Terreno (TRNO) Acquires Properties In Washington For $3.7M

Industrial real estate investment trust (REIT) Terreno Realty Corporation (NYSE:TRNO) announced the acquisition of an industrial property in Washington, D.C. on May 10. The 22,000-square-foot property, spanning over 0.7 acres, was purchased for approximately $3.7 million.

The property, which is presently vacant, includes four dock-high and one grade-level loading positions, and parking facility for 11 cars. The property is in close proximity to the company’s V Street Gateway Business Park and is located at 920 V Street NE, one block from New York Avenue/Route 50 in the northeastern section of the District of Columbia.

In fact, a day ago, Terreno had announced that it acquired six adjacent properties located in Carlstadt, NJ on May 10. The properties spanning over 8.1 acres was purchased for approximately $12 million. (Read more: Terreno Acquires Properties in New Jersey for $12M).

The latest acquisition is expected to boost Terreno Realty’s bottom line, going forward. 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 15.8%, whereas the industry edged down 0.3%. Also, in the last seven days, both its second-quarter and full-year 2017 funds from operations (FFO) per share estimates moved up.



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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American Tower Corporation (REIT) (AMT): Free Stock Analysis Report

Arbor Realty Trust (ABR): Free Stock Analysis Report

Equity Lifestyle Properties, Inc. (ELS): Free Stock Analysis Report

Terreno Realty Corporation (TRNO): Free Stock Analysis Report

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