CoreSite Realty Corporation, which operates major data centers in 8 North American markets, reported Q3 perating revenues of $70.5 million, representing a 16.3% increase year over year. Reported third-quarter funds from operations (“FFO”) of $0.55 per diluted share and unit, representing 17.0% growth year over year.
During the quarter, CoreSite commenced 45,014 net rentable square feet of new and signed expansion leases with GAAP annualized rent of $135 per square foot, increasing stabilized data center occupancy to 86.4%.
Tom Ray, CoreSite’s Chief Executive Officer, commented, “The third quarter reflected continued execution and ongoing momentum throughout the organization.” Mr. Ray continued, “We are pleased with the execution of our sales and marketing teams thus far this year as evidenced by our quarterly results. Leasing activity was healthy across the portfolio, led by the Silicon Valley, New York, Chicago, and Los Angeles markets. We believe our activities closing out 2014 point toward another year of solid growth in 2015, as we set the stage for anticipated new developments within existing facilities across multiple markets in our portfolio, including at BO1, CH1, DE1, NY2, and VA2, and we continue to evaluate developing additional capacity at LA2 and on our Coronado Campus in Santa Clara.”
