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BELLEVUE, Wash. - Terreno Realty Corporation (NYSE:TRNO), a $5.8 billion market cap company specializing in industrial real estate in major U.S. coastal markets, has completed the sale of an industrial property in Union City, California. According to InvestingPro data, the company maintains strong financial health with a current ratio of 2.33 and operates with moderate debt levels. The transaction, which took place on Monday, involved a distribution building of approximately 66,000 square feet on 3.0 acres and fetched a sale price of around $16.9 million.
The property, which is currently vacant, was originally acquired by Terreno Realty on March 26, 2015, for $7.4 million. Over the course of nearly a decade, the investment yielded an unleveraged internal rate of return of 13.0%. This performance aligns with the company's broader success, as InvestingPro analysis shows revenue growth of 16.7% in the last twelve months and an impressive track record of raising dividends for 11 consecutive years.
Terreno Realty's portfolio focuses on industrial properties in key markets including New York City/Northern New Jersey, Los Angeles, Miami, the San Francisco Bay Area, Seattle, and Washington, D.C. The company's strategic positioning in these areas is aimed at capitalizing on the robust demand for industrial spaces, which are critical for logistics and distribution operations, especially in regions with dense populations and significant trade activity.
The press release issued by Terreno Realty Corporation contains forward-looking statements, which are based on management's current expectations and projections about future events. Investors are cautioned that such statements are not guarantees of future performance and are subject to various risks and uncertainties. Performance outcomes may differ materially from those projected in the forward-looking statements due to factors beyond the company's control.
This sale reflects the ongoing dynamics in the industrial real estate market, where properties in strategic locations continue to be highly sought after. Terreno Realty Corporation has not disclosed the buyer of the Union City property. For investors seeking deeper insights, InvestingPro offers comprehensive analysis of Terreno's performance metrics and growth potential, along with 8 additional ProTips that could inform investment decisions.
The information in this article is based on a press release statement from Terreno Realty Corporation.
In other recent news, Terreno Realty has made significant strides in its business operations. The company recently acquired a large industrial property in Brooklyn for approximately $156.3 million, expanding its already robust portfolio. This acquisition aligns with Terreno Realty's strategic focus on high-demand coastal markets. Furthermore, Terreno Realty reported a 16.7% revenue growth over the last year, with analysts expecting continued growth.
Recent developments also include an increase in occupancy to 97%, a sign of operational strength. However, the company saw its cash rent spreads fall to 24%, a decrease from earlier in the year. Despite this, Terreno Realty completed a $7.6 million acquisition in Washington D.C. and increased its borrowing capacity to $800 million, with assistance from KeyBanc Capital Markets and KeyBank National Association.
Analysts' views on Terreno Realty have been mixed. Firms like Piper Sandler and KeyBanc maintained an Overweight rating on the company's shares, citing steady fundamentals. In contrast, Mizuho (NYSE:MFG) Securities downgraded the company from Neutral to Underperform, anticipating a slowdown in growth and an increase in vacancy rates within its sub-markets. These recent developments highlight the dynamic business activities and varying analyst perspectives surrounding Terreno Realty.
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