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Monmouth Buys Fort Myers Building, Asset Tally Reaches 100
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Monmouth Real Estate Investment Corporation (MNR - Free Report) has shelled out $21.0 million for the acquisition of a new industrial building in Fort Myers, FL. With this acquisition, the company’s tally of owned properties reached 100, which are strategically positioned across 30 states.
Net-leased for 10 years to FedEx Ground Packaging System, this 213,672 square foot building placed on around 22.49 acres in the vicinity of the Southwest Florida International Airport seems a solid buy. This is because the land parcel offers the company ample room for expansion.
In fact, in the industrial real estate market, demand for space remains fairly strong. This is because amid economic expansion, an e-commerce boom and heightened urbanization, companies are shifting their strategy toward services like same-day delivery and other such options; propelling demand for warehouse distribution facilities, in turn.
Also, with a broader customer base, companies are opting for supply-chain consolidation, resulting in greater demand for logistics infrastructure and efficient distribution networks. This is expected to provide enough scope to Monmouth Real Estate to grow.
Monmouth Real Estate currently has a Zacks Rank #3 (Hold).
Shares of Monmouth Real Estate have outperformed the Zacks categorized REIT and Equity Trust – Other industry for the past one year. The company’s shares logged in a return of 47.0% against the 5.8% booked by the industry.
Prologis has been a steady performer, having beaten the Zacks Consensus Estimate in each of the trailing four quarters, with an average positive surprise of 3.15%. Its share price is also up 26.0% in the past one year.
For Urban Edge Properties, the projected growth rate for FFO per share is 37.6% for 2016 and 6.3% for 2017. In addition, over the past one year, its share price climbed 19.2%.
Seritage Growth Properties’ current-year FFO per share estimates inched up 0.9% to $2.34 per share, over the past 60 days. Further, its share price advanced 7.4%, over the past one year.
Note: Funds from operations (“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.
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Monmouth Buys Fort Myers Building, Asset Tally Reaches 100
Monmouth Real Estate Investment Corporation (MNR - Free Report) has shelled out $21.0 million for the acquisition of a new industrial building in Fort Myers, FL. With this acquisition, the company’s tally of owned properties reached 100, which are strategically positioned across 30 states.
Net-leased for 10 years to FedEx Ground Packaging System, this 213,672 square foot building placed on around 22.49 acres in the vicinity of the Southwest Florida International Airport seems a solid buy. This is because the land parcel offers the company ample room for expansion.
In fact, in the industrial real estate market, demand for space remains fairly strong. This is because amid economic expansion, an e-commerce boom and heightened urbanization, companies are shifting their strategy toward services like same-day delivery and other such options; propelling demand for warehouse distribution facilities, in turn.
Also, with a broader customer base, companies are opting for supply-chain consolidation, resulting in greater demand for logistics infrastructure and efficient distribution networks. This is expected to provide enough scope to Monmouth Real Estate to grow.
Monmouth Real Estate currently has a Zacks Rank #3 (Hold).
Shares of Monmouth Real Estate have outperformed the Zacks categorized REIT and Equity Trust – Other industry for the past one year. The company’s shares logged in a return of 47.0% against the 5.8% booked by the industry.
Investors interested in the REIT industry may also consider stocks like Prologis Inc. (PLD - Free Report) , Urban Edge Properties (UE - Free Report) and Seritage Growth Properties (SRG - Free Report) . All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Prologis has been a steady performer, having beaten the Zacks Consensus Estimate in each of the trailing four quarters, with an average positive surprise of 3.15%. Its share price is also up 26.0% in the past one year.
For Urban Edge Properties, the projected growth rate for FFO per share is 37.6% for 2016 and 6.3% for 2017. In addition, over the past one year, its share price climbed 19.2%.
Seritage Growth Properties’ current-year FFO per share estimates inched up 0.9% to $2.34 per share, over the past 60 days. Further, its share price advanced 7.4%, over the past one year.
Note: Funds from operations (“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.
Zacks' Top 10 Stocks for 2017
In addition to the stocks discussed above, would you like to know about our 10 finest tickers for the entirety of 2017?
Who wouldn't? These 10 are painstakingly hand-picked from 4,400 companies covered by the Zacks Rank. They are our primary picks to buy and hold. Be among the very first to see them >>