QTS - CoreSite: Specialists Of High Returns Amid Low Growth

• CoreSite, unlike other peers, is not expanding into foreign lands but instead growing in the mature U.S. market, albeit at a slower pace.
• The company has a distinct customer engagement model allowing for better returns.
• Debt level remains very high, but completion of the first phase of some capital-intensive projects together with a falling capEx trend point to lower leverage as from 2021.
• An understanding of the correlation between datacenter REITs and the technology sector is crucial to obtain insights into the secular trends which determine demand in the industry.

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