NNN REIT, Inc. (NNN) vs Terreno Realty Corporation (TRNO)
A side-by-side comparison of NNN REIT, Inc. and Terreno Realty Corporation across valuation, profitability, dividends, and growth — built entirely from reported fundamentals, as of September 11, 2026. Differences are shown without an overall score or investment verdict.
Total return — NNN vs TRNO
growth of $100 · dividends reinvested · last 10yNNN vs TRNO: by the numbers
- •NNN is the larger company ($8.35B vs $6.94B market cap).
- •TRNO converts more revenue to profit (77.27% vs 40.35% net margin).
- •TRNO grew revenue faster over the past five years (20.25% vs 6.97% CAGR).
- •NNN pays the higher dividend yield (5.52% vs 3.19%).
Metrics side by side
Valuation
| Metric | NNN | TRNO |
|---|---|---|
| P/E ratio | 21.50 | 17.55 |
| Forward P/E | 21.36 | 30.93 |
| P/S ratio | 8.76 | 13.80 |
| P/B ratio | 1.87 | 1.57 |
| EV / EBITDA | 15.36 | 23.82 |
| FCF yield | 2.92% | 2.67% |
For REITs like NNN REIT, Inc., GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
For REITs like Terreno Realty Corporation, GAAP P/E is distorted: heavy non-cash property depreciation depresses reported earnings and overstates the multiple. Real-estate companies are valued on funds from operations (FFO / AFFO) and price-to-FFO — see the Funds From Operations section. The P/E is shown for reference only.
Profitability
| Metric | NNN | TRNO |
|---|---|---|
| Gross margin | 38.00% | 75.84% |
| Operating margin | 62.03% | 41.42% |
| Net margin | 40.35% | 77.27% |
| ROE | 8.62% | 8.77% |
| ROIC | 6.18% | 3.65% |
Dividends
| Metric | NNN | TRNO |
|---|---|---|
| Dividend yield | 5.52% | 3.19% |
| Payout ratio | 118.63% | 55.91% |
NNN REIT, Inc.'s payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Terreno Realty Corporation's payout ratio is measured against GAAP earnings, which non-cash depreciation depresses for REITs — the dividend is conventionally assessed against funds from operations (FFO / AFFO) instead, so the GAAP figure overstates the payout burden.
Growth (annualized)
| Metric | NNN | TRNO |
|---|---|---|
| Revenue CAGR (5Y) | 6.97% | 20.25% |
| EPS CAGR (5Y) | 11.15% | 35.52% |
| FCF CAGR (5Y) | 8.18% | 18.95% |
| Total return CAGR (5Y) | 4.79% | 2.24% |
Frequently asked
- Which has grown faster, NNN or TRNO?
- Over the past five years, TRNO grew revenue faster — NNN at a 6.97% CAGR versus TRNO at 20.25%.
- Does NNN or TRNO pay a bigger dividend?
- NNN yields 5.52% and TRNO yields 3.19% based on trailing dividends and the latest price.
- Is NNN or TRNO more profitable?
- TRNO runs the higher net margin — NNN at 40.35% versus TRNO at 77.27%.
- How have NNN and TRNO total returns compared?
- Over the past 10 years, NNN delivered 3.99% and TRNO delivered 12.30% annualized total return. Past performance doesn't predict future results.
Go deeper
Dig into the metrics
NNN REIT & Terreno Realty appear in these rankings
Figures are sourced from reported fundamentals and the latest end-of-day price. This comparison is informational only and is not investment advice. Past performance does not predict future results. See our methodology. Compiled by TGMCharts Research · data verified September 11, 2026.