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Research Alert: CFRA Maintains Hold Opinion On Shares Of Coresite Realty Corporation

· 02/05/2021 10:39

03:35 PM EST, 02/05/2021 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our 12-month target price at $133, 25.1x our '21 adjusted FFO estimate, a slight discount to peers, reflecting its smaller size and lackluster Q4 results. We trim our '21 adjusted FFO estimate by $0.21 to $5.30 and set '22's at $5.67. COR reported Q4 adjusted FFO of $1.27 vs. $1.70, $0.03 below the consensus. Q4 operating revenue increased 6.1%, driven by a 12.7% increase in interconnection as well as 5.5% growth in rental, power, and related revenues. COR signed 151 new and expansion leases representing $9.7M of annualized rent and 260 renewed leases representing $15.8M of annualized rent with a 1% increase in cash rent. While the enterprise sales cycle remains elongated due to economic and other uncertainties, COR has still been able to attract high-quality new logos, adding 45 in Q4. Its deep land bank should support further capacity expansion in '21.