Tuesday, December 21, 2010

CoreSite Declares Dividend, Yield Just Under 4%

by David Gross

CoreSite declared a dividend of 13 cents this week, giving the company an annualized yield just under 4% based on today's closing price of $13.60.  The stock has risen nearly ten percent since yesterday morning when the dividend was announced.   Nonetheless, it remains below the $16 level at which it IPO'd a couple months ago. 

Overall, the last few weeks have been rough for data center REITs.  In addition to CoreSite struggling to get back to its IPO price, Digital Realty is down over 4% over the last month, and DuPont Fabros is down over 7%.   DLR's yield is up to 4.33% as a result of its weak performance during autumn.    It began the season over $61, and is down to $48.94 as we head into winter.

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