-- Achieved Company Record for New and Expansion Sales in 2019 --
-- Delivered New Data Center Capacity of 224,000 Square Feet for Year, including 74,000 in Q4 --
-- Additional Capacity Currently Under Development of 196,000 Square Feet --
DENVER--(BUSINESS WIRE)--Feb. 6, 2020-- CoreSite Realty Corporation (NYSE:COR) (“the Company”), a premier provider of secure, reliable, high-performance data center and interconnection solutions across the U.S., today announced financial results for the fourth quarter ended December 31, 2019.
2019 Annual Highlights
Q4 Quarterly Highlights
Q4 2019 Notable Events
“We executed well on our 2019 priorities for sustainable growth including achieving a record leasing year,” said Paul Szurek, CoreSite’s President and Chief Executive Officer. “We delivered significant new capacity in 2019 with more coming in 2020, and our pipeline supports agile capacity additions for future growth. We believe our connected campuses, and the interoperability they enable for our customers, positions us well to benefit from secular tailwinds for data center space and the increasing demand for powerful, scalable hybrid-cloud solutions.”
CoreSite achieved new and expansion sales of $6.6 million of annualized GAAP rent for the quarter.
“We delivered a record level of sales for 2019, which included ongoing growth in core retail colocation as well as strategic scale leasing,” said Steve Smith, Chief Revenue Officer. “Our new data center capacity enabled us to achieve $55.0 million in annualized GAAP rent in 2019, which was nearly double our 2018 sales of $27.7 million. Our results reflect growing traction with enterprises moving to high performance hybrid cloud architectures within our customer ecosystems and our success in solving our customers’ dynamic requirements. Also as part of our leasing, annualized GAAP rent for sales to new logos increased 50% over 2018.”
CoreSite continues to execute on its property development pipeline and exited 2019 with 25% available capacity in NRSF in its top five markets, compared to 16% at the end of 2018.