# Terreno Realty Corporation (TRNO)

> Source: Nexqual · https://nexqual.com/TRNO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Terreno Realty Corporation (TRNO), nexqual.com/TRNO" · informational, not investment advice.

**Price:** USD 65.64 (+0.12% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 65.56 · day 64.59–66.1 · 52w 56.09–78.94 · market cap $7.15B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $503M, net income $389M (77.3% margin) (SEC filings).
- Valuation: P/E 18.4x (avg 26.7x at the last 3 fiscal year-ends), net debt $891M.
- 1 of 80 tracked superinvestors hold TRNO (13F, Q2 2026): 0 new, 0 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $1.1M; 3 not under a Rule 10b5-1 plan ($1.1M); 0 by opportunistic insiders, 1 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.26 on a 1–5 scale) (19 analysts), mean target USD 73.47 (range 60–85).
- Total return with dividends: 1Y +11.4% vs S&P 500 +14.9%; 5Y +5.8% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.43, revenue estimate $129M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $222M | $276M | $324M | $383M | $476M | $503M |
| Net income | $87.3M | $198M | $151M | $184M | $403M | $389M |
| EPS (diluted) | $1.23 | $2.61 | $1.81 | $1.92 | $3.91 | — |
| Net margin | 39.3% | 71.7% | 46.8% | 48.2% | 84.6% | 77.3% |
| Revenue growth | +18.8% | +24.5% | +17.2% | +18.2% | +24.5% | — |
| Cash + short-term investments | $204M | $26.4M | $165M | $18.1M | $25.0M | — |
| Total debt | $721M | $771M | $772M | $823M | $943M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 18.4x · P/S 14.2x · EV/Sales 16.0x · P/B 1.6x · Earnings yield 5.43% · Dividend yield (paid, TTM) 2.99% · Buyback yield (TTM) 0.05% · Net debt $891M · EV $8.04B
P/E at fiscal year-ends: Dec 2025 15.0x, Dec 2024 30.7x, Dec 2023 34.5x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold TRNO. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Christopher Davis | Davis Advisors | 0.03% | $7.2M | Reduced -2.2% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-11 | Meyer John Tull | EVP | 4,447 | $305K | 2.2% | No | Too little history (no open-market trades in 2023) |
| 2026-08-10 | Cannon Jaime Jackson | CFO | 3,602 | $246K | 1.9% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-08-07 | Coke Michael A | President | 8,000 | $547K | 1.3% | No | Routine (sold in Aug each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.26 on a 1–5 scale), 19 analysts; mean target USD 73.47 (low 60, high 85).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Piper Sandler | Target lowered | Overweight | $91 → $85 |
| 2026-09-01 | Wells Fargo | Target raised | Equal-Weight | $64 → $70 |
| 2026-08-19 | Mizuho | Target raised | Underperform | $56 → $60 |
| 2026-08-17 | Cantor Fitzgerald | Target raised | Overweight | $75 → $77 |
| 2026-08-12 | Scotiabank | Target raised | Sector Outperform | $68 → $72 |
| 2026-08-12 | Keybanc | Target raised | Overweight | $72 → $75 |
| 2026-08-10 | Citigroup | Target raised | Neutral | $70 → $73 |
| 2026-07-24 | Goldman Sachs | Target raised | Buy | $75 → $85 |
| 2026-07-21 | Piper Sandler | Target raised | Overweight | $79 → $91 |
| 2026-07-16 | Barclays | Target raised | Equal-Weight | $60 → $69 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +11.4% | +5.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +11.5% | +1.1% |
| Volatility (annualized) | 19.4% | 25.0% |
| Max drawdown | -14.9% (Jul 2026→Oct 2026) | -38.8% (Dec 2021→Oct 2022) |

## Peers (REIT - Industrial)
STAG (Stag Industrial, Inc.) USD 36.51 +0.14% · FR (First Industrial Realty Trust, ) USD 55.29 -6.92% · REXR (Rexford Industrial Realty, Inc.) USD 36.28 -1.41% · LINE (Lineage, Inc.) USD 35.09 +2.42% · CUBE (CubeSmart) USD 40.15 +3.05% · EGP (EastGroup Properties, Inc.) USD 202.7 -0.30%

## More
Full page: https://nexqual.com/TRNO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.43 | $0.44 | -2.7% | $129.2M | 3 |
| Next quarter (ends 2026-12-31) | $0.45 | $0.47 | -5.2% | $133.0M | 3 |
| Current fiscal year (ends 2026-12-31) | $1.82 | $1.96 | -7.0% | $511.8M | 2 |
| Next fiscal year (ends 2027-12-31) | $1.76 | $1.73 | +2.2% | $571.7M | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-11-04): ±8.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 24.3% | ±8.2% |
| 2027-03-19 | 147 | 23.4% | ±10.2% |
| 2027-06-17 | 237 | 21.8% | ±13.9% |