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Terreno Realty Executive Compensation (FY25)

TRNO · San Francisco, CA · Executive and director compensation, fiscal 2022 to 2025
Chief executive, fiscal 2025
◇
W. Blake Baird
Latest say-on-pay support
=
May 5, 2026
Chief executive pay ratio
◇
To the median employee
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Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
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Data as of October 19, 2026Latest filing (8-K): May 6, 2026
15 filings cited on this page
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238 figures on this page: 227 cited to the filing that reported them, 11 calculated from figures it prints. See the citations

More on Terreno Realty

Five data products on this company. Each one is requested through the developer setup page.
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — W. Blake Baird: $5,308,325 → $5,413,998 (2.0% higher)
CEO pay ratio: 19:1 → 17.2:1 (9.5% lower)

Frequently asked questions

Answers drawn from the data on this page.
Who is Terreno Realty's chief executive and what were they paid?
W. Blake Baird was paid $5,413,998 in total compensation as Chairman and Chief Executive Officer, Co-Founder for fiscal 2025. Baird's total was 2.0% higher than the $5,308,325 reported for fiscal 2024.
What was Terreno Realty's say-on-pay result?
Shareholders recorded 98.2% support for the say-on-pay proposal at the meeting held May 5, 2026 for fiscal 2025.
Which companies are in Terreno Realty's peer group?
Companies named in the disclosed peer group include Agree Realty Corp, American Healthcare REIT, Brixmor Property, CareTrust REIT and COPT Defense Properties, among others.
What is Terreno Realty's chief executive pay ratio?
The company reported a chief executive pay ratio of 17.2:1 for fiscal 2025, against median employee compensation of $314,660.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2022
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael A. Coke
President
◇—◇———◇◇
W. Blake Baird
Chairman and Chief Executive Officer
◇—◇———◇◇
Jaime L. Cannon
Chief Financial Officer
◇◇◇———◇◇
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
W. Blake Baird
Chairman and Chief Executive Officer
◇—◇———◇◇
Michael A. Coke
President
◇—◇———◇◇
Jaime L. Cannon
Chief Financial Officer
◇◇◇———◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
W. Blake Baird
Chairman and Chief Executive Officer, Co-Founder
◇—◇———◇◇
Michael A. Coke
President, Co-Founder
◇—◇———◇◇
John T. Meyer
Executive Vice President and Chief Operating Officer
◇◇◇———◇◇
Jaime J. Cannon
Executive Vice President and Chief Financial Officer
◇◇◇———◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Michael A. Coke
President, Co-Founder
◇—◇———◇◇
W. Blake Baird
Chairman and Chief Executive Officer, Co-Founder
◇—◇———◇◇
John T. Meyer
Executive Vice President, Chief Operating Officer
◇◇◇———◇◇
Jaime J. Cannon
Executive Vice President, Chief Financial Officer and Secretary
◇◇◇———◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Jaime J. CannonPSU◇◇◇—◇—◇
Jaime J. CannonRSU◇——◇——◇
John T. MeyerRSU◇——◇——◇
John T. MeyerPSU◇◇◇—◇—◇
Michael A. CokePSU◇◇◇—◇—◇
Michael A. CokeRSU◇——◇——◇
W. Blake BairdPSU◇◇◇—◇—◇
W. Blake BairdRSU◇——◇——◇
Fiscal 2022, 2023, 2024 are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Jaime CannonRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
W. BairdRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
Michael CokeRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
John MeyerRSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
RSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.
Jaime J. Cannon
Chief Financial Officer · Severance agreement
Severance multiple◇
Change-in-control multiple◇
John T. Meyer
Executive Vice President, Chief Operating Officer · Severance agreement
Severance multiple◇
Change-in-control multiple◇
Michael A. Coke
President, Co-Founder · Severance agreement
Severance multiple◇
Change-in-control multiple◇
W. Blake Baird
Chairman and Chief Executive Officer, Co-Founder · Severance agreement
Severance multiple◇
Change-in-control multiple◇

