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

TRNO • • REIT / Real Estate

Real EstateIndustrial REITsIndustrial 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/Share 5.11 +75.8%
FFO Payout 38.87% -38.2%
FFO per Share 5.11 +75.8%
NOI Margin 50.32% -32.3%
FFO Margin 110.12% +51.3%
ROE 10.32% +84.0%
ROA 7.93% +86.5%
Debt/Assets 21.94% +27.1%
Net Debt/EBITDA 3.69 +10.8%
Book Value/Share 40.36 +5.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 38.2%
✓FFO growing 88.2% TTM
✓Sustainable FFO payout ratio of 38.9%
✓15 consecutive years of dividend growth
✓Healthy dividend yield of 3.0%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y17.39%

5Y20.58%

3Y19.92%

TTM24.51%

Profit (Net Income) CAGR

10Y39.34%

5Y38.25%

3Y26.73%

TTM118.03%

EPS CAGR

10Y31.17%

5Y35.44%

3Y14.52%

TTM104.74%

ROCE

10Y Avg4.23%

5Y Avg3.75%

3Y Avg3.82%

Latest4.05%

Peer Comparison

Industrial Logistics Warehouse REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EGPEastGroup Properties, Inc.	10.47B	196.31	42.13	12.73%	35.67%	7.08%	3.41%	0.47
PLDPrologis, Inc.	132.4B	142.57	35.55	2.22%	36.7%	5.61%	3.71%	0.54
REXRRexford Industrial Realty, Inc.	8.72B	37.47	31.23	17.37%	33.44%	3.69%	1.21%	0.38
FRFirst Industrial Realty Trust, Inc.	8.36B	63.14	29.10	8.73%	33.19%	8.64%	1.61%	0.81
LXPLXP Industrial Trust	2.93B	49.56	27.23	-2.3%	30.4%	5.2%	5.59%
STAGSTAG Industrial, Inc.	7.32B	39.22	26.86	10.14%	29.26%	6.88%	6.33%
TRNOTerreno Realty Corporation	6.85B	66.06	16.85	24.51%	84.44%	9.7%	3.04%	0.29
GRP-UNGranite Real Estate Investment Trust	3.94B	65.09	15.60	9.19%	48.04%	5.27%	6.27%	0.54

