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Table of Contents
FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from___________to___________
Commission File Number 001-36109
__________________________________________________________
QTS Realty Trust, Inc.
QualityTech, LP
(Exact name of registrant as specified in its charter)
__________________________________________________________
Maryland (QTS Realty Trust, Inc.)
Delaware (QualityTech, LP)
(State or other jurisdiction of
incorporation or organization)
12851 Foster StreetOverland ParkKansas
(Address of principal executive offices)
46-2809094
27-0707288
(I.R.S. Employer
Identification No.)
66213
(Zip Code)
(Registrant’s telephone number, including area code) (913312-5503
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
__________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of each class:
Trading SymbolName of each exchange on which registered:
Class A common stock, $0.01 par valueQTSNew York Stock Exchange
Preferred Stock, 7.125% Series A Cumulative Redeemable Perpetual, $0.01 par valueQTS PR ANew York Stock Exchange
Preferred Stock, 6.50% Series B Cumulative Convertible Perpetual, $0.01 par valueQTS PR BNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
QTS Realty Trust, Inc. Yes  x     No  o
QualityTech, LP Yes  o     No  o (1)
(1)QualityTech, LP is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, but has filed all such reports during the preceding 12 months.
Indicate by check mark whether the registrant has submitted electronically every interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). 
QTS Realty Trust, Inc. Yes  x     No  o
QualityTech, LP Yes  x     No  o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
QTS Realty Trust, Inc.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
QualityTech, LP
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
QTS Realty Trust, Inc. Yes       No  x
QualityTech, LP Yes       No  x
There were 64,307,096 shares of Class A common stock, $0.01 par value per share, and 128,408 shares of Class B common stock, $0.01 par value per share, of QTS Realty Trust, Inc. outstanding on October 28, 2020.


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EXPLANATORY NOTE
This report combines the quarterly reports on Form 10-Q of QTS Realty Trust, Inc. (“QTS”), a Maryland corporation and QualityTech, LP, a Delaware limited partnership, which is our operating partnership (the “Operating Partnership”). This report also includes the financial statements of QTS and those of the Operating Partnership, although it presents only one set of combined notes for QTS’ financial statements and those of the Operating Partnership.
Substantially all of QTS’ assets are held by, and its operations are conducted through, the Operating Partnership. QTS is the sole general partner of the Operating Partnership, and, as of September 30, 2020, its only material asset consisted of its ownership of approximately 90.6% of the Operating Partnership. Management operates QTS and the Operating Partnership as one business. The management of QTS consists of the same employees as the management of the Operating Partnership. QTS does not conduct business itself, other than acting as the sole general partner of the Operating Partnership and issuing public equity from time to time. QTS has not issued or guaranteed any indebtedness. Except for net proceeds from public equity issuances by QTS, which are contributed to the Operating Partnership in exchange for units of limited partnership interest of the Operating Partnership, the Operating Partnership generates all remaining capital required by our business through its operations, the direct or indirect incurrence of indebtedness, and the issuance of partnership units. Therefore, as general partner with voting control of the Operating Partnership, QTS consolidates the Operating Partnership for financial reporting purposes.
We believe, therefore, that a combined presentation with respect to QTS and the Operating Partnership, including providing one set of notes for the financial statements of QTS and the Operating Partnership, provides the following benefits:
enhances investors’ understanding of QTS and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business;
eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure in this report applies to both QTS and the Operating Partnership; and
creates time and cost efficiencies through the preparation of one presentation instead of two separate presentations.
In addition, in light of these combined disclosures, we believe it is important for investors to understand the few differences between QTS and the Operating Partnership in the context of how QTS and the Operating Partnership operate as a consolidated company. With respect to balance sheets, the presentation of stockholders’ equity and partners’ capital are the main areas of difference between the consolidated balance sheets of QTS and those of the Operating Partnership. On the Operating Partnership’s consolidated balance sheets, partners’ capital includes preferred partnership units and common partnership units as well as accumulated other comprehensive income (loss) that are owned by or attributable to QTS and other partners. On QTS’ consolidated balance sheets, stockholders’ equity includes preferred stock, common stock, additional paid-in capital, accumulated other comprehensive income (loss) and accumulated dividends in excess of earnings. The remaining equity reflected on QTS’ consolidated balance sheet is the portion of net assets that are retained by partners other than QTS, referred to as noncontrolling interests. With respect to statements of operations, the primary difference in QTS’ Statements of Operations and Statements of Comprehensive Income (Loss) is that for net income (loss), QTS retains its proportionate share of the net income (loss) based on its ownership of the Operating Partnership, with the remaining balance being retained by the Operating Partnership.
