Exhibit 10.3

THIRD AMENDMENT TO AMENDED AND

RESTATED SENIOR REVOLVING CREDIT AGREEMENT

This Third Amendment to Amended and Restated Senior Revolving Credit Agreement
(this “Amendment”) is made as of June 15, 2012 (the “Amendment Effective Date”),
by and among Terreno Realty LLC, a limited liability company organized under the
laws of the State of Delaware (the “Borrower”), KeyBank National Association, a
national banking association, both individually as a “Lender” and as
“Administrative Agent”, Terreno Realty Corporation, a corporation organized
under the laws of the State of Maryland, certain subsidiaries of Borrower which
are signatories hereto and the financial institutions which are signatories
hereto (together with KeyBank National Association in its individual capacity,
collectively the “Lenders”). Any capitalized terms used in this Amendment and
not otherwise defined, are defined in the Credit Agreement described below.

RECITALS

WHEREAS, the Administrative Agent, KeyBanc Capital Markets, as lead arranger,
the Lenders and the Borrower entered into that certain Amended and Restated
Senior Revolving Credit Agreement dated as of December 30, 2010, as amended by
that certain First Amendment to Amended and Restated Senior Revolving Credit
Agreement dated as of June 30, 2011 and that certain Second Amendment to Amended
and Restated Senior Revolving Credit Agreement dated as of January 19, 2012 (as
amended, the “Credit Agreement”);

WHEREAS, Borrower has requested that the Administrative Agent and the Lenders
agree to increase the Aggregate Commitment to $100,000,000 and to make certain
other modifications to the Credit Agreement;

WHEREAS, the Administrative Agent and the Lenders are willing to agree to such
increase and to make such modifications on the terms stated herein;

NOW THEREFORE in consideration of the foregoing and the mutual covenants and
agreements contained herein and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:

1. Amendment Effective Date. This Amendment shall become effective upon the
Amendment Effective Date, which is the date on which this Amendment has been
executed by all of the parties hereto and delivered to the Administrative Agent
and Borrower has paid the additional commitment fee required under Section 2
hereof.

2. Additional Commitment Fee. Borrower agrees to pay to the Administrative Agent
for the benefit of the Increasing Lenders (as defined below) on the Amendment
Effective Date a commitment fee of twenty-five hundredths of one percent (0.25%)
of the $20,000,000 increase in the Aggregate Commitment, to be allocated between
them in proportion to their respective Commitment increases.

3. Increase in Aggregate Commitment. From and after the Amendment Effective
Date, PNC Bank, National Association and Union Bank, N.A. (collectively, the
“Increasing Lenders”) shall each be deemed to have increased its Commitment to
the amount shown next to their respective signatures on the signature pages of
this Amendment. From and after the Amendment Effective Date, the Aggregate
Commitment shall equal One Hundred Million Dollars ($100,000,000).

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4. Borrowing Base Diversification. Section 2.22(i)(c) of the Credit Agreement
shall be amended as of the Amendment Effective Date by replacing the third
bullet point in its entirety with the following:

 

  •  

The rental revenues paid by a single tenant (or group of tenants that are
Affiliates of each other) may not comprise more than 20% of the Adjusted
Borrowing Base NOI, provided however that if Borrower adds the proposed
Borrowing Base Property located in Sunnyvale, California (known as “Caribbean”)
which is 100% leased to and occupied by Cepheid, the rental revenues paid by
Cepheid may comprise up to 30% of the Adjusted Borrowing Base NOI.

5. References. Each of the parties hereby consents to all of the changes made to
the Credit Agreement pursuant to this Amendment and agrees that each reference
in the Loan Documents to the Credit Agreement shall deemed to be a reference to
the Credit Agreement as amended by this Amendment.

6. Representations and Warranties. Borrower hereby remakes, as of the Amendment
Effective Date, all of the representations and warranties of Borrower in Article
5 of the Credit Agreement and each reference therein to “the date hereof” or
“the Agreement Execution Date” shall be deemed to be a reference to the
Amendment Effective Date. Borrower hereby further represents and warrants to
Administrative Agent and Lenders as follows:

a) This Amendment constitutes the legal, valid and binding obligation of
Borrower, and is enforceable in accordance with its terms;

b) Except as expressly modified hereby, the Loan Documents are ratified and
confirmed hereby, are in full force and effect, and Borrower has no defenses or
offsets to the enforcement thereof or counterclaims which relate thereto;

c) Upon execution and delivery of this Amendment and satisfaction of the
conditions to the effectiveness of this Amendment, to the best of Borrower’s
knowledge, information and belief, no Default shall exist under the Loan
Documents; and

d) Borrower, the Parent Guarantor or the Subsidiary Guarantors all have full
power and authority to execute this Amendment.

