What is CoreSite?
CoreSite Realty Corporation specializes in the ownership, acquisition, construction, and management of data centers. These facilities are engineered to house and support mission-critical technology infrastructure, offering robust power, cooling, and network connectivity. The company's strategic locations across major U.S. markets, including Los Angeles, the San Francisco Bay Area, Northern Virginia, Chicago, Boston, New York City, and Miami, serve a diverse clientele. This includes telecommunications carriers, cloud providers, content and media entertainment companies, enterprise customers, financial and educational institutions, and government agencies. As a qualified real estate investment trust (REIT), CoreSite is structured to provide tax advantages by distributing a significant portion of its taxable income to stockholders, reflecting a mature and stable operational model within the real estate investment landscape.
How much funding has CoreSite raised?
CoreSite has raised a total of $1.3B across 4 funding rounds:
Stock Offering
$111M
Debt
$500M
Debt
$100M
Private Equity
$570M
Stock Issuance/Offering (2012): $111M with participation from Undisclosed
Debt (2015): $500M led by Key Bank, KeyBanc Capital Markets, RBC Capital Markets, TD Securities, and Regions Capital Markets
Debt (2016): $100M supported by RBC Capital Markets, Regions Capital Markets, KeyBanc Capital Markets, TD Securities, and Key Bank
Private Equity (2022): $570M featuring Stonepeak Infrastructure Partners
Key Investors in CoreSite
Stonepeak Infrastructure Partners
Stonepeak Infrastructure Partners is a leading investment firm specializing in infrastructure, with a focus on energy, power, transportation, and communications sectors. Their involvement suggests a strategic alignment with CoreSite's critical infrastructure role.
Key Bank
KeyBank, a prominent financial institution, provides a wide array of banking and financial services. Its participation indicates confidence in CoreSite's financial stability and growth prospects.
RBC Capital Markets
RBC Capital Markets is a global investment bank offering a comprehensive suite of services, including underwriting and advisory. Their engagement highlights the significant scale and strategic importance of CoreSite's funding rounds.
What's next for CoreSite?
The recent major strategic investment into CoreSite signals a robust outlook for the company's future growth and operational capabilities. This capital infusion is expected to fuel further development and expansion of its data center footprint, enhancing its capacity to support the increasing demands for digital infrastructure. As a REIT, CoreSite's strategic financial maneuvers, including this latest funding, are geared towards optimizing shareholder value while reinforcing its market position. The company's focus on providing secure, high-performance data center solutions positions it to capitalize on the ongoing digital transformation across various industries, from cloud computing to media and telecommunications.
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