...The ratings consider Terreno Realty Corporation's (Terreno; BBB+/Stable) portfolio concentration in strong markets, transparent industrial property-focused business model, experienced management and strong credit metrics. These are balanced by potential increases in cash flow volatility from market, asset and tenant concentration risk and issues related to the company's value-added, acquisition-led growth strategy, as well as its lack of demonstrated access to the public debt markets. The Stable Outlook reflects Fitch Ratings' expectation that Terreno will maintain credit metrics within sensitivities for the rating over the Outlook horizon, in the context of the anticipation of ongoing solid property fundamentals in the near to medium term....
