Terreno Realty Corp (NYSE: TRNO) is an industrial real estate investment trust that acquires, owns, and operates industrial properties in six major coastal U.S. markets. Revenue comes from rental income on leases covering warehouses, distribution facilities, and improved land parcels. As of December 31, 2025, the portfolio comprised 309 buildings totaling 19,777,248 rentable square feet and 46 improved land parcels covering 147.0 acres, with an overall occupancy rate of 96.1% across buildings and 95.4% across land parcels. Annualized base rent from buildings totaled $320.8 million and from improved land parcels totaled $35.9 million as of December 31, 2025. The company is structured as a REIT, headquartered in Bellevue, Washington, and is led by W. Blake Baird as Chairman and Chief Executive Officer. Same-store net operating income for the three months ended December 31, 2025 was $80.4 million, up 35.2% from the same period in 2024.

Revenue model

Rental income from leases on industrial buildings and improved land parcels. Tenants pay base rent under multi-year lease agreements, with a weighted average remaining lease term of 4.0 years across both buildings and land parcels as of December 31, 2025. Supplemental income is generated through gains on sales of real estate investments.

Products and services

Industrial buildings (warehouses, distribution facilities) and improved land parcels leased to tenants. Portfolio as of December 31, 2025: 309 buildings, 19,777,248 rentable square feet; 46 land parcels, 147.0 acres.

Customers and end markets

Industrial tenants across six coastal U.S. markets. The filing discloses tenant bankruptcy risk as a material concern but does not identify specific tenants or customer concentration percentages. End markets are not individually named in the excerpts.

Value-chain role

Property owner and landlord in the industrial real estate supply chain. Acquires, owns, and leases industrial properties; does not engage in third-party property management or development services for external clients.

Geographic exposure

Six U.S. coastal markets as of December 31, 2025: New York City/Northern New Jersey (17.9% of rentable square footage, 25.0% of annualized base rent from buildings), Miami (23.6% of square footage, 18.0% of rent), San Francisco Bay Area (16.2% of square footage, 17.4% of rent), Seattle (18.0% of square footage, 15.3% of rent), Los Angeles (13.3% of square footage, 14.2% of rent), Washington D.C. (11.0% of square footage, 10.1% of rent).

Source: SEC 10-K, filed 2026-02-04

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