Terreno Realty Corporation (TRNO) Fair Value & Analysis
Real Estate · US · Market cap $6.9B · ISIN US88146M1018
What is Terreno Realty Corporation really worth?
Terreno Realty Corporation
TRNO · US
Below-average quality, and trading another 80% above our fair value of $36.59.
Strengths
Risks
For context
Fair value as of: Sep 1, 2026
From 16 valuation models · updated 4 days ago
Share price −6.5% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case ($47.76). The favourable scenario is already priced in.
- Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range ($21.97 to $47.76) leaves room in how you read the outcome.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.
How to read this chart
60‑month range $45.82 – $75.18 · fair‑value band $21.97 – $47.76 · the $65.80 price screens above the $36.59 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 1, 2026.
Analysis
Terreno Realty Corporation (TRNO) currently trades at $65.80, while our model-based Fair Value estimate is $36.59, implying the stock looks roughly 79.8% overvalued today. The Quality Score stands at 48/100 (below-average quality), in the Real Estate sector. Bull case: the DCF Models group reads highest at a median of $41.49 per share, and 0 of the 16 models we run sit above the $65.80 price. Bear case: the Asset-Based group reads lowest at $26.28, and 16 of the 16 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Terreno Realty Corporation generated revenue of $490M at a net margin of 86.5%. Revenue grew 12.7% year over year. It earns a return on equity of 10.4%. Net debt stands at $918M. Fundamentals as of Sep 1, 2026
Our scenario range runs from $21.97 (bear case) to $47.76 (bull case); at $65.80, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 3% below its 52-week high and 27% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −43% fair-value upside, at −44%, TRNO screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $1.39 per share, which is 3.8 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 16 models by family
Widest divergence: DCF Models ($41.49) versus Asset-Based ($26.28). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 49 · Market factors (momentum, volatility) 63
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets. It includes New York City, Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C.
Full company description
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets. It includes New York City, Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C. All square feet, acres, occupancy and number of properties disclosed in these condensed notes to the consolidated financial statements are unaudited. As of September 30, 2025, the Company owned 307 buildings (including one property consisting of two buildings held for sale) aggregating approximately 20.2 million square feet, 44 improved land parcels consisting of approximately 146.4 acres, six properties under development or redevelopment and approximately 10.7 acres of land for future development. The Company is an internally managed Maryland corporation and elected to be taxed as a real estate investment trust (REIT) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, commencing with its taxable year ended December 31, 2010. Terreno Realty Corporation was incorporated on 6th November 2009 and is based in Bellevue, United States.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Terreno Realty Corporation reported revenue of $476M in FY2025 versus $222M in FY2021, a compound +21.0%/yr. Reported net income was $403M in FY2025, compounding +46.6%/yr from FY2021.
TRNO screens 80% overvalued. Compare with Prologis, Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Terreno Realty Reshapes Its Portfolio, Sells Miami Asset
- Terreno Realty Corporation Sells Property in Miami, FL for $21.3 Million
- Terreno Realty Corporation Acquires Property in Redmond, WA for $8.0 Million
- Terreno Realty Corporation Acquires Property in Brooklyn, NY for $26.3 Million
Peer Group
REIT - Industrial · 56 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Industrial median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more REIT - Industrial stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Prologis, Inc PLD | $140.70 | $61.28 | −56% |
| Public Storage, a member of the S&P 500, PSA | $311.20 | $162.43 | −48% |
| Extra Space Storage Inc EXR | $140.12 | $78.38 | −44% |
| EastGroup Properties, Inc EGP | $198.47 | $81.41 | −59% |
| Lineage, Inc LINE | $39.32 | $47.91 | +22% |
| CapitaLand Ascendas REIT (CLAR) A17U | 2.44 SGD | 2.00 SGD | −18% |
| CubeSmart CUBE | $39.73 | $25.06 | −37% |
| First Industrial Realty Trust, Inc FR | $62.39 | $20.72 | −67% |
| Rexford Industrial Realty, Inc REXR | $36.39 | $20.69 | −43% |
| STAG Industrial, Inc STAG | $37.18 | $21.64 | −42% |
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