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TRNOTerreno Realty Corporation
$64.35$6.8B
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TRNO logoTerreno Realty Corporation(TRNO)Earnings, Financials & Key Ratios

TRNO•NYSE•REIT / Real Estate
16.4× P/E·Price updated Jun 19, 2026
SectorReal EstateIndustryIndustrial REITsSub-IndustryIndustrial Logistics Warehouse REITs
About{Terreno Realty Corporation and together with its subsidiaries, the Company) acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C. All square feet, acres, occupancy and number of properties disclosed in these condensed notes to the consolidated financial statements are unaudited. As of September 30, 2020, the Company owned 219 buildings aggregating approximately 13.1 million square feet, 22 improved land parcels consisting of approximately 85.0 acres and one property under redevelopment expected to contain approximately 0.2 million square feet upon completion. The Company is an internally managed Maryland corporation and elected to be taxed as a real estate investment trust (REIT) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the Code), commencing with its taxable year ended December 31, 2010.}Show more
  • Revenue$476M+24.5%
  • FFO$525M+88.4%
  • FFO/Share5.11+75.8%
  • FFO Payout38.87%-38.2%
  • FFO per Share5.11+75.8%
  • NOI Margin75.84%+2.0%
  • FFO Margin110.12%+51.3%
  • ROE10.32%+84.0%
  • ROA7.93%+86.5%

TRNO Key Insights

Terreno Realty Corporation (TRNO) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 38.2%
  • ✓FFO growing 85.0% TTM
  • ✓Sustainable FFO payout ratio of 38.9%
  • ✓15 consecutive years of dividend growth
  • ✓High NOI margin of 75.8%
  • ✓Healthy dividend yield of 3.1%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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TRNO Price & Volume

Terreno Realty Corporation (TRNO) stock price & volume — 10-year historical chart

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TRNO Growth Metrics

Terreno Realty Corporation (TRNO) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years17.39%
5 Years20.58%
3 Years19.92%
TTM20.19%

Profit CAGR

10 Years39.34%
5 Years38.25%
3 Years26.73%
TTM115.86%

EPS CAGR

10 Years31.17%
5 Years35.44%
3 Years14.52%
TTM107.11%

Return on Capital

10 Years4.23%
5 Years3.74%
3 Years3.8%
Last Year4%

TRNO Recent Earnings

Terreno Realty Corporation (TRNO) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
May 6, 2026
Metric
Actual
Est
EPS
$0.68+112.5%
$0.32
Rev
$124M+1.7%
$122M
Q1 2026
Feb 4, 2026
Metric
Actual
Est
EPS
$0.83-2.4%
$0.85
Rev
$137M+4.0%
$132M
Q4 2025
Nov 5, 2025
Metric
Actual
Est
EPS
$0.67+3.1%
$0.65
Rev
$116M+1.4%
$115M
Q3 2025
Aug 6, 2025
Metric
Actual
Est
EPS
$0.64-1.5%
$0.65
Rev
$112M-2.7%
$115M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 6, 2026
$0.68vs $0.32+112.5%
$124Mvs $122M+1.7%
Q1 2026Feb 4, 2026
$0.83vs $0.85-2.4%
$137Mvs $132M+4.0%
Q4 2025Nov 5, 2025
$0.67vs $0.65+3.1%
$116Mvs $115M+1.4%
Q3 2025Aug 6, 2025
$0.64vs $0.65-1.5%
$112Mvs $115M-2.7%
Based on last 12 quarters of dataView full earnings history →

