San Francisco-based real estate investment trust (REIT)
Terreno Realty Corporation (
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.
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The Goldman Sachs Group, Inc. (
along with KeyBanc Capital Markets Inc. - the investment banking
- 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
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,