$TRNO

Terreno Realty Corp

CIK:0001476150|SEC Filings

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
REVENUES
Rental revenues and tenant expense reimbursements	$ 124,711	$ 112,234	$ 249,151	$ 222,654
Total revenues	124,711	112,234	249,151	222,654
COSTS AND EXPENSES
Property operating expenses	29,623	27,908	61,420	56,675
Depreciation and amortization	29,154	28,024	58,642	54,953
General and administrative	13,835	12,350	26,265	24,084
Acquisition costs and other	9	229	41	231
Total costs and expenses	72,621	68,511	146,368	135,943
OTHER INCOME (EXPENSE)
Interest and other income	1,779	1,944	2,293	3,167
Interest expense, including amortization	(8,337)	(7,037)	(17,324)	(14,964)
Gain on sales of real estate investments	12,035	54,643	39,249	66,485
Total other income	5,477	49,550	24,218	54,688
Net income	57,567	93,273	127,001	141,399
Allocation to participating securities	(255)	(396)	(578)	(604)
Net income available to common stockholders - basic	57,312	92,877	126,423	140,795
Net income available to common stockholders - diluted	$ 57,312	$ 92,877	$ 126,423	$ 140,795
EARNINGS PER COMMON SHARE - BASIC AND DILUTED:
Net income available to common stockholders - basic (in dollars per share)	$ 0.54	$ 0.90	$ 1.20	$ 1.38
Net income available to common stockholders - diluted (in dollars per share)	$ 0.54	$ 0.90	$ 1.19	$ 1.38
BASIC WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in shares)	106,553,877	102,888,326	105,737,156	101,833,931
DILUTED WEIGHTED AVERAGE COMMON SHARES OUTSTANDING (in shares)	106,672,278	103,012,111	105,961,727	102,063,801

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 127,001	$ 141,399
Adjustments to reconcile net income to net cash provided by operating activities
Straight-line rents	(13,264)	(7,616)
Amortization of lease intangibles	(10,759)	(10,342)
Depreciation and amortization	58,642	54,953
Gain on sales of real estate investments	(39,249)	(66,485)
Deferred financing cost and mortgage fair value adjustment amortization	1,883	1,699
Stock-based compensation	9,440	9,122
Changes in assets and liabilities
Other assets	(4,331)	(5,570)
Accounts payable and other liabilities	7,487	4,907
Net cash provided by operating activities	136,850	122,067
CASH FLOWS FROM INVESTING ACTIVITIES
Cash paid for property acquisitions	(277,257)	(126,073)
Proceeds from sales of real estate investments, net	83,909	135,656
Additions to construction in progress	(31,451)	(42,737)
Additions to buildings, improvements and leasing costs	(35,237)	(28,921)
Net cash used in investing activities	(260,036)	(62,075)
CASH FLOWS FROM FINANCING ACTIVITIES
Issuance of common stock	267,428	237,423
Issuance costs on issuance of common stock	(3,878)	(3,443)
Repurchase of common stock related to employee awards	(2,368)	(1,993)
Borrowings on credit facility	45,000	50,000
Payments on credit facility	(245,000)	(132,000)
Borrowings on term loans payable	200,000	0
Payment of deferred financing costs	(2,000)	0
Dividends paid to common stockholders	(109,425)	(99,496)
Net cash provided by financing activities	149,757	50,491
Net increase in cash and cash equivalents and restricted cash	26,571	110,483
Cash and cash equivalents and restricted cash at beginning of period	25,588	18,352
Cash and cash equivalents and restricted cash at end of period	52,159	128,835
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest, net of capitalized interest	15,679	12,141
Supplemental disclosures of non-cash transactions
Accounts payable related to capital improvements	64,877	24,826
Non-cash issuance of common stock to the deferred compensation plan	(3,704)	(2,120)
Reconciliation of cash paid for property acquisitions
Acquisition of properties	282,945	152,781
Assumption of other assets and liabilities	(5,688)	(26,708)
Net cash paid for property acquisitions	$ 277,257	$ 126,073

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investments in real estate
Land	$ 3,142,672	$ 3,020,445
Buildings and improvements	2,495,787	2,328,890
Construction in progress	236,061	217,355
Intangible assets	225,181	223,546
Total investments in properties	6,099,701	5,790,236
Accumulated depreciation and amortization	(560,449)	(531,839)
Net investments in properties	5,539,252	5,258,397
Properties held for sale, net	2,354	2,344
Net investments in real estate	5,541,606	5,260,741
Cash and cash equivalents	51,208	25,020
Restricted cash	951	568
Other assets, net	118,119	101,754
Total assets	5,711,884	5,388,083
Liabilities
Credit facility	0	200,000
Term loans payable, net	397,918	199,616
Senior unsecured notes, net	473,656	473,422
Mortgage loan payable, net	70,896	70,298
Security deposits	48,933	47,570
Intangible liabilities, net	113,623	119,439
Dividends payable	56,291	54,133
Accounts payable and other liabilities	118,556	77,327
Total liabilities	1,279,873	1,241,805
Commitments and contingencies (Note 11)
Stockholders’ equity
Common stock: $0.01 par value, 400,000,000 shares authorized, and 107,715,487 and 103,571,992 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively.	1,079	1,037
Additional paid-in capital	4,162,941	3,888,964
Common stock held in deferred compensation plan: 589,823 and 527,547 shares at June 30, 2026 and December 31, 2025, respectively.	(36,551)	(32,847)
Retained earnings	304,542	289,124
Total stockholders’ equity	4,432,011	4,146,278
Total liabilities and equity	$ 5,711,884	$ 5,388,083