2019 Q3 Form 10-Q Financial Statement

#000147615019000012 Filed on October 30, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3 2018 Q2
Revenue $43.40M $37.90M $37.24M
YoY Change 14.51% 12.66% 13.61%
Cost Of Revenue $10.99M $9.490M $10.31M
YoY Change 15.81% 5.21% 22.01%
Gross Profit $32.41M $28.41M $26.93M
YoY Change 14.08% 15.39% 10.69%
Gross Profit Margin 74.68% 74.96% 72.32%
Selling, General & Admin $5.130M $5.050M $5.010M
YoY Change 1.58% 0.2% -16.92%
% of Gross Profit 15.83% 17.78% 18.6%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.10M $10.10M $9.800M
YoY Change 9.9% 5.21% 7.69%
% of Gross Profit 34.25% 35.55% 36.39%
Operating Expenses $16.24M $15.10M $14.78M
YoY Change 7.55% 3.14% -2.18%
Operating Profit $16.17M $13.31M $12.15M
YoY Change 21.49% 33.37% 31.78%
Interest Expense $3.952M $4.406M $4.626M
YoY Change -10.3% -2.39% -222.38%
% of Operating Profit 24.44% 33.1% 38.07%
Other Income/Expense, Net -$1.338M -$3.065M $7.998M
YoY Change -56.35% -127.99% 26.61%
Pretax Income $14.78M $10.12M $20.14M
YoY Change 46.05% -51.65% 29.68%
Income Tax
% Of Pretax Income
Net Earnings $14.78M $10.12M $20.14M
YoY Change 46.06% -51.65% 29.69%
Net Earnings / Revenue 34.07% 26.71% 54.08%
Basic Earnings Per Share $0.22 $0.17 $0.35
Diluted Earnings Per Share $0.22 $0.17 $0.35
COMMON SHARES
Basic Shares Outstanding 65.72M shares 58.37M shares 56.70M shares
Diluted Shares Outstanding 66.02M shares 58.37M shares 56.70M shares

Balance Sheet

Concept 2019 Q3 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.60M $3.600M $27.70M
YoY Change 1416.67% -96.7% 515.56%
Cash & Equivalents $54.55M $3.587M $27.70M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $54.60M $3.600M $27.70M
YoY Change 1416.67% -96.7% 515.56%
LONG-TERM ASSETS
Property, Plant & Equipment $1.931B $1.635B $1.569B
YoY Change 18.07% 17.69% 16.61%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.900M $7.000M $5.500M
YoY Change 27.14% -32.04% -80.22%
Total Long-Term Assets $1.991B $1.728B $1.659B
YoY Change 15.22% 21.08% 17.96%
TOTAL ASSETS
Total Short-Term Assets $54.60M $3.600M $27.70M
Total Long-Term Assets $1.991B $1.728B $1.659B
Total Assets $2.045B $1.731B $1.687B
YoY Change 18.14% 12.71% 19.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $24.70M $22.70M $22.00M
YoY Change 8.81% 1.34% 6.28%
Accrued Expenses $700.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $57.00M $48.20M $45.90M
YoY Change 18.26% 7.35% 11.68%
LONG-TERM LIABILITIES
Long-Term Debt $442.5M $482.7M $466.5M
YoY Change -8.33% 4.48% 21.45%
Other Long-Term Liabilities $39.90M $33.40M $31.10M
YoY Change 19.46% 7.74% 9.12%
Total Long-Term Liabilities $482.4M $516.1M $497.6M
YoY Change -6.53% 4.69% 20.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.00M $48.20M $45.90M
Total Long-Term Liabilities $482.4M $516.1M $497.6M
Total Liabilities $539.4M $564.2M $543.5M
YoY Change -4.41% 4.91% 19.79%
SHAREHOLDERS EQUITY
Retained Earnings $5.958M $5.856M
YoY Change 1.74%
Common Stock $1.500B $1.162B
YoY Change 29.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.506B $1.167B $1.143B
YoY Change
Total Liabilities & Shareholders Equity $2.045B $1.731B $1.687B
YoY Change 18.14% 12.71% 19.55%

