# Terreno Realty Corp (TRNO) Informational only - not investment advice. CIK: 0001476150 SIC: 6500 Real Estate SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Real Estate](/major-group/65/) > [SIC 6500 Real Estate](/industry/6500/) Latest 10-K filed: 2026-02-04 SEC page: https://www.sec.gov/edgar/browse/?CIK=1476150 Filing source: https://www.sec.gov/Archives/edgar/data/1476150/000147615026000011/trno-20251231.htm ## At a glance FY2025 · period end 2025-12-31 · filed 2026-02-04 · accession 0001476150-26-000011 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001476150.json | Metric | Value | FY | Provenance | | --- | ---: | ---: | --- | | Revenue | 476,383,000 USD | 2025 | verified | | Net income | 402,992,000 USD | 2025 | verified | | Assets | 5,388,083,000 USD | 2025 | verified | | Net margin | 84.59% | 2025 | computed | | Revenue YoY | +24.51% | 2025 | computed | | ROE | 9.72% | 2025 | computed | Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity. No market price, no rating, no forecast on this site. Not investment advice. ### Peer percentile fingerprint | Ratio | TRNO | Peer median | Percentile | N | | --- | ---: | ---: | ---: | ---: | | Net margin | 84.6% | 8.9% | 100 | 20 | | Revenue growth | 24.5% | 8.9% | 72 | 19 | | ROE | 9.7% | 5.5% | 84 | 20 | | ROA | 7.5% | 1.4% | 100 | 20 | | Liabilities / equity | 0.30 | 1.39 | 16 | 20 | Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6500 Real Estate, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking. ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 476383000 | USD | 2025 | 2026-02-04 | | Net income | 402992000 | USD | 2025 | 2026-02-04 | | Assets | 5388083000 | USD | 2025 | 2026-02-04 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001476150.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | 108,418,000 | 132,484,000 | 151,657,000 | 171,022,000 | 186,884,000 | 221,930,000 | 276,212,000 | 323,590,000 | 382,621,000 | 476,383,000 | | Net income | 15,118,000 | 53,095,000 | 63,289,000 | 55,516,000 | 79,795,000 | 87,254,000 | 198,014,000 | 151,457,000 | 184,497,000 | 402,992,000 | | Diluted EPS | | 0.95 | 1.09 | 0.85 | 1.16 | 1.23 | 2.61 | 1.81 | 1.92 | 3.91 | | Operating cash flow | 49,241,000 | 69,498,000 | 77,599,000 | 94,688,000 | 101,050,000 | 132,208,000 | 143,210,000 | 179,677,000 | 232,687,000 | 271,862,000 | | Dividends paid | 33,182,000 | 41,866,000 | 51,445,000 | 63,565,000 | 74,778,000 | 84,628,000 | 107,411,000 | 135,852,000 | 174,969,000 | 203,892,000 | | Share buybacks | 1,551,000 | 3,436,000 | 3,870,000 | 3,959,000 | 9,837,000 | 582,000 | 1,045,000 | 1,513,000 | 3,344,000 | 3,286,000 | | Assets | 1,278,981,000 | 1,567,871,000 | 1,796,504,000 | 2,108,464,000 | 2,139,820,000 | 2,924,215,000 | 3,164,441,000 | 3,904,677,000 | 4,770,156,000 | 5,388,083,000 | | Liabilities | 467,176,000 | 540,377,000 | 548,707,000 | 591,341,000 | 551,636,000 | 866,252,000 | 934,590,000 | 990,050,000 | 1,107,824,000 | 1,241,805,000 | | Stockholders' equity | 811,805,000 | 1,027,494,000 | 1,247,797,000 | 1,517,123,000 | 1,588,184,000 | 2,057,963,000 | 2,229,851,000 | 2,914,627,000 | 3,662,332,000 | 4,146,278,000 | | Cash and cash equivalents | 14,208,000 | 35,710,000 | 31,004,000 | 110,082,000 | 107,180,000 | 204,404,000 | 26,393,000 | 165,400,000 | 18,070,000 | 25,020,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | 13.94% | 40.08% | 41.73% | 32.46% | 42.70% | 39.32% | 71.69% | 46.81% | 48.22% | 84.59% | | Return on equity | 1.86% | 5.17% | 5.07% | 3.66% | 5.02% | 4.24% | 8.88% | 5.20% | 5.04% | 9.72% | | Return on assets | 1.18% | 3.39% | 3.52% | 2.63% | 3.73% | 2.98% | 6.26% | 3.88% | 3.87% | 7.48% | | Liabilities / equity | 0.58 | 0.53 | 0.44 | 0.39 | 0.35 | 0.42 | 0.42 | 0.34 | 0.30 | 0.30 | ## As-reported value updates No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks. ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001476150.