Company Overview - As of December 31, 2025, Terreno Realty Corporation owned a total of 309 buildings aggregating approximately 19.8 million square feet, with a leasing rate of approximately 96.1%[17] - The company’s investment strategy focuses on industrial real estate in six major coastal U.S. markets, with warehouse/distribution properties accounting for approximately 80.5% of total annualized base rent[21] - Since inception in 2010, Terreno has stabilized 134 properties and disposed of 45 properties for an aggregate sales price of approximately $1.1 billion, achieving a total gain of approximately $570.7 million[30][31] Financial Performance - The company has produced a 10.0% compound annual total shareholder return since its IPO in 2010, with an 11.1% average cash same store net operating income growth[34] - Total revenues increased by approximately $93.8 million for the year ended December 31, 2025, reaching $476.4 million, a 24.5% increase compared to 2024[210] - Same store rental revenues rose to $273.9 million, an increase of 11.8% from $245.1 million in 2024[209] - Non-same store operating properties rental revenues surged by 92.1%, from $54.9 million in 2024 to $105.5 million in 2025[209] - Total net operating income increased by 27.0%, reaching $361.3 million compared to $284.5 million in 2024[209] - Gain on sales of real estate investments rose significantly by approximately $193.1 million, totaling $238.4 million for 2025 compared to $45.4 million in 2024[216] Capital Structure and Financing - Terreno's financing strategy aims to maintain a conservative capital structure, with a credit rating of BBB+ from Fitch Ratings and a target to keep net debt-to-adjusted EBITDA ratio below 4.5x[33] - The company has total debt of approximately $943.3 million as of December 31, 2025, which includes various borrowings and a mortgage loan payable[74] - The company has a credit facility with a total borrowing capacity of $600.0 million, with an outstanding balance of approximately $200.0 million as of December 31, 2025[79] - The company entered into a $200 million term loan maturing on January 15, 2031, to reduce borrowings under its revolving credit facility[192] Property Management and Operations - The company utilizes local third-party property managers for day-to-day operations, which may affect cash flows if service quality is inadequate[64] - The company targets functional properties in infill locations, which are surrounded by high concentrations of developed land, to cater to customer demand[20] - The company has no current intention to acquire undeveloped land but is focused on redevelopment and expansion opportunities of existing properties[181] Risks and Challenges - The company faces competition from various entities in the industrial real estate market, which may require offering incentives to attract tenants[37] - The company faces risks related to tenant defaults, which could adversely affect cash flows and the ability to pay distributions to stockholders[60] - The company may incur significant costs and delays in acquiring properties if it acquires outstanding debt secured by industrial properties[81] - The company is exposed to risks related to potential changes in U.S. federal income tax laws affecting REITs, which could adversely impact stockholder returns and market price[135] - Economic uncertainties, including geopolitical issues, could lead to decreased demand for real estate and negatively impact financial results[90] Corporate Governance - Terreno has a commitment to strong corporate governance, including annual terms for board members and a majority voting standard in non-contested director elections[34] - The board of directors has the authority to change significant corporate policies without stockholder approval, potentially affecting financial performance and stockholder distributions[111] Shareholder Returns and Distributions - Regular quarterly cash distributions to stockholders are funded entirely from distributable cash flows, but the board of directors has discretion over the timing and amount of these distributions[53] - The company plans to distribute 100% of its REIT taxable income to avoid income and excise tax on undistributed taxable income[165] - The company is required to distribute at least 90% of its taxable income to stockholders to qualify as a REIT, limiting its ability to retain earnings for growth[73] Market Conditions and Trends - The company may face litigation that could negatively impact cash flow, financial condition, and the market price of its common stock[70] - Competitive actions may pressure the company to reduce rental rates or offer concessions, adversely affecting cash flows and stock price[91] - The market price of the company's common stock may be volatile, influenced by factors such as financial performance, liquidity, and changes in market interest rates[142] Development and Redevelopment - The company owns six properties under development, expected to total approximately 1.2 million square feet, with an anticipated investment of $372.5 million[153] - Total capital expenditures for properties under development and redevelopment reached $64.6 million for the year ended December 31, 2025, compared to $129.6 million in 2024[154] - The company completed the development and redevelopment of three properties in 2025, with a total expected investment of $35.2 million for the Paterson Plank III property[189] Employee Engagement - The company emphasizes employee engagement and wellness, providing competitive health benefits and encouraging community involvement[48]

