CoreSite Realty (COR) Tops Q1 FFO by 1c

CoreSite Realty (NYSE: COR) reported Q1 FFO of $0.49, $0.01 better than the analyst estimate of $0.48. Revenue for the quarter came in at $63.7 million versus the consensus estimate of $63.25 million.

Tom Ray, CoreSite’s Chief Executive Officer, commented, “We are pleased that our first-quarter results reflect continued execution of our business plan, with total operating revenues and adjusted EBITDA increasing 16% and 21% year over year, respectively.” Mr. Ray continued, “Importantly, we recorded an increase in new and expansion sales, with 131 new and expansion leases executed representing $5.1 million in annualized GAAP rent. This represents a 48% increase over the prior quarter and a 12% increase over the trailing-year quarterly average. In addition, we increased the number of quota-bearing sales reps across our platform by 21%, reflecting progress against our goal to increase in-place quota coverage by approximately 35% over the course of 2014.”

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

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