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BELLEVUE, Wash.--(BUSINESS WIRE)--Terreno Realty Corporation Acquires Property in Queens, NY for $13.9 Million.

BELLEVUE, Wash.--(BUSINESS WIRE)--Terreno Realty Corporation Announces Quarterly Operating, Investment and Capital Markets Activity.

The REIT and Equity Trust - Other industry faces pressure from higher-for-longer interest rates, bond yields and construction costs, which can increase refinancing expenses, constrain acquisitions and slow development. Aging properties, power constraints, health care tenant stress and life science oversupply may weaken occupancy, extend leasing periods and raise capital requirements.

Still, demand for modern assets remains healthy across health care, industrial, lodging, office and infrastructure markets. Restrained development pipelines can support well-positioned properties, while investment and balance sheets provide room for growth, benefiting names such as American Healthcare REIT (AHR - Free Report) , Terreno Realty Corporation (TRNO - Free Report) and RLJ Lodging Trust (RLJ - Free Report) .

About the Industry The Zacks REIT and Equity Trust - Other industry includes REITs across a broad range of property types, such as industrial, office, lodging, healthcare, self-storage, data centers and infrastructure. Equity REITs generally own properties and lease space to tenants, earning revenues mainly through rental income. These REITs’ performance is closely linked to economic conditions since stronger business activity can support property demand, occupancy and landlords’ ability to raise rents. Results vary depending on the type of assets owned and where those properties are located. As business models evolve, real estate is becoming more connected to day-to-day operations, technology investment and the need for purpose-built space, making property quality, tenant demand and location increasingly important drivers of REIT performance. This can influence returns over time.

What's Shaping the Future of the REIT and Equity Trust - Other Industry? Rate Hikes and Bond Yields Raise Pressure on REITs: The cost of capital is becoming a bigger factor in how REITs decide where to invest. Even where property demand remains firm, acquisitions, refinancing and new construction must work under tighter financing conditions. Higher-for-longer interest rates and the risk of renewed Fed rate hikes if inflation stays elevated can raise borrowing costs further and slow expansion. This is especially important for office, industrial, health care, life science, hotel and infrastructure assets that require substantial upfront capital. Higher borrowing and construction costs also leave less room for delays or weaker-than-expected leasing. The result is likely to be a more cautious approach to expansion. At the same time, higher bond yields can make fixed-income securities more competitive with REIT dividend yields, reducing the income appeal that traditionally attracts investors to the sector.

Older Buildings and Some Property Types Bring Added Risks: Some property types are becoming harder to manage as buildings age and tenant requirements become more demanding. Industrial occupiers are increasingly favoring properties that can handle current logistics, production and distribution needs, leaving aging facilities less competitive and more expensive to reposition. Data centers are facing a different challenge since securing adequate power, equipment and supporting infrastructure can affect project timing and push development spending higher. Health care landlords must also account for financial strain among medical providers, while life science owners continue to work through an oversupply of laboratory space. These conditions can affect occupancy, extend leasing periods and increase capital needs. For REITs, broad sector demand may offer limited protection when individual properties are outdated, costly to improve or unable to meet changing technical, operational and regulatory requirements over time.

Modern, Useful Assets Are Gaining Ground Across REIT Sectors: Demand remains healthy for properties that play a direct role in how tenants operate. Modern industrial buildings that support manufacturing, logistics and distribution, together with medical facilities designed for outpatient care, continue to attract interest. Data centers remain important as businesses expand AI, cloud computing and other digital workloads. Higher-quality offices are also drawing companies seeking efficient space for collaboration, while hotels are benefiting from business travel, group events and corporate meetings. In several of these categories, a restrained development pipeline is helping well-positioned properties by limiting fresh competition. For REITs, this means building quality and usefulness are becoming more important than simply owning assets in a favored sector. Properties with modern features, dependable infrastructure and close ties to tenant operations are better positioned to support demand and income over time.

Zacks Industry Rank Indicates Bleak Prospects The Zacks REIT and Equity Trust - Other industry is housed within the broader Finance sector. It carries a Zacks Industry Rank #156, which places it in the bottom 37% of 247 Zacks industries.

The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates dim near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

The industry’s positioning in the bottom 50% of the Zacks-ranked industries is a result of the southward revision of funds from operations (FFO) per share outlook for the constituent companies in aggregate. Looking at the aggregate FFO per share estimate revisions, it appears that analysts are losing confidence in this group’s growth potential of late. Over the past year, the industry’s FFO per share estimates for 2026 and 2027 have moved south 0.8% and 7.4%, respectively.

However, before we present a few stocks that you might want to consider for your portfolio, let’s take a look at the industry’s recent stock market performance and valuation picture.

Industry Lags Stock Market Performance The REIT and Equity Trust - Other Industry has underperformed the S&P 500 composite and the broader Zacks Finance sector in a year.

The industry has risen 6.3% during this period compared with the S&P 500 composite’s growth of 15.2% and the broader Finance sector’s 7.1% rise.

One-Year Price Performance

Industry's Current Valuation On the basis of the forward 12-month price-to-FFO ratio, which is a commonly used multiple for valuing REIT - Others, we see that the industry is currently trading at 15.61 compared with the S&P 500’s forward 12-month price-to-earnings (P/E) of 19.76. The industry is also trading below the Finance sector’s forward 12-month P/E of 16.27. This is shown in the chart below.

Forward 12 Month Price-to-FFO (P/FFO) Ratio

Over the last five years, the industry has traded as high as 22.23X and as low as 12.87X, with a median of 15.82X.

3 REIT and Equity Trust - Other Stocks to Buy American Healthcare REIT: This is a fast-scaling healthcare REIT positioned at the center of powerful demand trends for senior housing operating properties (SHOP). Its diversified portfolio spans 327 campuses and properties, while higher-growth SHOP+ assets contributed 81.2% of pro-rata cash NOI in second-quarter 2026. This portfolio mix gives American Healthcare meaningful exposure to need-based care and operating upside over the coming decade.

