Fitch affirms Terreno Realty

Fitch Ratings said it affirmed the long-term issuer default ratings of Terreno Realty Corp. and its operating subsidiary Terreno Realty LLC at BBB. The outlook is stable.

Fitch's said its ratings take into account Terreno's portfolio concentration in strong markets, transparent industrial property-focused business model, experienced management and credit metrics, which are strong for the rating.

“The potential for higher cash flow volatility stemming from market, asset and tenant concentration risk and possible concerns related to the company's value-added, acquisition-led growth strategy, as well as lack of demonstrated access to the public debt markets, balance these credit positives,” the agency said in a press release.

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