CoreSite Realty Corporation Increases Fourth-Quarter 2016 Common Stock Dividend 51% to $0.80 per Share
December 01 2016 - 7:00AM
Business Wire
Declares dividend on Series A Preferred
Stock
CoreSite Realty Corporation (NYSE:COR), a premier provider of
secure, reliable, high-performance data center and interconnection
solutions across the U.S., today announced that its Board of
Directors declared a cash dividend of $0.80 per share on common
stock and common stock equivalents for the fourth quarter of 2016.
The $0.80 per share quarterly dividend represents a $0.27, or
50.9%, increase over the prior quarterly dividend of $0.53 per
share.
The increased dividend reflects an annualized dividend rate of
$3.20 per share, compared to the prior annualized dividend rate of
$2.12 per share. The fourth-quarter common stock dividend will be
paid on January 16, 2017, to shareholders of record on December 30,
2016.
“Our six years of growth as a public company, during which we
have achieved effective scale in some of the country's largest and
fastest growing multi-tenant data center markets, coupled with our
strong balance sheet, enables us to adopt a distribution policy
consistent with REITs that have historically provided strong,
sustainable shareholder returns,” said Paul Szurek, President and
Chief Executive Officer of CoreSite. “We are pleased that these
conditions allow us to reward our shareholders with this dividend
increase.”
“We have raised our dividend each year since our IPO in 2010,
correlating to 35% compound annual growth, furthering our
commitment to increasing our dividend in tandem with our growth in
cash flow and to delivering superior returns on capital for our
shareholders,” added Jeff Finnin, Chief Financial Officer of
CoreSite.
CoreSite’s Board of Directors also declared a cash dividend of
$0.4531 per share of Series A Cumulative Redeemable Preferred
Stock. The preferred share dividend will be paid on January 16,
2017, to shareholders of record on December 30, 2016.
About CoreSite
CoreSite Realty Corporation (NYSE:COR) delivers secure,
reliable, high-performance data center and interconnection
solutions to a growing customer ecosystem across eight key North
American markets. More than 1,000 of the world’s leading
enterprises, network operators, cloud providers, and supporting
service providers choose CoreSite to connect, protect and optimize
their performance-sensitive data, applications and computing
workloads. Our scalable, flexible solutions and 400+ dedicated
employees consistently deliver unmatched data center options — all
of which leads to a best-in-class customer experience and lasting
relationships. For more information, visit www.CoreSite.com.
Forward Looking Statements
This press release may contain forward-looking statements within
the meaning of the federal securities laws. Forward-looking
statements relate to expectations, beliefs, projections, future
plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts. In
some cases, you can identify forward-looking statements by the use
of forward-looking terminology such as "believes," "expects,"
"may," "will," "should," "seeks," "approximately," "intends,"
"plans," "pro forma," "estimates" or "anticipates" or the negative
of these words and phrases or similar words or phrases that are
predictions of or indicate future events or trends and that do not
relate solely to historical matters. Forward-looking statements
involve known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond CoreSite's control that may
cause actual results to differ significantly from those expressed
in any forward-looking statement. These risks include, without
limitation: any adverse developments in local economic conditions
or the demand for data center space in these markets; operational
difficulties, including difficulties relating to information
systems, internal processes and information security; significant
industry competition; financial market fluctuations; and other
factors affecting the real estate industry generally. All
forward-looking statements reflect CoreSite's good faith beliefs,
assumptions and expectations, but they are not guarantees of future
performance. Furthermore, CoreSite disclaims any obligation to
publicly update or revise any forward-looking statement to reflect
changes in underlying assumptions or factors, of new information,
data or methods, future events or other changes. For a further
discussion of these and other factors that could cause CoreSite's
future results to differ materially from any forward-looking
statements, see the section entitled "Risk Factors" in CoreSite's
most recent annual report on Form 10-K, and other risks described
in documents subsequently filed by CoreSite from time to time with
the Securities and Exchange Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20161201005251/en/
CoreSiteGreer Aviv, 303-405-1012Vice President of
Investor Relations and Media/Public
RelationsGreer.Aviv@CoreSite.com
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