Major Estimate Revision • May 17
Consensus EPS estimates increase by 40% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate increased from US$1.39 to US$1.95. Revenue forecast steady at US$513.5m. Net income forecast to shrink 53% next year vs 11% decline forecast for Industrial REITs industry in the US. Consensus price target broadly unchanged at US$70.24. Share price was steady at US$65.05 over the past week. Declared Dividend • May 11
First quarter dividend of US$0.52 announced Shareholders will receive a dividend of US$0.52. Ex-date: 26th June 2026 Payment date: 10th July 2026 Dividend yield will be 3.1%, which is higher than the industry average of 2.9%. Announcement • May 08
Terreno Realty Corporation announces Quarterly dividend, payable on July 10, 2026 Terreno Realty Corporation announced Quarterly dividend of USD 0.5200 per share payable on July 10, 2026, ex-date on June 26, 2026 and record date on June 26, 2026. Reported Earnings • May 07
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: US$0.67 (up from US$0.48 in 1Q 2025). Revenue: US$124.4m (up 13% from 1Q 2025). Net income: US$69.8m (up 46% from 1Q 2025). Profit margin: 56% (up from 43% in 1Q 2025). Revenue exceeded analyst estimates by 1.9%. Earnings per share (EPS) also surpassed analyst estimates by 98%. Revenue is forecast to grow 8.3% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Industrial REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Live News • May 07
Terreno Realty Reports Q1 Net Income of $69.4 Million With New York Acquisitions and Sales Gains Q1 2026 net income came in at $69.4 million, supported by rent levels and gains on property sales.
Terreno acquired two New York industrial properties totaling about 119,000 square feet while selling two assets in Los Angeles and Washington, D.C. for gains of $27.2 million.
The company reported a development pipeline of five projects totaling roughly 0.9 million square feet, with expected investment of $323.8 million supported by recent equity raises and new term loans.
For you as an investor, the update highlights Terreno’s focus on recycling capital within its industrial portfolio. Acquiring assets in New York and selling properties in Los Angeles and Washington, D.C., while realizing $27.2 million in gains, points to active portfolio management and a willingness to shift exposure between coastal markets when it sees fit. The $69.4 million in Q1 net income is tied to both rent generation and realized gains, so it is useful to separate recurring income from transaction-driven items when you think about earnings quality.
The development pipeline of about 0.9 million square feet with planned investment of $323.8 million indicates a meaningful allocation toward ground-up or value-add projects. Funding these projects with equity raises and new term loans shows that Terreno is leaning on both sides of the balance sheet rather than relying solely on retained cash flow. When you assess the story, it can be helpful to consider how this pipeline, and the associated use of debt and equity, might affect potential rent generation, leverage levels and the mix between stabilized assets and projects still under construction. Announcement • Apr 14
Terreno Realty Corporation Announces Development Completion in Hialeah, FL Terreno Realty Corporation announced that it has completed the development and stabilization of Countyline Corporate Park Phase IV Building 34 in Hialeah, Florida. Building 34 is 100% leased to three tenants. Building 34 of Terreno Realty Corporation’s Countyline Corporate Park is a 220,000 square foot 36-foot clear height rear-load industrial distribution building on 13.0 acres with 76 dock-high and two grade-level loading positions and parking for 188 cars. The building is expected to achieve LEED certification, the total investment is $55.3 million and the estimated stabilized cap rate is 5.7%. 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 (“Countyline”), immediately adjacent to Terreno Realty Corporation’s seven buildings within Countyline (Countyline Corporate Park Phase III). Countyline is a landfill redevelopment adjacent to Florida’s Turnpike and the southern terminus of I-75 located at the intersection of NW 170th Street and NW 107th Avenue. At expected completion in 2027, Countyline Phase IV is expected to contain ten LEED-certified industrial distribution buildings totaling approximately 2.2 million square feet providing 660 dock-high and 22 grade-level loading positions and parking for 1,875 cars for a total expected investment of approximately $508.5 million. Taken together, Terreno Realty Corporation’s Countyline Corporate Park Phase III and IV will contain 17 industrial distribution buildings and 3.5 million square feet. Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) dividend 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. Announcement • Apr 09
An undisclosed buyer acquired Industrial Property Located in Torrance, California from Terreno Realty Corporation (NYSE:TRNO) for $31.1 million. An undisclosed buyer acquired Industrial Property Located in Torrance, California from Terreno Realty Corporation (NYSE:TRNO) for $31.1 million on April 7, 2026.
An undisclosed buyer completed the acquisition of Industrial Property Located in Torrance, California from Terreno Realty Corporation (NYSE:TRNO) on April 7, 2026. Announcement • Mar 23
Terreno Realty Corporation, Annual General Meeting, May 05, 2026 Terreno Realty Corporation, Annual General Meeting, May 05, 2026. Location: bellevue office, 10500 ne 8th street, suite 1910, washington 98004., bellevue United States Upcoming Dividend • Mar 20
Upcoming dividend of US$0.52 per share Eligible shareholders must have bought the stock before 27 March 2026. Payment date: 10 April 2026. Trailing yield: 3.4%. Lower than top quartile of American dividend payers (4.4%). In line with average of industry peers (3.7%). Announcement • Mar 10
An undisclosed buyer acquired Industrial Property located in Lanham, Maryland from Terreno Realty Corporation (NYSE:TRNO) for approximately $11.1 million. An undisclosed buyer acquired Industrial Property located in Lanham, Maryland from Terreno Realty Corporation (NYSE:TRNO) for approximately $11.1 million on March 6, 2026.
