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TRNOTerreno Realty Corporation
$68.77$7.3B
Overview & Verdict
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TRNO logoTerreno Realty Corporation(TRNO)Earnings, Financials & Key Ratios

TRNO•NYSE•REIT / Real Estate
$68.77
17.5× P/E·Price updated Jul 7, 2026
SectorReal EstateIndustryIndustrial REITsSub-IndustryIndustrial Logistics Warehouse REITs
About{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, Miami, and Washington, D.C. All square feet, acres, occupancy and number of properties disclosed in these condensed notes to the consolidated financial statements are unaudited. As of September 30, 2020, the Company owned 219 buildings aggregating approximately 13.1 million square feet, 22 improved land parcels consisting of approximately 85.0 acres and one property under redevelopment expected to contain approximately 0.2 million square feet upon completion. The Company is an internally managed Maryland corporation and elected to be taxed as a real estate investment trust (REIT) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the Code), commencing with its taxable year ended December 31, 2010.}Show more
  • Revenue$476M+24.5%
  • FFO$525M+88.4%
  • FFO/Share5.11+75.8%
  • FFO Payout38.87%-38.2%
  • FFO per Share5.11+75.8%
  • NOI Margin75.84%+2.0%
  • FFO Margin110.12%+51.3%
  • ROE10.32%+84.0%
  • ROA7.93%+86.5%

TRNO Price & Volume

Terreno Realty Corporation (TRNO) stock price & volume — 10-year historical chart

Loading chart...

Infill Scarcity Drives Robust Industrial Margin Expansion

Investment Thesis • Updated 2026Q1

VerdictNeutral
Growth:Expanding
Profitability:Strong
Financial:Fortress
Cash Flow:Mixed
Primary Risk:Geographic concentration and liquidity

Key Thesis Takeaways

  • Terreno Realty Corporation leverages a fortress balance sheet and high-barrier coastal sub-markets to drive consistent revenue growth, evidenced by a 32.6% year-over-year revenue increase in 2025Q4.
  • While the company benefits from triple-net lease structures that support a 78.0% NOI margin, investors should monitor the volatility in FFO quality and the potential for capitalized leasing costs to obscure recurring earnings.
  • The firm's disciplined capital allocation strategy, characterized by a low 0.11 debt-to-equity ratio, provides significant flexibility to navigate cyclical capital expenditure requirements in its small-bay industrial portfolio.

Verdict Logic

while the company exhibits strong growth and a low 0.11 debt-to-equity ratio, the significant volatility in FFO quality and the potential for capitalized costs to inflate earnings warrant a cautious approach.

TRNO Growth Metrics

Terreno Realty Corporation (TRNO) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years17.39%
5 Years20.58%
3 Years19.92%
TTM20.19%

Profit CAGR

10 Years39.34%
5 Years38.25%
3 Years26.73%
TTM115.86%

EPS CAGR

10 Years31.17%
5 Years35.44%
3 Years14.52%
TTM107.11%

Return on Capital

10 Years4.23%
5 Years3.74%
3 Years3.8%
Last Year4%

TRNO Recent Earnings

Terreno Realty Corporation (TRNO) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 10/12 qtrs (83%)
Q2 2026Latest
May 6, 2026
Metric
Actual
Est
EPS
$0.68+112.5%
$0.32
Rev
$124M+1.7%
$122M
Q1 2026
Feb 4, 2026
Metric
Actual
Est
EPS
$0.83-2.4%
$0.85
Rev
$137M+4.0%
$132M
Q4 2025
Nov 5, 2025
Metric
Actual
Est
EPS
$0.67+3.1%
$0.65
Rev
$116M+1.4%
$115M
Q3 2025
Aug 6, 2025
Metric
Actual
Est
EPS
$0.64-1.5%
$0.65
Rev
$112M-2.7%
$115M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 6, 2026
$0.68vs $0.32+112.5%
$124Mvs $122M+1.7%
Q1 2026Feb 4, 2026
$0.83vs $0.85-2.4%
$137Mvs $132M+4.0%
Q4 2025Nov 5, 2025
$0.67vs $0.65+3.1%
$116Mvs $115M+1.4%
Q3 2025Aug 6, 2025
$0.64vs $0.65-1.5%
$112Mvs $115M-2.7%
Based on last 12 quarters of dataView full earnings history →

Latest TRNO News

Recent stock market news and headlines for Terreno Realty Corporation (TRNO)

Zacks Investment Research·4 days ago
Terreno Realty's Latest Leasing Moves: What Investors Need to Know Now

Terreno Realty's leasing wins in Florida, California and New Jersey boost occupancy, extend cash flow visibility and highlight demand in core logistics markets.