TRNO Peer Comparison

Terreno Realty Corporation (TRNO) competitors in Industrial Logistics Warehouse REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
PLD logoPLDPrologis, Inc.Direct Competitor134.64B140.5439.707.18%37.86%5.78%0.61
EGP logoEGPEastGroup Properties, Inc.Direct Competitor10.75B199.9741.0612.97%39.7%8.37%0.50
REXR logoREXRRexford Industrial Realty, Inc.Direct Competitor7.87B33.1238.517.13%21.29%2.34%0.40
FR logoFRFirst Industrial Realty Trust, Inc.Direct Competitor8.19B61.8033.058.58%45.99%12.35%0.93
STAG logoSTAGSTAG Industrial, Inc.Direct Competitor7.23B37.8025.8910.14%28.26%6.8%0.90
ILPT logoILPTIndustrial Logistics Properties TrustProduct Competitor539.99M8.10-8.101.48%-11.93%-5.93%4.69
PLYM logoPLYMPlymouth Industrial REIT, Inc.Product Competitor979.23M21.987.11-0.75%48.46%15.86%1.10
AMZN logoAMZNAmazon.com, Inc.Supply Chain2.63T244.3934.0912.38%12.22%23.34%0.37

Compare TRNO vs Peers

Terreno Realty Corporation (TRNO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PLD

Most directly comparable listed peer for TRNO.

Scale Benchmark

vs AMZN

Larger-name benchmark to compare TRNO against a more recognizable public peer.

Peer Set

Compare Top 5

vs PLD, EGP, REXR, FR

TRNO Income Statement

Terreno Realty Corporation (TRNO) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
132.48M151.66M171.02M186.88M221.93M276.21M323.59M382.62M476.38M490.4M
Revenue Growth %
22.2%14.47%12.77%9.27%18.75%24.46%17.15%18.24%24.51%20.19%
Property Operating Expenses
35.87M39.99M44.2M49.1M56.25M68.9M79.08M98.09M115.1M177.11M
Net Operating Income (NOI)
96.61M▲ 0%
111.67M▲ 15.6%
126.82M▲ 13.6%
137.79M▲ 8.6%
165.68M▲ 20.2%
207.31M▲ 25.1%
244.5M▲ 17.9%
284.53M▲ 16.4%
361.28M▲ 27.0%
313.3M▲ 0%
NOI Margin %
72.92%73.63%74.15%73.73%74.66%75.05%75.56%74.36%75.84%63.89%
Operating Expenses
57.55M62.32M23.92M23.49M77.65M96.95M111.15M136.5M168.85M113.16M
G&A Expenses
19.68M21.5M23.92M23.49M26.96M31.19M37.94M42.59M47.27M35.53M
EBITDA
163.31M183.93M142.23M154.75M138.72M176.12M206.57M241.94M314.01M324.28M
EBITDA Margin %
123.27%121.28%83.16%82.81%62.51%63.76%63.84%63.23%65.92%66.12%
Depreciation & Amortization
93.44M102.43M39.33M40.45M50.69M65.76M73.22M93.92M121.58M124.14M
D&A / Revenue %
70.53%67.54%23%21.65%22.84%23.81%22.63%24.55%25.52%25.31%
Operating Income
69.87M▲ 0%
81.5M▲ 16.6%
102.9M▲ 26.3%
114.3M▲ 11.1%
88.03M▼ 23.0%
110.35M▲ 25.4%
133.35M▲ 20.8%
148.03M▲ 11.0%
192.43M▲ 30.0%
200.14M▲ 0%
Operating Margin %
52.74%53.74%60.17%61.16%39.67%39.95%41.21%38.69%40.39%40.81%
Interest Expense
16.78M18.21M16.34M16M18.05M23.85M24.8M20.92M32.86M4M
Interest Coverage
4.16x4.48x3.60x4.28x5.83x9.30x7.11x9.82x13.27x-
Non-Operating Income
7.06M8.67M44.02M45.88M-17.28M-111.51M-42.9M-57.39M-243.41M-258.08M
Pretax Income
53.09M▲ 0%
63.29M▲ 19.2%
55.52M▼ 12.3%
79.8M▲ 43.7%
87.25M▲ 9.3%
198.01M▲ 126.9%
151.46M▼ 23.5%
184.5M▲ 21.8%
402.99M▲ 118.4%
424.3M▲ 0%
Pretax Margin %
40.08%41.73%32.46%42.7%39.32%71.69%46.81%48.22%84.59%86.52%
Income Tax
16.78M18.21M00000000
Effective Tax Rate %
31.6%28.77%0%0%0%0%0%0%0%0%
Net Income
53.09M▲ 0%
63.29M▲ 19.2%
55.52M▼ 12.3%
79.8M▲ 43.7%
87.25M▲ 9.3%
198.01M▲ 126.9%
151.46M▼ 23.5%
184.5M▲ 21.8%
402.99M▲ 118.4%
424.3M▲ 0%
Net Margin %
40.08%41.73%32.46%42.7%39.32%71.69%46.81%48.22%84.59%86.52%
Net Income Growth %
251.2%19.2%-12.28%43.73%9.35%126.94%-23.51%21.81%118.43%115.86%
Funds From Operations (FFO)
146.53M▲ 0%
165.72M▲ 13.1%
94.85M▼ 42.8%
120.25M▲ 26.8%
137.94M▲ 14.7%
263.78M▲ 91.2%
224.68M▼ 14.8%
278.41M▲ 23.9%
524.57M▲ 88.4%
548.44M▲ 0%
FFO Margin %
110.6%109.27%55.46%64.34%62.16%95.5%69.43%72.76%110.12%111.83%
FFO Growth %
43.25%13.1%-42.77%26.78%14.71%91.22%-14.82%23.92%88.42%348.07%
FFO per Share
2.852.881.471.761.953.492.692.905.115.21
FFO Payout Ratio %
28.57%31.04%67.02%62.19%61.35%40.72%60.47%62.85%38.87%28.27%
EPS (Diluted)
0.95▲ 0%
1.10▲ 15.8%
0.53▼ 51.8%
0.86▲ 62.3%
0.87▲ 1.2%
2.61▲ 200.0%
1.81▼ 30.7%
1.92▲ 6.1%
3.92▲ 104.2%
4.03▲ 0%
EPS Growth %
265.38%15.79%-51.82%62.26%1.16%200%-30.65%6.08%104.17%107.11%
EPS (Basic)
0.951.100.540.860.872.611.811.923.93-
Diluted Shares Outstanding
51.36M57.49M64.72M68.17M70.79M75.59M83.37M95.84M102.72M105.22M

