Terreno Realty Corp. (TRNO) (NYSE:TRNO) is a brand new REIT and targets the industrial real estate market in six U.S. coastal cities. Due to the financial crisis, there are large blocks of vacant industrial land. According to the CRBE, in 2010, the industry availability rate, the occupied space on the market and subleases, will be 15.5%, the highest since 1990, and the industrial warehouse rental rates will fall until 2011. With the demand for industry property low, REIT can receive favorable prices for the real estate. 
Since this company is a newly formed REIT, the company receives favorable tax benefits and lower tax rates compared to a normal corporation. If the government decides to determine that Terreno Realty Corp. does not qualify as a REIT, the company would face higher taxes on the state and federal level, lowering its potential earnings and stock price. 
The company's initial public offering of stock was filed on 10 November 2009 and traded on the NYSE exchange on 9 February 2010. The proposed offer price range was $20.00-$20.00 and traded at the proposed range $20.00. The company offered 8.75 million shares and raised $175 million. 
Terreno Realty Corp. is a newly funded REIT, and it plans to use the proceeds from this IPO and private placements to begin its investments. Thus, it does not have a balance sheet nor income statement.