American Healthcare’s growth story is gaining momentum through strong execution, disciplined acquisitions and a rapidly strengthening balance sheet. Through Sept. 1, 2026, the company closed $2 billion of investments and built a $675 million-plus awarded pipeline. Second-quarter 2026 same-store NOI advanced 13.2%, SHOP same-store NOI surged 20.5%, and net debt-to-annualized adjusted EBITDA fell to 2.5X, creating substantial capacity for further accretive expansion and long-term shareholder value creation.

AHR currently carries a Zacks Rank #2 (Buy). The stock has rallied 7.5% over the past three months. The consensus mark for 2026 and 2027 FFO per share has been revised upward over the past 60 days and suggests an increase of 26.7% and 14.7%, respectively.  You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

 

Terreno Realty Corporation: This is an industrial REIT focused exclusively on six major coastal U.S. markets, targeting flexible, functional properties in dense infill locations where supply is constrained, and logistics demand is durable. As of June 30, 2026, its portfolio included 316 buildings spanning 20.6 million square feet, plus 46 improved-land parcels totaling 147 acres, with operating occupancy of 97.6%.

Terreno’s scarcity-driven portfolio, disciplined capital recycling and strong balance sheet create a compelling platform for sustained long-term value creation. Cash rents on new and renewed leases commencing in second quarter rose 27.7%, while average cash same-store NOI growth since IPO stands at 11%. Its momentum remains strong, and Moody’s assigned a Baa1 rating in June 2026.

TRNO currently carries a Zacks Rank #2. The stock has gained 1.1% over the past three months. The consensus mark for 2026 and 2027 FFO per share has been revised upward over the past 60 days and calls for a 2.2% and 7.6% increase year over year.

RLJ Lodging Trust: This is a hotel REIT focused on premium-branded, high-margin properties across major U.S. urban and resort markets. Its geographically diversified portfolio includes 91 hotels and 20,438 rooms, with more than two-thirds of portfolio exposure concentrated in urban markets. RLJ’s mix of lifestyle, gateway, resort, and metro assets positions the company to capture demand from business, leisure, group and event-driven travel.

RLJ’s investment case is strengthened by multiple growth levers, including conversions, renovations, revenue initiatives and selective acquisitions. Second-quarter 2026 RevPAR increased 6.8%, while business transient revenues rose 10%, highlighting healthy demand momentum. Eight completed conversions are still ramping up, additional projects are scheduled for 2027, and approximately $1 billion of liquidity with no debt maturities until 2029 provides flexibility to fund growth and shareholder returns over the long term.

RLJ currently carries a Zacks Rank #2. The Zacks Consensus Estimate for 2026 FFO per share has been raised over the past 60 days, suggesting a 4.3% year-over-year increase. The stock has risen 41.5% over the past six months.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

Key Takeaways Terreno Realty was 97.6% occupied at June-end 2026, while cash rents on new leases rose 27.7%.Americold Realty Trust operates 230 temperature-controlled warehouses with 1.5B refrigerated cubic feet.ILPT has 95% occupancy, a 7.4-year average lease term and 77% of rental revenues tied to stronger credits. The Federal Reserve’s September decision added pressure for rate-sensitive real estate stocks. The FOMC raised the federal-funds target range by 25 basis points to 3.75%-4.00%, saying inflation remains elevated even as economic activity expands at a solid pace. Higher rates can lift borrowing costs, complicate refinancing and keep bond yields competitive with REIT dividends.

Yet the rate backdrop does not tell the whole story for industrial landlords. Terreno Realty (TRNO - Free Report) , Americold Realty Trust (COLD - Free Report) and Industrial Logistics Properties Trust (ILPT - Free Report) each have property portfolios supported by distinct demand drivers and leasing characteristics.

The broader industrial real estate picture also provides reasons for measured optimism. Cushman & Wakefield sees strengthening demand, brisk leasing and improving occupancy conditions across the U.S. industrial market. Demand has been particularly healthy for newer facilities, while logistics providers and manufacturers remain active as companies rethink supply chains, production footprints and distribution networks.

Supply still deserves attention, especially as developers respond to firmer leasing conditions. Even so, industrial real estate benefits from long-running needs around distribution, last-mile delivery, food logistics and supply-chain efficiency. In a higher-rate setting, landlords with scarce locations, durable tenant demand, embedded rent growth and manageable financing requirements can remain well positioned even without meaningful support from lower interest rates.

3 Industrial REITs With Distinct Growth DriversIndustrial REITs should not be viewed as a single trade on interest rates. Property type, location, lease structure and financial flexibility can create very different outcomes. Terreno offers exposure to supply-constrained coastal markets, Americold serves the specialized temperature-controlled supply chain, while ILPT combines mainland logistics properties with a distinctive Hawaiian portfolio. Such differences give each company its own path to support rental income and property values.

YTD Price Performance of Industrial REITs

Image Source: Zacks Investment Research

Terreno Realty Corporation

Terreno Realty follows a focused strategy of owning industrial properties in six major coastal U.S. markets. Its portfolio emphasizes warehouse and distribution facilities, improved land, transshipment assets and flexible industrial space. Dense populations, major distribution infrastructure and limits on new supply underpin the appeal of these infill locations.

This scarcity can support pricing power as leases reset. Terreno’s portfolio was 97.6% occupied at June-end 2026, while cash rents on leases commencing during the latest quarter rose 27.7%. Its balance sheet also provides flexibility: the $600 million revolving credit facility had no outstanding borrowings at quarter-end, and Terreno had no additional debt maturities scheduled for 2026 after a July repayment.

TRNO currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for its 2026 and 2027 FFO per share has been revised upward over the past 60 days and suggests increases of 2.17% and 7.60% year over year, respectively. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Americold Realty Trust

Americold Realty Trust brings a different type of industrial exposure. The company owns and operates temperature-controlled warehouses that connect food producers, processors, distributors and retailers with consumers. This infrastructure plays an important role in handling products that require refrigerated storage, giving Americold a specialized position within the logistics real estate market.

Its scale strengthens that position. Americold owns or operates more than 230 temperature-controlled warehouses with roughly 1.5 billion refrigerated cubic feet of storage across North America, Europe, Asia-Pacific and South America. The breadth of this network gives customers access to storage and logistics infrastructure across multiple markets, while the specialized nature of cold storage creates operational requirements that differ considerably from conventional warehouses.

