cor_Current_Folio_8K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


 

FORM 8-K


 

CURRENT REPORT

 

Pursuant to Section 13 OR 15(d) of The

Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): April 26, 2018


 

CoreSite Realty Corporation

(Exact name of registrant as specified in its charter)


 

Maryland

001-34877

27-1925611

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

 

 

 

1001 17th Street, Suite 500

 

Denver, CO

80202

(Address of principal executive offices)

(Zip Code)

 

Registrant's telephone number, including area code: (866) 777-2673

 

N/A

(Former name or former address, if changed since last report.)


 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

      Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

 

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

 

 

 

 


 

Section 2 — Financial Information

 

Item 2.02 Results of Operations and Financial Condition.

 

On April 26, 2018, CoreSite Realty Corporation ("CoreSite") issued a press release reporting financial results and operating information for the quarter ended March 31, 2018. In addition, CoreSite made available on its website supplemental operating and financial data for the same period. The text of the press release and the supplemental information package are furnished herewith as Exhibits 99.1 and 99.2, respectively.

 

The information in this report, including Exhibits 99.1 and 99.2 attached hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

 

Section 9 — Financial Statements and Exhibits

 

Item 9.01 Financial Statements and Exhibits.

 

(d) The following exhibits are furnished with this Current Report on Form 8-K.

 

Exhibit No.

    

Description

 

 

 

99.1

 

Press Release, dated April 26, 2018.

 

 

 

99.2

 

Quarter Ended March 31, 2018, Earnings Release and Supplemental Information, dated April 26, 2018.

 

2


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

CORESITE REALTY CORPORATION

 

 

 

 

 

 

Date: April 26, 2018

By:

/s/ Jeffrey S. Finnin

 

 

Name: Jeffrey S. Finnin

 

 

Title:   Chief Financial Officer

 

 

 

 

 

 

 

By:

/s/ Mark R. Jones

 

 

Name: Mark R.  Jones

 

 

Title:   Chief Accounting Officer

 

3


cor_Ex99_1

Exhibit 99.1

 

 

 Picture 1

 

CoreSite Reports First-Quarter 2018 Financial Results Reflecting
Revenue Growth of 12.8% Year over Year

 

DENVER, CO – April 26, 2018 – CoreSite Realty Corporation (NYSE:COR), a premier provider of secure, reliable, high-performance data center and interconnection solutions across the U.S., today announced financial results for the first quarter ended March 31, 2018. 

 

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

 

“Our financial results demonstrate consistent execution and solid growth, with revenue, adjusted EBITDA, and FFO per share increasing 13%, 13%, and 12% year over year, respectively,” said Paul Szurek, CoreSite’s Chief Executive Officer. “We had a number of positives this quarter, including strong cash rent growth on renewals, solid commencement activity and a 9% year-over-year increase in same-store monthly recurring revenue per cabinet equivalent, all leading to healthy organic growth. While demand remains strong, we entered the quarter with approximately  32% less available capacity in our four largest markets, limiting our sales opportunities for the quarter. The $7.1 million in annualized GAAP rent signed includes 47 new high-quality logos added to our ecosystem. Fortunately, near the end of the quarter, we restored capacity in these markets to more normal levels, which has increased our actionable sales funnel, and our construction pipeline is very active.”  

 

Financial Results

CoreSite’s net income attributable to common shares was $20.3 million, or $0.59 per diluted share, for the three months ended March 31, 2018, compared to $16.3 million, or $0.48 per diluted share for the three months ended March 31, 2017.  Net income per diluted share increased 34.1% on a sequential-quarter basis.

CoreSite’s FFO per diluted share and unit was $1.27 for the three months ended March 31, 2018, an increase of 12.4% compared to $1.13 per diluted share and unit for the three months ended March 31, 2017. FFO per diluted share and unit increased 16.5% on a sequential-quarter basis. Excluding the non-cash expense related

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© 2018, CoreSite, L.L.C. All Rights Reserved.

 


 

to the original issuance costs of CoreSite’s redeemed Preferred Stock in the fourth quarter of 2017, FFO per share increased 7.6% sequentially.

 

Total operating revenues for the three months ended March 31, 2018, were $129.6 million, a 12.8% increase year over year and an increase of 2.9% on a sequential-quarter basis.

 

Commencements and Renewals

 

CoreSite’s first-quarter data center lease commencements totaled 81,636 NRSF at a weighted average GAAP rental rate of $184 per NRSF, which represents $16.2 million of annualized GAAP rent.

 

CoreSite’s renewal leases signed in the first quarter totaled $20.2 million in annualized GAAP rent, comprised of 118,876 NRSF at a weighted-average GAAP rental rate of $170 per NRSF, a 5.6% increase in rent on a cash basis and an 11.5% increase on a GAAP basis. The first-quarter rental churn rate was 1.9%.

 

As a result of renewals and growth in interconnection and power revenues, monthly recurring revenue per cabinet equivalent increased 9.3% over the prior-year period.

