DENVER, CO—CoreSite Realty recently reported a solid quarter, with leasing volumes above long-term averages and leasing spreads remaining in positive territory. Management maintained 2014 FFO guidance, which implies that COR will record its third consecutive year of double-digit FFO/sh growth.

Trading at a 9.2% implied cap rate, that research firm MLV & Co. believe COR’s stock is well below its true value given the in-fill nature of its well-connected portfolio and the significant upside potential from the development pipeline. “We estimate that COR is trading 15% below NAV but believes the company should trade at a premium to NAV given its growth potential and the value of its platform. We maintain our $38 price target and BUY rating,” says the firm.

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