Terreno Realty Corporation (TRNO): Business Model Canvas [Dec-2025 Updated]

You're digging into the mechanics of a top-performing industrial real estate player, and honestly, the data from late 2025 paints a very clear picture of Terreno Realty Corporation's success. Their business model is laser-focused on acquiring and optimizing functional, infill industrial properties-the kind essential for last-mile logistics-which is why they are boasting a 96.2% occupancy rate as of September 30, 2025. This strategy of value-add redevelopment and smart capital recycling, evidenced by $237.4 million in gross proceeds from At-The-Market equity offerings year-to-date in Q1 2025 alone, directly fuels their impressive 17.2% cash rent growth on new and renewed leases. Dive into the nine building blocks below to see exactly how this high-demand, urban-centric approach translates into a $443 million trailing-twelve-month revenue stream and a rock-solid BBB+ credit rating.

Terreno Realty Corporation (TRNO) - Canvas Business Model: Key Partnerships

You're looking at the external relationships Terreno Realty Corporation relies on to keep its industrial real estate engine running smoothly across its six major coastal U.S. markets. These partnerships are critical for capital access, property execution, and market presence.

The relationship with lenders is foundational for maintaining liquidity and funding growth, especially development. The $600 million revolving credit facility is a key resource here. As of November 4, 2025, the outstanding balance on this facility was approximately $192.5 million, down from $280 million as of September 30, 2025. This shows active management of the credit line, though it was fully undrawn at March 31, 2025.

Terreno Realty Corporation actively partners with capital markets participants, primarily investment banks, to execute its equity strategy. During the first quarter of 2025, the company raised significant capital through its At-The-Market (ATM) equity offering program. They issued 3,506,371 shares at a weighted average price of $67.71 per share, yielding gross proceeds of $237.4 million. This capital supports acquisitions and development, as evidenced by year-to-date proceeds through September 30, 2025, also totaling $237.4 million.

Development execution relies heavily on specialized contractors. For instance, the ongoing development at Countyline Corporate Park Phase IV involves significant investment commitments. Building 35 alone has a total expected investment of $55.5 million. When Phase IV is fully completed, the total expected investment for the 2.2 million square feet across ten LEED-certified buildings is projected to be approximately $511.5 million.

While Terreno Realty Corporation acquires, owns, and operates its properties, it engages external real estate brokers for acquisition sourcing and leasing activities, and third-party property managers for local operational support in markets like New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C..

Here's a quick look at the key financial and operational partnership metrics:

Partnership Category	Metric/Facility Size	Specific Financial/Statistical Data Point	Date/Period
Lenders (Revolving Credit Facility)	Facility Size	$600 million	Ongoing
Lenders (Revolving Credit Facility)	Outstanding Balance	$192.5 million	November 4, 2025
Investment Banks (ATM Equity)	Gross Proceeds Year-to-Date	$237.4 million	Through September 30, 2025
Investment Banks (ATM Equity)	Shares Issued Year-to-Date	3,506,371 shares	Q1 2025
Construction/Development Contractors	Countyline Corporate Park Phase IV Building 35 Expected Investment	$55.5 million	Ongoing Development
Construction/Development Contractors	Total Phase IV Expected Investment	Approximately $511.5 million	Expected Completion

The reliance on external brokers and managers is implicit in the operational structure, though specific contract values aren't public. Still, the scale of development suggests significant contractor engagement:

• Executed a lease for 81,000 square feet in Avenel, New Jersey, commencing June 30, 2025.
• Portfolio size as of September 30, 2025 included approximately 20.2 million square feet.
• The operating portfolio was 96.6% leased at March 31, 2025.
• The company has a BBB+ rating from Fitch.

Finance: draft 13-week cash view by Friday.

Terreno Realty Corporation (TRNO) - Canvas Business Model: Key Activities

Acquiring functional, infill industrial real estate at a discount

Terreno Realty Corporation executes disciplined capital deployment focused on acquiring properties in its six major coastal U.S. markets.

• Year-to-date acquisitions through September 30, 2025: $596.1 million.
• Q3 2025 acquisitions totaled $472.6 million.
• Acquisitions under contract or letter of intent as of Q3 2025 reporting: $59.8 million.
• Specific Q3 2025 acquisition example: Queens, NY property for $31.1 million.

Leasing and re-leasing properties to maintain high occupancy

Maintaining high utilization of the existing portfolio through aggressive leasing activity is central to Terreno Realty Corporation's strategy, often resulting in significant rent bumps.

Metric	As of September 30, 2025	Comparison Point
Operating Portfolio Leased Rate	96.2%	97.7% at June 30, 2025
Same-Store Portfolio Leased Rate	98.6%	97.1% at September 30, 2024
Improved Land Portfolio Leased Rate	93.6%	N/A
Cash Rent Increase on New/Renewed Leases (Q3 2025)	17.2%	23.8% year-to-date
Tenant Retention Ratio (Operating Portfolio, Q3 2025)	68.7%	N/A

Redeveloping and developing new industrial assets (e.g., Countyline Phase IV)

Terreno Realty Corporation actively develops new assets, often securing pre-leases before stabilization to de-risk the investment.

• Properties under development or redevelopment as of September 30, 2025: six properties comprising nine buildings.
• Total expected investment for current development pipeline: approximately $391.2 million.
• Pre-leased status for in-progress developments: approximately 54%.
• Q3 2025 development commencement: Countyline Corporate Park Phase IV Building 36, with a total expected investment of $54.1 million.
• YTD completed development and stabilization: two properties for a total expected investment of $81.2 million.

Capital management, including debt and equity financing

The company maintains a conservative capital structure, though it has recently utilized its ATM program and credit facility.

Capital Metric	Amount / Detail
Total Debt (as of September 2025)	$1.02B
Revolving Credit Facility Balance (as of Sep 30, 2025)	Approximately $280 million outstanding on the $600 million facility.
Net Debt to Enterprise Value (as of Q3 2025)	13%
Debt Maturities in 2025	None
Debt Maturities in 2026	$50 million
YTD 2025 ATM Gross Proceeds	$237.4 million from 3,506,371 shares issued.

Property management and maintenance for 20.2 million square feet

This activity covers the day-to-day operation and maintenance across the entire owned portfolio in key coastal markets.

• Total buildings owned as of September 30, 2025: 307 buildings.
• Total operating square footage as of September 30, 2025: approximately 20.2 million square feet.
• Total improved land parcels: 44 parcels totaling approximately 146.4 acres.
• Total customers as of September 30, 2025: 676 customers.

Finance: review Q3 2025 debt covenant compliance against the $600 million facility terms by next Tuesday.

Terreno Realty Corporation (TRNO) - Canvas Business Model: Key Resources

The Key Resources for Terreno Realty Corporation center on its physical assets, financial strength, and specialized human capital focused on a specific real estate niche.

The owned portfolio as of September 30, 2025, consisted of:

• 307 buildings aggregating approximately 20.2 million square feet.
• 44 improved land parcels consisting of approximately 146.4 acres.
• The portfolio was 96.2% leased at September 30, 2025.

Resource Metric	Value as of September 30, 2025	Context
Total Buildings Owned	307	Operating Portfolio
Total Improved Land Parcels	44	Operating Portfolio
Total Leased Square Feet	Approximately 20.2 million square feet	Operating Portfolio
Operating Portfolio Lease Rate	96.2%	Quarter-end occupancy
Total Customers	676	Operating Portfolio

Terreno Realty Corporation focuses its industrial real estate holdings exclusively in six major coastal U.S. markets:

• New York City/Northern New Jersey
• Los Angeles
• Miami
• The San Francisco Bay Area
• Seattle
• Washington, D.C.

The company maintains a strong balance sheet, supported by its access to liquidity and debt structure.

The credit facility details as of late 2025 include:

• A $600 million revolving credit facility.
• Borrowings outstanding on the facility were approximately $280 million as of September 30, 2025.
• The balance outstanding decreased to approximately $192.5 million as of November 4, 2025.
• Debt maturities of $50 million are scheduled for 2026.

The management team's expertise is centered on an investment strategy that targets functional, flexible, infill industrial real estate, often acquired at discounts to replacement cost. This includes a focus on value-add opportunities through renovating, re-tenanting, or operational improvements. The Chairman & Chief Executive Officer, W. Blake Baird, previously served as President and a Director of AMB Property Corporation (now Prologis, NYSE:PLD), a leading global developer, owner, and operator of industrial real estate.

Terreno Realty Corporation (TRNO) - Canvas Business Model: Value Propositions

You're looking at what Terreno Realty Corporation (TRNO) actually delivers to its customers right now, late in 2025. Honestly, it boils down to prime dirt and functional space in the best coastal spots. Here's the quick math on what they are providing based on their Q3 2025 numbers.

