Terreno Realty : Q1 2024 Update

Terreno Realty Corporation

Q1 2024 Update

May 8, 2024

Forward Looking Statements

This presentation contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact are forward-looking statements and, in some cases, can be identified by the use of the words "anticipate," "believe," "estimate," "expect," "intend," "may," "might," "plan," "project," "result," "should," "will," "seek," "target," "see," "likely," "position," "opportunity," "outlook," "potential," "future," "strategy," "goal," and similar expressions. 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 capitalization rates and market capitalization rates. 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 caution investors that forward-looking statements are based on management's beliefs and on assumptions made by, and information currently available to, management. Factors that may cause actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: (i) our ability to identify and acquire industrial properties on terms favorable to us; (ii) general volatility of the capital markets and the market price of our common stock; (iii) adverse economic or real estate conditions or developments in the industrial real estate sector and/or in the markets in which we own properties; (iv) our dependence on key personnel and our reliance on third-party property managers; (v) our inability to comply with the laws, rules and regulations applicable to companies, and in particular, public companies; (vi) our ability to manage our growth effectively; (vii) tenant bankruptcies and defaults on or non-renewal of leases by tenants; (viii) decreased rental rates or increased vacancy rates; (ix) increased interest rates and operating costs; (x) declining real estate valuations and impairment charges; (xi) our expected leverage, our failure to obtain necessary outside financing, and existing and future debt service obligations; (xii) our ability to make distributions to our stockholders; (xiii) our failure to successfully hedge against interest rate increases; (xiv) our failure to successfully operate acquired properties; (xv) risk relating to our real estate redevelopment, renovation and expansion strategies and activities (including rising inflation, supply chain disruptions and construction delays); (xvi) the impact of any future pandemic, epidemic or outbreak of any highly infectious disease on the U.S., regional and global economies and on our business, financial condition and results of operations and that of our tenants;

1. risks associated with security breaches through cyber attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology networks and related systems; (xviii) our failure to qualify or maintain our status as a real estate investment trust ("REIT"), and possible adverse changes to tax laws; (xix) uninsured or underinsured losses and costs relating to our properties or that otherwise result from future litigation; (xx) environmental uncertainties and risks related to natural disasters; (xxi) financial market fluctuations; and (xxii) changes in real estate and zoning laws and increases in real property tax rates. Other factors that could materially affect results can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, including those set forth under the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," in the Company's preliminary prospectus supplement relating to the offering under the section titled "Risk Factors", and in our other public filings.

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.

2

Investment Strategy

high volume distribution points, logistics infrastructure)

- Physical and regulatory constraints to new supply

• Shrinking supply in certain submarkets

Goal: Superior same store NOI and per share NAV growth

1. Reflects Terreno portfolio composition based on annualized base rent ("ABR") as of March 31, 2024 plus in-place ABR for completed 2Q 2024 acquisitions at time of purchase. Excludes ten properties under development or redevelopment that, upon completion, will consist of eleven buildings aggregating approximately 1.6 million square

3 feet and one approximately 2.8-acre improved land parcel, and approximately 45.5 acres of land for future development.

1. Includes 45 improved land parcels totaling approximately 152.4 acres that were 94.6% leased as of March 31, 2024. Such land is used for industrial outdoor storage and may be redeveloped to higher and better use.

1. This is a non-GAAP financial measure. Please see our Reporting Definitions for further explanation.
2. Approximately $1.4 million (260bps) of the increase in cash-basis same store NOI for the quarter ended March 31, 2024 was related to properties that were acquired vacant or

4 with near term expirations. Same store NOI for the year ended December 31, 2020 included approximately $3.3 million (300bps) of termination fees at our Belleville property. Cash-basis same store NOI growth %'s are as reported in the Company's Form 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.

Recent Highlights

Operating Highlights

 Cash rents on new and renewed leases commencing during the three months ended March 31, 2024 increased approximately 47.2% on approximately 0.7 million square feet and 3.3 acres of improved land; tenant retention during the three months ended March 31, 2024 was 54.7% for the operating portfolio and 82.5% for the improved land portfolio.

 Total portfolio, excluding ten properties under development or redevelopment and 45 improved land parcels, was 96.2% leased as of March 31, 2024 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, NJ, 69,000 square feet of vacancy (approximately 40bps) at our West Avenue 140th property in San Leandro, CA, 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 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.

 The same store portfolio of approximately 14.7 million square feet, representing approximately 93.0% of our total square feet, was 96.2% leased as of March 31, 2024 as compared to 98.4% as of December 31, 2023 and 98.3% as of March 31, 2023.

(1) On April 15, 2024, the Company acquired one industrial property in Alexandria, VA, for a purchase price of approximately $84.3 million. On May 2, 2024, the Company acquired a portfolio of industrial properties located in New York City, Northern New Jersey, San Francisco Bay Area and Los Angeles for a purchase price of approximately $364.5 million.

(2) As of May 7, 2024.

5 (3) As of May 7, 2024, we commenced development on three properties year-to-date in 2024, with a total expected investment of approximately $121.2 million, including development costs, capitalized interest and other costs. Additionally, we commenced the redevelopment of one existing property with an expected additional investment of $64.0 million, including redevelopment costs, capitalized interest and other costs.

Terreno's Submarket Focus

7 (1) As of May 7, 2024. Reflects Terreno portfolio composition based on geography and purchase price, includes seven properties under development or redevelopment and improved land parcels. Completed redevelopments are included at total investment. Refer to Appendix for submarket classifications.

1. Data provided by Costar. As a comparison, industrial supply has increased 32% nationally and 142% in the Inland Empire since 2000.

Submarket Focus: Infill

Terreno portfolio located within highest density population submarkets as compared to other industrial REITs

1. Represents average population density weighted by square feet and ranked by 5-mile radius, as of May 7, 2024.
   9 Prologis (NYSE: PLD) 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 represents average population density within 5-mile radius of owned properties, weighted by square footage, as of May 7, 2024. 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, as of May 7, 2024.

10 • PLD excluded due to lack of disclosed data.

• Source: S&P Global Market Intelligence, Terreno Realty Corporation.