Industrial real estate investment trust (“REIT”), Terreno Realty Corporation (TRNO - Free Report) announced the acquisition of an industrial property located in Lanham, MD on Dec 21. This property, comprising around 45,000 square feet on 5.8 acres, was purchased at a price of around 6.75 million.
Located at 9951 Business Parkway, the property, which is fully leased to one tenant, includes four grade-level and seven dock-high loading positions, parking facility for 81 cars and additional area for trailer storage. This buyout is consistent with the REIT’s strategy of enhancing its property portfolio in major U.S. markets. The property is located in close proximity to the intersection of I-495 (the Capital Beltway) and I-595. The estimated stabilized cap rate of the property is 6.1%.
Just a few days back, Terreno Realty acquired an industrial distribution building. It also acquired a property in Miami for around $6.3 million.
The latest acquisition is expected to boost Terreno Realty’s bottom line, going ahead. This San Francisco, CA-based REIT actively focuses on leveraging the improving fundamentals of industrial markets, bolstering 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, year to date. During the same time span, shares of the company grew 25.1%, whereas the industry gained 3.6%. However, over the past 60 days, its current year funds from operations (“FFO”) estimate declined 6.3% to 90 cents.
Terreno Realty currently carries a Zacks Rank # 5 (Strong Sell).
Some better-ranked stocks in the real estate space include AGNC Investment Corp. (AGNC - Free Report) , Seritage Growth Properties and DCT Industrial Trust Inc. . All these stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
AGNC Investment’s current-year estimates have moved up 7.3% to $2.36 per share, over the past 60 days.
Seritage Growths’ current-year estimates have moved up 0.9% to $2.34 per share, over the past 60 days.
DCT Industrial Trust’s current-year estimates have moved up 2.3%, over the past 60 days to $2.24 per share.
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