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CoreSite Reports Fourth-Quarter Funds from Operations Increased 17% Year over Year

CoreSite Realty Corporation (NYSE:COR), a provider of network-dense, cloud-enabled, enterprise-class data center products and services, today announced financial results for the fourth quarter ended December 31, 2013.

Quarterly and Subsequent Highlights

  • Reported fourth-quarter funds from operations (“FFO”) of $0.49 per diluted share and unit, representing a 16.7% increase year over year
  • Reported fourth-quarter operating revenue of $61.4 million, representing an 11.2% increase year over year
  • Executed new and expansion data center leases representing $3.5 million of annualized GAAP rent at a rate of $132 of annualized GAAP rent per square foot
  • Realized rent growth on signed renewals of 3.5% on a cash basis and 14.3% on a GAAP basis and rental churn of 1.9%
  • Increased quarterly dividend by 30% to $0.35 per share; annual rate of $1.40 per share
  • Entered into a new $100 million, five-year, senior unsecured term loan, and subsequently retired the approximately $58 million loan secured by its SV1 facility

Tom Ray, CoreSite’s Chief Executive Officer, commented, “In the fourth quarter we continued to see the financial results driven by execution upon our plan to sell an attractive product mix to customers benefitting from our strong foundation in the network and cloud verticals,” Mr. Ray continued, “We also delivered the first computer room of turn-key data center capacity at NY2 in Secaucus, New Jersey, in December, and are pleased with sales activity surrounding the investment. In addition, we delivered the build-to-suit at SV5 and look forward to completing construction on our VA2 development in Northern Virginia toward the second half of the year. 2014 represents a year of strong opportunity for CoreSite to leverage our network-dense, cloud-enabled data centers with excellence in customer service. Our primary focus for the balance of 2014 centers around increasing the productivity of our existing sales and marketing resources to sell available and pipeline capacity and deliver attractive returns on capital.”

Financial Results

CoreSite reported FFO attributable to shares and units of $23.1 million for the three months ended December 31, 2013, a 17.2% increase year over year and an increase of 5.6% quarter over quarter. On a per diluted share and unit basis, FFO increased 16.7% to $0.49 for the three months ended December 31, 2013, as compared to $0.42 per diluted share and unit for the three months ended December 31, 2012. Total operating revenue for the three months ended December 31, 2013, was $61.4 million, an 11.2% increase year over year. Revenue growth in the fourth quarter was diluted by 1.8% due to CoreSite’s customer at SV3 decreasing its metered power draw as it transitions out of that facility. CoreSite reported net income attributable to common shares of $3.1 million, or $0.15 per diluted share.

Sales Activity

CoreSite executed 122 new and expansion data center leases, representing $3.5 million of annualized GAAP rent during the fourth quarter, comprised of 26,276 NRSF at a weighted average GAAP rate of $132 per NRSF.

CoreSite’s renewal leases signed in the fourth quarter totaled $6.8 million in annualized GAAP rent, comprised of 50,513 NRSF at a weighted average GAAP rate of $135 per NRSF. These results reflect a 3.5% increase in rent on a cash basis and a 14.3% increase on a GAAP basis. The fourth-quarter rental churn rate was 1.9%.

CoreSite’s fourth-quarter data center lease commencements totaled 116,052 NRSF at a weighted average GAAP rental rate of $41 per NRSF, which represents $4.8 million of annualized GAAP rent. These results include a 101,721 NRSF build-to-suit powered shell lease for a valued and strategic customer at the Santa Clara Campus. Excluding this lease, commencements totaled 14,331 at a weighted average GAAP rental rate of $116 per NRSF.

Development Activity

In the fourth quarter, CoreSite completed and delivered the build-to-suit powered shell building at SV5 on its Santa Clara campus. Also during the quarter, the company placed into service the first computer room at the new NY2 data center in Secaucus, New Jersey, representing an incremental 18,103 NRSF of TKD capacity.

As of December 31, 2013, CoreSite had 118,300 NRSF of data center space under construction at three locations. The projects under construction include a new data center at VA2 (Northern Virginia), adjacent to VA1, and additional inventory at NY2 (New York market) and LA2 (Los Angeles). As of December 31, 2013, CoreSite had incurred $117.9 million of the estimated $170.4 million required to complete these projects.

Balance Sheet and Liquidity

As of December 31, 2013, CoreSite had $232.5 million of total long-term debt equal to 2.1x annualized adjusted EBITDA and $347.5 million of long-term debt and preferred stock equal to 3.1x annualized adjusted EBITDA.

As of December 31, 2013, CoreSite had $174.3 million drawn on the credit facility and approximately $222.4 million of available capacity under the facility.

