Noncontrolling Interests - Operating Partnership

3 Months Ended

Mar. 31, 2015

Noncontrolling Interests - Operating Partnership

Noncontrolling Interests - Operating Partnership

8. 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. The current holders of common Operating Partnership units are eligible to have the common Operating Partnership units redeemed for registered or unregistered common stock on a one-for-one basis or cash, at our option.

In connection with the issuance by the Company of its 7.25% Series A Cumulative Redeemable Preferred Stock on December 12, 2012, the Operating Partnership issued 4,600,000 7.25% Series A Cumulative Redeemable Preferred Operating Partnership units to the Company. Preferred Operating Partnership units rank senior to the common Operating Partnership units held by both the Company and noncontrolling interests.

The following table shows the ownership interests in the Operating Partnership as of March 31, 2015, and December 31, 2014:

	March 31, 2015			December 31, 2014
	Number of Units	Percentage of Total		Number of Units	Percentage of Total
The Company	21,418,289	45.8	%	21,287,191	45.6	%
Noncontrolling interests	25,360,847	54.2	%	25,360,847	54.4	%
Total	46,779,136	100.0	%	46,648,038	100.0	%

For each share of common stock issued by the Company, the Operating Partnership issues an equivalent common Operating Partnership unit to the Company. During the three months ended March 31, 2015, the Company issued 131,098 shares of common stock related to employee compensation arrangements and therefore an equivalent number of common Operating Partnership units were issued to the Company by the Operating Partnership.

Holders of common Operating Partnership units of record as of March 31, 2015, received quarterly distributions of $0.42 per unit, payable in correlation with declared dividends on common stock.

The redemption value of the noncontrolling interests at March 31, 2015, was $1,234.6 million based on the closing price of the Company’s common stock of $48.68 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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