CoreSite Realty (COR) Tops Q1 EPS by 2c

CoreSite Realty (NYSE: COR) reported Q1 EPS of $0.48, $0.02 better than the analyst estimate of $0.46. Revenue for the quarter came in at $114.9 million versus the consensus estimate of $114.48 million.

• Reported first-quarter total operating revenues of $114.9 million, representing a 24.3% increase year over year
• Reported first-quarter net income per diluted share of $0.48, representing 29.7% growth year over year
• Reported first-quarter funds from operations (“FFO”) of $1.13 per diluted share and unit, representing 31.4% growth year over year
• Executed 128 new and expansion data center leases comprising 46,484 net rentable square feet (NRSF), representing $9.7 million of annualized GAAP rent at an average rate of $209 per square foot
• Commenced 37,352 NRSF of new and expansion leases representing $9.1 million of annualized GAAP rent at an average rate of $244 per square foot
• Realized rent growth on signed renewals of 1.9% on a cash basis and 5.5% on a GAAP basis and recorded rental churn of 1.1% in the first quarter
• Subsequent to the end of the first quarter, CoreSite closed two separate financing transactions, resulting in additional liquidity of $275 million to support its growth and development plans
• On April 24, 2017, CoreSite signed a contract to acquire a 2-acre land parcel immediately adjacent to its existing Santa Clara campus. CoreSite estimates that it can build approximately 160,000 square feet of new data center capacity, comprising 18 megawatts at full build out on this parcel.

For earnings history and earnings-related data on CoreSite Realty (COR) click here.

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