Terreno Realty Corporation is a high-quality industrial REIT with best-in-class 87% margins and strong growth credentials, but with the stock trading near its 52-week high above analyst targets, the near-term risk/reward is unfavorable despite the fundamentally compelling business.
Thesis pillars
- Warehouse Concentration Risk↓Deteriorating
- Valuation Above Analyst Consensus→Stable
- Wide Moat Margin Quality→Stable
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 4, 2026
Terreno Realty Corporation (TRNO) Stock Analysis
Real Estate · REIT - Industrial
Sell if holding. At $63.69, A.R:R 0.8:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Thin upside margin: 3.8%; Concentration risk — Property Type: warehouse/distribution (80.5%).
Terreno Realty owns and operates industrial real estate across six major coastal U.S. markets, with 309 buildings totaling approximately 19.8 million square feet at 96.1% leased to 683 customers as of December 31, 2025. Revenue comes from operating leases at infill locations in... Read more
Sell if holding. At $63.69, A.R:R 0.8:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Thin upside margin: 3.8%; Concentration risk — Property Type: warehouse/distribution (80.5%). Chart setup: No clear chart pattern; technical signals are mixed. Score 5.3/10, moderate confidence.
Passes 5/8 gates (clean insider activity, no SEC red flags, news events none recent, semi cycle peak clear, materials cycle peak clear). Fails on weak momentum and favorable risk/reward ratio and earnings proximity 6d<=7d. Suitability: moderate.
Recent developments
updated 2026-10-29Recent Developments — Terreno Realty Corporation
Latest news
- NEWS Terreno Realty (TRNO) to Release Earnings on Wednesday - MarketBeat — MarketBeat neutral
- NEWS TRNO Maintained by Piper Sandler -- Price Target Raised to $91.0 - GuruFocus — GuruFocus positive
- NEWS Terreno Realty shares sold as valuation exceeds 30x AFFO amid rising Treasury yields, prompting profit-taking. - Pluang — Pluang negative
- NEWS Terreno Realty Is Great, But We Sold (NYSE:TRNO) - Seeking Alpha — Seeking Alpha negative
- NEWS Is Terreno Realty (TRNO) Undervalued As Fresh Leases Support Its $71 Price? - simplywall.st — simplywall.st positive
Generated 2026-10-29T11:14:36Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHPropertywarehouse/distribution81%10-K Item 1: 'warehouse/distribution (approximately 80.5% of our total annualized base rent as of December 31, 2025)'
- MEDIUMGeographicNew York City/Northern New Jersey27%10-K Item 1A: 'were located in New York City/Northern New Jersey, representing a combined percentage of approximately 26.6% of our total annualized base rent'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
3 floor-breakers
Growth below the gate floor. Component breakdown shows what dragged the score down.static
Price action weak — below key moving averages, no momentum carry. Needs a base before trend-continuation setups apply.static
Priced at a premium — multiples above sector norms. Needs delivery on growth + margins to justify.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. At $63.69, A.R:R 0.8:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Thin upside margin: 3.8%; Concentration risk — Property Type: warehouse/distribution (80.5%). Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $61.28. Score 5.3/10, moderate confidence.
Analyst target: $66.12 (+3.8% upside). Prior stop was $61.28. Stop-loss: $61.28.
Concentration risk — Property Type: warehouse/distribution (80.5%); Thin upside margin: 3.8%; Sector modifier (Real Estate): -1.2.
Terreno Realty Corporation trades at a P/E of 17.1 (forward 36.1). TrendMatrix value score: 3.7/10. Verdict: Sell.
25 analysts cover TRNO with a consensus score of 3.8/5. Average price target: $73.
What does Terreno Realty Corporation do?Terreno Realty owns and operates industrial real estate across six major coastal U.S. markets, with 309 buildings...
Terreno Realty owns and operates industrial real estate across six major coastal U.S. markets, with 309 buildings totaling approximately 19.8 million square feet at 96.1% leased to 683 customers as of December 31, 2025. Revenue comes from operating leases at infill locations in supply-constrained submarkets; warehouse/distribution properties represent 80.5% of annualized base rent, with improved land at 10.1%, transshipment at 6.0%, and flex at 3.4%.