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Terreno Realty
Terreno Realty (TRNO) investor relations material
Terreno Realty Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Feb, 2026
Executive summary
Focused exclusively on acquiring, owning, and operating industrial real estate in six major coastal U.S. markets, emphasizing infill locations with high population density and strong logistics infrastructure.
Portfolio strategy targets a mix of core and value-add investments, with no greenfield development or joint ventures, and a focus on assets at a discount to replacement cost.
Management and board are highly aligned with shareholders, with long-term compensation tied to performance and significant insider ownership.
Financial highlights
Net income for 2025 was $402.99 million, up from $184.50 million in 2024; Q4 2025 net income was $158.22 million, up from $76.10 million in Q4 2024.
FFO per share (diluted) for 2025 was $2.77, up from $2.42 in 2024; Q4 2025 FFO per share was $0.83, up from $0.62 in Q4 2024.
Net income per share (diluted) for 2025 was $3.91, up from $1.92 in 2024.
Cash same store NOI growth for 2025 was 7.8%; excluding termination fees, growth was 6.4%.
Lease termination income in Q4 2025 was $13.8 million, with a net impact of $18.4 million from lease terminations.
Outlook and guidance
Six properties under development or redevelopment totaling 1.2 million square feet, with expected stabilization between 2026 and 2028.
Countyline Corporate Park Phase IV in Miami is a major project, expected to deliver 2.2 million square feet of LEED-certified space by 2027.
Targeting continued superior same store NOI and per share NAV growth through infill market focus and value-add strategies.
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Next Terreno Realty earnings date
Q1 20266 May, 2026
Terreno Realty
Next Terreno Realty earnings date
Q1 20266 May, 2026
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Frequently asked questions
Terreno Realty Corporation is a real estate investment trust (REIT) based in San Francisco, specializing in the acquisition, ownership, and operation of industrial real estate. The company focuses on properties located in major U.S. coastal markets such Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, and several others. These markets are selected for their strong operating fundamentals, including lower vacancy rates and higher rent growth potential. Terreno Realty's portfolio includes a variety of industrial properties, aiming to serve the needs of businesses in strategic urban and infill locations across these key markets. The company is headquartered in San Francisco, California and its shares are listed on the NYSE.
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