CoreSite Realty Corporation (COR - Snapshot Report) announced the expansion of Microsoft Azure ExpressRoute’s cloud connectivity to the New York data center campus of the former. The move offers the company’s New York customers reliable, high-performance connectivity solution as they can now directly connect to Microsoft Azure via the CoreSite Open Cloud Exchange.
Notably, Microsoft Azure is an enterprise-grade cloud computing platform from Microsoft (MSFT - Analyst Report) offering analytics, computing, database, mobile, networking, storage and web services.
With this latest expansion, Microsoft Azure ExpressRoute connectivity will be available to two of CoreSite’s markets. Deployment of the Azure ExpressRoute into the company’s Los Angeles data center campus occurred in 2015.
As a matter of fact, with growth in cloud computing, Internet of Things and big data, and an increasing number of companies opting for third-party IT infrastructure; data center REITs are experiencing a boom market. These REITs have pulled in their capital and scored well on the return book.
CoreSite delivers secure, reliable, high-performance, enterprise-class data centers and interconnection solutions across eight strategic North American markets and stands well to capitalize on this trend.
The network-dense, cloud-enabled New York data center campus consists of its Manhattan (NY1) and Secaucus, New Jersey (NY2) data centers, with more than 280,000 square feet of space for scalable colocation deployments.
CoreSite currently carries a Zacks Rank #3 (Hold). A better-ranked stock in the REIT industry is InfraREIT, Inc. (HIFR - Snapshot Report) , sporting a Zacks Rank #1 (Strong Buy). InfraREIT has a long-term expected growth rate of 10% against the industry average of 5.8%. You can see the complete list of today’s Zacks #1 Rank stocks here.
Also, investors can consider stocks like Mack-Cali Realty Corp. (CLI - Analyst Report) , which has been experiencing solid revisions in Q3 estimates and currently holds a Zacks Rank #2 (Buy).
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