Terreno Realty Corporation

Terreno Realty Corporation

TRNOยทNYSE

$64.50

+0.66%
Real EstateREIT - Industrial

{Terreno Realty Corporation and together with its subsidiaries, the Company) 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. All square feet, acres, occupancy and number of properties disclosed in these condensed notes to the consolidated financial statements are unaudited. As of September 30, 2020, the Company owned 219 buildings aggregating approximately 13.1 million square feet, 22 improved land parcels consisting of approximately 85.0 acres and one property under redevelopment expected to contain approximately 0.2 million square feet upon completion. The Company is an internally managed Maryland corporation and elected to be taxed as a real estate investment trust (REIT) under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the Code), commencing with its taxable year ended December 31, 2010.}

At a Glance

Live Snapshot
Market Cap$6.86B
EPS3.9300
P/E Ratio16.41
Earnings Date08/05/2026
Terreno Realty Corporation

Terreno Realty Corporation Fair Value Envelope

TRNO ยท NYSE

Our analysis suggests that TRNO has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $64.505, this represents a potential HIDDEN relative to our calculated worth for Terreno Realty Corporation.

Intrinsic Value
Current Price: $64.505

Owner Earnings Valuation Tool

Warren Buffett's Owner Earnings DCF analysis for intrinsic value calculation

Historical Financial Data

Base year metrics used for projections

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Projection Settings

Forecast period and terminal assumptions

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DCF Valuation Summary

Calculation flow from present value to intrinsic value per share

Present Value$9.5B
+ Cash & Equivalents$25.0M
Firm Value$9.5B
- Debt$943.3M
Equity Value$8.5B
/ Shares Outstanding103,371,541B
DCF Value$83
UNDERVALUED BY 28%

Owner Earnings Projections

Operating Cash Flow - Maintenance CapEx = Owner Earnings

Metric
Year 1
Year 2
Year 3
Year 4
Year 5
Year 6
Year 7
Year 8
Year 9
Year 10
Operating Cash Flow
$304.3M
$340.5M
$381.1M
$426.6M
$477.4M
$534.3M
$598.0M
$669.3M
$749.0M
$838.3M
Maintenance CapEx
-$14.2M
-$15.9M
-$17.8M
-$19.9M
-$22.3M
-$24.9M
-$27.9M
-$31.2M
-$34.9M
-$39.1M
Owner Earnings
$290.1M
$324.7M
$363.3M
$406.7M
$455.1M
$509.4M
$570.1M
$638.1M
$714.1M
$799.2M
Discount Factor
0.926
0.857
0.794
0.735
0.681
0.630
0.583
0.540
0.500
0.463
Present Value
$268.6M
$278.3M
$288.4M
$298.9M
$309.8M
$321.0M
$332.6M
$344.7M
$357.2M
$370.2M
Terminal Value represents 66.5% of Enterprise Value