Terreno Realty Corp. Files 2024 10-K

TL;DR

TRNO filed its 2024 10-K. All systems go for real estate.

AI Summary

Terreno Realty Corp. filed its 2024 10-K on February 5, 2025, reporting on its fiscal year ending December 31, 2024. The company, headquartered in San Francisco, CA, operates in the real estate sector. This filing provides a comprehensive overview of its financial performance and business operations for the year.

Why It Matters

This filing provides investors with a detailed look at Terreno Realty's financial health and strategic direction for the past fiscal year, influencing investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard annual report and does not indicate any immediate or unusual risks.

Key Numbers

• 2024 — Fiscal Year (Reporting period for the 10-K)
• 1231 — Fiscal Year End (Indicates the end of the reporting period)
• 2025-02-05 — Filing Date (Date the 10-K was submitted to the SEC)

Key Players & Entities

• Terreno Realty Corp. (company) — Filer of the 10-K
• San Francisco, CA (location) — Company headquarters
• 2024-12-31 (date) — Fiscal year end
• 2025-02-05 (date) — Filing date

FAQ

Key Financial Figures

• $0.01 — ange on which registered Common Stock, $0.01 par value per share TRNO New York Stock
• $727.6 million — aggregate sales price of approximately $727.6 million and a total gain of approximately $332.
• $332.3 million — llion and a total gain of approximately $332.3 million. Competitive Strengths We believe we

Filing Documents

• trno-20241231.htm (10-K) — 4154KB
• trnoq42024exhibit19.htm (EX-19) — 89KB
• trnoq42024exhibit21.htm (EX-21) — 107KB
• trnoq42024exhibit23.htm (EX-23) — 4KB
• trnoq42024ex-311.htm (EX-31.1) — 10KB
• trnoq42024ex-312.htm (EX-31.2) — 9KB
• trnoq42024ex-313.htm (EX-31.3) — 10KB
• trnoq42024ex-321.htm (EX-32.1) — 4KB
• trnoq42024ex-322.htm (EX-32.2) — 4KB
• trnoq42024ex-323.htm (EX-32.3) — 4KB
• trno-20241231_g1.jpg (GRAPHIC) — 411KB
• 0001476150-25-000004.txt ( ) — 17712KB
• trno-20241231.xsd (EX-101.SCH) — 104KB
• trno-20241231_cal.xml (EX-101.CAL) — 73KB
• trno-20241231_def.xml (EX-101.DEF) — 439KB
• trno-20241231_lab.xml (EX-101.LAB) — 963KB
• trno-20241231_pre.xml (EX-101.PRE) — 666KB
• trno-20241231_htm.xml (XML) — 3253KB

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 30

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 30 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 31

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 54

Financial Statements and Supplementary Data

Item 8 Financial Statements and Supplementary Data 54

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 54

Controls and Procedures

Item 9A Controls and Procedures 54

Other Information

Item 9B Other Information 57

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 57 Part III:

Directors, Executive Officers and Corporate Governance

Item 10 Directors, Executive Officers and Corporate Governance 57

Executive Compensation

Item 11 Executive Compensation 57

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 57

Certain Relationships and Related Transactions, and Director Independence

Item 13 Certain Relationships and Related Transactions, and Director Independence 57

Principal Accountant Fees and Services

Item 14 Principal Accountant Fees and Services 57 Part IV:

Exhibits and Financial Statement Schedules

Item 15 Exhibits and Financial Statement Schedules 58 Index to Financial Statements 58

Form 10-K Summary

Item 16 Form 10-K Summary 58 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: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C. We invest in several types of industrial real estate, including warehouse/distribution (approximately 79.7% of our total annualized base rent as of December 31, 2024), flex (including light industrial and research and development, or R&D) (approximately 3.4%), transshipment (approximately 6.0%) and improved land (approximately 10.9%). 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, 2024, we owned a total of 299 buildings (including one building held for sale) aggregating approximately 19.3 million square feet, 47 improved land parcels consisting of approximately 150.6 acres, six properties under development or redevelopment and approximately 22.4 acres of land entitled for future development. As of December 31, 2024, the buildings and improved land parcels were approximately 97.4% and 95.1% leased, respectively, to 670 customers, the largest of which accounted for approximately 5.5% 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: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washi

View Full Filing

View this 10-K filing on SEC EDGAR