Terreno Realty (NYSE: TRNO) expands senior credit facility with $200M term loan

Rhea-AI Filing Summary

Terreno Realty Corporation amended its senior credit agreement through a Fourth Amendment, adding a new $200.0 million term loan maturing on January 15, 2031. After this change, the company’s credit facility consists of a $600.0 million revolving credit facility maturing in January 2029, a $100.0 million term loan maturing in January 2027, a $100.0 million term loan maturing in January 2028, and the new $200.0 million term loan maturing in January 2031. The facility also includes an accordion feature that can increase total capacity by up to $1.0 billion, to a maximum of $2.0 billion, subject to lender and agent approval. Borrowings are capped at the lesser of these facility amounts or 60.0% of the value of unencumbered properties. Interest is based on either SOFR plus a margin or a base rate, with SOFR margins ranging from 1.00% to 1.45% on the revolver and 1.15% to 1.65% on the term loans, depending on leverage. Proceeds from the new term loan were used to pay down the revolver and for general corporate purposes.

Terreno Realty Corp false 0001476150 0001476150 2026-01-07 2026-01-07

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 7, 2026

Terreno Realty Corporation

(Exact name of registrant as specified in its charter)

Maryland		001-34603		27-1262675
(State or other jurisdiction of incorporation)		(Commission File Number)		(IRS Employer Identification No.)

10500 NE 8th Street, Suite 1910

Bellevue, WA 98004

(Address of principal executive offices) (Zip Code)

(415) 655-4580

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Act:

Title of each class		Trading Symbols(s)		Name of each exchange on which registered
Common Stock, $0.01 par value per share		TRNO		New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

Item 1.01 Entry into a Material Definitive Agreement.

The information set forth under “Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant” is incorporated herein by reference into this Item 1.01.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On January 7, 2026, Terreno Realty LLC, a wholly-owned subsidiary of Terreno Realty Corporation (the “Company”), entered into a Fourth Amendment (the “Fourth Amendment”) to the Sixth Amended and Restated Senior Credit Agreement (as amended by the First Amendment, dated June 29, 2022, the Second Amendment, dated September 2, 2022, the Third Amendment, dated September 24, 2024, and the Fourth Amendment, the “Amended Facility”) in order to, among other things, add a $200.0 million term loan maturing on January 15, 2031. KeyBank National Association acted as administrative agent and as a lender, and PNC Bank, National Association, Regions Bank, U.S. Bank National Association, Citizens Bank, N.A., The Huntington National Bank, BMO Bank N.A., The Bank of Nova Scotia, Truist Bank and Goldman Sachs Bank USA acted as lenders on the Fourth Amendment.

Following the Fourth Amendment, the Amended Facility consists of a $600.0 million revolving credit facility that matures in January 2029, a $100.0 million term loan that matures in January 2027, a $100.0 million term loan that matures in January 2028, and a $200.0 million term loan that matures in January 2031. Additionally, the Amended Facility includes an accordion feature pursuant to which the aggregate amount of the Amended Facility may be increased by up to an additional $1.0 billion to a maximum aggregate amount not to exceed $2.0 billion, subject to the approval of the administrative agent and the identification of lenders willing to make available additional amounts. Outstanding borrowings under the Amended Facility are limited to the lesser of (i) the sum of the $600.0 million revolving credit facility, the $100.0 million term loan maturing in January 2027, the $100.0 million term loan maturing in January 2028, and the $200.0 million term loan maturing in January 2031 or (ii) 60.0% of the value of the unencumbered properties. Interest on the Amended Facility, including the term loans, is generally to be paid based upon, at the Company’s option, either (i) SOFR plus the applicable SOFR margin or (ii) the applicable base rate, which is the greatest of the administrative agent’s prime rate, 0.50% above the federal funds effective rate, thirty-day SOFR plus the applicable SOFR margin for SOFR rate loans under the Amended Facility plus 1.25%, or 1.25% per annum. The applicable SOFR margin will range from 1.00% to 1.45% for the revolving credit facility and 1.15% to 1.65% for the term loans, depending on the ratio of the Company’s outstanding consolidated indebtedness to the value of the Company’s consolidated gross asset value. Proceeds from the $200.0 million term loan were used to reduce borrowings under the $600.0 million revolving credit facility and for general corporate purposes.

A copy of the Amended Facility is attached hereto as Exhibit 10.1. The foregoing summary of the Amended Facility is qualified in its entirety by reference to the Amended Facility, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Description
10.1*		Fourth Amendment, dated as of January 7, 2026, to the Sixth Amended and Restated Senior Credit Agreement, among Terreno Realty LLC and the several lenders identified therein.
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
104*		Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.*)

* Filed herewith

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

				Terreno Realty Corporation
Date: January 8, 2026				By:		/s/ Jaime J. Cannon
						Jaime J. Cannon
						Executive Vice President and Chief Financial Officer

FAQ

What did Terreno Realty Corporation (TRNO) change in its credit facility?

Terreno Realty Corporation, through its subsidiary Terreno Realty LLC, entered into a Fourth Amendment to its Sixth Amended and Restated Senior Credit Agreement, adding a $200.0 million term loan maturing on January 15, 2031 and updating the overall facility structure.

What is the total structure of Terreno Realty Corporation’s amended credit facility?

After the amendment, the facility includes a $600.0 million revolving credit facility maturing in January 2029, a $100.0 million term loan maturing in January 2027, a $100.0 million term loan maturing in January 2028, and a $200.0 million term loan maturing in January 2031.

How large can Terreno Realty Corporation’s amended facility become with the accordion feature?

The amended facility includes an accordion feature allowing increases of up to $1.0 billion, for a maximum aggregate amount not to exceed $2.0 billion, subject to approval by the administrative agent and additional lenders.

How are interest rates determined under Terreno Realty Corporation’s amended facility?

Interest is generally based on either SOFR plus an applicable SOFR margin or a base rate. The SOFR margin ranges from 1.00% to 1.45% for the revolving credit facility and 1.15% to 1.65% for the term loans, depending on the ratio of consolidated indebtedness to consolidated gross asset value.

What limits apply to Terreno Realty Corporation’s borrowings under the amended facility?

Outstanding borrowings are limited to the lesser of (i) the sum of the $600.0 million revolver, the two $100.0 million term loans, and the $200.0 million term loan, or (ii) 60.0% of the value of the company’s unencumbered properties.

How did Terreno Realty Corporation use the new $200 million term loan proceeds?

Proceeds from the new $200.0 million term loan were used to reduce borrowings under the $600.0 million revolving credit facility and for general corporate purposes.

Who are the key lenders in Terreno Realty Corporation’s amended credit facility?

KeyBank National Association is the administrative agent and a lender. Other lenders include PNC Bank, Regions Bank, U.S. Bank, Citizens Bank, The Huntington National Bank, BMO Bank, The Bank of Nova Scotia, Truist Bank and Goldman Sachs Bank USA.