Terreno Realty (TRNO) - Hoya Hotseat
Hoya Capital
Terreno Realty (NYSE: TRNO) is the fifth-largest Industrial REIT, owning over 18 million square feet of distribution centers and warehouses across six high-density coastal markets: NYC, San Francisco, L.A., Miami, DC, and Seattle. TRNO’s portfolio of nearly 300 individual properties is comprised of a mix of core and value-add investments, focusing recent acquisitions on functional and flexible assets that are suitable for multiple tenants.
CFO Jamie Cannon joins the Hoya Hotseat to discuss the company's backstory with roots at AMB/Prologis, the factors and strategy behind TRNO’s impressive outperformance since its 2010 IPO, recent supply headwinds on industrial fundamentals, and the long-term outlook for well-located distribution space.
TRNO Quick Facts:
🎂IPO Date: 2010
📈 Market Cap: $5.3B (Small-Cap 600)
💸 Dividend Yield: 3.30% (📅Quarterly)
🏦 Debt/EV Ratio: 13%
💳 Fitch Credit Rating: BBB+