Terreno Realty Corporation (TRNO) Balance Sheet
TRNO balance sheet, 2025
December 31, 2025 · U.S. dollars$5.39B assets = $1.24B liabilities + $4.15B equity
Both columns are drawn to the same scale: what TRNO owns equals what it owes plus shareholders’ equity. Hover a block for its value.
TRNO financial health
Descriptive bands, not a rating. Fiscal 2025.
TRNO balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.28B2016 | $5.39B2025 | +17.3%/yr | |
| Total liabilities | $467.2M2016 | $1.24B2025 | +11.5%/yr | |
| Shareholders’ equity | $811.8M2016 | $4.15B2025 | +19.9%/yr | |
| Cash & short-term investments | $14.2M2016 | $25.0M2025 | +6.5%/yr | |
| Total debt | $433.5M2016 | $943.3M2025 | +9.0%/yr | |
| Net cash (debt) | −$419.3M2016 | −$918.3M2025 | −$499.0M | |
| Working capital | −$71.5M2016 | −$303.5M2025 | −$232.1M | |
| Book value per share | $18.152016 | $40.362025 | +9.3%/yr | |
| Current ratio | 0.212016 | 0.082025 | −0.12 | |
| Debt / equity | 0.532016 | 0.232025 | −0.31 | |
| Shares outstanding | 44.7M2016 | 102.7M2025 | +9.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TRNO assets
TRNO liabilities and equity
TRNO debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
TRNO balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $25.0M | $18.1M | $165.4M | $26.4M | $204.4M | $107.2M | $110.1M | $31.0M | $35.7M | $14.2M |
| Cash & equivalents | $25.0M | $18.1M | $165.4M | $26.4M | $204.4M | $107.2M | $110.1M | $31.0M | $35.7M | $14.2M |
| Short-term investments | — | — | $7.95B | $3.40B | $2.95B | $4.37B | $4.26B | $25,000 | $30,000 | $281,000 |
| Receivables | $74.0M | $62.9M | $56.1M | $48.0M | $39.7M | $32.5M | $15.9M | $54.5M | $23.0M | $21.6M |
| Inventory | $0 | $0 | $167.1M | $29.8M | $205.2M | $1 | $143.1M | −$24,999 | −$29,999 | −$281,000 |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $3.5M | $0 | $0 |
| Total current assets | $27.9M | $24.6M | $222.3M | $28.1M | $204.8M | $107.8M | $128.6M | $89.0M | $42.8M | $18.5M |
| Property, plant & equipment (net) | $0 | $4.56B | $3.52B | $3.04B | $2.63B | $400,000 | $600,000 | $1.65B | $1.47B | $1.21B |
| Goodwill & intangible assets | $223.5M | $208.5M | $50.4M | $111.8M | $114.1M | $88.9M | $88.6M | $79.3M | $76.0M | $62.6M |
| Long-term investments | $0 | $0 | $0 | $0 | $2.67B | $0 | $15.9M | $54.5M | $1.50B | $1.23B |
| Other non-current assets | $5.14B | $0 | $115.9M | $0 | $0 | $1.94B | $1.87B | $0 | $0 | $0 |
| Total assets | $5.39B | $4.77B | $3.90B | $3.16B | $2.92B | $2.14B | $2.11B | $1.80B | $1.57B | $1.28B |
| Liabilities | ||||||||||
| Accounts payable | $77.3M | $79.2M | $61.8M | $49.7M | $45.0M | $26.7M | $27.7M | $24.9M | $21.3M | $18.2M |
| Short-term debt | $200.0M | $82.0M | $100.0M | $571.8M | $621.2M | $348.1M | $347.7M | $19.0M | $248.0M | $51.5M |
| Deferred revenue | — | — | — | — | −$621.2M | −$348.1M | −$347.7M | — | −$248.0M | — |
| Total current liabilities | $331.5M | $210.1M | $100.8M | $80.4M | $70.6M | $54.0M | $57.5M | $70.6M | $45.3M | $89.9M |
| Long-term debt | $743.3M | $741.4M | $771.6M | $820.5M | $765.7M | $485.8M | $519.3M | $468.0M | $483.0M | $382.0M |
| Other long-term liabilities | $167.0M | $156.3M | $117.7M | $33.6M | $29.9M | $11.8M | $14.6M | $10.1M | $12.1M | $0 |
| Total liabilities | $1.24B | $1.11B | $990.0M | $934.6M | $866.3M | $551.6M | $591.3M | $548.7M | $540.4M | $467.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.0M | $994,000 | $876,000 | $765,000 | $752,000 | $686,000 | $673,000 | $610,000 | $553,000 | $474,000 |
| Retained earnings (deficit) | $289.1M | $95.3M | $95.6M | $88.3M | $2.8M | $5.9M | $2.6M | $14.2M | $4.8M | $811.8M |