In order to highlight the few differences between QTS and the Operating Partnership, there are sections and disclosure in this report that discuss QTS and the Operating Partnership separately, including separate financial statements, separate controls and procedures sections, separate Exhibit 31 and 32 certifications, and separate presentation of certain accompanying notes to the financial statements, including Note 9 – Partners’ Capital, Equity and Incentive Compensation Plans. In the sections that combine disclosure for QTS and the Operating Partnership, this report refers to actions or holdings as being actions or holdings of “we,” “our,” “us,” “our company” and “the Company.” Although the Operating Partnership is generally the entity that enters into contracts, holds assets and issues debt, we believe that these general references to “we,” “our,” “us,” “our company” and “the Company” in this context are appropriate because the business is one enterprise operated through the Operating Partnership.
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QTS Realty Trust, Inc.
QualityTech, LP
Form 10-Q
For the Quarterly Period Ended September 30, 2020
INDEX
Page
3

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PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
QTS REALTY TRUST, INC.
INTERIM CONSOLIDATED BALANCE SHEETS
(in thousands except share and per share data)
September 30, 2020December 31, 2019
(unaudited)
ASSETS
Real Estate Assets
Land$164,816 $130,605 
Buildings, improvements and equipment2,681,827 2,178,901 
Less: Accumulated depreciation(662,454)(558,560)
2,184,189 1,750,946 
Construction in progress957,592 920,922 
Real Estate Assets, net3,141,781 2,671,868 
Investments in unconsolidated entity22,883 30,218 
Operating lease right-of-use assets, net52,816 57,141 
Cash and cash equivalents21,998 15,653 
Rents and other receivables, net87,479 81,181 
Acquired intangibles, net71,367 81,679 
Deferred costs, net57,058 52,363 
Prepaid expenses11,281 10,586 
Goodwill173,843 173,843 
Other assets, net49,046 49,001 
TOTAL ASSETS$3,689,552 $3,223,533 
LIABILITIES
Unsecured credit facility, net$1,217,356 $1,010,640 
Senior notes, net of debt issuance costs396,121 395,549 
Finance leases and mortgage notes payable44,911 46,876 
Operating lease liabilities59,642 64,416 
Accounts payable and accrued liabilities173,793 142,547 
Dividends and distributions payable37,969 34,500 
Advance rents, security deposits and other liabilities21,833 18,027 
Derivative liabilities60,032 26,609 
Deferred income taxes637 749 
Deferred income55,422 39,169 
TOTAL LIABILITIES2,067,716 1,779,082 
EQUITY
7.125% Series A cumulative redeemable perpetual preferred stock: $0.01 par value (liquidation preference $25.00 per share),4,600,000 shares authorized, 4,280,000 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
103,212 103,212 
6.50% Series B cumulative convertible perpetual preferred stock: $0.01 par value (liquidation preference $100.00 per share), 3,162,500 shares authorized, issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
304,223 304,223 
Common stock: $0.01 par value, 450,133,000 shares authorized, 64,442,343 and 58,227,523 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively
644 582 
Additional paid-in capital1,614,508 1,330,444 
Accumulated other comprehensive income (loss)(56,480)(24,642)
Accumulated dividends in excess of earnings(457,993)(376,002)
Total stockholders’ equity1,508,114 1,337,817 
Noncontrolling interests113,722 106,634 
TOTAL EQUITY1,621,836 1,444,451 
TOTAL LIABILITIES AND EQUITY$3,689,552 $3,223,533 
See accompanying notes to financial statements.
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QTS REALTY TRUST, INC.
INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited and in thousands except share and per share data)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Revenues:
Rental$133,782 $121,475 $379,860 $345,841 
Other3,756 3,780 15,611 11,270 
Total revenues137,538 125,255 395,471 357,111 
Operating expenses:
Property operating costs43,979 44,730 125,109 117,403 
Real estate taxes and insurance4,005 3,713 12,023 10,435 
Depreciation and amortization51,378 42,875 144,002 123,144 
General and administrative22,082 19,504 64,156 59,519 
Transaction, integration, and impairment costs1,078 827 1,675 3,080 
Total operating expenses122,522 111,649 346,965 313,581 
Gain on sale of real estate, net   13,408 
Operating income15,016 13,606 48,506 56,938 
Other income and expense:
Interest income 22 2 103 
Interest expense(7,516)(6,724)(21,602)(20,329)
Other income 370 159 330 
Equity in net loss of unconsolidated entity(366)(317)(1,633)(992)
Income before taxes7,134 6,957 25,432 36,050 
Tax expense(227)(369)(196)(779)
Net income6,907 6,588 25,236 35,271 
Net (income) loss attributable to noncontrolling interests18 49 (408)(1,593)
Net income attributable to QTS Realty Trust, Inc.$6,925 $6,637 $24,828 $33,678 
Preferred stock dividends(7,045)(7,045)(21,135)(21,135)
Net income (loss) attributable to common stockholders$(120)$(408)$3,693 $12,543 
Net income (loss) per share attributable to common shares:
Basic$(0.07)$(0.05)$(0.13)$0.12 
Diluted$(0.07)$(0.05)$(0.13)$0.12 
See accompanying notes to financial statements.
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QTS REALTY TRUST, INC.
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(unaudited and in thousands)
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Net income$6,907 $6,588 $25,236 $35,271 
Other comprehensive income (loss):
Foreign currency translation adjustment gain (loss)166 (426)7 (360)
Increase (decrease) in fair value of derivative contracts5,500 (5,733)(34,856)(34,192)
Reclassification of other comprehensive income to utilities expense197  961  
Reclassification of other comprehensive income to interest expense3,352 (235)6,813 (1,200)
Comprehensive income (loss)16,122 194 (1,839)(481)
Comprehensive (income) loss attributable to noncontrolling interests(1,626)(22)183 52 
Comprehensive income (loss) attributable to QTS Realty Trust, Inc.$14,496 $172 $(1,656)$(429)
See accompanying notes to financial statements.
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QTS REALTY TRUST, INC.
INTERIM CONSOLIDATED STATEMENTS OF EQUITY
(unaudited and in thousands)
The consolidated statement of equity for the three and nine months ended September 30, 2020:
Preferred StockCommon stockAdditional
paid-in capital
Accumulated other
comprehensive
income (loss)
Accumulated
dividends in
excess of earnings
Total
stockholders'
equity
Noncontrolling
interests
Total
SharesAmountSharesAmount
Balance January 1, 20207,443 $407,435 58,228 $582 $1,330,444 $(24,642)$(376,002)$1,337,817 $106,634 $1,444,451 
Net share activity through equity award plan— — 240 3 (1,312)— — (1,309)(149)(1,458)
Decrease in fair value of derivative contracts— — — — — (33,155)— (33,155)(3,560)(36,715)
Foreign currency translation adjustments— — — — — (201)— (201)(22)(223)
Equity-based compensation expense— — — — 4,377 — — 4,377 498 4,875 
Proceeds net of fees from settlement of forward shares— — 1,930 19 78,516 — — 78,535 4,682 83,217 
Dividends declared on Series A Preferred Stock— — — — — — (1,906)(1,906)— (1,906)
Dividends declared on Series B Convertible Preferred Stock— — — — — — (5,139)(5,139)— (5,139)
Dividends declared to common stockholders— — — — — — (28,393)(28,393)— (28,393)
Dividends declared to noncontrolling interests— — — — — — —  (3,133)(3,133)
Net income— — — — — — 8,010 8,010 110 8,120 
Balance March 31, 20207,443 $407,435 60,398 $604 $1,412,025 $(57,998)$(403,430)$1,358,636 $105,060 $1,463,696 
Net share activity through equity award plan— — 1 — (1,225)— — (1,225)(135)(1,360)
