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Terreno Reveals Investment, Capital Market Activities for Q4
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Terreno Realty Corp. (TRNO - Free Report) recently revealed its investment as well as operating and capital market activities for fourth-quarter and full-year 2016.
In sync with its strategy of acquiring industrial properties, this San Francisco, CA-based real estate investment trust (“REIT”) purchased industrial properties in the fourth quarter for around $44.7 million in total. In 2016, the company acquired properties worth $129.2 million.
Fourth quarter acquisitions included six industrial properties, which comprise seven buildings of around 322,000 square feet. Further, the company has about $71.5 million of acquisitions under contract.
In 2016, Terreno Realty sold three industrial properties for a total of around $22.5 million. This fetched the company an estimated unleveraged internal rate of return of 12%
As for its operating measures, Terreno Realty’s occupancy rose in the fourth quarter on a sequential basis on account of the beginning of a 163,000 square foot lease in Los Angeles market and an 85,000 square foot lease in East Rutherford, NJ.
The same-store portfolio of approximately 8.6 million square feet was 99% leased as of Dec 31, compared with 97.9% at the prior-quarter end. Further, cash rents on new and renewed leases increased 29% for the quarter.
The company enjoyed ownership of 166 buildings, spanning around 12 million square feet, together with five improved land parcels comprising 22.8 acres as of Dec 31, 2016.
Coming to its capital-market activities in quarter, Terreno Realty reaped gross proceeds of around $27.7 million from its common stock offering program. For full-year 2016, the company reaped gross proceeds of around $101.4 million from its common stock 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, Washington, D.C. and Baltimore.
Shares of Terreno Realty outperformed the Zacks categorized REIT and Equity Trust - Other industry, over the past one year. During the same time span, shares of the company grew 31.8%, whereas the industry gained 12.6%.
Terreno Realty currently carries a Zacks Rank #4 (Sell). Over the past 60 days period, the company’s 2016 estimates declined 1.1% to 90 cents per share.
FelCor Lodging Trust’s 2016 estimates remained unchanged at 89 cents per share, over the past 60 days.
The GEO Group’ 2016 estimates have moved up 1% to $2.94 per share, over the past 60 days.
Iron Mountain Incorporated’s 2016 estimates have remained unchanged at $1.87 per share, over the 60 days.
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Terreno Reveals Investment, Capital Market Activities for Q4
Terreno Realty Corp. (TRNO - Free Report) recently revealed its investment as well as operating and capital market activities for fourth-quarter and full-year 2016.
In sync with its strategy of acquiring industrial properties, this San Francisco, CA-based real estate investment trust (“REIT”) purchased industrial properties in the fourth quarter for around $44.7 million in total. In 2016, the company acquired properties worth $129.2 million.
Fourth quarter acquisitions included six industrial properties, which comprise seven buildings of around 322,000 square feet. Further, the company has about $71.5 million of acquisitions under contract.
In 2016, Terreno Realty sold three industrial properties for a total of around $22.5 million. This fetched the company an estimated unleveraged internal rate of return of 12%
As for its operating measures, Terreno Realty’s occupancy rose in the fourth quarter on a sequential basis on account of the beginning of a 163,000 square foot lease in Los Angeles market and an 85,000 square foot lease in East Rutherford, NJ.
The same-store portfolio of approximately 8.6 million square feet was 99% leased as of Dec 31, compared with 97.9% at the prior-quarter end. Further, cash rents on new and renewed leases increased 29% for the quarter.
The company enjoyed ownership of 166 buildings, spanning around 12 million square feet, together with five improved land parcels comprising 22.8 acres as of Dec 31, 2016.
Coming to its capital-market activities in quarter, Terreno Realty reaped gross proceeds of around $27.7 million from its common stock offering program. For full-year 2016, the company reaped gross proceeds of around $101.4 million from its common stock 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, Washington, D.C. and Baltimore.
Shares of Terreno Realty outperformed the Zacks categorized REIT and Equity Trust - Other industry, over the past one year. During the same time span, shares of the company grew 31.8%, whereas the industry gained 12.6%.
Terreno Realty currently carries a Zacks Rank #4 (Sell). Over the past 60 days period, the company’s 2016 estimates declined 1.1% to 90 cents per share.
Some better-ranked stocks in the real estate space include FelCor Lodging Trust Incorporated , The GEO Group, Inc. (GEO - Free Report) and Iron Mountain Incorporated (IRM - Free Report) . All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
FelCor Lodging Trust’s 2016 estimates remained unchanged at 89 cents per share, over the past 60 days.
The GEO Group’ 2016 estimates have moved up 1% to $2.94 per share, over the past 60 days.
Iron Mountain Incorporated’s 2016 estimates have remained unchanged at $1.87 per share, over the 60 days.
Zacks’ Best Private Investment Ideas
In addition to the recommendations that are available to the public on our website, how would you like to follow all Zacks' private buys and sells in real time?
Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >>