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CoreSite Reports Second Quarter 2020 Financial Results

July 30, 2020 at 6:30 AM EDT

-- Completed Construction of CH2 Phase 1, Comprised of 55,000 NRSF --

-- Completed the 52,000 NRSF Expansion at SV8 Phase 3 --

-- Increased Liquidity with $150 Million of Senior Notes --

DENVER--(BUSINESS WIRE)--Jul. 30, 2020-- CoreSite Realty Corporation (NYSE:COR) (“the Company”), a premier provider of secure, reliable, high-performance data center, cloud and interconnection solutions across the U.S., today announced financial results for the second quarter ended June 30, 2020.

Q2 2020 Quarterly Highlights

  • Key Financial Results –
    • Grew operating revenues to $150.5 million, an increase of 5.3% year over year and 2.2% sequentially
    • Delivered net income of $0.52 per common diluted share, a decrease of $0.01 year over year and an increase of $0.04 sequentially
    • Generated Funds From Operations (“FFO”) of $1.35 per diluted share and unit, an increase of $0.08, or 6.3% year over year and $0.06 sequentially, or 4.7%
    • We declared a dividend of $1.22 per share for the second quarter, which was paid on July 15th
  • Lease Commencements
    • Commenced 121 new and expansion leases for 45,271 net rentable square feet (“NRSF”), representing $7.9 million of annualized GAAP rent, for an average rate of $175 per square foot
  • Leasing Activity
    • Signed 112 new and expansion leases for 22,191 NRSF and $3.5 million of annualized GAAP rent, for an average rate of $156 per square foot
    • Renewed 333 leases for 174,926 NRSF and $25.0 million of annualized GAAP rent, for an average rate of $143 per square foot, reflecting a reduction of 1.5% in cash rent and an increase of 5.5% in GAAP rent, and 1.0% churn

Q2 2020 Notable Events

  • Delivered new data center capacity of approximately 107,000 NRSF
    • Completed Phase 1 of our new CH2 building, comprised of 55,000 NRSF, and
    • Placed into service our data center expansion at SV8 Phase 3, comprised of 52,000 NRSF
  • Increased Liquidity with Financing and Funding
    • On May 6th, executed a $150 million financing and received proceeds of $100 million, and
    • On July 14th, received the remaining proceeds of $50 million
    • All proceeds were used to repay outstanding amounts on our revolving credit facility

“We successfully completed and placed into service Phase 1 of our new CH2 data center, the first purpose-built, enterprise-class data center in downtown Chicago, and our third and final phase of our SV8 development providing over 100,000 NRSF of sellable capacity in two of our top markets,” said Paul Szurek, CoreSite’s President and Chief Executive Officer. “During these uncertain times, the strategic nature of our diverse, network-and-cloud-dense campuses, and the interoperability of our diverse customer ecosystem continue to meet the essential needs of our customers.”

Sales Activity

CoreSite achieved new and expansion sales of $3.5 million of annualized GAAP rent for the quarter.

“We believe we are well positioned to continue to take advantage of our available capacity more effectively in the marketplace,” said Steve Smith, CoreSite’s Chief Revenue Officer. “Although sales cycles are longer in this economic environment, we continue translating our new capacity into increased sales opportunities as we grow with new and existing customers moving to or expanding high-performance, hybrid-cloud footprints and increasing their data storage and compute in our major metropolitan markets.”

Development Activity

CoreSite continues to execute on its property development pipeline.

  • Completed Construction
    During the second quarter, the Company completed and placed into service CH2 Phase 1 comprised of approximately 55,000 NRSF and SV8 Phase 3 comprised of approximately 52,000 NRSF.
  • Construction in Progress
    As of June 30, 2020, CoreSite had a total of approximately 51,000 NRSF and an incremental 10 megawatts of turn-key data center capacity under construction, as detailed below.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs Incurred

 

Estimated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated

 

To-Date

 

Total Costs

 

 

Percent

 

 

Power

 

 

 

Market

 

Building

 

NRSF

 

Completion

 

(in millions)

 

(in millions)

 

 

Leased

 

 

(MW)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Under Construction:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Data center expansion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New York - NY2 Power(1)

 

NY2, Phase 3

 

 

 

Q3 2020

 

$

29.5

 

$

38.8

 

 

%

 

4.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

New development

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Los Angeles

 

LA3, Phase 1

 

51,376

 

 

Q4 2020

 

 

94.5

 

 

134.0

 

 

73.8

 

 

6.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total under construction

 

 

 

51,376

 

 

 

 

$

124.0

 

$

172.8

 

 

73.8

%

 

10.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) In order to meet customer demand and deploy capital efficiently, the NY2 Phase 3 development project was separated into two projects, including (1) a 34,589 NRSF computer room, which was placed into service in Q1 2020, which is being supported with existing building power infrastructure, and (2) a 4MW power infrastructure project expected to be completed in Q3 2020, which will ultimately support the 34,589 NRSF computer room as we lease the space and customers utilize the power and future computer rooms.