Decrease in fair value of derivative contracts— — — — — (3,382)— (3,382)(259)(3,641)
Foreign currency translation adjustments— — — — — 58 — 58 6 64 
Equity-based compensation expense— — — — 5,477 — — 5,477 604 6,081 
Proceeds net of fees from settlement of forward shares— — 1,033 10 47,168 — — 47,178 3,277 50,455 
Dividends declared on Series A Preferred Stock— — — — — — (1,906)(1,906)— (1,906)
Dividends declared on Series B Convertible Preferred Stock— — — — — — (5,139)(5,139)— (5,139)
Dividends declared to common stockholders— — — — — — (28,389)(28,389)— (28,389)
Dividends declared to noncontrolling interests— — — — — — —  (3,134)(3,134)
Net income— — — — — — 9,892 9,892 317 10,209 
Balance June 30, 20207,443 $407,435 61,432 $614 $1,463,445 $(61,322)$(428,972)$1,381,200 $105,736 $1,486,936 
Net share activity through equity award plan— — 62 1 1,260 — — 1,261 136 1,397 
Increase in fair value of derivative contracts— — — — — 4,692 — 4,692 808 5,500 
Foreign currency translation adjustments— — — — — 150 — 150 16 166 
Equity-based compensation expense— — — — 7,443 — — 7,443 804 8,247 
Proceeds net of fees from settlement of forward shares— — 2,948 29 142,360 — — 142,389 9,369 151,758 
Dividends declared on Series A Preferred Stock— — — — — — (1,906)(1,906)— (1,906)
Dividends declared on Series B Convertible Preferred Stock— — — — — — (5,139)(5,139)— (5,139)
Dividends declared to common stockholders— — — — — — (28,901)(28,901)— (28,901)
Dividends declared to noncontrolling interests— — — — — — —  (3,129)(3,129)
Net income— — — — — — 6,925 6,925 (18)6,907 
Balance September 30, 20207,443 $407,435 64,442 $644 $1,614,508 $(56,480)$(457,993)$1,508,114 $113,722 $1,621,836 
See accompanying notes to financial statements.



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The consolidated statement of equity for the three and nine months ended September 30, 2019:
Preferred StockCommon stockAdditional
paid-in capital
Accumulated other
comprehensive
income (loss)
Accumulated
dividends in
excess of earnings
Total
stockholders'
equity
Noncontrolling
interests
Total
SharesAmountSharesAmount
Balance January 1, 20197,443 $407,477 51,123 $511 $1,062,473 $2,073 $(278,548)$1,193,986 $102,701 $1,296,687 
Net cumulative effect upon ASC Topic 842 adoption
— — — — — — (1,813)(1,813)— (1,813)
Net share activity through equity award plan— — 231 3 660 — — 663 78 741 
Decrease in fair value of derivative contracts— — — — — (8,775)— (8,775)(1,078)(9,853)
Equity-based compensation expense— — — — 2,928 — — 2,928 372 3,300 
Adjustment to expenses net from Series B Convertible Preferred stock offering— (42)— — — — — (42)— (42)
Proceeds net of fees from common equity offering— — 4,000 40 148,650 — — 148,690 9,973 158,663 
Dividends declared on Series A Preferred Stock— — — — — — (1,906)(1,906)— (1,906)
Dividends declared on Series B Convertible Preferred Stock— — — — — — (5,139)(5,139)— (5,139)
Dividends declared to common stockholders— — — — — — (24,371)(24,371)— (24,371)
Dividends declared to noncontrolling interests— — — — — — —  (2,935)(2,935)
Net income— — — — — — 19,558 19,558 1,590 21,148 
Balance March 31, 20197,443 $407,435 55,354 $554 $1,214,711 $(6,702)$(292,219)$1,323,779 $110,701 $1,434,480 
Net share activity through equity award plan— — 37 — 505 — — 505 (326)179 
Decrease in fair value of derivative contracts— — — — — (16,608)— (16,608)(1,998)(18,606)
Equity-based compensation expense— — — — 3,832 — — 3,832 464 4,296 
Dividends declared on Series A Preferred Stock— — — — — — (1,906)(1,906)— (1,906)
Dividends declared on Series B Convertible Preferred Stock— — — — — — (5,139)(5,139)— (5,139)
Dividends declared to common stockholders— — — — — — (24,377)(24,377)— (24,377)
Dividends declared to noncontrolling interests— — — — — — —  (2,932)(2,932)
Net income— — — — — — 7,483 7,483 52 7,535 
Balance June 30, 20197,443 $407,435 55,391 $554 $1,219,048 $(23,310)$(316,158)$1,287,569 $105,961 $1,393,530 
Net share activity through equity award plan— — 15 — 239 — 239 21