Terreno Realty Corp. TRNO revealed investment as well as operating and capital market activities for third-quarter 2015.
In sync with its strategy of acquiring industrial properties, this San Francisco, CA-based real estate investment trust (“REIT”) purchased 2 industrial properties, spanning around 293,000 square feet, for approximately $29.5 million. These properties, comprising 8 buildings, are located in Kent, WA and Medley, FL.
Notably, Terreno Realty has around $64.2 million of acquisitions under contract and $31.1 million under letter of intent. Further, the REIT has one property under contract for sale, valued at roughly $11.2 million. These transactions are, however, subject to due diligence as well as satisfaction of certain customary conditions.
As a matter of fact, Terreno Realty is engaged in acquiring, owning and operating industrial real estate in 6 major coastal U.S. markets, namely, Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C./Baltimore. The company enjoyed ownership of 141 buildings spanning around 10.5 million square feet as of Sep 30, 2015. These properties are currently 90.2% leased to 344 tenants. Same-store portfolio was 93.3% leased as of Sep 30, 2015, as against 93.5% recorded a year ago.
As for its capital-market activities in third-quarter 2015, Terreno Realty announced private placement of $100 million senior unsecured notes. This included $50 million with a term of 7 years and $50 million with a term of 12 years. During the quarter, the company did not issue any common shares under its at-the-market equity offering program.
Terreno Realty currently carries a Zacks Rank #4 (Sell).
Investors interested in the REIT industry may consider stocks like CoreSite Realty Corporation COR, Gramercy Property Trust Inc. GPT and W. P. Carey Inc. WPC. All three stocks sport a Zacks Rank #1 (Strong Buy).
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