Screened 2026-09-10 · the tape above runs as of 22:12 UTC · 11 Sep · two dates, stated on purpose · verdict and workings shown in full · never trimmed
The Label · The Season, Not the Day
This name holds its markdown label.
Terreno Realty Corporation holds its Markdown at $65.02. Consolidating, no directional conviction, held for 263 days.
As held on the ledger · 2026-09-10
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 263 days
Price at the screen
$65.02
Valuation
17.48 trailing · 36.84 forward price to earnings
Values screen
PASS
Beta
1.04
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
0.00%
Below 5%
Only 0.0% 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.
Fair value range in USD, drawn from the 2026-09-10 screen. The gold marker is the market price at the same screen. The price runs 21.7% above the base estimate.
Third-party analyst targets: 17 covering, consensus Buy. The average target sits +14% 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 2026-09-10 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 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
The framework 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
The framework 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
The framework 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.
