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Terreno Realty
(NYSE:TRNO)
Select Model
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Rating:77Outperform
Price Target:
$82.00
â–²(12.82% Upside)
Action:Reiterated
Date:05/09/26
The score is driven primarily by strong financial performance (improving balance sheet strength and positive cash generation), supported by constructive technical trends. The main constraints are a valuation that is not inexpensive and corporate-event risk around potential dilution from the new ATM program, alongside weaker recent cash conversion versus net income.
Positive Factors
Focused industrial REIT strategy
Terreno’s clear, focused business model targeting infill industrial properties in coastal gateway markets supports durable demand from e-commerce and distribution. Concentration in population centers and transport hubs underpins steady leasing fundamentals and long-term rent growth potential.
Negative Factors
Weak cash conversion
A materially lower operating cash to net income ratio signals earnings quality risk; compressed cash conversion can constrain distributable cash available for dividends and reinvestment. Persistent divergence would pressure capital allocation and require closer monitoring.
Read all positive and negative factors
Positive Factors
Negative Factors
Focused industrial REIT strategy
Terreno’s clear, focused business model targeting infill industrial properties in coastal gateway markets supports durable demand from e-commerce and distribution. Concentration in population centers and transport hubs underpins steady leasing fundamentals and long-term rent growth potential.
Read all positive factors
Terreno Realty (TRNO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.62B
Dividend Yield2.9%
Average Volume (3M)1.03M
Price to Earnings (P/E)17.6
Beta (1Y)0.51
Revenue Growth20.19%
EPS Growth105.93%
CountryUS
Employees47
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)4.08
Shares Outstanding106,307,205
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
$73.91Price Target Upside1.69% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering11
EPS Forecast (FY)1.95
Revenue Forecast (FY)$517.71M
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
86
Very 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 | 490.40M | 476.38M | 382.62M | 323.59M | 276.21M | 221.93M |
| Gross Profit | 313.30M | 361.28M | 284.53M | 244.50M | 207.31M | 165.68M |
| EBITDA | 582.36M | 557.43M | 299.33M | 249.47M | 287.63M | 156.00M |
| Net Income | 424.30M | 402.99M | 184.50M | 151.46M | 198.01M | 87.25M |
Balance Sheet | ||||||
| Total Assets | 5.55B | 5.39B | 4.77B | 3.90B | 3.16B | 2.92B |
| Cash, Cash Equivalents and Short-Term Investments | 87.87M | 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 | 1.26B | 1.24B | 1.11B | 990.05M | 934.59M | 866.25M |
| Stockholders Equity | 4.30B | 4.15B | 3.66B | 2.91B | 2.23B | 2.06B |
Cash Flow | ||||||
| Free Cash Flow | 203.22M | 208.46M | 186.25M | 126.62M | 76.60M | 80.92M |
| Operating Cash Flow | 272.36M | 271.86M | 232.69M | 179.68M | 143.21M | 132.21M |
| Investing Cash Flow | -502.23M | -452.39M | -915.48M | -570.39M | -337.66M | -666.44M |
| Financing Cash Flow | 161.30M | 187.76M | 534.91M | 528.86M | 17.73M | 631.20M |
Terreno Realty Technical Analysis
Positive
72.68
Price Trends
67.90
Positive
65.75
Positive
63.16
Positive
Market Momentum
1.30
Positive
55.03
Neutral
24.46
Neutral
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 71.89, above the 50-day MA of 67.90, and above the 200-day MA of 63.16, indicating a neutral trend. The MACD of 1.30 indicates Positive momentum. The RSI at 55.03 is Neutral, neither overbought nor oversold. The STOCH value of 24.46 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $7.62B | 17.56 | 10.36% | 2.86% | 20.19% | 105.93% | |
75 Outperform | $11.24B | 36.60 | 8.61% | 2.91% | 10.80% | 22.88% | |
75 Outperform | $9.02B | 23.94 | 13.42% | 2.82% | 8.44% | 34.29% | |
71 Outperform | $7.38B | 29.43 | 6.94% | 3.70% | 9.63% | 3.17% | |
71 Outperform | $3.57B | 60.42 | 3.14% | 4.56% | -4.21% | -28.11% | |
67 Neutral | $8.42B | -20.64 | -4.75% | 4.44% | 0.58% | -234.18% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
TRNO
Terreno Realty
71.70
18.08
33.71%
EGP
Eastgroup Properties
208.48
49.69
31.29%
STAG
Stag Industrial
38.57
4.70
13.88%
FR
First Industrial Realty
65.52
18.35
38.92%
LXP
LXP Industrial Trust
60.43
22.60
59.74%
REXR
Rexford Industrial Realty
37.69
2.46
7.00%
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.