CoreSite: 4Q Earnings Snapshot
DENVER (AP) _ CoreSite Realty Corp. (COR) on Wednesday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.
The Denver-based real estate investment trust said it had funds from operations of $60.8 million, or $1.26 per share, in the period.
The average estimate of 12 analysts surveyed by Zacks Investment Research was for funds from operations of $1.26 per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $19.6 million, or 54 cents per share.
The operator of large computing warehouses posted revenue of $139.1 million in the period, which fell short of Street forecasts. Nine analysts surveyed by Zacks expected $140 million.
For the year, the company reported funds from operations of $243.2 million, or $5.06 per share. Revenue was reported as $544.4 million.
CoreSite expects full-year funds from operations in the range of $5.21 to $5.31 per share.
The company’s shares have increased 12 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $97.88, a decrease of nearly 4 percent in the last 12 months.