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Visual21 Nov 2025
Data center suppliers
Terreno Realty (TRNO) investor relations material
Terreno Realty Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Focused on acquiring, owning, and operating industrial real estate in six major coastal U.S. markets, emphasizing infill locations and functional assets.
Portfolio consists of 307 buildings totaling 20.2 million square feet, with 44 improved land parcels (146.4 acres) and six properties under development or redevelopment as of September 30, 2025.
Maintains a highly selective investment approach, targeting assets at discounts to replacement cost and prioritizing superior same store NOI and per share NAV growth.
Demonstrated value creation with 45 properties sold since IPO for $1.1 billion, earning a 12.7% unleveraged IRR.
Occupancy rates as of September 30, 2025: 96.2% for buildings and 93.6% for improved land parcels.
Financial highlights
Q3 2025 net income available to common stockholders was $103.4 million ($1.00 per share), up from $36.5 million ($0.37 per share) in Q3 2024.
Funds from Operations (FFO) for Q3 2025 was $69.0 million ($0.67 per share), compared to $60.40 million ($0.62 per share) in Q3 2024.
Adjusted Funds from Operations (AFFO) for Q3 2025 was $52.45 million, up from $46.30 million in Q3 2024.
Cash same store NOI growth for Q3 2025 was 6.9% year-over-year.
Q3 2025 acquisitions totaled $472.6 million; year-to-date acquisitions reached $601.7 million.
Outlook and guidance
Six properties under development or redevelopment as of September 30, 2025, expected to add nine buildings and 0.9 million square feet upon completion.
Countyline Corporate Park Phase IV in Miami is a major ongoing project, with 2.2 million square feet of LEED-certified industrial space expected by 2027.
Management expects continued growth through acquisitions, development, and redevelopment, with three properties under contract for $82.3 million and one LOI for $11.4 million as of November 4, 2025.
Lease expirations representing 3.0% of annualized base rent are scheduled for the remainder of 2025, with anticipated positive rent spreads on renewals.
No debt maturities in 2025 and $50 million due in 2026; strong balance sheet and investment grade credit rating.
Future property disposition strategy
Development pipeline cap rate strategy
Plan to reduce floating rate debt exposure
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Next Terreno Realty earnings date
Q4 20255 Feb, 2026
Next Terreno Realty earnings date
Q4 20255 Feb, 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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