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Terreno Posts Q1 Operating, Investment & Capital Activities
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Terreno Realty Corporation (TRNO - Free Report) has provided insights on its first-quarter 2019 operating, investment and capital market activities.
Terreno’s assets experienced a solid demand for space on the back of improving fundamentals of industrial markets. This helped the company properties to be 98.1% leased as of Mar 31, 2019.
The same-store portfolio of approximately 12 million square feet was 99% leased as of Mar 31, 2019, compared with 99.1% at the end of the prior quarter. Further, cash rents on new and renewed leases for 1 million square feet of space commencing during the quarter increased 14.5%.
In fact, in the past three months, shares of this Zacks #2 (Buy) Ranked company have outperformed the industry. While its shares have gained 18.7%, the industry rallied 13.1% during this period.
In sync with its strategy of acquiring industrial properties in strategic locations, this San Francisco-based real estate investment trust (REIT) purchased three industrial properties and two improved land parcels in the first quarter, for a total price of $63.1 million.
Specifically, it purchased a 28,000-square-foot property at 48 3rd Street and 286 Central Avenue for approximately $14.1 million. The company also acquired a transshipment building at 56-85 49th Street in Maspeth Queens, NY, for $24 million.
On the disposition front, Terreno sold an industrial distribution building — situated in Corona, CL— covering 90,000 square feet, for $12.4 million. It was purchased in 2014 for nearly $7.8 million.
During the quarter, Terreno raised $82.3 million in gross proceeds by issuing around 1.98 million shares of common stock under the company’s at-the-market equity offering program. No shares were repurchased by the company. Additionally, it reduced balance under its senior secured loan to nearly $16 million.
Notably, industrial REITs will scale new heights, with a recovering economy and job-market gains, as well as elevated consumption levels. Moreover, with a healthy manufacturing environment and high business inventories, the demand for warehouse and logistics real estate is anticipated to be healthy, giving a significant impetus to industrial REITs like Terreno, Duke Realty , Prologis Inc. (PLD - Free Report) and Liberty Property Trust .
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Terreno Posts Q1 Operating, Investment & Capital Activities
Terreno Realty Corporation (TRNO - Free Report) has provided insights on its first-quarter 2019 operating, investment and capital market activities.
Terreno’s assets experienced a solid demand for space on the back of improving fundamentals of industrial markets. This helped the company properties to be 98.1% leased as of Mar 31, 2019.
The same-store portfolio of approximately 12 million square feet was 99% leased as of Mar 31, 2019, compared with 99.1% at the end of the prior quarter. Further, cash rents on new and renewed leases for 1 million square feet of space commencing during the quarter increased 14.5%.
In fact, in the past three months, shares of this Zacks #2 (Buy) Ranked company have outperformed the industry. While its shares have gained 18.7%, the industry rallied 13.1% during this period.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
In sync with its strategy of acquiring industrial properties in strategic locations, this San Francisco-based real estate investment trust (REIT) purchased three industrial properties and two improved land parcels in the first quarter, for a total price of $63.1 million.
Specifically, it purchased a 28,000-square-foot property at 48 3rd Street and 286 Central Avenue for approximately $14.1 million. The company also acquired a transshipment building at 56-85 49th Street in Maspeth Queens, NY, for $24 million.
On the disposition front, Terreno sold an industrial distribution building — situated in Corona, CL— covering 90,000 square feet, for $12.4 million. It was purchased in 2014 for nearly $7.8 million.
During the quarter, Terreno raised $82.3 million in gross proceeds by issuing around 1.98 million shares of common stock under the company’s at-the-market equity offering program. No shares were repurchased by the company. Additionally, it reduced balance under its senior secured loan to nearly $16 million.
Notably, industrial REITs will scale new heights, with a recovering economy and job-market gains, as well as elevated consumption levels. Moreover, with a healthy manufacturing environment and high business inventories, the demand for warehouse and logistics real estate is anticipated to be healthy, giving a significant impetus to industrial REITs like Terreno, Duke Realty , Prologis Inc. (PLD - Free Report) and Liberty Property Trust .
Radical New Technology Creates $12.3 Trillion Opportunity
Imagine buying Microsoft stock in the early days of personal computers… or Motorola after it released the world’s first cell phone. These technologies changed our lives and created massive profits for investors.
Today, we’re on the brink of the next quantum leap in technology. 7 innovative companies are leading this “4th Industrial Revolution” - and early investors stand to earn the biggest profits.
See the 7 breakthrough stocks now>>