An Outlook Affected by Capacity Constraints Overshadows Strong Quarter for CoreSite
CoreSite reported a strong third quarter that exceeded consensus estimates for revenue, EBITDA, and funds from operations and left the firm tracking slightly ahead of our full-year expectations. However, capacity constraints resulted in lower new lease signings and a diminished pipeline that will likely cause 2019 results to fall below our projections and require a higher level of capital spending than we forecast. We plan to reduce our $110 fair value estimate by $3-$5 to account for that outlo...The company is a self-administered, and self-managed real estate investment trust (REIT) and the company conducts certain activities through its taxable REIT subsidiaries. Through its controlling interest in CoreSite, L.P., the company is engaged in the business of ownership, acquisition, construction and operation of data centers in some data center markets in the United States, including the San Francisco Bay area, Los Angeles, the Northern Virginia area (including Washington D.C.), the New York area, Boston, Chicago, Denver and Miami. The company delivers data center and interconnection solutions to a customer ecosystem across eight key North American communication markets.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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