Cashflow Statement

Concept 2019 Q3 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income $14.78M $10.12M $20.14M
YoY Change 46.06% -51.65% 29.69%
Depreciation, Depletion And Amortization $11.10M $10.10M $9.800M
YoY Change 9.9% 5.21% 7.69%
Cash From Operating Activities $24.60M $21.40M $20.90M
YoY Change 14.95% 6.47% 19.43%
INVESTING ACTIVITIES
Capital Expenditures -$13.40M -$8.900M -$9.500M
YoY Change 50.56% 41.27% 53.23%
Acquisitions
YoY Change
Other Investing Activities -$130.3M -$68.30M -$46.40M
YoY Change 90.78% 433.59% -52.65%
Cash From Investing Activities -$143.6M -$77.10M -$56.00M
YoY Change 86.25% 301.56% -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 56.30M 30.70M 56.60M
YoY Change 83.39% -70.31% -27.99%
NET CHANGE
Cash From Operating Activities 24.60M 21.40M 20.90M
Cash From Investing Activities -143.6M -77.10M -56.00M
Cash From Financing Activities 56.30M 30.70M 56.60M
Net Change In Cash -62.70M -25.00M 21.50M
YoY Change 150.8% -123.97% -365.43%
FREE CASH FLOW
Cash From Operating Activities $24.60M $21.40M $20.90M
Capital Expenditures -$13.40M -$8.900M -$9.500M
Free Cash Flow $38.00M $30.30M $30.40M
YoY Change 25.41% 14.77% 28.27%