CoreSite’s ongoing data center development and operational position includes

  • the ability to increase its occupied footprint of Tier 1, purpose-built data centers, both owned or leased, by approximately 2.1 million NRSF, or about 91.5%, including space unoccupied, under construction, pre-construction or held for development, and
  • owning (versus leasing) 92.4% of its current and developable 4.3 million data center NRSF, supporting operational control, expansion and long-term expense management

Balance Sheet and Liquidity

The Company’s balance sheet remains strong, with a ratio of net principal debt to second quarter annualized adjusted EBITDA of 5.0 times. As of the end of the second quarter, CoreSite had $397.6 million of current liquidity, including $2.7 million of cash, $344.9 million of available capacity on its revolving credit facility, and the $50 million of senior notes funded subsequent to quarter end. The Company’s liquidity provides the ability to fund our business plan well beyond our remaining committed construction costs of $65.6 million related to our 2020 capital investment plans.

Financing

On May 6th, the Company executed a note purchase agreement to issue a 7-year $150 million unsecured private placement of senior notes, at an interest rate of 3.75%. We received $100 million of proceeds at closing and the remaining $50 million of proceeds was funded on July 14th. CoreSite used the proceeds to repay outstanding amounts on its revolving credit facility and for general working capital. The Company ended the quarter with 6% of variable debt and 94% fixed debt.

2020 Guidance

CoreSite is increasing its 2020 Guidance related to net income attributable to common diluted shares from its previous range of $1.74 to $1.84 per share to its new guidance range of $1.81 to $1.91 per share. In addition, CoreSite’s 2020 FFO per share guidance has been increased from its previous range of $5.10 to $5.20 per share to its new guidance range of $5.15 to $5.25 per share. The increase of $0.05 per share at the midpoint, or approximately 1%, is largely driven by interest expense savings resulting from its financing activities earlier this year and lower rates expected through the rest of this year. Other than the changes noted, CoreSite’s 2020 guidance and guidance drivers remain unchanged. CoreSite’s full 2020 guidance can be found in the Company’s second quarter 2020 Supplemental Earnings Information on page 23.

Upcoming Conferences and Events

CoreSite’s management will participate virtually in the Cowen Communications Infrastructure Summit on August 11th and the KeyBanc Future of Technology Series on August 12th.

Conference Call Details

CoreSite will host its second quarter 2020 earnings call on Thursday, July 30, 2020, at 12:00 p.m. (Eastern Time). The call will be accessible by dialing 1-877-407-3982 (domestic) or 1-201-493-6780 (international).

A replay will be available after the call until August 6, 2020, and can be accessed dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international). The passcode for the replay is 13705744.

The quarterly conference call also will be offered as a simultaneous webcast, accessible by visiting CoreSite.com and clicking on the “Investors” link. An on-line replay will be available for a limited time immediately following the call.

Concurrently with issuing its financial results, the Company will post its second quarter 2020 Supplemental Information on its website at CoreSite.com, under the “Investors” link.

About CoreSite

CoreSite Realty Corporation (NYSE:COR) delivers secure, reliable, high-performance data center, cloud and interconnection solutions to a growing customer ecosystem across eight key North American markets. More than 1,350 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.

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 level of supply of or 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, including indirect competition from cloud service providers; failure to obtain necessary outside financing; the ability to service existing debt; the 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; the effects on our business operations, demand for our services and general economic conditions resulting from the spread of the novel coronavirus (“COVID-19”) in our markets, as well as orders, directives and legislative action by local, state and federal governments in response to such spread of COVID-19; 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 its 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.

Use of Funds From Operations (“FFO”)

FFO is a supplemental measure of CoreSite’s 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. The Company calculates 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.

CoreSite’s management uses FFO as a supplemental performance measure because, by 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.

CoreSite offers this measure because it recognizes that investors use FFO as a basis to compare its operating performance with that of other REITs. However, the utility of FFO as a measure of the Company’s performance is limited because FFO excludes depreciation and amortization and captures neither the changes in the value of its 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 its properties, all of which have real economic effect and could materially impact the Company’s financial condition and results from operations. 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 the Company’s cash needs, including its ability to pay dividends or make distributions. In addition, CoreSite’s 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 the Company. Investors in CoreSite’s securities should not rely on these measures as a substitute for any GAAP measure, including net income.

