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Terreno Unveils Q3 Investments & Capital Market Activities

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Terreno Realty Corp.TRNO revealed investment as well as operating and capital market activities for third-quarter 2015.

In sync with its strategy of acquiring industrial properties, this San Francisco, CA-based real estate investment trust ("REIT") purchased 2 industrial properties, spanning around 293,000 square feet, for approximately $29.5 million. These properties, comprising 8 buildings, are located in Kent, WA and Medley, FL.

Notably, Terreno Realty has around $64.2 million of acquisitions under contract and $31.1 million under letter of intent. Further, the REIT has one property under contract for sale, valued at roughly $11.2 million. These transactions are, however, subject to due diligence as well as satisfaction of certain customary conditions.

As a matter of fact, Terreno Realty is engaged in acquiring, owning and operating industrial real estate in 6 major coastal U.S. markets, namely, Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, D.C./Baltimore. The company enjoyed ownership of 141 buildings spanning around 10.5 million square feet as of Sep 30, 2015. These properties are currently 90.2% leased to 344 tenants. Same-store portfolio was 93.3% leased as of Sep 30, 2015, as against 93.5% recorded a year ago.

As for its capital-market activities in third-quarter 2015, Terreno Realty announced private placement of $100 million senior unsecured notes. This included $50 million with a term of 7 years and $50 million with a term of 12 years. During the quarter, the company did not issue any common shares under its at-the-market equity offering program.

Terreno Realty currently carries a Zacks Rank #4 (Sell).

Investors interested in the REIT industry may consider stocks like CoreSite Realty Corporation COR , Gramercy Property Trust Inc. GPT and W. P. Carey Inc. WPC . All three stocks sport a Zacks Rank #1 (Strong Buy).

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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