CoreSite Realty (COR) Tops Q1 EPS by 1c, Beats on Revenues; Offers FY18 EPS Mid-Point Outlook Below Consensus

CoreSite Realty (NYSE: COR) reported Q1 EPS of $0.59, $0.01 better than the analyst estimate of $0.58. Revenue for the quarter came in at $129.6 million versus the consensus estimate of $129.49 million.

Quarterly and Subsequent Highlights

• First-quarter total operating revenues were $129.6 million, a 12.8% increase year over year
• First-quarter net income per diluted share was $0.59, a 22.9% increase year over year
• First-quarter funds from operations (“FFO”) was $1.27 per diluted share and unit, a 12.4% increase year over year
• Commenced 81,636 net rentable square feet (NRSF) of new and expansion leases representing $16.2 million of annualized GAAP rent at an average rate of $184 per square foot
• Renewed leases with annualized GAAP rent of $20.2 million, with rent growth of 5.6% on a cash basis and 11.5% on a GAAP basis, resulting in rental churn of 1.9% in the first quarter
• Executed 136 new and expansion data center leases for 29,624 NRSF, representing $7.1 million of annualized GAAP rent at an average rate of $239 per square foot, including 47 new customer logos
• On April 19, 2018, CoreSite closed on an amended and expanded credit facility with total borrowing capacity of $1.05 billion under all arrangements with its syndicate of banks, and extended the maturity of its credit line to 2022
• On April 20, 2018, CoreSite closed on the acquisition of U.S. Colo, a carrier-neutral, network-dense colocation provider, located in Los Angeles, California, for approximately $8.6 million. The acquisition provides CoreSite with 120+ new customers, increases its economies of scale in downtown Los Angeles, and ends litigation that had been ongoing between CoreSite and U.S. Colo

GUIDANCE:

CoreSite Realty sees FY2018 EPS of $2.15-$2.27, versus the consensus of $2.24.

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

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