Terreno Realty's Mixed Signals: Hold Rating Amid Stable Market and Leasing Spread ConcernsTerreno's 3Q25 operational update, and our follow-up with management, largely showed the industrial market is relatively stable. SS occupancy increased 10bps q/q to 98.6% leased, albeit with moderating cash spreads of +17.2%. It is not clear to us if spreads will improve in 2026 (+23.8% YTD). Positively, TRNO sold $102.8M of assets with an exit cap rate in the 4% range, while acquiring $472.6M at a 5.1% stabilized yield - but with initial earnings dilution.