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TRNO 
Terreno Realty Corporation (TRNO)
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Upturn Advisory Summary
12/05/2025: TRNO (1-star) has a low Upturn Star Rating. Not recommended to BUY.
Upturn Star Rating
Not Recommended Performance
These Stocks/ETFs, based on Upturn Advisory, consistently fall short of market performance, signaling caution before investing.
Number of Analysts
18 Analysts rated it
Moderately tracked stock, growing coverage, gaining market and investor attention.
1 Year Target Price $65.94
1 Year Target Price $65.94
| 3 | Strong Buy |
| 4 | Buy |
| 10 | Hold |
| 0 | Sell |
| 1 | Strong Sell |
Analysis of Past Performance
Type Stock | Historic Profit 3.51% | Avg. Invested days 38 | Today’s Advisory Consider higher Upturn Star rating |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 12/05/2025 |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 6.43B USD | Price to earnings Ratio 19.71 | 1Y Target Price 65.94 |
Price to earnings Ratio 19.71 | 1Y Target Price 65.94 | ||
Volume (30-day avg) 18 | Beta 1.14 | 52 Weeks Range 47.33 - 67.46 | Updated Date 12/6/2025 |
52 Weeks Range 47.33 - 67.46 | Updated Date 12/6/2025 | ||
Dividends yield (FY) 3.19% | Basic EPS (TTM) 3.16 |
Analyzing Revenue: Products, Geography and Growth
Revenue by Geography
Geography revenue - Year on Year
Earnings Date
Report Date - | When - | Estimate - | Actual - |
Profitability
Profit Margin 72.5% | Operating Margin (TTM) 41.26% |
Management Effectiveness
Return on Assets (TTM) 2.2% | Return on Equity (TTM) 8.41% |
Valuation
Trailing PE 19.71 | Forward PE 79.37 | Enterprise Value 7402940779 | Price to Sales(TTM) 14.54 |
Enterprise Value 7402940779 | Price to Sales(TTM) 14.54 | ||
Enterprise Value to Revenue 16.73 | Enterprise Value to EBITDA 16.14 | Shares Outstanding 102861798 | Shares Floating 101325249 |
Shares Outstanding 102861798 | Shares Floating 101325249 | ||
Percent Insiders 1.97 | Percent Institutions 110.94 |
Upturn AI SWOT
Terreno Realty Corporation
Company Overview
History and Background
Terreno Realty Corporation (TRNO) was founded in 2009 and is focused on acquiring, owning, and operating industrial real estate in major coastal U.S. markets. It has grown through strategic acquisitions and development projects.
Core Business Areas
- Industrial Real Estate Acquisition: Acquisition of functional industrial properties, focusing on infill locations near major transportation corridors.
- Property Management: Active management of acquired properties to maximize occupancy and rental rates.
- Development and Redevelopment: Strategic development and redevelopment of industrial properties to meet tenant demand and enhance value.
Leadership and Structure
W. Blake Baird is the Chairman, and Michael A. Brennan is the President and CEO. Terreno operates with a team of regional managers and specialists focused on specific markets.
Top Products and Market Share
Key Offerings
- Industrial Properties: Terreno acquires, owns and manages industrial properties such as distribution centers, warehouses, and light industrial facilities. Market share is difficult to pinpoint exactly, as the industrial real estate market is fragmented. Competitors include Prologis, Duke Realty (now Prologis), and Rexford Industrial Realty. Revenue is proportional to rental income; specific figures not publicly disclosed on a per-property basis.
Market Dynamics
Industry Overview
The industrial real estate market is currently experiencing strong demand driven by e-commerce growth, supply chain modernization, and inventory management trends. However, rising interest rates and economic uncertainty pose potential headwinds.
Positioning
Terreno is positioned as a specialist in infill industrial properties in high-barrier coastal markets. Its competitive advantages include its local market expertise and focus on functional, multi-tenant properties.
Total Addressable Market (TAM)
The total addressable market for industrial real estate in the US is estimated to be in the trillions of dollars. Terreno's positioning in high-barrier coastal markets allows it to capture a significant portion of this TAM, focusing on areas with higher rental rates and strong demand.
Upturn SWOT Analysis
Strengths
- Strategic focus on high-barrier coastal markets
- Experienced management team
- Strong balance sheet
- Proven track record of acquisitions and development
Weaknesses
- Geographic concentration
- Reliance on acquisitions for growth
- Exposure to economic cycles
- Smaller market capitalization compared to larger REITs
Opportunities
- Continued growth in e-commerce
- Increasing demand for urban logistics space
- Development and redevelopment opportunities
- Expansion into new markets
Threats
- Rising interest rates
- Economic slowdown
- Increased competition
- Overbuilding in certain markets
Competitors and Market Share
Key Competitors
- PLD
- REX
- FR
Competitive Landscape
Terreno's focus on high-barrier coastal markets differentiates it from larger competitors like Prologis, which have a broader geographic focus. Rexford Industrial is a direct competitor in Southern California. FR's market share is based on similar geography as well.
Major Acquisitions
2555 and 2565 Cordelia Road
- Year: 2024
- Acquisition Price (USD millions): 36.6
- Strategic Rationale: Expanding the company's presence in key logistics markets, enhancing portfolio diversification, and increasing rental income.
Growth Trajectory and Initiatives
Historical Growth: Terreno has achieved significant growth through acquisitions and development projects. Revenue has increased at a double-digit rate annually.
Future Projections: Analysts project continued growth in revenue and earnings, driven by strong demand for industrial real estate. Expansion into new markets is also expected.
Recent Initiatives: Recent initiatives include acquisitions in Southern California and New Jersey, as well as the development of new industrial facilities.
Summary
Terreno Realty Corporation is a well-managed REIT focused on acquiring and operating industrial properties in high-barrier coastal markets. It has a strong track record of growth and consistent dividend payouts. However, its geographic concentration and reliance on acquisitions pose potential risks. Future growth depends on its ability to execute its acquisition strategy and capitalize on favorable market conditions.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Company SEC Filings
- Analyst Reports
- Industry Publications
- Company Website
Disclaimers:
This analysis is for informational purposes only and should not be considered financial advice. Investment decisions should be based on individual risk tolerance and due diligence.
AI Summarization is directionally correct and might not be accurate.
Summarized information shown could be a few years old and not current.
Fundamental Rating based on AI could be based on old data.
AI-generated summaries may have inaccuracies (hallucinations). Please verify the information before taking action.
About Terreno Realty Corporation
Exchange NYSE | Headquaters Bellevue, WA, United States | ||
IPO Launch date 2010-02-10 | Co-Founder, Chairman & CEO Mr. W. Blake Baird | ||
Sector Real Estate | Industry REIT - Industrial | Full time employees 49 | Website https://www.terreno.com |
Full time employees 49 | Website https://www.terreno.com | ||
Terreno Realty Corporation ("Terreno", and together with its subsidiaries, the "Company") acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C. All square feet, acres, occupancy and number of properties disclosed in these condensed notes to the consolidated financial statements are unaudited. As of September 30, 2025, the Company owned 307 buildings (including one property consisting of two buildings held for sale) aggregating approximately 20.2 million square feet, 44 improved land parcels consisting of approximately 146.4 acres, six properties under development or redevelopment and approximately 10.7 acres of land for future development. The Company is an internally managed Maryland corporation and elected to be taxed as a real estate investment trust ("REIT") under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the "Code"), commencing with its taxable year ended December 31, 2010.
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