CoreSite Realty Corporation (COR) has reported a 48.60 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $16.98 million, or $0.44 a share in the quarter, compared with $11.43 million, or $0.32 a share for the same period last year.
Revenue during the quarter grew 21.55 percent to $110.51 million from $90.92 million in the previous year period.
Cost of revenue rose 20.75 percent or $5.72 million during the quarter to $33.28 million. Gross margin for the quarter expanded 20 basis points over the previous year period to 69.88 percent.
Total expenses were $82.57 million for the quarter, up 15.33 percent or $10.98 million from year-ago period. Operating margin for the quarter expanded 403 basis points over the previous year period to 25.28 percent.
Operating income for the quarter was $27.93 million, compared with $19.32 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $60.62 million compared with $47.70 million in the prior year period. At the same time, adjusted EBITDA margin improved 240 basis points in the quarter to 54.86 percent from 52.46 percent in the last year period.
Revenue from real estate activities during the quarter increased 21.55 percent or $19.59 million to $110.51 million. Revenue from sale of real estate was $44.71 million for the quarter, up 21.69 percent or $7.97 million.
Income from operating leases during the quarter rose 22.17 percent or $11.09 million to $61.11 million. Revenue from tenant reimbursements was $2.10 million for the quarter, down 6.32 percent or $0.14 million from year-ago period.
Revenue from other real estate activities during the quarter was $2.59 million, up 35.14 percent or $0.67 million from year-ago period.
“We finished 2016 very strongly, reporting record levels of operating revenues, FFO per share, and cash flow, while continuing to grow and expand,” said Paul Szurek, CoreSite’s chief executive officer. “We executed new and expansion leases totaling $49 million in annualized GAAP rent during 2016, with strength in all three of our key verticals of network service providers, cloud providers and enterprises. This success further strengthens our already thriving customer communities that rely on our high-performance, cloud-enabled, network-dense, highly interconnected colocation solutions.”
Receivables increase substantially
Net receivables were at $25.12 million as on Dec. 31, 2016, up 105.35 percent or $12.89 million from year-ago.
Total assets grew 24.84 percent or $288.76 million to $1,451.30 million on Dec. 31, 2016. On the other hand, total liabilities were at $854.22 million as on Dec. 31, 2016, up 59.30 percent or $317.98 million from year-ago.
Return on assets moved up 26 basis points to 1.92 percent in the quarter. At the same time, return on equity moved up 100 basis points to 2.49 percent in the quarter.
Debt increases substantially
Total debt was at $690.45 million as on Dec. 31, 2016, up 76.58 percent or $299.44 million from year-ago. Shareholders equity stood at $597.09 million as on Dec. 31, 2016, down 4.67 percent or $29.22 million from year-ago. As a result, debt to equity ratio went up 53 basis points to 1.16 percent in the quarter.
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