CoreSite's Q2 Leasing Surges Drive 2026 Outlook to 15% Revenue Growth

How CoreSite’s Q2 record leasing performance fed into the raised 2026 outlook

1) What “record Q2 leasing” meant operationally (the causal link)

Management explicitly tied CoreSite’s outperformance to broad-based demand and leasing momentum in Q2. In the quarter, they said CoreSite delivered “another record quarter” of leasing performance driven by strong sales across traditional and retail customers, including hybrid multi-cloud installation and AI use cases, plus strong mark-to-market trends and an inflection in interconnection activity. ¹ They also emphasized that the performance was reinforcing conviction that 2026 could be another record year for the business. ²

They further described the demand as not just expanding, but “an evolution” in customer architecture—CoreSite campuses becoming “critical destinations for AI traffic and data exchange,” and citing deployment breadth (e.g., “9 of the top 10 AI companies” and “3 of the top 5 Neo clouds” in facilities). ² This matters for revenue because leasing at CoreSite is increasingly linked to growth in interconnection/traffic needs, not only traditional colocation. ²

2) How that translated into the raised 2026 data center property revenue growth outlook (~15%)

The raised 2026 data center property revenue growth rate is directly stated in the outlook section they provided. They said they reiterate “data center growth of approximately 15% year-over-year,” and that this represents an acceleration versus the prior outlook of 13%. ³

They also disclosed what changed in the outlook that supports that acceleration: the increase was described as being driven by approximately $25 million of data center outperformance (with the remainder from FX and other items). ³ Importantly, they framed the underlying operating trends as consistent with prior assumptions, meaning the Q2 strength was not presented as a one-off—rather, it updated the forecast via the data center outperformance component. ³

Finally, the Q2 bridge connects to the forecasting logic: for Q2, they reported “data center cash revenue growth of approximately 12%,” and they also said adjusted EBITDA grew materially (with margin effects discussed separately). ⁴ That Q2 cash revenue growth rate is consistent with the direction needed to support an upgraded full-year data center growth rate to ~15%. ⁴³

3) How CoreSite leasing strength supported adjusted EBITDA outperformance

The raised adjusted EBITDA outlook was also quantified and attributed partly to data center results. They said they are raising adjusted EBITDA guidance by $45 million at the midpoint (about a 1% increase to prior outlook), and that the increase was driven by approximately $30 million of data center outperformance plus FX tailwinds and onetime benefits, partially offset by divestiture-related items and noncash impacts. ³

That provides the direct translation from leasing performance to earnings power in two steps:

1. Q2 leasing performance supported higher data center growth/outperformance—reflected in Q2 data center cash revenue growth of ~12% and the narrative of “another record quarter” reinforcing momentum. ¹⁴
2. That incremental data center contribution then shows up in the forecast as $25 million of data center outperformance in property revenue guidance and $30 million of data center outperformance in adjusted EBITDA guidance. ³

4) What “adjusted EBITDA outperformance” looked like in the quarter (context)

In Q2 itself, they reported adjusted EBITDA growth figures (and separated churn/timing effects). They stated adjusted EBITDA “grew over 3%” excluding net straight-line and FX impacts, and “normalized for the impact of one-time DISH churn,” adjusted EBITDA grew over 6% on a cash FX-neutral basis. ⁴ They also explained cash adjusted EBITDA margin effects and noted that excluding DISH-related churn margins expanded. ⁴

While those margin comments address consolidated results (not CoreSite-only), the outlook attribution in the full-year guidance makes the earnings linkage to data centers explicit via the “data center outperformance” component in adjusted EBITDA. ³

5) Bottom line mapping (leasing → revenue growth → EBITDA)

• Record Q2 leasing at CoreSite was described as broad-based demand with strong customer categories (traditional + retail), AI/hybrid multi-cloud installations, and improved mark-to-market and interconnection activity—creating confidence in continued 2026 strength. ¹²
• That strength translated into a raised 2026 data center property revenue growth outlook to ~15% YoY, accelerating from 13%, with the increase attributed in part to ~$25M of data center outperformance. ³
• The same data center outperformance then flowed into raised 2026 adjusted EBITDA, where the increase attribution included ~$30M of data center outperformance (along with FX and onetime items). ³

Taken together, the excerpts show a consistent story: CoreSite’s Q2 leasing momentum supported higher data center growth assumptions in 2026, and management quantified the contribution of “data center outperformance” in both the property revenue and adjusted EBITDA outlook increases. ¹²⁴³