CoreSite Realty Corporation (NYSE:COR) Q4 2015 Earnings Conference Call - Final Transcript
Feb 11, 2016 • 12:00 pm ET
Greetings and welcome to the CoreSite Realty Corporation Fourth Quarter 2015 Earnings Conference Call. At this time all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder this conference is being recorded.
It is now my pleasure to introduce your host, Mr. Derek McCandless, Senior Vice President and General Counsel. Please go ahead, sir.
Thank you. Hello, everyone, and welcome to our fourth quarter 2015 conference call. I'm joined here today by Tom Ray our President and CEO, Steve Smith, our Senior Vice President, Sales and Marketing; and Jeff Finnin, our Chief Financial Officer.
As we begin our call, I would like to remind everyone that our remarks on today's call include forward-looking statements within the meaning of applicable securities laws, including statements regarding projections, plans or future expectations. These forward-looking statements reflect current views and expectations, which are based on currently available information and management's judgment.
We assume no obligation to update these forward-looking statements and we can give no assurance that the expectations will be obtained. Actual results may differ materially from those described in the forward-looking statements and may be affected by a variety of risks and uncertainties including those set forth in our SEC filings.
Also, on this conference call, we refer to certain non-GAAP financial measures such as funds from operations, reconciliations of these non-GAAP financial measures are available in the supplemental information that is part of the full earnings release, which can be accessed on the Investor Relations pages of our website at, CoreSite.com.
And now I'll turn the call over to Tom.
Good morning and welcome to our Q4 call. We're pleased to report continued execution of our business plan in the fourth quarter, delivering solid growth and finishing out 2015 as another strong year for our company.
Looking at Q4 '15 over Q4 '14, we reported 31% growth and FFO per share driven by 25% growth in revenue and 32% growth in adjusted EBITDA. We continue to see solid margin performance with our calendar 2015 adjusted EBITDA margin expanding to 51%. This represents an increase of 340 basis points over our margin in 2014.
In addition to our solid financial results for the quarter, we finished 2015 and began 2016 with positive leasing momentum. Signing in the fourth quarter 155 new and expansion leases reflecting record transaction count for our company.
We're pleased that in 2015, we increased transaction count each quarter with Q4 '15 signings more than 60% greater than the same period a year ago. We attribute this growth to three key factors. First: staffing across our sales and marketing teams were steady in 2015, being largely intact for more than a year now with minimal voluntary churn compared to 2014.
Second: we made material improvements to our front-end technology systems in 2015, with the first phase of our technology systems investment focused upon our sales activities and launching to strong success in Q2 of this past year.
Finally, we believe