Terreno Realty
Acquires and leases urban-infill industrial properties across six coastal U.S. markets.
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Profile
Acquires and leases warehouse/distribution buildings, improved land, transshipment sites, and flex properties in six coastal U.S. markets. Rental income comes from a diversified tenant base, with most rent tied to warehouse/distribution space and performance concentrated in supply-constrained urban-infill locations.
Acquires, owns, operates, develops, and redevelops industrial real estate in six supply-constrained coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, the San Francisco Bay Area, Seattle, and Washington, D.C. The portfolio is dominated by warehouse/distribution buildings, complemented by improved land, transshipment sites, and flex properties for light-industrial and research-and-development users.
Targets functional urban-infill assets near ports, airports, highways, and railways, then uses leasing, operational improvements, and redevelopment to reposition properties. Rental income and tenant reimbursements flow through a single real-estate investment segment, while local third-party managers handle day-to-day operations at substantially all properties.
Results depend on industrial leasing demand and occupancy, access to attractively priced acquisitions and financing, and compliance with REIT distribution rules, environmental requirements, and local zoning and land-use regulations.
Company facts
Categories
Key statistics
Year to date +12.8% · Average volume (30d) 629.7K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 19, 2026 | Mizuho Securities | Target | $60 | ||
| Aug 17, 2026 | Cantor Fitzgerald | Reiterate | Overweight | $67 | $77 |
| Aug 17, 2026 | Industrial Alliance Securities | Target | $75 | $77 | |
| Aug 12, 2026 | Scotiabank | Reiterate | Outperform | $70 | $72 |
| Aug 12, 2026 | KeyBanc | Reiterate | Overweight | $72 | $75 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 5, 2026Q2 FY26 | $0.41 | $0.54 | +31.7% | $127.1M | $124.7M | −1.9% | −1.87% |
| May 6, 2026Q1 FY26 | $0.67 | $0.68 | +1.5% | $123.5M | $124.4M | +0.8% | +0.68% |
| Feb 4, 2026Q4 FY25 | $0.85 | $0.83 | −2.4% | $132.1M | $137.5M | +4.0% | +0.99% |
| Nov 5, 2025Q3 FY25 | $0.65 | $0.67 | +3.1% | $114.6M | $116.2M | +1.4% | +1.67% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $110.4M | $112.2M | $116.2M | $137.5M | $124.4M | $124.7M | |
| Gross profit | $81.7M | $84.3M | $88.0M | $107.3M | $33.7M | $95.1M | |
| Operating income | $43.0M | $44.0M | $48.1M | $57.4M | $50.7M | $52.1M | |
| Net income | $48.1M | $93.3M | $103.4M | $158.2M | $69.4M | $57.6M | |
| Diluted EPS | $0.47 | $0.90 | $1.00 | $1.52 | $0.66 | $0.54 | |
| Gross margin | 73.9% | 75.1% | 75.7% | 78.0% | 27.1% | 76.2% | |
| Operating margin | 38.9% | 39.2% | 41.3% | 41.8% | 40.7% | 41.8% |
Fiscal years (4-quarter sums)FY21 $221.9M · FY22 $276.2M · FY23 $323.6M · FY24 $382.6M · FY25 $476.4M
Balance sheet, Jun 30, 2026Cash & short-term investments $51.2M · Total debt $1.06B · Total assets $5.71B · Shareholders' equity $4.43B
Dividends
Raised for 13 straight years — most recently to $0.52 from $0.49 in Sep 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 26, 2026 | Jun 26 | Jul 10 | $0.52 | |
| Mar 27, 2026 | Mar 27 | Apr 10 | $0.52 | |
| Dec 15, 2025 | Dec 15 | Jan 9 | $0.52 | |
| Sep 29, 2025 | Sep 29 | Oct 10 | $0.52 | raised from $0.49 |
| Jun 27, 2025 | Jun 27 | Jul 11 | $0.49 | |
| Mar 27, 2025 | Mar 27 | Apr 4 | $0.49 | |
| Dec 13, 2024 | Dec 13 | Jan 7 | $0.49 | |
| Sep 30, 2024 | Sep 30 | Oct 11 | $0.49 | raised from $0.45 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 106.31M · Float 104.15M · 98.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 18.74M | 17.63% | 13F | Aug 7, 2026 |
| FMR LLC | 12.09M | 11.37% | 13F | Aug 13, 2026 |
| Vanguard Portfolio Management LLC | 10.75M | 10.11% | 13F | Aug 13, 2026 |
| State Street Corp | 5.96M | 5.61% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 4.78M | 4.50% | 13F | Aug 13, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 11, 2026 | John Tull Meyer | officer: EVP | −4,447 | $68.64 |
| Aug 7, 2026 | Michael A. Coke | director, officer: President | −8,000 | $68.38 |
| Aug 10, 2026 | Jaime Jackson Cannon | officer: CFO | −3,602 | $68.26 |
| Feb 9, 2026 | Jaime Jackson Cannon | officer: CFO | −7,000 | $65.99 |
| Nov 7, 2025 | John Tull Meyer | officer: EVP | −4,758 | $59.95 |
Peers
- Prologis
Global logistics scale across high-barrier warehouse markets
- Rexford Industrial
Pure-play Southern California infill industrial landlord
- First Industrial Realty Trust
U.S. logistics owner-developer in major industrial MSAs
- EastGroup Properties
Sunbelt distribution REIT with supply-constrained submarkets
- STAG Industrial
National warehouse and light-industrial REIT
- LXP Industrial Trust
Class A warehouse and distribution REIT
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Terreno Realty | $66.59 | +0.02% | $7.08B | 17.9 | 36.8 | 14.1 | +11.1% |
| Prologis | $140.35 | −0.29% | $131.32B | 31.3 | 40.4 | 14.3 | −0.3% |
| Rexford Industrial | $37.00 | −0.39% | $8.49B | — | 33.1 | 8.6 | −2.6% |
| First Industrial Realty Trust | $61.94 | 0.00% | $8.21B | 22.6 | 35.3 | 10.8 | +8.2% |
| EastGroup Properties | $200.00 | −0.01% | $10.75B | 35.1 | 36.2 | 14.3 | +9.1% |
| STAG Industrial | $37.18 | +0.01% | $7.17B | 28.6 | 74.1 | 8.1 | +7.7% |
| LXP Industrial Trust | $60.69 | 0.00% | $3.58B | 60.7 | 538.0 | 10.3 | −0.7% |
| Median | 31.3 | 38.3 | 10.6 | +3.7% |