TRNOMEDIUM SIGNALOPPORTUNITY10-K

TRNO delivered exceptionally strong financial performance with net income more than doubling to $403M while expanding its industrial real estate portfolio from 299 to 309 buildings.

The company demonstrated robust growth across key metrics while maintaining high occupancy rates above 95%, indicating strong demand for industrial real estate and effective portfolio management. However, the slight decline in building occupancy from 97.4% to 96.1% and increased debt levels warrant monitoring, though the overall financial strength suggests the company is well-positioned for continued growth.

Comparing 2026-02-04 vs 2025-02-05View on EDGAR →
FINANCIAL ANALYSIS

TRNO showed exceptional financial performance with net income surging 118% to $403M driven by 25% revenue growth to $476M, while operating cash flow increased a solid 17% to $272M. The balance sheet strengthened significantly with total assets growing 13% to $5.4B and stockholders' equity expanding 13% to $4.1B, though total debt also increased 15% to $943M to fund growth. The overall financial picture signals a company in a strong growth phase, successfully scaling its industrial real estate portfolio while maintaining healthy cash generation and balance sheet metrics.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+118.4%
$184.5M→$403.0M

Net income grew 118.4% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
+38.5%
$18.1M→$25.0M

Cash position surged 38.5% — strong cash generation or capital raise providing significant financial cushion.

Revenue
P&L
+24.5%
$382.6M→$476.4M

Revenue growing 24.5% — solid top-line momentum, watch margins for quality of growth.

Operating Cash Flow
Cash Flow
+16.8%
$232.7M→$271.9M

Operating cash flow grew 16.8% — strong conversion of earnings to cash, healthy business fundamentals.

Total Debt
Balance Sheet
+14.6%
$823.4M→$943.3M

Debt rose 14.6% — additional borrowing for investment or operations; monitor coverage ratios.

Stockholders Equity
Balance Sheet
+13.2%
$3.7B→$4.1B

Equity base grew 13.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Total Assets
Balance Sheet
+13%
$4.8B→$5.4B

Asset base grew 13% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+12.1%
$1.1B→$1.2B

Liabilities increased 12.1% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-02-04
PRIOR — 2025-02-05
ADDED
The registrant had 104,178,096 shares of its common stock, $0.01 par value per share, outstanding as of February 2, 2026.
We invest in several types of industrial real estate, including warehouse/distribution (approximately 80.5% of our total annualized base rent as of December 31, 2025), flex (including light industrial and research and development, or R D) (approximately 3.4%), transshipment (approximately 6.0%) and improved land (approximately 10.1%).
As of December 31, 2025, we owned a total of 309 buildings (including one building held for sale) aggregating approximately 19.8 million square feet, 46 improved land parcels consisting of approximately 147.0 acres and six properties under development or redevelopment.
As of December 31, 2025, the buildings and improved land parcels were approximately 96.1% and 95.4% leased, respectively, to 683 customers, the largest of which accounted for approximately 4.9% of our total annualized base rent.
We do not generally target undeveloped or unimproved industrial land or pursue greenfield ground-up development.
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REMOVED
The registrant had 99,777,658 shares of its common stock, $0.01 par value per share, outstanding as of February 3, 2025.
We invest in several types of industrial real estate, including warehouse/distribution (approximately 79.7% of our total annualized base rent as of December 31, 2024), flex (including light industrial and research and development, or R D) (approximately 3.4%), transshipment (approximately 6.0%) and improved land (approximately 10.9%).
As of December 31, 2024, we owned a total of 299 buildings (including one building held for sale) aggregating approximately 19.3 million square feet, 47 improved land parcels consisting of approximately 150.6 acres, six properties under development or redevelopment and approximately 22.4 acres of land entitled for future development.
As of December 31, 2024, the buildings and improved land parcels were approximately 97.4% and 95.1% leased, respectively, to 670 customers, the largest of which accounted for approximately 5.5% of our total annualized base rent.
We have no current intention to acquire undeveloped or unimproved industrial land or to pursue greenfield ground-up development.
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