 

Sales Activity

 

CoreSite executed 136 new and expansion data center leases representing $7.1 million of annualized GAAP rent during the first quarter, comprised of 29,624 NRSF at a weighted-average GAAP rental rate of $239 per NRSF. 

 

Development and Acquisition Activity 

During the first quarter, CoreSite placed into service 87,263 square feet of turn-key data center capacity at LA2 in Los Angeles and 26,413 square feet of turn-key data center capacity at VA3 Phase 1A in Reston, Virginia.

 

In addition, as of March 31, 2018,  CoreSite had a total of 108,151 square feet of turn-key data center capacity under construction and had spent $39.7 million of the estimated $131.1 million required to complete the projects, which consist of the following.

 

Reston – CoreSite had 49,837 square feet of turn-key data center capacity under construction at VA3 (Phase 1B), inclusive of 9,837 square feet of the infrastructure building to support this phase of the data center campus. As of the end of the first quarter, CoreSite had incurred $31.4 million of the estimated $100.2 million required to complete VA3 Phase 1B and the infrastructure building, and expects to complete development in the first quarter of 2019.

Washington D.C. – CoreSite had 24,563 square feet of turn-key data center capacity under construction at DC2. As of the end of the first quarter, CoreSite had spent $5.6 million of the estimated $17.4 million required to complete the project, and expects to complete development in the third quarter of 2018.

Denver – CoreSite had 15,630 square feet of turn-key data center capacity under construction at DE1. As of the end of the first quarter,  CoreSite had spent $1.5 million of the estimated $7.5 million required to complete this expansion, and expects to complete construction in the third quarter of 2018.

 

 

 

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© 2018, CoreSite, L.L.C. All Rights Reserved.

 


 

New York – CoreSite had 18,121 square feet of turn-key data center capacity under construction at NY2. CoreSite has spent $1.2 million of the estimated $6.0 million required to complete this expansion, and expects to complete development in the third quarter of 2018.

 

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 more than 120 additional customers, increased economies of scale in downtown Los Angeles, and ends litigation that had been ongoing between CoreSite and U.S. Colo. CoreSite acquired all of the equity interests in U.S. Colo and its affiliates, resulting in the addition of two colocation suites in One Wilshire (LA1) and a colocation space in 800 South Hope Street, cumulatively totaling approximately 30,000 net rentable square feet.

 

Balance Sheet and Liquidity

As of March 31, 2018, CoreSite had net principal debt outstanding of $988.4 million, correlating to 3.4 times first-quarter annualized adjusted EBITDA.

 

On April 19, 2018, CoreSite closed on an amended and expanded credit facility with $1.05 billion of total borrowing capacity under all arrangements with its syndicate of banks. As a result of the amendment, CoreSite extended its debt maturity profile, with its next tranche of debt not maturing until June 2020.  

 

The revolving credit facility amendment provides an incremental $100 million of borrowing capacity, bringing the capacity to $450 million and extends the primary term of the facility to April 2022, with a one-year extension option. 

 

In addition, CoreSite entered into a new five-year, $150 million term loan under the amended credit facility. This new loan matures in April 2023, and bears interest at a variable rate based on LIBOR. CoreSite elected to swap the variable interest rate associated with $75 million of the new term loan facility, to a fixed rate of approximately 4.11%. As of March 31, 2018, pro forma for the financing and related swap, CoreSite’s ratio of fixed versus variable rate debt would be 47% fixed versus 53% variable, in line with CoreSite’s stated goal of maintaining a balance between fixed and variable-priced instruments within its capital structure.

 

The proceeds from the term loan are expected to be used to pay down a portion of the current revolving credit facility balance, to fund continued development across its portfolio, and for general corporate purposes.

 

Including the increased liquidity resulting from the recent financing transactions, CoreSite had $381.7 million of total available liquidity, including cash on the balance sheet at March 31, 2018.

 

Dividend

 

On March 9, 2018,  CoreSite announced a dividend of $0.98 per share of common stock and common stock equivalents for the first quarter of 2018. The first-quarter dividend was paid on April 16, 2018, to shareholders of record on March 29, 2018.

 

2018 Guidance 

 

CoreSite is maintaining its 2018 guidance of net income attributable to common shares in the range of $2.15 to $2.27 per diluted share.  In addition, CoreSite is maintaining its guidance of FFO per diluted share and unit

 

 

 

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© 2018, CoreSite, L.L.C. All Rights Reserved.

 


 

in the range of $4.92 to $5.04, with the difference between net income and FFO being real estate depreciation and amortization.

 

This outlook is based on current economic conditions, internal assumptions about CoreSite’s customer base, and the supply and demand dynamics of the markets in which CoreSite operates. The guidance does not include the impact of any future financing, investment or disposition activities, beyond what has already been disclosed.

