Terreno Announces Q1 Investment & Capital Market Activities

Terreno Realty Corp. (NYSE:TRNO) recently announced its investment as well as operating and capital market activities for first-quarter 2017.

In sync with its strategy of acquiring industrial properties, this San Francisco-based real estate investment trust (REIT) purchased industrial properties in the first quarter for around $14.9 million in total.

These properties, comprising two buildings of around 91,000 square feet, are located in Seattle, WA and Compton, CA. Further, the company has about $145.2 million of acquisitions under contract.

On the other hand, Terreno Realty has one property under contract for sale valued at approximately $25.3 million.

As for its operating measures, as of Mar 31, 2017, Terreno Realty’s portfolio was 97.4% compared with 90.7% as of Dec 31, 2016.

The same-store portfolio of approximately 10.7 million square feet was 99% leased as of Mar 31, 2017 compared with 98.9% at the prior-quarter end. Further, cash rents on new and renewed leases increased 15.4% for the quarter.

The company enjoyed ownership of 168 buildings, spanning around 12.1 million square feet, together with five improved land parcels comprising 22.8 acres as of Mar 31, 2017.

Coming to its capital-market activities in the first quarter, Terreno Realty reaped gross proceeds of around $56 million from its at-the-market equity offering program. However, the company did not repurchase any shares under its repurchase authorization.

These latest acquisitions/dispositions are expected to boost Terreno Realty’s bottom line, going ahead. The company actively focuses on leveraging from improving fundamentals of industrial markets and bolstering its business in the 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. During this time, while the company’s shares rose 5.7%, the industry gained of 2.4%. Its estimates for first quarter and full-year 2017 FFO per share remained unchanged in the last 30 days.

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

Investors interested in the REIT space, may consider stocks like Global Net Lease, Inc. (NYSE:GNL) , CoreSite Realty Corporation (NYSE:COR) and CorEnergy Infrastructure Trust, Inc. (NYSE:COR) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

In the last 30 days, Global Net Lease’s FFO per share for first-quarter 2017 remained unchanged at 60 cents.

In the last 30 days, CoreSite Realty’s FFO per share for first-quarter 2017 increased 0.9% to $1.06.

CorEnergy Infrastructure Trust’s first-quarter 2017 FFO per share estimates moved up 1.8% to $1.14, 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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