Use of Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (“EBITDAre”)

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. CoreSite calculates adjusted EBITDA by adding its 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 the Company’s ability to incur and service debt. In addition, CoreSite considers EBITDAre and adjusted EBITDA to be appropriate supplemental measures of its 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 the Company’s business, their utilization as a cash flow measurement is limited.

Consolidated Balance Sheets

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

June 30,

 

December 31,

 

 

 

2020

 

2019

 

Assets:

 

 

 

 

 

 

 

Investments in real estate:

 

 

 

 

 

 

 

Land

 

$

100,432

 

$

94,593

 

Buildings and improvements

 

 

2,140,529

 

 

1,989,731

 

 

 

 

2,240,961

 

 

2,084,324

 

Less: Accumulated depreciation and amortization

 

 

(792,281)

 

 

(720,498)

 

Net investment in operating properties

 

 

1,448,680

 

 

1,363,826

 

Construction in progress

 

 

381,145

 

 

394,474

 

Net investments in real estate

 

 

1,829,825

 

 

1,758,300

 

Operating lease right-of-use assets, net

 

 

171,576

 

 

172,976

 

Cash and cash equivalents

 

 

2,686

 

 

3,048

 

Accounts and other receivables, net

 

 

22,059

 

 

21,008

 

Lease intangibles, net

 

 

3,275

 

 

3,939

 

Goodwill

 

 

40,646

 

 

40,646

 

Other assets, net

 

 

98,823

 

 

101,082

 

Total assets

 

$

2,168,890

 

$

2,100,999

 

 

 

 

 

 

 

 

 

Liabilities and equity:

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

Debt, net

 

$

1,615,241

 

$

1,478,402

 

Operating lease liabilities

 

 

186,636

 

 

187,443

 

Accounts payable and accrued expenses

 

 

116,580

 

 

123,304

 

Accrued dividends and distributions

 

 

62,227

 

 

62,332

 

Acquired below-market lease contracts, net

 

 

2,412

 

 

2,511

 

Unearned revenue, prepaid rent and other liabilities

 

 

54,212

 

 

33,119

 

Total liabilities

 

 

2,037,308

 

 

1,887,111

 

 

 

 

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

 

 

Common stock, par value $0.01

 

 

420

 

 

373

 

Additional paid-in capital

 

 

545,814

 

 

512,324

 

Accumulated other comprehensive loss

 

 

(23,840)

 

 

(6,026)

 

Distributions in excess of net income

 

 

(408,021)

 

 

(348,509)

 

Total stockholders' equity

 

 

114,373

 

 

158,162

 

Noncontrolling interests

 

 

17,209

 

 

55,726

 

Total equity

 

 

131,582

 

 

213,888

 

Total liabilities and equity

 

$

2,168,890

 

$

2,100,999

 

Consolidated Statements of Operations

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

March 31,

 

June 30,

 

 

June 30,

 

June 30,

 

 

 

2020

 

2020

 

2019

 

 

2020

 

2019

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Data center revenue:(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rental, power, and related revenue

 

$

127,108

 

$

124,505

 

$

121,083

 

 

$

251,613

 

$

238,936

 

Interconnection revenue

 

 

20,897

 

 

20,085

 

 

18,776

 

 

 

40,982

 

 

37,192

 

Total data center revenue

 

 

148,005

 

 

144,590

 

 

139,859

 

 

 

292,595

 

 

276,128

 

Office, light-industrial and other revenue

 

 

2,538

 

 

2,772

 

 

3,047

 

 

 

5,310

 

 

5,673

 

Total operating revenues

 

 

150,543

 

 

147,362

 

 

142,906

 

 

 

297,905

 

 

281,801

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Property operating and maintenance

 

 

41,037

 

 

40,183

 

 

38,067

 

 

 

81,220

 

 

76,177

 

Real estate taxes and insurance

 

 

5,599

 

 

6,190

 

 

5,988

 

 

 

11,789

 

 

12,184

 

Depreciation and amortization

 

 

41,779

 

 

40,991

 

 

36,996

 

 

 

82,770

 

 

72,642

 

Sales and marketing

 

 

5,837

 

 

6,144

 

 

5,784

 

 

 

11,981

 

 

11,436

 

General and administrative

 

 

11,603

 

 

11,267

 

 

12,282

 

 

 

22,870

 

 

22,452

 

Rent

 

 

8,995

 

 

8,399

 

 

7,733

 

 

 

17,394

 

 

15,421

 

Total operating expenses

 

 

114,850

 

 

113,174

 

 

106,850

 

 

 

228,024

 

 

210,312

 