| Treasury stock | — | — | — | — | — | — | — | — | $0 | $0 |
| Accumulated other comprehensive income | −$32.8M | −$31.1M | −$31.8M | −$26.5M | −$15.2M | −$183,000 | −$437,000 | −$761,000 | −$1.0M | −$898,000 |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $4.15B | $3.66B | $2.91B | $2.23B | $2.06B | $1.59B | $1.52B | $1.25B | $1.03B | $811.8M |
| Key figures | ||||||||||
| Total debt | $943.3M | $823.4M | $771.6M | $1.39B | $1.39B | $833.9M | $866.9M | $487.0M | $730.9M | $433.5M |
| Net cash (debt) | −$918.3M | −$805.4M | −$606.2M | −$1.37B | −$1.18B | −$726.7M | −$756.9M | −$456.0M | −$695.2M | −$419.3M |
| Working capital | −$303.5M | −$185.5M | $121.5M | −$52.4M | $134.2M | $53.8M | $71.1M | $18.4M | −$2.5M | −$71.5M |
| Tangible book value | $3.92B | $3.45B | $2.86B | $2.12B | $1.94B | $1.50B | $1.43B | $1.17B | $951.5M | $749.2M |
| Book value per share | $40.36 | $38.21 | $34.96 | $29.50 | $29.07 | $23.30 | $23.44 | $21.71 | $20.01 | $18.15 |
| Shares outstanding | 102.7M | 95.8M | 83.4M | 75.6M | 70.8M | 68.2M | 64.7M | 57.5M | 51.4M | 44.7M |
| Current ratio | 0.08 | 0.12 | 2.20 | 0.35 | 2.90 | 2.00 | 2.24 | 1.26 | 0.95 | 0.21 |
| Quick ratio | 0.30 | 0.39 | 2.20 | 0.92 | 3.46 | 2.58 | 2.19 | 1.21 | 1.30 | 0.40 |
| Debt / equity | 0.23 | 0.22 | 0.26 | 0.62 | 0.67 | 0.53 | 0.57 | 0.39 | 0.71 | 0.53 |
| Equity / assets | 77.0% | 76.8% | 74.6% | 70.5% | 70.4% | 74.2% | 72.0% | 69.5% | 65.5% | 63.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $51.2M | $87.9M | $25.0M | $26.2M | $128.4M | $156.5M | $18.1M | $243.7M | $182.0M | $649.6M | $165.4M | $96.2M |
| Cash & equivalents | $51.2M | $87.9M | $25.0M | $26.2M | $128.4M | $156.5M | $18.1M | $243.7M | $182.0M | $649.6M | $165.4M | $96.2M |
| Receivables | $0 | $0 | $74.0M | $73.4M | $68.6M | $67.5M | $62.9M | $60.3M | $54.2M | $55.1M | $56.1M | $52.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $167.1M | $1 |
| Other current assets | $951,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $461,000 | $10.9M | $0 | $11.3M |
| Total current assets | $52.2M | $87.9M | $27.9M | $57.2M | $190.4M | $157.1M | $24.6M | $254.8M | $236.7M | $715.5M | $222.3M | $160.2M |
| Property, plant & equipment (net) | $5.54B | $0 | $0 | $0 | $4.60B | $4.57B | $4.56B | $0 | $4.13B | $3.65B | $3.52B | $3.52B |
| Goodwill & intangible assets | $225.2M | $217.4M | $223.5M | $231.3M | $213.5M | $210.8M | $208.5M | $177.3M | $72.4M | $46.3M | $230.3M | $43.2M |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $5.25B | $5.14B | $5.04B | $0 | $0 | $0 | $4.14B | $28.2M | $24.5M | $0 | $19.2M |
| Total assets | $5.71B | $5.55B | $5.39B | $5.33B | $4.98B | $4.91B | $4.77B | $4.57B | $4.47B | $4.44B | $3.90B | $3.74B |
| Liabilities | ||||||||||||
| Accounts payable | $118.6M | $96.4M | $77.3M | $82.7M | $73.4M | $66.7M | $79.2M | $89.9M | $73.1M | $58.9M | $61.8M | $69.2M |
| Short-term debt | $50.0M | $50.0M | $200.0M | $280.0M | — | — | $82.0M | $472.8M | $100.9M | $100.9M | $100.0M | $672,000 |
| Deferred revenue | — | — | — | — | — | — | — | — | −$100.0M | −$529.0M | −$100.0M | — |
| Total current liabilities | $50.0M | $50.0M | $331.5M | $416.5M | $124.1M | $117.3M | $210.1M | $138.8M | $217.6M | $203.3M | $100.8M | $108.3M |
| Long-term debt | $942.5M | $942.0M | $743.3M | $742.9M | $742.4M | $741.9M | $741.4M | $672.2M | $772.0M | $771.8M | $771.6M | $771.4M |
| Other long-term liabilities | $287.4M | $264.1M | $167.0M | $174.3M | $172.8M | $151.9M | $156.3M | $128.6M | $36.6M | $19.1M | $117.7M | $122.9M |
