Short answer
Terreno Realty Corp (TRNO) filed its fiscal 2025 10-K annual report with the SEC on Feb 4, 2026. It reported revenue of $476M (+24.5% year over year) and net income of $403M.
- Top risk flagged: Regulatory risk: Compliance with SEC Accounting Standards Update (ASU) No. 2018-11 on lease income presentation affecting revenue reporting
FY2025 key financial metrics · XBRL
- Revenue
- $476M
- +24.5% YoY
- Net income
- $403M
- +118.4% YoY
- EPS (diluted)
- $3.91
- +103.6% YoY
- ROE
- 9.7%
- +4.7 pp YoY
- Operating cash flow
- $272M
- +16.8% YoY
Source: XBRL data from the Terreno Realty Corp (TRNO) FY2025 10-K on SEC EDGAR. USD.
Terreno Realty Corp FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
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