CoreSite Realty Corporation (NYSE:COR.PRA) Q3 2016 Earnings Conference Call - Preliminary Transcript

Oct 27, 2016 • 12:00 pm ET


CoreSite Realty Corporation (NYSE:COR.PRA) Q3 2016 Earnings Conference Call - Preliminary Transcript


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Greetings and welcome to CoreSite Realty Corporation Third Quarter 2016 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions). As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Greer Aviv. Thank you. You may now begin.

Greer Aviv

Thank you. Good morning and welcome to our third quarter 2016 earnings conference call. I'm joined here today by Paul Szurek, 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 will 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 will 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

And now, I'll turn the call over to Paul.

Paul Szurek

Good morning and thank you for taking time to join us today. I'm glad to be here this morning to share our third quarter financial and operational results with you.

Before we jump into those results, I wanted to take a few minutes to share some thoughts with you on my first CoreSite earnings call. First, let me start by thanking the CoreSite team for all of its dedication and hard work which is reflected in our solid third quarter performance. The continued execution and accomplishments of this organization are a tribute to the team and culture recruited and cultivated by Tom Ray during his 15 years at the helm of CoreSite and its predecessors. Our continued success will be driven by the strength of this team and the power of our strategy.

CoreSite will continue to focus on being a differentiated hybrid provider of performance sensitive turnkey co-location in major markets with strong and diverse growth drivers and sustainable demand. We have the efficiency to accommodate high volumes of smaller deployments and the scalability for larger deployments that are performance or market sensitive. Our strategy takes advantage of our deep footprint in existing markets where we have scale and operating efficiencies which provide a template for incremental opportunities to deploy capital consistent with our strategic and economic value adding discipline.

Additionally on behalf of the Board of Directors and the