TRNO FINANCIAL STATEMENTS

Terreno Realty Corporation — balance sheet, income statement and cash flow trends

TRNOTerreno Realty Corporation

🇺🇸 USA · NYSE · Real Estate · REIT - Industrial

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue490.4 M $+20.2%

Gross Profit313.3 M $+3.7%

Operating Income200.1 M $+26.4%

EBITDA582.4 M $+81.9%

Net Income424.3 M $+115.9%

Peer Comparison· REIT - Industrial

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
TRNO	20.2%	63.9%	118.8%	86.5%
WDP	10.2%	84.7%	88.0%	72.8%
GRT-UN	7.7%	82.2%	81.6%	61.9%
DIR-UN	8.5%	73.2%	57.6%	35.9%
NSR	1.3%	82.9%	58.6%	59.2%
BWP	7.2%	87.5%	156.6%	160.1%
Industry median	4.0%	61.8%	82.2%	45.6%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
TRNO	20.2%	63.9%	118.8%	86.5%
STAG	10.0%	61.8%	80.6%	28.3%
REXR	1.4%	61.3%	59.9%	23.5%
FR	8.5%	47.0%	88.1%	46.0%
CUBE	5.0%	11.9%	62.5%	28.9%
COLD	-1.1%	3.6%	14.6%	-4.3%
Industry median	4.0%	61.8%	82.2%	45.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity4.3 B $77%
Current Liabilities50 M $1%
Long-term Liabilities1.2 B $22%

Key Figures

YoY change

Total Assets5.6 B $+13.1%

Total Liabilities1.3 B $+24.2%

Total Equity4.3 B $+10.3%

Cash & ST Investments87.9 M $-43.9%

Total Debt1.1 B $+42.3%

Net Debt968.1 M $+65.4%

Peer Comparison· REIT - Industrial

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
TRNO	1.76	24.6%	1.66	77.4%
WDP	0.27	70.5%	7.78	55.8%
GRT-UN	0.59	55.2%	5.86	58.2%
DIR-UN	0.23	60.3%	9.50	59.0%
NSR	0.26	66.0%	10.81	59.9%
BWP	0.46	32.4%	2.87	73.8%
Industry median	0.39	63.2%	4.63	58.2%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
TRNO	1.76	24.6%	1.66	77.4%
STAG	0.79	90.1%	4.63	49.9%
REXR	0.16	39.3%	5.39	66.6%
FR	0.69	93.7%	3.88	47.8%
CUBE	0.15	132.3%	4.95	40.2%
COLD	0.35	161.5%	11.85	34.9%
Industry median	0.39	63.2%	4.63	58.2%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow272.4 M $+10.2%

Capital Expenditures69.1 M $-28.5%

Free Cash Flow203.2 M $+35.2%

Dividends Paid-209.2 M $-213.2%

Peer Comparison· REIT - Industrial

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
TRNO	55.5%	41.4%	14.1%	64.2%
WDP	73.4%	68.4%	5.1%	100.9%
GRT-UN	59.8%	59.8%	0.0%	96.7%
DIR-UN	42.1%	20.3%	21.8%	117.3%
NSR	38.3%	30.6%	7.7%	64.7%
BWP	61.2%	61.2%	0.0%	38.2%
Industry median	55.3%	50.6%	7.0%	117.3%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
TRNO	55.5%	41.4%	14.1%	64.2%
STAG	55.3%	49.9%	7.4%	195.5%
REXR	53.7%	21.6%	32.1%	228.7%
FR	64.9%	64.9%	176.2%	141.1%
CUBE	54.0%	54.0%	3.9%	186.8%
COLD	14.2%	-1.8%	19.4%	-330.6%
Industry median	55.3%	50.6%	7.0%	117.3%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 6, 26. This content is for informational purposes only and is not investment advice.