Terreno Realty: Strong NOI Growth Is Already Priced In
Terreno(TRNO) Seeking Alpha·2024-09-03 20:32Justin Paget/DigitalVision via Getty Images Introduction Terreno Realty Corporation (NYSE:TRNO) has marginally outperformed the Vanguard Real Estate Index Fund ETF Shares (VNQ) so far in 2024, delivering a ~12% total return against the ~10% gain for the benchmark ETF: . TF202 TRNO vs VNQ in 2024 (Seeking Alpha) I think the shares will continue to deliver a return close to that of major real estate ETFs, driven by a quite elevated valuation in terms of FFO multiple (~27.6x) and market-implied cap rate (~3.64 ...