Terreno Realty Corporation (TRNO) AI Stock Analysis

Terreno Realty Corporation specializes in the acquisition, ownership, and operation of industrial real estate properties strategically located 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. The company focuses on properties meeting strong demand for industrial space in major metropolitan centers. As of September 30, 2020, its portfolio included 219 buildings totaling approximately 13.1 million square feet, 22 improved land parcels spanning approximately 85.0 acres, and one property undergoing redevelopment expected to add 0.2 million square feet upon completion. Terreno operates as an internally managed REIT.

Terreno Realty demonstrated steady top-line expansion, increasing revenue from $221.9M in FY2021 to $476.4M in FY2025, reflecting a 5-year revenue CAGR of 20.6% from FY2020 to FY2025. Annual revenue rose 24.5% in FY2025, up from 18.2% growth in FY2024. Gross margin remained steady at 75.8% in FY2025, while operating margin reached 40.4%. Net income surged to $403.0M in FY2025, compared to $184.5M in FY2024, resulting in a net margin of 84.6%. For the trailing twelve months, revenue totaled $502.9M. In the latest quarter ended June 30, 2026, quarterly revenue grew 11.1% year-over-year, while quarterly earnings declined 40.2%.

As of June 30, 2026, Terreno held $51.2M in cash and short-term investments against total debt of $1.06B, leaving net debt at $1.00B. Shareholders' equity was $4.43B, resulting in a debt-to-equity ratio of 0.24, alongside a current ratio of 1.04. In FY2025, the company generated $271.9M in operating cash flow and $208.5M in free cash flow. Cash allocations for FY2025 included $63.4M in capital expenditures, $203.9M in dividends paid, and $3.3M in share buybacks.

Terreno trades at an enterprise value of $8.09B and a market cap of $6.98B. Its trailing P/E of 17.2x sits below the US-listed Real Estate median of 21.6x, but its forward P/E of 80.0x is significantly higher than the peer median of 23.5x. Terreno's price-to-sales ratio stands at 13.9x, compared to the peer median of 3.7x, while EV to EBITDA matches the peer median at 14.7x. Over the past year, TRNO delivered a return of 10.7%, trailing the S&P 500 (SPY) return of 16.8%.

Terreno pays a quarterly dividend with an annualized forward payout of $2.28 per share, offering a dividend yield of 3.56%. The company has paid dividends for 16 consecutive years and achieved a 5-year annualized dividend growth rate of 12.5%. The dividend payout ratio stands at 95.5%, and the last ex-dividend date was September 30, 2026.

Wall Street coverage includes 7 Strong Buy, 5 Buy, 5 Hold, 1 Sell, and 1 Strong Sell ratings. The mean price target is $73.47, indicating a 14.7% premium over the last close of $64.06. For the current fiscal year ending December 31, 2026, consensus estimates project revenue of $511.8M and EPS of $1.82. Analysts anticipate FY2027 EPS to decline 3.2% to $1.76. Terreno beat EPS estimates in 2 of the last 4 quarters, with next earnings scheduled for November 4, 2026.

This page is an AI-written research summary of Terreno Realty Corporation (TRNO). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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