CoreSite Realty (COR) Tops Q1 EPS by 7c, Revenues Beat

CoreSite Realty (NYSE: COR) reported Q1 EPS of $0.51, $0.07 better than the analyst estimate of $0.44. Revenue for the quarter came in at $157.6 million versus the consensus estimate of $156.27 million.

• Grew operating revenues to $157.6 million, an increase of 7.0% year over year and 1.7% sequentially
• Delivered net income of $0.51 per common diluted share, an increase of $0.03 year over year and $0.05 sequentially
• Grew adjusted EBITDA to $86.1 million, an increase of 9.4% year over year and 4.0% sequentially
• Generated FFO of $1.40 per diluted share and unit, an increase of $0.11, or 8.5% year over year and $0.06, or 4.5% sequentially
• Paid a dividend of $1.23 per share for the first quarter on April 15th

“We are pleased with our start to the year, and we are excited about the growth opportunities achievable as we lease up our vacant and available capacity,” said Paul Szurek, CoreSite’s President and Chief Executive Officer. “CoreSite’s network and cloud-dense customer communities continue to evidence a differentiated value proposition for customers who increasingly rely on digital operations to advance their business, and we believe our priorities and operating objectives will continue to drive long-term value creation.”

2021 Guidance

The Company’s 2021 guidance, including operating revenues, adjusted EBITDA, depreciation and amortization and capital expenditures, along with guidance drivers and other information, can be found on page 21 of CoreSite’s Supplemental Information.

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

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