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	108.42M	132.48M	151.66M	171.02M	186.88M	221.93M	276.21M	323.59M	382.62M	476.38M
Revenue Growth %	13.06%	22.2%	14.47%	12.77%	9.27%	18.75%	24.46%	17.15%	18.24%	24.51%
Property Operating Expenses	30.32M	35.87M	39.99M	44.2M	49.1M	56.25M	68.9M	79.08M	98.09M	236.68M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	53.72M	57.55M	62.32M	23.92M	23.49M	77.65M	96.95M	111.15M	136.5M	115.1M
G&A Expenses	19.32M	19.68M	21.5M	23.92M	23.49M	26.96M	31.19M	37.94M	42.59M	47.27M
EBITDA+	115.34M	163.31M	183.93M	142.23M	154.75M	138.72M	176.12M	206.57M	241.94M	313.67M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	87.17M	93.44M	102.43M	39.33M	40.45M	50.69M	65.76M	73.22M	93.92M	121.58M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	28.17M	69.87M	81.5M	102.9M	114.3M	88.03M	110.35M	133.35M	148.03M	192.09M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	13.05M	16.78M	18.21M	16.34M	16M	18.05M	23.85M	24.8M	20.92M	-32.86M
Interest Coverage	2.16x	4.16x	4.48x	6.30x	7.15x	4.88x	4.63x	5.38x	7.08x	-
Non-Operating Income	-3.8M	7.06M	8.67M	44.02M	45.88M	-17.28M	-111.51M	-42.9M	-57.39M	0
Pretax Income+	15.12M	53.09M	63.29M	55.52M	79.8M	87.25M	198.01M	151.46M	184.5M	402.99M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	13.05M	16.78M	18.21M	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	15.12M	53.09M	63.29M	55.52M	79.8M	87.25M	198.01M	151.46M	184.5M	402.99M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	3.54%	251.2%	19.2%	-12.28%	43.73%	9.35%	126.94%	-23.51%	21.81%	118.43%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	110.03%	43.25%	13.1%	-42.77%	26.78%	14.71%	91.22%	-14.82%	23.92%	88.42%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.26	0.95	1.10	0.53	0.86	0.87	2.61	1.81	1.92	3.92
EPS Growth %	0%	265.38%	15.79%	-51.82%	62.26%	1.16%	200%	-30.65%	6.08%	104.17%
EPS (Basic)	0.26	0.95	1.10	0.54	0.86	0.87	2.61	1.81	1.92	3.93
Diluted Shares Outstanding	44.73M	51.36M	57.49M	64.72M	68.17M	70.79M	75.59M	83.37M	95.84M	102.72M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	1.28B	1.57B	1.8B	2.11B	2.14B	2.92B	3.16B	3.9B	4.77B	5.39B
Asset Growth %	11.01%	22.59%	14.58%	17.36%	1.49%	36.66%	8.22%	23.39%	22.17%	12.95%
Real Estate & Other Assets+	1.2B	1.45B	1.63B	1.89B	1.94B	12.45M	13.81M	18.98M	-25.46M	0
PP&E (Net)	1.21B	1.47B	1.65B	0	0	2.63B	3.04B	3.52B	4.56B	0
Investment Securities	281K	30K	26K	0	0	0	0	0	0	0
Total Current Assets+	18.48M	42.8M	88.97M	128.6M	107.84M	244M	75.48M	222.34M	24.61M	25.02M
Cash & Equivalents	14.21M	35.71M	31M	110.08M	107.18M	204.4M	26.39M	165.4M	18.07M	25.59M
Receivables	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K	1000K
Other Current Assets	4.27M	7.09M	3.48M	2.66M	656K	397K	1.69M	836K	-56.36M	-74.57M
Intangible Assets	62.58M	76.03M	79.27M	88.59M	88.86M	38.15M	36.77M	147.33M	208.47M	223.55M
Total Liabilities	467.18M	540.38M	548.71M	591.34M	551.64M	866.25M	934.59M	990.05M	1.11B	1.24B
Total Debt+	415.33M	461.68M	462.1M	491.57M	459.12M	720.67M	770.82M	771.56M	823.44M	1.18B
Net Debt	401.12M	425.97M	431.09M	381.49M	351.94M	516.27M	744.42M	606.16M	805.37M	1.16B
Long-Term Debt	415.33M	461.68M	462.1M	491.57M	459.12M	720.67M	770.82M	771.56M	741.44M	1.01B
Short-Term Borrowings	0	0	0	0	0	0	0	0	82M	50M
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	119.44M
Total Current Liabilities+	89.94M	45.27M	70.58M	57.49M	54.04M	70.64M	80.44M	100.83M	210.09M	473.42M
Accounts Payable	18.22M	21.27M	24.89M	27.7M	26.69M	45.02M	49.69M	61.78M	79.22M	0
Deferred Revenue	467.18M	-247.96M	548.71M	0	0	0	0	0	0	0
Other Liabilities	-96.75M	-169.26M	-161.65M	42.28M	38.48M	74.94M	83.33M	117.65M	156.3M	-1.13B
Total Equity+	1.21B	1.47B	1.7B	1.52B	1.59B	2.06B	2.23B	2.91B	3.66B	4.15B
Equity Growth %	65.35%	21.17%	15.64%	-10.68%	4.68%	29.58%	8.35%	30.71%	25.65%	13.21%
Shareholders Equity	811.8M	1.03B	1.25B	1.52B	1.59B	2.06B	2.23B	2.91B	3.66B	4.15B
Minority Interest	400.33M	441.24M	450.71M	0	0	0	0	0	0	0
Common Stock	474K	553K	610K	673K	686K	752K	765K	876K	994K	1.04M
Additional Paid-in Capital	766.23M	1.02B	1.23B	1.51B	1.59B	2.07B	2.17B	2.85B	3.6B	3.89B
Retained Earnings	811.8M	4.8M	14.19M	2.62M	5.93M	2.8M	88.27M	95.58M	95.29M	289.12M
Preferred Stock	46M	4.8M	14.19M	0	0	0	0	0	0	0
Return on Assets (ROA)	1.24%	3.73%	3.76%	2.84%	3.76%	3.45%	6.5%	4.29%	4.25%	7.93%
Return on Equity (ROE)	1.55%	3.96%	4%	3.45%	5.14%	4.79%	9.24%	5.89%	5.61%	10.32%
Debt / Assets	32.47%	29.45%	25.72%	23.31%	21.46%	24.64%	24.36%	19.76%	17.26%	21.94%
Debt / Equity	0.34x	0.31x	0.27x	0.32x	0.29x	0.35x	0.35x	0.26x	0.22x	0.29x
Net Debt / EBITDA	3.48x	2.61x	2.34x	2.68x	2.27x	3.72x	4.23x	2.93x	3.33x	3.69x
Book Value per Share	27.10	28.60	29.55	23.44	23.30	29.07	29.50	34.96	38.21	40.36

