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Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets. It includes New York City, Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, 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, 2025, the Company owned 307 buildings (including one property consisting of two buildings held for sale) aggregating approximately 20.2 million square feet, 44 improved land parcels consisting of approximately 146.4 acres, six properties under development or redevelopment and approximately 10.7 acres of land for future development. 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, commencing with its taxable year ended December 31, 2010. Terreno Realty Corporation was incorporated on 6th November 2009 in Maryland, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $476M | $557M | $403M | $208M | 9.7% | 24.5% | 118.4% |
| 2024 | $383M | $299M | $184M | $186M | 5.0% | 18.2% | 21.8% |
| 2023 | $324M | $249M | $151M | $127M | 5.2% | 17.2% | -23.5% |
| 2022 | $276M | $288M | $198M | $77M | 8.9% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 276.21 | 323.59 | 382.62 | 476.38 |
| Operating Revenue | - | 276.21 | 323.59 | 299.97 | 379.38 |
| Cost Of Revenue | - | 68.90 | 79.08 | 98.09 | 115.10 |
| Gross Profit | - | 207.31 | 244.50 | 284.53 | 361.28 |
| Operating Expense | - | 96.96 | 111.15 | 136.50 | 168.85 |
| Selling General And Administration | - | 31.19 | 37.94 | 42.59 | 47.27 |
| Total Expenses | - | 165.86 | 190.24 | 234.59 | 283.95 |
| Operating Income | - | 110.35 | 133.35 | 148.03 | 192.43 |
| EBITDA | - | 287.63 | 249.47 | 299.33 | 557.43 |
| Normalized EBITDA | - | 176.93 | 211.53 | 254.03 | 319.34 |
| EBIT | - | 221.86 | 176.25 | 205.42 | 435.85 |
| Interest Income | - | 0.81 | 4.96 | 12.08 | 5.33 |
| Interest Expense | - | 23.85 | 24.80 | 20.92 | 32.86 |
| Net Interest Income | - | -23.04 | -19.83 | -8.84 | -27.53 |
| Other Income Expense | - | 110.70 | 37.94 | 45.31 | 238.09 |
| Interest Income Non Operating | - | 0.81 | 4.96 | 12.08 | 5.33 |
| Interest Expense Non Operating | - | 23.85 | 24.80 | 20.92 | 32.86 |
| Net Non Operating Interest Income Expense | - | -23.04 | -19.83 | -8.84 | -27.53 |
| Pretax Income | - | 198.01 | 151.46 | 184.50 | 402.99 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 23.25 | 7.97 | 9.51 | 50 |
| Net Income Continuous Operations | - | 198.01 | 151.46 | 184.50 | 402.99 |
| Net Income From Continuing And Discontinued Operation | - | 198.01 | 151.46 | 184.50 | 402.99 |
| Net Income From Continuing Operation Net Minority Interest | - | 198.01 | 151.46 | 184.50 | 402.99 |
| Net Income | - | 198.01 | 151.46 | 184.50 | 402.99 |
| Net Income Common Stockholders | - | 197.16 | 150.74 | 183.71 | 401.19 |
| Net Income Including Noncontrolling Interests | - | 198.01 | 151.46 | 184.50 | 402.99 |
| Normalized Income | - | 110.56 | 121.49 | 148.70 | 214.90 |
| Diluted NI Availto Com Stockholders | - | 197.16 | 150.74 | 183.71 | 401.19 |
| Basic Average Shares | - | 75.50 | 83.17 | 95.52 | 102.46 |
| Diluted Average Shares | - | 75.59 | 83.37 | 95.84 | 102.72 |
| Reconciled Depreciation | - | 49.49 | 59.30 | 76.63 | 92.28 |
| Reconciled Cost Of Revenue | - | 85.17 | 93.01 | 115.37 | 144.40 |
| Total Unusual Items | - | 110.70 | 37.94 | 45.31 | 238.09 |
| Total Unusual Items Excluding Goodwill | - | 110.70 | 37.94 | 45.31 | 238.09 |
| Special Income Charges | - | -1.46 | -0.22 | -0.07 | -0.35 |
| Restructuring And Mergern Acquisition | - | 1.46 | 0.22 | 0.07 | 0.35 |
| Gain On Sale Of Security | - | 112.17 | 38.16 | 45.38 | 238.43 |
| Depreciation Amortization Depletion Income Statement | - | 65.76 | 73.22 | 93.92 | 121.58 |
| Depreciation And Amortization In Income Statement | - | 65.76 | 73.22 | 93.92 | 121.58 |
| General And Administrative Expense | - | 31.19 | 37.94 | 42.59 | 47.27 |
| Other Gand A | - | 31.19 | 37.94 | 42.59 | 47.27 |
| Rent Expense Supplemental | - | - | 79.08 | 98.09 | 115.10 |
| Otherunder Preferred Stock Dividend | - | 0.85 | 0.71 | 0.79 | 1.80 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Terreno Realty Corporationthis co. | TRNO | $6.8B | 16.99↓ discount | 1.64 | 9.7% | 13.88 |
| Alexandria Real Estate Equities, Inc. | ARE | $9.3B | -6.48 | 0.60 | -9.2% | 59.56 |
| Ryman Hospitality Properties, Inc. | RHP | $7.4B | 30.35 | 9.85 | 32.5% | 14.28 |
| The Macerich Company | MAC | $6.8B | -34.74 | 2.80 | -8.1% | 26.10 |
| Essential Properties Realty Trust, Inc. |
| - |
| - |
| - |
| - |
| - |
| - |
| EPRT |
| $6.4B |
| 25.43 |
| 1.53 |
| 6.0% |
| 17.24 |
| OUTFRONT Media Inc. | OUT | $5.5B | 37.55 | 7.77 | 20.7% | 21.08 |
| Phillips Edison & Company, Inc. | PECO | $5.4B | 48.83 | 2.38 | 4.9% | 15.86 |
| Rithm Capital Corp. | RITM | $5.1B | 7.51 | 0.73 | 9.7% | - |
| Millrose Properties, Inc. | MRP | $4.8B | 12.59 | 0.82 | 6.5% | 13.94 |
| Peer Median | - | 19.01 | 1.95 | 6.3% | 17.24 | |