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Noncontrolling Interests Operating Partnership
9 Months Ended
Sep. 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. Since the first anniversary of the IPO, the current holders of Operating Partnership units have been 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 September 30, 2011.
The following table shows the ownership interest in the Operating Partnership as of September 30, 2011:
                 
    September 30, 2011  
    Number of Units     Percentage of Total  
The Company
    19,513,171       42.7 %
Noncontrolling interests consist of:
               
Common units held by third parties
    26,165,000       57.2 %
Incentive units held by employees
    69,692       0.1 %
 
           
Total
    45,747,863       100.0 %
 
           
For each share of common stock issued, the Operating Partnership issues an equivalent Operating Partnership unit to the Company. During the nine months ended September 30, 2011, the Company issued 54,566 shares of common stock related to employee compensation arrangements and therefore an equivalent number of Operating Partnership units were issued. Additionally, during the nine months ended September 30, 2011, 8,627 Operating Partnership units were issued to employees upon their vesting in the incentive unit awards. The redemption value of the noncontrolling interests at September 30, 2011 was $376.5 million based on the closing price of the Company’s stock of $14.35 on that date.