CoreSite Realty Corporation (NYSE:COR) Q2 2020 Earnings Conference Call - Final Transcript

Jul 30, 2020 • 12:00 pm ET

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CoreSite Realty Corporation (NYSE:COR) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Executive
Jeff Finnin

outstanding amounts under our revolving credit facility.

We ended the quarter with $397.6 million of liquidity, which provides us the ability to fund our business plan beyond our remaining committed construction cost of $66 million related to current projects in development. Turning to 2020 guidance. We are increasing our 2020 guidance related to net income attributable to common diluted shares from our previous range of $1.74 to $1.84 per share to our new guidance range of $1.81 to $1.91 per share. In addition, our 2020 FFO per share guidance has been increased from our previous range of $5.10 to $5.20 per share to our new guidance range of $5.15 to $5.25 per share. The increase of $0.05 per share at the midpoint or approximately 1% is largely driven by interest expense savings, resulting from our financing activities earlier this year and lower rates expected through the rest of this year.

Although the change is noted, our 2020 guidance and guidance drivers remain unchanged. In closing, as we move into the second half of 2020, we will be working to continue translating our new capacity into increased sales opportunities and ultimately executing on those opportunities. We have ample liquidity to fund our business plan through the end of 2021. Our balance sheet is strong with no near term debt maturities. Our business fundamentals are strong, and we believe we are well positioned for the long term.

With that, operator, we would now like to open the call for questions.