TRNO: Quarterly Update

Summary:

• TRNO provides an update on quarterly operating, investment, and capital markets activity shortly after the quarter ends.

• The report does not contain all of the information that would be present in a full quarterly report. However, it does provide several useful data points.

• Based only on what we can see so far, I'd say this quarter probably comes in around an 8 / 10. Pretty good, not outstanding.

• That's not a B-. Letter grades are bad because they require all non-failing results to fall into a small portion of the total range.

• Same-store occupancy dipped by 0.1%, which is basically a rounding error. Cash rents were up 59.2%, third-highest in company history.

The first thing for new readers to know is that the scores are not comparable to letter grades. They are similar to an IMDB rating. A movie with an 8.0 rating is a solid film but probably not the best of the season. Our equity REITs should often produce scores in the 7 to 9 range and have the potential for 10s.