Terreno Realty Corporation This presentation contains forward-looking statements within the meaning of the federal securities laws. When used, the words "anticipate", "believe", "estimate", "expect", "intend", "may", "might", "plan", "project", "result", "should", "will", "seek", "target", "see", "likely", "position", "opportunity", "outlook", "potential", "future" and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements a ...

Company Overview - Terreno Realty Corporation (NYSE: TRNO) is a real estate investment trust (REIT) specializing in industrial real estate, focusing on six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C. As of September 30, 2020, the company owned 219 buildings, 22 improved land parcels, and one property under redevelopment [1] Price Target and Analyst Sentiment - The consensus price target for TRNO has shown a slight upward trend over the past year, increasing from $63.86 last quarter to $65, up from $64.69 last year, indicating a positive outlook from analysts [2] - Credit Suisse analyst Omotayo Okusanya has set a price target of $65, reflecting confidence in Terreno's potential for growth [2] Upcoming Earnings Report - Terreno Realty is set to release its fourth-quarter 2025 earnings on February 4th, with analysts forecasting earnings of $0.87 per share and anticipated revenue of $124.72 million for the quarter [3][6] - The upcoming earnings report could influence analyst sentiment and price targets, as company performance is a key factor in stock valuation [3] Market Conditions - Market conditions in the industrial real estate sector, particularly in the coastal U.S. regions where TRNO operates, can impact the company's performance and stock valuation [4] - Broader economic factors, such as interest rates and economic growth, also play a role in influencing the real estate sector and TRNO's stock performance [4] Analyst Upgrades - Terreno Realty has been upgraded to a Zacks Rank 2 (Buy), indicating a positive outlook on its earnings prospects and growing optimism about the company's future performance [5][6]

Approximately $0.17 of the $0.52 distribution that was declared on November 4, 2025 and paid on January 9, 2026 will be considered a distribution made in 2025 for U.S. federal income tax purposes. SAN FRANCISCO--(BUSINESS WIRE)--Terreno Realty Corporation (NYSE:TRNO) , an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today the income tax treatment of its 2025 dividend distributions to holders of its common stock. For holders of Terreno Realty Corporation ...

Core Viewpoint - Terreno Realty Corporation has announced the completion of a development project in Hialeah, Florida, which is expected to enhance its portfolio and operational capacity in the region [1] Group 1: Company Developments - The completed development consists of a 100,000 square foot industrial building located on a 5.5-acre site [1] - The project is strategically positioned to serve the growing demand for logistics and distribution facilities in South Florida [1] - This development is part of Terreno Realty's ongoing strategy to expand its footprint in key markets across the United States [1] Group 2: Market Implications - The completion of this facility is anticipated to attract a diverse range of tenants, thereby increasing rental income potential for the company [1] - The industrial real estate sector in South Florida has been experiencing significant growth, driven by e-commerce and supply chain demands [1] - This project aligns with broader trends in the real estate market, where demand for industrial spaces continues to outpace supply [1]

Core Viewpoint - Barclays has raised the price target for Terreno Realty (TRNO) to $60 from $57 while maintaining an Equal Weight rating on the shares [1] Group 1: Price Target and Ratings - The price target adjustment is part of Barclays' broader outlook for the real estate investment trust (REIT) sector in 2026 [1] - Barclays has adjusted ratings and targets across the REIT group, indicating a strategic shift in their investment approach [1] Group 2: Sector Outlook - Barclays sees the most potential upside in apartments, storage, and single-family rentals for 2026 [1] - The firm is least optimistic about cold storage and retail sectors within the REIT space [1] - Overall, Barclays maintains a Neutral stance on REITs for 2026 [1]

