Terreno Realty Corporation (TRNO) Stock Price & How to Invest
Last updated July 2026
Short answer
Terreno Realty is an industrial REIT that buys and operates infill warehouse and distribution property in exactly six coastal US markets, and it trades on the NYSE under TRNO through any ordinary brokerage account. The unusual part is the discipline of the map: management has declined to expand beyond New York City/Northern New Jersey, Los Angeles, Miami, the San Francisco Bay Area, Seattle and Washington, D.C.
TRNO stock price
As of 2026-08-25, Terreno Realty Corporation (TRNO) last closed at $68.38, up 19.6% over the past year. Over the past 52 weeks it has traded between $55.93 and $75.08.
Prices are daily closing prices from Yahoo Finance and may be delayed. For the live quote, check your broker or Terreno Realty Corporation's investor relations page. Walnut is informational, not investment advice.
What does Terreno Realty Corporation (TRNO) do?
Terreno Realty Corporation is an internally managed Maryland corporation, taxed as a REIT since 2010, that does one thing: it assembles industrial real estate close to the ports, airports and dense populations of six coastal US markets. As of June 30, 2026 it owned ~316 buildings totaling ~20.6 million square feet, ~46 improved land parcels covering ~147 acres, and four properties under development or redevelopment adding ~0.7 million square feet. The portfolio is leased to ~697 customers and the largest single tenant accounts for only ~5.3% of annualized base rent, so no one lease decides the year. Asset types run from multi-tenant distribution and flex buildings to transshipment facilities and paved land leased for truck and trailer parking, a category most warehouse landlords ignore and Terreno treats as a product line. The largest single project is Countyline Phase IV in Hialeah, Florida, a landfill redevelopment planned for ten LEED-certified distribution buildings. All of it is run by roughly ~47 employees.
The second quarter of 2026 showed the model working on its own terms. Revenue was ~$124.7 million against ~$112.2 million a year earlier, and funds from operations attributable to common stockholders reached ~$74.3 million, or ~$0.70 per basic share, up ~9.4% year over year. Cash rents on new and renewed leases commencing in the quarter came in ~27.7% above the previous rates on the same space, cash-basis same-store net operating income rose ~7.1%, and the buildings were ~97.6% leased. Reported net income fell ~38% to ~$57.6 million, but that comparison is about property-sale gains rather than operations, which is why REIT investors watch FFO instead. In August 2026 the board raised the quarterly dividend to ~$0.57 per share from ~$0.52. Against trailing FFO of roughly ~$2.88 per share the stock carries a multiple in the low-to-mid twenties, well above the broader REIT market, and the central question is whether double-digit rent spreads can persist long enough to grow into it at a time when national industrial leasing has cooled from its 2022 peak.
What's driving Terreno Realty Corporation (TRNO)?
1. The embedded mark-to-market on expiring leases
Leases signed five and seven years ago in Northern New Jersey or the Bay Area were priced in a different rent environment, so each expiration is a chance to reset toward current market. Cash rent changes were ~27.7% in the second quarter of 2026 and ~25.3% across the first half, on roughly ~1.5 million square feet and ~14.7 acres of commenced leases. That spread is the largest source of internal growth, it requires no new capital, and it rests on the claim that infill land near coastal population centers is effectively non-reproducible.
2. Development and redevelopment at yields above acquisition cap rates
Terreno completed two Countyline buildings in the first half of 2026 for ~$98.7 million at an estimated stabilized cap rate of ~5.8%, both ~100% leased, while the four projects still under way carry ~$268.5 million of expected investment. Second-quarter acquisitions closed at a weighted average stabilized cap rate of ~5.3%, so building has been the higher-yielding path. The Whitestone Logistics redevelopment in Queens shows the swing: a full-property lease signed in July 2026 lifted its estimated stabilized cap rate to ~6.4%.
3. A balance sheet with unusual room
Net debt stood at ~$891 million against adjusted EBITDA annualizing near ~$350 million, a ratio of about ~2.5 times, and total debt was only ~11.8% of total market capitalization. Terreno funded ~$282.9 million of first-half acquisitions largely with equity, issuing ~4.07 million shares at an average of ~$65.64 for net proceeds of ~$263.5 million. Low leverage is what lets it keep buying when leveraged private bidders cannot.
What are the risks to Terreno Realty Corporation (TRNO)?
Concentration cuts both ways: six markets means six local economies, and a downturn in Bay Area logistics demand or a slowdown in Miami trade flows lands directly on results with nothing to offset it. The rent spread that drives growth is a lagging measure, since it reflects leases signed months earlier, and national industrial asking rents have flattened or fallen in several large markets since 2024, so ~27.7% spreads are not a run rate anyone should extrapolate. Tenant retention was only ~55.6% in the operating portfolio during the second quarter, so a large share of space has to be re-let each period, carrying downtime, free rent and leasing costs the headline spread does not show. Growth also depends on continuous external capital, and ~42.2% of total debt was floating rate at June 30, 2026 against a weighted average maturity of only ~2.8 years.
What is the Terreno Realty Corporation (TRNO) forecast?
17 analysts publish price targets on TRNO, averaging $73.76 against a $68.38 price as of August 2026, or +7.9%. The published targets run from $60.00 to $91.00, a moderate spread, and the ratings split 11 buy, 6 hold, 2 sell. Over the last six months there have been 9 raises and 2 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.
Read the full TRNO forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.
Is TRNO a buy or a sell?
We give no verdict on Terreno Realty Corporation. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.
The case for buying. The embedded mark-to-market on expiring leases. Leases signed five and seven years ago in Northern New Jersey or the Bay Area were priced in a different rent environment, so each expiration is a chance to reset toward current market. The most optimistic published target, $91.00, assumes this works close to its best case.
The case against. Concentration cuts both ways: six markets means six local economies, and a downturn in Bay Area logistics demand or a slowdown in Miami trade flows lands directly on results with nothing to offset it. The most pessimistic target, $60.00, is roughly what TRNO is worth if this bites instead.
Read the full bull and bear case on TRNO, including what would have to change to break either one. Walnut is not an investment adviser.
How is Terreno Realty Corporation (TRNO) valued? (approximate, August 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Terreno Realty Corporation's investor relations page or your broker.
- Revenue (TTM): ~$503 million
- FFO attributable to common (TTM): ~$301 million, or ~$2.88 per basic share
- Cash-basis same-store NOI growth (Q2 2026): ~7.1% year over year
- Occupancy: buildings ~97.6% leased, improved land ~93.3% leased
- Net debt / adjusted EBITDA: ~2.5x on ~$891 million of net debt
- Dividend: ~$0.57 per quarter declared August 2026, ~$2.28 annualized
Trailing FFO is flattered by the fourth quarter of 2025, which included roughly ~$12.6 million of lease termination income and pushed that quarter to ~$0.84 per share against ~$0.70 in the second quarter of 2026. Stripping it out, the underlying run rate is closer to ~$2.75 per share, which lifts the effective multiple by about a point. The declared dividend consumes roughly ~79% of trailing FFO.
Who competes with Terreno Realty Corporation (TRNO)?
Listed industrial REITs
Prologis (PLD) is the global scale player and sets the tone for how the sector is priced. Rexford Industrial (REXR) is the closest strategic analogue, an infill portfolio concentrated in Southern California, and its results are the fastest read on whether coastal rent spreads are holding. EastGroup (EGP) and First Industrial (FR) pursue similar shallow-bay assets in Sunbelt and mixed markets, while STAG Industrial (STAG) buys secondary-market, single-tenant buildings at higher going-in yields. Comparing Terreno's cap rates and rent spreads against this group tests whether the six-market premium is earned.
Private capital bidding for the same buildings
Terreno's acquisition pipeline competes against institutional funds, sovereign wealth vehicles, private industrial platforms and 1031 exchange buyers hunting the same infill sites. That competition sets acquisition cap rates, and the ~5.3% weighted average on second-quarter 2026 purchases reflects it. When private capital is aggressive, external growth gets more expensive and development becomes the better use of capital, roughly the situation the numbers describe today.
Passive real estate exposure
An investor wanting warehouse exposure without single-company risk can use the Pacer Industrial Real Estate ETF (INDS), or broader vehicles such as the Vanguard Real Estate ETF (VNQ) and the Real Estate Select Sector SPDR (XLRE). These dilute the specific bet on coastal infill scarcity that is the reason TRNO trades at a premium to the REIT average, which is the tradeoff to weigh.
What stocks are similar to Terreno Realty Corporation (TRNO)?
Other names that sit close to TRNO: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.
How to invest in Terreno Realty Corporation (TRNO)
There are three common ways to get TRNO exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so TRNO sits alongside other stocks that express the same thesis.
Walnut takes the portfolio route. Describe a thesis where TRNO fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.
New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.
