Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 _________________________ Form 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission file number: 001-34603 _________________________ Terreno Realty Corporation (Exact Na ...

BELLEVUE, Wash.--(BUSINESS WIRE)--Terreno Realty Corporation Adds Independent Director. ...

Core Insights - Terreno Realty Corp. is a real estate investment trust focused on acquiring, owning, and operating industrial real estate in six major coastal U.S. markets [1] - The company is set to report its Q3 2025 earnings on November 5, with analysts expecting an EPS of $0.48 and quarterly revenue of $113.52 million [2] Financial Performance - Over the past 10 years, an investment of $10,000 in Terreno Realty stock would have grown to $33,248, reflecting a total return of 232.48% [5] - The stock price has appreciated from approximately $21.21 to $57.33 per share during this period, with dividends contributing an additional $6,218 [3][4] Dividend Information - Terreno Realty currently has a dividend yield of 3.63% and has paid about $13.19 in dividends per share over the last decade [4] - The company has consistently raised its dividend for the past 11 years, making it attractive for growth-focused investors [7] Analyst Ratings and Future Outlook - The consensus rating for Terreno Realty is "Neutral," with a price target of $64.67, indicating a potential upside of nearly 13% from the current stock price [6] - The company reported Q2 2025 revenues of $112.23 million, slightly missing the consensus estimate, while EPS of $0.64 exceeded expectations [6]

Core Viewpoint - Terreno Realty Corporation has successfully acquired a property located in South San Francisco, California for a total consideration of $5.6 million [1] Group 1: Acquisition Details - The property acquired by Terreno Realty Corporation is situated in South San Francisco, CA [1] - The total acquisition cost for the property is reported to be $5.6 million [1]

Group 1: Dividend Increases - Terreno Realty has raised its dividends for 13 consecutive years, with the latest increase from $0.49 to $0.52 per share, resulting in an annual figure of $2.08 per share and a dividend yield of 3.61% [3][4] - Trinity Industries has increased its dividends for 15 consecutive years, with the most recent hike from $0.28 to $0.30 per share, equating to an annual figure of $1.20 per share and a dividend yield of 4.31% [6] - Stanley Black & Decker is recognized as a global provider of tools and outdoor products, although specific recent dividend information is not provided in the documents [8] Group 2: Financial Performance - Terreno Realty reported annual revenue of $426 million as of June 30, with Q2 2025 revenues of $112.23 million, which missed the consensus estimate of $113.66 million, while EPS of $0.64 exceeded the consensus of $0.49 [4] - Trinity Industries had annual revenue of $2.52 billion as of June 30, with Q2 2025 revenues of $506.20 million and EPS of $0.19, both below consensus estimates [7]

Core Insights - Terreno Realty Corporation (TRNO) reported a strong performance in Q3 2025, with higher rents on new and renewed leases and a focus on accretive acquisitions and developments to support future growth [1][12]. Operating Activity - In Q3 2025, TRNO experienced a 17.2% increase in cash rents on new and renewed leases, covering approximately 0.6 million square feet and 8 acres of improved land [3]. - The tenant retention ratio was 68.7% for the operating portfolio and 100% for the improved land portfolio [3]. - As of September 30, 2025, occupancy for the improved land portfolio was 98.6%, up from 97.1% a year earlier, while the operating portfolio occupancy was 96.2%, down 150 basis points sequentially and 80 basis points year over year [4]. Investment Activity - TRNO sold three properties, including six buildings and two improved land parcels, for a total of $102.8 million in Q3 2025 [6]. - The company acquired two industrial properties and a multi-market portfolio for a total of $472.6 million during the same period [7]. - As of September 30, 2025, TRNO had acquisitions worth approximately $20.8 million under contract and nearly $39 million under letters of intent, along with around $8.8 million of dispositions under contract [8]. Development and Redevelopment Activity - TRNO had six properties under development or redevelopment, which will consist of nine buildings totaling around 0.9 million square feet, with 54% pre-leased upon completion [9]. - The company also has around 10.7 acres of land dedicated to future developments, with an estimated investment value of approximately $391.2 million [10]. Capital Market Activity - In Q3 2025, TRNO did not issue any shares or repurchase any shares under its equity offering program [11]. - As of September 30, 2025, the outstanding balance for its $600 million revolving credit facility was approximately $280 million, with no debt maturities in 2025 and $50 million maturing in 2026 [11]. Industry Context - The industrial real estate sector is benefiting from the rising e-commerce market, which is driving demand for logistics infrastructure and efficient distribution networks [12]. - TRNO is well-positioned to capitalize on these trends due to its modern logistics facilities and strategic expansion efforts [13].