TRNO Balance Sheet

Terreno Realty Corporation (TRNO) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
1.57B1.8B2.11B2.14B2.92B3.16B3.9B4.77B5.39B5.55B
Asset Growth %
22.59%14.58%17.36%1.49%36.66%8.22%23.39%22.17%12.95%54.23%
Real Estate & Other Assets
1.45B1.63B1.89B1.94B12.45M13.81M18.98M-25.46M5.14B0
PP&E (Net)
1.47B1.65B002.63B3.04B3.52B4.56B00
Investment Securities
30K26K00000000
Total Current Assets
42.8M88.97M128.6M107.84M244M75.48M222.34M24.61M27.93M87.87M
Cash & Equivalents
35.71M31M110.08M107.18M204.4M26.39M165.4M18.07M25.02M87.87M
Receivables
1000K1000K1000K01000K1000K1000K1000K00
Other Current Assets
7.09M3.48M2.66M656K397K1.69M836K-56.36M2.91M0
Intangible Assets
76.03M79.27M88.59M88.86M38.15M36.77M147.33M208.47M223.55M217.35M
Total Liabilities
540.38M548.71M591.34M551.64M866.25M934.59M990.05M1.11B1.24B1.26B
Total Debt
461.68M462.1M491.57M459.12M720.67M770.82M771.56M823.44M943.34M473.54M
Net Debt
425.97M431.09M381.49M351.94M516.27M744.42M606.16M805.37M918.32M385.67M
Long-Term Debt
461.68M462.1M491.57M459.12M720.67M770.82M771.56M741.44M743.34M0
Short-Term Borrowings
000000082M200M473.54M
Capital Lease Obligations
0000000000
Total Current Liabilities
45.27M70.58M57.49M54.04M70.64M80.44M100.83M210.09M331.46M473.54M
Accounts Payable
21.27M24.89M27.7M26.69M45.02M49.69M61.78M79.22M77.33M0
Deferred Revenue
-247.96M548.71M00000000
Other Liabilities
-169.26M-161.65M42.28M38.48M74.94M83.33M117.65M156.3M167.01M782.65M
Total Equity
1.47B▲ 0%
1.7B▲ 15.6%
1.52B▼ 10.7%
1.59B▲ 4.7%
2.06B▲ 29.6%
2.23B▲ 8.4%
2.91B▲ 30.7%
3.66B▲ 25.7%
4.15B▲ 13.2%
4.3B▲ 0%
Equity Growth %
21.17%15.64%-10.68%4.68%29.58%8.35%30.71%25.65%13.21%48.11%
Shareholders Equity
1.03B1.25B1.52B1.59B2.06B2.23B2.91B3.66B4.15B4.3B
Minority Interest
441.24M450.71M00000000
Common Stock
553K610K673K686K752K765K876K994K1.04M-35.49M
Additional Paid-in Capital
1.02B1.23B1.51B1.59B2.07B2.17B2.85B3.6B3.89B0
Retained Earnings
4.8M14.19M2.62M5.93M2.8M88.27M95.58M95.29M289.12M303.27M
Preferred Stock
4.8M14.19M00000000
Return on Assets (ROA)
3.73%3.76%2.84%3.76%3.45%6.5%4.29%4.25%7.93%7.99%
Return on Equity (ROE)
3.96%4%3.45%5.14%4.79%9.24%5.89%5.61%10.32%10.36%
Debt / Assets
29.45%25.72%23.31%21.46%24.64%24.36%19.76%17.26%17.51%8.53%
Debt / Equity
0.31x0.27x0.32x0.29x0.35x0.35x0.26x0.22x0.23x0.11x
Net Debt / EBITDA
2.61x2.34x2.68x2.27x3.72x4.23x2.93x3.33x2.92x1.19x
Book Value per Share
28.6029.5523.4423.3029.0729.5034.9638.2140.3640.82