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q3 | 2022-09-30 | | | 0.30 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 0.29 | reported discrete quarter | | 2023-Q2 | 2023-06-30 | | | 0.48 | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 82,920,000 | 30,165,000 | 0.36 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 86,484,000 | 57,282,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 85,030,000 | 35,905,000 | 0.40 | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 94,247,000 | 35,540,000 | 0.37 | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 99,635,000 | 36,483,000 | 0.37 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 103,709,000 | 75,778,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 110,420,000 | 47,918,000 | 0.47 | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 112,234,000 | 92,877,000 | 0.90 | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 116,248,000 | 102,908,000 | 1.00 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 137,481,000 | 157,490,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 124,440,000 | 69,111,000 | 0.66 | reported discrete quarter | | 2026-Q2 | 2026-06-30 | 124,711,000 | 57,312,000 | 0.54 | reported discrete quarter | ## Filed narrative (10-K & 10-Q) ## Business Verbatim Item 1 Business section from TRNO's latest 10-K: [/company/TRNO/business/](/company/TRNO/business/). ## Risk Factors Verbatim Item 1A Risk Factors from TRNO's latest 10-K: [/company/TRNO/risk-factors/](/company/TRNO/risk-factors/). ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1476150/000147615026000035/trno-20260630.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-08-05 Report date: 2026-06-30 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate”, “believe”, “estimate”, “expect”, “intend”, “may”, “might”, “plan”, “project”, “result”, “should”, “will”, “seek”, “target”, “see”, “likely”, “position”, “opportunity”, “outlook”, “potential”, “future” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors, that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following: •the factors included under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the Securities and Exchange Commission on February 4, 2026, in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026, which was filed with the Securities and Exchange Commission on May 6, 2026, in this Quarterly Report on Form 10-Q, and in our other public filings; •our ability to identify and acquire industrial properties on terms favorable to us; •general volatility of the capital markets and the market price of our common stock; •adverse economic or real estate conditions or developments in the industrial real estate sector and/or in the markets in which we own properties; •a decline in economic activity or supply chain disruptions caused by geopolitical changes, trade policies, tariffs or related government actions; •our dependence on key personnel and our reliance on third-party property managers; •our inability to comply with the laws, rules and regulations applicable to companies, and in particular, public companies; •our ability to manage our growth effectively; •tenant bankruptcies and defaults on, or non-renewal of, leases by tenants; •decreased rental rates or increased vacancy rates; •elevated interest rates and operating costs; •declining real estate valuations and impairment charges; •our expected leverage, our failure to obtain necessary outside financing, and existing and future debt service obligations; •our ability to make distributions to our stockholders; •our failure to successfully hedge against interest rate increases; •our failure to successfully operate acquired properties; •risks relating to our real estate development, redevelopment, renovation and expansion strategies and activities (including elevated inflation, supply chain disruptions and construction delays); •the impact of any future pandemic, epidemic or outbreak of any highly infectious disease on our business, financial condition and results of operations and that of our tenants; •the use of artificial intelligence, which could present risks and challenges that may adversely impact our business and operating results or that of our tenants; 19 Table of Contents •risks associated with security breaches through cyber attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology networks and related systems; •our failure to qualify or maintain our status as a real estate investment trust (“REIT”), and possible adverse changes to tax laws; •uninsured or underinsured losses and costs relating to our properties or that otherwise result from future litigation; •environmental uncertainties and risks related to natural disasters; •financial market fluctuations; and •changes in real estate and zoning laws and increases in real property tax rates. Overview Terreno Realty Corporation (“Terreno”, and together with its subsidiaries, “we”, “us”, “our”, “our Company”, or “the Company”) 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 80.1% of our total annualized base rent as of June 30, 2026), flex (including light industrial and research and development, or R&D) (approximately 4.1%), transshipment (approximately 6.3%) and improved land (approximately 9.5%). 