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	49.24M	69.5M	77.6M	94.69M	101.05M	132.21M	143.21M	179.68M	232.69M	271.86M
Operating CF Growth %	17.05%	41.14%	11.66%	22.02%	6.72%	30.83%	8.32%	25.46%	29.5%	16.84%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	15.12M	53.09M	63.29M	55.52M	79.8M	87.25M	198.01M	151.46M	184.5M	402.99M
Depreciation & Amortization	33.06M	35.71M	37.12M	39.33M	40.45M	43M	49.49M	59.3M	76.63M	92.28M
Stock-Based Compensation	9.44M	8.73M	9.27M	10.64M	9.83M	9.55M	10.17M	13.47M	14.93M	17.72M
Other Non-Cash Items	-10.88M	-33.12M	-31.02M	-10.77M	-25.79M	-23.98M	-120.15M	-45.08M	-52.92M	-250.44M
Working Capital Changes	2.49M	5.08M	-1.06M	-37K	-3.23M	16.37M	5.68M	537K	9.55M	9.31M
Cash from Investing+	-151.24M	-249.12M	-234.96M	-251.48M	-52.09M	-666.44M	-337.66M	-570.39M	-915.48M	-452.39M
Acquisitions (Net)	0	0	0	0	0	0	0	0	0	693.63M
Purchase of Investments	-130.11M	-297.11M	-221.81M	-238.66M	-98.09M	-644.96M	-433.2M	-590.41M	-940.94M	-763.6M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	0	0	-54.1M	0	15.91M	0	0	0	0	-455.2M
Cash from Financing+	93.76M	203.94M	149.04M	235.05M	-53.87M	631.2M	17.73M	528.86M	534.91M	187.76M
Dividends Paid	-36.75M	-43.87M	-51.45M	-63.56M	-74.78M	-84.63M	-107.41M	-135.85M	-174.97M	-203.89M
Common Dividends	-33.18M	-41.87M	-51.45M	-63.56M	-74.78M	-84.63M	-107.41M	-135.85M	-174.97M	0
Debt Issuance (Net)	1000K	1000K	-201K	1000K	-1000K	1000K	1000K	0	-1000K	1000K
Share Repurchases	-1.55M	-49.44M	-3.87M	-3.96M	-9.84M	-582K	-1.04M	-1.51M	-3.34M	-3.29M
Other Financing	-2.5M	-872K	-1.37M	-943K	0	-4.03M	-1.5M	0	-5.8M	0
Net Change in Cash+	-8.24M	24.32M	-8.32M	78.26M	-4.9M	96.97M	-176.72M	138.15M	-147.88M	7.24M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	22.45M	18.48M	42.8M	34.48M	112.74M	107.84M	204.8M	28.08M	166.24M	18.35M
Cash at End	14.21M	42.8M	34.48M	112.74M	107.84M	204.8M	28.08M	166.24M	18.35M	25.59M
Free Cash Flow+	22.3M	42.09M	48.62M	62.62M	69.44M	80.92M	76.6M	126.62M	186.25M	208.46M
FCF Growth %	-3.95%	88.72%	15.51%	28.79%	10.89%	16.53%	-5.34%	65.31%	47.09%	11.92%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	2.29	2.85	2.88	1.47	1.76	1.95	3.49	2.69	2.9	5.11
FFO Payout Ratio	32.44%	28.57%	31.04%	67.02%	62.19%	61.35%	40.72%	60.47%	62.85%	38.87%
NOI Margin	72.03%	72.92%	73.63%	74.15%	73.73%	74.66%	75.05%	75.56%	74.36%	50.32%
Net Debt / EBITDA	3.48x	2.61x	2.34x	2.68x	2.27x	3.72x	4.23x	2.93x	3.33x	3.69x
Debt / Assets	32.47%	29.45%	25.72%	23.31%	21.46%	24.64%	24.36%	19.76%	17.26%	21.94%
Interest Coverage	2.16x	4.16x	4.48x	6.30x	7.15x	4.88x	4.63x	5.38x	7.08x	-
Book Value / Share	27.1	28.6	29.55	23.44	23.3	29.07	29.5	34.96	38.21	40.36
Revenue Growth	13.06%	22.2%	14.47%	12.77%	9.27%	18.75%	24.46%	17.15%	18.24%	24.51%

