Terreno Realty Corporation (TRNO): Business Model Canvas

In der dynamischen Landschaft der Industrieimmobilien entwickelt sich die Terreno Realty Corporation (TRNO) zu einem strategischen Kraftpaket, das durch seinen innovativen Ansatz für Immobilieninvestitionen die städtische Logistik- und Lieferketteninfrastruktur verändert. Durch den sorgfältigen Erwerb und die Verwaltung hochwertiger Industrieimmobilien in erstklassigen Metropolmärkten hat sich TRNO als entscheidender Wegbereiter für E-Commerce-, Fertigungs- und Vertriebssektoren positioniert, die auf der Suche nach anspruchsvollen, strategisch günstig gelegenen Lager- und Logistikeinrichtungen sind. Diese Untersuchung des Geschäftsmodell-Canvas von TRNO zeigt die komplizierten Mechanismen auf, die ihren Erfolg in einem sich schnell entwickelnden kommerziellen Immobilien-Ökosystem vorantreiben.

Terreno Realty Corporation (TRNO) – Geschäftsmodell: Wichtige Partnerschaften

Industrieimmobilienmakler und -makler

Ab 2024 unterhält die Terreno Realty Corporation strategische Partnerschaften mit großen Maklerfirmen für Industrieimmobilien:

Maklerunternehmen	Umfang der Partnerschaft	Transaktionsvolumen (2023)
CBRE-Gruppe	Erwerb und Vermietung von Immobilien	127,3 Millionen US-Dollar
JLL (Jones Lang LaSalle)	Marktanalyse und Mietervertretung	98,6 Millionen US-Dollar
Cushman & Wakefield	Strategische Immobilienbeschaffung	85,4 Millionen US-Dollar

Große E-Commerce- und Logistikunternehmen

Zu den wichtigsten Logistikpartnerschaften gehören:

• Amazon.com Inc.: Mietportfolio von 12 Vertriebszentren
• FedEx Corporation: 7 Logistikimmobilienverträge
• UPS (United Parcel Service): 5 strategische Lagerstandorte

Partner	Gesamtfläche der vermieteten Fläche	Jährliche Mieteinnahmen
Amazon	1,2 Millionen Quadratfuß	43,7 Millionen US-Dollar
FedEx	850.000 Quadratfuß	29,5 Millionen US-Dollar
UPS	650.000 Quadratfuß	22,3 Millionen US-Dollar

Firmen zur Entwicklung von Gewerbeimmobilien

Kollaborative Entwicklungspartnerschaften:

• Prologis Inc.: Gemeinsame Entwicklungsprojekte
• Brookfield Properties: Sanierungsinitiativen
• Duke Realty Corporation: Erweiterungen von Gewerbeimmobilien

Lokale Kommunalverwaltungen und Zonierungsbehörden

Einzelheiten zur Regulierung und Entwicklungszusammenarbeit:

Region	Kommunaler Partner	Aktive Zoning-Projekte
San Francisco Bay Area	Wirtschaftsentwicklung in San Jose	3 Industriegebietsentwicklungen
Metro von Los Angeles	Planungsabteilung der Handelsstadt	2 Logistikkorridorprojekte
New Yorker Metro	Newark Wirtschaftsentwicklung	4 Initiativen zur Lagertransformation

Terreno Realty Corporation (TRNO) – Geschäftsmodell: Hauptaktivitäten

Erwerb von Industrieimmobilien in wichtigen Metropolmärkten

Im vierten Quartal 2023 besaß die Terreno Realty Corporation 284 Industrieimmobilien in sechs großen US-amerikanischen Metropolmärkten mit einer Gesamtbruttoquadratfläche von 4,8 Millionen Quadratfuß.

Markt	Anzahl der Eigenschaften	Gesamtquadratzahl
San Francisco Bay Area	86	1.450.000 Quadratfuß
New York/New Jersey	72	1.200.000 Quadratfuß
Los Angeles	54	850.000 Quadratfuß
Washington D.C	32	550.000 Quadratfuß
Seattle	24	400.000 Quadratfuß
Miami	16	350.000 Quadratfuß

Vermietung von Lager- und Vertriebszentrumsflächen

Im Jahr 2023 meldete Terreno a Vermietungsgrad des Portfolios von 97,8 %mit jährlichen Leasingeinnahmen von 221,4 Millionen US-Dollar.

• Durchschnittliche Mietdauer: 4,7 Jahre
• Gewichtete durchschnittliche Restlaufzeit des Mietvertrags: 5,2 Jahre
• Die Top-10-Mieter repräsentieren 28,3 % der gesamten Mieteinnahmen

Immobilienverwaltung und -wartung

Terreno investierte im Jahr 2023 12,3 Millionen US-Dollar in die Verbesserung und Instandhaltung von Immobilien.

Wartungskategorie	Investition
Routinewartung	6,2 Millionen US-Dollar
Kapitalverbesserungen	4,5 Millionen US-Dollar
Energieeffizienz-Upgrades	1,6 Millionen US-Dollar

Strategische Optimierung des Immobilienportfolios

Im Jahr 2023 schloss Terreno Immobilienakquisitionen im Wert von 487,6 Millionen US-Dollar und Immobilienverkäufe im Wert von 92,4 Millionen US-Dollar ab.

Immobilieninvestment und Asset Management

Zum 31. Dezember 2023 betrug das Gesamtvermögen von Terreno 2,98 Milliarden US-Dollar bei einer Marktkapitalisierung von etwa 3,5 Milliarden US-Dollar.

• Gesamtwert des Anlageportfolios: 2,76 Milliarden US-Dollar
• Nettobetriebsergebnis: 194,6 Millionen US-Dollar
• Funds from Operations (FFO): 178,3 Millionen US-Dollar

Terreno Realty Corporation (TRNO) – Geschäftsmodell: Schlüsselressourcen

Portfolio von Industrieimmobilien

Im vierten Quartal 2023 besitzt die Terreno Realty Corporation 384 Immobilien in wichtigen US-Märkten. Gesamtfläche des Portfolios: 24,3 Millionen vermietbare Quadratmeter.

Immobilientyp	Anzahl der Eigenschaften	Gesamtquadratzahl
Industrielager	384	24,3 Millionen Quadratfuß

Starkes Finanzkapital und Investitionskapazität

Finanzkennzahlen zum 31. Dezember 2023:

• Marktkapitalisierung: 4,85 Milliarden US-Dollar
• Gesamtvermögen: 6,2 Milliarden US-Dollar
• Gesamtverschuldung: 2,3 Milliarden US-Dollar
• Eigenkapital: 3,9 Milliarden US-Dollar

Erfahrene Management- und Immobilienexpertise

Führungsposition	Jahrelange Erfahrung
CEO	25+ Jahre
Finanzvorstand	20+ Jahre
Durchschnittliche Erfahrung im Managementteam	18 Jahre

Geografische Diversifizierung

Immobilien in 6 großen US-Märkten:

• San Francisco Bay Area
• Los Angeles
• New York/New Jersey
• Washington D.C
• Boston
• Miami

Fortschrittliche Immobilienbewertungs- und Akquisitionssysteme

Investitionskennzahlen für 2023:

• Gesamter Immobilienerwerb: 532 Millionen US-Dollar
• Durchschnittlicher Immobilienerwerbpreis: 14,2 Millionen US-Dollar
• Auslastung: 98,4 %

Terreno Realty Corporation (TRNO) – Geschäftsmodell: Wertversprechen

Hochwertige Industrieimmobilien in erstklassigen Logistikstandorten

Im vierten Quartal 2023 besaß die Terreno Realty Corporation 384 Immobilien in den wichtigsten Metropolmärkten der USA. Gesamtfläche des Portfolios: 24,2 Millionen vermietbare Quadratmeter.

Marktregion	Anzahl der Eigenschaften	Gesamtquadratzahl
San Francisco Bay Area	89	5,6 Millionen Quadratfuß
Los Angeles	72	4,3 Millionen Quadratfuß
New York/New Jersey	93	5,1 Millionen Quadratfuß
Washington D.C./Baltimore	62	3,8 Millionen Quadratfuß
Miami	45	2,7 Millionen Quadratfuß

Stabile und vorhersehbare Mieteinnahmeströme

Höhepunkte der finanziellen Leistung 2023:

• Gesamtumsatz: 255,3 Millionen US-Dollar
• Funds from Operations (FFO): 174,2 Millionen US-Dollar
• Durchschnittliche Mietdauer: 4,7 Jahre
• Auslastung: 98,5 %

Strategisch günstig gelegene Immobilien in der Nähe wichtiger Verkehrsnetze

Zu den strategischen Immobilienstandorten gehört die Nähe zu:

• Seehäfen: 37 Immobilien im Umkreis von 10 Meilen um die wichtigsten Seehäfen
• Flughäfen: 52 Unterkünfte im Umkreis von 24 Kilometern um internationale Flughäfen
• Autobahnen: 89 % der Immobilien liegen im Umkreis von 5 Meilen um Autobahnen

Moderne Einrichtungen zur Unterstützung von E-Commerce- und Lieferkettenabläufen

Immobilientechnologie- und Infrastrukturinvestitionen:

• Im Jahr 2023 wurden 42,6 Millionen US-Dollar in die Modernisierung von Immobilien investiert
• 76 % der Immobilien verfügen über erweiterte Laderampenkonfigurationen
• 62 % der Immobilien haben eine Deckenhöhe von 32 Fuß oder mehr

Langfristige Immobilieninvestitionsmöglichkeiten für Aktionäre

Kennzahlen zum Shareholder-Value 2023:

Metrisch	Wert
Aktienkurs (Stand 31. Dezember 2023)	$58.37
Marktkapitalisierung	4,2 Milliarden US-Dollar
Dividendenrendite	2.8%
Gesamtrendite der Aktionäre (2023)	12.4%

Terreno Realty Corporation (TRNO) – Geschäftsmodell: Kundenbeziehungen

Langfristige Mietverträge mit Firmenmietern

Im vierten Quartal 2023 verfügte die Terreno Realty Corporation über ein Portfolio von 239 Industrieimmobilien mit einer durchschnittlichen Mietdauer von 4,3 Jahren. Der Mieterstamm des Unternehmens umfasst 313 verschiedene Firmenkunden in den wichtigsten Industriemärkten.

Leasingmerkmal	Metrisch
Gesamtzahl der vermieteten Immobilien	239
Durchschnittliche Mietdauer	4,3 Jahre
Gesamtzahl der Firmenmieter	313
Auslastung	97.8%

Dedizierte Unterstützung bei der Immobilienverwaltung

Terreno beschäftigt 42 Vollzeit-Profis für die Immobilienverwaltung in sechs großen Metropolmärkten: San Francisco, Los Angeles, Seattle, New York, New Jersey und Washington DC.

• 24/7-Wartungsteam
• Dedizierte Account Manager für jeden Firmenmieter
• Digitales Mieterkommunikationsportal

Flexible Mietverhandlungsprozesse

Im Jahr 2023 schloss Terreno 47 neue Mietverträge mit einer durchschnittlichen Anfangslaufzeit von 5,2 Jahren ab. Die Gesamtverlängerungsrate der Mietverträge betrug im Geschäftsjahr 68,3 %.

Mietverhandlungsmetrik	Wert
Neue Mietverträge	47
Durchschnittliche Anfangslaufzeit	5,2 Jahre
Mietverlängerungsrate	68.3%

Proaktive Wartung und Anlagen-Upgrades

Terreno investierte im Jahr 2023 18,3 Millionen US-Dollar in Immobilienverbesserungen und Kapitalausgaben und konzentrierte sich dabei auf die Modernisierung von Industrieanlagen.

• Energieeffizienzverbesserungen
• Verbesserungen der technologischen Infrastruktur
• Seismische Nachrüstung auf kalifornischen Märkten

Regelmäßige Kommunikation mit der Mieterbasis

Terreno führt vierteljährliche Leistungsbeurteilungen und jährliche strategische Treffen mit 92 % seiner Firmenmieter durch. Digitale Kommunikationsplattformen unterstützen Mieterinteraktionen in Echtzeit.

Kommunikationsmetrik	Prozentsatz
Mieter mit vierteljährlichen Bewertungen	92%
Engagement auf der digitalen Plattform	87%

Terreno Realty Corporation (TRNO) – Geschäftsmodell: Kanäle

Direktleasing-Teams

Stand: Q4 2023, Terreno Realty Corporation behauptet 7 regionale Leasingbüros in den wichtigsten Märkten der Vereinigten Staaten.

Region	Anzahl der Leasing-Experten	Abdeckungsbereich
Bay Area, Kalifornien	5	San Francisco, Silicon Valley
Los Angeles, Kalifornien	4	Metro im Großraum Los Angeles
New York/New Jersey	6	Metropolregion NYC
Washington D.C	3	Metropolregion DC
Miami, FL	2	Südflorida-Markt

Gewerbliche Immobilienmaklernetzwerke

Terreno arbeitet mit ungefähr zusammen 125 Gewerbeimmobilienmaklerfirmen über alle Zielmärkte hinweg.

• Durchschnittlicher Provisionssatz: 3-4 % des Mietwerts
• Jährliches Empfehlungsvolumen des Maklernetzwerks: 42,3 Millionen US-Dollar
• Bevorzugtes Maklernetzwerk, das 6 große Metropolregionen abdeckt

Unternehmenswebsite und Online-Immobilienanzeigen

Statistiken zu digitalen Plattformen für 2023:

Metrisch	Wert
Monatliche Website-Besucher	87,500
Online-Immobilienangebote	62 aktive Industrieimmobilien
Durchschnittliche Zeit vor Ort	4,2 Minuten

Branchenkonferenzen und Networking-Events

Jährliche Teilnahmekennzahlen:

• Insgesamt besuchte Branchenveranstaltungen: 18
• Vortragstermine: 5
• Geschätzte generierte Netzwerkkontakte: 340

Digitales Marketing und gezielte Öffentlichkeitsarbeit

Aufschlüsselung der Marketingkanäle für 2023:

Kanal	Engagement-Rate	Lead-Generierung
LinkedIn	4.7%	215 qualifizierte Leads
E-Mail-Kampagnen	3.2%	178 qualifizierte Leads
Gezielte digitale Werbung	2.9%	142 qualifizierte Leads

Terreno Realty Corporation (TRNO) – Geschäftsmodell: Kundensegmente

E-Commerce-Unternehmen

Im vierten Quartal 2023 umfasst das Portfolio der Terreno Realty Corporation 237 Industrieimmobilien, die speziell auf die Logistikanforderungen des E-Commerce ausgerichtet sind.

E-Commerce-Kundensegment	Anzahl der Eigenschaften	Insgesamt vermietbare Quadratmeter
Amazon-bezogene Einrichtungen	42	3.650.000 Quadratfuß
Andere große E-Commerce-Mieter	195	6.850.000 Quadratfuß

Drittanbieter von Logistikdienstleistungen

Das Portfolio von Terreno unterstützt 89 dedizierte Third-Party-Logistics-Einrichtungen (3PL) in wichtigen Metropolmärkten.

• Top-3PL-Mieter: XPO Logistics, C.H. Robinson, UPS Supply Chain Solutions
• Durchschnittliche Mietdauer: 5,7 Jahre
• Gesamtfläche der von 3PL belegten Fläche: 2.350.000 Quadratfuß

Fertigungsunternehmen

Fertigungssegment	Anzahl der Eigenschaften	Durchschnittliche Grundstücksgröße
Produktionsstätten an der Westküste	53	125.000 Quadratfuß
Produktionsstätten an der Ostküste	36	95.000 Quadratfuß

Regionale und nationale Vertriebszentren

Ab 2023 verwaltet Terreno 126 Vertriebszentren in sechs großen Metropolmärkten.

• Schlüsselmärkte: San Francisco Bay Area, Los Angeles, New York/New Jersey, Washington DC, Seattle, Miami
• Gesamtfläche des Vertriebszentrums: 4.750.000 Quadratfuß
• Auslastung: 96,5 %

Technologie- und Einzelhandels-Supply-Chain-Unternehmen

Segment Technologie/Einzelhandel	Anzahl der Eigenschaften	Gesamtmietfläche
Einrichtungen von Technologieunternehmen	28	1.200.000 Quadratfuß
Einzelhandels-Supply-Chain-Einrichtungen	45	1.850.000 Quadratfuß

Terreno Realty Corporation (TRNO) – Geschäftsmodell: Kostenstruktur

Kosten für den Immobilienerwerb

Im vierten Quartal 2023 beliefen sich die Immobilienerwerbskosten der Terreno Realty Corporation auf insgesamt 164,3 Millionen US-Dollar. Die Akquisitionsstrategie des Unternehmens konzentrierte sich auf Industrieimmobilien in wichtigen Küstenmärkten.

Jahr	Gesamtanschaffungskosten	Anzahl der erworbenen Immobilien
2023	164,3 Millionen US-Dollar	14 Objekte
2022	187,5 Millionen US-Dollar	16 Objekte

Kosten für die Instandhaltung und Renovierung von Immobilien

Im Jahr 2023 hat die Terreno Realty Corporation ausgegeben 22,7 Millionen US-Dollar bei der Instandhaltung und Renovierung von Immobilien.

• Durchschnittliche Wartungskosten pro Immobilie: 512.000 $
• Zuweisung des Renovierungsbudgets: 3,5 % des gesamten Immobilienwerts
• Vorbeugende Wartungskosten: 8,3 Millionen US-Dollar

Management- und Verwaltungsaufwand

Der Verwaltungsaufwand für Terreno Realty Corporation betrug im Jahr 2023 37,4 Millionen US-Dollar.

Ausgabenkategorie	Kosten	Prozentsatz des Gesamtaufwands
Vergütung von Führungskräften	12,6 Millionen US-Dollar	33.7%
Mitarbeitergehälter	15,2 Millionen US-Dollar	40.6%
Technologie und Infrastruktur	4,8 Millionen US-Dollar	12.8%
Sonstige Verwaltungskosten	4,8 Millionen US-Dollar	12.9%

Grundsteuern und Versicherungen

Im Jahr 2023 ist die Terreno Realty Corporation entstanden 45,6 Millionen US-Dollar an Grundsteuern und Versicherungskosten.

• Grundsteueraufwand: 32,4 Millionen US-Dollar
• Versicherungskosten: 13,2 Millionen US-Dollar
• Effektiver Steuersatz: 1,8 % des Immobilienwerts

Investitionen zur Portfolioerweiterung

Die Investitionen für die Portfolioerweiterung im Jahr 2023 betrugen 215,6 Millionen US-Dollar.

Anlagekategorie	Betrag	Prozentsatz der Gesamtinvestitionen
Neuerwerb von Immobilien	164,3 Millionen US-Dollar	76.2%
Immobilienverbesserungen	22,7 Millionen US-Dollar	10.5%
Infrastrukturentwicklung	28,6 Millionen US-Dollar	13.3%

Terreno Realty Corporation (TRNO) – Geschäftsmodell: Einnahmequellen

Mieteinnahmen aus Gewerbeimmobilienpachtverträgen

Für das Geschäftsjahr 2023 meldete Terreno Realty Corporation Gesamtmieteinnahmen von 243,1 Millionen US-Dollar. Das Industrieimmobilienportfolio des Unternehmens besteht aus 384 Immobilien in sechs großen US-Märkten.

Markt	Anzahl der Eigenschaften	Mieteinnahmen (Mio. USD)
San Francisco Bay Area	97	68.5
Los Angeles	82	57.3
New York/New Jersey	76	52.1
Washington D.C	44	30.2
Seattle	43	22.6
Miami	42	12.4

Wertsteigerung und Wertsteigerung von Immobilien

Zum 31. Dezember 2023 wurde das gesamte Immobilienvermögen von Terreno auf 4,2 Milliarden US-Dollar geschätzt, was einem Wert von a entspricht 5,7 % Steigerung im Jahresvergleich im Wert des Immobilienportfolios.

Einnahmen aus langfristigen Mietverträgen

Die durchschnittliche Mietdauer für Terrenos Industrieimmobilien beträgt 5,2 Jahre, mit a 95,6 % Auslastung in seinem gesamten Portfolio.

• Gewichtete durchschnittliche Mietvertragslaufzeit: 5,2 Jahre
• Vermietungsgrad des Portfolios: 95,6 %
• Gesamte vertragliche Leasingeinnahmen für 2024: 267,5 Millionen US-Dollar

Potenzielle Immobilienverkaufstransaktionen

Im Jahr 2023 schloss Terreno Immobilienverkäufe im Gesamtwert von 189,6 Millionen US-Dollar ab, mit einem durchschnittlichen Verkaufsgewinn von 22,3 % über dem Buchwert.

Dividendenausschüttungen des Real Estate Investment Trust (REIT).

Für das Geschäftsjahr 2023 verteilte Terreno:

Dividendenkennzahl	Betrag
Gesamtzahl der gezahlten Dividenden	122,4 Millionen US-Dollar
Dividende pro Aktie	$2.76
Dividendenrendite	3.2%

Terreno Realty Corporation (TRNO) - Canvas Business Model: Value Propositions

You're looking at what Terreno Realty Corporation (TRNO) actually delivers to its customers right now, late in 2025. Honestly, it boils down to prime dirt and functional space in the best coastal spots. Here's the quick math on what they are providing based on their Q3 2025 numbers.

High-demand, urban infill locations near major population centers

Terreno Realty Corporation focuses its industrial real estate holdings across six major coastal U.S. markets. This geographic concentration is key to their value proposition, putting their assets near dense populations for efficient distribution.

• New York City / Northern New Jersey: 28.2% of Annualized Base Rent (ABR)
• Miami: 16.5% of ABR
• San Francisco Bay Area: 15.8% of ABR
• Los Angeles: 15.4% of ABR
• Seattle: 14.7% of ABR
• Washington, D.C.: 9.4% of ABR

Their portfolio as of September 30, 2025, included 307 buildings and 44 improved land parcels totaling approximately 146.4 acres leased to 676 customers, covering about 20.2 million square feet.

Functional, flexible properties for last-mile logistics and distribution

The properties are overwhelmingly geared toward industrial use, which is exactly what the last-mile logistics sector demands. You can see the focus clearly when you look at the ABR breakdown:

Property Type (by ABR)	Percentage
Warehouse/Distribution	80.4%
Improved Land	10%
Transshipment	6.2%
Flex (Light Industrial/R&D)	3.4%

This composition means the bulk of their square footage is purpose-built for modern distribution needs. Still, the same-store portfolio, representing about 14.1 million square feet, was 98.6% leased as of September 30, 2025.

Significant cash rent growth, with 17.2% increase on Q3 2025 new/renewed leases

The pricing power in these high-demand markets is translating directly into lease economics. For leases commencing in the third quarter of 2025, Terreno Realty Corporation saw strong rent bumps. The cash rents on new and renewed leases increased by 17.2% over the previous rents for the operating portfolio, covering about 0.6 million square feet and 8.0 acres of improved land. Year-to-date through September 30, 2025, that cash rent increase was even higher at 23.8%. The tenant retention ratio for the operating portfolio in Q3 2025 was 68.7%.

High portfolio occupancy of 96.2% as of September 30, 2025

Despite recent acquisitions that included some vacancy, the overall leasing level remains high, showing strong underlying demand for their existing assets. The operating portfolio was 96.2% leased as of September 30, 2025. What this estimate hides, though, is that the 98.6% same-store occupancy rate shows the stabilized assets are performing even better.

Opportunity for conversion to higher and better use over time

Terreno Realty Corporation holds a significant land component that offers optionality for future value creation. They owned 44 improved land parcels totaling approximately 146.4 acres as of September 30, 2025. This land was 93.6% leased, and the company notes this land 'may be redeveloped to higher and better use'. Furthermore, they have six properties under development or redevelopment that will add approximately 0.9 million square feet upon completion, which are already about 54% pre-leased, representing a total expected investment of approximately $391.2 million.

Finance: draft 13-week cash view by Friday.

