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TRNO

Terreno Realty Corporation

TRNO

Terreno Realty Corporation • NYSE
$62.79 ▼ -0.03% (-0.02)
Market Cap $6.49 B
52w High $69.20
52w Low $48.18
Dividend Yield 1.99%
P/E 19.87
Volume 217.36K
Outstanding Shares 103.37M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $116.248M ▲ $39.957M ▼ $103.376M ▲ 88.927% ▲ $1 ▲ $140.119M ▲
Q2-2025 $112.234M ▲ $40.374M ▲ $93.273M ▲ 83.106% ▲ $0.9 ▲ $128.334M ▲
Q1-2025 $110.42M ▲ $38.663M ▲ $48.126M ▼ 43.584% ▼ $0.48 ▼ $82.982M ▼
Q4-2024 $103.709M ▲ $36.666M ▲ $76.103M ▲ 73.381% ▲ $0.76 ▲ $107.271M ▲
Q3-2024 $99.635M $34.833M $36.639M 36.773% $0.37 $65.597M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $26.153M ▼ $5.329B ▲ $1.334B ▲ $3.996B ▲
Q2-2025 $128.368M ▼ $4.982B ▲ $1.039B ▲ $3.943B ▲
Q1-2025 $156.502M ▲ $4.907B ▲ $1.011B ▼ $3.896B ▲
Q4-2024 $18.07M ▼ $4.77B ▲ $1.108B ▲ $3.662B ▲
Q3-2024 $243.67M $4.571B $939.576M $3.631B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $103.376M ▲ $79.529M ▲ $-409.681M ▼ $228.078M ▲ $-102.074M ▼ $108.45M ▲
Q2-2025 $93.273M ▲ $60.634M ▼ $-38.249M ▼ $-50.676M ▼ $-28.291M ▼ $50.607M ▲
Q1-2025 $48.126M ▼ $61.433M ▲ $-23.826M ▲ $101.167M ▲ $138.774M ▲ $42.539M ▲
Q4-2024 $76.103M ▲ $51.326M ▼ $-310.034M ▼ $33.129M ▼ $-225.579M ▼ $35.528M ▼
Q3-2024 $36.639M $69.992M $-58.321M $49.81M $61.481M $56.191M

Five-Year Company Overview

Income Statement

Income Statement Terreno’s income statement shows a business that has been growing steadily, with rent and related revenue climbing at a healthy pace over the last five years. Gross profit has generally moved up with it, suggesting the core leasing engine is working well. However, operating profit has been a bit bumpier, with a recent step down relative to the prior year, likely reflecting higher operating costs, property-level investments, or overhead. Net income and earnings per share have been more volatile than revenue, which is common for a REIT and can reflect property sales, valuation adjustments, and equity issuance. Overall, the trend points to a growing platform with some pressure on margins that is worth watching.

Balance Sheet

Balance Sheet The balance sheet reflects a company that has been in expansion mode. The property base has grown significantly, and shareholders’ equity has risen along with it, indicating that growth has been supported not just by borrowing but also by retained earnings and/or equity raises. Debt has increased over time but not nearly as fast as total assets or equity, which suggests a relatively moderate use of leverage for a real estate owner. Cash levels, however, have moved around and are currently on the low side, implying that Terreno tends to keep little idle cash and relies on credit facilities or capital markets when pursuing acquisitions. The overall financial structure looks growth-oriented but not overly aggressive, with a clear dependence on continued access to financing.

Cash Flow

Cash Flow Cash flow from operations has trended upward, reflecting rising rents and a larger portfolio. After subtracting investment spending on properties, Terreno still generates positive free cash flow, and that free cash flow has improved over the period. Capital spending remains meaningful, consistent with an active acquisition and redevelopment strategy rather than a “harvest and shrink” approach. As a REIT, a substantial portion of operating cash is likely paid out as dividends, so ongoing external funding is still important for larger investments. The pattern here suggests a business capable of funding a good portion of its growth from internal cash, while remaining sensitive to interest rates and capital market conditions.

Competitive Edge

Competitive Edge Terreno’s competitive strength comes from its very focused strategy: owning industrial properties in a small number of dense, coastal U.S. markets where land is scarce and zoning is restrictive. These are high-barrier, infill locations that are attractive for e-commerce, logistics, and other time-sensitive users, which supports strong tenant demand and pricing power. The company’s emphasis on flexible, functional buildings and its track record in redeveloping older assets into modern space further reinforce its position. On the other hand, this concentration in a handful of markets also raises exposure to local economic or regulatory shocks, and the industrial sector remains cyclical and sensitive to trade, supply chains, and broader economic conditions. Relative to many peers, Terreno appears well positioned within a highly sought-after niche but is not immune to macro and regional risks.

Innovation and R&D

Innovation and R&D Although Terreno is not a technology company, it is innovating in how it designs, upgrades, and manages industrial properties. The focus on green building standards, energy-efficient systems, and selective use of solar installations can improve tenant appeal and operating efficiency over time. Its redevelopment capabilities—taking older, underused properties and turning them into modern, flexible industrial space—are a key differentiator in tight, infill markets. The company is also leaning into tenant relationships with high-growth sectors such as aerospace, electric mobility, and life sciences, which may support longer-term demand for specialized space. Future upside could come from deeper use of “smart” building technologies and more advanced data-driven property management, though the timing and impact of these initiatives are still uncertain.

Summary

Terreno Realty shows the profile of a growth-focused industrial REIT with a clear and disciplined strategy. Revenues and cash flows have been climbing as the portfolio expands, supported by a balance sheet that uses leverage but does not appear stretched. Profitability has generally improved but with some recent margin pressure and earnings volatility that is typical of a property owner engaged in acquisitions, redevelopment, and capital recycling. Strategically, its narrow focus on high-barrier, coastal infill markets and its emphasis on sustainability and redevelopment give it a distinct competitive edge, while at the same time concentrating its geographic and sector risks. Going forward, the key things to watch are how well Terreno manages operating costs, maintains access to funding, navigates interest rate and economic cycles, and continues to enhance its portfolio through sustainable design and selective technological upgrades.

NEWS

November 21, 2025 · 9:15 AM UTC

Terreno Realty Corporation Announces Leases in Hialeah, FL

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November 18, 2025 · 9:15 AM UTC

Terreno Realty Corporation Acquires Property in Queens, NY for $4.7 Million

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November 6, 2025 · 9:15 AM UTC

Terreno Realty Corporation Announces Leases in Hialeah, FL

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November 5, 2025 · 4:10 PM UTC

Terreno Realty Corporation Declares Quarterly Dividend and Files Third Quarter 2025 Financial Statements

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November 5, 2025 · 9:15 AM UTC

Terreno Realty Corporation Adds Independent Director

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