| Total liabilities | $1.28B | $1.26B | $1.24B | $1.33B | $1.04B | $1.01B | $1.11B | $939.6M | $1.03B | $994.2M | $990.0M | $1.00B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.1M | $1.1M | $1.0M | $1.0M | $1.0M | $1.0M | $994,000 | $994,000 | $964,000 | $963,000 | $876,000 | $850,000 |
| Retained earnings (deficit) | $304.5M | $303.3M | $289.1M | $185.0M | $135.4M | $92.8M | $95.3M | $68.1M | $80.3M | $88.1M | $95.6M | $77.1M |
| Accumulated other comprehensive income | — | −$36.6M | −$32.8M | −$33.2M | — | — | −$31.1M | −$31.8M | −$31.8M | −$31.8M | −$31.8M | −$32.1M |
| Total shareholders' equity | $4.43B | $4.30B | $4.15B | $4.00B | $3.94B | $3.90B | $3.66B | $3.63B | $3.44B | $3.44B | $2.91B | $2.74B |
| Key figures | ||||||||||||
| Total debt | $1.06B | $1.06B | $943.3M | $1.02B | $742.4M | $741.9M | $823.4M | $672.2M | $776.7M | $776.7M | $771.6M | $775.1M |
| Net cash (debt) | −$1.00B | −$968.1M | −$918.3M | −$996.7M | −$614.0M | −$585.4M | −$805.4M | −$428.5M | −$594.7M | −$127.1M | −$606.2M | −$679.0M |
| Working capital | $2.2M | $37.9M | −$303.5M | −$359.3M | $66.3M | $39.8M | −$185.5M | $116.0M | $19.1M | $512.2M | $121.5M | $51.9M |
| Tangible book value | $4.21B | $4.08B | $3.92B | $3.76B | $3.73B | $3.68B | $3.45B | $3.45B | $3.37B | $3.40B | $2.68B | $2.69B |
| Book value per share | $41.55 | $40.82 | $40.03 | $38.74 | $38.28 | $38.55 | $36.90 | $37.10 | $35.69 | $38.51 | $33.31 | $32.48 |
| Shares outstanding | 106.7M | 105.2M | 103.6M | 103.1M | 103.0M | 101.0M | 99.2M | 97.9M | 96.4M | 89.4M | 87.5M | 84.3M |
| Current ratio | 1.04 | 1.76 | 0.08 | 0.14 | 1.53 | 1.34 | 0.12 | 1.84 | 1.09 | 3.52 | 2.20 | 1.48 |
| Quick ratio | 1.02 | 1.76 | 0.30 | 0.24 | 1.59 | 1.91 | 0.39 | 2.19 | 1.09 | 3.47 | 2.20 | 1.38 |
| Debt / equity | 0.24 | 0.25 | 0.23 | 0.26 | 0.19 | 0.19 | 0.22 | 0.19 | 0.23 | 0.23 | 0.26 | 0.28 |
| Equity / assets | 77.6% | 77.4% | 77.0% | 75.0% | 79.1% | 79.4% | 76.8% | 79.4% | 77.0% | 77.6% | 74.6% | 73.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 4, 2026); data from EODHD.
TRNO financial position
At the end of fiscal 2025 (December 31, 2025), Terreno Realty had total assets of $5.4 billion (up 13.0% from a year earlier), total liabilities of $1.2 billion and shareholders' equity of $4.1 billion. It held $25.0 million in cash and short-term investments against $943.3 million of debt, net debt of $918.3 million. Its current ratio was 0.08. In the latest quarter (ended June 30, 2026) total assets were $5.7 billion and equity $4.4 billion.
Related: TRNO income statement, TRNO cash flow statement, TRNO key metrics. See the TRNO stock overview for the latest quote and news.
TRNO balance sheet FAQ
What are Terreno Realty's total assets?
Terreno Realty reported total assets of $5.4 billion at the end of fiscal 2025 (December 31, 2025), compared with $4.8 billion a year earlier.
How much debt does Terreno Realty have?
Terreno Realty had $943.3 million of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.23.
How much cash does Terreno Realty have?
Terreno Realty held $25.0 million in cash and short-term investments at the end of fiscal 2025; with $943.3 million of debt that is net debt of $918.3 million.
What is Terreno Realty's book value?
Terreno Realty's shareholders' equity (book value) was $4.1 billion at the end of fiscal 2025, or $40.36 per share.
What is Terreno Realty's current ratio?
Terreno Realty had current assets of $27.9 million and current liabilities of $331.5 million, a current ratio of 0.08 (current liabilities exceed current assets).
How much goodwill does Terreno Realty have?
Terreno Realty carried $223.5 million of goodwill and intangible assets, 4.1% of total assets, at the end of fiscal 2025.