CoreSite: 2Q Earnings Snapshot
Posted July 30, 2020 5:22 am.
Last Updated July 30, 2020 5:32 am.
This article is more than 5 years old.
DENVER (AP) _ CoreSite Realty Corp. (COR) on Thursday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.
The real estate investment trust, based in Denver, said it had funds from operations of $65.3 million, or $1.35 per share, in the period.
The average estimate of nine analysts surveyed by Zacks Investment Research was for funds from operations of $1.28 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 $20.7 million, or 52 cents per share.
The operator of large computing warehouses posted revenue of $150.5 million in the period, which also beat Street forecasts. Six analysts surveyed by Zacks expected $150.2 million.
CoreSite expects full-year funds from operations to be $5.15 to $5.25 per share.
The company’s shares have increased 15% since the beginning of the year. The stock has risen 23% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on COR at https://www.zacks.com/ap/COR
The Associated Press
