NYSE : TRNO
Terreno Realty Corporation — Financial statements
Real Estate · REIT - Industrial · United States
Last price 65.72 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 7.16B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 502.88M | 476.38M | 382.62M | 323.59M | 276.21M | 221.93M |
| Total Revenue | 502.88M | 476.38M | 382.62M | 323.59M | 276.21M | 221.93M |
| Property Expenses | 119.66M | 115.10M | 98.09M | 79.08M | 68.90M | 56.25M |
| Selling, General & Administrative | 49.45M | 47.27M | 42.59M | 37.94M | 31.19M | 26.96M |
| Depreciation & Amortization | 125.27M | 121.58M | 93.92M | 73.22M | 65.76M | 50.69M |
| Total Operating Expenses | 294.37M | 283.95M | 234.59M | 190.24M | 165.86M | 133.90M |
| Operating Income | 208.51M | 192.43M | 148.03M | 133.35M | 110.35M | 88.03M |
| Interest Expense | -35.22M | -32.86M | -20.92M | -24.80M | -23.85M | -18.05M |
| Interest & Investment Income | 4.45M | 5.33M | 12.08M | 4.96M | 809.00K | 822.00K |
| EBT Excluding Unusual Items | 177.74M | 164.91M | 139.19M | 113.52M | 87.31M | 70.80M |
| Merger & Restructuring Charges | -347.00K | -347.00K | -72.00K | -218.00K | -1.47M | -172.00K |
| Gain (Loss) on Sale of Assets | 211.20M | 238.43M | 45.38M | 38.16M | 112.17M | 16.63M |
| Pretax Income | 388.59M | 402.99M | 184.50M | 151.46M | 198.01M | 87.25M |
| Net Income | 388.59M | 402.99M | 184.50M | 151.46M | 198.01M | 87.25M |
| Preferred Dividends & Other Adjustments | 1.77M | 1.80M | 791.00K | 712.00K | 854.00K | 311.00K |
| Net Income to Common | 386.82M | 401.19M | 183.71M | 150.75M | 197.16M | 86.94M |
| Basic Shares Outstanding | 104.41M | 102.46M | 95.52M | 83.17M | 75.50M | 70.53M |
| Diluted Shares Outstanding | 104.67M | 102.72M | 95.84M | 83.37M | 75.59M | 70.79M |
| EPS (Basic) | 3.70 | 3.92 | 1.92 | 1.81 | 2.61 | 1.23 |
| EPS (Diluted) | 3.70 | 3.91 | 1.92 | 1.81 | 2.61 | 1.23 |
| Dividend Per Share | 2.08 | 2.02 | 1.88 | 1.70 | 1.48 | 1.26 |
| Operating Margin | 41.46% | 40.39% | 38.69% | 41.21% | 39.95% | 39.67% |
| Profit Margin | 76.92% | 84.22% | 48.01% | 46.59% | 71.38% | 39.18% |
| EBITDA | 304.06M | 284.71M | 224.66M | 192.65M | 159.85M | 131.03M |
| EBITDA Margin | 60.46% | 59.77% | 58.72% | 59.54% | 57.87% | 59.04% |
| D&A For Ebitda | 95.55M | 92.28M | 76.63M | 59.30M | 49.49M | 43.00M |
| EBIT | 208.51M | 192.43M | 148.03M | 133.35M | 110.35M | 88.03M |
| EBIT Margin | 41.46% | 40.39% | 38.69% | 41.21% | 39.95% | 39.67% |
| Funds From Operations (FFO) | 301.18M | 284.72M | 231.87M | 185.50M | 150.88M | 120.81M |
| FFO Per Share | 2.88 | 2.77 | 2.42 | 2.22 | 2.00 | 1.71 |
| Adjusted Funds From Operations (AFFO) | 284.72M | 231.87M | 185.50M | 150.88M | 120.81M | |
| AFFO Per Share | 2.77 | 2.42 | 2.22 | 2.00 | 1.71 | |
| FFO Payout Ratio | 70.99% | 71.61% | 75.46% | 73.24% | 71.19% | 70.05% |
| Revenue as Reported | 502.88M | 476.38M | 382.62M | 323.59M | 276.21M | 221.93M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 5.45B | 5.17B | 4.45B | 3.52B | 3.04B | 2.63B |
| Cash & Equivalents | 51.21M | 25.02M | 18.07M | 165.40M | 26.39M | 204.40M |
| Accounts Receivable | 82.00M | 67.70M | 59.50M | 56.10M | 47.40M | 39.20M |
| Other Intangible Assets | 86.28M | 91.93M | 208.47M | 147.33M | 36.77M | 38.15M |
