Terreno Realty Corp. TRNO announced the execution of a lease deal for an 85,000 square feet area, in East Rutherford, NJ. This deal was executed in one building with a designer, developer and distributor of outdoor tools. This move is consistent with the industrial real estate investment trust’s (“REIT”) strategy of enhancing its property portfolio in the major U.S. markets.
The lease is set to commence immediately and will expire in Jan 2022. 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.
Terreno Realty currently carries a Zacks Rank #5 (Strong Sell). For the current quarter, the REIT’s estimates declined 3.8% to at 25 cents per share. Year to date, Terreno Realty’s share price rose 20%, whereas this rise for the Zacks categorized REIT and Equity Trust – Other industry was 0.7%.
Some better-ranked stocks in the same space include Seritage Growth Properties SRG, CubeSmart CUBE and American Tower Corporation AMT. All these stocks carry a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Seritage Growth Properties’ current-quarter funds from operations (“FFO”) estimates have moved up 1.7% over the past one month to 59 cents.
CubeSmart’ current-quarter estimates remained stable at 37 cents over the past one month period.
Current-quarter estimates for American Tower Corporation remained unchanged at $1.43 over the past month.
Note: FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income. All EPS numbers presented in this write up represent FFO per share.
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