Terreno Realty Corp 2025年度报告
W. Blake BairdChairman & Chief Executive OfficerCo-Founder Michael A. CokePresident, Co-Founder > Independent Directors Gary N. BostonFormer Senior Portfolio ManagerAPG Asset ManagementCompensation Chair LeRoy E. Carlson/PNJOBUJOHBOE$PSQPSBUF(PWFSOBODFChairPrincipal, NNC Apartment Ventures, LLC Paul J. Donahue, Jr.Managing Partner & Co-FounderBlack Squirrel Partners $POTUBODFWPO.VFIMFO&YFDVUJWF7JDF1SFTJEFOU$IJFG0QFSBUJOH0GGJDFS"MBTLB"JSMJOFT /:4&"-,Former Irene H. Oh"VEJU$IBJSExecutive Vice President & Chief Risk OfficerEast West Bancorp Inc. (NASDAQ: EWBC) Douglas M. PasqualeLead Independent DirectorFounder, Capstone Enterprises Corporation March 1, 2026 Dear Fellow Shareholders, Here is a review of our strategy, our 2025 results and our outlook. This is our strategy We acquire, own and operate industrial real estate in six major coastal U.S. markets: NewYork City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, andWashington, D.C. Exclusively. We believe that over time these six markets have the bestpotential for superior returns given favorable supply and demand factors. Supply of newlydeveloped industrial product will be limited due to physical and regulatory constraints; insome of our submarkets the supply of industrial product is shrinking. Future demand willresult from large and growing population densities and proximity to high volumedistribution points. Further, these locations may provide the opportunity for higher andbetter use over time. We invest in functional andÅexible industrial real estate in inÄll locations within our sixmarkets. We acquire, own and operate the product that satisÄes customer demand withina submarket: warehouse/distribution,Åexincluding light industrial and9 D,transshipment and improved land parcelswhich we lease as industrial outdoor storage,retaining the optionality of redevelopment to higher and better use. As of yearend 2025,the sources of our rent are 81% warehouse/distribution, 10% improved land, 6%transshipment and%Åex. We acquire properties at discounts to replacement cost, providing a margin of safety. Wemay renovate, develop, redevelop or expand properties, but we do no ground upgreenÄeld development or raw unimproved land acquisition. We have no joint ventures.We acquire both valueadd and stabiliaed properties; approximately 55.2% of ouracquisitions so far have been valueadd. We retain the best local thirdpartyÄrms to helpus efÄciently manage our space. We sell properties when we believe the prospective total return from a property isparticularly low relative to its market value or the market value is signiÄcantly greater thanthe property’s estimated replacement cost. Capital from such sales is recycled intoproperties that are expected to provide better prospective returns or is returned toshareholders. These are our 2025 results 6verall market operating conditions for industrial real estate stabiliaed during 2025 as newindustrial deliveries slowed from the record level of 2023. And while geopolitical tensions,supplychain disruptions and political uncertainty continued, our same store cashbasis net operating income grew by 12.0%6.% excluding lease termination feesdemonstrating what the right assets in very inÄll locations can produce.6ur cash rents onnew and renewed leases commencing in 2025 grew 25.%.6ur valueadd acquisitionsgenerally contain vacant space or space with nearterm lease expirations, and manyrequire physical repositioning. On average our acquisitions since our IPO have been8.5% leased. Nonetheless, we ended the year 6.1% leased and .2% leased in oursame store pool. Our capital deployment in 2025 was 3 million, second highest in our history. Weacquired 2buildings containing 2.0 million square feet for an aggregate purchase price ofapproximately $683.5 million. We commenced development or redevelopment of twoproperties that upon completion will consist of two industrial distribution buildingscontaining 0.million square feet with a total expected investment of approximately $10.6million. We sold eight properties for approximately $386.million generating an unleveragedinternal rate of return of 12.2%. We have sold5 properties since our IPO for a total ofapproximately $1.1 billion generating a cumulative unleveraged I99of 12. %. We earned EPS of $3.1 compared to $1.2 in 202. Our 2025 Funds from Operations was$2. per share, up 1.5% compared to $2.2 per share in 202. We raised $281 million of common equity via our ATM program at an average price of$66.81 per share. We did not repurchase any common shares pursuant to our share buybackprogram. We have only $50 million of debt maturities in 2026. We raised our dividend in 2025 by 6.1%. Since paying ourÄrst dividend in 2011, we haveraised our dividend every year providing a 11.8% compounded annual growth rate. For incentive compensation we measure our performance over rolling threeyear periods.Our total shareholder r
