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CoreSite Reports Fourth Quarter FFO Of $0.42 Per Share, Up 23.5% Year-Over-Year

CoreSite Realty Corporation (NYSE: COR), provider of powerful, network-dense data center campuses and the CoreSite Mesh, which enable interconnected communities of service providers and enterprises, today announced financial results for the fourth quarter ended December 31, 2012.

Quarterly and Subsequent Highlights

  • Reported fourth-quarter funds from operations (“FFO”) of $0.42 per diluted share and unit, representing a 5.0% increase over the prior quarter and a 23.5% increase over the prior-year quarter
  • Reported fourth-quarter revenue of $55.3 million, representing a 2.8% increase over the prior quarter and a 20.0% increase over the prior-year quarter
  • Executed new and expansion data center leases representing $11.6 million of annualized GAAP rent
  • Achieved 11.7% rent growth on signed renewals on a cash basis and 15.6% on a GAAP basis
  • Received net proceeds of $110.6 million from the company’s first preferred stock offering
  • In January 2013, amended its credit facility by converting it to unsecured, expanding availability to $355.0 million from $225.0 million, extending its maturity and lowering the interest rate spread
  • In February 2013, acquired a 283,000 square-foot building on 10 acres of land in Secaucus, New Jersey, for development of a new data center campus (NY2)
  • Increased quarterly dividend by 50% to $0.27 per share

Tom Ray, CoreSite’s Chief Executive Officer, commented, “During the fourth quarter we made measurable progress across key objectives. We executed strong sales across our customer verticals and platform, signing new and expansion agreements for turn-key data center (“TKD”) capacity reflecting $8.4 million in annualized GAAP rent plus a pre lease to construct a powered-shell building on our Santa Clara campus. While we typically do not enter into large powered-shell leases, we were pleased to leverage off of an existing land holding to serve a strategic customer and further strengthen our Santa Clara campus as a key North American network and cloud hub.”

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