TRNO - Baird's office/industrial real estate picks favor tech/biotech office small-footprint industrial

Incorporating its recent upgrades, Baird has updated its Top Five coverage list in office/industrial names to reflect a new weighting between the two areas. It now points to a 44%/56% weighting between Office and Industrial, and it's removing Cousins Properties (CUZ), Hudson Pacific Properties (HPP) and Piedmont Office Realty Trust (PDM) from the Five. That means the list has three new additions: Terreno Realty (TRNO); freshly upgraded Alexandria Real Estate Equities (ARE); and top pick Kilroy Realty (KRC). Those join First Industrial (FR) and Rexford Industrial (REXR) already in the list. "We are spreading our Office investment across two stocks more heavily centered on life science and technology-oriented tenants," David Rodgers writes. "Our Industrial bias is toward smaller, coastal tenants where stocks have come under greater pressure." The top weight in its portfolio (25%) goes to Alexandria: "We believe that unlike its traditional office peers, ARE and lab rents will

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Baird's office/industrial real estate picks favor tech/biotech office, small-footprint industrial