Terreno (TRNO) Insider Sale—Michael Coke Disposes of 10,000 Shares

Rhea-AI Filing Summary

Terreno Realty Corp director and president Michael A. Coke reported a sale of 10,000 shares of Common Stock on 08/14/2025 at a price of $53.96 per share. After the transaction he directly beneficially owns 412,415 shares and indirectly holds 174,940 shares through a Rabbi Trust, indicating continued substantial ownership despite the sale.

Positive

• Substantial retained ownership: Combined direct and indirect holdings of 587,355 shares suggest continued alignment with shareholders
• Proper disclosure and signature: Form 4 is executed and shows the transaction date and price clearly

Negative

• Open-market sale: Officer/director sold 10,000 shares at $53.96, which may be interpreted by some investors as a liquidity event

Insights

Financial Analyst

TL;DR: Insider sold a small portion of holdings; ownership remains substantial, so market impact is likely limited.

The sale of 10,000 shares at $53.96 represents a routine insider disposition given the remaining direct and indirect holdings total 587,355 shares. This level of retained ownership suggests alignment with shareholder interests and reduces the likelihood that the sale signals a negative change in company outlook. The transaction size relative to total holdings appears modest.

Corporate Governance Expert

TL;DR: Officer/director sale is disclosed properly; continued large indirect holdings via a Rabbi Trust are governance-positive.

The Form 4 shows proper reporting and signature. The presence of 174,940 shares in a Rabbi Trust indicates long-term compensation or deferral arrangements, which often align executive incentives with shareholder value. A single open-market sale of 10,000 shares is typical for liquidity or diversification and does not by itself imply governance concerns.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

COKE MICHAEL A

(Last) (First) (Middle)

10500 NE 8TH STREET, SUITE 1910

(Street)

BELLEVUE WA 98004

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Terreno Realty Corp [ TRNO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	President

3. Date of Earliest Transaction (Month/Day/Year)
08/14/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $0.01 par value per share	08/14/2025		S		10,000	D	$53.96	412,415	D
Common Stock, $0.01 par value per share								174,940	I	Rabbi Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

	/S/ Michael A. Coke	08/14/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Michael A. Coke disclose on the TRNO Form 4?

He disclosed an open-market sale of 10,000 shares on 08/14/2025 at $53.96, with 412,415 shares held directly and 174,940 indirectly in a Rabbi Trust.

How many shares does Michael A. Coke own after the reported transaction?

Following the transaction he directly owns 412,415 shares and indirectly holds 174,940 shares via a Rabbi Trust, totaling 587,355 shares.

Was the Form 4 properly signed and dated?

Yes. The filing includes the reporting person’s signature dated 08/14/2025 indicating proper execution of the Form 4.

Does the filing indicate any derivative transactions or option activity?

No. Table II for derivative securities contains no transactions; only a non-derivative sale of common stock is reported.