| Restricted Cash | 951.00K | 568.00K | 282.00K | 836.00K | 1.69M | 397.00K |
| Other Current Assets | 2.35M | 2.34M | 6.26M | |||
| Deferred Long-Term Charges | 18.80M | 17.40M | 15.20M | 13.50M | 11.90M | |
| Other Long-Term Assets | 17.32M | 16.65M | 15.49M | 5.48M | 1.92M | 12.45M |
| Total Assets | 5.71B | 5.39B | 4.77B | 3.90B | 3.16B | 2.92B |
| Current Portion of Leases | 1.02M | 1.01M | ||||
| Long-Term Debt | 892.47M | 943.34M | 823.44M | 771.56M | 770.82M | 720.67M |
| Long-Term Leases | 4.80M | 2.29M | ||||
| Accounts Payable | 112.73M | 74.02M | 79.22M | 61.78M | 49.69M | 45.02M |
| Other Current Liabilities | 56.29M | 54.13M | 48.87M | 39.05M | 30.75M | 25.62M |
| Other Long-Term Liabilities | 162.56M | 167.01M | 156.30M | 117.65M | 83.33M | 74.94M |
| Total Liabilities | 1.28B | 1.24B | 1.11B | 990.05M | 934.59M | 866.25M |
| Common Stock | 1.08M | 1.04M | 994.00K | 876.00K | 765.00K | 752.00K |
| Additional Paid-In Capital | 4.16B | 3.89B | 3.60B | 2.85B | 2.17B | 2.07B |
| Retained Earnings | 304.54M | 289.12M | 95.29M | 95.58M | 88.27M | 2.80M |
| Comprehensive Income & Other | -36.55M | -32.85M | -31.10M | -31.79M | -26.46M | -15.20M |
| Total Common Equity | 4.43B | 4.15B | 3.66B | 2.91B | 2.23B | 2.06B |
| Shareholders' Equity | 4.43B | 4.15B | 3.66B | 2.91B | 2.23B | 2.06B |
| Total Liabilities & Equity | 5.71B | 5.39B | 4.77B | 3.90B | 3.16B | 2.92B |
| Total Debt | 948.29M | 946.64M | 823.44M | 771.56M | 770.82M | 720.67M |
| Net Cash (Debt) | -897.08M | -921.62M | -805.37M | -606.16M | -744.42M | -516.27M |
| Net Cash Per Share | -8.57 | -8.97 | -8.40 | -7.27 | -9.85 | -7.29 |
| Filing Date Shares Outstanding | 108.97M | 104.18M | 99.78M | 88.00M | 76.98M | 75.49M |
| Total Common Shares Outstanding | 107.72M | 103.57M | 99.24M | 87.49M | 76.88M | 75.34M |
| Book Value Per Share | 41.15 | 40.03 | 36.90 | 33.31 | 29.00 | 27.31 |
| Tangible Book Value | 4.35B | 4.05B | 3.45B | 2.77B | 2.19B | 2.02B |
| Tangible Book Value Per Share | 40.34 | 39.15 | 34.80 | 31.63 | 28.53 | 26.81 |
| Land | 3.14B | 3.02B | 2.59B | 2.00B | 1.85B | 1.56B |
| Buildings | 2.50B | 2.33B | 2.11B | 1.56B | 1.37B | 1.21B |
| Construction In Progress | 236.06M | 217.35M | 219.65M | 343.49M | 51.90M | 65.16M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 388.59M | 402.99M | 184.50M | 151.46M | 198.01M | 87.25M |
| Depreciation & Amortization | 95.55M | 92.28M | 76.63M | 59.30M | 49.49M | 43.00M |
| Other Amortization | 3.58M | 3.40M | 1.76M | 1.54M | 1.37M | 1.33M |
| Gain (Loss) on Sale of Assets | -211.20M | -238.43M | -45.38M | -38.16M | -112.17M | -16.63M |
| Stock-Based Compensation | 18.04M | 17.72M | 14.93M | 13.47M | 10.17M | 9.55M |
| Change in Accounts Payable | 12.88M | 10.29M | 11.89M | 7.14M | 7.05M | 20.04M |
| Change in Other Net Operating Assets | 258.00K | -981.00K | -2.33M | -6.60M | -1.37M | -3.67M |
| Other Operating Activities | -21.06M | -15.41M | -9.31M | -8.47M | -9.35M | -8.68M |
| Operating Cash Flow | 286.64M | 271.86M | 232.69M | 179.68M | 143.21M | 132.21M |
| Acquisition of Real Estate Assets | -973.23M | -827.01M | -987.38M | -643.47M | -499.81M | -707.52M |
| Sale of Real Estate Assets | 322.88M | 374.62M | 71.90M | 73.08M | 162.15M | 41.08M |
| Net Sale / Acq. of Real Estate Assets | -650.35M | -452.39M | -915.48M | -570.39M | -337.66M | -666.44M |
