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CoreSite Realty Corp. | 7.25% Series A Cumulative Redeemable Preferred Stock (COR.PRA)

Prospectus exerpt:  We are offering 4,000,000 shares of our 7.25% Series A Cumulative Redeemable Preferred Stock, par value $0.01 per share, which we refer to in this prospectus supplement as the Series A Preferred Stock. We will pay cumulative dividends on the Series A Preferred Stock from the date of original issue at a rate of 7.25% per annum of the $25.00 liquidation preference per share (equivalent to an annual rate of $1.8125 per share). Dividends on the Series A Preferred Stock will be payable quarterly in arrears on or about the 15th day of January, April, July and October of each year, beginning on April 15, 2013. This is our original issuance of the Series A Preferred Stock, and we have no other preferred stock outstanding. With respect to dividend rights and rights upon our liquidation, dissolution or winding-up of our affairs, the Series A Preferred Stock will rank on parity with any other class or series of our subsequently issued stock expressly designated as ranking on parity with the Series A Preferred Stock and senior to our common stock, par value $0.01 per share, which we refer to in this prospectus supplement as our common stock.

Generally, we are not allowed to redeem the Series A Preferred Stock prior to December 12, 2017, except in limited circumstances to preserve our status as a real estate investment trust, or REIT, and pursuant to the special optional redemption provision described below. On or after December 12, 2017, we may, at our option, redeem the Series A Preferred Stock, in whole or in part, at any time or from time to time, for cash at a redemption price of $25.00 per share, plus all accrued and unpaid dividends on such Series A Preferred Stock up to but excluding the redemption date. In addition, upon the occurrence of a Change of Control (as defined in this prospectus supplement) we may, at our option, redeem the Series A Preferred Stock, in whole or in part within 120 days after the first date on which such Change of Control occurred, by paying $25.00 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. If we exercise any of our redemption rights relating to the Series A Preferred Stock, the holders of Series A Preferred Stock will not have the conversion right described below. The Series A Preferred Stock has no stated maturity and is not subject to mandatory redemption or any sinking fund. Holders of shares of the Series A Preferred Stock will generally have no voting rights except for limited voting rights if we fail to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances.

Full Prospectus PDF », COR Page »

Series:A
Redeemable?:Yes
Call Date:12/12/2017
Perpetual?:Yes
Cumulative?:Yes
Shares Offered:4,000,000
Overallotment:600,000
Liquidation Preference:$25
Recent Market Price:$25.94
Premium to Liquidation Preference:
(More Preferreds Trading at a Premium »)
$0.94 (3.76%)
Annualized Dividend:1.8125
Recent Ex-Date:9/26/2014
Current Yield:6.99%
Original Coupon:7.250%
Pay Period:Quarterly
Pay Dates:15-Jan, 15-Apr, 15-Jul, 15-Oct
CoreSite Realty is a real estate investment trust. Through its controlling interest in CoreSite, L.P., Co. is engaged in the business of owning, acquiring, constructing and managing data centers. Co.'s data centers are located in the U.S., including the New York, Northern Virginia (including Washington D.C.) and San Francisco Bay areas, Los Angeles, Chicago, Boston, Denver and Miami. Data centers are buildings that house networking, storage and communications technology infrastructure, including servers, storage devices, switches, routers and fiber optic transmission equipment. As of Dec 31 2013, Co.'s property portfolio included 16 operating data center facilities.

Preferred: COR.PRA


Open the COR Information Page »
Name:  CoreSite Realty Corp.
Website:  www.coresite.com
Sector:  REITs
Number of ETFs Holding COR:  46 (see which ones)
Total Market Value Held by ETFs:  $392,685,607
Total Market Capitalization:  $707,000,000
% of Market Cap. Held by ETFs:  55.54%

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