Terreno Realty Corporation
TRNO · Price history
Price at last available close
$65.07
−$1.50 (-2.25%) 1M
2026-10-27
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Company & revenue
About Terreno Realty Corporation
Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
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.
How they make money
Terreno Realty Corporation acquires, owns, and operates industrial real estate in six major coastal U.S. markets. The company generates revenue primarily through the leasing of industrial properties, including warehouse/distribution, flex, transshipment, and improved land, to a diverse base of customers.
Products & services
Industrial real estate properties including warehouse/distribution, flex (light industrial and R&D), transshipment facilities, and improved land for industrial outdoor storage.
Brands & revenue mix
No separate brand or brand-level revenue disclosure was confirmed in the reviewed sources. This does not mean the company has no brands.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer types
- Industrial and logistics companiesSource
Customer concentration
As of December 31, 2025, the company had 683 customers, with the largest single customer accounting for approximately 4.9% of total annualized base rent.
Suppliers, materials & equipment
No supplier relationships were confirmed in the sources reviewed. This does not mean the company has no suppliers.
Strengths
- Focus on six major coastal U.S. markets with high barriers to entrySource
Sources
Financial risk observations and what to check
These are saved observations about business performance, not predictions. Review the company filings alongside the interpretation below. Latest stored financial period end: 2026-06-30.
Total debt increased 42.3% versus the same quarter last year.
Compare the added borrowing with available cash, cash generation and maturities. A percentage increase from a small starting balance can look large without measuring the full debt burden.
Wall Street Score
Overall investment score · Quality, value, risk and opportunity
56
Fair
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
69
Fair
Financial Strength
52
Business Quality / Moat
93
Management
80
Growth Quality
46
Risk / Durability
74
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
63
Fully Valued
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
60/100
Building Historical Record
Model Score 60/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
Click for full breakdown →
WSS View
The quick read
The overall Wall Street Score is mixed across its combined quality, valuation and risk inputs. Review the category scores to identify what is helping or hurting the result.
At today’s price, the WSS valuation framework currently reads as moderate rather than unusually attractive.
The model outlook is currently moderate.
- •Valuation scores attractively
- •M&A headline · Oct 21, 2026
- •M&A headline · Aug 20, 2026
- •M&A headline · Aug 17, 2026
- •M&A headline · Aug 10, 2026
- •Revenue fundamentals are weak
Company-specific research
Questions worth answering for TRNO
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
- •Can TRNO maintain its current revenue growth rate and improve the amount of that revenue that turns into earnings and cash?
- •Is TRNO's positive free cash flow repeatable, or is the current level being helped by temporary working-capital or spending changes?
- •Is TRNO's debt load manageable relative to cash generation, interest costs and upcoming maturities?
- •Is TRNO's valuation discount tied to a temporary concern or to a longer-term business risk?
- •What does the current fundamental change risk warning mean for the reliability or interpretation of TRNO's score?
Essential Investment Snapshot
Wall Street Score
56
Opportunity Score
63
Market Cap
$7.09B
P/E Ratio
17.2
EPS
$3.72
52-Week High
$78.94
52-Week Low
$55.92
Beta
1.04
Intrinsic Value
$143.22
Analyst Target
$74.00
Shares Outstanding
102.7M
Total Revenue
$502.9M
Total Debt
$1.06B
Dividend
No current dividend
Liquidation Value / Share
$43.14
Momentum & Volatility Signals
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
Neutral / mixed momentum
Low movement
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for TRNO
Detected from reported data — verify before acting.M&A headline · Oct 21, 2026
Terreno Realty Corporation Acquires Property in Queens, NY for $13.9 Million — This is a provider-linked headline, not an independently confirmed event. Check the article and company filings for the subject, proposed/completed status, and subsequent updates.
Business WireM&A headline · Aug 20, 2026
Terreno Realty Corporation Acquires Property in Redmond, WA for $8.0 Million — This is a provider-linked headline, not an independently confirmed event. Check the article and company filings for the subject, proposed/completed status, and subsequent updates.
Business WireM&A headline · Aug 17, 2026
Terreno Realty Corporation Acquires Property in Brooklyn, NY for $26.3 Million — This is a provider-linked headline, not an independently confirmed event. Check the article and company filings for the subject, proposed/completed status, and subsequent updates.
Business WireM&A headline · Aug 10, 2026
Terreno Realty Corporation Acquires Property in Torrance, CA for $14.7 Million - Executes lease for 100% of the building commencing December 2026 — This is a provider-linked headline, not an independently confirmed event. Check the article and company filings for the subject, proposed/completed status, and subsequent updates.
Business WireCommunity Sentiment
0 active · 0 total callsNo personal call yet on TRNO.
Potential upside factors
- +Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
- +Focus on six major coastal U.S. markets with high barriers to entry.
- +Positive free cash flow may provide capacity to invest in growth.
Potential downside factors
- −Key risks may include competition, margin pressure, debt levels, valuation risk, and changes in demand within the REIT - Industrial industry.