7. Governing Law. This Amendment shall be construed in accordance with the
internal laws (and not the law of conflicts) of the State of New York, but
giving effect to Federal laws applicable to national banks.

 

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8. Counterparts. This Amendment may be executed in two or more counterparts,
each of which shall be deemed to be an original, and all of which together shall
constitute a single agreement.

9. Continued Effect. Other than as expressly amended herein, Borrower, the
Parent Guarantor and the Subsidiary Guarantors all agree that the Credit
Agreement and all other Loan Documents shall remain in full force and effect and
are hereby ratified and confirmed.

[Signature pages follow]

 

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IN WITNESS WHEREOF, Borrower, Parent Guarantor, the Subsidiary Guarantors and
the Lenders have executed this Amendment as of the date first above written.

 

TERRENO REALTY LLC, a Delaware limited liability company By:    TERRENO REALTY
CORPORATION, a    Maryland corporation, its sole member    By:  

/S/ Jaime J. Cannon

   Name:   Jaime J. Cannon    Title:   Senior Vice President Address for
Notices: 16 Maiden Lane, Fifth Floor San Francisco, CA 94108

 

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Commitment: $40,000,000     KEYBANK NATIONAL ASSOCIATION,     Individually and
as Administrative Agent     By:  

/S/ Joshua K. Mayers

    Print Name:  

Joshua K. Mayers

    Title:  

Vice President

    127 Public Square, 8th Floor     OH-01-27-0839     Cleveland, Ohio 44114    
Phone: 216-689-0213     Facsimile: 216-689-5819     Attention: Joshua Mayers    
Joshua_Mayers@KeyBank.com With a copy to:     KeyBank Real Estate Capital    
Mailcode: OH-01-49-0424     4900 Tiedeman Rd.; 4th Floor NE Corner     Brooklyn,
Ohio 44144-2302     Phone: 216-813-1603     Facsimile: 216-370-6206    
Attention: John Hyland

 

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Commitment: $30,000,000    PNC BANK, NATIONAL ASSOCIATION    By:   

/S/ Nicolas Zitelli

   Print Name:    Nicolas Zitelli    Title:    Vice President

   500 First Avenue, MSP7-PFSC-04-V    Pittsburgh, Pennsylvania 15219    Phone:
412-768-2669    Facsimile: 412-705-2125    Attention: Kathleen Lorenzato   
Email: kathleen.lorenzato@pnc.com

 

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Commitment: $30,000,000    UNION BANK, N.A.    By:   

/S/ Katherine Davidson

   Print Name:   

Katherine Davidson

   Title:   

Vice President

   145 South State College Boulevard, Suite 600    MC 4-35A-379    Brea,
California 92821    Phone: 714-990-7467    Facsimile: 949-752-8372    Attention:
Cassandra Schraff    Email: cassandra.schraff@unionbank.com

 

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The undersigned, being the Parent Guarantor under the Credit Agreement, hereby
consents to and approves of this Amendment and agrees that the Parent Guaranty
shall continue in full force and effect.

TERRENO REALTY CORPORATION,

a Maryland corporation

By:  

/S/ Jaime J. Cannon

Print Name:   Jaime J. Cannon Title:   Senior Vice President Terreno Realty
Corporation 16 Maiden Lane, Fifth Floor San Francisco, CA 94108 Attention: Jaime
Cannon Telephone: (415) 655-4593 Facsimile: (415) 655-4599 The undersigned,
being all of the Subsidiary Guarantors under the Credit Agreement immediately
prior to the Amendment Effective Date hereby consent to and approve of this
Amendment and agree that the Subsidiary Guaranty shall continue in full force
and effect.