COLD currently has a Zacks Rank #2. The consensus mark for its 2026 and 2027 FFO per share has been revised northward over the past 60 days.

Industrial Logistics Properties Trust

Industrial Logistics Properties Trust owns a geographically diversified portfolio of industrial and logistics properties, with a large presence in Hawaii. Its mainland assets primarily serve warehouse and distribution users, while the Hawaiian portfolio benefits from scarce land and includes long-duration ground leases. The combination provides exposure to two distinct industrial property models.

ILPT’s leasing profile adds visibility to cash flows. Its portfolio spans 409 properties across 39 states, with 95% occupancy and a 7.4-year weighted average remaining lease term. About 77% of annualized rental revenues come from investment-grade tenants, their subsidiaries or Hawaii land leases. Its Mountain joint venture also refinanced floating-rate debt with a five-year fixed-rate mortgage in May, reducing exposure to further rate increases.

ILPT currently carries a Zacks Rank #2. The consensus mark for 2026 and 2027 FFO per share implies a year-over-year increase of 42.71% and 13.87%, respectively.

The Bottom LineA restrictive Fed creates a higher hurdle for REIT investing, but it does not erase the operating advantages of well-positioned industrial portfolios. Terreno’s infill strategy provides exposure to markets where replacement opportunities are limited, Americold offers specialized infrastructure tied to the food supply chain, and ILPT combines long leases with a tenant base that is weighted toward stronger credit profiles. Their ability to sustain leasing, manage debt and capture rent growth will be more important than simply waiting for interest rates to fall.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

California State Teachers Retirement System boosted its holdings in shares of Terreno Realty Corporation (NYSE:TRNO – Free Report) by 6,470.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,988,278 shares of the real estate investment trust’s stock after acquiring an additional 7,866,703 shares during the period. California State Teachers Retirement System owned 7.33% of Terreno Realty worth $517,401,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of TRNO. BlackRock Inc. bought a new stake in Terreno Realty in the second quarter worth $1,213,726,000. Principal Financial Group Inc. boosted its stake in Terreno Realty by 246.6% during the first quarter. Principal Financial Group Inc. now owns 4,188,453 shares of the real estate investment trust’s stock worth $257,257,000 after buying an additional 2,979,982 shares during the period. Norges Bank bought a new position in Terreno Realty during the fourth quarter valued at $168,221,000. Legal & General Group Plc bought a new position in Terreno Realty during the second quarter valued at $61,764,000. Finally, Bank of New York Mellon Corp purchased a new stake in shares of Terreno Realty in the second quarter valued at $53,869,000.

Insiders Place Their Bets In other news, EVP John Meyer sold 4,447 shares of the firm’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $68.64, for a total value of $305,242.08. Following the sale, the executive vice president directly owned 131,825 shares in the company, valued at approximately $9,048,468. This trade represents a 3.26% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, President Michael A. Coke sold 8,000 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $68.38, for a total transaction of $547,040.00. Following the transaction, the president owned 425,381 shares of the company’s stock, valued at approximately $29,087,552.78. This trade represents a 1.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.90% of the company’s stock.

Analyst Ratings Changes A number of research firms recently weighed in on TRNO. The Goldman Sachs Group increased their price objective on shares of Terreno Realty from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Friday, July 24th. Weiss Ratings lowered Terreno Realty from a “buy (b)” rating to a “buy (b-)” rating in a research report on Thursday, September 3rd. Wells Fargo & Company upped their target price on Terreno Realty from $64.00 to $70.00 and gave the company an “equal weight” rating in a research note on Tuesday, September 1st. UBS Group set a $68.00 price target on Terreno Realty in a report on Thursday, June 18th. Finally, Mizuho raised their price target on Terreno Realty from $56.00 to $60.00 and gave the stock an “underperform” rating in a research note on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Terreno Realty has an average rating of “Moderate Buy” and an average target price of $73.29. Check Out Our Latest Research Report on TRNO

Terreno Realty Price Performance TRNO opened at $65.11 on Tuesday. The company has a market capitalization of $7.10 billion, a price-to-earnings ratio of 17.46 and a beta of 1.02. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.22. Terreno Realty Corporation has a 12-month low of $55.92 and a 12-month high of $78.94. The business’s fifty day simple moving average is $69.17 and its 200-day simple moving average is $66.32.

Terreno Realty (NYSE:TRNO – Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.54 EPS for the quarter, beating the consensus estimate of $0.41 by $0.13. The business had revenue of $124.71 million during the quarter, compared to analyst estimates of $127.15 million. Terreno Realty had a net margin of 77.22% and a return on equity of 9.21%. On average, equities research analysts anticipate that Terreno Realty Corporation will post 2.83 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 9th. Shareholders of record on Wednesday, September 30th will be given a dividend of $0.57 per share. This is a boost from Terreno Realty’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.28 annualized dividend and a yield of 3.5%. Terreno Realty’s payout ratio is 55.76%.

Terreno Realty Company Profile (Free Report)

Terreno Realty Corporation (NYSE: TRNO) is a real estate investment trust that acquires, owns, and operates industrial properties in major coastal U.S. markets. The company focuses primarily on functional, well-located properties that support distribution, transportation, and other industrial activities.

Terreno’s portfolio includes warehouses, distribution facilities, transshipment buildings, and industrial properties that may offer outdoor storage or other specialized features. Its strategy emphasizes infill locations with access to population centers, transportation infrastructure, ports, airports, and other important logistics networks.

The company serves six key coastal markets: Los Angeles, Northern New Jersey and New York City, the San Francisco Bay Area, Seattle, Miami, and Washington, DC Terreno Realty was founded in 2009 and became a publicly traded company in 2010.

Read More Five stocks we like better than Terreno Realty Analysts Are Punting Their Calls Into the Next Quarter After Adobe’s Mixed Earnings Institutional Money Is Pouring Into These 2 Altcoin ETFs The End of Big Tech Buybacks? Only One Hyperscaler Is Still Repurchasing Shares 3 Dividend Kings to Buy While They’re Still Beaten Down Want to see what other hedge funds are holding TRNO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Terreno Realty Corporation (NYSE:TRNO – Free Report).

