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CoreSite Realty Corporation Increases Fourth-Quarter 2016 Common Stock Dividend 51% to $0.80 per Share
|By Business Wire
|December 1, 2016 07:02 AM EST
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.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20161201005251/en/
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