Free Post Earnings Research Report: CoreSite’s Revenue Jumped 14%; FFO Advanced 11%

Stock Monitor: Northstar Realty Europe Post Earnings Reporting=

LONDON, UK / ACCESSWIRE / March 15, 2018 / Active-Investors.com has just released a free earnings report on CoreSite Realty Corp. (NYSE: COR) (“CoreSite”). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=COR. CoreSite reported its fourth quarter fiscal 2017 operating and financial results on February 08, 2018. The operator of large computing warehouses beat funds from operations (FFO) estimates and provided guidance for the full year 2018. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for Northstar Realty Europe Corp. (NYSE: NRE), which also belongs to the Financial sector as the Company CoreSite Realty. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, CoreSite Realty most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

www.active-investors.com/registration-sg/?symbol=COR

Earnings Highlights and Summary

CoreSite’s total operating revenues for the three months ended December 31, 2017, were $125.9 million, reflecting a 14.0% increase compared to $123.1 million in Q4 2016. The Company’s reported numbers fell short of analysts’ estimates of $126.0 million.

CoreSite reported net income attributable to common shares of $14.9 million, or $0.44 per diluted share, for Q4 2017, compared to $14.9 million, or $0.44 per diluted share, for Q4 2016.

For Q4 2017, CoreSite reported FFO per diluted share and unit, excluding the one-time non-cash expense related to the original issuance costs associated with the Company’s redeemed Preferred Stock of $1.18, representing an increase of 11.3% compared to $1.06 per diluted share and unit for Q4 2016. The Company’s FFO numbers topped Wall Street’s estimates of $1.14 per share.

Sales Activity

During Q4 2017, CoreSite executed 128 new and expansion data center leases representing $7.2 million of annualized GAAP rent, comprising of 41,521 net rentable square feet (NRSF) at a weighted-average GAAP rental rate of $174 per NRSF. The Company’s leasing to smaller deployments rebounded during the reported quarter, with annualized GAAP rent signed for leases less than 5,000 square feet increasing 5.2% compared to the trailing twelve-month average.

For Q4 2017, CoreSite’s data center lease commencements totaled 52,221 NRSF at a weighted average GAAP rental rate of $157 per NRSF, which represented $8.2 million of annualized GAAP rent.

CoreSite’s renewal leases signed in Q4 2017 totaled $11.2 million in annualized GAAP rent, comprising of 78,577 NRSF at a weighted average GAAP rental rate of $142 per NRSF, reflecting a 3.5% increase in rent on a cash basis and a 6.2% increase on a GAAP basis. The Company’s reported quarter rental churn rate was 0.5%.

Development and Acquisition Activity

During Q4 2017, CoreSite placed into service 13,735 square feet of turn-key data center capacity at BO1 in Boston and 3,087 square feet of turn-key data center capacity at VA1 in Reston, Virginia.

As of December 31, 2017, CoreSite had a total of 220,336 square feet of turn-key data center capacity under construction and had spent $98.5 million of the estimated $213.6 million required to complete the projects.

On January 29, 2018, CoreSite acquired a two-acre land parcel in Chicago, Illinois, on which CoreSite expects to build CH2, a 175,000 square foot turn-key data center building, which should have dark fiber campus connectivity to CoreSite’s existing CH1 facility

Balance Sheet and Liquidity

As of December 31, 2017, CoreSite had net principal debt outstanding of $939.3 million, correlating to 3.4 times fourth-quarter annualized adjusted EBITDA. As of the end of the reported quarter, the Company had $180.9 million of total liquidity consisting of available cash and capacity on its revolving credit facility.

On December 12, 2017, CoreSite redeemed all 4,600,000 shares of its 7.25% Series A cumulative redeemable Preferred Stock for $25.00 per share, plus all accrued and unpaid dividends in an amount equal to $0.292014 per share, for a total payment of $25.292014 per share.

Outlook

For full-year 2018, CoreSite is forecasting net income attributable to common shares in the range of $2.15 to $2.27 per diluted share. In addition, the Company’s guidance of FFO per diluted share and unit is in the band of $4.92 to $5.04.

Stock Performance Snapshot

March 14, 2018 – At Wednesday’s closing bell, CoreSite Realty’s stock was slightly up 0.38%, ending the trading session at $104.29.

Volume traded for the day: 529.07 thousand shares, which was above the 3-month average volume of 408.74 thousand shares.

Stock performance in the last month – up 7.07%; and past twelve-month period – up 19.27%

After yesterday’s close, CoreSite Realty’s market cap was at $4.95 billion.

Price to Earnings (P/E) ratio was at 56.74.

The stock has a dividend yield of 3.76%.

The stock is part of the Financial sector, categorized under the REIT – Office industry.

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