Positioning no disclosures inside 60 days, left as found
Options put/call open interest 1.00, read 2026-10-27
Ethical passes the values gate
Price65.07 USD
Fair value50.41
Our investment reviews on this name
2026-10-11Read Markdown66.25-1.8% to today ✓Accumulation gives way to Markdown first Markdown read since September
2026-10-02Read Accumulation66.25-1.8% to today Markdown gives way to Accumulation first Accumulation read since July
2026-09-15Read Markdown65.02+0.1% to today Distribution gives way to Markdown with volume flow in agreement
2026-08-15Read Distribution68.15-4.5% to today ✓Accumulation gives way to Distribution after a 6% rise in 6 weeks
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Terreno Realty Corporation holds its Markdown at $65.07. Consolidating, no directional conviction, held for 7 days.
As held on the ledger · 2026-10-27
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 7 days
Price at the screen
$65.07
Valuation
17.22 trailing · 36.30 forward price to earnings
Values screen
PASS
Beta
1.05
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
13.54%
Below 33%
Interest-bearing debt is just 13.5% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
1.26%
Below 33%
Cash held in interest-bearing accounts and securities is 1.3% of assets, under the one-third limit.
Pass
Receivables
0.00%
Below 49%
Money owed to the company is 0.0% of assets, under the 49% limit.
Pass
Revenue purity
1.12%
Below 5%
Only 1.1% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Terreno Realty clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 14%, inside the ~33% line, and interest is about 1% of its income, under the ~5% line, so it passes.
Read as at 2026-10-27. It updates when the underlying figures move, and past reads are kept below.
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Today TRNO passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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Fair value range in USD, drawn from the 2026-10-27 screen. The gold marker is the market price at the same screen. The price runs 21.3% above the base estimate.
Third-party analyst targets: 17 covering, consensus Buy. The average target sits +12% from the screen price.
Reading the gap · Our more conservative model reads it as fully-to-richly valued here, while the Street is more bullish: a quality-at-a-fair-price name rather than a deep-value one.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-27 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Paying Top Dollar for Steady Industrial Land
Picture a warehouse owner charging rents that rise steadily with inflation while the land underneath rarely changes hands. Terreno Realty does exactly that across coastal US markets, delivering 13% revenue growth and an 87% profit margin on a moderate moat. Yet the shares trade at 43 times forward earnings, well above our $49.93 fair value against the current $75 price, so the opportunity rating stays at none.
Seventeen analysts still lean buy with a $72 median target, and the ethical screen clears without issue. Return on equity sits at 10%, respectable but not exceptional for the sector. The combination leaves little margin once interest rates or vacancy cycles shift.
Real estate values can look cheap on peak earnings and low multiples, yet here the multiple itself signals the trap. Currency or policy shocks would only widen the gap between price and underlying cash flows. Analysis, not advice.
The risks · The main risks here are ordinary market swings and the chance our fair-value read proves too optimistic.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
TRNO trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-28Markdown$64.05+0.0%Entry 10
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 1% above its long-term trend line with momentum reading neutral. Over the past year the shares are up 14%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (17 analysts) rates it buy, with a mean price target of $70. It reported earnings in this window, a natural checkpoint for the thesis.
2026-10-25Markdown$64.05+0.2%Entry 9
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 0.2% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 2% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 14%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (17 analysts) rates it buy, with a mean price target of $70.
2026-10-18Markdown$63.93-3.5%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 3.5% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 10% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 14%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (17 analysts) rates it buy, with a mean price target of $70.
2026-10-11Markdown · changed$66.25+0.0%Entry 7
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 10% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 14%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (17 analysts) rates it buy, with a mean price target of $70.
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 1.9% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 10% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 14%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (17 analysts) rates it buy, with a mean price target of $70.
2026-09-15Markdown · changed$65.02-4.6%Entry 5
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 4.6% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 10% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 14%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (17 analysts) rates it buy, with a mean price target of $70.
The framework has shifted from accumulation to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 5.9% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 10% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 14%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (17 analysts) rates it buy, with a mean price target of $70.
2026-07-18Accumulation$64.33+0.0%Entry 3
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 10% above its long-term trend line with momentum reading bullish. Over the past year the shares are up 14%. Our forward projection puts the odds of a 10% gain over the next month near 16%. The street (17 analysts) rates it buy, with a mean price target of $70.
2026-07-03Accumulation$64.33+0.0%Entry 2
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved down 0.0% since our last review. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Accumulation$64.33Entry 1
Our analysis reads accumulation. Smart money appears to be quietly building positions. This typically precedes a markup phase. Ethical screening: PASS with ethical screening pending. The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