An undisclosed buyer completed the acquisition of Industrial Property located in Lanham, Maryland from Terreno Realty Corporation (NYSE:TRNO) on March 6, 2026. Announcement • Feb 18
Terreno Realty Corporation has filed a Follow-on Equity Offering in the amount of $500 million. Terreno Realty Corporation has filed a Follow-on Equity Offering in the amount of $500 million.
Security Name: Common Stock
Security Type: Common Stock
Transaction Features: At the Market Offering Recent Insider Transactions • Feb 12
Executive VP recently sold US$462k worth of stock On the 9th of February, Jaime Cannon sold around 7k shares on-market at roughly US$65.99 per share. This transaction amounted to 3.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Jaime's only on-market trade for the last 12 months. Major Estimate Revision • Feb 11
Consensus EPS estimates fall by 21% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from US$1.62 to US$1.29 per share. Revenue forecast steady at US$507.6m. Net income forecast to shrink 62% next year vs 5.9% decline forecast for Industrial REITs industry in the US. Consensus price target up from US$66.29 to US$69.00. Share price was steady at US$65.43 over the past week. Declared Dividend • Feb 08
Fourth quarter dividend of US$0.52 announced Shareholders will receive a dividend of US$0.52. Ex-date: 27th March 2026 Payment date: 10th April 2026 Dividend yield will be 3.1%, which is higher than the industry average of 2.9%. Reported Earnings • Feb 06
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: FFO per share: US$2.8 (up from US$2.43 in FY 2024). Revenue: US$476.4m (up 25% from FY 2024). Funds from operations (FFO): US$284.7m (up 23% from FY 2024). FFO margin: 60% (in line with FY 2024). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 35%. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Industrial REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Feb 05
Terreno Realty Corporation Declares Quarterly Dividend, Payable on April 10, 2026 Terreno Realty Corporation declared a regular cash dividend for the quarter ending March 31, 2026 of $0.52 per common share. The dividend will be payable on April 10, 2026 to common stockholders of record at the close of business on March 27, 2026. Announcement • Jan 20
Terreno Realty Corporation Announces Development Completion in Hialeah, FL Terreno Realty Corporation announced that it has completed the development and stabilization of Countyline Corporate Park Phase IV Building 32 in Hialeah, Florida. Building 32 is 100% leased to two tenants. Building 32 of Terreno Realty Corporation's Countyline Corporate Park is a 164,000 square foot 36-foot clear height rear-load industrial distribution building on 8.3 acres with 53 dock-high and two grade-level loading positions and parking for 148 cars. The building is expected to achieve LEED certification, the total investment is $43.4 million and the estimated stabilized cap rate is 6.0%. 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 ("Countyline"), immediately adjacent to Terreno Realty Corp.'s seven buildings within Countyline (Countyline (Countyline Corporate Park Phase III). Countyline is a landfill redevelopment adjacent to Florida's Turnpike and the southern terminus of I-75 located at the intersection of NW 170th Street and NW 107th Avenue. At expected completion in 2027, Countyline Phase IV is expected to contain ten LEED-certified industrial distribution buildings totaling approximately 2.2 million square feet providing 660 dock-high and 22 grade-level loading positions and Parking for 1,875 cars for a total expected investment of approximately $511.5 million square feet. Taken together, Terreno Realty Corporation' Countyline Corporate Park Phase III and IV will contain 17 industrial distribution buildings and 3.5 million square feet. Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) dividend 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. Upcoming Dividend • Dec 08
Upcoming dividend of US$0.52 per share Eligible shareholders must have bought the stock before 15 December 2025. Payment date: 09 January 2026. Trailing yield: 3.3%. Lower than top quartile of American dividend payers (4.4%). Lower than average of industry peers (3.7%). Announcement • Dec 03
Terreno Realty Corporation Announces Development Start in Hialeah, FL Terreno Realty Corporation announced that it has commenced construction of Countyline Corporate Park Phase IV Building 35 in Hialeah, Florida; the tenth and final building to be developed in Countyline Corporate Park Phase IV. Building 35 of Terreno Realty Corporation's Countyline Corporate Park is a 220,000 square foot 36-foot clear height rear-load industrial distribution building on 10.7 acres with 78 dock-high and two grade-level loading positions and parking for 185 cars. Building 35 is expected to complete shell construction in the fourth quarter of 2026 and achieve LEED certification. The total expected investment of Building 35 is $55.5 million and the estimated stabilized cap rate is 6.0%. 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 ("Countyline"), immediately adjacent to Terreno Realty Corp.'s seven buildings within Countyline (Countyline Corporate Park Phase III). Countyline is a landfill redevelopment adjacent to Florida's Turnpike and the southern terminus of I-75 located at the intersection of NW 170th Street and NW 107th Avenue. At expected completion in 2027, Countyline Corporate Park Phase IV is expected to contain ten LEED-certified industrial distribution buildings totaling approximately 2.2 million square feet providing 655 dock-high and 23 grade-level loading positions and Parking for 1,875 cars for a total expected investment of approximately $511.5 million square feet. Taken together, Terreno Realty Corporation' Countyline Corporate Park Phase III and IV will contain 17 industrial distribution buildings and 3.5 million square feet. Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) dividend 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. Declared Dividend • Nov 09
