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Terreno Realty

NYSE:TRNO
Snowflake Description

Adequate balance sheet with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TRNO
NYSE
$3B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. The last earnings update was 82 days ago. More info.


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TRNO Share Price and Events
7 Day Returns
-1.7%
NYSE:TRNO
-2.4%
US REITs
-1.2%
US Market
1 Year Returns
31.4%
NYSE:TRNO
8.1%
US REITs
3.4%
US Market
TRNO Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Terreno Realty (TRNO) -1.7% 1.7% 12% 31.4% 83.3% 161.8%
US REITs -2.4% -3.6% 2.5% 8.1% 0.6% 22.1%
US Market -1.2% 0.7% 1.7% 3.4% 35.5% 41.6%
1 Year Return vs Industry and Market
  • TRNO outperformed the REITs industry which returned 8.1% over the past year.
  • TRNO outperformed the Market in United States of America which returned 3.4% over the past year.
Price Volatility
TRNO
Industry
5yr Volatility vs Market

TRNO Value

 Is Terreno Realty undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Terreno Realty to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Terreno Realty.

NYSE:TRNO Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:TRNO
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.47
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.475 (1 + (1- 21%) (14.51%))
0.685
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 5.96%)
7.5%

Discounted Cash Flow Calculation for NYSE:TRNO using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Terreno Realty is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Terreno Realty is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:TRNO DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (USD, Millions) Source Present Value
Discounted (@ 7.5%)
2020 82.68 Analyst x5 76.92
2021 85.94 Est @ 3.94% 74.37
2022 89.01 Est @ 3.58% 71.66
2023 91.97 Est @ 3.32% 68.87
2024 94.87 Est @ 3.14% 66.09
2025 97.73 Est @ 3.02% 63.33
2026 100.60 Est @ 2.93% 60.64
2027 103.49 Est @ 2.87% 58.03
2028 106.41 Est @ 2.83% 55.51
2029 109.39 Est @ 2.8% 53.09
Present value of next 10 years cash flows $648.51
NYSE:TRNO DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $109.39 × (1 + 2.73%) ÷ (7.5% – 2.73%)
$2,356.98
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $2,356.98 ÷ (1 + 7.5%)10
$1,143.81
NYSE:TRNO Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $648.51 + $1,143.81
$1,792.32
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $1,792.32 / 62.74
$28.57
NYSE:TRNO Discount to Share Price
Calculation Result
Value per share (USD) From above. $28.57
Current discount Discount to share price of $48.75
= -1 x ($48.75 - $28.57) / $28.57
-70.6%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Terreno Realty is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Terreno Realty's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Terreno Realty's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:TRNO PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $1.16
NYSE:TRNO Share Price ** NYSE (2019-07-19) in USD $48.75
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 31.51x
United States of America Market PE Ratio Median Figure of 3,081 Publicly-Listed Companies 17.87x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Terreno Realty.

NYSE:TRNO PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:TRNO Share Price ÷ EPS (both in USD)

= 48.75 ÷ 1.16

42.14x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Terreno Realty is overvalued based on earnings compared to the US REITs industry average.
  • Terreno Realty is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Terreno Realty's expected growth come at a high price?
Raw Data
NYSE:TRNO PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 42.14x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
-3.1%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 1.68x
United States of America Market PEG Ratio Median Figure of 2,119 Publicly-Listed Companies 1.57x

*Line of best fit is calculated by linear regression .

NYSE:TRNO PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 42.14x ÷ -3.1%

-13.56x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Terreno Realty earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Terreno Realty's assets?
Raw Data
NYSE:TRNO PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $21.25
NYSE:TRNO Share Price * NYSE (2019-07-19) in USD $48.75
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.8x
United States of America Market PB Ratio Median Figure of 5,247 Publicly-Listed Companies 1.79x
NYSE:TRNO PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:TRNO Share Price ÷ Book Value per Share (both in USD)

= 48.75 ÷ 21.25

2.29x

* Primary Listing of Terreno Realty.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Terreno Realty is overvalued based on assets compared to the US REITs industry average.
X
Value checks
We assess Terreno Realty's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Terreno Realty has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

TRNO Future Performance

 How is Terreno Realty expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-3.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Terreno Realty expected to grow at an attractive rate?
  • Terreno Realty's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Terreno Realty's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Terreno Realty's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:TRNO Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:TRNO Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts -3.1%
NYSE:TRNO Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 11.9%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 6%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.5%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:TRNO Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:TRNO Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 239 55 1
2020-12-31 183 52 9
2019-12-31 169 50 8
NYSE:TRNO Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 155 83 68
2018-12-31 152 78 63
2018-09-30 147 73 51
2018-06-30 143 72 60
2018-03-31 138 68 54
2017-12-31 132 69 49
2017-09-30 128 66 39
2017-06-30 121 62 22
2017-03-31 114 57 10
2016-12-31 108 49 11
2016-09-30 103 47 10
2016-06-30 100 45 11

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Terreno Realty's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Terreno Realty's revenue is expected to grow by 11.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:TRNO Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Terreno Realty Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:TRNO Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31
2020-12-31 0.79 0.83 0.73 5.00
2019-12-31 0.82 0.86 0.77 4.00
NYSE:TRNO Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 1.16
2018-12-31 1.09
2018-09-30 0.90
2018-06-30 1.09
2018-03-31 1.02
2017-12-31 0.95
2017-09-30 0.80
2017-06-30 0.47
2017-03-31 0.21
2016-12-31 0.26
2016-09-30 0.23
2016-06-30 0.26

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Terreno Realty will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Terreno Realty's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Terreno Realty has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

TRNO Past Performance

  How has Terreno Realty performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Terreno Realty's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Terreno Realty has delivered over 20% year on year earnings growth in the past 5 years.
  • Terreno Realty's 1-year earnings growth is less than its 5-year average (26.2% vs 53.3%)
  • Terreno Realty's earnings growth has exceeded the US REITs industry average in the past year (26.2% vs 16%).
Earnings and Revenue History
Terreno Realty's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Terreno Realty Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:TRNO Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 155.43 68.33 22.39
2018-12-31 151.66 62.89 21.50
2018-09-30 146.87 50.82 19.56
2018-06-30 142.61 59.62 19.56
2018-03-31 138.15 54.13 20.58
2017-12-31 132.48 49.02 19.68
2017-09-30 127.70 39.19 21.27
2017-06-30 121.16 22.50 21.79
2017-03-31 114.20 9.85 20.06
2016-12-31 108.42 11.46 19.32
2016-09-30 102.78 10.18 18.05
2016-06-30 100.00 11.30 15.66
2016-03-31 98.42 19.18 14.45
2015-12-31 95.90 10.96 14.85
2015-09-30 90.44 13.19 11.94
2015-06-30 83.83 12.44 11.60
2015-03-31 76.20 4.50 10.98
2014-12-31 68.88 7.13 9.50
2014-09-30 63.30 4.90 9.91
2014-06-30 57.10 2.40 8.86
2014-03-31 51.30 0.06 8.79
2013-12-31 45.53 -1.13 8.42
2013-09-30 40.53 -2.63 7.67
2013-06-30 37.62 -3.43 7.49
2013-03-31 33.13 -3.43 6.98
2012-12-31 29.34 -3.66 6.40
2012-09-30 26.39 -2.28 6.19

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Terreno Realty has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Terreno Realty used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Terreno Realty has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Terreno Realty's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Terreno Realty has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

TRNO Health

 How is Terreno Realty's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Terreno Realty's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Terreno Realty is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Terreno Realty's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Terreno Realty's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.3x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Terreno Realty Company Filings, last reported 3 months ago.

NYSE:TRNO Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,333.18 442.90 59.75
2018-12-31 1,247.80 462.10 31.03
2018-09-30 1,167.03 482.65 3.64
2018-06-30 1,143.10 466.46 27.80
2018-03-31 1,030.71 501.76 7.54
2017-12-31 1,027.49 461.68 35.74
2017-09-30 998.18 461.97 109.09
2017-06-30 957.10 384.08 4.54
2017-03-31 864.36 379.44 11.21
2016-12-31 811.81 415.33 14.49
2016-09-30 792.75 384.21 11.02
2016-06-30 789.81 375.53 22.30
2016-03-31 734.61 381.22 3.78
2015-12-31 733.08 381.48 22.83
2015-09-30 740.94 347.72 50.25
2015-06-30 744.45 293.74 27.19
2015-03-31 738.03 303.62 35.71
2014-12-31 747.04 302.47 191.30
2014-09-30 568.86 172.34 21.12
2014-06-30 570.67 158.09 29.63
2014-03-31 436.43 221.88 5.20
2013-12-31 438.84 189.31 6.99
2013-09-30 439.04 159.15 62.00
2013-06-30 341.69 163.48 4.64
2013-03-31 343.73 110.80 15.71
2012-12-31 255.27 177.04 5.93
2012-09-30 254.04 158.33 4.62
  • Terreno Realty's level of debt (33.2%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (50.5% vs 33.2% today).
  • Debt is not well covered by operating cash flow (18.7%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.9x coverage).
X
Financial health checks
We assess Terreno Realty's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Terreno Realty has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

TRNO Dividends

 What is Terreno Realty's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.97%
Current annual income from Terreno Realty dividends. Estimated to be 2.23% next year.
If you bought $2,000 of Terreno Realty shares you are expected to receive $39 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Terreno Realty's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • Terreno Realty's dividend is below the markets top 25% of dividend payers in United States of America (3.78%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:TRNO Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 185 Stocks 3.9%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2017 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:TRNO Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31 1.43 1.00
2022-12-31 1.29 1.00
2021-12-31 1.12 2.00
2020-12-31 1.08 6.00
2019-12-31 0.99 6.00
NYSE:TRNO Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-05-01 0.960 2.039
2019-02-06 0.960 2.283
2018-11-01 0.960 2.537
2018-08-02 0.960 2.583
2018-05-02 0.880 2.338
2018-02-07 0.880 2.563
2017-11-01 0.880 2.446
2017-08-02 0.880 2.438
2017-05-03 0.800 2.424
2017-02-08 0.800 2.833
2016-11-02 0.800 2.928
2016-07-27 0.800 2.996
2016-05-04 0.720 2.909
2016-02-10 0.720 3.183
2015-11-04 0.720 3.235
2015-08-05 0.640 3.079
2015-05-06 0.640 3.127
2015-02-18 0.640 2.860
2014-11-04 0.640 2.975
2014-08-11 0.560 2.817
2014-05-12 0.560 2.940
2014-02-19 0.520 2.823
2013-11-06 0.520 2.983
2013-08-07 0.520 2.930
2013-05-08 0.520 2.754
2013-02-19 0.480 2.665
2012-11-06 0.480 3.073
2012-08-03 0.480 3.140
2012-05-04 0.480 3.288
2012-02-21 0.400 2.827
2011-11-08 0.400 2.921
2011-08-11 0.400 2.964
2011-05-18 0.400 2.402
2011-02-17 0.400 2.364

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Terreno Realty has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Terreno Realty only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Terreno Realty's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Terreno Realty's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Terreno Realty afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Terreno Realty has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

TRNO Management

 What is the CEO of Terreno Realty's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
W. Baird
COMPENSATION $2,118,712
AGE 58
TENURE AS CEO 9.4 years
CEO Bio

Mr. W. Blake Baird has been Chief Executive Officer, Chairman and Co-Founder of Terreno Realty Corporation since February 2010. Prior to co-founding Terreno Realty Corporation, Mr. Baird served as the President at AMB Property Corp. (now Prologis, Inc.) from January 2000 to December 01, 2006 and served as its Director from May 2001 to December 01, 2006. Mr. Baird was Managing Partner and Co-Founder at Terreno Capital Partners LLC from September 2007 to February 2010. He served as Chief Investment Officer at AMB Property Corp. from January 1999 to December 1999. Prior to this, in January 1999, he served as a Managing Director at Morgan Stanley Dean Witter & Co., where he worked for 15 years, as head of Real Estate Investment Banking for the Western United States. He has been Director of Sunstone Hotel Investors, Inc. since April 28, 2016. Mr. Baird serves as a Member of the Board of Directors of The Center for Real Estate Enterprise Management. He served as Member of the Board of Governors of the National Association of Real Estate Investment Trusts. Mr. Baird has been a Director of Matson, Inc. since June 2006. He served as a Member of Young President's Organization. Mr. Baird served as a Director of Alexander & Baldwin, Inc. He served as a Director of Matson Navigation Company Inc. since June 2006. Mr. Baird is a member of World President' Organization Mr. Baird holds an M.B.A. from New York University, a B.S. degree in Economics from the Wharton School (magna cum laude), and a B.A. degree in History from the College of Arts and Sciences (magna cum laude) at the University of Pennsylvania.

