Companies · TRNO
Terreno Realty
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Latest analysis
Updated Aug 5, 2026
Terreno Realty posts 27.7% cash rent growth in Q2 2026 with 97.6% occupancy across six coastal U.S. markets, signaling durable infill pricing power.
Terreno Realty's Q2 2026 10-Q confirms that infill coastal industrial fundamentals remain structurally tight: portfolio occupancy held at 97.6%, cash rent spreads on new and renewed leases reached 27.7% in Q2 and 25.3% year-to-date, and same-store cash NOI grew 7.1% and 8.0% for the three- and six-month periods, respectively. The development pipeline of four properties totaling 694,400 square feet is 62.4% pre-leased, with two Countyline Miami buildings completed in H1 2026 at 100% occupancy, and Whitestone Logistics — reported as 0% pre-leased at June 30 — was fully leased in July 2026. Tariffs and trade policy uncertainty are explicitly called out as a new forward risk factor, marking the first time this language appears at the section level in this filing cycle.
Tone: bullishRevenue
$476.4M
TRNO 10-K · FY 2025
Revenue FY2024
$382.6M
Founded
2010
Headquarters
Bellevue, WA
Profile
TRNO 10-K Item 1 · Feb 4, 2026Terreno Realty Corporation is an internally managed REIT that acquires, owns, and operates industrial real estate exclusively in six major coastal U.S. markets. The company targets functional, infill-located properties including warehouse/distribution, flex, transshipment, and improved land parcels. Its strategy emphasizes supply-constrained submarkets near major transportation infrastructure in high-population coastal cities.
Read filing description ↓ Collapse description ↑
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C. We invest in several types of industrial real estate, including warehouse/distribution (approximately 80.5% of our total annualized base rent as of December 31, 2025), flex (including light industrial and research and development, or R&D) (approximately 3.4%), transshipment (approximately 6.0%) and improved land (approximately 10.1%). We target functional properties in infill locations that may be shared by multiple tenants and that cater to customer demand within the various submarkets in which we operate. Infill locations are geographic locations surrounded by high concentrations of already developed land and existing buildings. We selected our target markets by drawing upon the experience of our executive management investing and operating in over 50 global industrial markets located in North America, Europe and Asia, the fundamentals of supply and demand, and in anticipation of trends in logistics patterns resulting from population changes, regulatory, geopolitical and physical constraints, changes in technology, e-commerce, the economic and environmental benefits of reducing vehicle miles traveled and other factors. We target assets with characteristics that include, but are not limited to, the following: Located in high population coastal markets; Close proximity to transportation infrastructure (such as sea ports, airports, highways and railways); Situated in supply-constrained submarkets with barriers to new industrial development, as a result of physical and/or regulatory constraints; Functional and flexible layout that can be modified to accommodate single and multiple tenants; Acquisition price at a discount to the replacement cost of the property; Potential for enhanced return through re-tenanting or operational and physical improvements; and Opportunity for higher and better use of the property over time.
Primary products
- Warehouse/distribution buildings
- Flex buildings (including light industrial and research and development, or R&D)
- Transshipment buildings
- Improved land parcels
Business segments
End markets
Geographies
Named customers
The Company had no tenant that accounted for greater than 10% of the Company's annualized base rent for the years ended 2025, 2024 and 2023.
“Other real estate companies compete with the Company in its real estate markets. This results in competition for tenants to occupy space. The existence of competing properties could have a material impact on the Company's ability to lease space and on the level of rent that can be achieved.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total revenues increased from $382.6 million in 2024 to $476.4 million in 2025, driven by growth in rental revenues and tenant expense reimbursements across the portfolio.
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