 

Upcoming Conferences and Events

 

CoreSite management will participate in the following investor conferences and events:

·

A non-deal roadshow covering the Mid-Atlantic region and Boston on May 8-9, 2018;

·

The J.P. Morgan 46th Annual Global Technology, Media and Communications Conference on May 16, 2018, at The Westin Boston Waterfront in Boston, Massachusetts;

·

REITWeek: NAREIT's Investor Forum from June 5-7, 2018, at the New York Hilton Midtown in New York, New York; and

·

The 6th Annual William Blair Technology Company Growth Conference on June 13, 2018, at the Four Seasons Hotel in Chicago, Illinois.

 

Conference Call Details

CoreSite will host a conference call on April 26, 2018, at 12:00 p.m., Eastern Time (10:00 a.m., Mountain Time), to discuss its financial results, current business trends and market conditions.

 

The call will be accessible by dialing +1-877-407-3982 (domestic) or +1-201-493-6780 (international). A replay will be available until May 10, 2018, and can be accessed shortly after the call by dialing + 1-844-512-2921 (domestic) or + 1-412-317-6671 (international). The passcode for the replay is 13677832.  

 

Interested parties may also listen to a simultaneous webcast of the conference call by logging on to CoreSite’s website at www.CoreSite.com and clicking on the “Investors” link. The on-line replay will be available for a limited time beginning immediately following the call.

 

About CoreSite

 

CoreSite Realty Corporation (NYSE:COR) delivers secure, reliable, high-performance data center and interconnection solutions to a growing customer ecosystem across eight key North American markets. More than 1,250 of the world’s leading enterprises, network operators, cloud providers, and supporting service providers choose CoreSite to connect, protect and optimize their performance-sensitive data, applications and computing workloads. Our scalable, flexible solutions and 450+ dedicated employees consistently deliver unmatched data center options — all of which leads to a best-in-class customer experience and lasting relationships. For more information, visit www.CoreSite.com.

 

CoreSite Contact

 

Greer Aviv

Vice President of Investor Relations and Corporate Communications

+1 303.405.1012

+1 303.222.7276
Greer.Aviv@CoreSite.com

 

 

 

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© 2018, CoreSite, L.L.C. All Rights Reserved.

 


 

Forward Looking Statements

 

This earnings release and accompanying supplemental information may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond CoreSite’s control that may cause actual results to differ significantly from those expressed in any forward-looking statement. These risks include, without limitation: the geographic concentration of the company’s data centers in certain markets and any adverse developments in local economic conditions or the demand for data center space in these markets; fluctuations in interest rates and increased operating costs; difficulties in identifying properties to acquire and completing acquisitions; significant industry competition; the company’s failure to obtain necessary outside financing; the company’s ability to service existing debt; the company’s failure to qualify or maintain its status as a REIT; financial market fluctuations; changes in real estate and zoning laws and increases in real property tax rates; and other factors affecting the real estate industry generally. All forward-looking statements reflect the company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the company from time to time with the Securities and Exchange Commission.

 

 

 

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© 2018, CoreSite, L.L.C. All Rights Reserved.

 


 

 

 

 

 

 

 

 

 

 

Consolidated Balance Sheets

 

 

 

 

 

 

 

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  

March 31,
2018

  

December 31,
2017
(1)

 

Assets:

 

 

 

 

 

 

 

Investments in real estate:

 

 

 

 

 

 

 

Land

 

$

97,295

 

$

97,258

 

Buildings and improvements

 

 

1,651,967

 

 

1,561,056

 

 

 

 

1,749,262

 

 

1,658,314

 

Less: Accumulated depreciation and amortization

 

 

(500,961)

 

 

(473,141)

 

Net investment in operating properties

 

 

1,248,301

 

 

1,185,173

 

Construction in progress

 

 

121,989

 

 

162,903

 

Net investments in real estate

 

 

1,370,290

 

 

1,348,076

 

Operating lease right-of-use assets

 

 

88,781

 

 

92,984

 

Cash and cash equivalents

 

 

3,079

 

 

5,247

 

Accounts and other receivables, net

 

 

25,078

 

 

28,875

 

Lease intangibles, net

 

 

5,727

 

 

6,314

 

Goodwill

 

 

40,646

 

 

40,646

 

Other assets, net

 

 

106,813

 

 

103,501

 

Total assets

 

$

1,640,414

 

$

1,625,643

 

 

 

 

 

 

 

 

 

Liabilities and equity:

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Debt, net

 

$

986,974

 

$

939,570

 

Operating lease liabilities

 

 

97,308

 

 

102,912

 

Accounts payable and accrued expenses

 

 

64,036

 

 

77,170

 

Accrued dividends and distributions

 

 

48,678

 

 

48,976

 

Acquired below-market lease contracts, net

 

 

3,314

 

 

3,504

 

Unearned revenue, prepaid rent and other liabilities

 

 

36,778

 

 

34,867

 

Total liabilities

 

 

1,237,088

 

 

1,206,999

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

Common stock, par value $0.01

 

 

340

 

 

338

 

Additional paid-in capital

 

 

460,404

 

 

457,495

 

Accumulated other comprehensive income

 

 

1,163

 

 

753

 

Distributions in excess of net income

 

 

(191,013)

 

 

(177,566)

 

Total stockholders' equity

 

 

270,894

 

 

281,020

 

Noncontrolling interests

 

 

132,432

 

 

137,624

 

Total equity

 

 

403,326

 

 

418,644

 

Total liabilities and equity

 

$

1,640,414

 

$

1,625,643

 

 

(1) Adoption of the new lease accounting standard required that we adjust the consolidated balance sheet as of December 31, 2017, to include the recognition of additional right-of-use assets and lease liabilities for operating leases. See the filed Form 10-Q for additional information. 