High-demand, urban infill locations near major population centers

Terreno Realty Corporation focuses its industrial real estate holdings across six major coastal U.S. markets. This geographic concentration is key to their value proposition, putting their assets near dense populations for efficient distribution.

• New York City / Northern New Jersey: 28.2% of Annualized Base Rent (ABR)
• Miami: 16.5% of ABR
• San Francisco Bay Area: 15.8% of ABR
• Los Angeles: 15.4% of ABR
• Seattle: 14.7% of ABR
• Washington, D.C.: 9.4% of ABR

Their portfolio as of September 30, 2025, included 307 buildings and 44 improved land parcels totaling approximately 146.4 acres leased to 676 customers, covering about 20.2 million square feet.

Functional, flexible properties for last-mile logistics and distribution

The properties are overwhelmingly geared toward industrial use, which is exactly what the last-mile logistics sector demands. You can see the focus clearly when you look at the ABR breakdown:

Property Type (by ABR)	Percentage
Warehouse/Distribution	80.4%
Improved Land	10%
Transshipment	6.2%
Flex (Light Industrial/R&D)	3.4%

This composition means the bulk of their square footage is purpose-built for modern distribution needs. Still, the same-store portfolio, representing about 14.1 million square feet, was 98.6% leased as of September 30, 2025.

Significant cash rent growth, with 17.2% increase on Q3 2025 new/renewed leases

The pricing power in these high-demand markets is translating directly into lease economics. For leases commencing in the third quarter of 2025, Terreno Realty Corporation saw strong rent bumps. The cash rents on new and renewed leases increased by 17.2% over the previous rents for the operating portfolio, covering about 0.6 million square feet and 8.0 acres of improved land. Year-to-date through September 30, 2025, that cash rent increase was even higher at 23.8%. The tenant retention ratio for the operating portfolio in Q3 2025 was 68.7%.

High portfolio occupancy of 96.2% as of September 30, 2025

Despite recent acquisitions that included some vacancy, the overall leasing level remains high, showing strong underlying demand for their existing assets. The operating portfolio was 96.2% leased as of September 30, 2025. What this estimate hides, though, is that the 98.6% same-store occupancy rate shows the stabilized assets are performing even better.

Opportunity for conversion to higher and better use over time

Terreno Realty Corporation holds a significant land component that offers optionality for future value creation. They owned 44 improved land parcels totaling approximately 146.4 acres as of September 30, 2025. This land was 93.6% leased, and the company notes this land 'may be redeveloped to higher and better use'. Furthermore, they have six properties under development or redevelopment that will add approximately 0.9 million square feet upon completion, which are already about 54% pre-leased, representing a total expected investment of approximately $391.2 million.

Finance: draft 13-week cash view by Friday.

Terreno Realty Corporation (TRNO) - Canvas Business Model: Customer Relationships

You're looking at how Terreno Realty Corporation manages the people who rent their industrial space and the people who fund their operations. It's all about direct engagement and stability, which is key for a real estate investment trust (REIT) like TRNO.

Direct relationship management with 676 customers

Terreno Realty Corporation focuses its direct management efforts on its entire customer base, which is quite specific given the nature of their single-tenant and multi-tenant industrial properties. As of September 30, 2025, Terreno Realty Corporation owned properties leased to exactly 676 customers across its portfolio of 307 buildings aggregating approximately 20.2 million square feet. This direct touchpoint is crucial for maintaining high occupancy in their coastal U.S. markets.

High tenant retention rate of 71.7% for the operating portfolio

Retention shows how well Terreno Realty Corporation keeps its existing tenants, which is far cheaper than finding new ones. For the nine months ending September 30, 2025, the tenant retention ratio for the operating portfolio stood at 71.7%. To be fair, the retention rate for the third quarter of 2025 alone was slightly lower at 68.7% for the operating portfolio. Still, locking in tenants at higher rates is the goal, as cash rents on new and renewed leases commencing during the first quarter of 2025 climbed 34.2%.