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Shares of Terreno Realty Corporation (NYSE:TRNO – Get Free Report) have been given a consensus rating of “Moderate Buy” by the thirteen brokerages that are covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, three have issued a hold recommendation, seven have given a buy recommendation and one has assigned a strong buy recommendation to the company. The average 1-year target price among brokerages that have updated their coverage on the stock in the last year is $72.8571.

Several equities analysts have issued reports on TRNO shares. Cantor Fitzgerald boosted their target price on Terreno Realty from $75.00 to $77.00 and gave the stock an “overweight” rating in a research report on Monday, August 17th. Piper Sandler raised their price target on Terreno Realty from $79.00 to $91.00 and gave the company an “overweight” rating in a report on Tuesday, July 21st. Mizuho lifted their price target on Terreno Realty from $56.00 to $60.00 and gave the company an “underperform” rating in a research note on Wednesday, August 19th. The Goldman Sachs Group upped their price objective on Terreno Realty from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Finally, KeyCorp increased their price objective on Terreno Realty from $72.00 to $75.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 12th.

View Our Latest Stock Report on TRNO

Insider Transactions at Terreno Realty In other Terreno Realty news, President Michael A. Coke sold 8,000 shares of the company’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $68.38, for a total transaction of $547,040.00. Following the transaction, the president directly owned 425,381 shares in the company, valued at approximately $29,087,552.78. This represents a 1.85% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP John Tull Meyer sold 4,447 shares of the stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $68.64, for a total transaction of $305,242.08. Following the completion of the transaction, the executive vice president directly owned 131,825 shares of the company’s stock, valued at approximately $9,048,468. This trade represents a 3.26% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 1.90% of the company’s stock. Institutional Investors Weigh In On Terreno Realty A number of institutional investors and hedge funds have recently modified their holdings of the company. EverSource Wealth Advisors LLC raised its holdings in Terreno Realty by 73.3% during the second quarter. EverSource Wealth Advisors LLC now owns 447 shares of the real estate investment trust’s stock worth $25,000 after purchasing an additional 189 shares during the last quarter. Wiser Advisor Group LLC acquired a new stake in Terreno Realty in the third quarter valued at $25,000. Clearstead Trust LLC purchased a new position in shares of Terreno Realty in the second quarter valued at $28,000. Caitong International Asset Management Co. Ltd increased its position in shares of Terreno Realty by 52.8% in the third quarter. Caitong International Asset Management Co. Ltd now owns 498 shares of the real estate investment trust’s stock valued at $28,000 after buying an additional 172 shares in the last quarter. Finally, Geneos Wealth Management Inc. increased its position in shares of Terreno Realty by 304.3% in the first quarter. Geneos Wealth Management Inc. now owns 465 shares of the real estate investment trust’s stock valued at $29,000 after buying an additional 350 shares in the last quarter.

Terreno Realty Stock Down 1.2% Shares of NYSE:TRNO opened at $67.57 on Thursday. The company has a market cap of $7.36 billion, a price-to-earnings ratio of 18.12 and a beta of 1.03. The firm’s 50-day simple moving average is $69.16 and its 200-day simple moving average is $66.31. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.22. Terreno Realty has a fifty-two week low of $55.71 and a fifty-two week high of $78.94.

Terreno Realty (NYSE:TRNO – Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The real estate investment trust reported $0.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.13. The business had revenue of $124.71 million for the quarter, compared to analyst estimates of $127.15 million. Terreno Realty had a net margin of 77.22% and a return on equity of 9.21%. As a group, equities research analysts predict that Terreno Realty will post 2.82 earnings per share for the current year.

Terreno Realty Increases Dividend The business also recently declared a quarterly dividend, which will be paid on Friday, October 9th. Stockholders of record on Wednesday, September 30th will be paid a dividend of $0.57 per share. This is a boost from Terreno Realty’s previous quarterly dividend of $0.52. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $2.28 dividend on an annualized basis and a dividend yield of 3.4%. Terreno Realty’s dividend payout ratio is currently 55.76%.

About Terreno Realty (Get Free Report)

Terreno Realty Corporation (NYSE: TRNO) is a real estate investment trust specializing in the acquisition, ownership and operation of industrial properties in key coastal markets across the United States. The company’s portfolio primarily consists of bulk distribution, warehouse and light-industrial assets that serve a diverse tenant base, including third-party logistics providers, e-commerce companies and manufacturers. Terreno aims to generate stable rental income while pursuing long-term capital appreciation through targeted investment and active asset management.

Terreno focuses on eight major coastal regions, emphasizing markets with strong supply-and-demand fundamentals and barriers to new development.

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Key Takeaways Terreno Realty sold a Miami industrial property for $21.3 million after 14 years of ownership.The 113,000-square-foot property generated an 11.1% unleveraged internal rate of return.Terreno Realty acquired three properties for $49 million in August as it actively reshapes its portfolio. Terreno Realty Corporation (TRNO - Free Report) announced the disposition of an industrial property located in Miami, FL. The sale was carried out on Aug. 26, 2026, for approximately $21.3 million. This move highlights the company’s strategy of disposing of non-core assets and building a more robust portfolio, which will aid future growth.

The property consisted of a 113,000-square-foot industrial distribution building, spread over 3.4 acres, 100% leased to a single tenant. Terreno Realty had purchased the property on Sept. 25, 2012, for $8.9 million. The investment yielded an unleveraged internal rate of return of 11.1% to the company.

Terreno Realty has been actively restructuring its asset portfolio to enhance its financial performance. In August, the industrial REIT acquired three properties, one in Redmond, WA, the second in Brooklyn, NY, and the other in Torrance, CA, for a total value of $49 million.

Earlier this month, Terreno Realty declared a dividend of 57 cents per share for the third quarter of 2026. This marked an increase of 9.6% over the prior dividend level. In the last five years, this industrial REIT has increased its dividend six times, with a five-year annualized dividend growth rate of 10.66%. These efforts to increase the dividend reaffirm investors’ confidence in the stock. Check out the Dividend History for the company.

Over the past month, shares of this Zacks Rank #2 (Buy) company have gained 2.2% compared with the industry's growth of 2.1%.

