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As part of its acquisition-driven growth strategy, Terreno Realty Corporation (TRNO - Free Report) recently shelled out $60.8 million to purchase an industrial property in Alexandria, VA. The estimated stabilized cap rate of the property is 3.0%.
Located at 5150-5236 Eisenhower Avenue, inside the Capital Beltway, this property comprises three industrial distribution buildings encompassing roughly 199,000 square feet on 9.3 acres. With 25 dock-high and 15 grade-level loading positions, and parking for 216 cars along with an advantageous location, this industrial property is poised to lure tenants. Presently, the property is fully leased to 13 tenants, which are slated for expiry by 2026.
Demand for industrial real estate space has been shooting up amid an e-commerce boom, growth in industries and companies making efforts to improve supply-chain efficiencies. Terreno Realty is banking on such scope and is focused on expanding its portfolio on acquisitions. It is targeting the functional assets at in-fill locations, which enjoy high-population densities and are located near the high-volume distribution points.
Recently, Terreno Realty acquired an industrial property in Rancho Dominguez, CA, for $13.8 million. Earlier, the company shelled out $8 million to purchase an industrial property at 5380 Tuxedo Road, Hyattsville, MD.
Apart from the fast adoption of e-commerce, industrial real estate is anticipated to benefit from an increase in inventory levels post the global health crisis, offering scope to industrial landlords, including Terreno Realty, Prologis (PLD - Free Report) , Duke Realty and Rexford Industrial Realty (REXR - Free Report) , to enjoy a favorable market environment.
Prologis carries a Zacks Rank of 2 at present. Its 2021 FFO per share is expected to increase 8.4% year over year.
The Zacks Consensus Estimate for Prologis’ 2021 FFO per share has been revised marginally upward in a month.
Duke Realty carries a Zacks Rank of 3 (Hold) at present. The long-term growth rate for Duke Realty is projected at 7.80%.
The Zacks Consensus Estimate for DRE’s 2021 FFO per share has been revised marginally upward in a month to $1.74.
The Zacks Consensus Estimate for Rexford Industrial’s ongoing-year FFO per share has moved 5.2% north to $1.63 over the past two months.
The Zacks Consensus Estimate for Rexford Industrial’s 2021 FFO per share suggests an increase of 23.5% year over year. Currently, REXR carries a Zacks Rank of 2.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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Terreno Realty (TRNO) Buys Alexandria Asset, Expands Portfolio
As part of its acquisition-driven growth strategy, Terreno Realty Corporation (TRNO - Free Report) recently shelled out $60.8 million to purchase an industrial property in Alexandria, VA. The estimated stabilized cap rate of the property is 3.0%.
Located at 5150-5236 Eisenhower Avenue, inside the Capital Beltway, this property comprises three industrial distribution buildings encompassing roughly 199,000 square feet on 9.3 acres. With 25 dock-high and 15 grade-level loading positions, and parking for 216 cars along with an advantageous location, this industrial property is poised to lure tenants. Presently, the property is fully leased to 13 tenants, which are slated for expiry by 2026.
Demand for industrial real estate space has been shooting up amid an e-commerce boom, growth in industries and companies making efforts to improve supply-chain efficiencies. Terreno Realty is banking on such scope and is focused on expanding its portfolio on acquisitions. It is targeting the functional assets at in-fill locations, which enjoy high-population densities and are located near the high-volume distribution points.
Recently, Terreno Realty acquired an industrial property in Rancho Dominguez, CA, for $13.8 million. Earlier, the company shelled out $8 million to purchase an industrial property at 5380 Tuxedo Road, Hyattsville, MD.
Apart from the fast adoption of e-commerce, industrial real estate is anticipated to benefit from an increase in inventory levels post the global health crisis, offering scope to industrial landlords, including Terreno Realty, Prologis (PLD - Free Report) , Duke Realty and Rexford Industrial Realty (REXR - Free Report) , to enjoy a favorable market environment.
Terreno Realty currently carries a Zacks Rank #2 (Buy). In the past three months, the company’s shares have gained 23.5% compared with the industry’s increase of 3%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Prologis carries a Zacks Rank of 2 at present. Its 2021 FFO per share is expected to increase 8.4% year over year.
The Zacks Consensus Estimate for Prologis’ 2021 FFO per share has been revised marginally upward in a month.
Duke Realty carries a Zacks Rank of 3 (Hold) at present. The long-term growth rate for Duke Realty is projected at 7.80%.
The Zacks Consensus Estimate for DRE’s 2021 FFO per share has been revised marginally upward in a month to $1.74.
The Zacks Consensus Estimate for Rexford Industrial’s ongoing-year FFO per share has moved 5.2% north to $1.63 over the past two months.
The Zacks Consensus Estimate for Rexford Industrial’s 2021 FFO per share suggests an increase of 23.5% year over year. Currently, REXR carries a Zacks Rank of 2.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.