Here's a quick look at the leasing activity metrics around the middle of 2025:

Metric	Value (Q1 2025)	Value (Q3 2025)
Tenant Retention Ratio (Operating Portfolio)	71.7%	68.7%
Cash Rent Increase on New/Renewed Leases	34.2%	17.2%
Operating Portfolio Occupancy (End of Period)	96.6% (as of March 31, 2025)	96.2% (as of September 30, 2025)

Long-term lease agreements to ensure stable cash flow

Terreno Realty Corporation structures leases to lock in revenue streams for the long haul. You see this commitment to duration in several recent deals:

• A renewal lease in Washington, D.C., for a wine and spirits distributor, set to expire in March 2031.
• A new lease in Redondo Beach, CA, scheduled to expire in October 2035.
• Pre-leases executed for Building 36 in Miami, with terms extending to July 2037 and June 2037, respectively.
• Another lease in Countyline Corporate Park expected to expire in October 2036.

This focus on long-term commitments helps smooth out the volatility you sometimes see in real estate portfolios.

Proactive property management to maintain asset quality

Maintaining asset quality is managed through active development and stabilization projects, ensuring the physical product remains top-tier for these industrial users. As of September 30, 2025, Terreno Realty Corporation had six properties under development or redevelopment, which upon completion will add approximately 0.9 million square feet. For example, Building 33 at Countyline Corporate Park was completed and stabilized in Q3 2025, with an expected total investment of $39.9 million and an estimated stabilized cap rate of 5.9%. Furthermore, one of these new buildings is expected to achieve LEED certification.

Investor relations for public shareholders and capital partners

Managing relationships with capital providers is just as important as managing tenants. Terreno Realty Corporation actively manages its capital structure and equity issuance.

For public shareholders, the company declared a regular cash dividend for the quarter ending December 31, 2025, of $0.52 per common share, payable on January 9, 2026. To fund growth, year-to-date through September 30, 2025, Terreno Realty Corporation issued 3,506,371 shares of common stock under its at-the-market equity offering program, netting gross proceeds of $237.4 million at a weighted average price of $67.71 per share.

Regarding debt management with capital partners, as of September 30, 2025, the balance outstanding on the $600 million revolving credit facility was approximately $280 million. By November 4, 2025, that outstanding balance had decreased to approximately $192.5 million. Importantly, Terreno Realty Corporation has no debt maturities in 2025, with only $50 million due in 2026.

Finance: draft 13-week cash view by Friday.

Terreno Realty Corporation (TRNO) - Canvas Business Model: Channels

You're looking at how Terreno Realty Corporation gets its value proposition-functional, flexible industrial space in high-demand coastal areas-out to its customers and capital providers. The channels are a mix of direct, relationship-driven real estate operations and formal capital markets communication.

Direct leasing teams and external brokers for tenant acquisition

The primary channel for tenant acquisition and retention is managed through internal teams, given the focus on active asset management and re-tenanting within the existing portfolio. The success of this channel is evident in the strong leasing metrics achieved across the 676 customers as of September 30, 2025. While the exact split between direct leasing staff and external brokers isn't public, the operational focus suggests a heavy reliance on in-house expertise for managing the 20.2 million square feet of industrial space.

Leasing performance metrics channel the effectiveness of these efforts:

• Portfolio Occupancy (as of 9/30/2025): 96.2%
• Same-Store Occupancy (as of 9/30/2025): 98.6%
• Cash Rent Increase (Q3 2025): 17.2%
• Cash Rent Increase (Year-to-Date 2025): 23.8%

Corporate website and SEC filings for investor communication

For communicating with the financial community, Terreno Realty Corporation uses its corporate website, www.terreno.com, as the central hub for official documentation. This channel is critical for transparency, especially as a Large accelerated filer with a CIK of 0001476150. The latest required financial disclosure, the Form 10-Q for the quarter ended September 30, 2025, was filed on November 5, 2025. The company has a history of 694 EDGAR filings since November 10, 2009, showing a consistent channel of disclosure.

Key investor documents available through this channel include:

• Quarterly Reports (10-Q) and Annual Reports (10-K)
• Current Reports (8-K) filings, such as the one on November 5, 2025
• Insider transaction reports (Forms 3, 4 & 5)

Property signage and local market presence in six coastal markets

The physical presence of Terreno Realty Corporation's properties acts as a constant, localized channel, reinforcing brand recognition and signaling asset quality to local logistics providers, e-commerce companies, and manufacturers. This is concentrated in its six core geographies, which, based on annualized base rent (ABR) as of September 30, 2025, are distributed as follows:

Market Geography	ABR Percentage	Buildings (as of 9/30/2025)	Square Feet (Approximate)
New York City/Northern New Jersey	28.2%	Data Not Specified	Data Not Specified
Los Angeles	15.4%	Data Not Specified	Data Not Specified
Miami	16.5%	Data Not Specified	Data Not Specified
San Francisco Bay Area	15.8%	Data Not Specified	Data Not Specified
Seattle	14.7%	Data Not Specified	Data Not Specified
Washington, D.C.	9.4%	Data Not Specified	Data Not Specified

The total physical footprint driving this channel includes 307 buildings and 44 improved land parcels totaling approximately 146.4 acres.

Investor presentations and earnings calls for capital markets

The capital markets channel is utilized for direct engagement with current and prospective stockholders regarding financial performance and strategy. The most recent formal update was the Q3 2025 earnings release on November 5, 2025. This communication stream is used to convey key financial results and forward-looking guidance.

Key financial metrics communicated through this channel for Q3 2025 include:

• Quarterly Revenue: $116.25 million
• Reported EPS: $1.00 (beating consensus of $0.66)
• Trailing EPS (Last Four Quarters): $3.15
• Forward P/E Ratio: 23.63
• Declared Quarterly Dividend (for Q4 2025): $0.52 per common share

The company also actively manages its capital structure through this channel, noting that year-to-date through September 30, 2025, it received gross proceeds of $237.4 million from the At-The-Market (ATM) equity offering program at a weighted average price of $67.71 per share. Also, as of November 4, 2025, the outstanding balance on the $600 million revolving credit facility was approximately $192.5 million. Finance: draft 13-week cash view by Friday.

Terreno Realty Corporation (TRNO) - Canvas Business Model: Customer Segments

You're looking at the core of Terreno Realty Corporation's business: who pays the rent. The customer segments are tightly focused on the industrial and logistics ecosystem within their six high-demand coastal markets. This focus on infill locations means their tenants are primarily involved in the movement and storage of goods, which drives their Annual Base Rent (ABR) composition.

As of the latest reported figures reflecting the portfolio composition as of September 30, 2025, the breakdown by property type, which directly correlates to the primary customer segments, shows a heavy reliance on traditional logistics users.

Here's the quick math on the Annual Base Rent composition based on the latest available data for property types, which serve as the proxy for your customer segments:

Customer Segment Proxy (Property Type)	Percentage of Annual Base Rent (ABR) as of Q3 2025
Logistics and distribution companies (Warehouse/Distribution)	80.4%
Tenants requiring industrial outdoor storage (Improved Land)	10.0%
Transshipment users (Truck Terminals)	6.2%
Specialized/Flex users (Flex Space)	3.4%

The largest segment, Logistics and distribution companies, accounts for the vast majority of the recurring revenue, with warehouse and distribution properties making up 80.4% of the ABR as of September 30, 2025.

The segment for Tenants requiring industrial outdoor storage is represented by the Improved Land category, which was leased at 93.6% as of September 30, 2025, contributing 10.0% to the total ABR.

The remaining tenants, which include specialized users and smaller businesses needing urban flex space, fall into the Flex and Transshipment categories. The combined ABR from these two categories is 9.6% (6.2% from Transshipment and 3.4% from Flex).

You can see the concentration of the customer base through these key characteristics:

• The total portfolio comprised 307 buildings and 44 improved land parcels as of September 30, 2025.
• The total number of customers across the portfolio was 676 as of September 30, 2025.
• The largest tenant contributed only 3.6% of ABR as of late 2023, indicating a well-diversified base even within the dominant logistics segment.
• The improved land parcels, often used for industrial outdoor storage, totaled approximately 146.4 acres as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Terreno Realty Corporation (TRNO) - Canvas Business Model: Cost Structure

The Cost Structure for Terreno Realty Corporation centers heavily on acquiring, owning, and operating its portfolio of industrial real estate in high-cost coastal U.S. markets. This structure is capital-intensive, driven by significant debt service and property-level outlays.

