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Terreno Realty (TRNO) Buys Industrial Property in Gardena
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Industrial real estate investment trust (REIT), Terreno Realty Corporation (TRNO - Free Report) , recently acquired an industrial property in Gardena, CA. The company shelled out around $24.7 million for acquiring this property, which comprised one industrial distribution building comprising around 114,000 square feet of space on 5.5 acres of land.
The property, which is presently 100% leased to one tenant, includes 21 dock-high and two grade-level loading positions, as well as parking facility for 145 cars. It is strategically located at 15913 South Main Street, between CA Route 91 (the Artesia Freeway), Interstates 110, 105, and 710, and between Los Angeles International Airport and the Ports of LA and Long Beach.
Notably, the company is making efforts to enhance its portfolio with strategic acquisitions. Last month, it announced the acquisition of one industrial distribution building, comprising around 22,000 square feet on 0.7 acres in Washington, D.C., for $3.7 million. Also, the company declared the acquisition of six adjacent properties located in Carlstadt, NJ. The properties, spanning over 8.1 acres, were purchased for around $12 million.
The latest acquisition is expected to drive Terreno Realty’s bottom line, moving ahead. This San Francisco-based REIT actively focuses on leveraging the improving fundamentals of industrial markets, fortifying 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 23.1%, whereas the industry climbed 2.7%. Also, in the last 30 days, its full-year 2017 funds from operations (“FFO”) per share estimates inched up 1.8% to $1.15.
Terreno Realty currently carries a Zacks Rank #3 (Hold).
In the last 30 days, DiamondRock Hospitality’s FFO per share for full-year 2017 moved up 1.0% to 99 cents.
PS Business Parks’ estimates for 2017 FFO per share increased 1.8% to $6.09, over the past 30 days.
Sunstone Hotel currently has long-term growth rate of 5.0%.
Note: All EPS numbers presented in this write up represent funds from operations (“FFO”) per share. 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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Terreno Realty (TRNO) Buys Industrial Property in Gardena
Industrial real estate investment trust (REIT), Terreno Realty Corporation (TRNO - Free Report) , recently acquired an industrial property in Gardena, CA. The company shelled out around $24.7 million for acquiring this property, which comprised one industrial distribution building comprising around 114,000 square feet of space on 5.5 acres of land.
The property, which is presently 100% leased to one tenant, includes 21 dock-high and two grade-level loading positions, as well as parking facility for 145 cars. It is strategically located at 15913 South Main Street, between CA Route 91 (the Artesia Freeway), Interstates 110, 105, and 710, and between Los Angeles International Airport and the Ports of LA and Long Beach.
Notably, the company is making efforts to enhance its portfolio with strategic acquisitions. Last month, it announced the acquisition of one industrial distribution building, comprising around 22,000 square feet on 0.7 acres in Washington, D.C., for $3.7 million. Also, the company declared the acquisition of six adjacent properties located in Carlstadt, NJ. The properties, spanning over 8.1 acres, were purchased for around $12 million.
The latest acquisition is expected to drive Terreno Realty’s bottom line, moving ahead. This San Francisco-based REIT actively focuses on leveraging the improving fundamentals of industrial markets, fortifying 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 23.1%, whereas the industry climbed 2.7%. Also, in the last 30 days, its full-year 2017 funds from operations (“FFO”) per share estimates inched up 1.8% to $1.15.
Terreno Realty currently carries a Zacks Rank #3 (Hold).
Stocks to Consider
Investors can also consider better-ranked stocks in the REIT space like DiamondRock Hospitality Company (DRH - Free Report) , PS Business Parks, Inc. and Sunstone Hotel Investors, Inc. (SHO - Free Report) . All the three stocks carry 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, DiamondRock Hospitality’s FFO per share for full-year 2017 moved up 1.0% to 99 cents.
PS Business Parks’ estimates for 2017 FFO per share increased 1.8% to $6.09, over the past 30 days.
Sunstone Hotel currently has long-term growth rate of 5.0%.
Note: All EPS numbers presented in this write up represent funds from operations (“FFO”) per share. 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.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana. Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look. See the pot trades we're targeting>>