| Investing Cash Flow | -650.35M | -452.39M | -915.48M | -570.39M | -337.66M | -666.44M |
| Short-Term Debt Issued | 75.00M | |||||
| Long-Term Debt Issued | 422.50M | 110.00M | 82.00M | 308.00M | 275.00M | |
| Total Debt Issued | 617.50M | 422.50M | 110.00M | 82.00M | 308.00M | 350.00M |
| Short-Term Debt Repaid | -75.00M | |||||
| Long-Term Debt Repaid | -304.50M | -128.00M | -82.00M | -258.00M | -11.27M | |
| Total Debt Repaid | -417.50M | -304.50M | -128.00M | -82.00M | -258.00M | -86.27M |
| Net Debt Issued (Repaid) | 200.00M | 118.00M | -18.00M | 50.00M | 263.73M | |
| Issuance of Common Stock | 311.02M | 281.01M | 742.73M | 671.35M | 78.85M | 462.39M |
| Repurchase of Common Stock | -3.66M | -3.29M | -3.34M | -1.51M | -1.04M | -582.00K |
| Common Dividends Paid | -213.82M | -203.89M | -174.97M | -135.85M | -107.41M | -84.63M |
| Total Dividends Paid | -213.82M | -203.89M | -174.97M | -135.85M | -107.41M | -84.63M |
| Other Financing Activities | -6.51M | -4.08M | -11.51M | -5.12M | -2.66M | -9.71M |
| Net Cash Flow | -76.68M | 7.24M | -147.88M | 138.15M | -176.72M | 96.97M |
| Levered Free Cash Flow | 319.52M | 208.63M | 190.91M | 154.70M | 115.41M | 114.37M |
| Unlevered Free Cash Flow | 337.95M | 225.77M | 202.22M | 168.65M | 128.94M | 124.32M |
| Cash Interest Paid | 30.98M | 27.44M | 20.90M | 31.71M | 25.22M | 15.14M |
| Change in Working Capital | 13.13M | 9.31M | 9.55M | 537.00K | 5.68M | 16.37M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.25B | 6.07B | 5.90B | 5.35B | 4.33B | 6.38B |
| Enterprise Value | 8.14B | 7.07B | 6.33B | 6.03B | 5.10B | 6.91B |
| Last Close Price | 65.56 | 57.26 | 55.75 | 57.34 | 50.57 | 73.94 |
| Price/FFO Ratio | 22.32 | 20.67 | 23.04 | 25.83 | 25.28 | 43.24 |
| Price/AFFO Ratio | 20.66 | 23.04 | 25.77 | 25.33 | 43.33 | |
| PE Ratio | 17.99 | 15.13 | 32.11 | 35.50 | 21.94 | 73.40 |
| PS Ratio | 14.21 | 12.74 | 15.42 | 16.54 | 15.66 | 28.75 |
| PB Ratio | 1.59 | 1.46 | 1.61 | 1.84 | 1.94 | 3.10 |
| P/OCF Ratio | 24.92 | 22.33 | 25.35 | 29.78 | 30.21 | 48.27 |
| EV/Sales Ratio | 15.99 | 14.84 | 16.55 | 18.64 | 18.47 | 31.14 |
| EV/EBITDA Ratio | 26.45 | 24.83 | 28.18 | 31.30 | 31.91 | 52.73 |
| EV/EBIT Ratio | 38.57 | 36.74 | 42.77 | 45.22 | 46.22 | 78.49 |
| Debt / Equity Ratio | 0.21 | 0.23 | 0.23 | 0.27 | 0.35 | 0.35 |
| Debt / EBITDA Ratio | 3.12 | 3.32 | 3.67 | 4.01 | 4.82 | 5.50 |
| Net Debt / Equity Ratio | 0.20 | 0.22 | 0.22 | 0.21 | 0.33 | 0.25 |
| Net Debt / EBITDA Ratio | 2.95 | 3.24 | 3.58 | 3.15 | 4.66 | 3.94 |
| Asset Turnover | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 | 0.09 |
| Quick Ratio | 0.60 | 0.72 | 0.61 | 2.20 | 0.92 | 3.45 |
| Current Ratio | 0.62 | 0.74 | 0.66 | 2.21 | 0.94 | 3.45 |
| Return on Equity (ROE) | 9.28% | 10.32% | 5.61% | 5.89% | 9.24% | 4.79% |
| Return on Assets (ROA) | 2.44% | 2.37% | 2.13% | 2.36% | 2.27% | 2.17% |
| Earnings Yield | 5.56% | 6.64% | 3.13% | 2.83% | 4.58% | 1.37% |
| Dividend Yield | 3.42% | 3.45% | 3.16% | 2.78% | 2.63% | 1.49% |
| Payout Ratio | 61.68% | 50.59% | 94.84% | 89.70% | 54.24% | 96.99% |
| Buyback Yield / Dilution | -4.26% | -7.18% | -14.96% | -10.30% | -6.77% | -3.85% |
| Total Shareholder Return | -0.78% | -3.73% | -11.79% | -7.52% | -4.14% | -2.36% |