Terreno Realty Corporation (TRNO) Completes Major Redevelopment in California
Strategic Moves Position TRNO for Growth Amid Industry Challenges
Terreno Realty Corporation has successfully completed the redevelopment of a 2.8-acre land parcel in Rancho Dominguez, CA. This site is now fully leased to a trucking and transloading provider for a period of 18 months on a short-term basis.
Conveniently located next to two of Terreno’s other properties on S. Maple Avenue, the site is strategically positioned between Los Angeles International Airport and the busy Ports of Los Angeles and Long Beach.
The redevelopment project, which cost about $28.3 million, is expected to yield a stabilized cap rate of approximately 2.3%.
TRNO: Company Overview
With a robust operational framework and a strong balance sheet, TRNO appears equipped to seize long-term growth opportunities, especially given the positive trends in the industrial real estate sector. Nevertheless, concerns over high industrial supply and broader market conditions must be considered.
In the last six months, TRNO shares have gained 0.7%. In comparison, the overall industry has experienced a growth of 4%, and TRNO currently holds a Zacks Rank of #3 (Hold).
Image Source: Zacks Investment Research
Other Notable Stocks
Investors might also consider SL Green Realty (SLG) and Vornado Realty Trust (VNO). Both are currently rated Zacks Rank #2 (Buy). The Zacks Consensus Estimate indicates that SL Green’s 2024 funds from operations (FFO) per share has been raised by 2.9% recently to $7.83. For Vornado, the current-year FFO estimate has improved by a cent over the last two months, now standing at $2.16.
Note: The earnings figures discussed represent funds from operations (FFO), a key performance metric for REITs.
Infrastructure Investment Opportunity
The U.S. government has allocated trillions of dollars for infrastructure projects, which includes upgrades to roads and bridges, as well as investments in AI data centers and renewable energy. This influx of funding could lead to significant growth for certain stocks in this sector.
In this growing landscape, insightful investors can discover five unique stocks that are poised to benefit substantially from this spending wave.
Download a free report on how to capitalize on the Trillion-Dollar Infrastructure Boom today.
Access a Free Stock Analysis Report on Vornado Realty Trust (VNO) here.
Access a Free Stock Analysis Report on SL Green Realty Corporation (SLG) here.
Access a Free Stock Analysis Report on Terreno Realty Corporation (TRNO) here.
Read the full article on Zacks.com here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
