Terreno Realty (TRNO) Q2 2026 earnings summary

Executive summary

• Focused 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 consists of 20.6 million square feet across 316 buildings and 46 improved land parcels, with 97.6% occupancy as of June 30, 2026.

• Total revenues for Q2 2026 increased 11.1% year-over-year to $124.7 million, driven by new and renewed leases and property acquisitions, partially offset by property dispositions.

• Demonstrated value creation with 48 properties sold since IPO for $1.2 billion, earning a 12.4% unleveraged IRR.

• Management compensation is fully aligned with shareholders, with no annual cash bonuses for CEO/President and significant insider ownership.

Financial highlights

• Q2 2026 net income available to common stockholders was $57.3 million ($0.54 per share), down from $92.9 million ($0.90 per share) in Q2 2025.

• Funds from Operations (FFO) for Q2 2026 was $74.3 million ($0.70 per share), up from $66.3 million ($0.64 per share) in Q2 2025.

• Adjusted Funds from Operations (AFFO) for Q2 2026 was $51.5 million, nearly flat year-over-year.

• Cash same store NOI growth was 7.1% year-over-year; excluding termination fees, growth was 6.8%.

• Q2 2026 acquisitions totaled $172.3 million; YTD acquisitions reached $274.1 million.

Outlook and guidance

• No further debt maturities in 2026; $150 million due in 2027.

• Five property acquisitions totaling $89.5 million were under contract as of August 4, 2026, with one non-binding LOI for $23.1 million outstanding.

• Four properties under development/redevelopment totaling 0.7 million square feet, with an estimated stabilized cap rate of 5.6%.

• Countyline Phase IV in Miami expected to deliver 2.2 million square feet of LEED-certified space by 2027.

• A cash dividend of $0.57 per share was declared, payable October 9, 2026.