 

 

 

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© 2018, CoreSite, L.L.C. All Rights Reserved.

 


 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated Statements of Operations

 

 

 

 

(in thousands, except share and per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

December 31,

    

March 31,

 

 

 

2018

 

2017

    

2017

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

Data center revenue:

 

 

 

 

 

 

 

 

 

 

Rental revenue

 

$

71,033

 

$

68,373

 

$

64,251

 

Power revenue

 

 

36,403

 

 

36,528

 

 

30,861

 

Interconnection revenue

 

 

16,560

 

 

16,255

 

 

14,512

 

Tenant reimbursement and other

 

 

2,572

 

 

1,847

 

 

2,276

 

Total data center revenue

 

 

126,568

 

 

123,003

 

 

111,900

 

Office, light-industrial and other revenue

 

 

3,051

 

 

2,943

 

 

3,021

 

Total operating revenues

 

 

129,619

 

 

125,946

 

 

114,921

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

Property operating and maintenance

 

 

33,848

 

 

34,722

 

 

29,226

 

Real estate taxes and insurance

 

 

4,937

 

 

3,963

 

 

4,504

 

Depreciation and amortization

 

 

33,776

 

 

32,629

 

 

32,338

 

Sales and marketing

 

 

5,080

 

 

4,616

 

 

4,503

 

General and administrative

 

 

9,185

 

 

10,157

 

 

8,124

 

Rent

 

 

6,400

 

 

6,155

 

 

5,962

 

Transaction costs

 

 

56

 

 

37

 

 

 —

 

Total operating expenses

 

 

93,282

 

 

92,279

 

 

84,657

 

Operating income

 

 

36,337

 

 

33,667

 

 

30,264

 

Interest expense

 

 

(7,738)

 

 

(6,635)

 

 

(5,107)

 

Income before income taxes

 

 

28,599

 

 

27,032

 

 

25,157

 

Income tax expense

 

 

(33)

 

 

(24)

 

 

(97)

 

Net income

 

 

28,566

 

 

27,008

 

 

25,060

 

Net income attributable to noncontrolling interests

 

 

8,264

 

 

6,099

 

 

6,684

 

Net income attributable to CoreSite Realty Corporation

 

 

20,302

 

 

20,909

 

 

18,376

 

Preferred stock dividends

 

 

 —

 

 

(1,671)

 

 

(2,084)

 

Original issuance costs associated with redeemed preferred stock

 

 

 —

 

 

(4,326)

 

 

 —

 

Net income attributable to common shares

 

$

20,302

 

$

14,912

 

$

16,292

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to common shares:

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.60

 

$

0.44

 

$

0.49

 

Diluted

 

$

0.59

 

$

0.44

 

$

0.48

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

Basic

 

 

33,935,564

 

 

33,893,021

 

 

33,558,787

 

Diluted

 

 

34,164,235

 

 

34,145,280

 

 

33,981,776

 

 

 

 

 

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© 2018, CoreSite, L.L.C. All Rights Reserved.

 


 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliations of Net Income to FFO

 

 

 

 

 

 

 

 

 

 

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

December 31,

    

March 31,

 

 

 

2018

 

2017

    

2017

 

Net income

 

$

28,566

 

$

27,008

 

$

25,060

 

Real estate depreciation and amortization

 

 

32,432

 

 

31,213

 

 

31,029

 

FFO

 

$

60,998

 

$

58,221

 

$

56,089

 

Preferred stock dividends

 

 

 —

 

 

(1,671)

 

 

(2,084)

 

Original issuance costs associated with redeemed preferred stock

 

 

 —

 

 

(4,326)

 

 

 —

 

FFO available to common shareholders and OP unit holders

 

$

60,998

 

$

52,224

 

$

54,005

 

Original issuance costs associated with redeemed preferred stock

 

 

 —

 

 

4,326

 

 

 —

 

FFO available to common shareholders and OP unit holders, as adjusted(1)

 

$

60,998

 

$

56,550

 

$

54,005

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

 

 

34,164

 

 

34,145

 

 

33,982

 

Weighted average OP units outstanding - diluted

 

 

13,835

 

 

13,836

 

 

13,851

 

Total weighted average shares and units outstanding - diluted

 

 

47,999

 

 

47,981

 

 

47,833

 

 

 

 

 

 

 

 

 

 

 

 

FFO per common share and OP unit - diluted

 

$

1.27

 

$

1.09

 

$

1.13

 

 

 

 

 

 

 

 

 

 

 

 

FFO per common share and OP unit - diluted, as adjusted(1)

 

$

1.27

 

$

1.18

 

$

1.13

 

 

(1) FFO available to shares and units, as adjusted, during the three months ended December 31, 2017, excludes $4.3 million, or $0.09 per share and unit, of non-cash charge related to the original issuance costs associated with our redeemed preferred stock.

