67 WALL STREET, New York - September 13, 2013 - The Wall Street Transcript has just published its Data Hosting Centers and Data Storage Report offering a timely review of the sector to serious investors and industry executives. This special feature contains expert industry commentary through in-depth interviews with public company CEOs and Equity Analysts. The full issue is available by calling (212) 952-7433 or via The Wall Street Transcript Online.
Topics covered: Data Hosting Centers - Flash Memory - Cloud Computing Secular Trends - Data Center REITs - Colocation, Managed Hosting and Cloud Computing - International Enterprise and Consumer Demand
Companies include: Cortex Pharmaceuticals Inc. (COR) and many more.
In the following excerpt from the Data Hosting Centers and Data Storage Report, the President and CEO of CoreSite Realty Corporation (COR) discusses company strategy and the outlook for this vital company:
TWST: How would you characterize leasing activity so far this year?
Mr. Ray: Through the end of the first half of 2013 our sales performance has been strong. We realigned our sales organization in mid-2012 to focus more on customers rather than geographies and more upon performance-sensitive applications rather than data storage, and that realignment has borne fruit for us. Our results in Q1 and Q2 show increased sales volume to prior periods, and they show a sales mix that reflects a greater portion of performance-sensitive, as opposed to wholesale, real estate data center applications. I would characterize leasing for the market as remaining very solid, the total absorption has been consistent with last year, and we've reoriented a bit to approach the market more aligned with our strategy. We have been pleased to see an increase in sales and a positive shift in the mix.
TWST: What were the highlights from your most recent quarterly results?
Mr. Ray: For CoreSite we aim to be a consistent company and just execute, so I think the biggest highlight is continued solid execution of a defined business plan. In Q2 we had very solid performance, with sales increasing 4% over Q1 and 14% over the prior year. We also had solid financial growth with 22% growth in funds from operations, or FFO, and approximately 25% growth in cash-adjusted EBITDA.
Importantly, the second quarter was a record for us in terms of signing new networks into our platform, as we signed 56 new network deals across our platform. These results reflect...
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