• Terreno Realty average operating margin for 2023 was 40.32%, a 1.46% decline from 2022.
• Terreno Realty average operating margin for 2022 was 39.74%, a 2.55% increase from 2021.
• Terreno Realty average operating margin for 2021 was 38.75%, a 7.94% increase from 2020.

Operating margin can be defined as operating margin measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc.