Terreno Realty Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>Terreno Realty Corp has filed its 2023 annual report (10-K) detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Terreno Realty Corp (TRNO) filed a Annual Report (10-K) with the SEC on February 7, 2024. Terreno Realty Corp filed its 2023 Form 10-K on February 7, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal executive offices are located at 101 Montgomery Street, Suite 200, San Francisco, CA 94104. The business phone number is (415) 655-4580. Terreno Realty Corp is classified under Standard Industrial Classification Code 6500 (Real Estate).

Why It Matters

For investors and stakeholders tracking Terreno Realty Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Terreno Realty Corp's financial health, operational activities, and strategic positioning for the past fiscal year, offering insights into its real estate portfolio and market performance. Investors and analysts can use this document to assess the company's financial stability, growth prospects, and any potential risks or opportunities within the real estate sector, particularly concerning industrial properties.

Risk Assessment

Risk Level: low — Terreno Realty Corp shows low risk based on this filing. The filing is a standard 10-K annual report, which is routine for publicly traded companies and does not indicate any immediate or unusual financial distress or significant new risks.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Terreno Realty Corp's performance and outlook for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 10-K filing)
• 2024-02-07 — Filing Date (Date the 10-K was filed with the SEC)
• 6500 — SIC Code (Standard Industrial Classification for Real Estate)

Key Players & Entities

• Terreno Realty Corp (company) — Filer of the 10-K
• 101 Montgomery Street, Suite 200, San Francisco, CA 94104 (company) — Business and mailing address
• 271262675 (company) — IRS Number
• 001-34603 (company) — SEC File Number

Forward-Looking Statements

• Terreno Realty Corp will continue to show stable financial performance in its next quarterly report. (Terreno Realty Corp) — medium confidence, target: 2024-03-31

FAQ

Industry Context

Terreno Realty Corp operates within the real estate sector, specifically focusing on industrial properties. This sector is influenced by economic conditions, supply chain dynamics, and e-commerce trends.

Regulatory Implications

As a publicly traded company, Terreno Realty Corp is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the company's property portfolio and geographic diversification.
2. Examine trends in rental income and occupancy rates.
3. Assess the company's debt levels and liquidity position.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-07: 10-K Filing Date — Date Terreno Realty Corp submitted its annual report to the SEC.

Year-Over-Year Comparison

This is the initial filing analyzed, so no comparison to a previous filing is available.

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share TRNO New York Stock
• $653.0 million — aggregate sales price of approximately $653.0 million and a total gain of approximately $286.
• $286.9 million — llion and a total gain of approximately $286.9 million. Competitive Strengths We believe we

Filing Documents

• trno-20231231.htm (10-K) — 3816KB
• trnoq42023exhibit21.htm (EX-21) — 98KB
• trnoq42023exhibit23.htm (EX-23) — 4KB
• trnoq42023ex-311.htm (EX-31.1) — 10KB
• trnoq42023ex-312.htm (EX-31.2) — 9KB
• trnoq42023ex-313.htm (EX-31.3) — 10KB
• trnoq42023ex-321.htm (EX-32.1) — 4KB
• trnoq42023ex-322.htm (EX-32.2) — 4KB
• trnoq42023ex-323.htm (EX-32.3) — 4KB
• trnoq42023ex-97.htm (EX-97) — 26KB
• trno-20231231_g1.jpg (GRAPHIC) — 447KB
• 0001476150-24-000004.txt (&nbsp;) — 16163KB
• trno-20231231.xsd (EX-101.SCH) — 94KB
• trno-20231231_cal.xml (EX-101.CAL) — 71KB
• trno-20231231_def.xml (EX-101.DEF) — 384KB
• trno-20231231_lab.xml (EX-101.LAB) — 974KB
• trno-20231231_pre.xml (EX-101.PRE) — 603KB
• trno-20231231_htm.xml (XML) — 2844KB

Risk Factors

Item 1A Risk Factors 9

Unresolved Staff Comments

Item 1B Unresolved Staff Comments 23

Cybersecurity

Item 1C Cybersecurity 24

Properties

Item 2 Properties 24

Legal Proceedings

Item 3 Legal Proceedings 29

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 29 Part II:

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures About Market Risk

Item 7A Quantitative and Qualitative Disclosures About Market Risk 52

Financial Statements and Supplementary Data

Item 8 Financial Statements and Supplementary Data 52

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 52

Controls and Procedures

Item 9A Controls and Procedures 52

Other Information

Item 9B Other Information 54

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 54 Part III:

Directors, Executive Officers and Corporate Governance

Item 10 Directors, Executive Officers and Corporate Governance 54

Executive Compensation

Item 11 Executive Compensation 54

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 54

Certain Relationships and Related Transactions, and Director Independence

Item 13 Certain Relationships and Related Transactions, and Director Independence 54

Principal Accountant Fees and Services

Item 14 Principal Accountant Fees and Services 54 Part IV:

Exhibits and Financial Statement Schedules

Item 15 Exhibits and Financial Statement Schedules 55 Index to Financial Statements 55

Form 10-K Summary

Item 16 Form 10-K Summary 55 Exhibit Index

Signatures

Signatures 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We caution investors that forward-looking statements are based on management's beliefs and on assumptions made by, and information currently available to, management. When used, the words "anticipate", "believe", "estimate", "expect", "intend", "may", "might", "plan", "project", "result", "should", "will", "seek", "target", "see", "likely", "position", "opportunity", "outlook", "potential", "future" and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors, that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following: the factors included in this Annual Report on Form 10-K, including those set forth under the headings "Risk

Business

Item 1. Business. Overview Terreno Realty Corporation ("Terreno", and together with its subsidiaries, "we", "us", "our", "our Company" or "the Company") acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C. We invest in several types of industrial real estate, including warehouse/distribution (approximately 76.8% of our total annualized base rent as of December 31, 2023), flex (including light industrial and research and development, or R&D) (approximately 3.7%), transshipment (approximately 7.1%) and improved land (approximately 12.4%). We target functional properties in infill locations that may be shared by multiple tenants and that cater to customer demand within the various submarkets in which we operate. Infill locations are geographic locations surrounded by high concentrations of already developed land and existing buildings. As of December 31, 2023, we owned a total of 259 buildings aggregating approximately 16.0 million square feet, 45 improved land parcels consisting of approximately 152.4 acres, seven properties under development or redevelopment and approximately 62.7 acres of land entitled for future development. As of December 31, 2023, the buildings and improved land parcels were approximately 98.5% and 94.6% leased, respectively, to 580 customers, the largest of which accounted for approximately 3.6% of our total annualized base rent. We are an internally managed Maryland corporation and elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, or the Code, commencing with our taxable year ended December 31, 2010. Our Investment Strategy We acquire, own and operate industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C. As described in more det

View Full Filing

View this 10-K filing on SEC EDGAR