Image Source: Zacks Investment Research

Other Stocks to ConsiderSome other top-ranked stocks from the broader REIT sector are American Tower (AMT - Free Report) and Lamar Advertising (LAMR - Free Report) , each carrying a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for AMT’s 2026 FFO per share has been revised upward marginally to $11.07 over the past week.

The consensus estimate for LAMR’s 2026 FFO per share has been revised up 1.4% over the past month to $8.93.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

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BELLEVUE, Wash.--(BUSINESS WIRE)--Terreno Realty Corporation (NYSE: TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, declared a regular cash dividend for the quarter ending September 30, 2026 of $0.57 per common share, an increase of 9.6% over the prior dividend level. The dividend will be payable on October 9, 2026 to common stockholders of record at the close of business on September 30, 2026.

Terreno Realty Corporation filed its quarterly report on Form 10-Q for the quarter ended June 30, 2026 with the U.S. Securities and Exchange Commission. The financial statements and supplemental financial information are available in the Investors & Media section of Terreno Realty Corporation’s website, www.terreno.com.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle and Washington, D.C.

Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “result,” “should,” “will,” “seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,” “potential,” “enthusiastic,” “future” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

BELLEVUE, Wash.--(BUSINESS WIRE)--Terreno Realty Corporation Announces Lease in Queens, NY.

In theory, REITs should deliver abnormal returns when inflation runs hot. In practice, REITs have barely registered positive returns. While I am not overly bullish on REITs (to say the least), I still see some exceptions that might be worth scooping up.

BELLEVUE, Wash.--(BUSINESS WIRE)--Terreno Realty Corporation Announces Lease in Torrance, CA.

ArtMarie/E+ via Getty Images

We recently closed out of our position in Terreno (TRNO) and wanted to walk readers through our thought process and how we look at the company today.

The REIT Forum

We sold shares on 7/9/2026. For readers interested, we will post all the sales at the end of the article.

Seeking Alpha

Before we sold, Terreno was flirting with the border between our neutral/overpriced ranges. Shares were trading at 31.4x consensus forward AFFO. Technically, it’s probably a little bit lower if we factor in that Q2 2027 AFFO per share will probably be higher than Q2 2026 AFFO per share. However, even adjusting for higher AFFO, the multiple would still be very large.

July 9th Thought Process Terreno has been one of my favorite REITs for several years. I viewed it as a great long-term position. However, I am looking at shares trading over 30x forward AFFO while the 2-year Treasury is over 4% (4.16% presently), the 10-year is at 4.535%, and the 30-year is at 5.054%. I’m feeling a bit skeptical about multiples around 30x AFFO (or higher) in this environment. If we assume that REITs with more “normal” growth levels typically trade around 14x to 20x AFFO, then we have to assume several years of strong growth. While that’s certainly possible, I wouldn’t want to use it as the base scenario.

AFFO Estimates And Multiple Our sheets are currently using a forward estimate of $2.19.

If we were to use AFFO estimates for the next 4 quarters starting with Q3 2026, then the consensus estimate would increase to $2.25. That’s better, but not substantially better.

Even if we use the $2.25 value, at $68.68 shares would be trading a hair over 30.5x forward AFFO estimates.

If we use $2.18 or $2.19, the multiple is 31.36x or 31.50x, respectively.

That’s a pretty high multiple given the Treasury yields. While I still really like TRNO, I felt it was prudent to harvest gains here.

The REIT Forum

Note: TRNO has rallied even higher since we closed our position. As of 7/15/2026, shares are at $72.09.

Why TRNO Can Achieve A High Multiple Our thesis played out well with the industrial real estate portfolio delivering strong growth in same property NOI (Net Operating Income). That drove significant growth in AFFO per share, which supports TRNO trading at pretty high multiples of AFFO per share. The market likes seeing strong growth across several key indicators. However, the valuation still hit a point where I felt it was prudent to just take the gains.

Issuing Shares TRNO was issuing equity during Q1 2026:

TRNO

They felt it was reasonable to issue it at $64.85, and I agree with them. That was a very reasonable price for choosing to issue new equity. Issuing at $68.68 (5.9% higher) would make even more sense. That’s the right choice for management as they look to maximize value for shareholders.

Impact Of Treasury Rates The last time I purchased TRNO was in 2023 at $62.99. That’s not dramatically lower than the current price. The AFFO multiple was similar. What changed?

Well, the interest rate scenario changed quite a bit as shown by the 10-year and 30-year Treasury rates:

MBSLive

MBSLive

The 10-year Treasury yield is up 60 basis points (that means 0.60%) and currently trending higher (based on the current yield relative to the moving averages). The 30-year is up just over 100 basis points and also in a trend higher.

That feels ugly. It’s been less of an issue for TRNO since they have such little debt on their balance sheet. Consequently, they have been less exposed to interest rate pressure than most equity REITs. However, it makes it harder to justify high multiples.

Adjusted EBITDA/Total Enterprise Value Doing a full model for “Market Implied Cap Rate” is pretty slow. In theory it seems like it would be quick to update, but in practice it can get messy doing quarter after quarter.

A simpler method is calculating adjusted EBITDA to Total Enterprise Value. It is less precise (which is negative), but it factors in overhead (which is positive).

Total Enterprise Value = Market value of equity + total debt + preferred stock + minority interest - cash and near-cash items.

Often there won’t be preferred stock or minority interest, which makes it even simpler.

The bigger question is simply which version of EBITDA we want to use. Do we use the most recent quarter? Do we try to run a forward estimate? Sometimes the answers matter a great deal, and sometimes they don’t. In this case, the picture is pretty clear regardless. One adjustment I really like to make, though, is to revise “adjusted EBITDA” by deducting stock-based compensation. That’s fundamentally overhead by another name.

Goal Of Calculation This is a way to approximate the amount of adjusted EBITDA the company is producing relative to the total value assigned to the company.

It can be a quick way to compare REITs. However, investors should be aware that all REITS do not simply deserve to trade at the same valuation. That would be silly. Some properties are simply more desirable, and some management teams are superior. For now I’m simply going to refer to adjusted EBITDA minus stock-based compensation as “revised EBITDA.” I wanted to compare TRNO with Rexford (REXR).

Using Q1 2026, I came to the following estimates when removing stock-based compensation:

TRNO at $68.62 has a revised EBITDA yield of 3.96%. This is why it makes sense for TRNO to issue shares.

REXR at $34.42 has a revised EBITDA yield of 6.12%. This is why it makes sense for REXR to repurchase shares.

Note: We don’t want to use growth rates in adjusted EBITDA or revised EBITDA unless we control for the expected change in the shares outstanding and net debt outstanding.

That’s the gap in valuation. It is very material.

Hypothetically, what if REXR climbed all the way to our “overpriced” level? The revised EBITDA yield would drop from 6.12% to 4.79%.

Final Thoughts I expect that TRNO will do a better job (than REXR) of growing every metric over the next year or two. However, I don’t expect it to be remotely large enough to offset the enormous gap in these valuation metrics.

We currently view TRNO as overpriced despite the company's strong execution. Even after our sale, shares continued climbing. We'll continue watching the company closely because it's still one of my favorite REITs. I simply don't like today's valuation. Here is the record of our sale:

The REIT Forum

Terreno Realty Corporation (NYSE: TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today that it ha

BELLEVUE, Wash.--(BUSINESS WIRE)--Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today that it has executed a lease for 94,000 square feet in Union City, California with a provider of IT infrastructure, cloud and security solutions. The lease will commence September 1, 2026 and will expire October 2033. To facilitate the new lease, Terreno Realty Corporation terminated effective August 31, 2026 the in-place lease that was to expire July 2031 and received a negotiated early termination payment from the prior tenant of approximately $2.0 million.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey; Los Angeles; Miami; San Francisco Bay Area; Seattle; and Washington, D.C.

Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “result,” “should,” “will,” “seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,” “potential,” “enthusiastic,” “future” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

BELLEVUE, Wash.--(BUSINESS WIRE)--Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today that it has executed a lease for 92,000 square feet in Kearny, New Jersey with a third-party logistics provider. The lease will commence June 30, 2026 and will expire December 2031.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey; Los Angeles; Miami; San Francisco Bay Area; Seattle; and Washington, D.C.

Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “result,” “should,” “will,” “seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,” “potential,” “enthusiastic,” “future” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

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Key Takeaways Terreno Realty bought a $13M Alexandria industrial asset, expanding its Washington, D.C. market exposure.The 50,000-square-foot building is 77% leased and sits near I-95 and I-495 for regional access.TRNO's portfolio was 96.3% leased in Q1 2026, with cash rents on new and renewed leases up 22.4%. Terreno Realty Corporation (TRNO - Free Report) is adding another small but well-placed industrial asset to its portfolio, this time in Alexandria, VA. The company acquired the property for about $13.0 million, continuing its focus on infill industrial real estate in supply-constrained coastal markets. For Terreno, the deal expands its Washington, D.C. market exposure with a functional distribution building near major highways while leaving room to raise occupancy over time.

The property includes a 50,000-square-foot industrial distribution building on 2.8 acres at 5751 General Washington Drive. Its location near I-95 and I-495 (the Capital Beltway) should appeal to tenants that need regional access and last-mile distribution capacity. The building is 77% leased to three tenants and has eight dock-high loading positions, one grade-level loading position and parking for 73 cars. Terreno estimates a stabilized cap rate of 5%.

This purchase also fits with the company’s recent pattern of steady, targeted buying. Earlier in June, Terreno acquired a 65,000-square-foot industrial building in San Francisco, CA, for $25.9 million. That asset was fully leased to four tenants and carried an estimated stabilized cap rate of 5.5%, giving investors another sign that management remains active in high-barrier coastal markets.

The broader operating picture also supports a bullish view. At the end of the first quarter of 2026, Terreno’s operating portfolio was 96.3% leased, while same-store occupancy stood at 97.6%. Cash rents on new and renewed leases rose 22.4%, a strong sign that the company still has pricing power.

There are risks. The Alexandria building is not fully leased, cap rates remain modest, and higher interest rates can pressure REIT valuations. Still, Terreno’s disciplined strategy, strong occupancy, active leasing and focus on scarce industrial locations make the stock’s long-term setup look favorable for patient investors.

Over the past three months, shares of this Zacks Rank #2 (Buy) company have gained 6.5% compared with the industry’s growth of 7.8%.

Image Source: Zacks Investment Research

Other Stocks to ConsiderSome other top-ranked stocks from the industrial REIT sector are Prologis (PLD - Free Report) and Stag Industrial (STAG - Free Report) , carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for PLD’s 2026 FFO per share is pegged at $6.18, which indicates year-over-year growth of 6.4%.

The consensus estimate for Stag Industrial’s full-year FFO per share is pinned at $2.63, which calls for a 3.1% increase from the year-ago period.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

Published in finance reit

Key Takeaways Terreno Realty bought a Landover industrial property for about $77.1M on June 16, 2026.Terreno Realty acquired three buildings totaling 305,000 square feet on 24.0 acres, 92% leased.TRNO also bought a 50,000-square-foot Alexandria industrial property this week for about $13M. Terreno Realty Corporation (TRNO - Free Report) announced the acquisition of an industrial property located in Landover, MD. The buyout was carried out on June 16, 2026, for a purchase price of around $77.1 million. The move will aid the company in fostering its future growth by building a robust portfolio.

Located at 3100-3300 Hubbard Road, adjacent to U.S. Route 50, approximately three miles outside Washington, D.C., the property consists of three industrial distribution buildings spanning around 305,000 square feet on 24.0 acres.  It offers 49 dock-high and nine grade-level loading positions, as well as parking for 417 cars. The property is 92% leased to nine tenants. The estimated stabilized cap rate is 5.5%.

TRNO is on an acquisition spree. This week, it also acquired an industrial property in Alexandria, VA, for approximately for $13 million. The property consists of a 50,000-square-foot industrial distribution building situated on 2.8 acres. It was 77% leased to three tenants and carried an estimated stabilized cap rate of 5%.

The newly acquired buildings are expected to strengthen Terreno’s income-generating asset base while providing opportunities to increase cash flows through lease renewals and the leasing of remaining vacant space. With the properties already substantially leased, the acquisitions should generate stable rental income while providing additional value-creation opportunities over time.