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

TRNO • • REIT / Real Estate

Real EstateIndustrial REITsIndustrial Logistics Warehouse REITs

Revenue $476M +24.5%
FFO $525M +88.4%
FFO/Share 5.11 +75.8%
FFO Payout 38.87% -38.2%
FFO per Share 5.11 +75.8%
NOI Margin 50.32% -32.3%
FFO Margin 110.12% +51.3%
ROE 10.32% +84.0%
ROA 7.93% +86.5%
Debt/Assets 21.94% +27.1%
Net Debt/EBITDA 3.69 +10.8%
Book Value/Share 40.36 +5.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 38.2%
✓FFO growing 88.2% TTM
✓Sustainable FFO payout ratio of 38.9%
✓15 consecutive years of dividend growth
✓Healthy dividend yield of 3.0%
✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y17.39%

5Y20.58%

3Y19.92%

TTM24.51%

Profit (Net Income) CAGR

10Y39.34%

5Y38.25%

3Y26.73%

TTM118.03%

EPS CAGR

10Y31.17%

5Y35.44%

3Y14.52%

TTM104.74%

ROCE

10Y Avg4.23%

5Y Avg3.75%

3Y Avg3.82%

Latest4.05%

Peer Comparison

Industrial Logistics Warehouse REITs

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
EGPEastGroup Properties, Inc.	10.47B	196.31	42.13	12.73%	35.67%	7.08%	3.41%	0.47
PLDPrologis, Inc.	132.4B	142.57	35.55	2.22%	36.7%	5.61%	3.71%	0.54
REXRRexford Industrial Realty, Inc.	8.72B	37.47	31.23	17.37%	33.44%	3.69%	1.21%	0.38
FRFirst Industrial Realty Trust, Inc.	8.36B	63.14	29.10	8.73%	33.19%	8.64%	1.61%	0.81
LXPLXP Industrial Trust	2.93B	49.56	27.23	-2.3%	30.4%	5.2%	5.59%
STAGSTAG Industrial, Inc.	7.32B	39.22	26.86	10.14%	29.26%	6.88%	6.33%
TRNOTerreno Realty Corporation	6.85B	66.06	16.85	24.51%	84.44%	9.7%	3.04%	0.29
GRP-UNGranite Real Estate Investment Trust	3.94B	65.09	15.60	9.19%	48.04%	5.27%	6.27%	0.54