Core Points - Terreno Realty Corporation has sold a property located in South Brunswick, New Jersey for a total of $144.2 million [1] Company Summary - The sale of the property is part of Terreno Realty Corporation's strategy to optimize its portfolio and enhance shareholder value [1] - The transaction reflects the company's ongoing efforts to capitalize on favorable market conditions in the real estate sector [1] Industry Summary - The real estate market continues to show strong demand, particularly in logistics and industrial properties, which are key areas of focus for companies like Terreno Realty Corporation [1] - The sale price of $144.2 million indicates robust valuation trends in the commercial real estate market, particularly in regions with high demand [1]

Core Insights - Terreno Realty Corporation (NYSE:TRNO) is recognized as one of the 20 Best Stocks to Buy and Hold for a Lifetime due to its consistent revenue and dividend growth [1] Group 1: Project Announcements - Terreno Realty Corporation announced a building project for a 214,000-square-foot industrial distribution center, Countyline Corporate Park Phase IV Building 36 in Hialeah, Florida, which is expected to be 51% pre-leased and completed by early 2027 [2] - The Phase IV project will involve an investment of $511.5 million and will feature ten LEED-certified industrial buildings totaling 2.2 million square feet, covering 121 acres with a stable cap rate of 5.8% [3] Group 2: Strategic Focus - The company is focused on industrial real estate growth, emphasizing robust tenant pre-leasing and sustainability measures, which support its strategic expansion across six major coastal regions in the United States [4] - Terreno Realty Corporation targets premium distribution properties with long-term leases, concentrating on purchasing, holding, and managing industrial real estate in six significant coastal cities in the United States [5]

Core Viewpoint - Terreno Realty Corporation has announced the start of a new development project in Hialeah, Florida, indicating a strategic expansion in the industrial real estate sector [1] Group 1: Company Developments - The new development in Hialeah, FL, is part of Terreno Realty Corporation's ongoing strategy to enhance its portfolio in key markets [1] - This project is expected to contribute positively to the company's growth and revenue generation in the coming years [1] Group 2: Industry Implications - The announcement reflects a broader trend in the industrial real estate market, where demand for logistics and distribution facilities continues to rise due to e-commerce growth [1] - The development in Hialeah is likely to attract interest from businesses looking for strategic locations to optimize their supply chains [1]

Core Insights - Terreno Realty (TRNO) has successfully leased its Countyline Corporate Park Phase IV Building 34 in Hialeah, FL, achieving a 100% lease status for the 220,000 square feet industrial distribution building [1][8] Leasing Details - A total of 153,000 square feet has been leased to a non-perishable food items provider for the cruise ship industry, with the lease starting on September 10, 2025, and expiring in March 2033 [2] - An additional 35,000 square feet has been leased to a white-glove delivery service, commencing after tenant improvements in March 2026 and expiring in November 2036 [2] - The final 32,000 square feet has been leased to a global automotive refinish systems manufacturer, starting post-tenant improvements in March 2026 and expiring in August 2031 [2] Development Progress - Countyline Corporate Park Phase IV is expected to be 80% complete with Building 34 stabilization by the first quarter of 2026, with eight buildings already constructed and leased, and two additional buildings available for future development [3] - The total investment for the site is projected to be around $511.5 million, with completion expected in 2027 [3] Performance Metrics - As of June 30, 2025, TRNO's operating portfolio was 97.7% leased, with the same-store portfolio at 98.5% leased [4] - The leased rate for the improved land portfolio of 47 parcels spanning 150.6 acres was 95.1% as of the same date [4] - Cash rents on new and renewed leases during Q2 2025 increased by 22.6%, with a tenant retention ratio of 71.1% for the operating portfolio [5] Market Position - TRNO is well-positioned for long-term growth opportunities due to its solid operating platform, healthy balance sheet, and strategic expansion moves, despite macroeconomic uncertainties [6] - The company's shares have gained 4.4% quarter to date, outperforming the industry average of 0.7% [7]