Terreno Realty(NYSE) TRNO

Terreno Realty Corporation rents industrial space near busy coastal cities. It helps businesses store and ship products to local customers. These warehouses and land parcels support modern supply chains.

Warehouses in the Right Places

• Warehouse/Distribution: Large storage facilities used to keep and move goods; accounts for 80.1% of annualized base rent.
• Improved Land: Developed outdoor storage and parking areas for industrial use; represents 9.5% of annualized base rent.
• Transshipment: Facilities designed to transfer cargo between different modes of transport; makes up 6.3% of annualized base rent.
• Flex Space: Buildings used for light industrial or research and development work; contributes 4.1% of annualized base rent.

Growing the Coastal Footprint

• Acquired four industrial properties for approximately $172.3 million during the three-month period ended June 30, 2026.
• Completed the development of two properties in Hialeah, Florida, during the first six months of 2026.
• Sold three properties for a total sales price of $86.2 million during the six-month period ended June 30, 2026.
• Repaid a $50.0 million tranche of senior unsecured notes in July 2026 using existing cash on hand.

Why Infill Locations Matter

Terreno targets infill locations surrounded by high concentrations of developed land and existing buildings. This strategy focuses on six coastal markets with high demand and limited available space. As a Real Estate Investment Trust (REIT), the company owns and operates income-producing industrial properties.

Measuring Recent Performance

• Total revenues reached $124.7 million for the three-month period ended June 30, 2026, up 11.1% year over year.
• Net income was $57.6 million for the three-month period ended June 30, 2026, down 38.3% year over year.
• Cash rents for new or renewed leases rose 27.7% during the three-month period ended June 30, 2026.
• Net debt-to-Adjusted EBITDA was 2.5x as of June 30, 2026, compared to 1.9x on June 30, 2025.
• The company raised $263.6 million in net proceeds from common stock sales during the six-month period ended June 30, 2026.

Evolution of the Portfolio

Terreno has transitioned from an early-stage REIT into a focused operator in high-demand coastal logistics hubs. Its focus on infill locations and rent growth helps maintain a stable industrial portfolio.