Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets. It includes New York City, Northern New Jersey, Los Angeles, Miami, San Francisco Bay Area, Seattle, 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, …
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Competitive advantage assessment
Key strengths
Conservative LeverageLeverage is conservative (score 0.91), providing refinancing flexibility.
Stable NOI PerformanceNOI stability is excellent (score 1.00), suggesting reliable rent streams.
The dashed ring is the peer median. Defense scores are percentile ranks
against peers, so 50 is roughly the typical company in this group.
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Terreno Realty Corporation ranks #1 of 18
scored companies in REIT - Industrial by moat score — the top 6%.
That makes it the widest moat in the group.
Moat scores for companies ranked near TRNO in REIT - Industrial
For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.
AFFO Strength
Score 53
· 18% of the moat score
AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.
Balance Sheet & Cost of Capital
Score 96
· 20% of the moat score
Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.
Capital Recycling & Growth
Score 91
· 16% of the moat score
REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.
Operational Efficiency
Score 63
· 14% of the moat score
Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.
Portfolio Quality & Diversification
Score 100
· 12% of the moat score
Portfolio quality is really a question about what happens when a tenant fails.
Terreno Realty Corporation (TRNO) scores 81 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as strong. It ranks #1 of 18 scored companies in REIT - Industrial, the top 6%. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 23 companies in REIT - Industrial. Its strongest defense is Portfolio Quality & Diversification (100/100) and its weakest is AFFO Strength (53/100).
How does Terreno Realty Corporation compare with other REIT - Industrial companies?
Terreno Realty Corporation ranks #1 of 18 scored companies in REIT - Industrial by moat score. That is the widest moat in REIT - Industrial. The companies ranked closest are Granite Real Estate Inc. (GRP-UN) at 76 just below it.
How is the moat score calculated?
Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 23 companies in REIT - Industrial. The defenses are then weighted to produce the overall score out of 100.
Why is Terreno Realty Corporation scored with the REIT Specialized template?
A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.
Which competitive defenses are measured for Terreno Realty Corporation?
The REIT Specialized template measures 6 defenses, and TRNO scores: Rent Pricing Power (79), AFFO Strength (53), Balance Sheet & Cost of Capital (96), Capital Recycling & Growth (91), Operational Efficiency (63), Portfolio Quality & Diversification (100). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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