The bottom line on Terreno Realty Corporation (TRNO)
Terreno is a concentrated wager that scarce infill land in six coastal metros keeps repricing upward, and at roughly ~24 times trailing funds from operations the share price already assumes it will.
More on Terreno Realty Corporation (TRNO)
Whether TRNO is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is TRNO a buy or a sell?, and where the stock could go from here in the TRNO stock forecast.
For income investors, whether TRNO pays a dividend and how the payout looks is covered in does TRNO pay a dividend? And to weigh TRNO against a peer, read the full side-by-side comparisons: TRNO vs PLD and TRNO vs REXR.
Wondering how TRNO fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Terreno Realty Corporation with AI
Connect the broker you already use and ask Walnut's AI how TRNO fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What does Terreno Realty actually own?
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As of June 30, 2026 it owned ~316 buildings totaling ~20.6 million square feet, plus ~46 improved land parcels of about ~147 acres and four projects under development or redevelopment. The buildings are mostly multi-tenant distribution, flex and transshipment facilities rather than the million-square-foot big boxes built along interstates. The improved land is paved, fenced acreage leased for truck and container storage, a niche carrying almost no building maintenance cost.
Why does Terreno only operate in six markets?
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New York City/Northern New Jersey, Los Angeles, Miami, the San Francisco Bay Area, Seattle and Washington, D.C. share dense population, port or airport access, and severe constraints on building new industrial space. The thesis is that scarcity of developable infill land supports rent growth inland markets cannot match, because a competing developer in Hialeah faces obstacles a developer outside Dallas does not. The cost of that focus is concentration: a weak year in two of the six shows up immediately in results.
How are Terreno's dividends taxed?
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REIT distributions are generally taxed as ordinary income at your marginal rate, not at the lower qualified-dividend rate that applies to most common stocks, because the REIT itself pays little or no corporate tax on income it distributes. Portions can also be classified as return of capital, which lowers your cost basis instead of being taxed currently, or as capital gain, and the split is reported each year on Form 1099-DIV. Ordinary REIT dividends may qualify for the Section 199A deduction of up to 20%. This treatment is why REITs are often held inside IRAs and other tax-advantaged accounts, and it is worth confirming your own situation with a tax professional.
Why is net income falling while FFO is rising?
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Second-quarter 2026 net income was ~$57.6 million against ~$93.3 million a year earlier, a drop driven almost entirely by smaller gains on property sales: ~$12.0 million this year versus ~$54.6 million last year. Funds from operations strips out both sale gains and real estate depreciation, so it rose ~12.1% to ~$74.3 million over the same span. GAAP net income swings with whatever happened to be sold in a quarter, which is why the industry standardized on FFO.
What is a cash rent change on new and renewed leases?
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It compares the cash rent on a lease that just began against the rent previously paid on that same space by the outgoing tenant. Terreno reported ~27.7% for the second quarter of 2026 and ~25.3% for the first half. It is the clearest single measure of how much unrealized rent sits inside an existing portfolio, though it covers only space that actually turned over and says nothing about leases not yet expiring.
How does Terreno pay for the buildings it buys?
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Mostly with equity and sale proceeds rather than debt. In the first half of 2026 it raised net proceeds of ~$263.5 million through its at-the-market share program, sold three properties for ~$86.2 million, and spent ~$282.9 million on six acquisitions. Net debt to adjusted EBITDA was about ~2.5 times, low for a REIT, and the tradeoff is that every share issued dilutes existing holders unless the acquired yield exceeds the cost of that equity.
What is Countyline and why does it keep coming up?
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Countyline Phase IV is a redevelopment of a former landfill in Hialeah, Florida, adjacent to Florida's Turnpike, planned for ten LEED-certified distribution buildings. Two finished in the first half of 2026 at a combined expected investment of ~$98.7 million and an estimated stabilized cap rate of ~5.8%, both ~100% leased at completion. It matters because ground-up development at those yields has been running above what Terreno pays for finished buildings in the open market.
How do you invest in TRNO?
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TRNO trades on the New York Stock Exchange and can be bought in any standard brokerage or retirement account, including fractionally at brokers that support it. Some investors hold it alone, others as one slice of a real estate or logistics theme alongside peers such as Rexford, EastGroup or Prologis, so a problem in one company's markets does not decide the whole allocation. Walnut can track a group like that against a stated thesis. Nothing here is investment advice.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Terreno Realty Corporation's investor relations page or your broker before making investment decisions.