Noncontrolling Interests - Operating Partnership

6 Months Ended

Jun. 30, 2011

Noncontrolling Interests - Operating Partnership [Abstract]

Noncontrolling Interests - Operating Partnership

7. Noncontrolling Interests — Operating Partnership

Noncontrolling interests represent the limited partnership interests in the Operating Partnership held by individuals and entities other than CoreSite Realty Corporation. Commencing on the first anniversary of the IPO, the current holders of Operating Partnership units will be eligible to have the OP units redeemed for cash or, at our option, exchangeable into our common stock on a one-for-one basis. We have evaluated whether we control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the share settlement of the Operating Partnership units. Based on the results of this analysis, we concluded that the Operating Partnership units met the criteria to be classified within equity at June 30, 2011.

The following table shows the ownership interest in the Operating Partnership as of June 30, 2011:


	June 30, 2011
	Number of Units		Percentage of Total
The Company		19,473,533		42.6	%
Noncontrolling interests consist of:
Common units held by third parties		26,165,000		57.3	%
Incentive units held by employees		61,065		0.1	%

Total		45,699,598		100.0	%

For each share of common stock issued, the Operating Partnership issues an equivalent Operating Partnership unit to the Company. During the six months ended June 30, 2011, the Company issued 14,928 shares of common stock related to employee compensation arrangements and therefore an equivalent number of Operating Partnership units were issued. The redemption value of the noncontrolling interests at June 30, 2011 was $430.1 million based on the closing price of the Company’s stock of $16.40 on that date.

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

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