CoreSite Announces Successful Achievement of Its Virginia Sales Tax Exemption Program Performance Targets
November 08 2017 - 7:00AM
Business Wire
CoreSite Realty Corporation (NYSE:COR), a premier provider of
secure, reliable, high-performance data center and interconnection
solutions across the U.S., today announced that CoreSite and its
customers in Northern Virginia successfully achieved the
performance targets set forth by the Virginia General Assembly to
qualify for the Virginia Data Center Retail Sales & Use Tax
Exemption program. CoreSite is the first, and only, data center
provider to qualify in Fairfax County.
The criteria to qualify for the Retail Sales & Use Tax
Exemption program required that from June 1, 2009 through June 1,
2017 CoreSite – and its participating customers – demonstrate the
creation of 50 net new Fairfax County jobs earning at least one and
one-half times the prevailing local average wage, and a minimum
$150 million of capital investment. CoreSite and its participating
customers at its Reston, Virginia data center campus invested over
$417 million at its VA1 and VA2 data centers, which is more than
2.5 times greater than the $150 million performance target. In
addition, CoreSite and its customers added 73 qualifying jobs at
its Reston campus, well above the performance target.
“I am delighted to see CoreSite making significant investments
in Fairfax County that create jobs, boost the local tax base and
support our technology-based economy,” said Gerald L. Gordon,
Ph.D., president and CEO of the Fairfax County Economic Development
Authority. “This kind of investment also represents an increased
diversification of the county economy.”
All of CoreSite’s customers at its VA1 and VA2 facilities
benefit from the sales tax exemption, which is applicable to all IT
equipment deployed at the data center. As CoreSite expands its data
center footprint in Reston, Virginia, with the ongoing expansion of
its campus and construction of its VA3 facility, new and existing
CoreSite customers can continue to participate in the Retail Sales
& Use Tax Exemption program through June 30, 2035.
“We are very proud to have achieved the targets administered by
the Virginia Economic Development Partnership. Our commitment to
the program enables our participating customers to benefit from a
reduced total cost of ownership at our Reston campus,” said Juan
Font, Vice President, General Management at CoreSite. “We are
pleased to be able to offer this differentiated benefit to current
and prospective customers as we continue to expand our presence in
Fairfax County with the current development of our VA3 facility and
additional future data center facilities.”
About CoreSite
CoreSite Realty Corporation (NYSE:COR) delivers secure,
reliable, high-performance data center and interconnection
solutions to a growing customer community across eight key North
American markets. More than 1,200 of the world’s leading
enterprises, network operators, cloud providers, and supporting
service providers choose CoreSite to connect, protect and optimize
their performance-sensitive data, applications and computing
workloads. Our scalable, flexible solutions and 430+ dedicated
employees consistently deliver unmatched data center options — all
of which leads to a best-in-class customer experience and lasting
relationships. For more information, visit CoreSite.com.
Forward Looking Statements
This press release may contain forward-looking statements within
the meaning of the federal securities laws. Forward-looking
statements relate to expectations, beliefs, projections, future
plans and strategies, anticipated events or trends and similar
expressions concerning matters that are not historical facts. In
some cases, you can identify forward-looking statements by the use
of forward-looking terminology such as "believes," "expects,"
"may," "will," "should," "seeks," "approximately," "intends,"
"plans," "pro forma," "estimates" or "anticipates" or the negative
of these words and phrases or similar words or phrases that are
predictions of or indicate future events or trends and that do not
relate solely to historical matters. Forward-looking statements
involve known and unknown risks, uncertainties, assumptions and
contingencies, many of which are beyond CoreSite's control, that
may cause actual results to differ significantly from those
expressed in any forward-looking statement. These risks include,
without limitation: the geographic concentration of CoreSite's data
centers in certain markets and any adverse developments in local
economic conditions or the demand for data center space in these
markets; fluctuations in interest rates and increased operating
costs; difficulties in identifying properties to acquire and
completing acquisitions; significant industry competition;
CoreSite's failure to obtain necessary outside financing;
CoreSite's failure to qualify or maintain its status as a REIT;
financial market fluctuations; changes in real estate and zoning
laws and increases in real property tax rates; and other factors
affecting the real estate industry generally. All forward-looking
statements reflect CoreSite's good faith beliefs, assumptions and
expectations, but they are not guarantees of future performance.
Furthermore, CoreSite disclaims any obligation to publicly update
or revise any forward-looking statement to reflect changes in
underlying assumptions or factors, of new information, data or
methods, future events or other changes. For a further discussion
of these and other factors that could cause CoreSite's future
results to differ materially from any forward-looking statements,
see the section entitled "Risk Factors" in CoreSite's most recent
annual report on Form 10-K, and other risks described in documents
subsequently filed by CoreSite from time to time with the
Securities and Exchange Commission.
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version on businesswire.com: http://www.businesswire.com/news/home/20171108005079/en/
CoreSiteGreer Aviv, 303-405-1012Vice President of
Investor Relations and Corporate
CommunicationsGreer.Aviv@CoreSite.com
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