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TRNO

Terreno Realty Corp
7 filings tracked
real estateindustrial reitMID ($2B-10B)

Company Intelligence Hub

Filing history, signal momentum, and bull/bear evolution

Chronological Filing Evolution (Click to filter / toggle)

Thesis (Bull Case Evolution)

Terreno Realty is demonstrating significant operational momentum, highlighted by a 44% year-over-year surge in net income for the first quarter of 2026.…

Bullish Outlook

Antithesis (Bear Case / Structural Risks)

Despite headline growth, Terreno's financial profile is showing signs of strain as leverage increases and cash cushions diminish. Net debt has climbed to $854 million, and the company's exposure to floating-rate debt has surged to 42% of total borrowings, up from 27% a year ago.…

Risk Factors

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Synthesis (Verdict & Resolution)

The Q1 2026 filing reveals a company at a strategic crossroads, balancing aggressive growth and pricing power against a backdrop of rising debt costs. While the 13.4% increase in FFO per share and strong same-store NOI growth signal a healthy core business, the increasing reliance on ATM equity issuances to fund the development pipeline suggests a persistent need for external capital to sustain momentum. Ultimately, Terreno's success depends on its ability to convert its development pipeline into stabilized cash flow without further eroding its balance sheet. Investors must weigh the impressive 22.4% rent bumps against the reality of a higher floating-rate debt load and the potential for volatility as a significant portion of the lease portfolio expires throughout the remainder of the year.

Selected Quarter

Core Takeaway

Terreno is successfully pushing rents higher in coastal markets, but is increasingly relying on debt and equity issuances to fund its growth pipeline.

Investor Lens

The trade-off between aggressive portfolio expansion and the maintenance of a conservative capital structure.

Watch Next

Tenant retention rates and actual realized rents for the 12.1% of leases expiring in 2026.

View Full SEC Report

Signal Momentum Chart

Quarterly net bull/bear signal ratio. Click nodes to select a quarter.

BULLISH (+1.0)NEUTRAL (0.0)BEARISH (-1.0)+0.25Q2 '26 (10-Q)

Signal Timeline

Active Filters:Quarter: Q2 '26 (10-Q)
bullishMay 6

Net income surged 44% year-over-year to $69.4 million.

earnings beat
90%
bullishMay 6

New lease rents increased by 22.4%, significantly outpacing operating expense growth.

margin expansion
70%
bearishMay 6

Issued over 2 million shares via ATM program to fund acquisitions and development.

dilution risk
60%
neutralMay 6

Amended credit facility to add a $200 million term loan maturing in 2031.

debt restructure
50%
bullishMay 6

Net income surged 44% year-over-year to $69.4 million.

earnings beat
90%
bullishMay 6

New lease rents increased by 22.4%, significantly outpacing operating expense growth.

margin expansion
70%
bearishMay 6

Issued over 2 million shares via ATM program to fund acquisitions and development.

dilution risk
60%
neutralMay 6

Amended credit facility to add a $200 million term loan maturing in 2031.

debt restructure
50%
bullishMay 6

Net income surged 44% year-over-year to $69.4 million.

earnings beat
90%
bullishMay 6

New lease rents increased by 22.4%, significantly outpacing operating expense growth.

margin expansion
70%
bearishMay 6

Issued over 2 million shares via ATM program to fund acquisitions and development.

dilution risk
60%
neutralMay 6

Amended credit facility to add a $200 million term loan maturing in 2031.

debt restructure
50%
bullishMay 6

Net income surged 44% year-over-year to $69.4 million.

earnings beat
90%
bullishMay 6

New lease rents increased by 22.4%, significantly outpacing operating expense growth.

margin expansion
70%
bearishMay 6

Issued over 2 million shares via ATM program to fund acquisitions and development.

dilution risk
60%
neutralMay 6

Amended credit facility to add a $200 million term loan maturing in 2031.

debt restructure
50%
bullishMay 6

Net income surged 44% year-over-year to $69.4 million.

earnings beat
90%
bullishMay 6

New lease rents increased by 22.4%, significantly outpacing operating expense growth.

margin expansion
70%
bearishMay 6

Issued over 2 million shares via ATM program to fund acquisitions and development.

dilution risk
60%
neutralMay 6

Amended credit facility to add a $200 million term loan maturing in 2031.

debt restructure
50%
bullishMay 6

Net income surged 44% year-over-year to $69.4 million.

earnings beat
90%
bullishMay 6

New lease rents increased by 22.4%, significantly outpacing operating expense growth.

margin expansion
70%
bearishMay 6

Issued over 2 million shares via ATM program to fund acquisitions and development.

dilution risk
60%
neutralMay 6

Amended credit facility to add a $200 million term loan maturing in 2031.

debt restructure
50%
bullishMay 6

Net income surged 44% year-over-year to $69.4 million.

earnings beat
90%
bullishMay 6

New lease rents increased by 22.4%, significantly outpacing operating expense growth.

margin expansion
70%
bearishMay 6

Issued over 2 million shares via ATM program to fund acquisitions and development.

dilution risk
60%
neutralMay 6

Amended credit facility to add a $200 million term loan maturing in 2031.

debt restructure
50%

Filing History

10-QMay 6, 2026
Expand Sequence

The Q1 2026 filing reveals a company at a strategic crossroads, balancing aggressive growth and pricing power against a backdrop of rising debt costs. While the 13.4% increase in FFO per share and strong same-store NOI growth signal a healthy core business, the increasing reliance on ATM equity issuances to fund the development pipeline suggests a persistent need for external capital to sustain momentum. Ultimately, Terreno's success depends on its ability to convert its development pipeline into stabilized cash flow without further eroding its balance sheet. Investors must weigh the impressive 22.4% rent bumps against the reality of a higher floating-rate debt load and the potential for volatility as a significant portion of the lease portfolio expires throughout the remainder of the year.

Disclaimer: The synthesis provided is generated by AI models and should not be construed as investment advice. Analysis is based solely on regulatory data present at the time of publication. Consult a financial advisor for specific investment strategies.