Terreno Realty Corporation (TRNO): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de los bienes raíces industriales, Terreno Realty Corporation (TRNO) surge como una potencia estratégica, transformando la logística urbana y la infraestructura de la cadena de suministro a través de su enfoque innovador para la inversión inmobiliaria. Al adquirir y gestionar meticulosamente las propiedades industriales de alta calidad en los mercados metropolitanos principales, TRNO se ha posicionado como un facilitador crítico para los sectores de comercio electrónico, fabricación y distribución que buscan instalaciones sofisticadas de almacén y logística estratégicamente ubicadas. Esta exploración del lienzo de modelo de negocio de Trno revela los intrincados mecanismos que impulsan su éxito en un ecosistema inmobiliario comercial en rápido evolución.

Terreno Realty Corporation (TRNO) - Modelo de negocios: asociaciones clave

Corredores de bienes raíces industriales y agentes

A partir de 2024, Terreno Realty Corporation mantiene asociaciones estratégicas con las principales empresas de corretaje de bienes raíces industriales:

Empresa de corretaje	Alcance de la asociación	Volumen de transacción (2023)
Grupo CBRE	Adquisición de propiedades y arrendamiento	$ 127.3 millones
JLL (Jones Lang LaSalle)	Análisis de mercado y representación del inquilino	$ 98.6 millones
Cushman & Wakefield	Abastecimiento de propiedades estratégicas	$ 85.4 millones

Grandes compañías de comercio electrónico y logística

Las asociaciones de logística clave incluyen:

• Amazon.com Inc.: Portafolio de arrendamiento de 12 centros de distribución
• FedEx Corporation: 7 acuerdos de propiedad logística
• UPS (United Parcel Service): 5 ubicaciones estratégicas de almacén

Pareja	Total de pies cuadrados arrendados	Ingresos anuales de alquiler
Amazonas	1.2 millones de pies cuadrados	$ 43.7 millones
Fedex	850,000 pies cuadrados	$ 29.5 millones
Unión Postal Universal	650,000 pies cuadrados	$ 22.3 millones

Empresas de desarrollo de propiedades comerciales

Asociaciones de desarrollo colaborativo:

• Prologis Inc.: Proyectos de desarrollo conjunto
• Brookfield Properties: iniciativas de reurbanización
• Duke Realty Corporation: expansiones de propiedad industrial

Gobiernos municipales locales y autoridades de zonificación

Detalles de la colaboración regulatoria y de desarrollo:

Región	Socio municipal	Proyectos de zonificación activos
Área de la Bahía de San Francisco	Desarrollo económico de San José	3 desarrollos de zona industrial
Metro de Los Ángeles	Departamento de Planificación de la Ciudad del Comercio	2 proyectos de corredor logístico
Metro de Nueva York	Desarrollo económico de Newark	4 Iniciativas de transformación de almacén

Terreno Realty Corporation (TRNO) - Modelo de negocios: actividades clave

Adquirir propiedades industriales en los principales mercados metropolitanos

A partir del cuarto trimestre de 2023, Terreno Realty Corporation poseía 284 propiedades industriales en seis principales mercados metropolitanos de los EE. UU., Con un metra de 4,8 millones de pies cuadrados.

Mercado	Número de propiedades	Hoques cuadrados totales
Área de la Bahía de San Francisco	86	1,450,000 pies cuadrados
Nueva York/Nueva Jersey	72	1,200,000 pies cuadrados
Los Ángeles	54	850,000 pies cuadrados
Washington DC	32	550,000 pies cuadrados
Seattle	24	400,000 pies cuadrados
Miami	16	350,000 pies cuadrados

Alquiler de arrendamiento y espacios de centro de distribución

En 2023, Terreno informó un Tasa de ocupación de cartera de 97.8%, con ingresos anuales de arrendamiento de $ 221.4 millones.

• Término de arrendamiento promedio: 4.7 años
• Término de arrendamiento promedio ponderado restante: 5.2 años
• Los 10 principales inquilinos representan el 28.3% de los ingresos por alquiler totales

Administración y mantenimiento de la propiedad

Terreno invirtió $ 12.3 millones en mejoras y mantenimiento de la propiedad en 2023.

Categoría de mantenimiento	Inversión
Mantenimiento de rutina	$ 6.2 millones
Mejoras de capital	$ 4.5 millones
Actualizaciones de eficiencia energética	$ 1.6 millones

Optimización de la cartera de propiedades estratégicas

En 2023, Terreno completó $ 487.6 millones en adquisiciones de propiedades y $ 92.4 millones en disposiciones de propiedad.

Inversión inmobiliaria y gestión de activos

Al 31 de diciembre de 2023, los activos totales de Terreno eran de $ 2.98 mil millones, con una capitalización de mercado de aproximadamente $ 3.5 mil millones.