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Revenue+	108.42M	132.48M	151.66M	171.02M	186.88M	221.93M	276.21M	323.59M	382.62M	476.38M
Revenue Growth %	13.06%	22.2%	14.47%	12.77%	9.27%	18.75%	24.46%	17.15%	18.24%	24.51%
Property Operating Expenses	30.32M	35.87M	39.99M	44.2M	49.1M	56.25M	68.9M	79.08M	98.09M	236.68M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	53.72M	57.55M	62.32M	23.92M	23.49M	77.65M	96.95M	111.15M	136.5M	115.1M
G&A Expenses	19.32M	19.68M	21.5M	23.92M	23.49M	26.96M	31.19M	37.94M	42.59M	47.27M
EBITDA+	115.34M	163.31M	183.93M	142.23M	154.75M	138.72M	176.12M	206.57M	241.94M	313.67M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	87.17M	93.44M	102.43M	39.33M	40.45M	50.69M	65.76M	73.22M	93.92M	121.58M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	28.17M	69.87M	81.5M	102.9M	114.3M	88.03M	110.35M	133.35M	148.03M	192.09M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	13.05M	16.78M	18.21M	16.34M	16M	18.05M	23.85M	24.8M	20.92M	-32.86M
Interest Coverage	2.16x	4.16x	4.48x	6.30x	7.15x	4.88x	4.63x	5.38x	7.08x	-
Non-Operating Income	-3.8M	7.06M	8.67M	44.02M	45.88M	-17.28M	-111.51M	-42.9M	-57.39M	0
Pretax Income+	15.12M	53.09M	63.29M	55.52M	79.8M	87.25M	198.01M	151.46M	184.5M	402.99M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	13.05M	16.78M	18.21M	0	0	0	0	0	0	0
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	15.12M	53.09M	63.29M	55.52M	79.8M	87.25M	198.01M	151.46M	184.5M	402.99M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	3.54%	251.2%	19.2%	-12.28%	43.73%	9.35%	126.94%	-23.51%	21.81%	118.43%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	110.03%	43.25%	13.1%	-42.77%	26.78%	14.71%	91.22%	-14.82%	23.92%	88.42%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	0.26	0.95	1.10	0.53	0.86	0.87	2.61	1.81	1.92	3.92
EPS Growth %	0%	265.38%	15.79%	-51.82%	62.26%	1.16%	200%	-30.65%	6.08%	104.17%
EPS (Basic)	0.26	0.95	1.10	0.54	0.86	0.87	2.61	1.81	1.92	3.93
Diluted Shares Outstanding	44.73M	51.36M	57.49M	64.72M	68.17M	70.79M	75.59M	83.37M	95.84M	102.72M