Third quarter dividend of US$0.52 announced Shareholders will receive a dividend of US$0.52. Ex-date: 15th December 2025 Payment date: 9th January 2026 Dividend yield will be 3.3%, which is higher than the industry average of 2.9%. Reported Earnings • Nov 06
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$1.01 (up from US$0.37 in 3Q 2024). Revenue: US$116.2m (up 17% from 3Q 2024). Net income: US$103.8m (up 185% from 3Q 2024). Profit margin: 89% (up from 37% in 3Q 2024). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 172%. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Industrial REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has remained flat. Announcement • Nov 06
Terreno Realty Corporation Declares Quarterly Dividend, Payable on January 9, 2026 Terreno Realty Corporation declared a regular cash dividend for the quarter ending December 31, 2025 of $0.52 per common share. The dividend will be payable on January 9, 2026 to common stockholders of record at the close of business on December 15, 2025. Announcement • Nov 05
Terreno Realty Corporation Adds Paul J. Donahue, Jr. as Independent Director, Effective November 4, 2025 Terreno Realty Corporation announced the addition of Paul J. Donahue, Jr. as an independent director effective November 4, 2025, expanding its Board of Directors to eight. Mr. Donahue is Managing Partner and Co-Founder of Black Squirrel Partners, a growth equity and content platform. Mr. Donahue retired from Morgan Stanley in 2020 after a 32-year career serving most recently as Head of Americas Equity Capital Markets and Chairman of the Equity Underwriting Committee. Mr. Donahue earned degrees in Business Economics and Organizational Behavior & Management from Brown University. Mr. Donahue is a director of PBF Energy and Servco Pacific Inc. Mr. Donahue also serves on the philanthropic Boards of the T.J. Martell Foundation and All Within My Hands. Mr. Donahue has been appointed to serve on the Nominating and Corporate Governance Committee, Compensation Committee and Audit Committee. Announcement • Sep 30
Terreno Realty Corporation Announces Development Start in Hialeah, FL Terreno Realty Corporation announced that it has commenced construction of Countyline Corporate Park Phase IV Building 36 in Hialeah, Florida. Building 36 of Terreno Realty Corporation's Countyline Corporate Park is a 214,000 square foot 36-foot clear height rear-load industrial distribution building on 11.7 acres with 75 dock-high and two grade-level loading positions and parking for 185 cars. Building 36 has been 51% pre-leased to an international logistics management company specializing in freight forward and consolidating services commencing with building completion and tenant build-out, expected to be in the first quarter of 2027, and expiring June 2037. Building 36 is expected to achieve LEED certification, the total expected investment is $54.1 million and the estimated stabilized cap rate is 5.8%. 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 ("Countyline"), immediately adjacent to Terreno Realty Corporation' seven buildings within Countyline (Countyline (Countyline Corporate Park Phase III). Countyline is a landfill redevelopment adjacent to Florida's Turnpike and the southern terminus of I-75 located at the intersection of NW 170th Street and NW 107th Avenue. At expected completion in 2027, Countyline Corporate Park Phase IV is expected to contain ten LEED-certified industrial distribution buildings totaling approximately 2.2 million square feet providing 655 dock-high and 23 grade- level loading positions and parking for 1,875 cars for a total expected investment of approximately $511.5 million square feet. Taken together, Terreno Realty Corporation its Countyline Corporate Park Phase III and IV will contain 17 industrial distribution buildings and 3.5 million square feet. Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) dividend 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. Upcoming Dividend • Sep 22
Upcoming dividend of US$0.52 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 10 October 2025. Trailing yield: 3.6%. Lower than top quartile of American dividend payers (4.4%). In line with average of industry peers (3.9%). Recent Insider Transactions • Aug 17
Co-Founder recently sold US$540k worth of stock On the 14th of August, Michael Coke sold around 10k shares on-market at roughly US$53.96 per share. This transaction amounted to 1.7% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Aug 15
Co-Founder notifies of intention to sell stock Michael Coke intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 14th of August. If the sale is conducted around the recent share price of US$53.51, it would amount to US$535k. Since March 2025, Michael's direct individual holding has increased from 577.10k shares to 597.36k. There has only been one transaction (US$652k sale) from insiders over the last 12 months. Declared Dividend • Aug 10
Second quarter dividend of US$0.52 announced Shareholders will receive a dividend of US$0.52. Ex-date: 29th September 2025 Payment date: 10th October 2025 Dividend yield will be 3.7%, which is higher than the industry average of 2.9%. New Risk • Aug 07
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.6% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.6% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 07
Second quarter 2025 earnings: EPS exceeds analyst expectations Second quarter 2025 results: EPS: US$0.90 (up from US$0.37 in 2Q 2024). Revenue: US$112.2m (up 19% from 2Q 2024). Net income: US$92.9m (up 161% from 2Q 2024). Profit margin: 83% (up from 38% in 2Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 141%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 5.3% growth forecast for the Industrial REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 6% per year and the company’s share price has also fallen by 6% per year. Announcement • Aug 07