Core Viewpoint - Terreno Realty Corporation has successfully closed a $200 million five-year unsecured term loan, which is expected to enhance its financial flexibility and support its growth strategy [1] Financial Summary - The term loan is unsecured and has a maturity of five years, indicating a long-term financing strategy [1] - The amount of $200 million will provide significant capital for potential investments and operational needs [1] Strategic Implications - The loan is anticipated to improve the company's financial flexibility, allowing for strategic acquisitions and investments in real estate [1] - This financing move aligns with the company's growth strategy, positioning it for future opportunities in the real estate market [1]

Core Insights - Terreno Realty Corporation (TRNO) has announced a full-property lease for a redevelopment property in Long Island City, Queens, NY, with a stabilized cap rate of approximately 5.7% [1][9] - The redevelopment includes an industrial distribution building of around 48,000 square feet on 2.2 acres, with a total investment of $35.8 million [2][9] - The property is fully leased to a contractor and rigging provider, with the lease commencing in December 2025 and expiring in August 2036 [2][9] Company Overview - Terreno Realty's redevelopment efforts are part of its strategy to optimize its portfolio and enhance financial performance [4] - The company has also executed a lease for 117,000 square feet in Doral, FL, with an international freight forwarder [4] - TRNO is focused on expanding its asset base in six major coastal U.S. markets, where demand for industrial real estate remains strong [5] Market Performance - TRNO shares have increased by 3.8% over the past three months, contrasting with a 2.4% decline in the industry [6] - The company currently holds a Zacks Rank 2 (Buy) [6]

Core Viewpoint - Terreno Realty Corporation has announced a full-property lease for a redevelopment property in Long Island City, Queens, New York, indicating a strategic expansion in the industrial real estate sector [1]. Group 1: Property Details - The property consists of one industrial distribution building with approximately 48,000 square feet on 2.2 acres [2]. - Located at 49-10 27th Street, the property is adjacent to the entrance of the Queens-Midtown Tunnel and features ten dock-high and 14 grade-level loading positions [2]. - The total investment for the redevelopment is $35.8 million, with the property fully leased to a contractor and rigging provider starting December 2025 and expiring August 2036 [2]. Group 2: Financial Metrics - The estimated stabilized cap rate for the property is 5.7% [2]. - Stabilized cap rates are calculated based on annualized cash basis net operating income stabilized to market occupancy, generally at 95%, divided by total acquisition cost [3]. Group 3: Company Overview - Terreno Realty Corporation operates in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C. [4]. - The company focuses on acquiring, owning, and operating industrial real estate, highlighting its commitment to the industrial sector [4].

Core Viewpoint - Terreno Realty Corporation has announced a full-property lease for a redevelopment property in Long Island City, Queens, New York, indicating a strategic move in the industrial real estate market [1]. Group 1: Property Details - The property consists of one industrial distribution building with approximately 48,000 square feet on 2.2 acres [2]. - Located at 49-10 27th Street, the property is adjacent to the entrance of the Queens-Midtown Tunnel and features ten dock-high and 14 grade-level loading positions [2]. - The total investment for the redevelopment is $35.8 million, with the property fully leased to a contractor and rigging provider starting December 2025 and expiring August 2036 [2]. Group 2: Financial Metrics - The estimated stabilized cap rate for the property is 5.7% [2]. - Stabilized cap rates are calculated based on annualized cash basis net operating income stabilized to market occupancy, generally at 95%, divided by total acquisition cost [3]. Group 3: Company Overview - Terreno Realty Corporation specializes in acquiring, owning, and operating industrial real estate in six major coastal U.S. markets, including New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C. [4].