TRNO: Quarterly Update
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.
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