Terreno acquires, owns and operates industrial real estate in six major coastal U.S. markets. Exclusively. Functional, flexible, infill real estate located at the intersection of growing demand and limited, or even shrinking, supply.


We acquire, own and operate functional, flexible properties in infill locations at discounts to replacement cost within our six markets. We operate with a conservative capital structure. We do not do greenfield ground up development or make raw land investments. We are aligned with our shareholders.

> 257 Buildings
> 15.8 Million Square Feet
> 46 Improved Land Parcels
> 563 Customers

Investment Strategy

We believe successful long-term industrial property investment has four key features:

  • Pricing at a discount to the replacement cost of the property
  • Building layouts that can be modified to accommodate single and multiple tenants
  • Potential for enhanced return through renovating, re-tenanting or operational improvements
  • Opportunity for conversion to higher and better uses over time, particularly in submarkets with shrinking supply

We sell properties when we believe the prospective total return from a property is particularly low relative to its market value, or the market value is significantly greater than the property’s estimated replacement cost. Capital from such sales is recycled into properties that are expected to provide better prospective returns or is returned to shareholders.

Operating Approach

Terreno acquires, owns and operates properties that satisfy submarket demand. These properties may be warehouse/distribution, flex (including light industrial and R&D), transshipment (truck terminals) or improved land parcels, depending on the submarket. To create a margin of investment safety, we acquire both value-add and stabilized properties at discounts to replacement cost.

Aligned Compensation

We believe executives should be aligned closely with long-term stockholder value creation. Terreno’s executive management is invested meaningfully in common stock side-by-side with public investors and our executive compensation is designed to reward only superior total stockholder return.

Market Focus

Terreno owns infill industrial real estate in six major coastal U.S. markets. Six markets that consistently demonstrate the strong operating fundamentals of lower vacancy and higher rent growth: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C.

Conservative Leverage

Financial flexibility is important to long-term performance and the ability to take advantage of investment opportunities. We target debt plus preferred stock levels no higher than 35% of enterprise value, a fixed-charge coverage ratio of more than 2.0x and a debt-to-adjusted EBITDA ratio below 6.0x. Our focus is on per share, rather than aggregate, results.

Strong Governance

We’re committed to strong corporate governance and transparency for shareholders. Terreno’s independent directors stand for election every year. We’ve opted out of anti-takeover provisions and stockholder rights plans and we won’t opt back in to those provisions without stockholder approval.

Latest News

April 12, 2024 Terreno Realty
Terreno Realty Corporation Announces Development Start in Hialeah, FL

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April 9, 2024 Terreno Realty
Terreno Realty Corporation Announces Quarterly Operating, Investment and Capital Markets Activity

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April 1, 2024 Terreno Realty
Terreno Realty Corporation Sells Property in Seattle, WA for $11.0 Million

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Superior Long-term Results


Average Cash SSNOI

Growth Since IPO


Unleveraged IRR on 31

Sold Properties Since IPO


Dividend CAGR

Since 2011 Initiation



Since 2010 IPO