CoreSite Reports $147.4m Q1 2020 Revenue As Data Centre Construction Continues Amid COVID-19

Paul Szurek, President & CEO, CoreSite.jpg

The data centre company recently announced its financial results for the first quarter ended March 31, 2020.

CoreSite Realty Corporation (NYSE:COR) reported operating revenues of $147.4 million, an increase of 6.1% year over year, largely as a result of the company’s data centre expansion and ground-up development projects.

The company delivered a net income of $0.48 per common diluted share, which was a decrease of $0.06 year over year.

“We delivered strong sales, placed into service new data centre capacity, advanced our two major ground-up developments and other capacity projects, while continuing to deliver exceptional customer service,” said Paul Szurek, CoreSite’s President and Chief Executive Officer.

“Our preparations over the years and agile responses enabled us to safely maintain operations in a challenging pandemic environment while continuing to support customer success.

“We turned up services quickly, solved for rapidly emerging customer needs, demonstrated the value and effectiveness of our remote capabilities for customers, and continued to meet their mission-critical needs.

CoreSite achieved new and expansion sales of $12.0 million of annualized GAAP rent for the quarter, driven by expansions from existing customers, according to the company.

“We delivered strong new and expansion sales in the first quarter, including ongoing growth in core retail colocation with sales of $8.4 million, about three-quarters of which came from deployments of 1,000 to 5,000 sqf, and $3.6 million in scale leasing,” said Steve Smith, CoreSite’s Chief Revenue Officer.

“Our sales included our highest core retail colocation sales in three and a half years, driven by the strength of our platform, including our network and cloud-dense data centres, ongoing traction with enterprises moving to high performance hybrid and multi cloud architectures, and our ability to anticipate and solve our customers’ business needs.”

The company revealed it is on track to complete its data centre construction projects, assuming local jurisdictions are able to be timely with inspections and permits working under COVID-19 conditions.

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