$TRNO
Terreno Realty Corp

2019 Q2 Form 10-Q Financial Statement

#000147615019000008 Filed on July 31, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $41.73M $37.24M
YoY Change 12.06% 13.61%
Cost Of Revenue $10.71M $10.31M
YoY Change 3.88% 22.01%
Gross Profit $31.02M $26.93M
YoY Change 15.19% 10.69%
Gross Profit Margin 74.34% 72.32%
Selling, General & Admin $6.760M $5.010M
YoY Change 34.93% -16.92%
% of Gross Profit 21.79% 18.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.70M $9.800M
YoY Change 9.18% 7.69%
% of Gross Profit 34.49% 36.39%
Operating Expenses $17.41M $14.78M
YoY Change 17.79% -2.18%
Operating Profit $13.61M $12.15M
YoY Change 12.02% 31.78%
Interest Expense $4.053M $4.626M
YoY Change -12.39% -222.38%
% of Operating Profit 29.78% 38.07%
Other Income/Expense, Net -$3.236M $7.998M
YoY Change -140.46% 26.61%
Pretax Income $10.38M $20.14M
YoY Change -48.46% 29.68%
Income Tax
% Of Pretax Income
Net Earnings $10.38M $20.14M
YoY Change -48.46% 29.69%
Net Earnings / Revenue 24.87% 54.08%
Basic Earnings Per Share $0.16 $0.35
Diluted Earnings Per Share $0.16 $0.35
COMMON SHARES
Basic Shares Outstanding 63.78M shares 56.70M shares
Diluted Shares Outstanding 64.08M shares 56.70M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $117.2M $27.70M
YoY Change 323.1% 515.56%
Cash & Equivalents $117.2M $27.70M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $117.2M $27.70M
YoY Change 323.1% 515.56%
LONG-TERM ASSETS
Property, Plant & Equipment $1.798B $1.569B
YoY Change 14.61% 16.61%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.000M $5.500M
YoY Change -45.45% -80.22%
Total Long-Term Assets $1.850B $1.659B
YoY Change 11.54% 17.96%
TOTAL ASSETS
Total Short-Term Assets $117.2M $27.70M
Total Long-Term Assets $1.850B $1.659B
Total Assets $1.968B $1.687B
YoY Change 16.66% 19.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.80M $22.00M
YoY Change 3.64% 6.28%
Accrued Expenses $800.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $52.20M $45.90M
YoY Change 13.73% 11.68%
LONG-TERM LIABILITIES
Long-Term Debt $442.7M $466.5M
YoY Change -5.1% 21.45%
Other Long-Term Liabilities $36.50M $31.10M
YoY Change 17.36% 9.12%
Total Long-Term Liabilities $479.2M $497.6M
YoY Change -3.7% 20.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $52.20M $45.90M
Total Long-Term Liabilities $479.2M $497.6M
Total Liabilities $531.4M $543.5M
YoY Change -2.23% 19.79%
SHAREHOLDERS EQUITY
Retained Earnings $9.268M
YoY Change
Common Stock $1.428B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.436B $1.143B
YoY Change
Total Liabilities & Shareholders Equity $1.968B $1.687B
YoY Change 16.66% 19.55%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $10.38M $20.14M
YoY Change -48.46% 29.69%
Depreciation, Depletion And Amortization $10.70M $9.800M
YoY Change 9.18% 7.69%
Cash From Operating Activities $24.10M $20.90M
YoY Change 15.31% 19.43%
INVESTING ACTIVITIES
Capital Expenditures -$17.90M -$9.500M
YoY Change 88.42% 53.23%
Acquisitions
YoY Change
Other Investing Activities -$47.40M -$46.40M
YoY Change 2.16% -52.65%
Cash From Investing Activities -$65.40M -$56.00M
YoY Change 16.79% -46.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 99.00M 56.60M
YoY Change 74.91% -27.99%
NET CHANGE
Cash From Operating Activities 24.10M 20.90M
Cash From Investing Activities -65.40M -56.00M
Cash From Financing Activities 99.00M 56.60M
Net Change In Cash 57.70M 21.50M
YoY Change 168.37% -365.43%
FREE CASH FLOW
Cash From Operating Activities $24.10M $20.90M
Capital Expenditures -$17.90M -$9.500M
Free Cash Flow $42.00M $30.40M
YoY Change 38.16% 28.27%

