Terreno Realty Corp

Terreno Realty Corporation (NYSE: TRNO) operates as an internally managed real estate investment trust focused exclusively on acquiring, owning, and operating industrial properties in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C. The company maintains its website at terreno.com.

As of December 31, 2025, Terreno owns a portfolio of 309 buildings aggregating approximately 19.8 million square feet, 46 improved land parcels consisting of approximately 147.0 acres, and six properties under development or redevelopment. The company serves 683 customers across its portfolio, with no single tenant accounting for more than approximately 4.9% of total annualized base rent. The portfolio is approximately 96.1% leased for buildings and 95.4% leased for improved land parcels.

Terreno's investment strategy emphasizes infill locations—geographically surrounded by high concentrations of developed land and existing buildings—targeting functional properties that can accommodate multiple tenants. The company invests across several industrial real estate categories: warehouse and distribution facilities representing approximately 80.5% of annualized base rent, flex space including light industrial and research and development comprising approximately 3.4%, transshipment facilities at approximately 6.0%, and improved land at approximately 10.1%.

The company employs 47 people as of February 3, 2026, and generally utilizes local third-party property managers for day-to-day operations rather than direct management. Terreno has elected to be taxed as a REIT under the Internal Revenue Code commencing with its 2010 taxable year and maintains an investment grade credit rating from Fitch Ratings with a BBB+ issuer rating and stable outlook.

Since its 2010 initial public offering, Terreno has disposed of 45 properties for approximately $1.1 billion in aggregate sales proceeds, generating a total gain of approximately $570.7 million. The company has stabilized 134 properties since inception and pursues development, redevelopment, renovation, and expansion opportunities on properties it owns while generally avoiding undeveloped land and greenfield development activities.