Terreno Realty Corporation (NYSE: TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today the private placement of $100 million 3.75% seven-year senior unsecured notes and that it intends to redeem all 1,840,000 outstanding shares of its 7.75% Series A Cumulative Redeemable Preferred Stock (CUSIP 88146M200) (the "Series A Preferred Stock") on July 19, 2017 (the "Redemption Date").

The seven-year senior unsecured notes will bear interest at a fixed rate of 3.75% and the Company expects the private placement to close on or around July 14, 2017. Jefferies LLC and Regions Securities LLC acted as joint-lead placement agents for the senior unsecured notes offering. The notes have not been registered under the Securities Act of 1933, as amended (the "Securities Act"), and were offered and sold in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act.

The Series A Preferred Stock will be redeemed at a redemption price of $25.00 per share, plus an amount per share of $0.096875 representing all accrued and unpaid dividends per share from July 1, 2017 to but excluding the Redemption Date, without interest. As previously announced, a dividend in the amount of $0.484375 per share of Series A Preferred Stock will be paid separately on June 30, 2017 to holders of record as of the close of business on June 9, 2017.

Dividends on the shares of the Series A Preferred Stock will cease to accrue on the Redemption Date. Upon redemption, the shares of Series A Preferred Stock will no longer be outstanding, and all rights of the holders of such shares will terminate, except the right of the holders to receive the cash payable upon such redemption, without interest. Upon redemption, the Series A Preferred Stock will no longer trade on the New York Stock Exchange. The Series A Preferred Stock currently trades on the New York Stock Exchange under the symbol TRNO.PRA.

All shares of Series A Preferred Stock are held in book-entry form through the Depository Trust Company ("DTC") and will be redeemed in accordance with the procedures of DTC. Payment to DTC for the shares of Series A Preferred Stock will be made by Computershare Inc. as redemption agent. Questions regarding the redemption of the Series A Preferred Stock can be directed to Computershare Inc., 250 Royall Street, Canton, MA 02021, Attention: Corporate Actions, telephone 800-962-4284.

Terreno Realty Corporation acquires, owns and operates industrial real estate 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.

Additional information about Terreno Realty Corporation is available on the company's web site at www.terreno.com.

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 risks related to our ability to meet our estimated forecasts related to stabilized cap rates and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2016 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.

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