockholder approval)
Ownership limits designed to protect REIT status and not for the purpose of serving as an anti-takeover device
No stockholder rights plan unless approved in advance by stockholders or if adopted, subject to termination if not ratified by stockholders within 12 months
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 replacement cost
Ability to convert value-add investments into stabilized assets and realize value
Urban infill locations provide superior rent growth and higher and better use opportunities over time
Strong balance sheet including an investment grade credit rating
Demonstrated value creation with 48 properties sold since 2010 IPO for an aggregate sales price of approximately $1.2 billion earning a 12.4% unleveraged IRR
11.6% dividend CAGR since initiating dividend in 2011
10.2% compounded annual total shareholder return since 2010 IPO
Aligned management team and market leading corporate governance
14
Appendix
15
Appendix: Statements Of Operations
CONSOLIDATED STATEMENTS OF OPERATIONS | F | or the Th | ree Mon | th | s End | ed Marc | h 31, |
(in thousands except share and per share data) | 2026 | 2025 | |||||
REVENUES Rental revenues and tenant expense reimbursements | $ | 124,440 | $ | 110,420 | |||
Total revenues | 124,440 | 110,420 | |||||
COSTS AND EXPENSES | |||||||
Property operating expenses | 31,797 | 28,767 | |||||
Depreciation and amortization | 29,488 | 26,929 | |||||
General and administrative | 12,430 | 11,734 | |||||
Acquisition costs and other | 32 | 2 | |||||
Total costs and expenses | 73,747 | 67,432 | |||||
OTHER INCOME (EXPENSE) Interest and other income | 514 | 1,223 | |||||
Interest expense, including amortization | (8,987) | (7,927) | |||||
Gain on sales of real estate investments | 27,214 | 11,842 | |||||
Total other income | 18,741 | 5,138 | |||||
Net income | 69,434 | 48,126 | |||||
Allocation to participating securities | (323) | (208) | |||||
Net income available to common stockholders | $ 69,111 | $ 47,918 | |||||
EARNINGS PER COMMON SHARE - BASIC AND DILUTED: Net income available to common stockholders - basic | $ 0.66 | $ 0.48 | |||||
Net income available to common stockholders - diluted | $ 0.66 | $ 0.47 | |||||
BASIC WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 104,911,360 | 100,767,821 | |||||
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | 105,223,672 | 101,046,910 | |||||
16
Appendix: Net Income, FFO and Adjusted FFO
NET INCOME, FFO AND ADJUSTED FFO (1) For the Three Months Ended March 31,
(in thousands except share and per share data) | 2026 | 2025 |
Total revenues | $ 124,440 | $ 110,420 |
Property operating expenses | (31,797) | (28,767) |
Depreciation and amortization | (29,488) | (26,929) |
General and administrative | (12,430) | (11,734) |
Acquisition costs and other | (32) | (2) |
Interest and other income | 514 | 1,223 |
Interest expense, including amortization | (8,987) | (7,927) |
Gain on sales of real estate investments | 27,214 | 11,842 |
Net income | 69,434 | 48,126 |
Allocation to participating securities | (323) | (208) |
Net income available to common stockholders | $ 69,111 | $ 47,918 |
Net income available to common stockholders per common share - basic | $ 0.66 | $ 0.48 |
Net income available to common stockholders per common share - diluted | $ 0.66 | $ 0.47 |
Adjustments to arrive at Funds from Operations: | ||
Gain on sales of real estate investments | (27,214) | (11,842) |
Depreciation and amortization related to real estate | 29,471 | 26,893 |
Allocation to participating securities | (333) | (274) |
Funds from Operations (1) | $ 71,358 | $ 62,903 |
Funds from operations per common share - basic | $ 0.68 | $ 0.62 |
Funds from operations per common share - diluted | $ 0.68 | $ 0.62 |
Adjustments to arrive at Adjusted Funds From Operations: | ||
Acquisition costs and other | 32 | 2 |
Stock-based compensation | 4,501 | 4,252 |
Straight-line rents | (6,921) | (3,914) |
Amortization of lease intangibles | (5,341) | (5,010) |
Total capital expenditures | (20,462) | (10,649) |
Capital expenditures related to stabilization (2) | 8,164 | 2,118 |
Adjusted Funds from Operations (1) | $ 51,331 | $ 49,702 |
Common stock dividends paid | $ 54,133 | $ 48,871 |
Weighted average basic common shares | 104,911,360 | 100,767,821 |
Weighted average diluted common shares | 105,223,672 | 101,046,910 |
17 (1) See Reporting Definitions for further explanation. During the three months ended March 31, 2026, we gave contractual rent abatements of approximately $1.9 million to tenants with new leases at our Manhattan and Morton properties. The aggregate rent change for these leases was approximately 75.7%.
