Terreno Realty (TRNO)
NYSE:TRNO
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Terreno Realty
(NYSE:TRNO)
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Rating:77Outperform
Price Target:
$75.00
â–²(12.04% 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
Improving cash generation
Consistent, rising operating cash flow and solid TTM free cash flow provide durable internal funding for dividends, redevelopment, and selective acquisitions. This reduces reliance on external financing and supports capital recycling in cyclical property markets over the next several quarters.
Negative Factors
ATM program increases dilution risk
A large at-the-market program materially expands equity issuance capacity, which while providing flexible capital, creates a structural overhang and potential dilution if deployed. Repeated use could impair per-share cash flow, dividend coverage, and long-term returns for existing shareholders.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving cash generation
Consistent, rising operating cash flow and solid TTM free cash flow provide durable internal funding for dividends, redevelopment, and selective acquisitions. This reduces reliance on external financing and supports capital recycling in cyclical property markets over the next several quarters.
Read all positive factors
Terreno Realty (TRNO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$7.02B
Dividend Yield3.38%
Average Volume (3M)577.29K
Price to Earnings (P/E)23.2
Beta (1Y)0.55
Revenue Growth20.19%
EPS Growth105.93%
CountryUS
Employees49
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)4.08
Shares Outstanding106,307,205
10 Day Avg. Volume654,948
30 Day Avg. Volume577,294
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 Cap1.14
Enterprise Value/Revenue16.29
Enterprise Value/Gross Profit25.50
Enterprise Value/Ebitda13.72
Forecast
1Y Price Target
$71.75Price Target Upside7.19% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
EPS Forecast (FY)1.62
Revenue Forecast (FY)$515.31M
Terreno Realty Business Overview & Revenue Model
Company Description
{Terreno Realty Corporation and together with its subsidiaries, the Company) acquires, owns and operates industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Mia...
How the Company Makes Money
Terreno Realty makes money primarily by leasing its industrial properties to tenants and collecting contractual rent. Its core revenue stream is rental income generated from operating leases, which typically include base rent and may include addit...
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
66.94
Price Trends
64.29
Positive
63.33
Positive
60.58
Positive
Market Momentum
0.33
Positive
54.08
Neutral
68.30
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 66.94 is above the 20-day moving average (MA) of 65.68, above the 50-day MA of 64.29, and above the 200-day MA of 60.58, indicating a bullish trend. The MACD of 0.33 indicates Positive momentum. The RSI at 54.08 is Neutral, neither overbought nor oversold. The STOCH value of 68.30 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $8.67B | 13.39 | 12.77% | 2.98% | 8.82% | 28.07% | |
77 Outperform | $7.02B | 23.20 | 10.36% | 3.38% | 20.19% | 105.93% | |
75 Outperform | $11.03B | 26.14 | 8.37% | 3.15% | 11.31% | 20.09% | |
71 Outperform | $7.29B | 27.77 | 6.95% | 4.02% | 9.98% | -2.19% | |
66 Neutral | $3.08B | -2,814.46 | 4.61% | 5.33% | -3.81% | 52.53% | |
66 Neutral | $8.17B | 20.49 | 2.71% | 4.30% | 2.02% | -23.68% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% |
* Real Estate Sector Average
TRNO
Terreno Realty
66.05
12.78
24.00%
EGP
Eastgroup Properties
205.16
45.95
28.86%
STAG
Stag Industrial
38.15
5.35
16.30%
FR
First Industrial Realty
63.28
16.74
35.97%
LXP
LXP Industrial Trust
52.24
13.50
34.85%
REXR
Rexford Industrial Realty
36.18
3.09
9.34%
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 ...
Business Operations and StrategyPrivate Placements and Financing
Terreno Realty Launches New $500 Million ATM Program
Positive
Feb 17, 2026
On February 17, 2026, Terreno Realty Corporation launched a new at-the-market equity offering program, allowing it to issue and sell up to $500 million of common stock from time to time through a syndicate of sales agents on the New York Stock Exc...
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.