Terreno Realty Corp 2025年季度报告

Terreno Realty Corporation Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filingrequirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registranthas submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” Consolidated Statements of Equity(in thousands – except share data) Terreno Realty Corporation Notes to Consolidated Financial Statements Note1.Organization Terreno Realty Corporation (“Terreno”, and together with its subsidiaries, the “Company”) acquires, owns and operates industrial realestate insixmajor coastal U.S.markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, andWashington, D.C. All square feet, acres, occupancy and number of properties disclosed in these condensed notes to the consolidatedfinancial statements are unaudited. As of March31, 2025, the Company owned298buildings aggregating approximately19.3million square The Company is an internally managed Maryland corporation and elected to be taxed as a real estate investment trust (“REIT”) underSections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), commencing with its taxable year ended Note2.Significant Accounting Policies Basis of Presentation.The accompanying unaudited interim consolidated financial statements of the Company have been prepared inaccordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information andwith the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information anddisclosures required by GAAP for annual financial statements. In management’s opinion, all adjustments (consisting of normal recurring Use of Estimates.The preparation of the consolidated financial statements in conformity with GAAP requires management to makeestimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the Capitalization of Costs.The Company capitalizes costs directly related to the development, redevelopment, renovation and expansionof its investment in real estate. Costs associated with such projects are capitalized as incurred. If the project is abandoned, these costs areexpensed during the period in which the development, redevelopment, renovation or expansion project is abandoned. Costs considered forcapitalization include, but are not limited to, construction costs, interest, real estate taxes and insurance, if appropriate. These costs are Interest is capitalized based on actual capital expenditures from the period when development, redevelopment, renovation or expansioncommences until the asset is ready for its intended use, at the weighted average borrowing rate during the period. Investments in Real Estate.Investments in real estate, including tenant improvements, leasehold improvements and leasing costs, arestated at cost, less accumulated depreciation, unless circumstances indicate that the cost cannot be recovered, in which case, an adjustment tothe carrying value of the property is made to reduce it to its estimated fair value. The Company also reviews the impact of above and below- Impairment.Carrying values for financial reporting purposes are reviewed for impairment on a property-by-property basis wheneverevents or changes in circumstances indicate that the carrying value of a property may not be fully recoverable. Examples of such events orchanges in circumstances may include classifying an asset to be held for sale, changing the intended hold period or when an asset remainsvacant significantly longer than expected. The intended use of an asset either held for sale or held for use can significantly impact howimpairment is measured. If an asset is intended to be held for the long-term, the recoverability is based on the undiscounted future cash Table of Contents over the lower of cost or the present values of expected cash flows over the expected hold period. If an asset is intended to be sold,impairment is determined using the estimated fair value less costs to sell. The estimation of expected future net cash flows is inherentlyuncertain and relies on assumptions, among other things, regardin