Terreno Realty Corporation Announces Pricing Of Public Offering Of $40 Million 7.75% Series A Cumulative Redeemable Preferred Stock

Terreno Realty Corporation (the “Company”) (NYSE:TRNO), an acquirer, owner and operator of industrial real estate located in six major coastal U.S. markets, today announced the pricing of an underwritten public offering of 1,600,000 shares of its 7.75% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) at a price per share of $25.00 for gross proceeds of $40.0 million. The underwriters have been granted a 30-day option to purchase up to an additional 240,000 shares of Series A Preferred Stock. The Company estimates that the net proceeds from the offering, after deducting the underwriting discount and estimated offering expenses payable by the Company, will be approximately $38.5 million, or approximately $44.3 million if the underwriters’ option to purchase additional shares is exercised in full.

The offering is expected to close on July 19, 2012, subject to closing conditions. The Company intends to apply to list the Series A Preferred Stock on the New York Stock Exchange under the symbol “TRNOPrA”.

The Company intends to use the net proceeds from the offering to reduce outstanding borrowings under its revolving credit facility.

Stifel, Nicolaus & Company, Incorporated is serving as sole book-running manager for the offering. Robert W. Baird & Co. Incorporated and KeyBanc Capital Markets Inc. are serving as joint lead managers and Mitsubishi UFJ Securities (USA), Inc., JMP Securities LLC and PNC Capital Markets LLC are serving as co-managers.

A copy of the prospectus supplement and prospectus relating to these securities may be obtained, when available, by contacting Stifel, Nicolaus & Company, Incorporated, One South Street, 15th Floor, Baltimore, MD 21202, Attention: Syndicate Department or by telephone at (443) 224-1988.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. Any offer or sale will be made only by means of the written prospectus supplement and the prospectus forming part of the Company’s effective shelf registration statement.

About the Company

Terreno Realty Corporation is an acquirer, owner and operator of industrial real estate located in six major coastal U.S. markets: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C./Baltimore.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “project”, “result”, “should”, “will”, and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. 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 those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2011 and our other public filings. 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 expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise.

Copyright Business Wire 2010

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