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Monica Wolfe
Monica Wolfe
Articles (757) 

Group Insider Buying Reported in Terreno Realty Corporation

July 18, 2013 | About:

Four insiders made significant buys into Terreno Realty Corp. (TRNO) yesterday. These insider buys come as the company finished up its public offering of 5 million shares of common stock at a price of $18.25 per share. Today the price is trading up 5.81% from the public offering price.

President Michael Coke added 3,000 shares to his stake. This cost him a total of $54,750. Coke now owns a total of 184,000 shares of Terreno.

Chairman and CEO Blake Baird made the largest buy of the week. The CEO added 21,000 shares to his stake in Terreno for a total transaction amount of $383,250. Baird now owns a total of 436,807 shares of company stock.

CFO Jamie Jackson purchased 1,000 shares of Terreno during the public offering. This cost the CFO a total of $18,250. Jackson now owns a total of at least 39,082 shares of company stock.

Director LeRoy Carlson purchased 5,000 shares during the company’s public offering. This cost the director a total of $91,250. Carlson now owns at least 33,870 shares of Terreno Realty stock.

Terreno acquires, owns and operates industrial real estate in six major U.S. coastal markets where the nation’s largest consumer populations meet the highest-volume distribution points. The company owns 80 buildings and 6.1 million square feet in Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C./Baltimore.

The company’s investment strategy states:

We acquire 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 ground up development or make raw land investments. We are aligned with our shareholders.

Terreno’s historical price, revenue and net income:


The company recently released its quarterly investment and operating activities report which noted $61.6 million of acquisitions comprising 869,000 square feet and quarter end occupancy of 89.1% compared to prior year of 91.3%.

Terreno operates off of a six-market strategy that states:

Terreno invests in six major coastal U.S. markets. Exclusively. Each has large and growing consumer populations. Each has highly developed airport, seaport and highway infrastructure for rapid distribution of goods. All six markets have significant physical and regulatory barriers to development of competing properties.

The company’s markets and assets as of March 31:

Market No. of Buildings Square Feet Occupancy % of Annualized Base Rent
Los Angeles 12 1,096,422 90.9% 18.6%
San Francisco Bay Area 14 675,083 84.2% 18.7%
Seattle 5 492,794 100% 8.2%
Miami 10 891,876 91.3% 14.7%
New Jersey/New York 23 1,591,324 96.3% 31.1%
D.C./Baltimore 5 453,392 98.5% 8.8%

The GuruFocus analysis on Terreno reports that the company’s price is nearing a 5-year high of $20.20. The company’s P/E and P/S ratios are at 1-year highs; their P/B ratio is at a 1-year low. The analysis also notes that Terreno has issued $56.94 million of debt over the past three years.

Terreno has a market cap of $368.6 million. Its shares are currently being traded at around $19.21 with a P/E ratio of 748.80, a P/S ratio of 7.70 and a P/B ratio of 0.80. The dividend yield for Terreno stocks is currently at 2.70%.

Columbia Wanger, [/url]Jim Simons and Third Avenue Management all maintain holdings in Terreno Realty.

You can view all group insider buys by using the GuruFocus All-in-One Screener.

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Rating: 3.8/5 (5 votes)


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GuruFocus has detected 8 Warning Signs with Terreno Realty Corp $TRNO.
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