Terreno Realty Corporation Declares Regular Quarterly Cash Dividend for the Quarter Ending September 30, 2025, Payable on October 10, 2025 Terreno Realty Corporation declared a regular cash dividend for the quarter ending September 30, 2025 of $0.52 per common share, an increase of 6.1% over the prior dividend level. The dividend will be payable on October 10, 2025 to common stockholders of record at the close of business on September 29, 2025. Upcoming Dividend • Jun 20
Upcoming dividend of US$0.49 per share Eligible shareholders must have bought the stock before 27 June 2025. Payment date: 11 July 2025. Trailing yield: 3.4%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (4.1%). Announcement • May 28
An undisclosed buyer acquired Industrial property located in Commerce, California from Terreno Realty Corporation (NYSE:TRNO) for approximately $97 million. An undisclosed buyer acquired Industrial property located in Commerce, California from Terreno Realty Corporation (NYSE:TRNO) for approximately $97 million on May 22, 2025.
An undisclosed buyer completed the acquisition of Industrial property located in Commerce, California from Terreno Realty Corporation (NYSE:TRNO) on May 22, 2025. Declared Dividend • May 11
First quarter dividend of US$0.49 announced Shareholders will receive a dividend of US$0.49. Ex-date: 27th June 2025 Payment date: 11th July 2025 Dividend yield will be 3.4%, which is higher than the industry average of 2.9%. Reported Earnings • May 08
First quarter 2025 earnings: EPS and revenues exceed analyst expectations First quarter 2025 results: EPS: US$0.48 (up from US$0.40 in 1Q 2024). Revenue: US$110.4m (up 30% from 1Q 2024). Net income: US$47.9m (up 34% from 1Q 2024). Profit margin: 43% (up from 42% in 1Q 2024). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 34%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Industrial REITs industry in the US. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 3% per year. Announcement • May 08
Terreno Realty Corporation Declares Regular Cash Dividend for the Quarter Ending June 30, 2025, Payable on July 11, 2025 Terreno Realty Corporation declared a regular cash dividend for the quarter ending June 30, 2025 of $0.49 per common share. The dividend will be payable on July 11, 2025 to common stockholders of record at the close of business on June 27, 2025. Buy Or Sell Opportunity • Apr 21
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to US$55.83. The fair value is estimated to be US$71.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 17% over the last 3 years, while earnings per share has been flat. For the next 3 years, revenue is forecast to grow by 15% per annum. Earnings are also forecast to grow by 4.6% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to US$53.40, the stock trades at a forward P/E ratio of 33x. Average forward P/E is 29x in the Industrial REITs industry in the US. Total loss to shareholders of 22% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$85.76 per share. Announcement • Mar 24
Terreno Realty Corporation, Annual General Meeting, May 06, 2025 Terreno Realty Corporation, Annual General Meeting, May 06, 2025. Location: bellevue office, 10500 ne 8th street, suite 1910, washington 98004., bellevue United States Upcoming Dividend • Mar 20
Upcoming dividend of US$0.49 per share Eligible shareholders must have bought the stock before 27 March 2025. Payment date: 04 April 2025. Trailing yield: 3.0%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (3.6%). Recent Insider Transactions • Feb 14
Independent Director recently sold US$652k worth of stock On the 11th of February, Dennis Polk sold around 10k shares on-market at roughly US$67.20 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$1.9m more than they bought in the last 12 months. Declared Dividend • Feb 09
Fourth quarter dividend of US$0.49 announced Shareholders will receive a dividend of US$0.49. Ex-date: 27th March 2025 Payment date: 4th April 2025 Dividend yield will be 2.9%, which is about the same as the industry average. Reported Earnings • Feb 06
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$1.92 (up from US$1.81 in FY 2023). Revenue: US$382.6m (up 18% from FY 2023). Net income: US$183.7m (up 22% from FY 2023). Profit margin: 48% (up from 47% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 28%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 6.8% growth forecast for the Industrial REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has fallen by 2% per year. Announcement • Feb 06
Terreno Realty Corporation Declares Regular Cash Dividend for the Quarter Ending March 31, 2025, Payable on April 4, 2025 Terreno Realty Corporation declared a regular cash dividend for the quarter ending March 31, 2025 of $0.49 per common share. The dividend will be payable on April 4, 2025 to common stockholders of record at the close of business on March 27, 2025. Announcement • Jan 25
Terreno Realty Corporation Announces Resignation of Dennis Polk as Director On January 23, 2025, Dennis Polk informed the Board of Directors of Terreno Realty Corporation that he would not stand for re-election as a director of the Company at the Company’s 2025 Annual Meeting of Stockholders. Mr. Polk will continue to serve on the Board and maintain his committee memberships through the Annual Meeting. Mr. Polk’s decision not to stand for re-election was not the result of any disagreement with the Company on any matter relating to its operations, policies or practices. Announcement • Jan 01
Terreno Realty Corporation (NYSE:TRNO) acquired Property in Queens, NY for $50.1 million. Terreno Realty Corporation (NYSE:TRNO) acquired Property in Queens, NY for $50.1 million on December 31, 2024.
