Terreno Realty Corporation (TRNO)

In January 2026, Baird upgraded Terreno Realty from Neutral to Outperform, setting a $64 price target. On January 8, 2026, Terreno Realty Corporation closed a $200 million five-year unsecured term loan. On January 7, 2026, the company announced its quarterly operating, investment, and capital markets activity, reporting a 96.1% quarter-end occupancy and a 29.8% increase in cash rents on new and renewed leases. Terreno has been active in property transactions, including acquiring a property in Tukwila, WA, for $27.1 million in December 2025, and announcing leases in Doral, FL, and Woodinville, WA, in December 2025, and leased a redevelopment property in Queens, New York, in December 2025. On November 5, 2025, Terreno Realty announced a new dividend of $0.52 per share. On November 5, 2025, Terreno Realty reported its Q3 2025 earnings, with an EPS of $1.00, surpassing analyst estimates of $0.66. Over the past three months, Terreno Realty insiders have sold more company stock than they have bought, with approximately $285,242.00 in stock sold by insiders. Cantor Fitzgerald lowered Terreno Realty's price target to $67 from $70. UBS Group set a $56.00 target price in December 2025, while Wells Fargo & Company increased their price target from $60.00 to $63.00 in November 2025.

The demand for industrial real estate, which constitutes Terreno Realty Corp.'s primary business, is influenced by broader economic trends and supply chain dynamics rather than traditional seasonal consumer behavior. The U.S. industrial real estate sector has been navigating a "deliberate downshift" from its pandemic-era boom, with market fundamentals softening and national vacancy rates rising to around 7.5% in Q3 2025. Demand drivers are returning to pre-pandemic patterns, with a continued focus on warehouse efficiency and supply chain resiliency. E-commerce remains a significant driver of demand for warehouse and distribution space, and third-party logistics (3PL) providers are key tenants.

Terreno Realty Corporation is a real estate investment trust specializing in the acquisition, ownership, and operation of industrial real estate, focusing on bulk distribution, warehouse, and light-industrial assets, including flex properties, transshipment facilities, and improved land. As of September 30, 2025, the company owned 307 buildings, approximately 20.2 million square feet, 44 improved land parcels totaling about 146.4 acres, six properties under development or redevelopment, and approximately 10.7 acres of land for future development.

Terreno Realty Corp. strategically focuses on six major coastal U.S. markets: Los Angeles area, the San Francisco Bay Area, Seattle, New Jersey/New York City, Miami (South Florida), and Washington, D.C. The company's acquisition strategy targets properties with access to major transportation hubs, labor pools, and consumer markets, often in infill locations.

Terreno Realty Corp. generally maintains a positive brand reputation within the market, as evidenced by a consensus "Moderate Buy" rating from fourteen research firms. The company's consistent average of 11% same-store growth since its IPO and its history of increasing dividends for five years contribute to a favorable perception. While the company has experienced a valuation adjustment and underperformed the S&P 500 over the past year, its strong financial fundamentals and strategic positioning in high-demand coastal markets are often highlighted.

Approximately 85.33% of Terreno Realty Corp.'s stock is owned by institutional investors, 1.96% by insiders, and 12.71% by public companies and individual investors. Major institutional owners include BlackRock, Inc., Vanguard Group Inc, Fmr Llc, State Street Corp, T. Rowe Price Investment Management, Inc., and Geode Capital Management, Llc, with Vanguard owning the most shares.