Terreno continues to focus on acquiring industrial properties in high-demand coastal markets. Its portfolio spans six major coastal U.S. markets — New York City/Northern New Jersey, Los Angeles, Miami, the San Francisco Bay Area, Seattle and Washington, D.C. These markets benefit from strong population and employment trends, strategic transportation infrastructure and sustained demand for modern logistics and distribution facilities.

In the past three months, shares of this Zacks Rank #2 (Buy) company have gained 3.2% compared with the industry's 8% growth.

Image Source: Zacks Investment Research

Other Stocks to ConsiderSome other top-ranked stocks from the broader REIT sector are Cousins Properties (CUZ - Free Report) and Vornado Realty Trust (VNO - Free Report) , each carrying a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for CUZ’s 2026 FFO per share is pegged at $2.93, which indicates year-over-year growth of 3.17%.

The Zacks Consensus Estimate for VNO’s full-year FFO per share is pinned at $2.34, which calls for an increase of 0.86% from the year-ago period.

Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.

BELLEVUE, Wash.--(BUSINESS WIRE)--Terreno Realty Corporation Acquires Property in Alexandria, VA for $13.0 Million.

TRNO's Q1 update shows strong occupancy, rising rents and active deals but signals a shift toward more balanced growth in 2026.

Posted by Defense World Staff on Apr 10th, 2026

Aberdeen Group plc reduced its stake in shares of Terreno Realty Corporation (NYSE:TRNO – Free Report) by 75.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 39,135 shares of the real estate investment trust’s stock after selling 117,311 shares during the quarter. Aberdeen Group plc’s holdings in Terreno Realty were worth $2,298,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Fifth Third Wealth Advisors LLC grew its stake in shares of Terreno Realty by 38.6% during the fourth quarter. Fifth Third Wealth Advisors LLC now owns 11,320 shares of the real estate investment trust’s stock valued at $665,000 after buying an additional 3,155 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Terreno Realty by 2.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 403,367 shares of the real estate investment trust’s stock worth $23,807,000 after purchasing an additional 10,936 shares during the last quarter. Exchange Traded Concepts LLC grew its stake in shares of Terreno Realty by 22.1% in the fourth quarter. Exchange Traded Concepts LLC now owns 2,351 shares of the real estate investment trust’s stock worth $138,000 after purchasing an additional 425 shares during the last quarter. Moody National Bank Trust Division grew its stake in shares of Terreno Realty by 3.4% in the fourth quarter. Moody National Bank Trust Division now owns 10,316 shares of the real estate investment trust’s stock worth $606,000 after purchasing an additional 339 shares during the last quarter. Finally, Congress Asset Management Co. grew its stake in shares of Terreno Realty by 3.8% in the fourth quarter. Congress Asset Management Co. now owns 566,448 shares of the real estate investment trust’s stock worth $33,256,000 after purchasing an additional 20,890 shares during the last quarter.

Analyst Ratings Changes Several research firms have weighed in on TRNO. Scotiabank lifted their price objective on Terreno Realty from $67.00 to $69.00 and gave the company an “outperform” rating in a research report on Wednesday, January 14th. UBS Group set a $72.00 price objective on Terreno Realty in a research report on Monday, February 9th. Weiss Ratings raised Terreno Realty from a “hold (c+)” rating to a “buy (b-)” rating in a report on Thursday, January 22nd. Citigroup raised their price target on Terreno Realty from $64.00 to $70.00 and gave the company a “neutral” rating in a report on Tuesday, February 10th. Finally, iA Financial set a $75.00 price target on Terreno Realty in a research report on Friday, February 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $69.36.

Check Out Our Latest Stock Analysis on Terreno Realty

Terreno Realty Price Performance Shares of NYSE TRNO opened at $65.39 on Friday. Terreno Realty Corporation has a twelve month low of $52.30 and a twelve month high of $66.74. The firm has a market cap of $6.95 billion, a P/E ratio of 16.77 and a beta of 1.12. The company has a 50 day moving average of $63.67 and a 200 day moving average of $61.37. The company has a quick ratio of 0.32, a current ratio of 0.32 and a debt-to-equity ratio of 0.24.

Terreno Realty (NYSE:TRNO – Get Free Report) last announced its quarterly earnings data on Wednesday, February 4th. The real estate investment trust reported $1.53 earnings per share for the quarter, topping analysts’ consensus estimates of $0.85 by $0.68. The company had revenue of $137.48 million during the quarter, compared to analyst estimates of $124.72 million. Terreno Realty had a net margin of 84.51% and a return on equity of 10.08%. As a group, research analysts expect that Terreno Realty Corporation will post 2.64 EPS for the current fiscal year.

Terreno Realty Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Friday, April 10th. Shareholders of record on Friday, March 27th will be paid a dividend of $0.52 per share. The ex-dividend date is Friday, March 27th. This represents a $2.08 dividend on an annualized basis and a yield of 3.2%. Terreno Realty’s payout ratio is currently 53.33%.

Terreno Realty Profile (Free Report)

Terreno Realty Corporation (NYSE: TRNO) is a real estate investment trust specializing in the acquisition, ownership and operation of industrial properties in key coastal markets across the United States. The company’s portfolio primarily consists of bulk distribution, warehouse and light-industrial assets that serve a diverse tenant base, including third-party logistics providers, e-commerce companies and manufacturers. Terreno aims to generate stable rental income while pursuing long-term capital appreciation through targeted investment and active asset management.

Terreno focuses on eight major coastal regions, emphasizing markets with strong supply-and-demand fundamentals and barriers to new development.

Featured Articles Five stocks we like better than Terreno Realty Want to see what other hedge funds are holding TRNO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Terreno Realty Corporation (NYSE:TRNO – Free Report).

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Key Takeaways Terreno Realty completes and stabilizes Building 34 in Hialeah, a $55.3M industrial project.TRNO's 220,000 sq ft property is fully leased to three tenants with a 5.7% stabilized cap rate.Countyline Phase IV spans 121 acres, with full buildout expected by 2027 at $508.5M total investment. Terreno Realty Corporation (TRNO - Free Report) announced that it recently completed the development and stabilization of Countyline Corporate Park Phase IV Building 34 in Hialeah, FL, for a total investment of $55.3 million. The move highlights its effort to enhance its property quality to meet tenants' growing demand.

