Terreno Realty

Q2 FY2026 EarningsQ2 FY26 results presented a mix of top-line misses and bottom-line beats: total revenue of $124.7M missed the $126.6M consensus (-1.5%), while GAAP EPS of $0.54 significantly exceeded the $0.41 expectation (+31.7%). The earnings beat was primarily driven by $12.0M in gains from real estate sales. Operational metrics remain robust, with cash rent spreads on new/renewed leases surging 27.7% and same-store NOI growing 6.7% YoY. Total building occupancy stood at 97.6%, reflecting sustained demand in infill coastal markets despite macro uncertainty.