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Terreno Realty (TRNO) Sells Industrial Property for $11.5M
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Terreno Realty Corporation (TRNO - Free Report) recently announced that it has sold an industrial building in Jessup, MD, on Dec 29, 2017. The property has been sold for approximately $11.5 million.
The property at 8441 Dorsey Run Road consists of an industrial distribution building spanning around 135,000 square feet. It is 44% leased to a single tenant. The company had shelled out nearly $5.8 million for the purchase of this property on Mar 25, 2011. It had used cash on hand for the buyout.
Through this sale, Terreno recognized an unleveraged internal rate of return of approximately 11.9%.
Notably, the company is focusing on an acquisition-driven growth strategy. It is specifically aimed at owning flexible and functional industrial assets at in-fill locations which can be redeveloped to accommodate single as well as multiple tenants. Terreno has also been fortifying its portfolio in six major port cities that display solid demographic trends and have strong barriers to entry, which limit new supply.
In fact, on Dec 21, 2017, the company shelled out $7.2 million for the purchase of an industrial property in Fairfield, NJ. In addition, on Dec 20, it acquired another industrial property — Hawthorne Business Park — in Hawthorne, CA, for $27.6 million.
Amid these, Terreno’s efforts to shed non-core properties will enhance its portfolio and provide capital for strategic acquisitions. In fact, during third-quarter 2017, this industrial real estate investment trust (REIT) sold two fully-leased properties, covering around 448,000 square feet of space. The properties, situated in Maryland’s Baltimore/Washington D.C. corridor, were sold for $40.5 million. The company intends to redeploy the sale proceeds in acquiring high-yielding assets.
Terreno currently carries a Zacks Rank #3 (Hold). Encouragingly, over the past year, shares of the company have outperformed the industry. While the stock has rallied 20.2%, the industry has recorded growth of 3.4% during this period.
Lamar’s funds from operations (FFO) per share estimates for 2017 remained unchanged at $4.96 over the past month. Its share price has increased 7.5% in three months’ time.
Outfront Media’s FFO per share estimates for the current year has remained unchanged at $1.98 in a month’s time. Over the past three months, the stock has declined 5.5%.
Healthcare Trust’s 2017 FFO per share estimates remained unchanged at $1.65 over the past month. The stock has been down 0.6% for the past three months.
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.
Investor Alert: Breakthroughs Pending
A medical advance is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating substantial revenue, and even more wondrous products are in the pipeline.
Cures for a variety of deadly diseases are in sight, and so are big potential profits for early investors. Zacks names 5 stocks to buy now.
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Terreno Realty (TRNO) Sells Industrial Property for $11.5M
Terreno Realty Corporation (TRNO - Free Report) recently announced that it has sold an industrial building in Jessup, MD, on Dec 29, 2017. The property has been sold for approximately $11.5 million.
The property at 8441 Dorsey Run Road consists of an industrial distribution building spanning around 135,000 square feet. It is 44% leased to a single tenant. The company had shelled out nearly $5.8 million for the purchase of this property on Mar 25, 2011. It had used cash on hand for the buyout.
Through this sale, Terreno recognized an unleveraged internal rate of return of approximately 11.9%.
Notably, the company is focusing on an acquisition-driven growth strategy. It is specifically aimed at owning flexible and functional industrial assets at in-fill locations which can be redeveloped to accommodate single as well as multiple tenants. Terreno has also been fortifying its portfolio in six major port cities that display solid demographic trends and have strong barriers to entry, which limit new supply.
In fact, on Dec 21, 2017, the company shelled out $7.2 million for the purchase of an industrial property in Fairfield, NJ. In addition, on Dec 20, it acquired another industrial property — Hawthorne Business Park — in Hawthorne, CA, for $27.6 million.
Amid these, Terreno’s efforts to shed non-core properties will enhance its portfolio and provide capital for strategic acquisitions. In fact, during third-quarter 2017, this industrial real estate investment trust (REIT) sold two fully-leased properties, covering around 448,000 square feet of space. The properties, situated in Maryland’s Baltimore/Washington D.C. corridor, were sold for $40.5 million. The company intends to redeploy the sale proceeds in acquiring high-yielding assets.
Terreno currently carries a Zacks Rank #3 (Hold). Encouragingly, over the past year, shares of the company have outperformed the industry. While the stock has rallied 20.2%, the industry has recorded growth of 3.4% during this period.
Better-ranked stocks in the REIT space include Lamar Advertising Company (LAMR - Free Report) , Outfront Media (OUT - Free Report) and Healthcare Trust of America . All three carry a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Lamar’s funds from operations (FFO) per share estimates for 2017 remained unchanged at $4.96 over the past month. Its share price has increased 7.5% in three months’ time.
Outfront Media’s FFO per share estimates for the current year has remained unchanged at $1.98 in a month’s time. Over the past three months, the stock has declined 5.5%.
Healthcare Trust’s 2017 FFO per share estimates remained unchanged at $1.65 over the past month. The stock has been down 0.6% for the past three months.
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.
Investor Alert: Breakthroughs Pending
A medical advance is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating substantial revenue, and even more wondrous products are in the pipeline.
Cures for a variety of deadly diseases are in sight, and so are big potential profits for early investors. Zacks names 5 stocks to buy now.
Click here to see them >>