Terreno Realty Corporation (TRNO) 10-Year Financial Performance & Capital Metrics

TRNO • • REIT / Real Estate

Real EstateIndustrial REITsIndustrial & Logistics REITsRegional Industrial Specialists

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 $383M +18.2%
FFO $278M +23.9%
FFO/Share 2.90 +7.8%
FFO Payout 62.85% +3.9%
FFO per Share 2.90 +7.8%
NOI Margin 74.36% -1.6%
FFO Margin 72.76% +4.8%
ROE 5.61% -4.7%
ROA 4.25% -0.7%
Debt/Assets 17.26% -12.6%
Net Debt/EBITDA 3.33 +13.4%
Book Value/Share 38.21 +9.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 27.1%
✓FFO growing 72.5% TTM
✓Sustainable FFO payout ratio of 62.8%
✓14 consecutive years of dividend growth
✓High NOI margin of 74.4%
✓Healthy dividend yield of 3.0%

✗Weaknesses

✗Shares diluted 15.0% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y18.71%

5Y17.47%

3Y19.91%

TTM21.13%

Profit (Net Income) CAGR

10Y32.92%

5Y27.15%

3Y28.35%

TTM93.36%

EPS CAGR

10Y23.64%

5Y29.36%

3Y30.19%

TTM74.86%

ROCE

10Y Avg4.05%

5Y Avg4.04%

3Y Avg3.71%

Latest3.54%

Peer Comparison

Regional Industrial Specialists

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EGPEastGroup Properties, Inc.	9.95B	186.46	40.01	12.73%	35.67%	7.08%	3.59%	0.47
REXRRexford Industrial Realty, Inc.	9.55B	41.03	34.19	17.37%	33.44%	3.69%	1.1%	0.38
TRNOTerreno Realty Corporation	6.31B	61.30	31.93	18.24%	72.5%	8.03%	2.95%	0.22
PLYMPlymouth Industrial REIT, Inc.	974.33M	21.87	7.08	-0.75%	48.46%	16.78%	9.86%	1.10
NHPAPNational Healthcare Properties, Inc.		18.99	-2.64	2.27%	-22.97%	-12.27%		1.67
LPALogistic Properties of the Americas	97.07M	3.07	-3.27	11.22%	14.07%	2.17%	2.73%	1.03

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	95.89M	108.42M	132.48M	151.66M	171.02M	186.88M	221.93M	276.21M	323.59M	382.62M
Revenue Growth %	0.39%	0.13%	0.22%	0.14%	0.13%	0.09%	0.19%	0.24%	0.17%	0.18%
Property Operating Expenses	26.66M	30.32M	35.87M	39.99M	44.2M	49.1M	56.25M	68.9M	79.08M	98.09M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	50.87M	53.72M	57.55M	62.32M	23.92M	23.49M	77.65M	96.95M	111.15M	136.5M
G&A Expenses	14.85M	19.32M	19.68M	21.5M	23.92M	23.49M	26.96M	31.19M	37.94M	42.59M
EBITDA+	58.34M	115.34M	163.31M	183.93M	142.23M	154.75M	138.72M	176.12M	206.57M	241.94M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	34.1M	87.17M	93.44M	102.43M	39.33M	40.45M	50.69M	65.76M	73.22M	93.92M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	24.24M	28.17M	69.87M	81.5M	102.9M	114.3M	88.03M	110.35M	133.35M	148.03M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	9.64M	13.05M	16.78M	18.21M	16.34M	16M	18.05M	23.85M	24.8M	20.92M
Interest Coverage	2.51x	2.16x	4.16x	4.48x	6.30x	7.15x	4.88x	4.63x	5.38x	7.08x
Non-Operating Income	-5.87M	-3.8M	7.06M	8.67M	44.02M	45.88M	-17.28M	-111.51M	-42.9M	-57.39M
Pretax Income+	14.6M	15.12M	53.09M	63.29M	55.52M	79.8M	87.25M	198.01M	151.46M	184.5M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	9.64M	13.05M	16.78M	18.21M	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	14.6M	15.12M	53.09M	63.29M	55.52M	79.8M	87.25M	198.01M	151.46M	184.5M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.36%	0.04%	2.51%	0.19%	-0.12%	0.44%	0.09%	1.27%	-0.24%	0.22%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	0.69%	1.1%	0.43%	0.13%	-0.43%	0.27%	0.15%	0.91%	-0.15%	0.24%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.26	0.26	0.95	1.10	0.53	0.86	0.87	2.61	1.81	1.92
EPS Growth %	0.13%	0%	2.65%	0.16%	-0.52%	0.62%	0.01%	2%	-0.31%	0.06%
EPS (Basic)	0.26	0.26	0.95	1.10	0.54	0.86	0.87	2.61	1.81	1.92
Diluted Shares Outstanding	42.86M	44.73M	51.36M	57.49M	64.72M	68.17M	70.79M	75.59M	83.37M	95.84M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	1.15B	1.28B	1.57B	1.8B	2.11B	2.14B	2.92B	3.16B	3.9B	4.77B
Asset Growth %	0.07%	0.11%	0.23%	0.15%	0.17%	0.01%	0.37%	0.08%	0.23%	0.22%
Real Estate & Other Assets+	1.07B	1.2B	1.45B	1.63B	1.89B	1.94B	12.45M	13.81M	18.98M	-25.46M
PP&E (Net)	1.1B	1.21B	1.47B	1.65B	0	0	2.63B	3.04B	3.52B	4.56B
Investment Securities	1000K	281K	30K	26K	0	0	0	0	0	0
Total Current Assets+	30.09M	18.48M	42.8M	88.97M	128.6M	107.84M	244M	75.48M	222.34M	24.61M
Cash & Equivalents	22.45M	14.21M	35.71M	31M	110.08M	107.18M	204.4M	26.39M	165.4M	18.07M
Receivables	0	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K
Other Current Assets	7.64M	4.27M	7.09M	3.48M	2.66M	656K	397K	1.69M	836K	-56.36M
Intangible Assets	55.37M	62.58M	76.03M	79.27M	88.59M	88.86M	38.15M	36.77M	147.33M	208.47M
Total Liabilities	419.06M	467.18M	540.38M	548.71M	591.34M	551.64M	866.25M	934.59M	990.05M	1.11B
Total Debt+	381.48M	415.33M	461.68M	462.1M	491.57M	459.12M	720.67M	770.82M	771.56M	823.44M
Net Debt	359.02M	401.12M	425.97M	431.09M	381.49M	351.94M	516.27M	744.42M	606.16M	805.37M
Long-Term Debt	381.48M	415.33M	461.68M	462.1M	491.57M	459.12M	720.67M	770.82M	771.56M	741.44M
Short-Term Borrowings	0	0	0	0	0	0	0	0	0	1000K
Capital Lease Obligations	3.85M	3.48M	22.36M	23.09M	0	0	0	0	0	4.26M
Total Current Liabilities+	26.22M	89.94M	45.27M	70.58M	57.49M	54.04M	70.64M	80.44M	100.83M	210.09M
Accounts Payable	12.01M	18.22M	21.27M	24.89M	27.7M	26.69M	45.02M	49.69M	61.78M	79.22M
Deferred Revenue	-99.02M	0	-247.96M	0	0	0	0	0	0	0
Other Liabilities	-61.44M	-96.75M	-169.26M	-161.65M	42.28M	38.48M	74.94M	83.33M	117.65M	156.3M
Total Equity+	733.08M	1.21B	1.47B	1.7B	1.52B	1.59B	2.06B	2.23B	2.91B	3.66B
Equity Growth %	-0.02%	0.65%	0.21%	0.16%	-0.11%	0.05%	0.3%	0.08%	0.31%	0.26%
Shareholders Equity	733.08M	811.8M	1.03B	1.25B	1.52B	1.59B	2.06B	2.23B	2.91B	3.66B
Minority Interest	0	400.33M	441.24M	450.71M	0	0	0	0	0	0
Common Stock	430K	474K	553K	610K	673K	686K	752K	765K	876K	994K
Additional Paid-in Capital	687.45M	766.23M	1.02B	1.23B	1.51B	1.59B	2.07B	2.17B	2.85B	3.6B
Retained Earnings	0	811.8M	4.8M	14.19M	2.62M	5.93M	2.8M	88.27M	95.58M	95.29M
Preferred Stock	46M	46M	4.8M	14.19M	0	0	0	0	0	0
Return on Assets (ROA)	0.01%	0.01%	0.04%	0.04%	0.03%	0.04%	0.03%	0.07%	0.04%	0.04%
Return on Equity (ROE)	0.02%	0.02%	0.04%	0.04%	0.03%	0.05%	0.05%	0.09%	0.06%	0.06%
Debt / Assets	0.33%	0.32%	0.29%	0.26%	0.23%	0.21%	0.25%	0.24%	0.2%	0.17%
Debt / Equity	0.52x	0.34x	0.31x	0.27x	0.32x	0.29x	0.35x	0.35x	0.26x	0.22x
Net Debt / EBITDA	6.15x	3.48x	2.61x	2.34x	2.68x	2.27x	3.72x	4.23x	2.93x	3.33x
Book Value per Share	17.10	27.10	28.60	29.55	23.44	23.30	29.07	29.50	34.96	38.21