Includes costs incurred related to leasing acquired vacancy, renovation and expansion projects (stabilization capital).
Appendix: Supplemental Components of NAV
COMPONENTS OF NET OPERATING INCOME (1)
For the Three Months Ended
(in thousands except share and per share data) March 31, 2026 Q1 2026 Acquisitions
Purchase
Estimated
Leased %
Total revenues | $ | 124,440 | Price | Stabilized | at | |
Less straight-line rents | (6,921) | Property Name Date | (in thousands) | Cap Rate | Acquisition | |
Less amortization of lease intangibles | (5,341) | Whitestone Logistics (5) February 18, 2026 | $ 92,000 | 5.4% | 0% |
Less property operating expenses
(31,797)
175 Canal Street West
February 20, 2026
9,800 5.3% 100%
Cash net operating income
$ 80,381
Total/Weighted Average
$ 101,800 5.4% 10%
CONTRACTUAL RENT ABATEMENTS | $ | 5,836 |
LEASE TERMINATION INCOME, NET | $ | 443 |
CASH NOI FROM DISPOSED PROPERTIES | $ | 1,145 |
CASH NOI FROM HFS PROPERTIES (3) | $ | 555 |
CASH NOI FROM REDEVELOPMENTS | $ | 68 |
SUMMARY MARKET INFORMATION (Operating Portfolio) (2)
Market | Rentable Square Feet | Occupancy % as of March 31, 2026 | Annualized Base Rent (in thousands) | Base Rent Per Occupied Square Foot |
New York City/Northern New Jersey | 3,584,297 | 91.2% | $ 81,153 | $ 24.83 |
Los Angeles | 2,626,216 | 100.0% | 46,336 | 17.64 |
Miami | 4,824,001 | 93.2% | 61,491 | 13.67 |
San Francisco Bay Area | 3,208,407 | 99.3% | 57,543 | 18.06 |
Seattle | 3,557,125 | 98.6% | 50,184 | 14.31 |
Washington, D.C. | 2,124,857 | 98.6% | 33,809 | 16.13 |
Total/Weighted Average | 19,924,903 | 96.3% | $ 330,516 | $ 17.23 |
BALANCE SHEET ITEMS As of March 31,
(in thousands except share and per share data) 2026 Other assets and liabilities
Cash and cash equivalents Restricted cash Construction in progress (2)
Properties held for sale, net (3)
Other assets, net
Less straight-line rents Security deposits Dividends payable
$ 87,874
686
269,515
19,030
114,451
(76,414)
(48,522)
(55,292)
SUMMARY MARKET INFORMATION (Improved Land) (2)
Market | Number of Parcels | Acreage | Occupancy % as of March 31, 2026 | Annualized Base Rent (in thousands) |
New York City/Northern New Jersey | 14 | 62.8 | 99.2% | $ 15,574 |
Los Angeles | 13 | 28.8 | 96.1% | 9,873 |
Miami | 3 | 9.9 | 100.0% | 2,294 |
San Francisco Bay Area | 5 | 14.4 | 100.0% | 3,137 |
Seattle | 9 | 23.8 | 85.7% | 5,289 |
Accounts payable and other liabilities (96,377)
DEBT
Total other assets and liabilities
$ 214,951
Credit facility Term loans (4)
Senior unsecured notes (4)
$ -
(400,000)
(475,000)
Mortgage loan payable (4) | (72,879) | Washington, D.C. | 2 | 7.3 | 100.0% | 1,463 |
Total debt | $ (947,879) | Total/Weighted Average | 46 | 147.0 | 96.6% | $ 37,630 |
Total shares outstanding | 106,307,209 |
See Reporting Definitions for further explanation.
The Company had five properties under development or redevelopment as of March 31, 2026, that, upon completion, will consist of five buildings aggregating approximately 0.9 million square feet.
As of March 31, 2026, the Company had two properties held for sale. These properties consisted of one building located in the Los Angeles market (net book value of approximately $16.7 million and net liabilities of approximately $0.3 million), which sold on April 7, 2026 for a sales price of approximately $31.1 million, and one building in the New York City/Northern New Jersey market (net book value of approximately $2.3 million and net liabilities of $34,000).
18 (4) Excludes deferred financing costs, loan fees and fair market value adjustment.
(5) This property was acquired shell complete only and the Company will permit and construct interior finishes. Upon acquisition, this property was placed into redevelopment with a
total expected investment of approximately $103.4 million.