Terreno Realty Corporation (NYSE:TRNO) completed the acquisition of Property in Queens, NY for $50.1 million on December 31, 2024. Upcoming Dividend • Dec 06
Upcoming dividend of US$0.49 per share Eligible shareholders must have bought the stock before 13 December 2024. Payment date: 07 January 2025. Trailing yield: 3.3%. Lower than top quartile of American dividend payers (4.2%). In line with average of industry peers (3.6%). Announcement • Nov 22
An undisclosed buyer acquired 75,000 Square Foot Property at 1401 N.W. 78th Avenue in Doral, Florida from Terreno Realty Corporation (NYSE:TRNO). An undisclosed buyer acquired 75,000 Square Foot Property at 1401 N.W. 78th Avenue in Doral, Florida from Terreno Realty Corporation (NYSE:TRNO) for $20.6 million on November 21, 2024.
An undisclosed buyer completed the acquisition of 75,000 Square Foot Property at 1401 N.W. 78th Avenue in Doral, Florida from Terreno Realty Corporation (NYSE:TRNO) on November 21, 2024. Declared Dividend • Nov 10
Third quarter dividend of US$0.49 announced Shareholders will receive a dividend of US$0.49. Ex-date: 13th December 2024 Payment date: 7th January 2025 Dividend yield will be 3.0%, which is about the same as the industry average. Reported Earnings • Nov 07
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$0.38 (up from US$0.36 in 3Q 2023). Revenue: US$99.6m (up 20% from 3Q 2023). Net income: US$36.8m (up 22% from 3Q 2023). Profit margin: 37% (in line with 3Q 2023). Revenue exceeded analyst estimates by 2.2%. Earnings per share (EPS) also surpassed analyst estimates by 1.4%. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Industrial REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Nov 07
Terreno Realty Corporation Declares Regular Cash Dividend for the Quarter Ending December 31, 2024, Payable on January 7, 2025 Terreno Realty Corporation declared a regular cash dividend for the quarter ending December 31, 2024 of $0.49 per common share. The dividend will be payable on January 7, 2025 to common stockholders of record at the close of business on December 13, 2024. Announcement • Oct 29
Terreno Realty Corporation Announces Development Start in Hialeah, FL Terreno Realty Corporation announced that it has commenced construction of Countyline Corporate Park Phase IV Building 34 in Hialeah, Florida. Building 34 of Terreno Realty Corporation's Countyline Corporate Park is a 220,000 square foot 36-foot clear height rear-load industrial distribution building on 13.0 acres with 76 dock-high and two grade-level loading positions and parking for 188 cars. Building 34 has been 70% pre-leased to a cruise ship industry provider of non-perishable food items and food service supplies commencing with building completion and tenant build-out, expected to be in the third quarter of 2025, and expiring February 2033. Building 34 is expected to achieve LEED certification, the total expected investment is $55.9 million and the estimated stabilized cap rate is 5.7%. 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 ("Countyline"), immediately adjacent to Terreno Realty Corp.'s seven buildings within Countyline (Countyline Corporate Park Phase III). Countyline is a landfill redevelopment adjacent to Florida's Turnpike and the southern terminus of I-75 located at the intersection of NW 170th Street and NW 107th Avenue. At expected completion in 2027, Countyline Corporate Park Phase IV is expected to contain ten LEED-certified industrial distribution buildings totaling approximately 2.2 million square feet providing 660 dock-high and 22 grade-level loading positions and Parking for 1,875 cars for a total expected investment of approximately $511.5 million square feet. Taken together, Terreno Realty Corporation' Countyline Corporate Park Phase III and IV will contain 17 industrial distribution buildings and 3.5 million square feet. 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: Northern New Jersey/New York City; Los Angeles; Miami; San Francisco Bay Area; Seattle and Washington, D.C. Upcoming Dividend • Sep 23
Upcoming dividend of US$0.49 per share Eligible shareholders must have bought the stock before 30 September 2024. Payment date: 11 October 2024. Trailing yield: 2.9%. Lower than top quartile of American dividend payers (4.3%). In line with average of industry peers (3.2%). Announcement • Aug 28
Terreno Realty Corporation has filed a Follow-on Equity Offering in the amount of $500 million. Terreno Realty Corporation has filed a Follow-on Equity Offering in the amount of $500 million.
Security Name: Common Stock
Security Type: Common Stock
Security Features: Income Trust
Transaction Features: At the Market Offering Recent Insider Transactions • Aug 14
Executive VP & COO recently sold US$422k worth of stock On the 9th of August, John Meyer sold around 6k shares on-market at roughly US$68.64 per share. This transaction amounted to 3.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was John's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Aug 12
Executive VP & COO notifies of intention to sell stock John Meyer intends to sell 6k shares in the next 90 days after lodging an Intent To Sell Form on the 9th of August. If the sale is conducted around the recent share price of US$68.66, it would amount to US$422k. Since March 2024, John's direct individual holding has increased from 177.06k shares to 184.45k. Company insiders have collectively sold US$387k more than they bought, via options and on-market transactions in the last 12 months. Declared Dividend • Aug 11
Second quarter dividend of US$0.49 announced Shareholders will receive a dividend of US$0.49. Ex-date: 30th September 2024 Payment date: 11th October 2024 Dividend yield will be 2.7%, which is lower than the industry average of 2.9%. Reported Earnings • Aug 08
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.37 (down from US$0.48 in 2Q 2023). Revenue: US$94.2m (up 19% from 2Q 2023). Net income: US$35.5m (down 11% from 2Q 2023). Profit margin: 38% (down from 50% in 2Q 2023). Revenue exceeded analyst estimates by 6.1%. Earnings per share (EPS) also surpassed analyst estimates by 4.7%. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 7.9% growth forecast for the Industrial REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Aug 08
Terreno Realty Corporation Declares a Regular Cash Dividend for the Quarter Ending September 30, 2024, Payable on October 11, 2024 Terreno Realty Corporation declared a regular cash dividend for the quarter ending September 30, 2024 of $0.49 per common share, an increase of 8.9% over the prior dividend level. The dividend will be payable on October 11, 2024 to common stockholders of record at the close of business on September 30, 2024. Upcoming Dividend • Jun 21
Upcoming dividend of US$0.45 per share Eligible shareholders must have bought the stock before 28 June 2024. Payment date: 12 July 2024. Trailing yield: 3.1%. Lower than top quartile of American dividend payers (4.8%). Lower than average of industry peers (3.6%). Announcement • Jun 05
Terreno Realty Corporation Announces Addition of Constance Von Muehlen as an Independent Director Terreno Realty Corporation announced the addition of Constance von Muehlen as an independent director effective June 1, 2024, expanding its Board of Directors to eight. Ms. von Muehlen has served as Executive Vice President and Chief Operating Officer of Alaska Airlines since April 2021. Ms. von Muehlen holds an FAA Commercial Instrument Helicopter Pilot’s License, graduated with a Bachelor’s degree from Johns Hopkins University and graduated from the Executive MBA program at the Foster School of Business at the University of Washington. Ms.von Muehlen has served previously on the FAA’s Women in Aviation advisory board and the San Jose Public Library Foundation board. Declared Dividend • May 12
First quarter dividend of US$0.45 announced Shareholders will receive a dividend of US$0.45. Ex-date: 28th June 2024 Payment date: 12th July 2024 Dividend yield will be 3.3%, which is higher than the industry average of 2.9%. Reported Earnings • May 09
First quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2024 results: EPS: US$0.40 (up from US$0.29 in 1Q 2023). Revenue: US$85.0m (up 14% from 1Q 2023). Net income: US$35.9m (up 55% from 1Q 2023). Profit margin: 42% (up from 31% in 1Q 2023). Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) exceeded analyst estimates by 9.6%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 6.9% growth forecast for the Industrial REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • May 09
Terreno Realty Corporation Declares Cash Dividend for the Quarter Ending June 30, 2024, Payable on July 12, 2024 Terreno Realty Corporation declared a regular cash dividend for the quarter ending June 30, 2024 of $0.45 per common share. The dividend will be payable on July 12, 2024 to common stockholders of record at the close of business on June 28, 2024. Announcement • May 04
Terreno Realty Corporation (NYSE:TRNO) completed the acquisition of Portfolio of industrial properties located in New York, Northern New Jersey, San Francisco Bay Area. Terreno Realty Corporation (NYSE:TRNO) signed purchase and sale agreement to acquire Portfolio of industrial properties located in New York, Northern New Jersey, San Francisco Bay Area for approximately $360 million on March 25, 2024. The acquisition of the Portfolio is expected to close in the second quarter of 2024. The acquisition of these buildings, including the acquisition of the Portfolio, is subject to due diligence and various closing conditions. In similar transaction Terreno Realty Corporation announced the acquisition of portfolio for $84.3 million. Goldman Sachs & Co. LLC acted as financial advisor to Terreno Realty Corporation (NYSE:TRNO).Terreno Realty Corporation (NYSE:TRNO) completed the acquisition of Portfolio of industrial properties located in New York, Northern New Jersey, San Francisco Bay Area on May 2, 2024. Announcement • Apr 27
Terreno Realty Corporation Announces Development Completion in Hialeah, FL Terreno Realty Corporation announced that it has completed the development of Countyline Corporate Park Phase IV Building 38 in Hialeah, Florida. Building 38 is 100% leased to a North American distributor of foodservice packaging, commercial cleaning supplies, janitorial equipment and industrial packaging. Building 38 of Terreno Realty Corporation’s Countyline Corporate Park is a 506,000 square foot 36-foot clear height cross-dock industrial distribution building on 27.6 acres with 105 dock-high and four grade-level loading positions and parking for 360 cars. The building is expected to achieve LEED certification, the total expected investment is $88.5 million and the estimated stabilized cap rate is 5.0%. 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 (“Countyline”), immediately adjacent to Terreno Realty Corporation’s seven buildings within Countyline (Countyline Corporate Park Phase III). Countyline is a landfill redevelopment adjacent to Florida’s Turnpike and the southern terminus of I-75 located at the intersection of NW 170th Street and NW 107th Avenue. At expected completion in 2027, Countyline Phase IV is expected to contain ten LEED-certified industrial distribution buildings totaling approximately 2.2 million square feet providing 660 dock-high and 22 grade-level loading positions and parking for 1,875 cars for a total expected investment of approximately $511.5 million. Taken together, Terreno Realty Corporation’s Countyline Corporate Park Phase III and IV will contain 17 industrial distribution buildings and 3.5 million square feet. 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: Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C. Announcement • Apr 17
Terreno Realty Corporation (NYSE:TRNO) acquired Industrial property in Alexandria, Virginia for $84.3 million. Terreno Realty Corporation (NYSE:TRNO) acquired Industrial property in Alexandria, Virginia for $84.3 million on April 15, 2024.Terreno Realty Corporation (NYSE:TRNO) completed the acquisition of Industrial property in Alexandria, Virginia for $84.3 million on April 15, 2024. Announcement • Apr 12
Terreno Realty Corporation Announces Development Start in Hialeah, FL Terreno Realty Corporation announced that it has commenced construction of Countyline Corporate Park Phase IV Building 31 in Hialeah, Florida. Building 31 of Terreno Realty Corporation's Countyline Corporate Park is a 162,000 square foot 36-foot clear height rear-load industrial distribution building on 10.0 acres with 53 dock-high and two grade-level loading positions and parking for 140 cars. Building 31 has been 100% pre-leased to a national tire distributor commencing with building completion, expected to be in the fourth quarter of 2024, and expiring May 2032. Building 31 is expected to achieve LEED certification, the total expected investment is $42.1 million and the estimated stabilized cap rate is 6.0%. 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 ("Countyline"), immediately adjacent to Terreno Realty Corp.'s seven buildings within Countyline (Countyline Corporate Park Phase III). Countyline is a landfill redevelopment adjacent to Florida's Turnpike and the southern terminus of I-75 located at the intersection of NW 170th Street and NW 107th Avenue. At expected completion in 2027, Countyline Corporate Park Phase IV is expected to contain ten LEED-certified industrial distribution buildings totaling approximately 2.2 million square feet providing 660 dock-high and 22 grade-level loading positions and Parking for 1,875 cars for a total expected investment of approximately $511.5 million square feet. Taken together, Terreno Realty Corporation' Countyline Corporate Park Phase III and IV will contain 17 industrial distribution buildings and 3.5 million square feet. 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. Announcement • Mar 27
Terreno Realty Corporation has completed a Follow-on Equity Offering in the amount of $341 million. Terreno Realty Corporation has completed a Follow-on Equity Offering in the amount of $341 million.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 5,500,000
Price\Range: $62
Discount Per Security: $0.71 Announcement • Mar 26
Terreno Realty Corporation has filed a Follow-on Equity Offering. Terreno Realty Corporation has filed a Follow-on Equity Offering.