GuruFocus·6 days ago
Terreno Realty Corporation Announces Leases in Doral, FL

Terreno Realty Corporation (NYSE: TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today that it ha

Business Wire·Jul 1, 2026
Terreno Realty Corporation Announces Leases in Hialeah, FL

BELLEVUE, Wash.--(BUSINESS WIRE)--Terreno Realty Corporation Announces Leases in Hialeah, FL.

Business Wire·Jun 30, 2026
Terreno Realty Corporation Announces Lease in Union City, CA

BELLEVUE, Wash.--(BUSINESS WIRE)--Terreno Realty Corporation Announces Lease in Union City, CA.

Zacks Investment Research·Jun 26, 2026
Terreno Realty's Strong Leasing Activity Supports Future Outlook

TRNO boosts income visibility with early lease renewals and new industrial deals as rent growth and tenant retention stay strong.

Peers Comparison

Key metrics vs top competitors for Terreno Realty Corporation (TRNO)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
TRNO logoTRNOTerreno Realty CorporationCurrent
$68.77$7.31B17.5424.51%84.59%10.32%2.89%
PLD logoPLDPrologis, Inc.
$143.61$133.89B40.577.18%41.54%6.46%—
EGP logoEGPEastGroup Properties, Inc.
$214.62$11.54B44.0712.97%39.7%8.37%—
REXR logoREXRRexford Industrial Realty, Inc.
$34.34$7.95B39.937.13%23.47%2.6%—
FR logoFRFirst Industrial Realty Trust, Inc.
$64.43$8.54B34.458.58%45.99%12.35%—
STAG logoSTAGSTAG Industrial, Inc.
$39.12$7.48B26.7910.14%28.26%6.8%—

Compare TRNO vs Peers

Terreno Realty Corporation (TRNO) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs PLD

Most directly comparable listed peer for TRNO.

Scale Benchmark

vs AMZN

Larger-name benchmark to compare TRNO against a more recognizable public peer.

Peer Set

Compare Top 5

vs PLD, EGP, REXR, FR

TRNO SEC Filings & Documents

Terreno Realty Corporation (TRNO) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 6, 2026·SEC

Material company update

Feb 17, 2026·SEC

Material company update

Jan 8, 2026·SEC

10-K Annual Reports

5
FY 2026

Feb 4, 2026·SEC

FY 2025

Feb 5, 2025·SEC

FY 2024

Feb 7, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 6, 2026·SEC

FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 6, 2025·SEC

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TRNO Frequently Asked Questions

Terreno Realty Corporation (TRNO) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Terreno Realty Corporation's revenue?

Terreno Realty Corporation (TRNO) reported $490.4M in revenue for fiscal year 2025. This represents a 12066% increase from $4.0M in 2010.

How fast is Terreno Realty Corporation growing?

Terreno Realty Corporation (TRNO) grew revenue by 24.5% over the past year. This is strong growth.

Is TRNO profitable?

Yes, Terreno Realty Corporation (TRNO) is profitable, generating $424.3M in net income for fiscal year 2025 (84.6% net margin).

Dividend & Returns
Does TRNO pay dividends?

Yes, Terreno Realty Corporation (TRNO) pays a dividend with a yield of 2.89%. This makes it attractive for income-focused investors.

What is TRNO's return on equity?

Terreno Realty Corporation (TRNO) has a return on equity (ROE) of 10.3%. This is reasonable for most industries.

Industry Metrics
What is Terreno Realty Corporation's FFO?

Terreno Realty Corporation (TRNO) generated Funds From Operations (FFO) of $548.4M in the trailing twelve months. FFO is the primary profitability metric for REITs.

What if you invested $1,000 in TRNO back in 2010?

Total return calculator · dividends reinvested · 16+ years of data

See returns →