Facts In Submission

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CY2019Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2019Q2 us-gaap Stockholders Equity
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CY2019Q3 us-gaap Net Income Loss
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CY2019Q3 us-gaap Stock Repurchased During Period Value
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CY2019Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2019Q3 us-gaap Common Stock Dividends Per Share Declared
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0.27
CY2019Q3 us-gaap Dividends Common Stock Cash
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CY2019Q3 us-gaap Stockholders Equity
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CY2017Q4 us-gaap Stockholders Equity
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CY2018Q1 us-gaap Net Income Loss
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CY2018Q1 us-gaap Stock Issued During Period Value New Issues
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CY2018Q1 us-gaap Stock Repurchased During Period Value
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CY2018Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2018Q1 us-gaap Common Stock Dividends Per Share Declared
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0.22
CY2018Q1 us-gaap Dividends Common Stock Cash
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CY2018Q1 us-gaap Stockholders Equity
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CY2018Q2 us-gaap Net Income Loss
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20137000 USD
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CY2018Q2 us-gaap Stock Issued During Period Value New Issues
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CY2018Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2018Q2 us-gaap Common Stock Dividends Per Share Declared
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CY2018Q2 us-gaap Dividends Common Stock Cash
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CY2018Q2 us-gaap Stockholders Equity
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CY2018Q3 us-gaap Net Income Loss
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CY2018Q3 us-gaap Stock Issued During Period Value New Issues
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27443000 USD
CY2018Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
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CY2018Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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492000 USD
CY2018Q3 us-gaap Common Stock Dividends Per Share Declared
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0.24
CY2018Q3 us-gaap Dividends Common Stock Cash
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CY2018Q3 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2018Q3 us-gaap Stockholders Equity
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us-gaap Net Income Loss
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40695000 USD
us-gaap Net Income Loss
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40317000 USD
us-gaap Straight Line Rent
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2299000 USD
us-gaap Straight Line Rent
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2937000 USD
trno Amortization Of Lease Intangibles
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3155000 USD
trno Amortization Of Lease Intangibles
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2678000 USD
us-gaap Depreciation And Amortization
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32168000 USD
us-gaap Depreciation And Amortization
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30566000 USD
us-gaap Gain Loss On Sale Of Properties
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us-gaap Gain Loss On Sale Of Properties
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14986000 USD
us-gaap Amortization Of Financing Costs And Discounts
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1171000 USD
us-gaap Amortization Of Financing Costs And Discounts
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1081000 USD
us-gaap Amortization Of Deferred Loan Origination Fees Net
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489000 USD
us-gaap Amortization Of Deferred Loan Origination Fees Net
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245000 USD
us-gaap Share Based Compensation
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8152000 USD
us-gaap Share Based Compensation
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6022000 USD
us-gaap Increase Decrease In Other Operating Assets
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3108000 USD
us-gaap Increase Decrease In Other Operating Assets
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2359000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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1603000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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2225000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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68491000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
57006000 USD
us-gaap Payments To Acquire Buildings
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us-gaap Payments To Acquire Buildings
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169143000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
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25305000 USD
us-gaap Proceeds From Sale Of Real Estate Heldforinvestment
ProceedsFromSaleOfRealEstateHeldforinvestment
42991000 USD
us-gaap Payments For Construction In Process
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22950000 USD
us-gaap Payments For Construction In Process
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5006000 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
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22237000 USD
us-gaap Payments To Acquire Other Property Plant And Equipment
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19685000 USD
us-gaap Payments To Acquire Loans Held For Investment
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0 USD
us-gaap Payments To Acquire Loans Held For Investment
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55000000 USD
us-gaap Proceeds From Loan Originations1
ProceedsFromLoanOriginations1
0 USD
us-gaap Proceeds From Loan Originations1
ProceedsFromLoanOriginations1
900000 USD
us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
264493000 USD
us-gaap Proceeds From Issuance Of Common Stock
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135879000 USD
trno Issuance Costs On Issuance Of Common Stock
IssuanceCostsOnIssuanceOfCommonStock
3825000 USD
trno Issuance Costs On Issuance Of Common Stock
IssuanceCostsOnIssuanceOfCommonStock
1971000 USD
us-gaap Payments For Repurchase Of Common Stock
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3959000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
3870000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
17000000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
141850000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
36000000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
120000000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
1130000 USD
us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
1425000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
0 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
14000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
45472000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
37259000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
191107000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
113190000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
22936000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-34747000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
34479000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
42800000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
57415000 USD
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8053000 USD
us-gaap Interest Paid Net
InterestPaidNet
15585000 USD
us-gaap Interest Paid Net
InterestPaidNet
15616000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
9409000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
6283000 USD
us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
39085000 USD
us-gaap Transfer To Other Real Estate
TransferToOtherRealEstate
0 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
707000 USD
trno Reconciliation Acquisition Of Properties
ReconciliationAcquisitionOfProperties
228566000 USD
trno Reconciliation Acquisition Of Properties
ReconciliationAcquisitionOfProperties
174134000 USD
trno Assumptions Of Other Assets And Liabilities
AssumptionsOfOtherAssetsAndLiabilities
11786000 USD
trno Assumptions Of Other Assets And Liabilities
AssumptionsOfOtherAssetsAndLiabilities
4991000 USD
us-gaap Payments To Acquire Buildings
PaymentsToAcquireBuildings