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. As of June 30, 2026, we owned a total of 316 buildings (including one building held for sale) aggregating approximately 20.6 million square feet, 46 improved land parcels consisting of approximately 147.0 acres and four properties under development or redevelopment. As of June 30, 2026, our buildings and improved land parcels were approximately 97.6% and 93.3% leased, respectively, to 697 customers, the largest of which accounted for approximately 5.3% of our total annualized base rent. See “Item 1 – Our Investment Strategy – Industrial Facility General Characteristics” in our Annual Report on Form 10-K for the year ended December 31, 2025 for a general description of these types of industrial real estate. We are an internally managed Maryland corporation and elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with our taxable year ended December 31, 2010. The following table summarizes by type our investments in real estate as of June 30, 2026: [[GREPCENT_TABLE]] [["Type","","Number of Buildings or Improved Land Parcels","","Annualized Base Rent (in thousands) 1","","% of Total"],["Warehouse/distribution","","276","","$","309,015","","","80.1","%"],["Flex","","19","","15,895","","","4.1","%"],["Transshipment","","21","","24,148","","","6.3","%"],["Improved land","","46","","36,498","","","9.5","%"],["Total","","362","","$","385,556","","","100.0","%"]] [[/GREPCENT_TABLE]] 1Annualized base rent is calculated as contractual monthly base rent per the leases, excluding any partial or full rent abatements, as of June 30, 2026, multiplied by 12. 20 Table of Contents The following table summarizes by market our investments in real estate as of June 30, 2026: [[GREPCENT_TABLE]] [["","New York City/Northern New Jersey","Los Angeles","Miami","San Francisco Bay Area","Seattle","Washington, D.C.","Total/Weighted Average"],["Investments in Real Estate"],["Number of Buildings","69","","60","","44","","58","","54","","31","","316"],["Rentable Square Feet","3,584,297","","2,527,446","","5,141,718","","3,272,228","","3,557,667","","2,478,805","","20,562,161"],["% of Total","17.4","%","12.3","%","25.0","%","15.9","%","17.3","%","12.1","%","100.0","%"],["Occupancy % as of June 30, 2026","95.0","%","98.2","%","98.6","%","97.0","%","98.6","%","97.7","%","97.6","%"],["Annualized Base Rent (in thousands) 1","$","84,877","","$","42,939","","$","71,990","","$","58,350","","$","51,225","","$","39,677","","$","349,058"],["% of Total","24.3","%","12.3","%","20.6","%","16.7","%","14.7","%","11.4","%","100.0","%"],["Annualized Base Rent 1 Per Occupied Square Foot","$","24.94","","$","17.30","","$","14.19","","$","18.39","","$","14.60","","$","16.38","","$","17.40"],["Weighted Average Remaining Lease Term (Years) 2","3.6","","5.9","","5.5","","3.2","","2.7","","2.9","","4.1"],["Investments in Improved Land"],["Number of Land Parcels","14","","13","","3","","5","","9","","2","","46"],["Acres","62.8","","28.8","","9.9","","14.4","","23.8","","7.3","","147.0"],["% of Total","42.7","%","19.6","%","6.7","%","9.8","%","16.2","%","5.0","%","100.0","%"],["Occupancy % as of June 30, 2026","91.5","%","96.1","%","100.0","%","100.0","%","85.7","%","100.0","%","93.3","%"],["Annualized Base Rent (in thousands) 1","$","13,685","","$","10,499","","$","2,312","","$","3,139","","$","5,365","","$","1,498","","$","36,498"],["% of Total","37.5","%","28.8","%","6.3","%","8.6","%","14.7","%","4.1","%","100.0","%"],["Annualized Base Rent 1 Per Occupied Square Foot","$","5.47","","$","8.70","","$","5.37","","$","4.99","","$","6.04","","$","4.72","","$","6.09"],["Weighted Average Remaining Lease Term (Years) 2","1.9","","3.5","","7.9","","4.4","","4.6","","7.0","","3.6"],["Total Investments in Real Estate and Improved Land"],["Annualized Base Rent (in thousands) 