Form 4: Terreno Realty Corp Executive Michael Coke Receives Stock Grant

Michael A. Coke, President of Terreno Realty Corp, reports the acquisition of 24,228 shares of restricted stock on August 6, 2024, vesting fully on August 1, 2029.

Summary

• On August 6, 2024, Michael A. Coke, President of Terreno Realty Corp, acquired 24,228 shares of restricted stock.
• These shares were granted at a price of $0.00 per share.
• The restricted stock will fully vest on August 1, 2029.
• Following the transaction, Mr. Coke directly owns 409,664 shares of Terreno Realty Corp.
• Mr. Coke also indirectly owns 160,447 shares through a Rabbi Trust.

Sentiment

Score: 7

Explanation: The sentiment is neutral to positive. The stock grant is a standard practice and aligns management's interests with shareholders. There are no immediate negative implications.

Positives

• The grant of restricted stock aligns Mr. Coke's interests with those of the shareholders, incentivizing him to improve the company's performance over the long term.
• The vesting schedule of August 1, 2029, indicates a long-term commitment from the executive.

Future Outlook

The document does not contain any specific forward-looking statements or guidance.

Industry Context

Stock grants are a common form of executive compensation in the real estate industry, aligning management's interests with those of shareholders.

Comparison to Industry Standards

• Stock grants are a typical component of executive compensation packages in the REIT sector, similar to companies like Prologis (PLD) and Duke Realty (DRE) before its acquisition.
• The vesting schedule of approximately 5 years is also standard practice to ensure long-term commitment.

Stakeholder Impact

• Shareholders: The stock grant aligns management's interests with those of shareholders, potentially leading to increased shareholder value.
• Employees: The grant could boost employee morale by demonstrating confidence in the company's future.

Key Dates