Terreno Realty Corporation
In the published model solve dated 2026-Q2, anchored at $69.45, Terreno Realty Corporation (TRNO) is priced for -1.4% AFFO growth. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 11, 2026 from SEC EDGAR filings.
• Terreno owns what cannot be built more of: 309 buildings of infill industrial space in six coastal markets, where its 10-K defines the moat plainly, ⟦"Infill locations are geographic locations surrounded by high concentrations of already developed land and existing buildings"⟧, and the pricing power shows in cash rents up 27.7% on second-quarter leases. [Source: Q2 2026 operating update, July 7, 2026] • The growth engine runs on equity: the company issued 4.07 million shares year-to-date at an
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363 institutional managers reported holding TRNO in 13F filings for the quarter ended 2026-03-31. 36 opened new positions that quarter. Held by BlackRock, Vanguard Group, FMR (Fidelity), among others. On the short side, 4.8M shares were sold short as of the 2026-06-15 count, about 5% of shares outstanding (6.3 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
TRNO's share count grew 50.8% over the past five years even with $11.52M spent on repurchases. It pays a dividend, and has paid one every year in our records (15 and counting), raised 7 years straight; the current rate is $2.02 a share annually. Cash returned over the past three years: $504.92M in dividends and $9.74M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at TRNO over the trailing three years. Absence is a fact about the company, not a signal. 11 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
TRNO's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2021-02-11 | +2.9% | +1.8% |
| 2021-05-06 | -0.0% | +3.2% |
| 2022-05-05 | -2.8% | -16.1% |
| 2022-08-04 | +1.6% | -14.5% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
TRNO's latest 8-K filings: 2026-05-06 (items 5.07); 2026-02-17 (items 8.01, 9.01); 2026-01-08 (items 1.01, 2.03, 9.01); 2025-11-05 (items 5.02); 2025-05-07 (items 5.02, 5.07, 9.01).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 11, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.