216780000 USD
us-gaap Payments To Acquire Buildings
PaymentsToAcquireBuildings
169143000 USD
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
6 segment
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
3200000 USD
us-gaap Use Of Estimates
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<span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Use of Estimates.</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:400;line-height:120%;"> 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>
us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
2700000 USD
us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P7Y8M12D
CY2019Q3 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
1300000 USD
CY2018Q3 us-gaap Amortization Of Above And Below Market Leases
AmortizationOfAboveAndBelowMarketLeases
900000 USD
CY2019Q3 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
44301000 USD
CY2019Q3 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
14637000 USD
CY2019Q3 us-gaap Below Market Lease Net
BelowMarketLeaseNet
29664000 USD
CY2018Q4 us-gaap Below Market Lease Gross
BelowMarketLeaseGross
34485000 USD
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
0 USD
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
200000000 USD
CY2018Q4 us-gaap Below Market Lease Accumulated Amortization
BelowMarketLeaseAccumulatedAmortization
11392000 USD
CY2018Q4 us-gaap Below Market Lease Net
BelowMarketLeaseNet
23093000 USD
CY2019Q3 trno Finite Lived Intangible Assets Liabilities Gross
FiniteLivedIntangibleAssetsLiabilitiesGross
46162000 USD
CY2019Q3 trno Finite Lived Intangible Assets Liabilities Accumulated Amortization
FiniteLivedIntangibleAssetsLiabilitiesAccumulatedAmortization
47374000 USD
CY2019Q3 trno Finite Lived Intangible Assets Liabilities Net
FiniteLivedIntangibleAssetsLiabilitiesNet
-1212000 USD
CY2018Q4 trno Finite Lived Intangible Assets Liabilities Gross
FiniteLivedIntangibleAssetsLiabilitiesGross
44785000 USD
CY2018Q4 trno Finite Lived Intangible Assets Liabilities Accumulated Amortization
FiniteLivedIntangibleAssetsLiabilitiesAccumulatedAmortization
43457000 USD
CY2018Q4 trno Finite Lived Intangible Assets Liabilities Net
FiniteLivedIntangibleAssetsLiabilitiesNet
1328000 USD
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
31004000 USD
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
35710000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3475000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
7090000 USD
CY2019Q3 trno Straight Line Rent And Accounts Receivables Net Of Allowances
StraightLineRentAndAccountsReceivablesNetOfAllowances
27300000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
34479000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
42800000 USD
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
54553000 USD
CY2018Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3587000 USD
CY2019Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
2862000 USD
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
4466000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
57415000 USD
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8053000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
22936000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-34747000 USD
CY2018Q4 trno Straight Line Rent And Accounts Receivables Net Of Allowances
StraightLineRentAndAccountsReceivablesNetOfAllowances
25200000 USD
CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
200000 USD
CY2019Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
200000 USD
CY2019Q3 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
7800000 USD
CY2018Q4 us-gaap Accumulated Amortization Deferred Finance Costs
AccumulatedAmortizationDeferredFinanceCosts
6900000 USD
trno Performance Measurment Period
PerformanceMeasurmentPeriod
P3Y
us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<div style="text-indent:24.75pt;margin-top:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Use of Derivative Financial Instruments.</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:400;line-height:120%;"> ASC 815, </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman';font-size:10pt;font-style:italic;font-weight:400;line-height:120%;">Derivatives and Hedging</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:400;line-height:120%;"> (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="margin-top:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman';font-size:10pt;font-weight:400;line-height:120%;">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>
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
900000 USD
CY2019Q3 trno Long Term Debt Before Net Debt Issuance Costs
LongTermDebtBeforeNetDebtIssuanceCosts
444732000 USD
CY2019Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
2246000 USD
CY2019Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
900000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
800000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y6M
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0270
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
700000 USD
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
600000 USD
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 property
CY2019Q3 us-gaap Long Term Debt
LongTermDebt
442486000 USD
CY2019Q3 us-gaap Debt Weighted Average Interest Rate
DebtWeightedAverageInterestRate
0.039
CY2018Q3 us-gaap Interest Costs Capitalized
InterestCostsCapitalized
800000 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
2500000 USD
us-gaap Interest Costs Capitalized
InterestCostsCapitalized
1600000 USD
CY2019Q3 us-gaap Derivative Notional Amount
DerivativeNotionalAmount
100000000.0 USD
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
384000 USD
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
33077000 USD
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
61271000 USD
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
150000000 USD
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
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
32675000 USD
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
121795000 USD
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
106156000 USD
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
87903000 USD
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
67101000 USD
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
187420000 USD
CY2019Q3 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
603050000 USD
CY2018Q4 us-gaap Loans Receivable Fair Value Disclosure
LoansReceivableFairValueDisclosure
55000000 USD
CY2019Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
1000 USD
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
26000 USD
CY2019Q3 us-gaap Derivative Asset Notional Amount
DerivativeAssetNotionalAmount
100000000 USD
CY2018Q4 us-gaap Derivative Asset Notional Amount
DerivativeAssetNotionalAmount
150000000 USD
CY2019Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
178000 USD
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
80000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
265000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Before Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodBeforeTax
211000 USD
CY2019Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
178000 USD
CY2018Q3 us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
80000 USD
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
265000 USD
us-gaap Derivative Instruments Gain Loss Reclassified From Accumulated Oci Into Income Effective Portion Net
DerivativeInstrumentsGainLossReclassifiedFromAccumulatedOCIIntoIncomeEffectivePortionNet
211000 USD
us-gaap Derivative Instruments Gain Loss Reclassification From Accumulated Oci To Income Estimated Net Amount To Be Transferred
DerivativeInstrumentsGainLossReclassificationFromAccumulatedOCIToIncomeEstimatedNetAmountToBeTransferred
300000 USD
CY2019Q3 us-gaap Loans Receivable Fair Value Disclosure
LoansReceivableFairValueDisclosure
15915000 USD
CY2019Q3 us-gaap Notes Receivable Net
NotesReceivableNet
15816000 USD
CY2018Q4 us-gaap Notes Receivable Net
NotesReceivableNet
54492000 USD
CY2019Q3 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
450569000 USD
CY2019Q3 us-gaap Notes Payable
NotesPayable
442486000 USD
CY2018Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
455159000 USD
CY2018Q4 us-gaap Notes Payable
NotesPayable
462097000 USD
CY2019Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000 shares
CY2019Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2019Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
500000 USD
CY2019Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
500000 USD
CY2019Q3 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
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
427868 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
406970 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
374862 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
394089 shares
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
363850 shares

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