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Terreno Realty (TRNO) Sees Solid Demand, Leases Kent Property
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Terreno Realty (TRNO - Free Report) announced the execution of a full-building lease with a nationwide building products distributor for around 117,000 square feet in Kent, WA. The leasing started on Jun 30, 2022 and will expire in December 2029.
Recently, this industrial REIT also announced the execution of a lease with a provider of student transportation for 4.4 acres of improved land in Seattle, WA. The leasing started on Jun 30, 2022 and will expire in July 2025.
The industrial real estate market is witnessing solid fundamentals as the demand for the logistics infrastructure and efficient distribution networks has been shooting up amid an e-commerce boom, growth in industries and companies making efforts to improve supply-chain efficiencies. In addition to the fast adoption of e-commerce, a rise in the inventory levels of companies as a precautionary measure for any supply-chain disruption is expected to lead to long-term growth momentum for this sector.
This offers opportunities to industrial landlords, including Terreno Realty, Prologis (PLD - Free Report) and Rexford Industrial Realty, Inc. (REXR - Free Report) , among others, to enjoy a favorable market environment.
Terreno Realty is also witnessing solid leasing activities, which reflect the healthy demand for its well-positioned properties. Apart from the abovementioned leasing activities, in recent times, TRNO executed a lease with a third-party logistics provider for a property in Kent, WA. It involved a full-building lease for roughly 138,000 square feet of space. The leasing commenced on Jun 30, 2022 and will expire in October 2027.
Also, the company announced the execution of an early lease renewal and extension for 7.2 acres of improved land in Newark, NJ. This lease with a manufacturer and direct importer of stone products, which was to expire in February 2023, will now expire in February 2028.
Terreno Realty is also banking on growth opportunities and is focused on expanding its portfolio through acquisitions. With such expansion efforts, Terreno Realty is well-poised to enhance its portfolio in six major coastal U.S. markets — Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, DC — which display solid demographic trends and witness healthy demand for industrial real estate.
Prologis carries a Zacks Rank of 2 (Buy) at present. Prologis’ long-term growth rate is projected at 9.8%. The Zacks Consensus Estimate for PLD’s 2022 funds from operations (FFO) per share has been revised marginally upward in the past week.
Rexford Industrial Realty holds a Zacks Rank of 2 at present. Rexford Industrial Realty’s 2022 revenues are expected to increase 34% year over year. The Zacks Consensus Estimate for REXR’s 2022 FFO per share has been revised more than 1% upward in the past week.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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Terreno Realty (TRNO) Sees Solid Demand, Leases Kent Property
Terreno Realty (TRNO - Free Report) announced the execution of a full-building lease with a nationwide building products distributor for around 117,000 square feet in Kent, WA. The leasing started on Jun 30, 2022 and will expire in December 2029.
Recently, this industrial REIT also announced the execution of a lease with a provider of student transportation for 4.4 acres of improved land in Seattle, WA. The leasing started on Jun 30, 2022 and will expire in July 2025.
The industrial real estate market is witnessing solid fundamentals as the demand for the logistics infrastructure and efficient distribution networks has been shooting up amid an e-commerce boom, growth in industries and companies making efforts to improve supply-chain efficiencies. In addition to the fast adoption of e-commerce, a rise in the inventory levels of companies as a precautionary measure for any supply-chain disruption is expected to lead to long-term growth momentum for this sector.
This offers opportunities to industrial landlords, including Terreno Realty, Prologis (PLD - Free Report) and Rexford Industrial Realty, Inc. (REXR - Free Report) , among others, to enjoy a favorable market environment.
Terreno Realty is also witnessing solid leasing activities, which reflect the healthy demand for its well-positioned properties. Apart from the abovementioned leasing activities, in recent times, TRNO executed a lease with a third-party logistics provider for a property in Kent, WA. It involved a full-building lease for roughly 138,000 square feet of space. The leasing commenced on Jun 30, 2022 and will expire in October 2027.
Also, the company announced the execution of an early lease renewal and extension for 7.2 acres of improved land in Newark, NJ. This lease with a manufacturer and direct importer of stone products, which was to expire in February 2023, will now expire in February 2028.
Terreno Realty is also banking on growth opportunities and is focused on expanding its portfolio through acquisitions. With such expansion efforts, Terreno Realty is well-poised to enhance its portfolio in six major coastal U.S. markets — Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, Miami and Washington, DC — which display solid demographic trends and witness healthy demand for industrial real estate.
Shares of Zacks Rank #3 (Hold) Terreno Realty have declined 26.7% over the past three months compared with the industry’s fall of 15.8%. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Image Source: Zacks Investment Research
Prologis carries a Zacks Rank of 2 (Buy) at present. Prologis’ long-term growth rate is projected at 9.8%. The Zacks Consensus Estimate for PLD’s 2022 funds from operations (FFO) per share has been revised marginally upward in the past week.
Rexford Industrial Realty holds a Zacks Rank of 2 at present. Rexford Industrial Realty’s 2022 revenues are expected to increase 34% year over year. The Zacks Consensus Estimate for REXR’s 2022 FFO per share has been revised more than 1% upward in the past week.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.