 

Funds From Operations “FFO” is a supplemental measure of our performance which should be considered along with, but not as an alternative to, net income and cash provided by operating activities as a measure of operating performance and liquidity. We calculate FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of property and undepreciated land and impairment write-downs of depreciable real estate, plus real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures. FFO attributable to common shares and units represents FFO less preferred stock dividends declared during the period.

 

Our management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs.

 

We offer this measure because we recognize that FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of our properties that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our financial condition and results from operations, the utility of FFO as a measure of our performance is limited. FFO is a non-GAAP measure and should not be considered a measure of liquidity, an alternative to net income, cash provided by operating activities or any other performance measure determined in accordance with GAAP, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. In addition, our calculations of FFO are not necessarily comparable to FFO as calculated by other REITs that do not use the same definition or implementation guidelines or interpret the standards differently from us. Investors in our securities should not rely on these measures as a substitute for any GAAP measure, including net income.

 

 

 

Picture 7

Picture 5

© 2018, CoreSite, L.L.C. All Rights Reserved.

 


 

 

 

 

 

 

 

 

 

 

 

 

Reconciliations of Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) and Adjusted EBITDA:

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

December 31,

    

March 31,

 

 

 

2018

 

2017

    

2017

 

Net income

 

$

28,566

 

$

27,008

 

$

25,060

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

7,738

 

 

6,635

 

 

5,107

 

Income taxes

 

 

33

 

 

24

 

 

97

 

Depreciation and amortization

 

 

33,776

 

 

32,629

 

 

32,338

 

EBITDAre

 

$

70,113

 

$

66,296

 

$

62,602

 

Non-cash compensation

 

 

2,626

 

 

2,401

 

 

1,802

 

Transaction costs / litigation

 

 

139

 

 

58

 

 

 —

 

Adjusted EBITDA

 

$

72,878

 

$

68,755

 

$

64,404

 

 

 

EBITDAre is calculated in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). EBITDAre is defined as earnings before interest, taxes, depreciation and amortization, gains or losses from the sale of depreciated property, and impairment of depreciated property. We calculate adjusted EBITDA by adding our non-cash compensation expense, transaction costs from unsuccessful deals and business combinations and litigation expense to EBITDAre as well as adjusting for the impact of other impairment charges, gains or losses from sales of undepreciated land and gains or losses on early extinguishment of debt. Management uses EBITDAre and adjusted EBITDA as indicators of our ability to incur and service debt. In addition, we consider EBITDAre and adjusted EBITDA to be appropriate supplemental measures of our performance because they eliminate depreciation and interest, which permits investors to view income from operations without the impact of non-cash depreciation or the cost of debt. However, because EBITDAre and adjusted EBITDA are calculated before recurring cash charges including interest expense and taxes, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utilization as a cash flow measurement is limited.

 

 

 

Picture 7

Picture 5

© 2018, CoreSite, L.L.C. All Rights Reserved.

 


cor_EX99-2

 

 

 

Picture 22

 

 

 

 

Picture 2

SECURE, RELIABLE, HIGH-PERFORMANCE DATA CENTER SOLUTIONS

 

®2018 CoreSite Realty Corporation, All Rights Reserved

 

 

 


 

Table of Contents

Table of Contents


 

 

Overview

 

Earnings Release

3

Company Profile

8

Summary of Financial Data

9

Financial Statements

 

Consolidated Balance Sheets

10

Consolidated Statements of Operations 

11

Reconciliations of Net Income to FFO, AFFO, EBITDAre and Adjusted EBITDA

12

Operating Portfolio

 

Operating Properties

13

Leasing Statistics

14

Geographic and Vertical Diversification 

16

10 Largest Customers

17

Development

 

Capital Expenditures and Completed Pre-Stabilized Projects 

18

Development Summary

19

Capital Structure

 

Market Capitalization and Debt Summary 

20

Interest Summary and Debt Covenants

21

Components of Net Asset Value

22

2018 Guidance

23

Appendix

24

 

 

 

 

 

 

Quarter Ended March 31, 2018

 

2


 

Table of Contents

 

CoreSite Reports First-Quarter 2018 Financial Results Reflecting Revenue Growth of 12.8% Year over Year


DENVER, CO – April 26, 2018

CoreSite Realty Corporation (NYSE:COR), a premier provider of secure, reliable, high-performance data center and interconnection solutions across the U.S., today announced financial results for the first quarter ended March 31, 2018. 