Facts In Submission

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<div style="line-height:120%;padding-top:16px;text-align:left;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates.</span><span style="font-family:inherit;font-size:10pt;"> The preparation of the interim consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.</span></div>
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1000000.0 USD
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us-gaap Amortization Of Above And Below Market Leases
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1900000 USD
us-gaap Amortization Of Above And Below Market Leases
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1800000 USD
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P8Y4M24D
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us-gaap Interest Costs Capitalized
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us-gaap Interest Costs Capitalized
InterestCostsCapitalized
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33077000 USD
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61271000 USD
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FiniteLivedIntangibleAssetsLiabilitiesNet
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DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
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150000000 USD
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StraightLineRentAndAccountsReceivablesNetOfAllowances
25800000 USD
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25700000 USD
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300000 USD
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0 USD
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200000 USD
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200000000 USD
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AccumulatedAmortizationDeferredFinanceCosts
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AccumulatedAmortizationDeferredFinanceCosts
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trno Performance Measurment Period
PerformanceMeasurmentPeriod
P3Y
us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<div style="line-height:120%;padding-top:16px;text-align:left;text-indent:32px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Derivative Financial Instruments.</span><span style="font-family:inherit;font-size:10pt;"> ASC 815, </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">Derivatives and Hedging</span><span style="font-family:inherit;font-size:10pt;"> (See “Note 9 – Derivative Financial Instruments”), provides the disclosure requirements for derivatives and hedging activities with the intent to provide users of financial statements with an enhanced understanding of: (a) how and why the Company uses derivative instruments, (b) how the Company accounts for derivative instruments and related hedged items, and (c) how derivative instruments and related hedged items affect the Company’s financial position, financial performance, and cash flows. Further, qualitative disclosures are required that explain the Company’s objectives and strategies for using derivatives, as well as quantitative disclosures about the fair value of and gains and losses on derivative instruments.</span></div><div style="line-height:120%;padding-top:16px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Company records all derivatives on the accompanying consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. The Company may enter into derivative contracts that are intended to economically hedge certain of its risks, even though hedge accounting does not apply or the Company elects not to apply hedge accounting.</span></div>
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CY2018Q2 us-gaap Interest Costs Capitalized
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CY2019Q2 us-gaap Long Term Debt
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CY2019Q2 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.039
CY2018Q2 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
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76000 USD
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CY2019Q2 us-gaap Lessor Operating Lease Payments To Be Received Two Years
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CY2019Q2 us-gaap Lessor Operating Lease Payments To Be Received Five Years
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CY2019Q2 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
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CY2019Q2 us-gaap Lessor Operating Lease Payments To Be Received
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76000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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176000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
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131000 USD
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
176000 USD
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
131000 USD
CY2019Q2 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
5000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
26000 USD
CY2019Q2 us-gaap Derivative Asset Notional Amount
DerivativeAssetNotionalAmount
100000000 USD
CY2018Q4 us-gaap Derivative Asset Notional Amount
DerivativeAssetNotionalAmount
150000000 USD
CY2019Q2 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
89000 USD
CY2019Q2 us-gaap Loans Receivable Fair Value Disclosure
LoansReceivableFairValueDisclosure
15915000 USD
CY2019Q2 us-gaap Notes Receivable Net
NotesReceivableNet
15773000 USD
CY2018Q4 us-gaap Loans Receivable Fair Value Disclosure
LoansReceivableFairValueDisclosure
55000000 USD
CY2018Q4 us-gaap Notes Receivable Net
NotesReceivableNet
54492000 USD
CY2019Q2 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
446067000 USD
CY2019Q2 us-gaap Notes Payable
NotesPayable
442694000 USD
CY2018Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
455159000 USD
CY2018Q4 us-gaap Notes Payable
NotesPayable
462097000 USD
CY2019Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000 shares
CY2019Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2019Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2019Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q2 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
3000000 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
0 shares
CY2019Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
11200 shares
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
44.65
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
500000 USD
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
370201 shares
CY2019Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
385587 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
357018 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
387542 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
358253 shares

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