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Dec 31, 2025
Terreno Realty Q4 2025 Earnings Report
Terreno Realty reported significantly higher fourth quarter 2025 net income driven by strong property sales gains and rental growth.
Key Takeaways
For Q4 2025, Terreno Realty generated total revenues of 137481000 and net income available to common stockholders of 157490000, with diluted EPS of 1.52. FFO per diluted share was 0.83 for the quarter.
Total revenues increased to 137481000 from 103709000 year-over-year.
Net income available to common stockholders rose to 157490000 from 75778000.
Diluted EPS increased to 1.52 from 0.76 in the prior year quarter.
FFO per diluted share was 0.83 compared to 0.62 in Q4 2024.
Revenue by Segment
Forward Guidance
Terreno Realty highlighted continued rent growth, strong balance sheet positioning and ongoing development activity across infill coastal markets.
Positive Outlook
- Cash-basis same store NOI growth excluding termination fees of 4.0% for the quarter.
- Weighted average occupancy of 96.1% across the operating portfolio.
- Development pipeline totaling 372500000 in expected investment.
- Strong liquidity with 600000000 revolving credit facility capacity.
- Total annualized base rent of 405001000 with diversified lease expirations.
Challenges Ahead
- Higher interest expense year-over-year.
- Vacancy related to tenant bankruptcy at Countyline Building 30.
- Exposure to elevated interest rates and operating costs.
- Ongoing capital expenditures for development and redevelopment projects.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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