Revenue growth remains strong at 32.6% year-over-year as of 2025Q4, supported by effective triple-net lease structures that maintained a robust 78.0% NOI margin.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 |
|---|
| Revenue | 490.4M | 476.38M | 382.62M | 323.59M | 276.21M | 221.93M | 186.88M | 171.02M | 151.66M | 132.48M | 108.42M | 95.89M | 68.88M | 45.53M | 31.17M | 17.5M | 4.03M |
| Revenue Growth % | 20.19% | 24.51% | 18.24% | 17.15% | 24.46% | 18.75% | 9.27% | 12.77% | 14.47% | 22.2% | 13.06% | 39.23% | 51.28% | 46.05% | 78.11% | 334.19% | - |
| Property Operating Expenses | 177.11M | 115.1M | 98.09M | 79.08M | 68.9M | 56.25M | 49.1M | 44.2M | 39.99M | 35.87M | 30.32M | 26.66M | 19.16M | 12.77M | 8.99M | 6.33M | 1.29M |
| Net Operating Income (NOI) | 313.3M | 361.28M | 284.53M | 244.5M | 207.31M | 165.68M | 137.79M | 126.82M | 111.67M | 96.61M | 78.09M | 69.24M | 49.71M | 32.76M | 22.19M | 11.17M | 2.74M |
| NOI Margin % | 63.89% | 75.84% | 74.36% | 75.56% | 75.05% | 74.66% | 73.73% | 74.15% | 73.63% | 72.92% | 72.03% | 72.2% | 72.18% | 71.95% | 71.17% | 63.83% | 68.07% |
| Operating Expenses | 113.16M | 168.85M | 136.5M | 111.15M | 96.95M | 77.65M | 23.49M | 23.92M | 62.32M | 57.55M | 53.72M | 50.87M | 28.67M | 20.9M | 15.54M | 10.31M | 5.38M |
| G&A Expenses | 35.53M | 47.27M | 42.59M | 37.94M | 31.19M | 26.96M | 23.49M | 23.92M | 21.5M | 19.68M | 19.32M | 14.85M | 9.5M | 8.42M | 6.4M | 5.41M | 4.12M |
| EBITDA | 324.28M | 314.01M | 241.94M | 206.57M | 176.12M | 138.72M | 154.75M | 142.23M | 183.93M | 163.31M | 115.34M | 58.34M | 35.38M | 24.47M | 19.07M | 4.29M | -3.31M |
| EBITDA Margin % | 66.12% | 65.92% | 63.23% | 63.84% | 63.76% | 62.51% | 82.81% | 83.16% | 121.28% | 123.27% | 106.39% | 60.84% | 51.37% | 53.75% | 61.17% | 24.5% | -82.24% |
| Depreciation & Amortization | 124.14M | 121.58M | 93.92M | 73.22M | 65.76M | 50.69M | 40.45M | 39.33M | 102.43M | 93.44M | 87.17M | 34.1M | 18.07M | 11.62M | 9.53M | 5.41M | 1.55M |
| D&A / Revenue % | 25.31% | 25.52% | 24.55% | 22.63% | 23.81% | 22.84% | 21.65% | 23% | 67.54% | 70.53% | 80.4% | 35.56% | 26.24% | 25.52% | 30.58% | 30.88% | 38.48% |
| Operating Income | 200.14M | 192.43M | 148.03M | 133.35M | 110.35M | 88.03M | 114.3M | 102.9M | 81.5M | 69.87M | 28.17M | 24.24M | 17.31M | 12.86M | 9.54M | -1.12M | -4.87M |
| Operating Margin % | 40.81% | 40.39% | 38.69% | 41.21% | 39.95% | 39.67% | 61.16% | 60.17% | 53.74% | 52.74% | 25.98% | 25.28% | 25.13% | 28.23% | 30.59% | -6.38% | -120.71% |
| Interest Expense | 4M | 32.86M | 20.92M | 24.8M | 23.85M | 18.05M | 16M | 16.34M | 18.21M | 16.78M | 13.05M | 9.64M | 6.59M | 6.21M | 5.47M | 2.61M | 524K |
| Interest Coverage | - | 13.27x | 9.82x | 7.11x | 9.30x | 5.83x | 4.28x | 3.60x | 4.48x | 4.16x | 2.16x | 2.51x | 3.19x | 1.91x | 0.22x | -1.22x | -5.04x |
| Non-Operating Income | -258.08M | -243.41M | -57.39M | -42.9M | -111.51M | -17.28M | 45.88M | 44.02M | 8.67M | 7.06M | -3.8M | -5.87M | 0 | 0 | 4.46M | 1.98M | 0 |
| Pretax Income | 424.3M | 402.99M | 184.5M | 151.46M | 198.01M | 87.25M | 79.8M | 55.52M | 63.29M | 53.09M | 15.12M | 14.6M | 10.72M | 2.45M | -1.02M | -3.73M | -5.39M |
| Pretax Margin % | 86.52% | 84.59% | 48.22% | 46.81% | 71.69% | 39.32% | 42.7% | 32.46% | 41.73% | 40.08% | 13.94% | 15.23% | 15.56% | 5.38% | -3.28% | -21.31% | -133.71% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 18.21M | 16.78M | 13.05M | 9.64M | 6.59M | -4.19M | -5.09M | 3.73M | 5.39M |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 28.77% | 31.6% | 86.34% | 66.02% | 61.49% | -170.95% | 497.75% | -100% | -100% |
| Net Income | 424.3M | 402.99M | 184.5M | 151.46M | 198.01M | 87.25M | 79.8M | 55.52M | 63.29M | 53.09M | 15.12M | 14.6M | 10.72M | 6.64M | 4.07M | -3.73M | -5.39M |
| Net Margin % | 86.52% | 84.59% | 48.22% | 46.81% | 71.69% | 39.32% | 42.7% | 32.46% | 41.73% | 40.08% | 13.94% | 15.23% | 15.56% | 14.59% | 13.04% | -21.31% | -133.71% |
| Net Income Growth % | 115.86% | 118.43% | 21.81% | -23.51% | 126.94% | 9.35% | 43.73% | -12.28% | 19.2% | 251.2% | 3.54% | 36.23% | 61.39% | 63.37% | 209.01% | 30.82% | - |
| Funds From Operations (FFO) | 548.44M | 524.57M | 278.41M | 224.68M | 263.78M | 137.94M | 120.25M | 94.85M | 165.72M | 146.53M | 102.29M | 48.7M | 28.79M | 18.26M | 13.6M | 1.68M | -3.84M |
| FFO Margin % | 111.83% | 110.12% | 72.76% | 69.43% | 95.5% | 62.16% | 64.34% | 55.46% | 109.27% | 110.6% | 94.35% | 50.79% | 41.8% | 40.1% | 43.62% | 9.58% | -95.24% |
