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American Tower (AMT) Subsidiary CoreSite Expands Portfolio
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American Tower Corporation’s (AMT - Free Report) subsidiary and a leading hybrid IT solutions provider — CoreSite — recently added its ninth data center, SV9, encompassing 240,000 square feet in Santa Clara, CA. The data center is located at 2915 Stender Way.
The move is part of the company’s efforts to expand its Silicon Valley and Denver data center campuses to meet the dynamic digital infrastructure requirements of public and private cloud providers, enterprises, network and service providers.
The addition of the new purpose-built data center brings the total square feet of data center space at CoreSite’s latest Silicon Valley data center campus to 1.179 million.
The SV9 data center is set to offer 34 megawatts of IT load with a new utility substation onsite. CoreSite expects to complete the construction of SV9 by 2024, with the first phase ready to be occupied in first-quarter 2024.
Additionally, customers will be able to leverage CoreSite’s leading software-defined networking platform — Open Cloud Exchange® — which provides the superior interconnection required to reach new markets, rapidly scale on-demand, reduce total cost of operation and accelerate IT modernization.
Notably, the design and permitting process to add 3,420 square feet and 500 kilowatts of IT load has been completed in the downtown Denver (DE1) data center at 910 15th Street. As a result of the expansion of the data center, CoreSite’s Denver campus’ total square footage will increase to 37,420.
DE1 is one of the most interconnected data centers in the Denver metro region. It is an ideal destination for any performance-sensitive requirements and is a market-leading network-dense asset for connectivity needs, including native cloud on-ramps.
Per Juan Font, president and CEO, CoreSite and SVP of U.S. Tower, “With expansions in both our Silicon Valley and Denver markets, CoreSite is delivering on our long-term strategy to meet the ever-increasing data center capacity demands and interconnection requirements of our valued customers.”
It may be noted that American Tower acquired CoreSite in December 2021 for a total consideration of $10.4 billion. Through the buyout, AMT added more than 20 data center facilities and related assets in eight U.S. markets to its portfolio.
This provided American Tower the opportunity to capitalize on CoreSite's highly interconnected data center facilities and critical cloud on-ramps and bank on the robust demand from enterprises, the cloud, network and IT service providers in major U.S. markets.
Shares of the Zacks Rank #3 (Hold) stock have lost 3.5% in the past three months compared with its industry’s decline of 6.7%.
Image: Bigstock
American Tower (AMT) Subsidiary CoreSite Expands Portfolio
American Tower Corporation’s (AMT - Free Report) subsidiary and a leading hybrid IT solutions provider — CoreSite — recently added its ninth data center, SV9, encompassing 240,000 square feet in Santa Clara, CA. The data center is located at 2915 Stender Way.
The move is part of the company’s efforts to expand its Silicon Valley and Denver data center campuses to meet the dynamic digital infrastructure requirements of public and private cloud providers, enterprises, network and service providers.
The addition of the new purpose-built data center brings the total square feet of data center space at CoreSite’s latest Silicon Valley data center campus to 1.179 million.
The SV9 data center is set to offer 34 megawatts of IT load with a new utility substation onsite. CoreSite expects to complete the construction of SV9 by 2024, with the first phase ready to be occupied in first-quarter 2024.
Additionally, customers will be able to leverage CoreSite’s leading software-defined networking platform — Open Cloud Exchange® — which provides the superior interconnection required to reach new markets, rapidly scale on-demand, reduce total cost of operation and accelerate IT modernization.
Notably, the design and permitting process to add 3,420 square feet and 500 kilowatts of IT load has been completed in the downtown Denver (DE1) data center at 910 15th Street. As a result of the expansion of the data center, CoreSite’s Denver campus’ total square footage will increase to 37,420.
DE1 is one of the most interconnected data centers in the Denver metro region. It is an ideal destination for any performance-sensitive requirements and is a market-leading network-dense asset for connectivity needs, including native cloud on-ramps.
Per Juan Font, president and CEO, CoreSite and SVP of U.S. Tower, “With expansions in both our Silicon Valley and Denver markets, CoreSite is delivering on our long-term strategy to meet the ever-increasing data center capacity demands and interconnection requirements of our valued customers.”
It may be noted that American Tower acquired CoreSite in December 2021 for a total consideration of $10.4 billion. Through the buyout, AMT added more than 20 data center facilities and related assets in eight U.S. markets to its portfolio.
This provided American Tower the opportunity to capitalize on CoreSite's highly interconnected data center facilities and critical cloud on-ramps and bank on the robust demand from enterprises, the cloud, network and IT service providers in major U.S. markets.
Shares of the Zacks Rank #3 (Hold) stock have lost 3.5% in the past three months compared with its industry’s decline of 6.7%.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the REIT sector are Iron Mountain (IRM - Free Report) , Rexford Industrial Realty (REXR - Free Report) and Stag Industrial (STAG - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Iron Mountain’s 2023 funds from operations (FFO) per share is pegged at $3.96.
The Zacks Consensus Estimate for Rexford Industrial’s current-year FFO per share is pegged at $2.19.
The Zacks Consensus Estimate for Stag Industrial’s ongoing year’s FFO per share is pegged at $2.25.
Note: Anything related to earnings presented in this write-up represents FFO — a widely used metric to gauge the performance of REITs.