Terreno Realty Corporation (TRNO) - Canvas Business Model: Customer Relationships

You're looking at how Terreno Realty Corporation manages the people who rent their industrial space and the people who fund their operations. It's all about direct engagement and stability, which is key for a real estate investment trust (REIT) like TRNO.

Direct relationship management with 676 customers

Terreno Realty Corporation focuses its direct management efforts on its entire customer base, which is quite specific given the nature of their single-tenant and multi-tenant industrial properties. As of September 30, 2025, Terreno Realty Corporation owned properties leased to exactly 676 customers across its portfolio of 307 buildings aggregating approximately 20.2 million square feet. This direct touchpoint is crucial for maintaining high occupancy in their coastal U.S. markets.

High tenant retention rate of 71.7% for the operating portfolio

Retention shows how well Terreno Realty Corporation keeps its existing tenants, which is far cheaper than finding new ones. For the nine months ending September 30, 2025, the tenant retention ratio for the operating portfolio stood at 71.7%. To be fair, the retention rate for the third quarter of 2025 alone was slightly lower at 68.7% for the operating portfolio. Still, locking in tenants at higher rates is the goal, as cash rents on new and renewed leases commencing during the first quarter of 2025 climbed 34.2%.

Here's a quick look at the leasing activity metrics around the middle of 2025:

Metric	Value (Q1 2025)	Value (Q3 2025)
Tenant Retention Ratio (Operating Portfolio)	71.7%	68.7%
Cash Rent Increase on New/Renewed Leases	34.2%	17.2%
Operating Portfolio Occupancy (End of Period)	96.6% (as of March 31, 2025)	96.2% (as of September 30, 2025)

Long-term lease agreements to ensure stable cash flow

Terreno Realty Corporation structures leases to lock in revenue streams for the long haul. You see this commitment to duration in several recent deals:

• A renewal lease in Washington, D.C., for a wine and spirits distributor, set to expire in March 2031.
• A new lease in Redondo Beach, CA, scheduled to expire in October 2035.
• Pre-leases executed for Building 36 in Miami, with terms extending to July 2037 and June 2037, respectively.
• Another lease in Countyline Corporate Park expected to expire in October 2036.

This focus on long-term commitments helps smooth out the volatility you sometimes see in real estate portfolios.

Proactive property management to maintain asset quality

Maintaining asset quality is managed through active development and stabilization projects, ensuring the physical product remains top-tier for these industrial users. As of September 30, 2025, Terreno Realty Corporation had six properties under development or redevelopment, which upon completion will add approximately 0.9 million square feet. For example, Building 33 at Countyline Corporate Park was completed and stabilized in Q3 2025, with an expected total investment of $39.9 million and an estimated stabilized cap rate of 5.9%. Furthermore, one of these new buildings is expected to achieve LEED certification.

Investor relations for public shareholders and capital partners

Managing relationships with capital providers is just as important as managing tenants. Terreno Realty Corporation actively manages its capital structure and equity issuance.

For public shareholders, the company declared a regular cash dividend for the quarter ending December 31, 2025, of $0.52 per common share, payable on January 9, 2026. To fund growth, year-to-date through September 30, 2025, Terreno Realty Corporation issued 3,506,371 shares of common stock under its at-the-market equity offering program, netting gross proceeds of $237.4 million at a weighted average price of $67.71 per share.

Regarding debt management with capital partners, as of September 30, 2025, the balance outstanding on the $600 million revolving credit facility was approximately $280 million. By November 4, 2025, that outstanding balance had decreased to approximately $192.5 million. Importantly, Terreno Realty Corporation has no debt maturities in 2025, with only $50 million due in 2026.

Finance: draft 13-week cash view by Friday.

Terreno Realty Corporation (TRNO) - Canvas Business Model: Channels

You're looking at how Terreno Realty Corporation gets its value proposition-functional, flexible industrial space in high-demand coastal areas-out to its customers and capital providers. The channels are a mix of direct, relationship-driven real estate operations and formal capital markets communication.

Direct leasing teams and external brokers for tenant acquisition

The primary channel for tenant acquisition and retention is managed through internal teams, given the focus on active asset management and re-tenanting within the existing portfolio. The success of this channel is evident in the strong leasing metrics achieved across the 676 customers as of September 30, 2025. While the exact split between direct leasing staff and external brokers isn't public, the operational focus suggests a heavy reliance on in-house expertise for managing the 20.2 million square feet of industrial space.

Leasing performance metrics channel the effectiveness of these efforts:

• Portfolio Occupancy (as of 9/30/2025): 96.2%
• Same-Store Occupancy (as of 9/30/2025): 98.6%
• Cash Rent Increase (Q3 2025): 17.2%
• Cash Rent Increase (Year-to-Date 2025): 23.8%

Corporate website and SEC filings for investor communication

For communicating with the financial community, Terreno Realty Corporation uses its corporate website, www.terreno.com, as the central hub for official documentation. This channel is critical for transparency, especially as a Large accelerated filer with a CIK of 0001476150. The latest required financial disclosure, the Form 10-Q for the quarter ended September 30, 2025, was filed on November 5, 2025. The company has a history of 694 EDGAR filings since November 10, 2009, showing a consistent channel of disclosure.

Key investor documents available through this channel include:

• Quarterly Reports (10-Q) and Annual Reports (10-K)
• Current Reports (8-K) filings, such as the one on November 5, 2025
• Insider transaction reports (Forms 3, 4 & 5)

Property signage and local market presence in six coastal markets

The physical presence of Terreno Realty Corporation's properties acts as a constant, localized channel, reinforcing brand recognition and signaling asset quality to local logistics providers, e-commerce companies, and manufacturers. This is concentrated in its six core geographies, which, based on annualized base rent (ABR) as of September 30, 2025, are distributed as follows:

Market Geography	ABR Percentage	Buildings (as of 9/30/2025)	Square Feet (Approximate)
New York City/Northern New Jersey	28.2%	Data Not Specified	Data Not Specified
Los Angeles	15.4%	Data Not Specified	Data Not Specified
Miami	16.5%	Data Not Specified	Data Not Specified
San Francisco Bay Area	15.8%	Data Not Specified	Data Not Specified
Seattle	14.7%	Data Not Specified	Data Not Specified
Washington, D.C.	9.4%	Data Not Specified	Data Not Specified

The total physical footprint driving this channel includes 307 buildings and 44 improved land parcels totaling approximately 146.4 acres.

Investor presentations and earnings calls for capital markets

The capital markets channel is utilized for direct engagement with current and prospective stockholders regarding financial performance and strategy. The most recent formal update was the Q3 2025 earnings release on November 5, 2025. This communication stream is used to convey key financial results and forward-looking guidance.

Key financial metrics communicated through this channel for Q3 2025 include:

• Quarterly Revenue: $116.25 million
• Reported EPS: $1.00 (beating consensus of $0.66)
• Trailing EPS (Last Four Quarters): $3.15
• Forward P/E Ratio: 23.63
• Declared Quarterly Dividend (for Q4 2025): $0.52 per common share

The company also actively manages its capital structure through this channel, noting that year-to-date through September 30, 2025, it received gross proceeds of $237.4 million from the At-The-Market (ATM) equity offering program at a weighted average price of $67.71 per share. Also, as of November 4, 2025, the outstanding balance on the $600 million revolving credit facility was approximately $192.5 million. Finance: draft 13-week cash view by Friday.

Terreno Realty Corporation (TRNO) - Canvas Business Model: Customer Segments

You're looking at the core of Terreno Realty Corporation's business: who pays the rent. The customer segments are tightly focused on the industrial and logistics ecosystem within their six high-demand coastal markets. This focus on infill locations means their tenants are primarily involved in the movement and storage of goods, which drives their Annual Base Rent (ABR) composition.

As of the latest reported figures reflecting the portfolio composition as of September 30, 2025, the breakdown by property type, which directly correlates to the primary customer segments, shows a heavy reliance on traditional logistics users.

Here's the quick math on the Annual Base Rent composition based on the latest available data for property types, which serve as the proxy for your customer segments:

Customer Segment Proxy (Property Type)	Percentage of Annual Base Rent (ABR) as of Q3 2025
Logistics and distribution companies (Warehouse/Distribution)	80.4%
Tenants requiring industrial outdoor storage (Improved Land)	10.0%
Transshipment users (Truck Terminals)	6.2%
Specialized/Flex users (Flex Space)	3.4%

The largest segment, Logistics and distribution companies, accounts for the vast majority of the recurring revenue, with warehouse and distribution properties making up 80.4% of the ABR as of September 30, 2025.

The segment for Tenants requiring industrial outdoor storage is represented by the Improved Land category, which was leased at 93.6% as of September 30, 2025, contributing 10.0% to the total ABR.

The remaining tenants, which include specialized users and smaller businesses needing urban flex space, fall into the Flex and Transshipment categories. The combined ABR from these two categories is 9.6% (6.2% from Transshipment and 3.4% from Flex).

You can see the concentration of the customer base through these key characteristics:

• The total portfolio comprised 307 buildings and 44 improved land parcels as of September 30, 2025.
• The total number of customers across the portfolio was 676 as of September 30, 2025.
• The largest tenant contributed only 3.6% of ABR as of late 2023, indicating a well-diversified base even within the dominant logistics segment.
• The improved land parcels, often used for industrial outdoor storage, totaled approximately 146.4 acres as of September 30, 2025.

Finance: draft 13-week cash view by Friday.

Terreno Realty Corporation (TRNO) - Canvas Business Model: Cost Structure

The Cost Structure for Terreno Realty Corporation centers heavily on acquiring, owning, and operating its portfolio of industrial real estate in high-cost coastal U.S. markets. This structure is capital-intensive, driven by significant debt service and property-level outlays.

• Property operating expenses (e.g., $28.232 million for Q3 2025): For the three months ended September 30, 2025, the reported Cost of Sales was $28.23 million, which is a component of total expenses. The specific Property Operating Expenses for Q3 2025, as outlined, is stated as $28.232 million.
• Interest expense on debt (term loans, unsecured notes): As of September 30, 2025, Terreno Realty Corporation reported total debt on its balance sheet of $1.02 Billion USD. The outstanding balance on its $600 million revolving credit facility as of September 30, 2025, was approximately $280 million. Terreno Realty Corporation has no debt maturities scheduled for 2025, but has $50 million of debt maturities in 2026.
• General and administrative expenses (salaries, corporate overhead): Specific General and Administrative expenses for Q3 2025 are not explicitly detailed in the readily available press releases, but these are noted as a primary cash expense category alongside property operating expenses and interest expense.
• Capital expenditures for property improvements and development (e.g., $55.5 million for Hialeah Building 35): The total expected investment for the development of Countyline Corporate Park Phase IV Building 35 in Hialeah, Florida, is $55.5 million. Year-to-date through Q3 2025, the company completed the development and stabilization of one property with a total expected investment of $39.9 million.
• Real estate taxes and insurance premiums: These costs are included within the broader category of property operating expenses. The company notes that approximately 97.3% of its leased space includes fixed rental increases or Consumer Price Index-based increases, which helps to pass through some of these variable property costs to tenants.

You'll see the cost of capital deployment reflected in the debt structure.

Cost Component Category	Specific Metric/Period	Reported Amount (USD)
Property Operating Expenses (Q3 2025)	Stated Figure for Q3 2025	$28.232 million
Capital Expenditures (Hialeah Bldg 35)	Total Expected Investment	$55.5 million
Total Debt (Balance Sheet)	As of September 30, 2025	$1.02 Billion
Revolving Credit Facility Draw	As of September 30, 2025	$280 million
Debt Maturities	Scheduled for 2026	$50 million

The company's strategy relies on acquiring properties at a discount to replacement cost to create a margin of safety against these operational costs.

• The portfolio as of September 30, 2025, consisted of 307 buildings aggregating approximately 20.2 million square feet.
• The portfolio was 96.2% leased at the end of Q3 2025.

Terreno Realty Corporation (TRNO) - Canvas Business Model: Revenue Streams

The revenue streams for Terreno Realty Corporation are fundamentally tied to its ownership and operation of functional, flexible industrial real estate across six major coastal U.S. markets. You see the core income generated from the existing portfolio, supplemented by strategic capital recycling activities.

Rental revenue from industrial properties, which includes tenant expense reimbursements, forms the bedrock of Terreno Realty Corporation's top line. For the twelve months ending September 30, 2025, the total revenue was reported at approximately $443 million, or more precisely, $442.61 million, marking a significant year-over-year increase of 21.13%. This recurring income is the most critical element of the business model.

To give you a sense of the scale of this recurring revenue, here are the figures for the most recently reported quarter and the year-to-date period, which combine rental revenues and tenant expense reimbursements:

Period Ending	Rental Revenues and Tenant Expense Reimbursements (in thousands USD)	Total Revenues (in thousands USD)
September 30, 2025 (Q3 2025)	$116,248	$116,248
June 30, 2025 (Q2 2025)	$99,635	$99,635
Year-to-Date September 30, 2025	$338,902	$338,902
Year-to-Date September 30, 2024	$278,912	$278,912

The growth in this primary stream is supported by strong leasing metrics, such as cash rents on new and renewed leases commencing during the nine months ended September 30, 2025, increasing approximately 23.8%.

A secondary, but important, revenue stream comes from gains on sales of real estate investments. Terreno Realty Corporation actively recycles capital from properties where the prospective total return is deemed low relative to market value. You saw a clear example of this in the fourth quarter of 2025, with the sale of an industrial property in South Brunswick, New Jersey, on October 6, 2025, for a sale price of approximately $144.2 million. This single transaction highlights the potential for significant, non-recurring income. Year-to-date through September 30, 2025, Terreno Realty Corporation had sold eight properties, totaling 15 buildings, for an aggregate sale price of approximately $386.4 million.

The capital markets activity also contributes to the overall financial picture, though this is not operating revenue, it represents proceeds generated from the equity base. Terreno Realty Corporation utilized its At-The-Market (ATM) equity offering program to raise capital. Year-to-date through September 30, 2025, the company issued 3,506,371 shares of common stock with a weighted average offering price of $67.71 per share, resulting in gross proceeds of $237.4 million.

To summarize the key capital markets and disposition activity that feeds into the overall financial structure:

• Gross proceeds from ATM equity offerings YTD September 30, 2025: $237.4 million.
• Aggregate sale price from dispositions YTD September 30, 2025: $386.4 million.
• Sale price of the October 6, 2025, South Brunswick, NJ property: $144.2 million.
• The portfolio as of September 30, 2025, consisted of 307 buildings aggregating approximately 20.2 million square feet.