Terreno Realty Corporation

Terreno Realty owns and leases out industrial property, mostly warehouses, in six large coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, the San Francisco Bay Area, Seattle and Washington, D.C. It targets “infill” sites in built-up areas where little land is left to develop, preferring spots near ports, airports and highways. It is a real estate investment trust (REIT), which must pay out most of its taxable income as dividends.

Rent is its main income. As of December 31, 2025, Terreno owned 309 buildings totaling about 19.8 million square feet, plus 46 improved land parcels covering about 147 acres. Buildings were 96.1% leased and land 95.4%, to 683 customers; the largest paid about 4.9% of annualized base rent (yearly contract rent). Warehouse/distribution space produced about 80.5% of that rent, outdoor storage land for trucks and trailers 10.1%, truck terminals and similar sites 6.0% and flex space for light industrial and research use 3.4%.

Terreno also sells properties when it believes their expected returns are low compared with their market value. According to its fiscal 2025 annual report, it had sold 45 since 2010 for about $1.1 billion, a total gain of about $570.7 million. Revenue was $476.4 million in fiscal 2025, up 24.5%. Local outside firms handle day-to-day property management.

• In Q2 FY2026 (ended Jun 30, 2026), revenue was $124.7M, up 11.1% from a year earlier, and net income was $57.6M (-38.3%).
• For fiscal 2025, revenue was $476.4M (+24.5% year over year; +20.6% a year from FY2020 to FY2025) with a 84.6% net margin.

• Over FY2021–FY2025: $9.8M in buybacks and $706.8M in dividends.
• At least 8 consecutive annual increases: every fiscal year in the SEC data (FY2017–FY2025) shows an increase; the true streak may be longer.
• Regular dividends per share grew +12.5% a year over 5 years (FY2020–FY2025).
• Dividends took 50.6% of earnings and 97.8% of free cash flow in the latest fiscal year.
• Shares outstanding changed +52.8% from Nov 1, 2021 to Aug 3, 2026.

Rank among 1514 US companies

Market value at each year end

Terreno Realty’s market value went from $1.32B at the end of 2016 to $6.94B on Oct 28, 2026, about 5.2 times as much; since the end of 2025 it is up 14%.

Form 4 filings from 2025-10-29 to 2026-10-29 (19 read): 0 open-market purchases and 5 sales ($1.8M).

Large shareholders (13G filings)

ETFs with the most weight in TRNO

1. Concentrated in six coastal metro areas. Every property sits in one of six coastal metro areas. A local recession, natural disaster, climate-related damage or new regulation in any of them could hit rents and property values hard.
2. Focused entirely on industrial real estate. Terreno's holdings are concentrated in industrial property, with warehouses producing about 80.5% of base rent. A downturn in industrial real estate would hurt it more than a landlord spread across several property types.
3. Tariffs could slow trade and warehouse demand. Terreno favors sites near ports, airports and highways. Tariffs and related trade actions could slow economic activity and disrupt supply chains, cutting demand for the space tenants use to store and move goods.
4. Growth depends partly on buying more buildings. Competition for scarce sites in its six markets can push prices up or limit deals. Acquired properties may also perform worse than expected or carry hidden costs, such as environmental problems.
5. Tenants may leave, default or need upgrades. As leases expire, tenants may not renew, and empty space may be slow to re-lease. Tenant bankruptcies or defaults can cut rent, and Terreno may need to fund improvements to attract replacements.
6. Growth needs outside money, which can dilute. Because REITs must pay out most taxable income, Terreno needs debt, new shares or property sales to grow. Its share count rose 52.8% from November 2021 to August 2026, diluting existing owners.

• May 6, 2026 Shareholder vote results
• Feb 17, 2026 Other company announcement
• Jan 8, 2026 Major agreement signed; New debt or financial obligation
• Nov 5, 2025 Executive or board change

Terreno raised its dividend every fiscal year from 2017 to 2025, at least eight straight increases. Dividends per share rose from $1.12 in fiscal 2020 to $2.02 in fiscal 2025, about 12.5% a year, and the yield was 3.34% as of October 28, 2026. Dividends took 50.6% of fiscal 2025 earnings but 97.8% of free cash flow (cash left after running costs and capital spending), a thin cushion. As a REIT, Terreno must pay out at least 90% of its taxable income, and its dividends generally don't qualify for the reduced tax rates on many other dividends. Buybacks are tiny: $9.8 million over fiscal 2021–2025, while the share count rose 52.8% from November 2021 to August 2026.

In the 2020 COVID crash, shares fell 30.7% and recovered in under five months. The 2022 bear market brought a 38.4% drop that took about 45 months to recover, until July 2026. Single stocks like Terreno carry more risk than diversified funds.