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CoreSite Reports Second Quarter 2012 Results

Stocks in this article: COR

CoreSite Realty Corporation (NYSE: COR), a national provider of powerful, network-rich data centers, today announced financial results for the second quarter ended June 30, 2012.

Quarterly Highlights

  • Reported second-quarter funds from operations (“FFO”) of $0.37 per diluted share and unit, representing a 2.8% increase over the prior quarter and a 23.3% increase over the prior-year quarter
  • Reported second-quarter FFO of $17.3 million, representing a 5.7% increase over the prior quarter and a 25.2% increase over the prior-year quarter
  • Reported second-quarter revenue of $50.6 million, representing a 7.1% increase over the prior quarter and a 19.2% increase over the prior-year quarter
  • Executed new and expansion data center leases representing $4.6 million of annualized GAAP rent with a weighted-average GAAP rental rate of $177 per net rentable square foot (“NRSF”)
  • Achieved a 69.6% retention ratio with 1.0% rent growth on signed renewals on a cash basis and 9.2% on a GAAP basis
  • Commenced 16,998 net rentable square feet of new and expansion leasing, with GAAP annualized rent of $195 per square foot

Tom Ray, CoreSite’s Chief Executive Officer, commented, “During the second quarter, we achieved solid financial results driven by strong revenue growth. We also welcomed the arrival of Jarrett Appleby as Chief Operating Officer. As an initial priority, Jarrett is accelerating our drive to reshape our go-to-market platform and sales engine to align with our targeted customer verticals. We already are seeing results from our transition to vertical alignment, with strong bookings in our Network, Cloud and System Integrator verticals. However, as anticipated, new-and-expansion bookings in Q2 were lighter than our record set in Q1 and correlate to 78% of the average stabilized rent in bookings over the prior 4 quarters. This was driven primarily by a lack of salable inventory in Chicago and lower volume in bookings larger than 3,500 square feet. We ascribe lower Q2 volume in bookings greater than 3,500 square feet to normal fluctuations in this market segment. We have a solid sales funnel in this segment and believe we are on track to execute upon our revenue objectives for the year.”

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