At quarter end, CoreSite had $5.3 million of cash available on its balance sheet. On January 31, 2014, CoreSite entered into a new $100 million, five-year, senior unsecured term loan. The term loan has an accordion feature, which would allow CoreSite to increase the total commitments by $100 million, to $200 million, under specified circumstances. CoreSite used the capacity under the term loan to retire the $58 million mortgage on its SV1 facility and pay down a portion of the outstanding balance on its revolving credit facility.

Dividend

On December 6, 2013, CoreSite announced a 30% increase in its quarterly dividend to $0.35 per share of common stock and common stock equivalents for the fourth quarter of 2013. The dividend was paid on January 15, 2014, to shareholders of record on December 31, 2013.

CoreSite also announced on December 6, 2013, a dividend of $0.4531 per share of Series A preferred stock for the period October 15, 2013, to January 14, 2014. The preferred dividend was paid on January 15, 2014, to shareholders of record on December 31, 2013.

2014 Guidance

CoreSite is introducing its 2014 guidance of FFO per diluted share and unit in the range of $2.00 to $2.10. More detail regarding the assumptions behind the 2014 annual guidance can be found on page 21 of the earnings supplemental.

In addition, the company’s estimate of the net income attributable to common shares is $0.50 to $0.60 per diluted share, with the difference between FFO and net income being real estate depreciation and amortization.

This outlook is predicated 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 will participate in Citi’s 2014 Global Property CEO Conference on March 3, 2014, at The Westin Diplomat in Hollywood, Florida.

Conference Call Details

CoreSite will host a conference call on February 13, 2014, 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 can be accessed live over the phone by dialing 877-407-3982 for domestic callers or 201-493-6780 for international callers. A replay will be available shortly after the call and can be accessed by dialing 877-870-5176 for domestic callers or 858-384-5517 for international callers. The passcode for the replay is 13574365. The replay will be available until February 20, 2014.

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” tab. The on-line replay will be available for a limited time immediately following the call.

About CoreSite

CoreSite Realty Corporation (NYSE:COR) delivers secure and reliable data center solutions across eight key North American markets. CoreSite connects, protects and delivers an optimal performance environment and continued operation of mission-critical data and IT infrastructure for enterprises and Internet, private networking, mobility, and cloud service providers. CoreSite's scalable platform of over two and a half million square feet of efficient, network-dense, cloud-enabled data center capacity enables customers to accelerate business performance, reduce operating costs and increase flexibility across their IT and communications systems. CoreSite's 350 professionals deliver best-in-class service by placing customer needs first in supporting the planning, implementation and operating requirements foundational to delivering reliable, secure and efficient IT operating environments.

More than 750 of the world’s leading enterprises, carriers and mobile operators, content and cloud providers and media and entertainment companies choose CoreSite to connect, protect and optimize their performance-sensitive data, applications and computing workloads. CoreSite provides valuable gateways to global business opportunities with direct access to more than 275 carriers and ISPs, inter-site connectivity and CoreSite's Open Cloud Exchange, which supports rapid, efficient and scalable Ethernet access to multiple key public clouds, enabling simple, flexible, multiple-cloud capabilities.

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 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 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.

 
 
Consolidated Balance Sheet
(in thousands)        
 

December 31,

2013

December 31,

2012

Assets:
Investments in real estate:
Land $ 78,983 $ 85,868
Building and building improvements 717,007 596,405
Leasehold improvements   95,218     85,907  
891,208 768,180
Less: Accumulated depreciation and amortization   (155,704 )   (105,433 )
Net investment in operating properties 735,504 662,747
Construction in progress   157,317     61,328  
Net investments in real estate   892,821     724,075  
Cash and cash equivalents 5,313 8,130
Accounts and other receivables, net 10,339 9,901
Lease intangibles, net 11,028 19,453
Goodwill 41,191 41,191
Other assets   55,802     42,582  
 
Total assets $ 1,016,494   $ 845,332  
 
Liabilities and equity:
Liabilities
Revolving credit facility $ 174,250 $

-  

Mortgage loan payable 58,250 59,750
Accounts payable and accrued expenses 67,782 50,624
Deferred rent payable 9,646 4,329
Acquired below-market lease contracts, net 6,681 8,539
Prepaid rent and other liabilities   11,578     11,317  
Total liabilities   328,187     134,559  
 
Stockholders' equity
Series A cumulative preferred stock 115,000 115,000
Common stock, par value $0.01 209 207
Additional paid-in capital 267,465 259,009
Distributions in excess of net income   (50,264 )   (35,987 )
Total stockholders' equity 332,410 338,229
Noncontrolling interests   355,897     372,544  
Total equity   688,307     710,773  
 
Total liabilities and equity $ 1,016,494   $ 845,332  
 
 
Consolidated Statement of Operations
(in thousands, except share and per share data)
             
 
Three Months Ended Year Ended

December 31,

2013

September 30,

2013

December 31,

2012

December 31,

2013

December 31,

2012

Operating revenues:
Data center revenue:
Rental revenue $ 33,988 $ 33,428 $ 30,251 $ 131,080 $ 116,146
Power revenue 15,669 15,979 14,129 59,663 53,672
Interconnection revenue 7,866 7,441 6,369 28,932 21,637
Tenant reimbursement and other   1,885     1,873     2,506     7,317     7,088  
Total data center revenue 59,408 58,721 53,255 226,992 198,543
Office, light industrial and other revenue   2,032     1,914     1,997     7,841     8,391  
Total operating revenues 61,440 60,635 55,252 234,833 206,934
Operating expenses:
Property operating and maintenance 17,247 17,368 15,206 64,260 61,235
Real estate taxes and insurance 1,708 2,226 2,461 8,458 8,765
Depreciation and amortization 17,151 16,424 16,336 65,785 64,327
Sales and marketing 3,474 3,206 3,389 14,405 10,330
General and administrative 7,092 7,045 7,133 27,317 25,910
Rent 5,028 5,082 4,754 19,659 18,711
Transaction costs   -     25     37     279     613  
Total operating expenses   51,700     51,376     49,316     200,163     189,891  
Operating income 9,740 9,259 5,936 34,670 17,043
Interest income 14 14 1 32 13
Interest expense   (759 )   (708 )   (1,314 )   (2,689 )   (5,236 )
Income before income taxes 8,995 8,565 4,623 32,013 11,820
Income tax (expense) benefit   34     (56 )   (45 )   (401 )   (1,104 )
Net income 9,029 8,509 4,578 31,612 10,716
Net income attributable to noncontrolling interests   3,809     3,524     2,276     12,771     5,668  
Net income attributable to CoreSite Realty Corporation 5,220 4,985 2,302 18,841 5,048
Preferred dividends   (2,085 )   (2,084 )   (440 )   (8,338 )   (440 )
Net income attributable to common shares $ 3,135   $ 2,901   $ 1,862   $ 10,503   $ 4,608  
Net income per share attributable to common shares:
Basic $ 0.15 $ 0.14 $ 0.09 $ 0.50 $ 0.22
Diluted $ 0.15   $ 0.14   $ 0.09   $ 0.49   $ 0.22  
Weighted average common shares outstanding:
Basic 20,924,624 20,871,504 20,607,119 20,826,622 20,537,946
Diluted 21,492,301 21,479,971 21,036,794 21,503,212 20,992,290
 
 
Reconciliations of Net Income to FFO
(in thousands, except share and per share data)
             
Three Months Ended Year Ended

December 31,

2013

September 30,

2013

December 31,

2012

December 31,

2013

December 31,

2012

Net income $ 9,029 $ 8,509 $ 4,578 $ 31,612 $ 10,716
Real estate depreciation and amortization   16,146     15,443     15,566     62,040     61,700  
FFO $ 25,175 $ 23,952 $ 20,144 $ 93,652 $ 72,416
Preferred stock dividends       (2,085 )     (2,084 )     (440 )       (8,338 )     (440 )
FFO available to common shareholders and OP unit holders     $ 23,090     $ 21,868     $ 19,704       $ 85,314     $ 71,976  
Weighted average common shares outstanding - diluted 21,492,301 21,479,971 21,036,794 21,503,212 20,992,290
Weighted average OP units outstanding - diluted   25,360,848     25,353,942     25,353,709     25,355,567     25,347,936  
Total weighted average shares and units outstanding - diluted 46,853,149 46,833,913 46,390,503 46,858,779 46,340,226
FFO per common share and OP unit - diluted $ 0.49   $ 0.47   $ 0.42   $ 1.82   $ 1.55  
 

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 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.

 
 
Reconciliation of Net Income to EBITDA and Adjusted EBITDA:
(in thousands)              
Three Months Ended   Year Ended

December 31,

2013

September 30,

2013

December 31,

2012

December 31,

2013

December 31,

2012

Net income $ 9,029 $ 8,509 $ 4,578 $ 31,612 $ 10,716
Adjustments:
Interest expense, net of interest income 745 694 1,313 2,657 5,223
Income taxes (34 ) 56 45 401 1,104
Depreciation and amortization   17,151     16,424   16,336   65,785   64,327
EBITDA $ 26,891 $ 25,683 $ 22,272 $ 100,455 $ 81,370
Non-cash compensation 1,433 1,759 1,568 6,770 5,650
Transaction costs / litigation       -       25     328       529     2,354
Adjusted EBITDA     $ 28,324     $ 27,467   $ 24,168     $ 107,754   $ 89,374
 

EBITDA is defined as earnings before interest, taxes, depreciation and amortization. We calculate adjusted EBITDA by adding our non-cash compensation expense, transaction costs and litigation expense to EBITDA as well as adjusting for the impact of gains or losses on early extinguishment of debt. Management uses EBITDA and adjusted EBITDA as indicators of our ability to incur and service debt. In addition, we consider EBITDA 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 EBITDA 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.

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