| FFO Growth % | 348.07% | 88.42% | 23.92% | -14.82% | 91.22% | 14.71% | 26.78% | -42.77% | 13.1% | 43.25% | 110.03% | 69.17% | 57.68% | 34.28% | 711.28% | 143.66% | - |
| FFO per Share | 5.21 | 5.11 | 2.90 | 2.69 | 3.49 | 1.95 | 1.76 | 1.47 | 2.88 | 2.85 | 2.29 | 1.14 | 0.95 | 0.87 | 1.04 | 0.18 | -0.42 |
| FFO Payout Ratio % | 28.27% | 38.87% | 62.85% | 60.47% | 40.72% | 61.35% | 62.19% | 67.02% | 31.04% | 28.57% | 32.44% | 56.56% | 54.78% | 52.96% | 40.43% | 166.53% | 0% |
| EPS (Diluted) | 4.03 | 3.92 | 1.92 | 1.81 | 2.61 | 0.87 | 0.86 | 0.53 | 1.10 | 0.95 | 0.26 | 0.26 | 0.23 | 0.15 | 0.19 | -0.41 | -0.59 |
| EPS Growth % | 107.11% | 104.17% | 6.08% | -30.65% | 200% | 1.16% | 62.26% | -51.82% | 15.79% | 265.38% | 0% | 13.04% | 53.33% | -21.05% | 146.34% | 30.51% | - |
| EPS (Basic) | - | 3.93 | 1.92 | 1.81 | 2.61 | 0.87 | 0.86 | 0.54 | 1.10 | 0.95 | 0.26 | 0.26 | 0.23 | 0.15 | 0.19 | -0.41 | -0.59 |
| Diluted Shares Outstanding | 105.22M | 102.72M | 95.84M | 83.37M | 75.59M | 70.79M | 68.17M | 64.72M | 57.49M | 51.36M | 44.73M | 42.86M | 30.43M | 21.01M | 13.14M | 9.16M | 9.11M |
Geographic concentration and liquidity
As reported in recent financial statements, Terreno achieved a 32.6% year-over-year revenue growth in 2025Q4, underscoring the firm's ability to capture significant mark-to-market rent spreads within its high-barrier coastal sub-markets where supply remains structurally constrained by land conversion pressures.
The consistent double-digit revenue growth suggests that the company's focus on small-bay infill assets is successfully insulating it from broader industrial market softening. Investors should monitor whether this trajectory can be sustained as the portfolio reaches higher occupancy levels, potentially limiting future organic growth opportunities.
Based on the provided quarterly data, Terreno maintained a robust NOI margin of 78.0% in 2025Q4, reflecting the company's effective utilization of triple-net lease structures that shift the burden of rising property-level operating expenses directly to the tenant base.
The stability of these margins suggests that management has successfully mitigated inflationary pressures on property taxes and insurance. However, the potential for municipal tax reassessments in key coastal hubs warrants further investigation, as these costs may not always be fully recoverable under existing lease agreements.
According to the income statement data, FFO per share reached $1.90 in 2025Q4, though the significant quarter-to-quarter fluctuations suggest that headline figures may be heavily influenced by the timing of asset dispositions rather than purely recurring rental income streams.
The wide variance between FFO and AFFO in periods like 2024Q4 indicates that substantial capital is being reinvested into tenant improvements and leasing commissions. Analysts should focus on AFFO as a more reliable indicator of dividend coverage and long-term cash flow sustainability.
Analysis of the provided figures reveals a persistent gap between FFO and AFFO, with AFFO dropping to $9.7 million in 2024Q4, which suggests that significant leasing costs are being capitalized rather than expensed, potentially inflating the perceived quality of recurring earnings.
This discrepancy may indicate that the company is aggressively reinvesting in its portfolio to maintain its competitive edge in infill markets. Investors should remain cautious, as this reliance on heavy capital expenditure to secure renewals could constrain future dividend growth if market rent spreads begin to compress.
Quick answers to the most common questions about buying TRNO stock.
For fiscal year 2025, Terreno Realty Corporation (TRNO) reported total revenue of $476.4M. This represents a 11718.0% increase compared to $4.0M in 2010.
Terreno Realty Corporation (TRNO) is profitable, generating $403.0M in net income for the fiscal year ending 2025 with a net profit margin of 84.6%.
Terreno Realty Corporation (TRNO) reported an operating income of $192.4M, resulting in an operating profit margin of 40.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Terreno Realty Corporation (TRNO) generated $361.3M in gross profit for the year, representing a gross profit margin of 75.8%. This demonstrates the company's core pricing power and production efficiency.