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Assets+	1.28B	1.57B	1.8B	2.11B	2.14B	2.92B	3.16B	3.9B	4.77B	5.39B
Asset Growth %	11.01%	22.59%	14.58%	17.36%	1.49%	36.66%	8.22%	23.39%	22.17%	12.95%
Real Estate & Other Assets+	1.2B	1.45B	1.63B	1.89B	1.94B	12.45M	13.81M	18.98M	-25.46M	0
PP&E (Net)	1.21B	1.47B	1.65B	0	0	2.63B	3.04B	3.52B	4.56B	0
Investment Securities	281K	30K	26K	0	0	0	0	0	0	0
Total Current Assets+	18.48M	42.8M	88.97M	128.6M	107.84M	244M	75.48M	222.34M	24.61M	25.02M
Cash & Equivalents	14.21M	35.71M	31M	110.08M	107.18M	204.4M	26.39M	165.4M	18.07M	25.59M
Receivables	1000K	1000K	1000K	1000K	0	1000K	1000K	1000K	1000K	1000K
Other Current Assets	4.27M	7.09M	3.48M	2.66M	656K	397K	1.69M	836K	-56.36M	-74.57M
Intangible Assets	62.58M	76.03M	79.27M	88.59M	88.86M	38.15M	36.77M	147.33M	208.47M	223.55M
Total Liabilities	467.18M	540.38M	548.71M	591.34M	551.64M	866.25M	934.59M	990.05M	1.11B	1.24B
Total Debt+	415.33M	461.68M	462.1M	491.57M	459.12M	720.67M	770.82M	771.56M	823.44M	1.18B
Net Debt	401.12M	425.97M	431.09M	381.49M	351.94M	516.27M	744.42M	606.16M	805.37M	1.16B
Long-Term Debt	415.33M	461.68M	462.1M	491.57M	459.12M	720.67M	770.82M	771.56M	741.44M	1.01B
Short-Term Borrowings	0	0	0	0	0	0	0	0	82M	50M
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	119.44M
Total Current Liabilities+	89.94M	45.27M	70.58M	57.49M	54.04M	70.64M	80.44M	100.83M	210.09M	473.42M
Accounts Payable	18.22M	21.27M	24.89M	27.7M	26.69M	45.02M	49.69M	61.78M	79.22M	0
Deferred Revenue	467.18M	-247.96M	548.71M	0	0	0	0	0	0	0
Other Liabilities	-96.75M	-169.26M	-161.65M	42.28M	38.48M	74.94M	83.33M	117.65M	156.3M	-1.13B
Total Equity+	1.21B	1.47B	1.7B	1.52B	1.59B	2.06B	2.23B	2.91B	3.66B	4.15B
Equity Growth %	65.35%	21.17%	15.64%	-10.68%	4.68%	29.58%	8.35%	30.71%	25.65%	13.21%
Shareholders Equity	811.8M	1.03B	1.25B	1.52B	1.59B	2.06B	2.23B	2.91B	3.66B	4.15B
Minority Interest	400.33M	441.24M	450.71M	0	0	0	0	0	0	0
Common Stock	474K	553K	610K	673K	686K	752K	765K	876K	994K	1.04M
Additional Paid-in Capital	766.23M	1.02B	1.23B	1.51B	1.59B	2.07B	2.17B	2.85B	3.6B	3.89B
Retained Earnings	811.8M	4.8M	14.19M	2.62M	5.93M	2.8M	88.27M	95.58M	95.29M	289.12M
Preferred Stock	46M	4.8M	14.19M	0	0	0	0	0	0	0
Return on Assets (ROA)	1.24%	3.73%	3.76%	2.84%	3.76%	3.45%	6.5%	4.29%	4.25%	7.93%
Return on Equity (ROE)	1.55%	3.96%	4%	3.45%	5.14%	4.79%	9.24%	5.89%	5.61%	10.32%
Debt / Assets	32.47%	29.45%	25.72%	23.31%	21.46%	24.64%	24.36%	19.76%	17.26%	21.94%
Debt / Equity	0.34x	0.31x	0.27x	0.32x	0.29x	0.35x	0.35x	0.26x	0.22x	0.29x
Net Debt / EBITDA	3.48x	2.61x	2.34x	2.68x	2.27x	3.72x	4.23x	2.93x	3.33x	3.69x
Book Value per Share	27.10	28.60	29.55	23.44	23.30	29.07	29.50	34.96	38.21	40.36