TRNO Cash Flow Statement

Terreno Realty Corporation (TRNO) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
69.5M77.6M94.69M101.05M132.21M143.21M179.68M232.69M271.86M272.36M
Operating CF Growth %
41.14%11.66%22.02%6.72%30.83%8.32%25.46%29.5%16.84%45.59%
Operating CF / Revenue %
52.46%51.17%55.37%54.07%59.57%51.85%55.53%60.81%57.07%55.54%
Net Income
53.09M63.29M55.52M79.8M87.25M198.01M151.46M184.5M402.99M424.3M
Depreciation & Amortization
35.71M37.12M39.33M40.45M43M49.49M59.3M76.63M92.28M99.85M
Stock-Based Compensation
8.73M9.27M10.64M9.83M9.55M10.17M13.47M14.93M17.72M13.47M
Other Non-Cash Items
-33.12M-31.02M-10.77M-25.79M-23.98M-120.15M-45.08M-52.92M-250.44M-269.26M
Working Capital Changes
5.08M-1.06M-37K-3.23M16.37M5.68M537K9.55M9.31M4.32M
Cash from Investing
-249.12M-234.96M-251.48M-52.09M-666.44M-337.66M-570.39M-915.48M-452.39M-502.23M
Acquisitions (Net)
0000000000
Purchase of Investments
-297.11M-221.81M-238.66M-98.09M-644.96M-433.2M-590.41M-940.94M0-229.48M
Sale of Investments
75.4M79.59M47.13M70.69M41.08M162.15M73.08M71.9M0165.98M
Other Investing
0-54.1M015.91M0000-388.98M-355.83M
Cash from Financing
203.94M149.04M235.05M-53.87M631.2M17.73M528.86M534.91M187.76M161.3M
Dividends Paid
-43.87M-51.45M-63.56M-74.78M-84.63M-107.41M-135.85M-174.97M-203.89M-209.15M
Common Dividends
-41.87M-51.45M-63.56M-74.78M-84.63M-107.41M-135.85M-174.97M-203.89M-155.02M
Debt Issuance (Net)
1000K-201K1000K-1000K1000K1000K0-1000K1000K-1000K
Share Repurchases
-49.44M-3.87M-3.96M-9.84M-582K-1.04M-1.51M-3.34M0-3.68M
Other Financing
-872K-1.37M-943K0-4.03M-1.5M0-5.8M-4.08M-632K
Net Change in Cash
24.32M▲ 0%
-8.32M▼ 134.2%
78.26M▲ 1040.5%
-4.9M▼ 106.3%
96.97M▲ 2077.7%
-176.72M▼ 282.2%
138.15M▲ 178.2%
-147.88M▼ 207.0%
7.24M▲ 104.9%
-68.57M▲ 0%
Exchange Rate Effect
0000000000
Cash at Beginning
18.48M42.8M34.48M112.74M107.84M204.8M28.08M166.24M18.35M25.59M
Cash at End
42.8M34.48M112.74M107.84M204.8M28.08M166.24M18.35M25.59M88.56M
Free Cash Flow
42.09M▲ 0%
48.62M▲ 15.5%
62.62M▲ 28.8%
69.44M▲ 10.9%
80.92M▲ 16.5%
76.6M▼ 5.3%
126.62M▲ 65.3%
186.25M▲ 47.1%
208.46M▲ 11.9%
203.22M▲ 0%
FCF Growth %
88.72%15.51%28.79%10.89%16.53%-5.34%65.31%47.09%11.92%35.18%
FCF / Revenue %
31.77%32.06%36.61%37.16%36.46%27.73%39.13%48.68%43.76%41.44%

