Terreno Realty Corp (TRNO) FY2025 10-K Annual Report
Terreno Realty Corp (TRNO) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 4, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Terreno Realty Corp FY2025 10-K Analysis
Business Overview
- • Core business: Acquisition, ownership, operation of industrial real estate in six major U.S. coastal markets totaling 19.8M sq ft and 46 land parcels
- • New emphasis on properties under development/redevelopment, holding 6 projects as of 2025 year-end
- • Strategic growth reflected in property acquisitions with total investments rising to $5.79B from $5.12B in prior year
- • Rental revenues surged 24.5% YoY to $476.4M; net income more than doubled to $403.0M in 2025
- • Record high issuance of 4.26M common shares raised $275.7M, signaling capital raise to fuel expanded acquisition and development activity
Management Discussion & Analysis
- • Revenue from disposition properties fell to $10.9M in 2025 from $19.6M in 2024, with $386.4M sales price and $238.4M gain on eight properties sold
- • Operating margin info not explicit; capitalized interest on developments $5.0M in 2025 vs $11.0M in 2024
- • Best segment acquisition: multi-market portfolio of 12 properties, $426.9M purchase price, 1.2M sq ft, 5.0% cap rate; worst: single properties with lower cap rates and smaller size
- • Capital allocation includes $683.5M in acquisitions, $386.4M property sales, $276.9M net proceeds from equity ATM program, no share repurchases, dividends $0.49-$0.52 quarterly per share in 2025
- • Outlook positive with rental rates expected above current for 2026 expirations, cautious on speculative development slowing rent growth; balance sheet positioned with $200M term loan and $25M cash; acquisition volume dependent on pricing and stock relative to NAV
Risk Factors
- • Regulatory risk: Compliance with SEC Accounting Standards Update (ASU) No. 2018-11 on lease income presentation affecting revenue reporting
- • Macroeconomic threat: Elevated U.S. inflation increasing construction and operating costs despite 68.9% leases expiring within five years for rent resets
- • Operational risk: Significant property acquisitions and developments require capital outlays ($693.6M acquisitions, $133.4M improvements in 2025) impacting cash flow
- • Competitive risk: Lease renewals with 2.7M sq ft and 24.4 acres saw 25.4% rent increase, exposing sensitivity to industrial real estate market dynamics
- • Financial risk: Debt maturities include $50M senior notes due July 2026; floating rate debt rose to 42.4% total debt, increasing interest expense by 57.1% in 2025
Terreno Realty Corp FY2025 Key Financial MetricsXBRL
Revenue
$476M
▲ +24.5% YoY
Net Income
$403M
▲ +118.4% YoY
Net Margin
84.6%
▲ +3637bp YoY
ROE
9.7%
▲ +468bp YoY
Total Assets
$5.4B
▲ +13.0% YoY
EPS (Diluted)
$3.91
▲ +103.6% YoY
Operating Cash Flow
$272M
▲ +16.8% YoY
Source: XBRL data from Terreno Realty Corp FY2025 10-K filing on SEC EDGAR. All figures in USD.
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