CEO Compensation
  • W.'s compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • W.'s remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Terreno Realty management team in years:

6.2
Average Tenure
51
Average Age
  • The average tenure for the Terreno Realty management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

W. Baird

TITLE
Chairman & CEO
COMPENSATION
$2M
AGE
58
TENURE
9.4 yrs

Mike Coke

TITLE
President & Director
COMPENSATION
$2M
AGE
51
TENURE
9.4 yrs

Jaime Cannon

TITLE
Executive VP & CFO
COMPENSATION
$953K
AGE
44
TENURE
6.2 yrs

John Meyer

TITLE
Executive Vice President
COMPENSATION
$953K
AGE
59
TENURE
3.9 yrs

Andy Burke

TITLE
Executive Vice President
COMPENSATION
$973K
AGE
43
TENURE
3.9 yrs
Board of Directors Tenure

Average tenure and age of the Terreno Realty board of directors in years:

9.4
Average Tenure
57
Average Age
  • The tenure for the Terreno Realty board of directors is about average.
Board of Directors

W. Baird

TITLE
Chairman & CEO
COMPENSATION
$2M
AGE
58
TENURE
9.4 yrs

Mike Coke

TITLE
President & Director
COMPENSATION
$2M
AGE
51
TENURE
9.4 yrs

LeRoy Carlson

TITLE
Independent Director
COMPENSATION
$130K
AGE
73
TENURE
9.4 yrs

Dennis Polk

TITLE
Independent Director
COMPENSATION
$130K
AGE
52
TENURE
9.4 yrs

Gabby Parcella

TITLE
Independent Director
COMPENSATION
$119K
AGE
50
TENURE
1.2 yrs

Doug Pasquale

TITLE
Lead Director
COMPENSATION
$130K
AGE
64
TENURE
9.4 yrs

David Lee

TITLE
Independent Director
AGE
57
TENURE
0.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
12. Feb 19 Buy David Lee Individual 08. Feb 19 08. Feb 19 5,000 $42.04 $210,200
X
Management checks
We assess Terreno Realty's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Terreno Realty has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

TRNO News

Simply Wall St News

Three Things You Should Check Before Buying Terreno Realty Corporation (NYSE:TRNO) For Its Dividend

Today we'll take a closer look at Terreno Realty Corporation (NYSE:TRNO) from a dividend investor's perspective. Owning a strong business and reinvesting the dividends is widely seen as an attractive way of growing your wealth. Yet sometimes, investors buy a popular dividend stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. Investors might not know much about Terreno Realty's dividend prospects, even though it has been paying dividends for the last eight years and offers a 1.9% yield. A low yield is generally a turn-off, but if the prospects for earnings growth were strong, investors might be pleasantly surprised by the long-term results. Some simple analysis can reduce the risk of holding Terreno Realty for its dividend, and we'll focus on the most important aspects below. Click the interactive chart for our full dividend analysis NYSE:TRNO Historical Dividend Yield, July 12th 2019 Payout ratios Dividends are usually paid out of company earnings. If a company is paying more than it earns, then the dividend might become unsustainable - hardly an ideal situation. So we need to form a view on if a company's dividend is sustainable, relative to its net profit after tax. Looking at the data, we can see that 68% of Terreno Realty's profits were paid out as dividends in the last 12 months. This is a fairly normal payout ratio among most businesses. It allows a higher dividend to be paid to shareholders, but does limit the capital retained in the business - which could be good or bad. We also measure dividends paid against a company's levered free cash flow, to see if enough cash was generated to cover the dividend. Terreno Realty paid out 65% of its cash flow as dividends last year, which is within a reasonable range for the average corporation. It's positive to see that Terreno Realty's dividend is covered by both profits and cash flow, since this is generally a sign that the dividend is sustainable, and a lower payout ratio usually suggests a greater margin of safety before the dividend gets cut. Terreno Realty is a REIT, which is an investment structure that often has different payout rules compared to other companies. It is not uncommon for REITs to pay out 100% of their earnings each year. Is Terreno Realty's Balance Sheet Risky? As Terreno Realty has a meaningful amount of debt, we need to check its balance sheet to see if the company might have debt risks. A rough way to check this is with these two simple ratios: a) net debt divided by EBITDA (earnings before interest, tax, depreciation and amortisation), and b) net interest cover. … Strong earnings per share (EPS) growth might encourage our interest in the company despite fluctuating dividends, which is why it's great to see Terreno Realty has grown its earnings per share at 45% per annum over the past five years. … Terreno Realty's is paying out more than half its income as dividends, but at least the dividend is covered by both reported earnings and cashflow.