Appendix: Same Store Results
For the Three Months
Ended March 31,
SAME STORE GROWTH (1)(2)(3) (in thousands)
2026
2025
$ Change
% Change
Net income | $ 69,434 | $ 48,126 | $ 21,308 | 44.3% | |||
Depreciation and amortization | 29,488 | 26,929 | 2,559 | 9.5% | |||
General and administrative | 12,430 | 11,734 | 696 | 5.9% | |||
Acquisition costs and other | 32 | 2 | 30 | 1500.0% | |||
Total other income and expenses | (18,741) | (5,138) | (13,603) | 264.8% | |||
Net operating income | 92,643 | 81,653 | 10,990 | 13.5% | |||
Less non-same store NOI | (11,603) | (6,203) | (5,400) | 87.1% | |||
Same store NOI | $ 81,040 | $ 75,450 | $ 5,590 | 7.4% | |||
Less straight-line rents and amortization of lease intangibles | (8,359) | (8,723) | 364 | (4.2)% | |||
Cash-basis same store NOI | $ 72,681 | $ 66,727 | $ 5,954 | 8.9% | |||
Less termination fee income | (443) | (116) | (327) | 281.9% | |||
Cash-basis same store NOI excluding termination fees | $ 72,238 | $ 66,611 | $ 5,627 | 8.4% |
Average cash-basis same store growth since IPO: 11.1%
Same store NOI is computed as rental revenues, including tenant expense reimbursements, less property operating expenses on a same store basis. The same store pool includes all properties that were owned as of March 31, 2026 and since January 1, 2025 and excludes properties that were held for sale, disposed of prior to or were under development or redevelopment as of March 31, 2026. See Reporting Definitions for further explanation.
During the three months ended March 31, 2026, we gave contractual rent abatements of approximately $1.9 million (approximately 290 basis points) to tenants with new leases at our Manhattan and Morton properties. The aggregate rent change for these leases was approximately 75.7%.
Approximately $2.2 million (approximately 330bps) of the increase in cash-basis same store NOI for the quarter ended March 31, 2026 was related to properties that were
19 acquired vacant or with near term expirations.
Historical same store results include cash-basis same store NOI growth %'s as reported in the Company's Form 10-Q and 10-K's. Previously reported cash-basis same store
NOI growth has not been adjusted for properties that were subsequently disposed of or held for sale.
Appendix: Lease Expirations
BUILDINGS
Year | Rentable Square Feet | % of Total Rentable Square Feet | Annualized Base Rent (in thousands) (2) | % of Total Annualized Base Rent (3) |
Remainder of 2026 (1) | 2,862,730 | 14.4% | $ 46,304 | 11.0% |
2027 | 2,826,860 | 14.2% | 48,768 | 11.6% |
2028 | 2,680,733 | 13.5% | 55,146 | 13.1% |
2029 | 2,935,117 | 14.7% | 59,922 | 14.3% |
2030 | 2,049,453 | 10.3% | 37,161 | 8.9% |
Thereafter | 5,825,804 | 29.2% | 129,289 | 30.9% |
Total | 19,180,690 | 96.3% | $ 376,590 | 89.8% |
IMPROVED LAND PARCELS | Improved Land | % of Total Improved | Annualized Base Rent | % of Total Annualized |
Year | Acreage | Land Acreage | (in thousands) (2) | Base Rent (3) |
Remainder of 2026 (4) | 16.0 | 10.9% | $ 4,583 | 1.1% |
2027 | 11.0 | 7.5% | 3,663 | 0.9% |
2028 | 27.6 | 18.8% | 7,883 | 1.9% |
2029 | 14.1 | 9.6% | 3,394 | 0.8% |
2030 | 30.7 | 20.9% | 8,595 | 2.0% |
Thereafter | 42.6 | 28.9% | 14,793 | 3.5% |
Total | 142.0 | 96.6% | $ 42,911 | 10.2% |
TOTAL BUILDINGS AND IMPROVED LAND PARCELS
Total Annualized Base
% of Total Annualized
Year Rent (in thousands) (3) Base Rent (3)
Remainder of 2026 (5) | $ | 50,887 | 12.1% |
2027 | 52,431 | 12.5% | |
2028 | 63,029 | 15.0% | |
2029 | 63,316 | 15.1% | |
2030 | 45,756 | 10.9% | |
Thereafter | 144,082 34.4% | ||
Total | $ 419,501 100.0% | ||
Includes leases that expire on or after March 31, 2026 and month-to-month leases totaling approximately 52,458 square feet. Approximately 1.1 million square feet of the space expiring during 2026 has either been renewed or pre-leased as of March 31, 2026.
Annualized base rent is calculated as contractual monthly base rent per the leases at expiration, excluding any partial or full rent abatements, as of March 31, 2026, multiplied by 12.
Total annualized base rent is calculated as contractual monthly base rent per the leases at expiration, for all buildings and/or improved land parcels, excluding any partial or full
20 rent abatements, as of March 31, 2026, multiplied by 12.
Includes leases that expire on or after March 31, 2026.
Includes leases that expire on or after March 31, 2026 and month-to-month leases disclosed in footnotes 1 and 4 of the table.
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