- −Concentration of properties in specific coastal markets.
- −Economic downturns affecting industrial real estate demand.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
Create a free account to make a call.
Scores
Click any score for full breakdownWas this stock page easy to understand?
One click helps us improve the research experience. This is not tied to an investment decision.
Score Changes
2 historical score records availablePrevious Score
54
Jul 24, 2026
Change
+1.9
points
Current Score
56
Oct 1, 2026
Category Changes
TRNO increased 1.9 points because Revenue improved by 2.9 points, Asset improved by 3 points, Valuation improved by 13.9 points.
Positive Contributors
- + Revenue improved by 2.9 points
- + Asset improved by 3 points
- + Valuation improved by 13.9 points
- + Buffett improved by 2.1 points
Negative Contributors
- − Management declined by 2.5 points
Projected Score
Projected Score
46
Projected Change
-10.2 points
Preliminary comparable-period financial changes suggest decline of approximately 10.2 points. This is a projected estimate, not the official WallStreetScore.
Price vs. Value
UndervaluedCurrent Price
$65.07
Model Intrinsic Value
$143.22
Difference
−$78.15
-54.6% vs IV
Margin of Safety
54.6%
Financial Charts
Revenue
Additional Metrics
Operating Cash Flow
Total Debt
Total Assets
Net Margin %
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
| Line Item | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $502.9M | $476.4M | $382.6M | $323.6M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Cost of Revenue | $178.8M | $115.1M | $98.1M | $79.1M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Gross Profit | $324.1M | $361.3M | $284.5M | $244.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Research & Development | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| SG&A Expenses | $49.5M | $47.3M | $42.6M | $37.9M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Expenses | $115.8M | $168.8M | $136.5M | $111.2M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| EBITDA | $549.1M | $557.4M | $299.3M | $249.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Operating Income | $208.3M | $192.4M | $148.0M | $133.4M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Interest Expense | $35.2M | $32.9M | $20.9M | $24.8M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Before Tax | $388.6M | $403.0M | $184.5M | $151.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Income Tax Expense | $0.00 | $0.00 | $0.00 | $0.00 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Net Income | $388.6M | $403.0M | $184.5M | $151.5M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic EPS | $3.72 | $3.93 | $1.92 | $1.81 | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Basic Shares | 107M | 102M | 95.52M | 83.17M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
| Diluted Shares | 107M | 103M | 95.84M | 83.37M | ···· | ···· | ···· | ···· | ···· | ···· | ···· |
Earnings Summary
Revenue
$124.7M
Estimate unavailable.
Revenue Beat/Miss
Not available (no estimate stored)
EPS
$0.54
Estimate unavailable.
EPS Beat/Miss
Not available (no estimate stored)
Debt Change
+42.3%
Cash Change
-60.1%
Margin Change
-36.9 pp
Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Weakened
- Margins contracted
- Cash position declined
- Debt increased
Potential Score Impact
Positive indicators included revenue growth. Pressure indicators included EPS growth, cash levels, debt levels, net income margin. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 11.1%. EPS declined 40.0%. Cash declined 60.1%. Total debt increased 42.3%. Net income margin declined by 36.9 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
Insider Activity
Guru / Smart Money
Guru Score
7
Smart Money
7
Number of Gurus
1
Total Guru Value
Avg Portfolio Weight
Largest Holder
Largest Holder %
New Positions
Increased Positions
Reduced Positions
Exited Positions
Net Guru Sentiment
Short Interest
Dividend History
Dividend data is not available yet. Missing data does not mean this company pays no dividend.
Conservative Projected Values
3 Years
$———.——
5 Years
$———.——
10 Years
$———.——
Conservative Projection Rate
——%
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
Premium unlocks the 3-year, 5-year, and 10-year conservative projected values with full calculation breakdowns based on actual historical returns.
Start 7-Day Free TrialHistorical Outperformance Record
Premium includes stored forecasts and any available evaluated results. Completed results, win rates and calibrated probabilities are shown only when supported records exist; access does not create historical outcomes.
Start 7-Day Free TrialHistorical Trends
2 historical records2 historical score records available.
Historical Score Chart
2 of 2 records shownWall Street Score
Debt Score
Revenue Score
Asset Score
Capital Score
Management Score
Moat Score
Valuation Score
Buffett Score
Intrinsic Value
Value Reference
Margin of Safety %
Related Companies
REIT - IndustrialNews
Terreno Realty Corporation Acquires Property in Queens, NY for $13.9 Million
Terreno Realty Corporation Sells Property in East Rutherford, NJ for $25.0 Million
Terreno Realty Corporation Sells Property in Fairfield, NJ for $8.8 Million
3 Equity REIT Stocks Worth Betting on Despite Industry Headwinds
Rumor Mill · TRNO
Corporate developments & opportunities
No reviewed developments match this filter.
Evidence credibility is not a forecast of stock performance. Rumor Mill is separate from the WSS score.
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