Insider sales at this scale are noise. The cluster is likely driven by common blackout-window opening or vesting schedules, not a shared bearish view. Monitor for any material change in TRNO's operating fundamentals (occupancy, rent growth, acquisition pipeline) rather than reading into these trades.
Price Chart
Executive Summary
Three Terreno Realty Corp insiders — the President, CFO, and an EVP — sold a combined $1.1M in open-market sales over a 5-day window (Aug 7–11, 2026). At a $7.4B market cap, the total represents ~0.015% of market value, well below the 0.1% threshold for materiality. The sales are small, clustered around a common vesting/blackout-window opening, and carry no informational signal per the academic literature on cluster sells. The filing is routine and non-directional.
Key Financial Metrics
Key Facts
- President Michael A. Coke sold 8,000 shares at $68.38 for $547K on Aug 7
- CFO Jaime Jackson Cannon sold 3,602 shares at $68.26 for $246K on Aug 10
- EVP John Tull Meyer sold 4,447 shares at $68.64 for $305K on Aug 11
- Total cluster value of $1.1M equals ~0.015% of TRNO's $7.4B market cap
- No open-market purchases occurred in the cluster window
Financial Impact
$1.1M in insider sales, representing ~0.015% of market cap — trivial
Risk Factors
- Insider sales are not predictive at this magnitude — no actionable risk signal
- REIT sector headwinds (interest rates, cap rate expansion) are broader risks not signaled by this filing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 SEC document filed with EDGAR.
| Document | Accession Number |
|---|---|
| CLUSTER Data (Synthetic) | cluster-TRNO-1786500078648 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 10w ago | Insider Cluster | $68.68 $65.02 | ▼ −5.33% | ▼ −3.43% | $65.00 (−5.36%) |
Jun 18, 2026 18w ago | ANALYST-UPGRADE | $64.35 $75.08 | ▲ +16.67% | ▲ +16.14% | $65.00 (+1.01%) |
Mar 20, 2026 31w ago | DEFA14A | $59.86 $67.13 | ▲ +12.14% | ▲ +2.82% | $65.00 (+8.58%) |
US Market Status
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