TRNO — what changed in the latest 10-Q
A section-by-section comparison of TRNO's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-06 vs the prior 10-Q · 2025-11-05
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +40 | −57 | ~59 | 45 |
| Market risk (Item 3) | Text added/removed | +2 | −1 | 0 | 1 |
| Controls & procedures | Text added/removed | 0 | 0 | ~1 | 1 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 1 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-06
•the use of artificial intelligence, which could present risks and challenges that may adversely impact our business and operating results or that of our tenants;
Development, redevelopment, renovation and expansion expenditures19,816 20,291
3Consists of capitalized interest associated with development, redevelopment, renovation and expansion activities. We do not capitalize any general and administrative costs associated with these activities.
4Includes a net increase in accrued capital expenditures for properties under development and redevelopment of approximately $10.7 million during the three months ended March 31, 2026 and a net decrease of approximately $7.4 million during the three months ended March 31, 2025.
Our industrial properties are typically subject to leases on a “triple net basis,” in which tenants pay their proportionate share of real estate taxes, insurance and operating costs, or are subject to leases on a “modified gross basis,” in which tenants pay expenses over certain threshold levels. In…
Text removed vs the prior filing · source: 10-Q · 2025-11-05
For the Three Months Ended September 30,For the Nine Months Ended September 30,
Development, redevelopment, renovation and expansion expenditures11,729 34,814 47,913 101,959
3Includes a net decrease in accrued capital expenditures for the operating portfolio of approximately $5.2 million during the nine months ended September 30, 2025 and a net increase of approximately $6.7 million during the nine months ended September 30, 2024.
4Consists of capitalized interest associated with development, redevelopment, renovation and expansion activities. We do not capitalize any general and administrative costs associated with these activities.
5Includes a net decrease in accrued capital expenditures for properties under development and redevelopment of approximately $2.8 million during the three months ended September 30, 2025 and a net increase of approximately $0.9 million during the three months ended September 30, 2024.
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-05-06
As of March 31, 2026, we had $400.0 million of borrowings outstanding under our Amended Facility, none of which were subject to interest rate caps. Amounts borrowed under our Amended Facility bear interest at a variable rate based on SOFR plus an applicable SOFR margin. The weighted average interest…
Facility was 4.8% as of March 31, 2026. If the SOFR rate were to fluctuate by 0.25%, interest expense would increase or decrease, depending on rate movement, future earnings and cash flows by approximately $1.0 million annually on the total of the outstanding balances on our Amended Facility as of M…
Text removed vs the prior filing · source: 10-Q · 2025-11-05
As of September 30, 2025, we had $480.0 million of borrowings outstanding under our Amended Facility, none of which were subject to interest rate caps. Amounts borrowed under our Amended Facility bear interest at a variable rate based on SOFR plus an applicable SOFR margin. The weighted average inte…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice