Terreno Realty Corporation (TRNO) Stock

Terreno Realty Corporation (TRNO) is a Real Estate stock trading at $68.17 (as of 2026-08-21), with a market capitalization of $7.25B and a trailing P/E of 23.1. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Terreno Realty Corporation, through its subsidiaries, acquires, owns, and operates industrial real estate in six coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.

Understand Terreno Realty Corporation: how it makes money

Terreno Realty acquires, owns, and operates industrial real estate in six major coastal U.S. markets, generating value from managing that property portfolio.

Terreno's profit model is driven by how its industrial real estate portfolio performs across its six coastal markets, with key property-level factors including occupancy and the size of buildings and land it owns.

Business quality (Strong): Portfolio-based industrial real estate operator (six coastal U.S. markets) with limited provided operating and segment detail here, so the business can be understood qualitatively but not stress-tested with the usual KPIs.

Valuation: At 16× earnings, TRNO trades 53% below the Real Estate average (34×). Note: one-time items can distort reported P/E.

Bull case

  • Coastal market footprint: The company owns and operates industrial real estate in six major coastal U.S. markets, which creates a multi-market operating footprint.
  • Large, established property base: As of September 30, 2020, the company owned 219 buildings aggregating approximately 13.1 million square feet, plus 22 improved land parcels.

Bear case

  • Market concentration risk: All described markets are coastal U.S. metros (Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami, and Washington, D.C.), so local economic or real estate cycles could affect results.
  • Occupancy and property-level performance dependence: The business disclosure emphasizes property-level metrics such as occupancy, so weakening occupancy or tenant demand for industrial space could pressure results.
Valuation — source: SEC EDGAR (first-party)
Price$68.17
Market Cap$7.25B
P/E Ratio23.1
Price / Book1.69
Price / Sales15.64
DCF Value (model)$178.54
DCF Upside vs Price161.9%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$476.38M
Net Margin84.6%
Revenue Growth (YoY)24.5%
EPS Growth (YoY)104.2%
Valuation vs Sector & Industry
Stock P/E23.1
Sector P/E (Real Estate)27.2
Industry P/E (Real Estate)29.6
vs Sector-15.1%
vs Industry-22.1%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderBlackRock, Inc. ($1.09B)
Institutional Holders Tracked10
Congressional Trades (recent)3
Company
SectorReal Estate
IndustryReal Estate
CEOW. Blake Baird
Employees49
CountryUS
IPO Date2010-02-10

Related Companies (Real Estate; 8 comparable real estate companies)

  • Urban Edge Properties (UE)
  • Ellington Financial Inc. (EFC)
  • Kennedy-Wilson Holdings, Inc. (KW)
  • Millrose Properties, Inc. (MRP)
  • AH Realty Trust, Inc. (AHRT)
  • Hudson Pacific Properties, Inc. (HPP)
  • Innovative Industrial Properties, Inc. (IIPR)
  • Getty Realty Corp. (GTY)
TRNO earnings history · TRNO institutional & insider holders · TRNO KPIs & operating metrics · TRNO financials · TRNO investor presentations & press releases · TRNO SEC filings · TRNO peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-08-21.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.