 

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

 

“Our financial results demonstrate consistent execution and solid growth, with revenue, adjusted EBITDA, and FFO per share increasing 13%, 13%, and 12% year over year, respectively,” said Paul Szurek, CoreSite’s Chief Executive Officer. “We had a number of positives this quarter, including strong cash rent growth on renewals, solid commencement activity and a 9% year-over-year increase in same-store monthly recurring revenue per cabinet equivalent, all leading to healthy organic growth. While demand remains strong, we entered the quarter with approximately 32% less available capacity in our four largest markets, limiting our sales opportunities for the quarter. The $7.1 million in annualized GAAP rent signed includes 47 new high-quality logos added to our ecosystem. Fortunately, near the end of the quarter, we restored capacity in these markets to more normal levels, which has increased our actionable sales funnel, and our construction pipeline is very active.” 

Financial Results

CoreSite’s net income attributable to common shares was $20.3 million, or $0.59 per diluted share, for the three months ended March 31, 2018, compared to $16.3 million, or $0.48 per diluted share for the three months ended March 31, 2017. Net income per diluted share increased 34.1% on a sequential-quarter basis.

CoreSite’s FFO per diluted share and unit was $1.27 for the three months ended March 31, 2018, an increase of 12.4% compared to $1.13 per diluted share and unit for the three months ended March 31, 2017. FFO per diluted share and unit increased 16.5% on a sequential-quarter basis. Excluding the non-cash expense related to the

 

Quarter Ended March 31, 2018

 

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

3

 


 

Table of Contents

Quarter Ended March 31, 2018

 

 

original issuance costs of CoreSite’s redeemed Preferred Stock in the fourth quarter of 2017, FFO per share increased 7.6% sequentially.

Total operating revenues for the three months ended March 31, 2018, were $129.6 million, a 12.8% increase year over year and an increase of 2.9% on a sequential-quarter basis.

Commencements and Renewals

CoreSite’s first-quarter data center lease commencements totaled 81,636 NRSF at a weighted average GAAP rental rate of $184 per NRSF, which represents $16.2 million of annualized GAAP rent.

CoreSite’s renewal leases signed in the first quarter totaled $20.2 million in annualized GAAP rent, comprised of 118,876 NRSF at a weighted-average GAAP rental rate of $170 per NRSF, a 5.6% increase in rent on a cash basis and an 11.5% increase on a GAAP basis. The first-quarter rental churn rate was 1.9%.

As a result of renewals and growth in interconnection and power revenues, monthly recurring revenue per cabinet equivalent increased 9.3% over the prior-year period.

Sales Activity

CoreSite executed 136 new and expansion data center leases representing $7.1 million of annualized GAAP rent during the first quarter, comprised of 29,624 NRSF at a weighted-average GAAP rental rate of $239 per NRSF.

Development and Acquisition Activity

During the first quarter, CoreSite placed into service 87,263 square feet of turn-key data center capacity at LA2 in Los Angeles and 26,413 square feet of turn-key data center capacity at VA3 Phase 1A in Reston, Virginia.

In addition, as of March 31, 2018, CoreSite had a total of 108,151 square feet of turn-key data center capacity under construction and had spent $39.7 million of the estimated $131.1 million required to complete the projects, which consist of the following.

Reston – CoreSite had 49,837 square feet of turn-key data center capacity under construction at VA3 (Phase 1B), inclusive of 9,837 square feet of the infrastructure building to support this phase of the data center campus. As of the end of the first quarter, CoreSite had incurred $31.4 million of the estimated $100.2 million required to complete VA3 Phase 1B and the infrastructure building, and expects to complete development in the first quarter of 2019.

Washington D.C. – CoreSite had 24,563 square feet of turn-key data center capacity under construction at DC2. As of the end of the first quarter, CoreSite had spent $5.6 million of the estimated $17.4 million required to complete the project, and expects to complete development in the third quarter of 2018.

Denver – CoreSite had 15,630 square feet of turn-key data center capacity under construction at DE1. As of the end of the first quarter, CoreSite had spent $1.5 million of the estimated $7.5 million required to complete this expansion, and expects to complete construction in the third quarter of 2018.

New York – CoreSite had 18,121 square feet of turn-key data center capacity under construction at NY2. CoreSite has spent $1.2 million of the estimated $6.0 million required to complete this expansion, and expects to complete development in the third quarter of 2018.

 

Quarter Ended March 31, 2018

 

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

4

 


 

Table of Contents

Quarter Ended March 31, 2018

 

 

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 more than 120 additional customers, increased economies of scale in downtown Los Angeles, and ends litigation that had been ongoing between CoreSite and U.S. Colo. CoreSite acquired all of the equity interests in U.S. Colo and its affiliates, resulting in the addition of two colocation suites in One Wilshire (LA1) and a colocation space in 800 South Hope Street, cumulatively totaling approximately 30,000 net rentable square feet.

Balance Sheet and Liquidity

As of March 31, 2018, CoreSite had net principal debt outstanding of $988.4 million, correlating to 3.4 times first-quarter annualized adjusted EBITDA.

On April 19, 2018, CoreSite closed on an amended and expanded credit facility with $1.05 billion of total borrowing capacity under all arrangements with its syndicate of banks. As a result of the amendment, CoreSite extended its debt maturity profile, with its next tranche of debt not maturing until June 2020.

