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Terreno Realty
(NYSE:TRNO)
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Rating:73Outperform
Price Target:
$77.00
▲(5.94% Upside)
Action:Reiterated
Date:08/06/26
TRNO’s score is driven primarily by strong financial performance—especially conservative, improving leverage and steady revenue growth—partly tempered by recent earnings quality flags (cash flow lagging net income and margin volatility). Technicals are mixed with weaker near-term momentum, while valuation is reasonably supportive with a ~2.9% yield and moderate P/E. Governance-related corporate events are modestly positive but not a major catalyst.
Positive Factors
Strategic market focus
Terreno’s concentrated strategy in coastal gateway and infill industrial submarkets creates durable structural demand from population and transport-linked logistics tenants. That positioning supports sustained occupancy, rent resilience, and higher re-leasing prospects versus non-core geographies over a multi-quarter horizon.
Negative Factors
Cash flow vs. net income mismatch
OCF trailing reported net income by a material margin suggests earnings are boosted by non-cash or timing items. For a REIT that must distribute most taxable income, persistent cash coverage shortfalls can pressure sustainable dividend funding and raise reliance on external capital or asset sales over multiple quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Strategic market focus
Terreno’s concentrated strategy in coastal gateway and infill industrial submarkets creates durable structural demand from population and transport-linked logistics tenants. That positioning supports sustained occupancy, rent resilience, and higher re-leasing prospects versus non-core geographies over a multi-quarter horizon.
Read all positive factors
Terreno Realty (TRNO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.43B
Dividend Yield3.04%
Average Volume (3M)1.03M
Price to Earnings (P/E)18.4
Beta (1Y)0.47
Revenue Growth18.05%
EPS Growth47.75%
CountryUS
Employees47
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)3.72
Shares Outstanding108,970,310
10 Day Avg. Volume869,716
30 Day Avg. Volume1,034,678
Financial Highlights & Ratios
PEG Ratio0.14
Price to Book (P/B)1.45
Price to Sales (P/S)12.63
P/FCF Ratio28.86
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$74.64Price Target Upside2.70% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)2.06
Revenue Forecast (FY)$513.21M
Terreno Realty Business Overview & Revenue Model
Company Description
Terreno Realty Corporation, together with its subsidiaries, focuses on the acquisition, ownership, and management of industrial real estate assets. Their operations are strategically located in six key coastal U.S. markets: Los Angeles, the Northe...
How the Company Makes Money
Terreno Realty makes money primarily by owning industrial properties and leasing them to tenants under contractual rental agreements. Its core revenue stream is rental income (base rent) paid by tenants for warehouse/distribution and other industr...
Terreno Realty Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
88
Very Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 502.88M | 476.38M | 382.62M | 323.59M | 276.21M | 221.93M |
| Gross Profit | 324.06M | 361.28M | 284.53M | 244.50M | 207.31M | 165.68M |
| EBITDA | 549.08M | 557.43M | 299.33M | 249.47M | 287.63M | 156.00M |
| Net Income | 388.59M | 402.99M | 184.50M | 151.46M | 198.01M | 87.25M |
Balance Sheet | ||||||
| Total Assets | 5.71B | 5.39B | 4.77B | 3.90B | 3.16B | 2.92B |
| Cash, Cash Equivalents and Short-Term Investments | 51.21M | 25.02M | 18.07M | 165.40M | 26.39M | 204.40M |
| Total Debt | 1.06B | 943.34M | 823.44M | 771.56M | 770.82M | 720.67M |
| Total Liabilities | 1.28B | 1.24B | 1.11B | 990.05M | 934.59M | 866.25M |
| Stockholders Equity | 4.43B | 4.15B | 3.66B | 2.91B | 2.23B | 2.06B |
Cash Flow | ||||||
| Free Cash Flow | 185.47M | 208.46M | 186.25M | 126.62M | 76.60M | 80.92M |
| Operating Cash Flow | 286.64M | 271.86M | 232.69M | 179.68M | 143.21M | 132.21M |
| Investing Cash Flow | -650.35M | -452.39M | -915.48M | -570.39M | -337.66M | -666.44M |
| Financing Cash Flow | 287.03M | 187.76M | 534.91M | 528.86M | 17.73M | 631.20M |
Terreno Realty Technical Analysis
Positive
72.68
Price Trends
68.77
Negative
66.61
Positive
63.69
Positive
Market Momentum
-0.44
Positive
43.58
Neutral
19.96
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TRNO, the sentiment is Positive. The current price of 72.68 is above the 20-day moving average (MA) of 70.35, above the 50-day MA of 68.77, and above the 200-day MA of 63.69, indicating a neutral trend. The MACD of -0.44 indicates Positive momentum. The RSI at 43.58 is Neutral, neither overbought nor oversold. The STOCH value of 19.96 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TRNO.
Terreno Realty Risk Analysis
Terreno Realty disclosed 53 risk factors in its most recent earnings report. Terreno Realty reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Terreno Realty Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $10.95B | 35.65 | 8.61% | 2.91% | 10.80% | 22.88% | |
73 Outperform | $7.43B | 18.42 | 9.21% | 2.86% | 18.05% | 47.75% | |
71 Outperform | $7.10B | 28.21 | 6.94% | 3.70% | 9.63% | 3.17% | |
71 Outperform | $3.58B | 60.50 | 3.23% | 4.56% | -4.21% | -28.11% | |
69 Neutral | $8.62B | 22.76 | 13.42% | 2.82% | 8.44% | 34.29% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | $8.00B | -19.60 | -4.75% | 4.44% | 0.58% | -234.18% |
* Real Estate Sector Average
TRNO
Terreno Realty
68.59
14.81
27.54%
EGP
Eastgroup Properties
202.30
42.88
26.89%
STAG
Stag Industrial
36.43
1.90
5.49%
FR
First Industrial Realty
62.76
14.38
29.71%
LXP
LXP Industrial Trust
60.83
19.74
48.04%
REXR
Rexford Industrial Realty
37.56
0.05
0.12%
Terreno Realty Corporate Events
Executive/Board ChangesShareholder Meetings
Terreno Realty Shareholders Reelect Board, Approve Governance Matters
Positive
May 6, 2026
Terreno Realty held its Annual Meeting in Bellevue, Washington, where shareholders representing 106.3 million eligible common shares voted on director elections and key governance items. All eight nominated directors, including CEO W. Blake Baird ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.