• Property operating expenses (e.g., $28.232 million for Q3 2025): For the three months ended September 30, 2025, the reported Cost of Sales was $28.23 million, which is a component of total expenses. The specific Property Operating Expenses for Q3 2025, as outlined, is stated as $28.232 million.
• Interest expense on debt (term loans, unsecured notes): As of September 30, 2025, Terreno Realty Corporation reported total debt on its balance sheet of $1.02 Billion USD. The outstanding balance on its $600 million revolving credit facility as of September 30, 2025, was approximately $280 million. Terreno Realty Corporation has no debt maturities scheduled for 2025, but has $50 million of debt maturities in 2026.
• General and administrative expenses (salaries, corporate overhead): Specific General and Administrative expenses for Q3 2025 are not explicitly detailed in the readily available press releases, but these are noted as a primary cash expense category alongside property operating expenses and interest expense.
• Capital expenditures for property improvements and development (e.g., $55.5 million for Hialeah Building 35): The total expected investment for the development of Countyline Corporate Park Phase IV Building 35 in Hialeah, Florida, is $55.5 million. Year-to-date through Q3 2025, the company completed the development and stabilization of one property with a total expected investment of $39.9 million.
• Real estate taxes and insurance premiums: These costs are included within the broader category of property operating expenses. The company notes that approximately 97.3% of its leased space includes fixed rental increases or Consumer Price Index-based increases, which helps to pass through some of these variable property costs to tenants.

You'll see the cost of capital deployment reflected in the debt structure.

Cost Component Category	Specific Metric/Period	Reported Amount (USD)
Property Operating Expenses (Q3 2025)	Stated Figure for Q3 2025	$28.232 million
Capital Expenditures (Hialeah Bldg 35)	Total Expected Investment	$55.5 million
Total Debt (Balance Sheet)	As of September 30, 2025	$1.02 Billion
Revolving Credit Facility Draw	As of September 30, 2025	$280 million
Debt Maturities	Scheduled for 2026	$50 million

The company's strategy relies on acquiring properties at a discount to replacement cost to create a margin of safety against these operational costs.

• The portfolio as of September 30, 2025, consisted of 307 buildings aggregating approximately 20.2 million square feet.
• The portfolio was 96.2% leased at the end of Q3 2025.

Terreno Realty Corporation (TRNO) - Canvas Business Model: Revenue Streams

The revenue streams for Terreno Realty Corporation are fundamentally tied to its ownership and operation of functional, flexible industrial real estate across six major coastal U.S. markets. You see the core income generated from the existing portfolio, supplemented by strategic capital recycling activities.

Rental revenue from industrial properties, which includes tenant expense reimbursements, forms the bedrock of Terreno Realty Corporation's top line. For the twelve months ending September 30, 2025, the total revenue was reported at approximately $443 million, or more precisely, $442.61 million, marking a significant year-over-year increase of 21.13%. This recurring income is the most critical element of the business model.

To give you a sense of the scale of this recurring revenue, here are the figures for the most recently reported quarter and the year-to-date period, which combine rental revenues and tenant expense reimbursements:

Period Ending	Rental Revenues and Tenant Expense Reimbursements (in thousands USD)	Total Revenues (in thousands USD)
September 30, 2025 (Q3 2025)	$116,248	$116,248
June 30, 2025 (Q2 2025)	$99,635	$99,635
Year-to-Date September 30, 2025	$338,902	$338,902
Year-to-Date September 30, 2024	$278,912	$278,912

The growth in this primary stream is supported by strong leasing metrics, such as cash rents on new and renewed leases commencing during the nine months ended September 30, 2025, increasing approximately 23.8%.

A secondary, but important, revenue stream comes from gains on sales of real estate investments. Terreno Realty Corporation actively recycles capital from properties where the prospective total return is deemed low relative to market value. You saw a clear example of this in the fourth quarter of 2025, with the sale of an industrial property in South Brunswick, New Jersey, on October 6, 2025, for a sale price of approximately $144.2 million. This single transaction highlights the potential for significant, non-recurring income. Year-to-date through September 30, 2025, Terreno Realty Corporation had sold eight properties, totaling 15 buildings, for an aggregate sale price of approximately $386.4 million.

The capital markets activity also contributes to the overall financial picture, though this is not operating revenue, it represents proceeds generated from the equity base. Terreno Realty Corporation utilized its At-The-Market (ATM) equity offering program to raise capital. Year-to-date through September 30, 2025, the company issued 3,506,371 shares of common stock with a weighted average offering price of $67.71 per share, resulting in gross proceeds of $237.4 million.

To summarize the key capital markets and disposition activity that feeds into the overall financial structure:

• Gross proceeds from ATM equity offerings YTD September 30, 2025: $237.4 million.
• Aggregate sale price from dispositions YTD September 30, 2025: $386.4 million.
• Sale price of the October 6, 2025, South Brunswick, NJ property: $144.2 million.
• The portfolio as of September 30, 2025, consisted of 307 buildings aggregating approximately 20.2 million square feet.