 

TERRENO RIALTO LLC, a Delaware limited liability company By:    TERRENO REALTY
LLC, a Delaware    limited liability company, its Manager    By:   TERRENO
REALTY      CORPORATION, a Maryland      corporation, its sole member      By:  

/S/ Jaime J. Cannon

     Print Name:   Jaime J. Cannon      Title:   Senior Vice President

 

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TERRENO INTERSTATE LLC, a Delaware

limited liability company

By:   TERRENO REALTY LLC, a Delaware   limited liability company, its Manager  
By:   TERRENO REALTY     CORPORATION, a Maryland     corporation, its sole
member     By:  

/S/ Jaime J. Cannon

    Print Name:   Jaime J. Cannon     Title:   Senior Vice President

TERRENO MALTESE LLC, a Delaware limited

liability company

By:   TERRENO REALTY LLC, a Delaware   limited liability company, its Manager  
By:   TERRENO REALTY     CORPORATION, a Maryland     corporation, its sole
member     By:  

/S/ Jaime J. Cannon

    Print Name:   Jaime J. Cannon     Title:   Senior Vice President

TERRENO FORTUNE/QUME LLC, a Delaware

limited liability company

By:   TERRENO REALTY LLC, a Delaware   limited liability company, its Manager  
By:   TERRENO REALTY     CORPORATION, a Maryland     corporation, its sole
member     By:  

/S/ Jaime J. Cannon

    Print Name:   Jaime J. Cannon     Title:   Senior Vice President

 

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TERRENO WARM SPRINGS I/II LLC, a

Delaware limited liability company

By:   TERRENO REALTY LLC, a Delaware   limited liability company, its Manager  
By:   TERRENO REALTY     CORPORATION, a Maryland    
corporation, its sole member     By:  

/S/ Jaime J. Cannon

    Print Name:   Jaime J. Cannon     Title:   Senior Vice President

TERRENO 630 GLASGOW LLC, a

Delaware limited liability company

By:   TERRENO REALTY LLC, a Delaware   limited liability company, its Manager  
  By:   TERRENO REALTY CORPORATION, a Maryland       corporation, its sole
member     By:  

/S/ Jaime J. Cannon

    Name:   Jaime J. Cannon     Title:   Senior Vice President

TERRENO AHERN LLC, a Delaware limited

liability company

By:   TERRENO REALTY LLC, a Delaware   limited liability company, its Manager  
  By:   TERRENO REALTY CORPORATION, a Maryland       corporation, its sole
member     By:  

/S/ Jaime J. Cannon

    Name:   Jaime J. Cannon     Title:   Senior Vice President

 

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TERRENO 70TH AVENUE LLC, a Delaware

limited liability company

By:  

TERRENO REALTY LLC, a Delaware

limited liability company, its Manager

  By:   TERRENO REALTY     CORPORATION, a Maryland corporation, its sole member
  By:  

/S/ Jaime J. Cannon

  Name:   Jaime J. Cannon   Title:   Senior Vice President TERRENO DELL LLC, a
Delaware limited liability company By:   

TERRENO REALTY LLC, a Delaware

limited liability company, its Manager

  By:   TERRENO REALTY     CORPORATION, a Maryland     corporation, its sole
member   By:  

/S/ Jaime J. Cannon

  Name:   Jaime J. Cannon   Title:   Senior Vice President TERRENO 8730 BOLLMAN
LLC, a Delaware limited liability company By:  

TERRENO REALTY LLC, a Delaware

limited liability company, its Manager

  By:   TERRENO REALTY     CORPORATION, a Maryland     corporation, its sole
member   By:  

/S/ Jaime J. Cannon

  Name:   Jaime J. Cannon   Title:   Senior Vice President

 

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TERRENO WHITTIER LLC, a Delaware limited liability company By:    TERRENO REALTY
LLC, a Delaware    limited liability company, its Manager    By:  

TERRENO REALTY CORPORATION,

a Maryland corporation,

its sole member

   By:  

/S/ Jaime J. Cannon

   Name:   Jaime J. Cannon    Title:   Senior Vice President TERRENO GLOBAL
PLAZA LLC, a Delaware limited liability company By:   

TERRENO REALTY LLC, a Delaware

limited liability company, its Manager

   By:  

TERRENO REALTY CORPORATION,

a Maryland corporation,

its sole member

   By:  

/S/ Jaime J. Cannon

   Name:   Jaime J. Cannon    Title:   Senior Vice President

 

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