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	49.24M	69.5M	77.6M	94.69M	101.05M	132.21M	143.21M	179.68M	232.69M	271.86M
Operating CF Growth %	17.05%	41.14%	11.66%	22.02%	6.72%	30.83%	8.32%	25.46%	29.5%	16.84%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	15.12M	53.09M	63.29M	55.52M	79.8M	87.25M	198.01M	151.46M	184.5M	402.99M
Depreciation & Amortization	33.06M	35.71M	37.12M	39.33M	40.45M	43M	49.49M	59.3M	76.63M	92.28M
Stock-Based Compensation	9.44M	8.73M	9.27M	10.64M	9.83M	9.55M	10.17M	13.47M	14.93M	17.72M
Other Non-Cash Items	-10.88M	-33.12M	-31.02M	-10.77M	-25.79M	-23.98M	-120.15M	-45.08M	-52.92M	-250.44M
Working Capital Changes	2.49M	5.08M	-1.06M	-37K	-3.23M	16.37M	5.68M	537K	9.55M	9.31M
Cash from Investing+	-151.24M	-249.12M	-234.96M	-251.48M	-52.09M	-666.44M	-337.66M	-570.39M	-915.48M	-452.39M
Acquisitions (Net)	0	0	0	0	0	0	0	0	0	693.63M
Purchase of Investments	-130.11M	-297.11M	-221.81M	-238.66M	-98.09M	-644.96M	-433.2M	-590.41M	-940.94M	-763.6M
Sale of Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	0	0	-54.1M	0	15.91M	0	0	0	0	-455.2M
Cash from Financing+	93.76M	203.94M	149.04M	235.05M	-53.87M	631.2M	17.73M	528.86M	534.91M	187.76M
Dividends Paid	-36.75M	-43.87M	-51.45M	-63.56M	-74.78M	-84.63M	-107.41M	-135.85M	-174.97M	-203.89M
Common Dividends	-33.18M	-41.87M	-51.45M	-63.56M	-74.78M	-84.63M	-107.41M	-135.85M	-174.97M	0
Debt Issuance (Net)	1000K	1000K	-201K	1000K	-1000K	1000K	1000K	0	-1000K	1000K
Share Repurchases	-1.55M	-49.44M	-3.87M	-3.96M	-9.84M	-582K	-1.04M	-1.51M	-3.34M	-3.29M
Other Financing	-2.5M	-872K	-1.37M	-943K	0	-4.03M	-1.5M	0	-5.8M	0
Net Change in Cash+	-8.24M	24.32M	-8.32M	78.26M	-4.9M	96.97M	-176.72M	138.15M	-147.88M	7.24M
Exchange Rate Effect	0	0	0	0	0	0	0	0	0	0
Cash at Beginning	22.45M	18.48M	42.8M	34.48M	112.74M	107.84M	204.8M	28.08M	166.24M	18.35M
Cash at End	14.21M	42.8M	34.48M	112.74M	107.84M	204.8M	28.08M	166.24M	18.35M	25.59M
Free Cash Flow+	22.3M	42.09M	48.62M	62.62M	69.44M	80.92M	76.6M	126.62M	186.25M	208.46M
FCF Growth %	-3.95%	88.72%	15.51%	28.79%	10.89%	16.53%	-5.34%	65.31%	47.09%	11.92%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
FFO per Share	2.29	2.85	2.88	1.47	1.76	1.95	3.49	2.69	2.9	5.11
FFO Payout Ratio	32.44%	28.57%	31.04%	67.02%	62.19%	61.35%	40.72%	60.47%	62.85%	38.87%
NOI Margin	72.03%	72.92%	73.63%	74.15%	73.73%	74.66%	75.05%	75.56%	74.36%	50.32%
Net Debt / EBITDA	3.48x	2.61x	2.34x	2.68x	2.27x	3.72x	4.23x	2.93x	3.33x	3.69x
Debt / Assets	32.47%	29.45%	25.72%	23.31%	21.46%	24.64%	24.36%	19.76%	17.26%	21.94%
Interest Coverage	2.16x	4.16x	4.48x	6.30x	7.15x	4.88x	4.63x	5.38x	7.08x	-
Book Value / Share	27.1	28.6	29.55	23.44	23.3	29.07	29.5	34.96	38.21	40.36
Revenue Growth	13.06%	22.2%	14.47%	12.77%	9.27%	18.75%	24.46%	17.15%	18.24%	24.51%

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

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Price & Volume

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Revenue History

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare TRNO vs Peers

vs PLD

vs EGP

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios