Terreno Realty is an industrial REIT focused exclusively on infill industrial properties in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C. As of year-end 2025, Terreno owned 309 buildings totaling roughly 19.8 million square feet, plus 46 improved land parcels, leased to 683 tenants at approximately 96% occupancy. The portfolio is primarily warehouse and distribution facilities (~80% of annualized base rent), with the remainder split among improved land used for outdoor storage, transshipment terminals, and flex/light industrial space. Terreno's core thesis is that infill locations — near ports, airports, and dense population centers — are supply-constrained due to physical and regulatory barriers, giving landlords pricing power at lease renewal. Terreno grows by acquiring stabilized or repositionable properties, selectively redeveloping owned parcels, and recycling capital by selling assets when values are high relative to prospective returns. As a REIT, Terreno distributes at least 90% of taxable income to shareholders, making debt and equity issuance central to funding growth. Terreno targets a conservative balance sheet and keeps its own headcount lean at 47 employees by outsourcing property management to local third parties.