Operating income

 

 

35,693

 

 

34,188

 

 

36,056

 

 

 

69,881

 

 

71,489

 

Interest expense

 

 

(10,586)

 

 

(11,183)

 

 

(10,311)

 

 

 

(21,769)

 

 

(19,809)

 

Income before income taxes

 

 

25,107

 

 

23,005

 

 

25,745

 

 

 

48,112

 

 

51,680

 

Income tax expense

 

 

(19)

 

 

(17)

 

 

(2)

 

 

 

(36)

 

 

(32)

 

Net income

 

 

25,088

 

 

22,988

 

 

25,743

 

 

 

48,076

 

 

51,648

 

Net income attributable to noncontrolling interests

 

 

4,417

 

 

5,140

 

 

6,208

 

 

 

9,557

 

 

12,452

 

Net income attributable to common shares

 

$

20,671

 

$

17,848

 

$

19,535

 

 

$

38,519

 

$

39,196

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income per share attributable to common shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.52

 

$

0.48

 

$

0.54

 

 

$

1.00

 

$

1.08

 

Diluted

 

$

0.52

 

$

0.48

 

$

0.53

 

 

$

0.99

 

$

1.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

39,873

 

 

37,336

 

 

36,463

 

 

 

38,605

 

 

36,406

 

Diluted

 

 

39,993

 

 

37,504

 

 

36,619

 

 

 

38,759

 

 

36,581

 

(1) Below is a breakout of our contractual data center rental, power, and tenant reimbursements and other revenue:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

March 31,

 

June 30,

 

 

June 30,

 

June 30,

 

 

 

2020

 

2020

 

2019

 

 

2020

 

2019

 

Rental revenue

 

$

81,612

 

$

80,886

 

$

76,529

 

 

$

162,498

 

$

151,460

 

Power revenue

 

 

41,902

 

 

41,278

 

 

41,316

 

 

 

83,180

 

 

81,818

 

Tenant reimbursement and other

 

 

3,594

 

 

2,341

 

 

3,238

 

 

 

5,935

 

 

5,658

 

Rental, power, and related revenue

 

$

127,108

 

$

124,505

 

$

121,083

 

 

$

251,613

 

$

238,936

 

Reconciliations of Net Income to FFO

(in thousands, except per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

March, 31

 

June 30,

 

June 30,

 

June 30,

 

 

 

2020

 

2020

 

2019

 

2020

 

2019

 

Net income

 

$

25,088

 

$

22,988

 

$

25,743

 

$

48,076

 

$

51,648

 

Real estate depreciation and amortization

 

 

40,162

 

 

39,415

 

 

35,573

 

 

79,577

 

 

69,760

 

FFO available to common shareholders and OP unit holders

 

$

65,250

 

$

62,403

 

$

61,316

 

$

127,653

 

$

121,408

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding - diluted

 

 

39,993

 

 

37,504

 

 

36,619

 

 

38,759

 

 

36,581

 

Weighted average OP units outstanding - diluted

 

 

8,377

 

 

10,796

 

 

11,599

 

 

9,586

 

 

11,600

 

Total weighted average shares and units outstanding - diluted

 

 

48,370

 

 

48,300

 

 

48,218

 

 

48,345

 

 

48,181

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FFO per common share and OP unit - diluted

 

$

1.35

 

$

1.29

 

$

1.27

 

$

2.64

 

$

2.52

 

Reconciliations of Net Income to EBITDAre and Adjusted EBITDA:

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

 

June 30,

 

March, 31

 

June 30,

 

June 30,

 

June 30,

 

 

 

2020

 

2020

 

2019

 

2020

 

2019

 

Net income

 

$

25,088

 

$

22,988

 

$

25,743

 

$

48,076

 

$

51,648

 

Adjustments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

 

 

10,586

 

 

11,183

 

 

10,311

 

 

21,769

 

 

19,809

 

Income taxes

 

 

19

 

 

17

 

 

2

 

 

36

 

 

32

 

Depreciation and amortization

 

 

41,779

 

 

40,991

 

 

36,996

 

 

82,770

 

 

72,642

 

EBITDAre

 

$

77,472

 

$

75,179

 

$

73,052

 

$

152,651

 

$

144,131

 

Non-cash compensation

 

 

4,172

 

 

3,482

 

 

3,617

 

 

7,654

 

 

7,049

 

Adjusted EBITDA

 

$

81,644

 

$

78,661

 

$

76,669

 

$

160,305

 

$

151,180

 

 

CoreSite Contact
Kate Ruppe
Investor Relations
303-222-7369
InvestorRelations@CoreSite.com

Source: CoreSite Realty Corporation