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TRNO 
Terreno Realty Corporation (TRNO)
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Upturn Advisory Summary
01/09/2026: TRNO (1-star) is currently NOT-A-BUY. Pass it for now.
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 -1.6% | Avg. Invested days 40 | Today’s Advisory PASS |
Upturn Star Rating | Upturn Advisory Performance  3.0 | Stock Returns Performance  1.0 |
| Profits based on simulation | Last Close 01/09/2026 |
Key Highlights
Company Size Mid-Cap Stock | Market Capitalization 6.14B USD | Price to earnings Ratio 18.82 | 1Y Target Price 65.94 |
Price to earnings Ratio 18.82 | 1Y Target Price 65.94 | ||
Volume (30-day avg) 18 | Beta 1.15 | 52 Weeks Range 46.93 - 66.89 | Updated Date 01/9/2026 |
52 Weeks Range 46.93 - 66.89 | Updated Date 01/9/2026 | ||
Dividends yield (FY) 3.35% | 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 18.82 | Forward PE 79.37 | Enterprise Value 7114927745 | Price to Sales(TTM) 13.88 |
Enterprise Value 7114927745 | Price to Sales(TTM) 13.88 | ||
Enterprise Value to Revenue 16.07 | Enterprise Value to EBITDA 15.51 | Shares Outstanding 102861798 | Shares Floating 101325249 |
Shares Outstanding 102861798 | Shares Floating 101325249 | ||
Percent Insiders 1.96 | Percent Institutions 110.92 |
Upturn AI SWOT
Terreno Realty Corporation
Company Overview
History and Background
Terreno Realty Corporation (TRNO) was founded in 2010 and is a real estate investment trust (REIT) that acquires, owns, and operates industrial properties in the United States. Its strategy focuses on acquiring well-located properties in key coastal and inland submarkets with strong demand and limited supply, often serving as distribution hubs for e-commerce and logistics. The company has grown through strategic acquisitions and a disciplined approach to property management.
Core Business Areas
- Industrial Properties Acquisition and Operation: Terreno Realty Corporation focuses on acquiring, developing, and operating a portfolio of industrial properties, primarily distribution buildings and trans-shipment facilities, located in key markets across the United States. The company aims to generate rental income from these properties.
Leadership and Structure
Terreno Realty Corporation is led by a seasoned management team with extensive experience in real estate investment and operations. The company operates as a publicly traded REIT, subject to the oversight of its Board of Directors and regulatory requirements.
Top Products and Market Share
Key Offerings
- Industrial Real Estate Portfolio: Terreno Realty Corporation's primary offering is its portfolio of industrial real estate properties, which includes modern distribution buildings and trans-shipment facilities. The company does not typically break down revenue by individual property or specific service; revenue is derived from rental income across its entire portfolio. Competitors include other industrial REITs and private real estate investment firms.
Market Dynamics
Industry Overview
The industrial real estate sector, particularly logistics and distribution properties, has experienced significant growth driven by the expansion of e-commerce, supply chain optimization, and the need for last-mile delivery solutions. Demand for modern, well-located industrial space remains robust, though economic slowdowns and interest rate hikes can impact investment and leasing activity.
Positioning
Terreno Realty Corporation is positioned as a specialist in acquiring and managing high-quality industrial properties in attractive markets. Its competitive advantages include a focus on strategically located assets, a disciplined acquisition strategy, a strong tenant base, and efficient property management. The company's portfolio is diversified across various geographic regions and tenant industries.
Total Addressable Market (TAM)
The total addressable market for industrial real estate in the U.S. is substantial, encompassing billions of dollars in property value and annual rental income. Terreno Realty Corporation targets specific submarkets within this larger TAM, focusing on areas with high barriers to entry and strong underlying demand drivers. Its market share within the overall industrial real estate market is relatively small, but it aims to be a significant player within its chosen niche markets.
Upturn SWOT Analysis
Strengths
- Strategically located portfolio of industrial properties.
- Experienced management team with a proven track record.
- Strong tenant relationships and high occupancy rates.
- Disciplined acquisition strategy focused on value.
- Access to capital markets for growth.
Weaknesses
- Reliance on a specific property type (industrial).
- Sensitivity to economic downturns affecting tenant demand.
- Potential for increased competition in attractive submarkets.
- Geographic concentration risks in certain submarkets.
Opportunities
- Continued growth of e-commerce driving demand for logistics space.
- Supply chain reconfigurations creating new demand.
- Potential for value-add acquisitions and development opportunities.
- Expansion into new, high-growth industrial submarkets.
- Increased demand for cold storage and specialized industrial facilities.
Threats
- Rising interest rates increasing borrowing costs and impacting property valuations.
- Economic recession leading to reduced tenant demand and rent growth.
- Increased supply of new industrial properties in certain markets.
- Changes in regulatory environments affecting real estate development and operations.
- Increased operating expenses (e.g., utilities, maintenance).
Competitors and Market Share
Key Competitors
- Prologis, Inc. (PLD)
- Duke Realty Corporation (DRE)
- EastGroup Properties, Inc. (EGP)
- Rexford Industrial Realty, Inc. (REXR)
Competitive Landscape
Terreno Realty Corporation competes in a fragmented but increasingly consolidated industrial real estate market. While larger players like Prologis have a significant market share, Terreno differentiates itself through its niche focus on specific submarkets and a disciplined, value-oriented acquisition strategy. Its ability to execute efficiently and maintain strong tenant relationships are key advantages. However, it faces challenges from larger REITs with greater economies of scale and broader market access.
Growth Trajectory and Initiatives
Historical Growth: Terreno Realty Corporation has experienced consistent historical growth, driven by a steady stream of property acquisitions and organic rent increases. The company has successfully expanded its portfolio in key industrial markets across the US.
Future Projections: Future growth projections for Terreno Realty Corporation are generally positive, supported by the ongoing demand for industrial and logistics real estate. Analysts typically forecast continued revenue and FFO growth, assuming a favorable economic environment and successful execution of its acquisition strategy.
Recent Initiatives: Recent initiatives may include ongoing property acquisitions, development projects, and strategic leasing to enhance portfolio value. The company continuously evaluates opportunities to optimize its property portfolio and capital structure.
Summary
Terreno Realty Corporation is a robust industrial REIT with a solid strategy focused on acquiring and operating high-quality properties in key U.S. markets. Its strengths lie in its experienced management, strategic portfolio, and strong tenant base, which have driven consistent historical growth. The company needs to remain vigilant against the threats of rising interest rates and potential economic slowdowns, while capitalizing on the ongoing e-commerce boom and supply chain evolution to sustain its positive trajectory.
Similar Stocks
Sources and Disclaimers
Data Sources:
- Company Investor Relations Filings (SEC)
- Financial Data Providers (e.g., Refinitiv, Bloomberg)
- Industry Research Reports
Disclaimers:
This JSON output is generated based on publicly available information and analytical models. It is intended for informational purposes only and does not constitute investment advice. Market conditions and company performance are subject to change. Investors should conduct their own due diligence before making any investment decisions.
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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