10-K · February 4, 2026
Terreno Realty reports accelerating revenue and earnings in 2025 driven by leasing and property transactions: total revenues rose to $476,383,000 in 2025 from $382,621,000 in 2024, and net income jumped to $402,992,000…
Earnings analysis · 10-Q
TRNO earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Terreno Realty Corporation showed a significant increase in financial performance for Q1 2026, with total revenues rising to $124.4 million, a 12.7% year-over-year growth. Net income reached $69.4 million, representing…
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Terreno Realty Corporation showed a significant increase in financial performance for Q1 2026, with total revenues rising to $124.4 million, a 12.7% year-over-year growth. Net income reached $69.4 million, representing a 44.3% increase from the prior year, underlined by robust demand and strategic property acquisitions. The company appears well-positioned for future growth amidst rising rental rates and solid operating metrics.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.67
- Segment
- warehouse/distribution
- Segment
- flex
- Segment
- transshipment
- Segment
- improved land
What stood out
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Revenue Growth of 12.7% YoY
Total revenues for Q1 2026 reached $124.4 million, up from $110.4 million in Q1 2025.
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Net Income Soars 44.3%
Net income for the quarter stood at $69.4 million compared to $48.1 million in the same period last year.
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Same Store NOI Increased 7.4%
Same store net operating income grew to $81.0 million from $75.5 million year-over-year.
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Acquisition of Properties
Acquired two properties for approximately $101.8 million, enhancing the asset base.
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Strong Occupancy Rates
Overall occupancy rates improved, with leased space at approximately 96.3% as of March 31, 2026.
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Significant Gain on Property Sales
Recognized a gain of $27.2 million on sales of real estate investments, a 129.8% increase year-over-year.
What to watch
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Interest Expense Rising
Total interest expense increased to $8.99 million from $7.93 million due to higher outstanding debt.
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Tenant Defaults Risk
Dependence on key tenants could pose risks if notable tenants face financial trouble, impacting rental receipts.
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Geopolitical Risks Impacting Growth
Potential economic disruptions from geopolitical events could affect the industrial real estate market.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · November 5, 2025
Terreno reported Q3 2025 rental revenues of $116,248,000 (up from $99,635,000 in Q3 2024) and diluted EPS of $1.00 (Q3 2024: $0.37), driven largely by a $62,412,000 gain on sales of real estate investments. Operating…
10-Q · August 6, 2025
Terreno reported Q2 2025 revenue of $112.234M (up $17.987M or 19.1% YoY) and GAAP diluted EPS of $0.90 (vs $0.37 a year ago). Results were driven by a $54.643M gain on sales of real estate investments and stronger…
10-Q · May 7, 2025
Terreno reported Q1 revenue of $110.42M, up $25.39M (29.9%) from Q1 2024, with diluted EPS of $0.47 versus $0.40 a year ago. Operating margin was ~38.9% and operating cash flow was $61.43M, generating approx. $13.56M of…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.