Simply Wall St -

Have Insiders Been Buying Terreno Realty Corporation (NYSE:TRNO) Shares This Year?

So we'll take a look at whether insiders have been buying or selling shares in Terreno Realty Corporation (NYSE:TRNO). … For example, a Harvard University study found that 'insider purchases earn abnormal returns of more than 6% per year.' Check out our latest analysis for Terreno Realty Terreno Realty Insider Transactions Over The Last Year Over the last year, we can see that the biggest insider purchase was by Independent Director David Lee for US$210k worth of shares, at about US$42.04 per share. … NYSE:TRNO Recent Insider Trading, June 26th 2019 Terreno Realty is not the only stock insiders are buying.

Simply Wall St -

Terreno Realty Corporation (NYSE:TRNO) Insiders Increased Their Holdings

So we'll take a look at whether insiders have been buying or selling shares in Terreno Realty Corporation (NYSE:TRNO). … For example, a Harvard University study found that 'insider purchases earn abnormal returns of more than 6% per year.' Check out our latest analysis for Terreno Realty The Last 12 Months Of Insider Transactions At Terreno Realty In the last twelve months, the biggest single purchase by an insider was when Independent Director David Lee bought US$210k worth of shares at a price of US$42.04 per share. … NYSE:TRNO Recent Insider Trading, June 26th 2019 Terreno Realty is not the only stock insiders are buying.

Simply Wall St -

Terreno Realty (NYSE:TRNO) Seems To Use Debt Quite Sensibly

We note that Terreno Realty Corporation (NYSE:TRNO) does have debt on its balance sheet. … Either way, since Terreno Realty does have more debt than cash, it's worth keeping an eye on its balance sheet. … Our View The good news is that Terreno Realty's demonstrated ability to convert EBIT to free cash flow delights us like a fluffy puppy does a toddler.

Simply Wall St -

Is Terreno Realty Corporation (NYSE:TRNO) A Healthy REIT?

NYSE:TRNO Historical Debt, May 28th 2019 In order to understand whether TRNO has a healthy balance sheet, we have to look at a metric called FFO-to-total debt. … This tells us how long it will take TRNO to pay off its debt using its income from its main business activities, and gives us an insight into TRNO’s ability to service its borrowings. … The intrinsic value infographic in our free research report helps visualize whether TRNO is currently mispriced by the market.

Simply Wall St -

Should You Worry About Terreno Realty Corporation's (NYSE:TRNO) CEO Pay?

Baird has been the CEO of Terreno Realty Corporation (NYSE:TRNO) since 2010W … First, this article will compare CEO compensation with compensation at similar sized companies. … Baird's Compensation Compare With Similar Sized Companies?.

Simply Wall St -

With A 5.1% Return On Equity, Is Terreno Realty Corporation (NYSE:TRNO) A Quality Stock?

To keep the lesson grounded in practicality, we'll use ROE to better understand Terreno Realty Corporation (NYSE:TRNO). … Our data shows Terreno Realty has a return on equity of 5.1% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Have Insiders Been Buying Terreno Realty Corporation (NYSE:TRNO) Shares?

We've lost count of how many times insiders have accumulated shares in a company that goes on to improve markedly. … The Last 12 Months Of Insider Transactions At Terreno Realty. … In total, Terreno Realty insiders bought more than they sold over the last year

Simply Wall St -

Can You Imagine How Chuffed Terreno Realty's Shareholders Feel About Its 125% Share Price Gain?

One great example is Terreno Realty Corporation (NYSE:TRNO) which saw its share price drive 125% higher over five years. … By comparing earnings per share (EPS) and and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … We can see that the Terreno Realty share price is up 87% in the last three years.

Simply Wall St -

Is Terreno Realty Corporation (NYSE:TRNO) A Healthy REIT?

real estate investment trust (REIT) based in San Francisco, United States. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way.

Simply Wall St -

TRNO Company Info

Description

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.

Details
Name: Terreno Realty Corporation
TRNO
Exchange: NYSE
Founded: 2009
$3,058,481,010
62,738,072
Website: http://www.terreno.com
Address: Terreno Realty Corporation
101 Montgomery Street,
Suite 200,
San Francisco,
California, 94104,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE TRNO Common Stock New York Stock Exchange US USD 10. Feb 2010
Number of employees
Current staff
Staff numbers
23
Terreno Realty employees.
Industry
Industrial REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/22 02:49
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/15
Last earnings filing: 2019/05/01
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.