2 models fit Terreno Realty Corporation Common Stock and they agree: 2 of 2 land within 15% of the average.
Two or more of our models back this value.
Near fair value(i)Bronze50
Valued as a REIT (property company): Price to FFO and EV/EBITDA comparison.
ACCE opinionTerreno Realty Corporation Common Stock (TRNO)
Fair value (2 models)
$69.53
ACCE price target
$61.00
Rating
Fairly valued
Horizon
12 months
Fair value published on 12 Oct 2026, 00:00 CEST; previously $56.14 since 28 Sept 2026, 00:00 CEST.
ACCE price target published on 10 Oct 2026, 00:00 CEST.
Price used: $65.15 at the close on 23 Oct 2026, 22:00 CEST.
Models: EV/EBITDA comparison and Price to FFO.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
6.3% below
+6.7% to fair value
ACCE score
57
out of 100
Analysts
63% buy
19 covering
P/E
17.6x
forward 80.0x
1-year return
+7.0%
Dividend yield
3.17%
Terreno Realty Corporation Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Terreno owns and operates infrastructure-grade industrial property concentrated in six coastal infill markets (Los Angeles, San Francisco Bay Area, Seattle, New York/New Jersey, Miami and Washington, D.C.), where new supply is scarce and rents reset upward on expiry. Its moat is the land and the location: a single-tenant or multi-tenant warehouse in a supply-constrained port-adjacent corridor is hard to replicate, and that shows up in a 76.2% gross margin and a 41.8% operating margin. Revenue growth of 11.1% is being driven by rent escalations on existing space and by acquisitions in those same markets, which is a steadier engine than speculative development. The trailing P/E of 17.2 looks modest, but the forward P/E of 80.0 implies earnings are expected to fall sharply, so the reported number needs reconciling before anyone leans on it. Return on equity of 9.3% is thin for a REIT with this margin profile, which points to a heavy balance sheet and the gap between the two multiples is the first thing to pull apart in the filings.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
moderate
Earnings falling despite revenue growth
Revenue grew 11.1% year over year, but earnings fell 40.2%, so the gap between top-line growth and profit needs checking before extrapolating the 20.6% five-year revenue CAGR.
moderate
Score down sharply in 90 days
The ACCE score fell 21 points from 74 to 53 over 90 days, with Growth at 40 and Valuation at 39, and the stock trades 6.8% above the ACCE price target of $61.00.
moderate
Elevated short interest
Short interest stands at 10.1% of shares, which is worth monitoring alongside the falling score and weaker earnings trend.
AI research notes
AI-assisted·How I use AIWritten Oct 20, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 11.1% over the past year and has averaged 20.6% a year over five years, showing sustained expansion.
The stock trades 6.3% below the model fair value of $69.53, and the dividend yields 3.6%.
Why it could disappoint
Forward P/E of 36.3x sits far above the trailing 17.2x, a gap that signals expected earnings pressure.
Return on invested capital of 6.5% and return on equity of 9.3% are modest for a business issuing new shares.
Diluted share count rose 7.2% last fiscal year, diluting existing holders even as the stock trades 6.8% above the ACCE price target of $61.00.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 4, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where TRNO's valuation models land
Price
$65.15
Model fair value
$69.53
Model range
$63.89 to $75.16
Fair value $69.53
Price $65.15
The price sits inside the model range.
Model
Fair value
Upside
EV/EBITDA comparison
Price to FFO
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
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