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	42.07M	49.24M	69.5M	77.6M	94.69M	101.05M	132.21M	143.21M	179.68M	232.69M
Operating CF Growth %	0.43%	0.17%	0.41%	0.12%	0.22%	0.07%	0.31%	0.08%	0.25%	0.3%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	14.6M	15.12M	53.09M	63.29M	55.52M	79.8M	87.25M	198.01M	151.46M	184.5M
Depreciation & Amortization	34.1M	33.06M	35.71M	37.12M	39.33M	40.45M	43M	49.49M	59.3M	76.63M
Stock-Based Compensation	6.08M	9.44M	8.73M	9.27M	10.64M	9.83M	9.55M	10.17M	13.47M	14.93M
Other Non-Cash Items	-14.06M	-10.88M	-33.12M	-31.02M	-10.77M	-25.79M	-23.98M	-120.15M	-45.08M	-52.92M
Working Capital Changes	1.35M	2.49M	5.08M	-1.06M	-37K	-3.23M	16.37M	5.68M	537K	9.55M
Cash from Investing+	-255.36M	-151.24M	-249.12M	-234.96M	-251.48M	-52.09M	-666.44M	-337.66M	-570.39M	-915.48M
Acquisitions (Net)	0	0	0	0	0	0	0	0	0	0
Purchase of Investments	-283.56M	-130.11M	-297.11M	-221.81M	-238.66M	-98.09M	-644.96M	-433.2M	-590.41M	-940.94M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	0	0	0	-54.1M	0	15.91M	0	0	0	0
Cash from Financing+	45.14M	93.76M	203.94M	149.04M	235.05M	-53.87M	631.2M	17.73M	528.86M	534.91M
Dividends Paid	-31.11M	-36.75M	-43.87M	-51.45M	-63.56M	-74.78M	-84.63M	-107.41M	-135.85M	-174.97M
Common Dividends	-27.55M	-33.18M	-41.87M	-51.45M	-63.56M	-74.78M	-84.63M	-107.41M	-135.85M	-174.97M
Debt Issuance (Net)	1000K	1000K	1000K	-201K	1000K	-1000K	1000K	1000K	0	-1000K
Share Repurchases	-512K	-1.55M	-49.44M	-3.87M	-3.96M	-9.84M	-582K	-1.04M	-1.51M	-3.34M
Other Financing	-1.47M	-2.5M	-872K	-1.37M	-943K	0	-4.03M	-1.5M	0	-5.8M
Net Change in Cash+	-168.15M	-8.24M	24.32M	-8.32M	78.26M	-4.9M	96.97M	-176.72M	138.15M	-147.88M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	190.6M	22.45M	18.48M	42.8M	34.48M	112.74M	107.84M	204.8M	28.08M	166.24M
Cash at End	22.45M	14.21M	42.8M	34.48M	112.74M	107.84M	204.8M	28.08M	166.24M	18.35M
Free Cash Flow+	23.22M	22.3M	42.09M	48.62M	62.62M	69.44M	80.92M	76.6M	126.62M	186.25M
FCF Growth %	1.42%	-0.04%	0.89%	0.16%	0.29%	0.11%	0.17%	-0.05%	0.65%	0.47%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	1.14	2.29	2.85	2.88	1.47	1.76	1.95	3.49	2.69	2.9
FFO Payout Ratio	56.56%	32.44%	28.57%	31.04%	67.02%	62.19%	61.35%	40.72%	60.47%	62.85%
NOI Margin	72.2%	72.03%	72.92%	73.63%	74.15%	73.73%	74.66%	75.05%	75.56%	74.36%
Net Debt / EBITDA	6.15x	3.48x	2.61x	2.34x	2.68x	2.27x	3.72x	4.23x	2.93x	3.33x
Debt / Assets	33.11%	32.47%	29.45%	25.72%	23.31%	21.46%	24.64%	24.36%	19.76%	17.26%
Interest Coverage	2.51x	2.16x	4.16x	4.48x	6.30x	7.15x	4.88x	4.63x	5.38x	7.08x
Book Value / Share	17.1	27.1	28.6	29.55	23.44	23.3	29.07	29.5	34.96	38.21
Revenue Growth	39.23%	13.06%	22.2%	14.47%	12.77%	9.27%	18.75%	24.46%	17.15%	18.24%

Revenue by Geography

	2014	2015
San Francisco Bay Area	-	516K
San Francisco Bay Area Growth	-	-
Washington Dc And Baltimore	594K	-
Washington Dc And Baltimore Growth	-	-

Frequently Asked Questions

Valuation & Price

Terreno Realty Corporation (TRNO) has a price-to-earnings (P/E) ratio of 31.9x. This suggests investors expect higher future growth.

Growth & Financials

Terreno Realty Corporation (TRNO) reported $442.6M in revenue for fiscal year 2024. This represents a 2429% increase from $17.5M in 2011.

Terreno Realty Corporation (TRNO) grew revenue by 18.2% over the past year. This is strong growth.

Yes, Terreno Realty Corporation (TRNO) is profitable, generating $320.9M in net income for fiscal year 2024 (48.2% net margin).

Dividend & Returns

Yes, Terreno Realty Corporation (TRNO) pays a dividend with a yield of 2.98%. This makes it attractive for income-focused investors.

Terreno Realty Corporation (TRNO) has a return on equity (ROE) of 5.6%. This is below average, suggesting room for improvement.

Industry Metrics

Terreno Realty Corporation (TRNO) generated Funds From Operations (FFO) of $430.1M in the trailing twelve months. FFO is the primary profitability metric for REITs.

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