Terreno Realty : Q4 2022 Update

Terreno Realty Corporation

Q4 2022 Update

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," "enthusiastic," "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 cap 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 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 future debt 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 COVID-19 or any future pandemic, epidemic or outbreak of any other 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; (xvii) our failure to qualify or maintain our status as a real estate investment trust ("REIT"), and possible adverse changes to tax laws; (xviii) uninsured or underinsured losses relating to our properties; (xix) environmental uncertainties and risks related to natural disasters; (xx) financial market fluctuations; and

1. 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, 2022, 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.

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 as of December 31, 2022. Excludes three properties under redevelopment that, upon completion, will

3 consist of one building of approximately 34,000 square feet and two improved land parcels aggregating approximately 12.1 acres.

1. Includes 46 improved land parcels totaling approximately 161.4 acres that were 92.5% leased as of December 31, 2022. Such land is used for industrial outdoor storage and may be redeveloped to higher and better use.

Operating Highlights

• Cash rents on new and renewed leases commencing during the three months ended December 31, 2022 increased approximately 45.2% on approximately 0.3 million square feet and 2.6 acres of improved land; tenant retention during the three months ended December 31, 2022 was 80.6% for the operating portfolio and 0.0% for the improved land portfolio. Cash rents on new and renewed leases commencing during the year ended December 31, 2022 increased approximately 49.5% on approximately 2.2 million square feet and 19.1 acres of improved land; tenant retention during the year ended December 31, 2022 was 56.6% for the operating portfolio and 65.0% for the improved land portfolio.
• Total portfolio, excluding three properties under redevelopment and 46 improved land parcels, was 98.6% leased as of December 31, 2022 as compared to 98.4% at September 30, 2022 and 95.5% at December 31, 2021.
• The same store portfolio of approximately 12.1 million square feet, representing approximately 79.4% of our total square feet, was 99.5% leased as of December 31, 2022 as compared to 98.9% as of September 30, 2022 and 98.1% as of December 31, 2021.

5 (1) As of February 7, 2023. Excludes approximately $327 million of future investment to complete the potential Countyline acquisition. There is no assurance that we will acquire the properties under contract because the proposed acquisitions are subject to the completion of satisfactory due diligence and various closing conditions.