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REIT that acquires, owns and manages infill industrial properties in six major coastal US markets.
REIT that acquires, owns and manages infill industrial properties in six major coastal US markets.
Earns rent on multi-year leases, with tenants generally repaying most property costs, and grows by buying and redeveloping buildings and by resetting rents to market levels as leases expire. As a real estate investment trust it must pay out most taxable income, so expansion depends on raising new debt and shares.
Moat: narrow (scale, installed base). Focus on land-constrained infill locations near ports/population centers, difficult to replicate.
Headquarters: Oakland, California, United States · Founded: 2010 · Employees: 47
Size Terreno Realty (TRNO) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $7.24B, the 943rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $66.41 on 6 Nov 2026.
Performance Over six months the shares gained 0.3%, against +1.2% for the median peer and -1.1% for the United States market (cap-weighted) — 10th lowest of 21 in its peer set.
Growth Revenue grew 18.1% over the last twelve months (peer median +5.6%); the operating margin is 41.4% (peer median 40.8%).
Valuation It trades at 1.61× book value against a peer median of 1.39× (8th most expensive of 21).
Price implies The share price implies a return on equity of about 14.0%; Terreno Realty delivers 9.2%, so the price asks more than the business earns today.
Short interest Short interest is 6.0% of the free float (15 Oct 2026).
Next results Next results expected around 10 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $503M | $476M | $383M | $324M | $276M |
| Revenue growth | — | +25% | +18% | +17% | — |
| Gross profit | $258M | $240M | $191M | $171M | $142M |
| EBITDA | $333M | $314M | $242M | $206M | $175M |
| Net income | $387M | $401M | $184M | $151M | $197M |
| Free cash flow | $228M | $208M | $186M | $127M | $76.6M |
| Capital expenditure | $58.4M | $63.4M | $46.4M | $53.1M | $66.6M |
| Total debt | $1.06B | $1.06B | $940M | $856M | $827M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Terreno Realty TRNO | $7.24B | 0% | +18% | 9% | 1.61× | 14.0% |
| Rexford Industrial Realty REXR | $8.02B | +4% | -2% | -6% | 1.16× | 11.7% |
| First Industrial Realty Trust FR | $7.13B | -14% | +9% | 13% | 2.57× | 20.9% |
| EastGroup Properties EGP | $10.4B | -6% | +10% | 9% | 2.92× | 22.3% |
| Prologis PLD | $123B | -11% | +7% | 8% | 2.16× | 20.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | TRNO | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +3.0% | +6.4% | 8th lowest of 21 |
| 6-month return | +0.3% | +1.2% | 10th lowest of 21 |
| Return on equity | 9.2% | 6.5% | 8th highest of 21 |
| Price / book | 1.61× | 1.39× | 8th most expensive of 21 |
| Trailing P/E | 17.9× | 19.8× | 7th cheapest of 15 |
| ROE the price implies | 14.0% | 11.9% | 8th most demanding of 21 |
| ROE delivered | 9.2% | 6.5% | 8th highest of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Terreno Realty TRNO | United States | $7.24B | 0% | +18% | 9% | 1.61× | 14.0% | 9.2% |
| Charter Hall CHC.AX | Australia | $7.26B | +14% | -19% | 37% | 18.01× | 213.5% | 36.9% |
| First Industrial Realty Trust FR | United States | $7.13B | -14% | +9% | 13% | 2.57× | 20.9% | 13.2% |
| STAG Industrial STAG | United States | $7.06B | -6% | +9% | 8% | 1.93× | 15.5% | 7.6% |
| COPT Defense Properties CDP | United States | $7.43B | +4% | +7% | 11% | 2.42× | 17.3% | 11.2% |
| Macerich MAC | United States | $7.04B | +14% | +9% | -14% | 2.50× | 33.9% | -14.5% |
| Land Securities LAND.L | United Kingdom | $7.51B | +20% | +7% | 5% | 0.77× | 11.9% | 5.3% |
| GPT GPT.AX | Australia | $6.88B | +11% | -8% | 10% | 0.92× | 11.0% | 10.0% |
| Stockland SGP.AX | Australia | $7.74B | +15% | +15% | 10% | 1.04× | 11.7% | 9.5% |
| Nippon Building Fund 8951.T | Japan | $6.75B | -8% | -21% | 6% | 1.41× | 5.3% | 5.9% |
| Alexandria Real Estate Equities ARE | United States | $7.80B | -2% | -10% | -9% | 0.52× | 7.0% | -9.1% |
| Vornado Realty Trust VNO | United States | $6.70B | +11% | +2% | 0% | 1.44× | 17.3% | 0.2% |
| NNN REIT NNN | United States | $7.89B | -7% | +7% | 9% | 1.75× | 12.9% | 8.9% |
| Choice Properties Real Estate Investment Trust CHP-UN.TO | Canada | $7.95B | -1% | +4% | -2% | 2.66× | 14.7% | -1.7% |
| Vicinity Centres VCX.AX | Australia | $8.01B | 0% | +3% | 12% | 0.94× | 9.7% | 12.0% |
| Rexford Industrial Realty REXR | United States | $8.02B | +4% | -2% | -6% | 1.16× | 11.7% | -5.9% |
| MERLIN Properties SOCIMI MRL.MC | Spain | $8.05B | -23% | +13% | 10% | 0.77× | 8.0% | 9.9% |
| Healthcare Realty Trust HR | United States | $6.50B | -5% | -6% | -2% | 1.56× | 11.9% | -2.0% |
| Rayonier RYN | United States | $6.45B | +6% | -13% | 2% | 1.23× | 10.9% | 2.0% |
| Essential Properties Realty Trust EPRT | United States | $6.21B | -11% | +21% | 6% | 1.36× | 11.1% | 6.3% |
| LondonMetric Property LMP.L | United Kingdom | $6.16B | +2% | +17% | 7% | 0.93× | 12.6% | 6.7% |