The revolving credit facility amendment provides an incremental $100 million of borrowing capacity, bringing the capacity to $450 million and extends the primary term of the facility to April 2022, with a one-year extension option. 

In addition, CoreSite entered into a new five-year, $150 million term loan under the amended credit facility. This new loan matures in April 2023, and bears interest at a variable rate based on LIBOR. CoreSite elected to swap the variable interest rate associated with $75 million of the new term loan facility, to a fixed rate of approximately 4.11%. As of March 31, 2018, pro forma for the financing and related swap, CoreSite’s ratio of fixed versus variable rate debt would be 47% fixed versus 53% variable, in line with CoreSite’s stated goal of maintaining a balance between fixed and variable-priced instruments within its capital structure.

The proceeds from the term loan are expected to be used to pay down a portion of the current revolving credit facility balance, to fund continued development across its portfolio, and for general corporate purposes.

Including the increased liquidity resulting from the recent financing transactions, CoreSite had $381.7 million of total available liquidity, including cash on the balance sheet at March 31, 2018.

Dividend

On March 9, 2018, CoreSite announced a dividend of $0.98 per share of common stock and common stock equivalents for the first quarter of 2018. The first-quarter dividend was paid on April 16, 2018, to shareholders of record on March 29, 2018.

2018 Guidance

CoreSite is maintaining its 2018 guidance of net income attributable to common shares in the range of $2.15 to $2.27 per diluted share. In addition, CoreSite is maintaining its guidance of FFO per diluted share and unit in the range of $4.92 to $5.04, with the difference between net income and FFO being real estate depreciation and amortization.

This outlook is based on current economic conditions, internal assumptions about CoreSite’s customer base, and the supply and demand dynamics of the markets in which CoreSite operates. The guidance does not include the impact of any future financing, investment or disposition activities, beyond what has already been disclosed.

 

 

 

Quarter Ended March 31, 2018

 

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

5

 


 

Table of Contents

Quarter Ended March 31, 2018

 

 

Upcoming Conferences and Events

CoreSite management will participate in the following investor conferences and events:

·

A non-deal roadshow covering the Mid-Atlantic region and Boston on May 8-9, 2018;

·

The J.P. Morgan 46th Annual Global Technology, Media and Communications Conference on May 16, 2018, at The Westin Boston Waterfront in Boston, Massachusetts;

·

REITWeek: NAREIT's Investor Forum from June 5-7, 2018, at the New York Hilton Midtown in New York, New York; and

·

The 6th Annual William Blair Technology Company Growth Conference on June 13, 2018, at the Four Seasons Hotel in Chicago, Illinois.

 

Conference Call Details

CoreSite will host a conference call on April 26, 2018, at 12:00 p.m., Eastern Time (10:00 a.m., Mountain Time), to discuss its financial results, current business trends and market conditions.

The call will be accessible by dialing +1-877-407-3982 (domestic) or +1-201-493-6780 (international). A replay will be available until May 10, 2018, and can be accessed shortly after the call by dialing + 1-844-512-2921 (domestic) or + 1-412-317-6671 (international). The passcode for the replay is 13677832.  

Interested parties may also listen to a simultaneous webcast of the conference call by logging on to CoreSite’s website at www.CoreSite.com and clicking on the “Investors” link. The on-line replay will be available for a limited time beginning immediately following the call.

About CoreSite

CoreSite Realty Corporation (NYSE:COR) delivers secure, reliable, high-performance data center and interconnection solutions to a growing customer ecosystem across eight key North American markets. More than 1,250 of the world’s leading enterprises, network operators, cloud providers, and supporting service providers choose CoreSite to connect, protect and optimize their performance-sensitive data, applications and computing workloads. Our scalable, flexible solutions and 450+ dedicated employees consistently deliver unmatched data center options — all of which leads to a best-in-class customer experience and lasting relationships. For more information, visit www.CoreSite.com.

CoreSite Contact

Greer Aviv

Vice President of Investor Relations and Corporate Communications

+1 303.405.1012

+1 303.222.7276
Greer.Aviv@CoreSite.com

 

Quarter Ended March 31, 2018

 

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

6

 


 

Table of Contents

Quarter Ended March 31, 2018

 

 

Forward Looking Statements

This earnings release and accompanying supplemental information may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “pro forma,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond CoreSite’s control, that may cause actual results to differ significantly from those expressed in any forward-looking statement. These risks include, without limitation: the geographic concentration of the company’s data centers in certain markets and any adverse developments in local economic conditions or the demand for data center space in these markets; fluctuations in interest rates and increased operating costs; difficulties in identifying properties to acquire and completing acquisitions; significant industry competition; the company’s failure to obtain necessary outside financing; the company’s ability to service existing debt; the company’s failure to qualify or maintain its status as a REIT; financial market fluctuations; changes in real estate and zoning laws and increases in real property tax rates; and other factors affecting the real estate industry generally. All forward-looking statements reflect the company’s good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, the company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the company’s most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the company from time to time with the Securities and Exchange Commission.

