CoreSite reported operating revenues of $146.0 million for Q4 2019, an increase of 5.0% year over year and 0.8% sequentially. For the quarter, the company elivered net income of $0.51 per common diluted share, a decrease of $0.03 year over year and an increase of $0.04 sequentially.
Some operational highlights:
- Commenced 130 new and expansion leases for 86,187 net rentable square feet (“NRSF”), representing $16.6 million of annualized GAAP rent, for an average rate of $193 per square foot
- Signed 129 new and expansion leases for 30,770 NRSF and $6.6 million of annualized GAAP rent, for an average rate of $216 per square foot
- Renewed 323 leases for 151,057 NRSF and $21.9 million of annualized GAAP rent, for an average rate of $145 per square foot, reflecting a decrease of 0.8% in cash rent, an increase of 0.1% in GAAP rent, and 2.9% churn
- Placed into Service Data Center Expansions of approximately 74,000 square feet
- Delivered into service SV8 Phase 2 for 54,000 NRSF with 100% occupancy, and BO for 20,000 NRSF
- For 2019, CoreSite achieved an “eight 9’s” level of reliability, or 99.999999% uptime for power and cooling across its portfolio of data centers, which exceeded the Company’s target of “six 9s” and the industry standard of “five 9s”.
- Also in 2019, the Company delivered an approximate 4.8% improvement in PUE on a same-store basis compared to 2018.