TRNO Key Ratios

Terreno Realty Corporation (TRNO) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share
2.852.881.471.761.953.492.692.95.115.21
FFO Payout Ratio
28.57%31.04%67.02%62.19%61.35%40.72%60.47%62.85%38.87%28.27%
NOI Margin
72.92%73.63%74.15%73.73%74.66%75.05%75.56%74.36%75.84%63.89%
Net Debt / EBITDA
2.61x2.34x2.68x2.27x3.72x4.23x2.93x3.33x2.92x1.19x
Debt / Assets
29.45%25.72%23.31%21.46%24.64%24.36%19.76%17.26%17.51%8.53%
Interest Coverage
4.16x4.48x3.60x4.28x5.83x9.30x7.11x9.82x13.27x-
Book Value / Share
28.629.5523.4423.329.0729.534.9638.2140.3640.82
Revenue Growth
22.2%14.47%12.77%9.27%18.75%24.46%17.15%18.24%24.51%20.19%
Related:TRNO Dividend History·TRNO Revenue History·TRNO Price History·TRNO P/E History·TRNO Financial Ratios·TRNO Institutional Holders

TRNO SEC Filings & Documents

Terreno Realty Corporation (TRNO) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 6, 2026·SEC

Material company update

Feb 17, 2026·SEC

Material company update

Jan 8, 2026·SEC

10-K Annual Reports

5
FY 2026

Feb 4, 2026·SEC

FY 2025

Feb 5, 2025·SEC

FY 2024

Feb 7, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 6, 2026·SEC

FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 6, 2025·SEC

TRNO Frequently Asked Questions

Terreno Realty Corporation (TRNO) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Terreno Realty Corporation (TRNO) reported $490.4M in revenue for fiscal year 2025. This represents a 12066% increase from $4.0M in 2010.

Terreno Realty Corporation (TRNO) grew revenue by 24.5% over the past year. This is strong growth.

Yes, Terreno Realty Corporation (TRNO) is profitable, generating $424.3M in net income for fiscal year 2025 (84.6% net margin).

Dividend & Returns

Yes, Terreno Realty Corporation (TRNO) pays a dividend with a yield of 3.08%. This makes it attractive for income-focused investors.

Terreno Realty Corporation (TRNO) has a return on equity (ROE) of 10.3%. This is reasonable for most industries.

Industry Metrics

Terreno Realty Corporation (TRNO) generated Funds From Operations (FFO) of $548.4M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Terreno Realty Corporation (TRNO) offers a 3.08% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

What if you invested $1,000 in TRNO back in 2010?

Total return calculator · dividends reinvested · 16+ years of data

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How much would $100/month in TRNO be worth today?

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