Terreno Realty Corp

Listed Company

TRNOCIK 0001476150NYSELarge AcceleratedReal EstateFY ends Dec 31

Period

FY 2025

Revenue

$476.38M

Net Income

$402.99M

Total Assets

$5.39B

Equity

$4.15B

Shares Out

104.18M

Op. Cash Flow

$271.86M

Business

Terreno Realty Corp acquires, owns and operates industrial real estate focused on infill properties in six major coastal U.S. markets. It primarily offers warehouse/distribution space and also provides flex (light industrial and R&D), transshipment facilities and improved land for industrial outdoor storage and redevelopment. Its business is organized around property types and property-level operations, with day-to-day management typically outsourced to local third-party property managers and selective redevelopment activities. Properties are concentrated in New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle and Washington, D.C.

Summary from filing dated 2025-02-05

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental revenues and tenant expense reimbursements	476	383	324	276	222
Total revenues	476	383	324	276	222
Property operating expenses	115	98	79	69	56
Depreciation and amortization	122	94	73	66	51
General and administrative	47	43	38	31	27
Acquisition costs and other	347,000	72,000	218,000	1	172,000
Total costs and expenses	284	235	190	167	134
Interest and other income	5	12	5	809,000	822,000
Interest expense, including amortization	−33	−21	−25	−24	—
Gain on sales of real estate investments	238	45	38	112	17
Total other income	211	37	18	89	−605,000
Net income	403	184	151	198	87
Allocation to participating securities	−2	−791,000	−712,000	−854,000	−311,000
Net income available to common stockholders - basic	401	184	151	197	87
Net income available to common stockholders - diluted	401	184	151	197	—
Net income available to common stockholders - basic (in dollars per share)	3.92	1.92	1.81	2.61	1.23
Net income available to common stockholders - diluted (in dollars per share)	3.91	1.92	1.81	2.61	1.23
BASIC WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in shares)	102	96	83	75	71
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in shares)	103	96	83	76	71

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	3,020	2,586	1,995	1,851	1,557
Buildings and improvements	2,329	2,107	1,562	1,372	1,211
Construction in progress	217	220	343	52	65
Intangible assets	224	208	147	124	114
Total investments in properties	5,790	5,122	4,048	3,399	2,947
Accumulated depreciation and amortization	−532	−467	−384	−324	−279
Net investments in properties	5,258	4,655	3,663	3,075	2,668
Properties held for sale, net	2	6	0	—	—
Net investments in real estate	5,261	4,662	3,663	—	2,668
Cash and cash equivalents	25	18	165	26	204
Restricted cash	568,000	282,000	836,000	2	397,000
Other assets, net	102	90	75	61	52
Total assets	5,388	4,770	3,905	3,164	2,924
Credit facility	200	82	0	0	0
Term loans payable, net	200	199	199	199	99
Senior unsecured notes, net	473	473	572	572	621
Mortgage loan payable, net	70	69	0	—	0
Security deposits	48	40	33	27	24
Intangible liabilities, net	119	117	85	56	51
Dividends payable	54	49	39	31	26
Accounts payable and other liabilities	77	79	62	50	45
Total liabilities	1,242	1,108	990	935	866
Commitments and contingencies (Note 11)	—	—	—	—	—
Common stock: $0.01 par value, 400,000,000 shares authorized, and 103,571,992 and 99,238,003 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively.	1	994,000	876,000	765,000	752,000
Additional paid-in capital	3,889	3,597	2,850	2,167	2,070
Common stock held in deferred compensation plan: 527,547 and 497,190 shares at December 31, 2025 and December 31, 2024, respectively.	−33	−31	−32	−26	−15
Retained earnings	289	95	96	88	3
Total stockholders equity	4,146	3,662	2,915	2,230	2,058
Total liabilities and equity	5,388	4,770	3,905	3,164	2,924

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Straight-line rents	−15	−9	−8	−9	−9
Amortization of lease intangibles	−29	−17	−14	−16	−8
Deferred financing cost and mortgage fair value adjustment amortization	3	2	2	1	1
Stock-based compensation	18	15	13	10	10
Other assets	−981,000	−2	−7	−1	−4
Accounts payable and other liabilities	10	12	7	7	20
Net cash provided by operating activities	272	233	180	143	132
Cash paid for property acquisitions	−694	−815	−467	−408	−645
Proceeds from sales of real estate investments, net	375	72	73	162	41
Additions to construction in progress	−70	−126	−124	−26	−11
Additions to buildings, improvements and leasing costs	−63	−46	−53	−67	−51
Net cash used in investing activities	−452	−915	−570	−338	−666
Issuance of common stock	281	743	671	79	462
Issuance costs on issuance of common stock	−4	−6	−5	−1	−6
Repurchase of common stock related to employee awards	−3	−3	−2	−1	−582,000
Borrowings on credit facility	423	110	82	208	75
Payments on credit facility	−305	−28	−82	−208	−75
Payments on senior unsecured notes	0	−100	0	−50	0
Payment of deferred financing costs	0	−6	−80,000	−1	−4
Dividends paid to common stockholders	−204	−175	−136	−107	−85
Net cash provided by financing activities	188	535	529	18	631
Net increase (decrease) in cash and cash equivalents and restricted cash	7	−148	138	−177	97
Cash paid for interest, net of capitalized interest	27	21	32	25	15
Accounts payable related to capital improvements	30	35	27	18	17
Non-cash issuance of common stock to the deferred compensation plan	−2	—	−5	−11	−8
Non-cash issuance of common stock to the deferred compensation plan	—	691,000	—	—	—
Lease liability arising from recognition of right-of-use asset	0	2	0	1	3
Acquisition of properties	729	938	513	422	682
Assumption of mortgage loans payable	0	−73	0	0	—
Unamortized mortgage fair value adjustment	0	4	0	0	—
Assumption of other assets and liabilities	−35	−54	−46	−15	−37

Filings

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