1","$","98,562","","$","53,438","","$","74,302","","$","61,489","","$","56,590","","$","41,175","","$","385,556"],["% of Total Annualized Base Rent 1","25.6","%","13.9","%","19.2","%","15.9","%","14.7","%","10.7","%","100.0","%"],["Gross Book Value (in thousands) 3","$","1,552,996","","$","837,300","","$","1,355,690","","$","888,751","","$","893,004","","$","575,628","","$","6,103,369"],["% of Total Gross Book Value","25.4","%","13.7","%","22.3","%","14.6","%","14.6","%","9.4","%","100.0","%"]] [[/GREPCENT_TABLE]] 1Annualized base rent is calculated as contractual monthly base rent per the leases, excluding any partial or full rent abatements, as of June 30, 2026, multiplied by 12. 2Weighted average remaining lease term is calculated by summing the remaining lease term of each lease as of June 30, 2026, weighted by the respective square footage. 3Includes four properties under development or redevelopment that, upon completion, will consist of four buildings aggregating approximately 0.7 million square feet and one building held for sale with a gross book value of approximately $3.7 million. As of June 30, 2026, we owned four properties under development or redevelopment that, upon completion, will consist of four buildings aggregating approximately 0.7 million square feet, with a total expected investment of approximately $268.5 million, including redevelopment costs, capitalized interest and other costs. 21 Table of Contents The following table summarizes our capital expenditures incurred during the three and six months ended June 30, 2026 and 2025 (dollars in thousands): [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A (excerpt) Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1476150/000147615026000011/trno-20251231.htm Complete FY 2025 MD&A: /company/TRNO/mda/fy2025/ Extracted from a substantive MD&A body after the formal Item 7 span was a TOC or reference stub. Confidence: high Filing date: 2026-02-04 Report date: 2025-12-31 Overview We acquire, own and operate 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. As of December 31, 2025, we owned a total of 309 buildings (including one building held for sale) aggregating approximately 19.8 million square feet, 46 improved land parcels consisting of approximately 147.0 acres and six properties under development or redevelopment. As of December 31, 2025, our buildings and improved land parcels were approximately 96.1% and 95.4% leased, respectively, to 683 customers, the largest of which accounted for approximately 4.9% of our total annualized base rent. We are an internally managed Maryland corporation and elected to be taxed as a REIT under Sections 856 through 860 of the Code, commencing with our taxable year ended December 31, 2010. Our Investment Strategy We acquire, own and operate 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, flex (including light industrial and R&D), transshipment and improved land. 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. 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 believe that our target markets have attractive long term investment attributes. 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. In general, we prefer to utilize local third-party property managers for day-to-day property management and as a source of acquisition opportunities. We believe outsourcing property management is cost effective and provides us with operational flexibility. We may directly manage properties in the future if we determine such direct property management is in our best interest. We have no current intention to acquire undeveloped or unimproved industrial land or to pursue greenfield ground up development. Nevertheless, we pursue development, redevelopment, renovation and expansion opportunities of properties that we own, acquire properties and improved land parcels with the intent to redevelop in the near-term, and acquire adjacent land to expand our existing facilities. We expect that we will continue to acquire the significant majority of our investments as equity interests in individual properties or portfolios of properties. We may acquire industrial properties through the acquisition of other corporations or entities that own industrial real estate. We will opportunistically make investments in debt secured by industrial real estate that would otherwise meet our investment criteria with the intention of ultimately acquiring the underlying real estate. We currently do not intend to target specific percentages of holdings of particular types of industrial properties. This expectation is based upon prevailing market conditions and may change over time in response to different prevailing market conditions. The properties we acquire may be stabilized (fully leased) or unstabilized (have near term lease expirations, be partially or fully vacant and may require physical repositioning). 