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San Francisco-based real estate investment trust (REIT) Terreno Realty Corporation (TRNO - Snapshot Report) has recently announced an offering of 5 million equity shares at $16.60 each to enhance its liquidity. In addition, the underwriters have exercised in full their option to purchase an additional 750,000 common shares as granted by the company to cover any over-allotments.

The Goldman Sachs Group, Inc. (GS - Analyst Report) along with KeyBanc Capital Markets Inc. – the investment banking division of KeyCorp (KEY - Analyst Report) – acted as the joint book-running managers for the offering.

Terreno Realty intends to utilize the proceeds to pay-off its debt in part or full, fund potential acquisitions and for other corporate purposes. Over the years, the company has resisted from pursuing ground-up development or land investments and instead focused on acquiring high-quality assets. The continuous acquisition binge is also a part of its long-term strategy to own functional and flexible buildings in infill locations that can be modified to accommodate single and multiple tenants at discounts to replacement cost.

We expect the strategic move to improve the company’s liquidity position and pave way for a rise in shareholder value going forward.

Terreno Realty owns and operates industrial real estate properties primarily in 6 major coastal markets of the U.S. These include the high barriers-to-entry markets of Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington D.C./Baltimore.

Terreno Realty currently holds a Zacks Rank #1 (Strong Buy). Another REIT that is performing favorably and carries the same Zacks Rank is Omega Healthcare Investors, Inc. (OHI - Snapshot Report).

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