 

 

 

Quarter Ended March 31, 2018

 

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

7

 


 

Table of Contents

Company Profile


CoreSite delivers secure, reliable, high-performance data center and interconnection solutions to a growing customer ecosystem at 20 operating data centers across eight key North American Markets.

Picture 11

 

 

 

 

 

 

Secure, Reliable and Compliant

  

Scalable

100% uptime Service Level Agreement guarantees our reliability commitment to customer applications

 

Serving customer requirements from half cabinet to full buildings

Physical security standards and rigorous internal security training enable compliance with regulatory requirements

 

20 operating data centers in eight of the largest commercial and data center markets in the United States

Consistent compliance across all properties

 

Ability to increase occupied data center footprint on land and buildings currently owned and under contract, including current space unoccupied, under construction and held for development, by approximately 1.7 million NRSF, or 79% of currently occupied space

 

SOC 1  & SOC 2 Type 2 reviews

 

 

 

ISO 27001 certified

 

 

 

Payment Card Industry Data Security Standard compliant

 

 

 

HIPAA validation

 

 

High-Performance Interconnection

 

High-Quality Customer Experience

 

 

 

 

 

Cloud-enabled, network-rich data center buildings and campuses

 

450+ professionals with dedicated industry expertise supporting over 1,250 customers

Over 420 network service providers supported by robust interconnection services to key public clouds

 

Experienced and committed operations, facilities and security personnel

25,000+ interconnections

 

24/7 customer support and remote hands

Enabling enterprises with support ecosystems

 

Dedicated implementation resources to ensure a successful onboarding process

 

 

 

 

Quarter Ended March 31, 2018

 

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

8

 


 

Table of Contents

 

Summary of Financial Data


(in thousands, except per share, NRSF and MRR data) 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

 

 

 

March 31,

 

December 31,

 

March 31,

 

Growth %

    

Summary of Results

 

2018

 

2017

 

2017

 

Y/Y

    

GAAP Financial Measures

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

129,619

 

$

125,946

 

$

114,921

 

12.8

%

 

Net income

 

 

28,566

 

 

27,008

 

 

25,060

 

14.0

 

 

Net income attributable to common shares

 

 

20,302

 

 

14,912

 

 

16,292

 

24.6

 

 

Net income attributable to common shares per share - diluted

 

$

0.59

 

$

0.44

 

$

0.48

 

22.9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

REIT Financial Measures

 

 

 

 

 

 

 

 

 

 

 

 

 

Funds from operations (FFO) to shares and units

 

$

60,998

 

$

52,224

 

$

54,005

 

12.9

%

 

Funds from operations (FFO) to shares and units, as adjusted(1)

 

 

60,998

 

 

56,550

 

 

54,005

 

12.9

 

 

Adjusted funds from operations (AFFO)

 

 

57,045

 

 

43,675

 

 

48,294

 

18.1

 

 

EBITDAre

 

 

70,113

 

 

66,296

 

 

62,602

 

12.0

 

 

Adjusted EBITDA

 

 

72,878

 

 

68,755

 

 

64,404

 

13.2

 

 

FFO per common share and OP unit - diluted

 

$

1.27

 

$

1.09

 

$

1.13

 

12.4

 

 

FFO per common share and OP unit - diluted, as adjusted(1)

 

$

1.27

 

$

1.18

 

$

1.13

 

12.4

 

 

 

(1)

FFO available to shares and units, as adjusted, during the three months ended December 31, 2017, excludes $4.3 million, or $0.09 per share and unit, of non-cash charge related to the original issuance costs associated with our redeemed preferred stock.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of

 

 

     

March 31,

     

December 31,

     

September 30,

     

June 30,

     

March 31,

     

 

     

2018

     

2017

     

2017

     

2017

     

2017

     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividend Activity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends declared per share and OP unit

 

$

0.98

 

$

0.98

 

$

0.90

 

$

0.90

 

$

0.80

 

TTM FFO payout ratio

 

 

82.6

 

81.0

 

77.4

 

72.4

 

66.9

%

TTM AFFO payout ratio(1)

 

 

93.9

 

93.4

 

90.2

 

84.0

 

75.1

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Portfolio Statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating data center properties

 

 

20

 

 

20

 

 

20

 

 

20

 

 

20

 

Stabilized data center NRSF

 

 

2,164,778

 

 

2,067,257

 

 

2,025,594

 

 

2,025,594

 

 

1,987,231

 

Stabilized data center NRSF occupied

 

 

2,021,268

 

 

1,951,491

 

 

1,891,014

 

 

1,900,699

 

 

1,881,908

 

Stabilized data center % occupied

 

 

93.4

 

94.4

 

93.4

 

93.8

 

94.7

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Turn-Key Data Center ("TKD") Same-Store Statistics

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

MRR per Cabinet Equivalent

 

$

1,458

 

$

1,446

 

$

1,414

 

$

1,369

 

$

1,334

 

TKD NRSF % occupied

 

 

89.1

 

88.7

 

85.2

 

85.6

 

84.8

%