Terreno Realty is an industrial REIT with a conservative funding structure, notwithstanding small and gradual recent increases in leverage. 2026 analyst consensus only envisions FFO growth of 4% relative to the Q3 2025 run-rate, roughly half the pace of growth achieved in Q3 2025. I think TRNO will beat estimates thanks to ongoing net operating income growth, as well as further increases in leverage, which make even more sense thanks to Fed rate cuts.
TRNO expands its Miami footprint with a new Hialeah distribution build aimed at boosting cash flow and deepening its Countyline cluster.
TRNO hits full occupancy at Building 36 after two major pre-leases, underscoring strong industrial demand and its expanding Miami footprint.
| - Industry | - Sector | W. Blake Baird CEO | XBER Exchange | US88146M1018 ISIN |
| US Country | 49 Employees | 15 Dec 2025 Last Dividend | - Last Split | 10 Feb 2010 IPO Date |
Terreno Realty Corporation, along with its subsidiaries, operates as a specialized entity focusing on the acquisition, ownership, and operation of industrial real estate properties. The company has a strategic presence in six major coastal markets within the United States, namely Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C. Terreno Realty Corporation positions itself as a key player within the industrial real estate sector in these highly sought-after locations, providing premium space solutions to meet the demands of various tenants. As of September 30, 2020, the company's portfolio encapsulates a substantial footprint, including 219 buildings with a total area of approximately 13.1 million square feet, in addition to 22 improved land parcels encompassing around 85.0 acres, and a property under redevelopment. Terreno adopts an internal management structure and has been operating as a real estate investment trust (REIT) since the end of its 2010 fiscal year, adhering to the specific tax provisions set out in Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, to optimize its financial and operational strategy.
Terreno Realty Corporation aggressively targets industrial properties for acquisition in key coastal markets. By focusing on areas with high demand and limited supply, Terreno ensures a strategic portfolio growth that caters to diverse customer needs, including warehousing, distribution, and light manufacturing among others.
Following acquisition, Terreno actively owns and manages a wide array of industrial real estate properties. Their management philosophy emphasizes tenant satisfaction and property maintenance, ensuring each site's utility and value are maximized. This includes regular updates and modifications to meet or exceed industry standards and tenant expectations.
As a company elected to be taxed as a real estate investment trust (REIT), Terreno Realty Corporation offers investors the opportunity to partake in its industrial real estate ventures through various REIT operations. This setup allows for broader investment opportunities, promising returns through dividends derived from the company’s real estate income, in adherence to the stringent qualifications set by the Internal Revenue Code for REITs.
Terreno also engages in the redevelopment of select properties within its ownership portfolio. These projects are aimed at transforming outdated or underutilized real estate into valuable, high-demand industrial spaces. Upon completion, these redeveloped properties significantly contribute to the company's asset value and operational income, creating additional square footage for lease in prime locations.