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CoreSite Reports Third 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 third quarter ended September 30, 2012.

Quarterly Highlights

  • Reported third-quarter funds from operations (“FFO”) of $0.40 per diluted share and unit, representing an 8.1% increase over the prior quarter and a 14.3% increase over the prior-year quarter
  • Reported third-quarter revenue of $53.8 million, representing a 6.2% increase over the prior quarter and a 21.2% increase over the prior-year quarter
  • Executed new and expansion data center leases representing $2.0 million of annualized GAAP rent with a weighted-average GAAP rental rate of $177 per net rentable square foot (“NRSF”)
  • Achieved a 91.8% retention ratio with 4.0% rent growth on signed renewals on a cash basis and 9.1% on a GAAP basis
  • Commenced 39,991 net rentable square feet of new and expansion leasing, with GAAP annualized rent of $146 per square foot
  • Obtained entitlements to expand at our Reston, Virginia, facility

Tom Ray, CoreSite’s Chief Executive Officer, commented, “Our third-quarter results reflect solid top and bottom-line growth, continued margin expansion and strong lease commencements. New and expansion bookings were below our trailing average, driven by an absence of bookings exceeding 250 kilowatts and a temporary reduction of sales staff as we transformed to a vertical selling model. During the quarter we also made substantial progress on a new development opportunity, an expansion to our existing facility in Reston, Virginia.

“Important in the quarter were the steps we made in our transition from a local to a vertical sales model,” Mr. Ray continued. “While implementing some of these changes was difficult, we believe that we will see a more rapid pace of growth moving forward due to this realignment. As a key component of this transition, we are pleased to welcome Chris Ancell to our executive team as Senior Vice President of Sales and Sales Engineering, as previously announced. Chris is already making progress in re-building his sales team and has integrated seamlessly with our senior leadership team. As we look ahead, we’re excited about the new people we have in place and the rewards we are already seeing from our strategy. We believe that those rewards will begin to show up clearly in our future sales results.”

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