33 Table of Contents We sell properties from time to time when we believe the prospective total return from a property is particularly low relative to its market value and/or the market value of the property is significantly greater than its estimated replacement cost. Capital from such sales is reinvested into properties that are expected to provide better prospective returns or returned to shareholders. We have disposed of 45 properties since inception in 2010 for an aggregate sales price of approximately $1.1 billion and a total gain of approximately $570.7 million. 2025 Developments Acquisition Activity During 2025, we acquired 12 industrial properties and one portfolio of industrial properties for a total purchase price of approximately $683.5 million. The properties were acquired from unrelated third parties using existing cash on hand, net proceeds from dispositions, net proceeds from the issuance of common stock and debt. The following table sets forth the industrial properties we acquired during 2025: [[GREPCENT_TABLE]] [["Property Name","","Location","","Acquisition Date","","Number of Buildings","","Square Feet","","Improved Land Acreage","","Purchase Price(in thousands) 1","","StabilizedCap Rate 2"],["9660 153rd Avenue NE","","Redmond, WA","","April 9, 2025","","1","","","33,000","","","\u2014","","$","9,300","","","5.5","%"],["43-27 33rd Street","","Long Island City, Queens, NY","","April 24, 2025","","1","","","20,000","","","\u2014","","7,600","","","4.6","%"],["11100 Hindry Avenue","","Los Angeles, CA","","June 6, 2025","","1","","","34,000","","","\u2014","","10,000","","","6.4","%"],["11-40 Borden Avenue","","Long Island City, Queens, NY","","June 18, 2025","","1","","","36,000","","","\u2014","","16,000","","","3.9","%"],["3500 West MacArthur Boulevard","","Santa Ana, CA","","June 20, 2025","","1","","","134,000","","","\u2014","","49,500","","","5.7","%"],["49-10 27th Street","","Long Island City, Queens, NY","","June 30, 2025","","1","","","48,000","","","\u2014","","31,100","","","5.5","%"],["3700 & 3730 Redondo Beach Ave","","Redondo Beach, CA","","August 8, 2025","","2","","","100,000","","","\u2014","","35,500","","","5.8","%"],["Multi-market portfolio","","Various","","August 12, 2025; September 9, 2025","","12","","","1,200,000","","","\u2014","","426,900","","","5.0","%"],["258 Littlefield Ave","","South San Francisco, CA","","September 5, 2025","","1","","","32,000","","","\u2014","","10,200","","","5.8","%"],["250 S Maple Avenue","","South San Francisco, CA","","October 15, 2025","","1","","","18,000","","","\u2014","","5,600","","","6.3","%"],["4-28 33rd Street","","Long Island City, Queens, NY","","November 17, 2025","","\u2014","","","\u2014","","","0.5","","4,700","","","6.4","%"],["2300 Craftsman Circle3","","Hyattsville, MD","","December 4, 2025","","1","","","180,000","","","\u2014","","50,000","","","5.2","%"],["510 Andover Park West","","Tukwila, WA","","December 12, 2025","","1","","","121,000","","","\u2014","","27,100","","","3.9","%"],["Total/Weighted Average","","","","","","24","","","1,956,000","","","0.5","","$","683,500","","","5.1","%"]] [[/GREPCENT_TABLE]] 1Excludes intangible liabilities and unamortized mortgage fair value adjustments, if any. The total aggregate initial investment was approximately $728.5 million, including $13.7 million in capitalized closing costs and acquisition costs and $32.9 million in assumed intangible liabilities and $1.6 million in other credits related to near term capital expenditures, free rent and tenant improvements at multiple properties. 2Stabilized capitalization rates, referred to herein as stabilized cap rates, are calculated, at the time of acquisition, as annualized cash basis net operating income for the property stabilized to market occupancy (generally 95%) divided by the total acquisition cost for the property. Total acquisition cost basis for the property includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization. We define cash basis net operating income for the property as net operating income excluding straight-line rents and amortization of lease intangibles. These stabilized cap rates are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, 34 Table of Contents which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates and those risk factors contained in this Annual Report on Form 10-K and in our other public filings. 3Redevelopment of this property commenced upon acquisition. Development and Redevelopment Activity As of December 31, 2025, we had six properties under development or redevelopment that, upon completion, will consist of nine buildings aggregating approximately 1.2 million square feet. The following table summarizes certain information with respect to the properties under development or redevelopment as of December 31, 2025: [[GREPCENT_TABLE]] [["Property Name","","Total ExpectedInvestment(in thousands) 1","","Amount Spent to Date (in thousands) 2","","","","EstimatedStabilized CapRate 3","","","","Estimated Post-Development Square Feet","","","","Estimated Stabilization Quarter","","% Pre-leased as of December 31, 2025"],["Properties under development or redevelopment:"],["Countyline Phase IV 4"],["Countyline Building 32","","$","43,400","","","$","37,800","","","","","6.0","%","","","","164,300","","","","Q1 2026","","100.0","%"],["Countyline Building 34","","55,200","","","51,100","","","","","5.7","%","","","","219,900","","","","Q2 2026","","100.0","%"],["Countyline Building 35","","55,500","","","19,700","","","","","6.0","%","","","","219,900","","","","Q4 2027","","\u2014","%"],["Countyline Building 36","","56,200","","","33,100","","","","","5.8","%","","","","213,600","","","","Q1 2027","","100.0","%"],["Craftsman Circle","","57,600","","","51,500","","","","","5.2","%","","","","180,300","","","","Q4 2027","","\u2014","%"],["139th Street5","","104,600","","","42,400","","","","","6.1","%","","","","223,500","","","","Q2 2028","","\u2014","%"],["Total/Weighted Average","","$","372,500","","","$","235,600","","","","","5.8","%","","","","1,221,500","","","","","","48.9","%"]] [[/GREPCENT_TABLE]] 1Excludes below-market lease adjustments recorded at acquisition. Total expected investment for the properties includes the initial purchase price, buyer’s due diligence and closing costs, estimated near-term redevelopment expenditures, capitalized interest and leasing costs necessary to achieve stabilization. 2Excludes below-market lease adjustments recorded at acquisition [Excerpt truncated for page length; the complete text is on the linked full-MD&A page.] Read the full FY 2025 MD&A: /company/TRNO/mda/fy2025/ All MD&A years: /company/TRNO/mda/ ## MD&A history Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page. - [FY 2024 MD&A](/company/TRNO/mda/fy2024/): filed 2025-02-05; accession 0001476150-25-000004 (https://www.sec.gov/Archives/edgar/data/1476150/000147615025000004/trno-20241231.htm) - [FY 2023 MD&A](/company/TRNO/mda/fy2023/): filed 2024-02-07; accession 0001476150-24-000004 (https://www.sec.gov/Archives/edgar/data/1476150/000147615024000004/trno-20231231.htm) - [FY 2022 MD&A](/company/TRNO/mda/fy2022/): filed 2023-02-08; accession 0001476150-23-000004 (https://www.sec.gov/Archives/edgar/data/1476150/000147615023000004/trno-20221231.htm) - [FY 2021 MD&A](/company/TRNO/mda/fy2021/): filed 2022-02-09; accession 0001476150-22-000006 (https://www.sec.gov/Archives/edgar/data/1476150/000147615022000006/trno-20211231.htm) ## Macro cross-references Indicators mapped to this company's SIC classification (industry 6500 Real Estate) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim. - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate Macro-to-micro threads including this sector: [Money & trade](/thread/money-trade/), [Housing & construction](/thread/housing-construction/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/). All macro indicators: /indicators/ ## For LLMs & downloads Markdown twin: /company/TRNO.md · JSON record: /company/TRNO.json · verified financials: /company/TRNO/financials.json / /company/TRNO/financials.csv · machine TOC for the whole site: /llms.txt