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Side-by-side financial comparison of Piedmont Realty Trust, Inc. (PDM) and Terreno Realty Corp (TRNO). Click either name above to swap in a different company.
Piedmont Realty Trust, Inc. is the larger business by last-quarter revenue ($143.3M vs $137.5M, roughly 1.0× Terreno Realty Corp). Terreno Realty Corp runs the higher net margin — 115.1% vs -31.4%, a 146.5% gap on every dollar of revenue. On growth, Terreno Realty Corp posted the faster year-over-year revenue change (32.6% vs 0.4%). Over the past eight quarters, Terreno Realty Corp's revenue compounded faster (27.2% CAGR vs 0.0%).
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
Terreno Realty Corp is a publicly traded real estate investment trust that specializes in owning, operating, and acquiring high-quality industrial real estate assets. Its portfolio mainly includes distribution warehouses and logistics facilities located in high-demand coastal U.S. metropolitan markets, serving tenants across e-commerce, last-mile delivery, retail supply chain, and light manufacturing segments.
PDM vs TRNO — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $143.3M | $137.5M |
| Net Profit | $-45.0M | $158.2M |
| Gross Margin | — | — |
| Operating Margin | — | — |
| Net Margin | -31.4% | 115.1% |
| Revenue YoY | 0.4% | 32.6% |
| Net Profit YoY | -27.9% | 107.9% |
| EPS (diluted) | $-0.10 | $1.54 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $143.3M | — | ||
| Q4 25 | $142.9M | $137.5M | ||
| Q3 25 | $139.2M | $116.2M | ||
| Q2 25 | $140.3M | $112.2M | ||
| Q1 25 | $142.7M | $110.4M | ||
| Q4 24 | $143.2M | $103.7M | ||
| Q3 24 | $139.3M | $99.6M | ||
| Q2 24 | $143.3M | $94.2M |
| Q1 26 | $-45.0M | — | ||
| Q4 25 | $-43.2M | $158.2M | ||
| Q3 25 | $-13.5M | $103.4M | ||
| Q2 25 | $-16.8M | $93.3M | ||
| Q1 25 | $-10.1M | $48.1M | ||
| Q4 24 | $-30.0M | $76.1M | ||
| Q3 24 | $-11.5M | $36.6M | ||
| Q2 24 | $-9.8M | $35.7M |
| Q1 26 | -31.4% | — | ||
| Q4 25 | -30.3% | 115.1% | ||
| Q3 25 | -9.7% | 88.9% | ||
| Q2 25 | -12.0% | 83.1% | ||
| Q1 25 | -7.1% | 43.6% | ||
| Q4 24 | -20.9% | 73.4% | ||
| Q3 24 | -8.3% | 36.8% | ||
| Q2 24 | -6.8% | 37.9% |
| Q1 26 | $-0.10 | — | ||
| Q4 25 | $-0.34 | $1.54 | ||
| Q3 25 | $-0.11 | $1.00 | ||
| Q2 25 | $-0.14 | $0.90 | ||
| Q1 25 | $-0.08 | $0.47 | ||
| Q4 24 | $-0.25 | $0.78 | ||
| Q3 24 | $-0.09 | $0.37 | ||
| Q2 24 | $-0.08 | $0.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.3M | $25.0M |
| Total DebtLower is stronger | — | $943.3M |
| Stockholders' EquityBook value | $1.5B | $4.1B |
| Total Assets | $4.0B | $5.4B |
| Debt / EquityLower = less leverage | — | 0.23× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $2.3M | — | ||
| Q4 25 | $731.0K | $25.0M | ||
| Q3 25 | $3.0M | $26.2M | ||
| Q2 25 | $3.3M | $128.4M | ||
| Q1 25 | $2.9M | $156.5M | ||
| Q4 24 | $109.6M | $18.1M | ||
| Q3 24 | $133.6M | $243.7M | ||
| Q2 24 | $138.5M | $182.0M |
| Q1 26 | — | — | ||
| Q4 25 | $2.2B | $943.3M | ||
| Q3 25 | $2.2B | $1.0B | ||
| Q2 25 | $2.2B | $742.4M | ||
| Q1 25 | $2.2B | $741.9M | ||
| Q4 24 | $2.2B | $823.4M | ||
| Q3 24 | $2.2B | $672.2M | ||
| Q2 24 | $2.2B | $772.0M |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $1.5B | $4.1B | ||
| Q3 25 | $1.5B | $4.0B | ||
| Q2 25 | $1.5B | $3.9B | ||
| Q1 25 | $1.6B | $3.9B | ||
| Q4 24 | $1.6B | $3.7B | ||
| Q3 24 | $1.6B | $3.6B | ||
| Q2 24 | $1.7B | $3.4B |
| Q1 26 | $4.0B | — | ||
| Q4 25 | $4.0B | $5.4B | ||
| Q3 25 | $4.0B | $5.3B | ||
| Q2 25 | $4.0B | $5.0B | ||
| Q1 25 | $4.0B | $4.9B | ||
| Q4 24 | $4.1B | $4.8B | ||
| Q3 24 | $4.1B | $4.6B | ||
| Q2 24 | $4.2B | $4.5B |
| Q1 26 | — | — | ||
| Q4 25 | 1.49× | 0.23× | ||
| Q3 25 | 1.43× | 0.26× | ||
| Q2 25 | 1.41× | 0.19× | ||
| Q1 25 | 1.40× | 0.19× | ||
| Q4 24 | 1.40× | 0.22× | ||
| Q3 24 | 1.36× | 0.19× | ||
| Q2 24 | 1.34× | 0.22× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | — | $271.9M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | 110.3% | — |
| Cash ConversionOCF / Net Profit | — | 1.72× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $140.6M | $271.9M | ||
| Q3 25 | $35.8M | $79.5M | ||
| Q2 25 | $50.1M | $60.6M | ||
| Q1 25 | $3.7M | $61.4M | ||
| Q4 24 | $198.1M | $232.7M | ||
| Q3 24 | $42.9M | $70.0M | ||
| Q2 24 | $66.8M | $64.3M |
| Q1 26 | 110.3% | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.72× | ||
| Q3 25 | — | 0.77× | ||
| Q2 25 | — | 0.65× | ||
| Q1 25 | — | 1.28× | ||
| Q4 24 | — | 3.06× | ||
| Q3 24 | — | 1.91× | ||
| Q2 24 | — | 1.80× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
PDM
Segment breakdown not available.
TRNO
| Disposal Group Disposed Of By Sale Not Discontinued Operations | $109.5M | 80% |
| Other | $23.8M | 17% |
| At Market Equity Offering Program500Million | $4.1M | 3% |
