Terreno (TRNO) Acquires Properties In New Jersey For $12M

Industrial real estate investment trust (REIT) Terreno Realty Corporation (NYSE:TRNO) announced the acquisition of six adjacent properties located in Carlstadt, NJ on May 10. The properties spanning over 8.1 acres was purchased for approximately $12 million.

The properties, which are fully leased to four tenants, include four transshipment facilities providing 32,700 square feet with 75 loading positions and two improved land parcels comprising 1.3 acres. The properties are in close proximity to Avenue A east of Washington Avenue (County Route 503) and are located less than two miles north of the Meadowlands Sports Complex and Exit 16W of the New Jersey Turnpike.

The latest acquisition is expected to boost Terreno Realty’s bottom line, going ahead. This San Francisco-based REIT actively focuses on leveraging the improving fundamentals of industrial markets, bolstering its business in key coastal U.S. markets like Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C./Baltimore.

Shares of Terreno Realty outperformed the Zacks categorized REIT and Equity Trust - Other industry, in the last three months. Shares of the company increased 16.1%, whereas the industry gained 0.4%. Also, in the last seven days, its current year funds from operations (FFO) estimate increased 1.8% to $1.15.



Terreno Realty currently carries a Zacks Rank # 3 (Hold).

Investors interested in the REIT space, may consider stocks like American Tower Corporation (NYSE:AMT) , Arbor Realty Trust, Inc. (NYSE:ABR) and Equity LifeStyle Properties, Inc. (NYSE:ELS) , each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In the last 30 days, American Tower Corporation’s FFO per share for second-quarter 2017 increased 1.3% to $1.55.

In the last 30 days, Arbor Realty Trust’s FFO per share for second-quarter 2017 remained unchanged at 19 cents.

Equity LifeStyle Properties’ second-quarter 2017 FFO per share estimates decreased 1.2% to 81 cents, in the last 30 days.

Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.

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