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Gary N. Boston
◇◇————◇
LeRoy E. Carlson
◇◇————◇
Constance von Muehlen
◇◇————◇
Douglas M. Pasquale
Lead independent director
◇◇————◇
Irene H. Oh
◇◇————◇
Paul J. Donahue, Jr
◇—————◇
Michael A. Coke and W. Blake Baird served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.
Earlier years are included in the PDF.
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.
Fiscal 2025
  • Agree Realty Corp ADC
  • American Healthcare REIT AHR
  • Brixmor Property BRX
  • CareTrust REIT CTRE
  • COPT Defense Properties CDP
  • EastGroup Properties, Inc. EGP
  • Essential Properties EPRT
  • Federal Realty FRT
  • First Industrial Trust, Inc. FR
  • Global Net Lease GNL
  • Highwoods Properties HIW
  • Hudson Pacific HPP
  • Independence Realty IRT
  • Innovative Industrial Properties, Inc. IIPR
  • Kite Realty KRG
  • LXP Industrial Trust LXP
  • National Storage EXR
  • NNN REIT NNN
  • OUTFRONT Media OUT
  • Paramount Group PGRE
  • Park Hotels PK
  • Rexford Industrial Realty, Inc. REXR
  • Ryman Hospitality RHP
  • Sabra Health Care SBRA
  • STAG Industrial, Inc. STAG

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025May 5, 2026=◇◇◇
2024May 6, 2025=◇◇◇
2023May 7, 2024=◇◇◇
2022May 2, 2023=◇◇◇
2021May 3, 2022=◇◇◇
2020May 4, 2021=◇◇◇
2019May 5, 2020=◇◇◇
2018April 30, 2019=◇◇◇
2017May 1, 2018=◇◇◇
2016May 2, 2017=◇◇◇
2015May 3, 2016=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇

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Sample answer — “What is the CEO’s total compensation?”
- W. Blake Baird (Chairman and Chief Executive Officer, Co-Founder), FY2025 total compensation $5,413,998 (base salary $800,000) [exec_comp, SEC accession 0001193125-26-116759, filed 2026-03-20]

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What this page does not include

Everything above is a fact Terreno Realty disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Peer benchmarking
Where Terreno Realty sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.
Executive Compensation Report — $1,500
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $499
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
238 figures on this page: 227 cited to the filing that reported them, 11 calculated from figures it prints.
227 cited to the filing
11 calculated from the filing

Documents cited

  1. 0001193125-26-209168
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001193125-26-116759
    DIRECTOR COMPENSATION · GRANTS OF PLAN-BASED AWARDS · OUTSTANDING EQUITY AWARDS AT FISCAL YEAR END · PAY RATIO DISCLOSURE · and 2 more sections
  3. 0001193125-25-114980
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001193125-25-059809
    SUMMARY COMPENSATION TABLE
  5. 0001193125-24-137221
    Item 5.07 Submission of Matters to a Vote of Security Holders
  6. 0001193125-24-074635
    SUMMARY COMPENSATION TABLE
  7. 0001193125-23-138228
    Item 5.07 Submission of Matters to a Vote of Security Holders
  8. 0001193125-23-077827
    SUMMARY COMPENSATION TABLE
  9. 0001193125-22-141014
    Say-on-Pay Proposal
  10. 0001193125-21-151743
    Item 5.07 Submission of Matters to a Vote of Security Holders
  11. 0001193125-20-136825
    Item 5.07 Submission of Matters to a Vote of Security Holders
  12. 0001193125-19-133022
    Item 5.07 Submission of Matters to a Vote of Security Holders
  13. 0001193125-18-150900
    Item 5.07 Submission of Matters to a Vote of Security Holders
  14. 0001193125-17-160782
    Item 5.07 Submission of Matters to a Vote of Security Holders
  15. 0001193125-16-579858
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Terreno Realty executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/TRNO (accessed 2026).
Short form: data: Velarion

The paid brief for Terreno Realty

Positioning against its disclosed peers, the governance read, incentive design, and the CD&A alignment analysis; the full peer table; a committee-ready PDF.
$1,500 for the Executive Compensation Report. Both reports for $2,400.
Get the executive briefGet the board briefNo account needed.
15 filings cited on this page
Method: intel.velarion.ai/methodology
A report that fails to generate is refunded in full
Published by Velarion Company Intelligence
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Peers Terreno Realty discloses

The companies named in TRNO's own disclosed peer group.

Agree Realty CorpAmerican Healthcare REITBrixmor PropertyCareTrust REITCOPT Defense PropertiesEastGroup Properties, Inc.Essential PropertiesFederal RealtyFirst Industrial Trust, Inc.Global Net LeaseHighwoods PropertiesHudson PacificIndependence RealtyInnovative Industrial Properties, Inc.Kite RealtyLXP Industrial TrustNational StorageNNN REITOUTFRONT MediaParamount GroupPark HotelsRexford Industrial Realty, Inc.Ryman HospitalitySabra Health Care

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
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