TRNO earnings analysis
What we found in TRNO's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth of 12.7% YoY
- Total revenues for Q1 2026 reached $124.4 million, up from $110.4 million in Q1 2025.
- 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.
- Same Store NOI Increased 7.4%
- Same store net operating income grew to $81.0 million from $75.5 million year-over-year.
- Acquisition of Properties
- Acquired two properties for approximately $101.8 million, enhancing the asset base.
- Strong Occupancy Rates
- Overall occupancy rates improved, with leased space at approximately 96.3% as of March 31, 2026.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Interest Expense Rising
- Total interest expense increased to $8.99 million from $7.93 million due to higher outstanding debt.
- Tenant Defaults Risk
- Dependence on key tenants could pose risks if notable tenants face financial trouble, impacting rental receipts.
- Geopolitical Risks Impacting Growth
- Potential economic disruptions from geopolitical events could affect the industrial real estate market.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.67
- Gross margin
- 100%
- Operating margin
- 41.4%
- Segment
- warehouse/distribution
- Segment
- flex
- Segment
- transshipment
- Segment
- improved land
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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