FUR Winthrop Realty Trust New (delisted)

Terreno Realty Corporation (TRNO), a real estate investment trust (REIT), has recently provided an update of its second quarter 2011 investment activities that primarily delves on its acqusition spree. The continuous acquisition binge is part of the long-term strategy of the company to own functional and flexible buildings in infill locations that can be modified to accommodate single and multiple tenants at discounts to replacement cost. 

Terreno Realty acquired 5 industrial properties spanning approximately 400,000 square feet for an aggregate purchase price of $55.9 million, including the assumption of a mortgage loan of approximately $14.8 million with a fixed annual interest rate of 5.5%. Out of these, two properties are located in New Jersey, while the remaining three are located in Florida, California, and Maryland.

Subsequent to the quarter-end, Terreno Realty acquired an industrial property in California totaling 73,000 square feet for approximately $12.4 million, including the assumption of a mortgage loan of $6.8 million with a fixed annual interest rate of 5.5%. The company further has two properties (one each in Miami and New Jersey, spanning 190,500 square feet) under contract to purchase for an aggregate sum of $14.8 million.

San-Francisco-based Terreno Realty owns and operates industrial real estate properties primarily in six 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.

Each of the locations in which Terreno Realty has a significant presence is characterized by a well-established transportation network – seaports, airports, highways and railways that are essential for the swift distribution of goods. In addition, available land in these markets is scarce, resulting in steep barriers for the development of new and competing properties. Consequently, the company has resisted from pursuing ground-up development or land investments over the years and instead focused on acquiring high-quality assets.

We have a ‘Neutral’ rating on Terreno Realty, which presently has a Zacks #4 Rank translating into a short-term ‘Sell’ rating and indicates that the stock is expected to perform well below the overall U.S.equity market for the next 1–3 months. We also have a ‘Neutral’ recommendation and a Zacks #3 Rank (short-term ‘Hold’) for Winthrop Realty Trust (FUR), one of the peers of Terreno Realty.

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