Form 4: Terreno Realty President's Stock Vesting & Tax Withholding

Terreno Realty Corp's President, Michael A. Coke, surrendered 8,589 shares of common stock to cover tax obligations upon the vesting of 16,440 restricted shares.

Summary

• Michael A. Coke, President and Director of Terreno Realty Corp (TRNO), reported a transaction on August 1, 2025.
• The transaction involved the surrender of 8,589 shares of common stock to the issuer.
• This surrender was for tax withholding purposes upon the vesting of 16,440 shares of restricted common stock.
• The surrendered shares were valued at $54.27 per share.
• Following the transaction, Michael A. Coke directly owns 393,575 shares and indirectly owns 174,940 shares through a Rabbi Trust.

Sentiment

Score: 5

Explanation: The transaction is a standard, non-discretionary event related to executive compensation and tax obligations, indicating neither significant positive nor negative implications for the company's operations or financial health.

Positives

• Vesting of 16,440 restricted common shares for Michael A. Coke indicates the successful fulfillment of long-term incentive compensation, aligning management's interests with shareholder value.

Negatives

• Disposition of 8,589 shares, even for tax withholding, slightly reduces the direct beneficial ownership of the President.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders: The vesting of restricted stock aligns executive interests with long-term shareholder value, while the tax-related disposition is a routine administrative event with minimal direct impact on share price or ownership structure.

Key Dates

Recommendation

This Form 4 filing details a routine, non-discretionary transaction related to executive compensation and tax obligations. It does not provide new information that would alter the fundamental investment thesis for Terreno Realty Corp. The vesting of restricted stock is a positive for management alignment, but the subsequent tax-related disposition is a standard practice. Therefore, the filing itself does not warrant a change in investment recommendation.

Keywords

Terreno Realty Corp, TRNO, SEC Form 4, Insider Transaction, Stock Vesting, Restricted Stock, Executive Compensation, Michael A. Coke, Real Estate Investment Trust, REIT