Terreno Realty Corp. TRNO recently came out with its investment as well as operating and capital market activities for first-quarter 2015.
In tune with its strategy of acquiring industrial properties, this San Francisco, CA-based real estate investment trust (“REIT”) purchased 5 industrial properties spanning 1.2 million square feet for approximately $151.6 million. These 5 industrial properties, comprising 11 buildings in total, are located in Florida, Washington, D.C., Maryland and California.
Notably, Terreno Realty has around $73.3 million of acquisitions under contract and $6.8 million under letter of intent. Further, the company has 2 properties under contract for sale, valued at roughly $24.6 million. These are, however, subject to due diligence and satisfaction of certain closing conditions.
As a matter of fact, 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. The company enjoyed ownership of a total of 137 buildings spanning around 10.4 million square feet as of Mar 31, 2015. These properties are currently leased 92% to 315 tenants. Same-store portfolio was 94.1% leased as of Mar 31, 2015 as against 93% as of Mar 31, 2014.
As regards the capital market activities in first-quarter 2015, Terreno Realty did not issue any shares under its at-the-market equity offering program.
Terreno Realty currently carries a Zacks Rank #3 (Hold). Investors interested in REITs may consider stocks like Prologis, Inc. PLD, SL Green Realty Corp. SLG and Whitestone REIT WSR. All these stocks carry a Zacks Rank #2 (Buy).
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