Security Name: Common Stock
Security Type: Common Stock
Securities Offered: 5,000,000 Announcement • Mar 23
Terreno Realty Corporation, Annual General Meeting, May 07, 2024 Terreno Realty Corporation, Annual General Meeting, May 07, 2024, at 08:00 Pacific Daylight. Location: The Company's Bellevue office, 10500 NE 8th Street, Suite 1910, Bellevue Washington United States Agenda: To consider the election of seven directors, each to serve until the next annual meeting of stockholders and until his or her successor has been duly elected and qualifies; to consider a resolution to approve, on a non-binding, advisory basis, the compensation of certain executives; to consider the ratification of the appointment of Ernst & Young LLP as the company's independent registered certified public accounting firm for the 2024 fiscal year; and to consider such other business as may properly come before the annual meeting, including any adjournments or postponements of the meeting. Upcoming Dividend • Mar 20
Upcoming dividend of US$0.45 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 05 April 2024. Trailing yield: 2.8%. Lower than top quartile of American dividend payers (4.7%). Lower than average of industry peers (3.2%). New Risk • Feb 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (47% net profit margin). Shareholders have been diluted in the past year (7.3% increase in shares outstanding). Significant insider selling over the past 3 months (US$387k sold). Declared Dividend • Feb 11
Fourth quarter dividend of US$0.45 announced Shareholders will receive a dividend of US$0.45. Ex-date: 27th March 2024 Payment date: 5th April 2024 Dividend yield will be 2.8%, which is about the same as the industry average. Reported Earnings • Feb 08
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: EPS: US$1.81 (down from US$2.61 in FY 2022). Revenue: US$323.6m (up 17% from FY 2022). Net income: US$150.7m (down 24% from FY 2022). Profit margin: 47% (down from 71% in FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 21%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 7.5% growth forecast for the Industrial REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Feb 08
Terreno Realty Corporation Declares Quarterly Dividend, Payable on April 5, 2024 Terreno Realty Corporation declared a regular cash dividend for the quarter ending March 31, 2024 of $0.45 per common share. The dividend will be payable on April 5, 2024 to common stockholders of record at the close of business on March 28, 2024. Announcement • Jan 10
Terreno Realty Corporation Announces the Promotion of John Meyer to Chief Operating Officer Terreno Realty Corporation announced the promotion of John Meyer to Chief Operating Officer, effective January 8, 2024. Mr. Meyer will continue to report to Michael A. Coke, President and W. Blake Baird, Chairman and Chief Executive Officer. Prior to joining the company in 2010, Mr. Meyer was Executive Vice President, Director of Transactions, Southwest Region of North America for AMB Property Corporation. Mr. Meyer holds a BS degree in architecture from the University of Oklahoma. New Risk • Dec 11
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.01% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.01% per year for the foreseeable future. Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (12% increase in shares outstanding). Upcoming Dividend • Dec 07
Upcoming dividend of US$0.45 per share at 3.1% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 05 January 2024. Trailing yield: 3.1%. Lower than top quartile of American dividend payers (4.8%). In line with average of industry peers (3.1%). New Risk • Nov 02
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 2.7% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 2.7% per year for the foreseeable future. Minor Risks Dividend is not well covered by earnings (311% payout ratio). Large one-off items impacting financial results. Shareholders have been diluted in the past year (10% increase in shares outstanding). Significant insider selling over the past 3 months (US$596k sold). Announcement • Nov 02
Terreno Realty Corporation Declares Cash Dividend for the Quarter Ending December 31, 2023, Payable on January 5, 2024 Terreno Realty Corporation declared a regular cash dividend for the quarter ending December 31, 2023 of $0.45 per common share. The dividend will be payable on January 5, 2024 to common stockholders of record at the close of business on December 15, 2023. Announcement • Oct 13
Terreno Realty Corporation (NYSE:TRNO) acquired Industrial Property Located in Red Hook, Brooklyn, New York for $27.5 million. Terreno Realty Corporation (NYSE:TRNO) acquired Industrial Property Located in Red Hook, Brooklyn, New York for $27.5 million on October 11, 2023.
Terreno Realty Corporation (NYSE:TRNO) completed the acquisition of Industrial Property Located in Red Hook, Brooklyn, New York on October 11, 2023. Upcoming Dividend • Sep 21
Upcoming dividend of US$0.45 per share at 3.1% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 13 October 2023. Trailing yield: 3.1%. Lower than top quartile of American dividend payers (5.0%). In line with average of industry peers (3.0%). Announcement • Sep 08
Terreno Realty Corporation (NYSE:TRNO) acquired Property in Santa Ana, CA for approximately $14.8 million. Terreno Realty Corporation (NYSE:TRNO) acquired Property in Santa Ana, CA for approximately $14.8 million on September 6, 2023.
Terreno Realty Corporation (NYSE:TRNO) completed the acquisition of Property in Santa Ana, CA on September 6, 2023. Recent Insider Transactions • Aug 09
Co-Founder recently sold US$596k worth of stock On the 4th of August, Michael Coke sold around 10k shares on-market at roughly US$59.60 per share. This transaction amounted to 1.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months. Major Estimate Revision • Aug 09
Consensus EPS estimates increase by 13% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from US$1.28 to US$1.45. Revenue forecast steady at US$318.1m. Net income forecast to shrink 15% next year vs 15% decline forecast for Industrial REITs industry in the US. Consensus price target broadly unchanged at US$69.92. Share price rose 2.1% to US$59.32 over the past week. Recent Insider Transactions Derivative • Aug 07
Co-Founder notifies of intention to sell stock Michael Coke intends to sell 10k shares in the next 90 days after lodging an Intent To Sell Form on the 4th of August. If the sale is conducted around the recent share price of US$59.09, it would amount to US$591k. Since March 2023, Michael's direct individual holding has increased from 548.17k shares to 566.44k. There has only been one transaction (US$234k sale) from insiders over the last 12 months. New Risk • Aug 04
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 48% Last year net profit margin: 69% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (48% net profit margin). Shareholders have been diluted in the past year (11% increase in shares outstanding). Reported Earnings • Aug 03
Second quarter 2023 earnings: EPS and revenues exceed analyst expectations Second quarter 2023 results: FFO per share: US$0.6 (up from US$0.49 in 2Q 2022). Revenue: US$79.5m (up 22% from 2Q 2022). Funds from operations (FFO): US$46.0m (up 27% from 2Q 2022). FFO margin: 58% (up from 55% in 2Q 2022). Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 52%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Industrial REITs industry in the US. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. 