• Valor total de la cartera de inversiones: $ 2.76 mil millones
• Ingresos operativos netos: $ 194.6 millones
• Fondos de Operaciones (FFO): $ 178.3 millones

Terreno Realty Corporation (TRNO) - Modelo de negocios: recursos clave

Cartera de propiedades inmobiliarias industriales

A partir del cuarto trimestre de 2023, Terreno Realty Corporation posee 384 propiedades en los mercados clave de EE. UU. Total de metros cuadrados de la cartera: 24.3 millones de pies cuadrados alquilados.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Almacenes industriales	384	24.3 millones de pies cuadrados

Fuerte capital financiero y capacidad de inversión

Métricas financieras al 31 de diciembre de 2023:

• Capitalización de mercado: $ 4.85 mil millones
• Activos totales: $ 6.2 mil millones
• Deuda total: $ 2.3 mil millones
• Equidad: $ 3.9 mil millones

Gestión experimentada y experiencia en bienes raíces

Posición de liderazgo	Años de experiencia
CEO	Más de 25 años
director de Finanzas	Más de 20 años
Experiencia en el equipo de gestión promedio	18 años

Diversificación geográfica

Propiedades ubicadas en 6 mercados principales de EE. UU.:

• Área de la Bahía de San Francisco
• Los Ángeles
• Nueva York/Nueva Jersey
• Washington DC
• Bostón
• Miami

Sistemas de evaluación y adquisición de propiedades avanzadas

Métricas de inversión para 2023:

• Adquisiciones de propiedades totales: $ 532 millones
• Precio promedio de adquisición de propiedades: $ 14.2 millones
• Tasa de ocupación: 98.4%

Terreno Realty Corporation (TRNO) - Modelo de negocio: propuestas de valor

Propiedades industriales de alta calidad en ubicaciones de logística principal

A partir del cuarto trimestre de 2023, Terreno Realty Corporation poseía 384 propiedades en los principales mercados metropolitanos de EE. UU. Total Portfolio Square pies: 24.2 millones de pies cuadrados alquilados.

Región de mercado	Número de propiedades	Hoques cuadrados totales
Área de la Bahía de San Francisco	89	5.6 millones de pies cuadrados
Los Ángeles	72	4.3 millones de pies cuadrados
Nueva York/Nueva Jersey	93	5.1 millones de pies cuadrados
Washington DC/Baltimore	62	3.8 millones de pies cuadrados
Miami	45	2.7 millones de pies cuadrados

Flujos de ingresos de alquiler estables y predecibles

2023 Respalación de rendimiento financiero:

• Ingresos totales: $ 255.3 millones
• Fondos de Operaciones (FFO): $ 174.2 millones
• Término de arrendamiento promedio: 4.7 años
• Tasa de ocupación: 98.5%

Propiedades colocadas estratégicamente cerca de las principales redes de transporte

Las ubicaciones de la propiedad estratégica incluyen proximidad a:

• Puerto marítimo: 37 propiedades dentro de las 10 millas de los puertos marítimos importantes
• Aeropuerto: 52 propiedades dentro de las 15 millas de los aeropuertos internacionales
• Carreteras: 89% de las propiedades ubicadas dentro de las 5 millas de las carreteras interestatales

Instalaciones modernas que apoyan las operaciones de comercio electrónico y cadena de suministro

Tecnología de propiedad e inversiones de infraestructura:

• $ 42.6 millones invertidos en mejoras de propiedad en 2023
• 76% de las propiedades con configuraciones de muelle de carga avanzada
• 62% de las propiedades con alturas de techo de 32 pies o más

Oportunidades de inversión inmobiliaria a largo plazo para los accionistas

2023 Métricas de valor de los accionistas:

Métrico	Valor
Precio de las acciones (al 31 de diciembre de 2023)	$58.37
Capitalización de mercado	$ 4.2 mil millones
Rendimiento de dividendos	2.8%
Retorno total de los accionistas (2023)	12.4%

Terreno Realty Corporation (TRNO) - Modelo de negocios: relaciones con los clientes

Contratos de arrendamiento a largo plazo con inquilinos corporativos

A partir del cuarto trimestre de 2023, Terreno Realty Corporation mantuvo una cartera de 239 propiedades industriales con un plazo de arrendamiento promedio de 4.3 años. La base de inquilinos de la compañía incluye 313 clientes corporativos distintos en los principales mercados industriales.

Característica de arrendamiento	Métrico
Propiedades alquiladas totales	239
Término de arrendamiento promedio	4.3 años
Inquilinos corporativos totales	313
Tasa de ocupación	97.8%

Soporte dedicado de administración de propiedades

Terreno emplea a 42 profesionales de administración de propiedades a tiempo completo en seis principales mercados metropolitanos: San Francisco, Los Ángeles, Seattle, Nueva York, Nueva Jersey y Washington DC.

• Equipo de respuesta de mantenimiento 24/7
• Gerentes de cuentas dedicados para cada inquilino corporativo
• Portal de comunicación de inquilinos digitales

Procesos de negociación de arrendamiento flexible

En 2023, Terreno ejecutó 47 nuevos contratos de arrendamiento con un término inicial promedio de 5.2 años. La tasa de renovación de arrendamiento total fue del 68.3% durante el año fiscal.

Métrica de negociación de arrendamiento	Valor
Nuevos contratos de arrendamiento	47
Término inicial promedio	5.2 años
Tasa de renovación de arrendamiento	68.3%

Mantenimiento proactivo y actualizaciones de instalaciones

Terreno invirtió $ 18.3 millones en mejoras de propiedad y gastos de capital durante 2023, centrándose en modernizar las instalaciones industriales.

• Actualizaciones de eficiencia energética
• Mejoras de infraestructura tecnológica
• Modernización sísmica en los mercados de California

Comunicación regular con la base del inquilino

Terreno mantiene revisiones trimestrales de desempeño y reuniones estratégicas anuales con el 92% de sus inquilinos corporativos. Las plataformas de comunicación digital admiten interacciones en el inquilino en tiempo real.

Métrico de comunicación	Porcentaje
Inquilinos con críticas trimestrales	92%
Compromiso de la plataforma digital	87%

Terreno Realty Corporation (TRNO) - Modelo de negocios: canales

Equipos de arrendamiento directo

A partir del cuarto trimestre de 2023, Terreno Realty Corporation mantiene 7 oficinas de arrendamiento regional en los mercados clave en los Estados Unidos.

Región	Número de profesionales de arrendamiento	Área de cobertura
Área de la Bahía, CA	5	San Francisco, Silicon Valley
Los Ángeles, CA	4	Metro del Gran Los Ángeles
Nueva York/Nueva Jersey	6	Área metropolitana de Nueva York
Washington DC	3	Región metropolitana de DC
Miami, FL	2	Mercado del sur de Florida

Redes de corredores de bienes raíces comerciales

Terreno colabora con aproximadamente 125 empresas de corretaje de bienes raíces comerciales en los mercados objetivo.

• Tasa de comisión promedio: 3-4% del valor de arrendamiento
• Volumen anual de referencia de la red de corredores: $ 42.3 millones
• Red de corredores preferido que cubre 6 regiones metropolitanas principales

Sitio web de la empresa y listados de propiedades en línea

Estadísticas de plataforma digital para 2023:

Métrico	Valor
Visitantes mensuales del sitio web	87,500
Listados de propiedades en línea	62 propiedades industriales activas
Tiempo promedio en el sitio	4.2 minutos

Conferencias de la industria y eventos de redes

Métricas de participación anual:

• Los eventos totales de la industria asistieron: 18
• Compromisos de habla: 5
• Contactos de red estimados generados: 340

Marketing digital y divulgación específica

Desglose del canal de marketing para 2023:

Canal	Tasa de compromiso	Generación de leads
LinkedIn	4.7%	215 clientes potenciales calificados
Campañas de correo electrónico	3.2%	178 clientes potenciales calificados
Anuncios digitales dirigidos	2.9%	142 clientes potenciales calificados

Terreno Realty Corporation (TRNO) - Modelo de negocios: segmentos de clientes

Compañías de comercio electrónico

A partir del cuarto trimestre de 2023, la cartera de Terreno Realty Corporation incluye 237 propiedades industriales específicamente dirigidas a las necesidades de logística de comercio electrónico.

Segmento de clientes de comercio electrónico	Número de propiedades	Pies cuadrados alquilados totales
Instalaciones relacionadas con Amazon	42	3,650,000 pies cuadrados
Otros inquilinos importantes de comercio electrónico	195	6,850,000 pies cuadrados

Proveedores de logística de terceros

La cartera de Terreno admite 89 instalaciones dedicadas de logística de terceros (3PL) en mercados metropolitanos clave.

• Top 3PL inquilinos: XPO Logistics, C.H. Robinson, UPS Supply Chain Solutions
• Duración promedio de arrendamiento: 5.7 años
• Total de 3PL Ocupado Señales cuadrados: 2,350,000 pies cuadrados

Empresas de fabricación

Segmento de fabricación	Número de propiedades	Tamaño promedio de la propiedad
Instalaciones de fabricación de la costa oeste	53	125,000 pies cuadrados
Instalaciones de fabricación de la costa este	36	95,000 pies cuadrados

Centros de distribución regionales y nacionales

A partir de 2023, Terreno administra 126 propiedades del centro de distribución en seis principales mercados metropolitanos.

• Mercados clave: Área de la Bahía de San Francisco, Los Ángeles, Nueva York/Nueva Jersey, Washington DC, Seattle, Miami
• Total Distribution Center Footage: 4,750,000 pies cuadrados
• Tasa de ocupación: 96.5%

Tecnología y negocios de cadena de suministro minorista

Tecnología/segmento minorista	Número de propiedades	Área total alquilada
Instalaciones de la empresa tecnológica	28	1,200,000 pies cuadrados
Instalaciones de la cadena de suministro minorista	45	1,850,000 pies cuadrados

Terreno Realty Corporation (TRNO) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

A partir del cuarto trimestre de 2023, los gastos de adquisición de propiedades de Terreno Realty Corporation totalizaron $ 164.3 millones. La estrategia de adquisición de la compañía se centró en las propiedades industriales en los mercados costeros clave.

Año	Costo de adquisición total	Número de propiedades adquiridas
2023	$ 164.3 millones	14 propiedades
2022	$ 187.5 millones	16 propiedades

Costos de mantenimiento y renovación de la propiedad

En 2023, Terreno Realty Corporation gastó $ 22.7 millones sobre mantenimiento de propiedades y renovación.

• Costo de mantenimiento promedio por propiedad: $ 512,000
• Asignación del presupuesto de renovación: 3.5% del valor total de la propiedad
• Gastos de mantenimiento preventivo: $ 8.3 millones

Gestión y gastos generales administrativos

La sobrecarga administrativa para Terreno Realty Corporation en 2023 fue $ 37.4 millones.

Categoría de gastos	Costo	Porcentaje de gastos generales totales
Compensación ejecutiva	$ 12.6 millones	33.7%
Salarios de los empleados	$ 15.2 millones	40.6%
Tecnología e infraestructura	$ 4.8 millones	12.8%
Otros costos administrativos	$ 4.8 millones	12.9%

Impuestos a la propiedad y seguro

En 2023, Terreno Realty Corporation incurrió $ 45.6 millones en impuestos a la propiedad y gastos de seguro.

• Gastos del impuesto a la propiedad: $ 32.4 millones
• Costos de seguro: $ 13.2 millones
• Tasa impositiva efectiva: 1.8% del valor de la propiedad

Gasto de capital para la expansión de la cartera

El gasto de capital para la expansión de la cartera en 2023 fue $ 215.6 millones.

Categoría de inversión	Cantidad	Porcentaje de CAPEX total
Nuevas adquisiciones de propiedades	$ 164.3 millones	76.2%
Mejoras de la propiedad	$ 22.7 millones	10.5%
Desarrollo de infraestructura	$ 28.6 millones	13.3%

Terreno Realty Corporation (TRNO) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de arrendamientos de propiedad industrial

Para el año fiscal 2023, Terreno Realty Corporation reportó ingresos por alquiler totales de $ 243.1 millones. La cartera de propiedades industriales de la compañía consta de 384 propiedades en seis principales mercados estadounidenses.

Mercado	Número de propiedades	Ingresos de alquiler ($ M)
Área de la Bahía de San Francisco	97	68.5
Los Ángeles	82	57.3
Nueva York/Nueva Jersey	76	52.1
Washington DC	44	30.2
Seattle	43	22.6
Miami	42	12.4

Apreciación de la propiedad y crecimiento del valor

Al 31 de diciembre de 2023, los activos inmobiliarios totales de Terreno se valoraban en $ 4.2 mil millones, representando un 5.7% de aumento año tras año En el valor de la cartera de propiedades.

Ingresos del contrato de arrendamiento a largo plazo

El plazo de arrendamiento promedio para las propiedades industriales de Terreno es de 5.2 años, con un Tasa de ocupación del 95,6% a través de su cartera.

• Término de arrendamiento promedio ponderado: 5.2 años
• Tasa de ocupación de cartera: 95.6%
• Ingresos de arrendamiento contractual total para 2024: $ 267.5 millones

Transacciones potenciales de venta de propiedades

En 2023, Terreno completó las disposiciones de la propiedad por un total de $ 189.6 millones, con una ganancia promedio a la venta del 22.3% por encima del valor en libros.

Distribuciones de dividendos de fideicomiso de inversión inmobiliaria (REIT)

Para el año fiscal 2023, Terreno distribuido:

Métrico de dividendos	Cantidad
Dividendos totales pagados	$ 122.4 millones
Dividendo por acción	$2.76
Rendimiento de dividendos	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.