S-11's Three fresh today.

Today had four S-11's (Registration of securities issued by real estate companies) uploaded to the SEC's edgar system. If we ignore the private reit, we find...

1. Terreno Realty Corporation. (TNRO) -- Internally managed (ex AMB folks) reit targeting industrial properties. Industrial is an odd sector because the key issue is scoring good locations. The properties themselves tend to be cheap to build, since they generally big empty boxes with little finishing (except for high end R&D lab space which is its own niche targeted by folks like Biomed Realty (BMR) and Alexandria (ARE). Tight well aligned compensation structure, but most of the existing players are trading below replacement cost, because there is no shortage of industrial property what so ever.
   


2. Americold Realty Trust -- Cold-storage warehouses. These are a niche property type, though in general the demand for cold storage grows slowly. Americold used to be a Vornado project, before getting sold to its current owners.
   


3. Callahan Capital Properties (CCP) -- Class A Office REIT lead by ex-Trizec folks targeting properties in major coastal markets. I wish there was more to say to about this.