The developed property, consisting of 36-foot clear height rear-load industrial distribution building, spans around 220,000 square feet on 13.0 acres of land. The property is equipped with 76 dock-high and two grade-level loading positions, along with a parking area for 188 cars. With the estimated stabilized cap rate of 5.7%, Building 34 is expected to achieve LEED certification. It is 100% leased to three tenants.

Countyline Corporate Park Phase IV consists of a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings in Miami’s Countyline Corporate Park. Upon its anticipated 2027 completion, Countyline Phase IV will feature ten LEED-certified industrial distribution buildings encompassing about 2.2 million square feet. These will include 660 dock-high and 22 grade-level loading positions, plus parking for 1,875 cars, with a total expected investment of roughly $508.5 million.

Terreno: In a SnapshotTerreno’s developments are an integral part of its ongoing efforts to optimize its portfolio and enhance its financial performance. Last week, TRNO announced its operating, investment and capital markets activity for the first quarter of 2026. In the quarter, the company completed the redevelopment and stabilization of Countyline Corporate Park Phase IV Building 32 in Hialeah, FL. As of March 31, 2026, it had five properties under development or redevelopment that, upon completion, will consist of five buildings aggregating approximately 0.9 million square feet, which are approximately 71.5% pre-leased, with a total expected investment of approximately $323.8 million.

Moreover, the company remains focused on expanding its asset base in the six major coastal U.S. markets — Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, DC — as demand for industrial real estate space remains buoyant.

With a solid operating platform, a healthy balance sheet position and prudent capital management practices, TRNO seems well-positioned to capitalize on long-term growth opportunities.

Shares of the company gained 7% over the past three months compared with the industry’s rise of 3.2%. TRNO carries a Zacks Rank #4 (Sell) at present.

Image Source: Zacks Investment Research

Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Prologis (PLD - Free Report) and Ventas (VTR - Free Report) , each carrying a Zacks Rank of #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for PLD’s 2026 FFO per share is pegged at $6.14, which indicates year-over-year growth of 5.7%.

The Zacks Consensus Estimate for VTR’s full-year FFO per share stands at $3.84, which calls for an increase of 10.3% from the year-ago period.

Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.

Key Takeaways TRNO boosted April leasing in Washington, D.C., renewing early and extending terms into 2031-2036.TRNO's Supreme Court deals renewed 27,000 sq ft and leased 29,000 sq ft that had been vacant.TRNO finished a 220,000-sq-ft Hialeah building fully leased; operating portfolio was 96.3% leased. Terreno Realty Corporation (TRNO - Free Report) strengthened its leasing momentum in April 2026 with notable activity in Washington, D.C. The company announced an early lease renewal for 68,000 square feet with a provider of educational services. The lease begins on Dec. 1, 2026, and runs through December 2031. That deal adds to another recent D.C. update, where Terreno signed leases tied to the Supreme Court of the United States.

In the earlier April announcement, Terreno renewed 27,000 square feet that had been scheduled to expire in 2032, extending the term through March 2036. The Supreme Court also leased an adjacent 29,000 square feet that had been vacant, with that lease starting on April 1, 2026, and running through March 2036. Together, those agreements show Terreno extending tenant commitments while also filling empty space.

The company is also advancing its development pipeline. In Hialeah, FL, Terreno completed Countyline Corporate Park Phase IV Building 34, a 220,000-square-foot industrial distribution building. The property is fully leased to three tenants. Built on 13 acres, it includes 76 dock-high and two grade-level loading positions. The total investment was $55.3 million and the estimated stabilized cap rate is 5.7%.

Terreno’s broader first-quarter numbers support this activity. As of March 31, 2026, its operating portfolio was 96.3% leased, while same-store occupancy was 97.6%. Cash rents on new and renewed leases increased 22.4%, and tenant retention came in at 72.6%.

Overall, Terreno Realty’s leasing momentum, led by April deals and supported by strong rent spreads and fully leased developments, positions the company well. However, the uncertain macroeconomic landscape remains a key concern.

Shares of the company gained 6% over the past three months compared with the industry’s rise of 4.3%. TRNO carries a Zacks Rank #4 (Sell) at present.

Image Source: Zacks Investment Research

Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Prologis (PLD - Free Report) and Ventas (VTR - Free Report) , each carrying a Zacks Rank of #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for PLD’s 2026 FFO per share is pegged at $6.14, which indicates year-over-year growth of 5.7%.

The Zacks Consensus Estimate for VTR’s full-year FFO per share stands at $3.85, which calls for an increase of 10.6% from the year-ago period.

Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.

BELLEVUE, Wash.--(BUSINESS WIRE)--Terreno Realty Corporation (NYSE: TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, declared a regular cash dividend for the quarter ending June 30, 2026 of $0.52 per common share. The dividend will be payable on July 10, 2026 to common stockholders of record at the close of business on June 26, 2026.

Terreno Realty Corporation filed its quarterly report on Form 10-Q for the quarter ended March 31, 2026 with the U.S. Securities and Exchange Commission. The financial statements and supplemental financial information are available in the Investors & Media section of Terreno Realty Corporation’s website, www.terreno.com.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle and Washington, D.C.

Additional information about Terreno Realty Corporation is available on the company’s website at www.terreno.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “result,” “should,” “will,” “seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,” “potential,” “enthusiastic,” “future” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

BELLEVUE, Wash.--(BUSINESS WIRE)--Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, acquired an industrial property located in San Francisco, California on June 4, 2026 for a purchase price of approximately $25.9 million.

The property consists of one industrial distribution building containing approximately 65,000 square on 3.8 acres. The property is at 201-395 Mendell Street, in San Francisco’s India Basin neighborhood, and provides 17 dock-high and 10 grade-level loading positions and parking for 95 cars. The building is 100% leased to four tenants all of which expire by May 2031. The estimated stabilized cap rate is 5.5%.

Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle and Washington, D.C.

Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “result,” “should,” “will,” “seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,” “potential,” “enthusiastic,” “future” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates, and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2025 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.