Terreno Realty Corp. (TRNO), slated to release fourth-quarter 2014 earnings on Feb 18, has presently come out with its investment as well as operating and capital market activities for the quarter.
In sync with its perceived strategy of acquiring industrial properties, this San Francisco, CA-based REIT-Equity Trust-Others, took possession of nine industrial properties spanning 1.4 million square feet for $134.5 million. Properties acquired during the quarter are located in the states of Washington, New Jersey, Maryland, Florida and California. For the full year, Terreno Realty acquired 29 industrial buildings, comprising 2.3 million square feet for a total price of around $235.7 million.
Terreno Realty is engaged in acquiring, owning and operating industrial real estate in six major coastal U.S. markets: Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C./Baltimore. Also, apart from the nine industrial properties acquired during the quarter, the company has total $203.8 million of acquisitions under contract or letter of intent. These are, however, subject to satisfaction of due diligence and certain customary closing conditions.
As regards the capital market activities in fourth-quarter 2014, Terreno Realty issued 9,775,000 shares of common shares for a net proceed of around $183.0 million. It also included a new $100.0 million five-year term loan with an annual rate of LIBOR plus 1.50% to 2.05% depending upon the leverage, due for maturity on Mar 2020. However, the company did not issue any shares under the at-the-market equity offering program in the quarter.
Terreno Realty currently carries a Zacks Rank #3 (Hold). Investors interested in REITs may consider stocks like Arbor Realty Trust Inc. (ABR), Ashford Hospitality Trust, Inc. (AHT) and Extra Space Storage Inc. (EXR). All these stocks sport a Zacks Rank #1 (Strong Buy).
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