CoreSite Realty REIT (COR) $270mm IPO, $734mm market cap at $16 price range mid-point Scheduled for Thursday, September 23, 2010

SUMMARY

Up-REIT, which means use of IPO & proceeds used to acquire existing real estate properties

Valuations

Compared to direct REIT competitors listed in the SEC filing appears reasonably priced

REIT competitors listed in sec filing			Dividend	Price /	Price /	Market
			Yield	BookValue	TangibleBV	Cap($mm)
CoreSite Realty (COR)			3.3%	1.4	1.4	$734
Digital Realty (DLR) REIT			3.4%	2.8	3.1	$5,410
Dupont Fabros (DFT) REIT			1.8%	1.9	2.0	$1,550
Non-REIT listed competitors
Equinix (EQIX)			0.0%	2.5	5.2	$4,340
Terremark (TMRK)			0.0%	9.5	-18.0	$666
Savvis (SVVS)			0.0%	5.1	9.5	$1,040

Compared to 2010 up-REITS appears priced on the high side, relative to price to book value

	IPO	Recent	%	Price /	Price /	Market
	Price	price	change	BookValue	TangibleBV	Cap($mm)
CoreSite Realty (COR)	$16			1.4	1.4	$734
Assumes the exchange of operating partnerships units for common shares on a one-to-one basis
COMPARE & CONTRAST
2010 up REIT IPOs
Chesapeake Lodging (CHSP)	$20.00	$17.26	-14%	1.1	1.2	$159
IPO Jan 21
Excel Trust (EXL), REIT	$14.00	$11.28	-19%	0.9	1.1	$177
Retail Prop: IPO April 22
Piedmont Office REIT (PDM)	$14.50	$17.95	24%	1.1	1.2	$3,200

CASH FLOW EXPECTATIONS

COR expects redevelopment and development potential . Will enable COR to accommodate existing and future customer demand and . Positions COR to significantly increase cash flows.

DIVIDEND POLICY

. Intends to pay for the quarter ending December 31, 2010, $.13 per share for a full quarter. . On an annualized basis is $0.52 per share, or 3.3% based on price range-mid-point of $16

. COR estimates that this initial annual distribution rate will represent 78% of estimated cash available for distribution for the twelve months ending June 30, 2011 on a pro forma basis.

BUSINESS

. Co-location data centers in Los Angeles, the San Francisco Bay and Northern Virginia areas, Chicago and New York City. . Leases space to a broad and growing customer base ranging from enterprise customers to less space-intensive, more network-centric customers. . As of June 30, 2010, property portfolio included 11 operating data center facilities, one data center under construction and one development site, which collectively comprise over 2.0 million net rentable square feet, or NRSF, of which over 1.0 million NRSF is existing data center space.

HISTORY

COR’s data center acquisitions have been historically funded and held through real estate funds affiliated with The Carlyle Group, or Carlyle, a global private equity firm. The first portfolio data center was purchased in 2000 and since then COR has continued to acquire, redevelop, develop and operate these types of facilities.

COMPETITION

Competes with numerous developers, owners and operators of technology-related real estate and data centers, many of which own properties similar to COR’s in the same markets, including Digital Realty Trust, Inc., Dupont Fabros Technology, Inc., 365 Main Inc., Equinix, Inc., Terremark Worldwide, Inc., Savvis, Inc. and Telx Group, Inc.

USE OF IPO PROCEEDS

$246mm

. Purchase 5,900,000 operating partnership units from Carlyle real estate funds and affiliates that are contributing properties, for an aggregate purchase price of $87.8 million; and

. Purchase 11,000,000 operating partnership units from the operating partnership for $163.7 million, of which $94.5mm to repay debt, balance for general corporate purposes.