Qualitytech, Lp 10-Q Quarterly Report November 2019

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Nov. 06, 2019
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2019
Entity File Number	001-36109
Entity Registrant Name	QTS Realty Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-2809094
Entity Address, Address Line One	12851 Foster Street
Entity Address, City or Town	Overland Park
Entity Address, State or Province	KS
Entity Address, Postal Zip Code	66213
City Area Code	913
Local Phone Number	312-5503
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001577368
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, $0.01 par value
Trading Symbol	QTS
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		58,106,133
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		128,408
Series A Redeemable Perpetual Preferred
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.125% Series A Cumulative Redeemable Perpetual, $0.01 par value
Trading Symbol	QTS PR A
Security Exchange Name	NYSE
Series B Convertible preferred stock [Member]
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, 6.50% Series B Cumulative Convertible Perpetual, $0.01 par value
Trading Symbol	QTS PR B
Security Exchange Name	NYSE
Qualitytech, LP
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2019
Entity Registrant Name	QualityTech, LP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-0707288
Entity Address, Address Line One	12851 Foster Street
Entity Address, City or Town	Overland Park
Entity Address, State or Province	KS
Entity Address, Postal Zip Code	66213
City Area Code	913
Local Phone Number	312-5503
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001561164
Amendment Flag	false

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Inside Qualitytech, Lp's 10-Q Quarterly Report:

Revenue - Product Highlight
Through the date of this report (including the sales during the three and nine months ended September 30, 2019 described above), the Company utilized the forward provisions under the ATM Program to allow for the sale of up to an aggregate of 2.8 million shares of its common stock at an average price of approximately $51 per share, representing available net proceeds upon physical settlement of approximately $139 million (subject to further adjustment as described below).

Revenue - Product Highlight
Through the date of this report (including the sales during the three and nine months ended September 30, 2019 described above), the Company utilized the forward provisions under the ATM Program to allow for the sale of up to an aggregate of 2.8 million shares of its common stock at an average price of approximately $51 per share, representing available net proceeds upon physical settlement of approximately $139 million (subject to further adjustment as described below).
Revenue - Product Highlight
During the three and nine months ended September 30, 2019, the Company utilized the forward provisions under the ATM Program to allow for the sale of up to an aggregate of 1.2 million shares of its common stock at an average price of approximately $49 per share, representing available net proceeds upon physical settlement of approximately $56 million (subject to further adjustment as described below).
Revenue - Product Highlight
During the three and nine months ended September 30, 2019, the Company utilized the forward provisions under the ATM Program to allow for the sale of up to an aggregate of 1.2 million shares of its common stock at an average net price of approximately $49 per share, representing available net proceeds upon physical settlement of approximately $56 million (subject to further adjustment as described below).
Financial - Income Highlight
61 Net Operating Income (NOI) We calculate net operating income ("NOI"), as net income (loss) (computed in accordance with GAAP), excluding: interest expense, interest income, tax expense (benefit) of taxable REIT subsidiaries, depreciation and amortization, write off of unamortized deferred financing, debt restructuring costs, gain (loss) on extinguishment of debt, transaction and integration costs, gain (loss) on sale of real estate, restructuring costs, general and administrative expenses and similar adjustments for unconsolidated entities.
Other - Other
We consider the following non-GAAP...Read more
Revenue - Product
Thereafter, the forward sale price...Read more
Financial - Earnings
EBITDAre and Adjusted EBITDA should...Read more
Other - Other
Management uses EBITDAre and Adjusted...Read more
Financial - Debt
68 As of September 30,...Read more
Other - Other
We believe that Adjusted EBITDA...Read more
Financial - Cash Flow
Offsetting these cash flow decreases...Read more
Other - Other
FFO, Operating FFO, Adjusted Operating...Read more
Other - Other
* The Company's calculations of...Read more
Financial - Expense
However, any increases in the...Read more
Financial - Debt
The Indenture contains affirmative and...Read more
Financial - Earnings
FFO, Operating FFO and Adjusted...Read more
Financial - Debt
Contractual Obligations The following table...Read more
Other - Other
In addition, our calculations of...Read more
Revenue - Product
Management uses MRR and recognized...Read more
Revenue - Product
Separately, we calculate recognized MRR...Read more
Other - Other
Due to the volatility and...Read more
Other - Other
MRR and recognized MRR should...Read more
Revenue - Product
The gain on sale of...Read more
Other - Other
Corporate fixed assets primarily relate...Read more
Revenue - Product
When combined with the approximately...Read more
Revenue - Product
When combined with the approximately...Read more
M & A - Other
These were offset by an...Read more
Other - Other
Accordingly, our MRR and recognized...Read more
Financial - Income
Other income (expense) represents the...Read more
Financial - Income
Other income (expense) represents the...Read more
Financial - Dividend
? On October 15, 2019,...Read more
Financial - Dividend
? On October 15, 2019,...Read more
Other - Other
The decrease was due primarily...Read more
Revenue - Geography
As of September 30, 2019,...Read more
Financial - Shares
During September 30, 2019, we...Read more
Other - Other
We used the net proceeds...Read more
Other - Other
We used the net proceeds...Read more
Financial - Shares
We received net proceeds of...Read more
Revenue - Product
(3) Annualized revenue represents the...Read more
Financial - Expense
Management uses EBITDAre as a...Read more
Financial - Expense
The decrease of $0.1 million,...Read more
Financial - Expense
Moreover, to the extent that...Read more
Financial - Expense
We generally calculate Adjusted EBITDA...Read more
Financial - Shares
Under the joint venture agreement,...Read more
Other - Other
However, under some circumstances, we...Read more
Revenue - Product
60 Monthly Recurring Revenue (MRR)...Read more
Financial - Earnings
58 FFO, Operating FFO and...Read more
Other - Other
At the closing, we received...Read more
Other - Other
At the closing, we received...Read more
Financial - Expense
General and administrative expenses were...Read more
Financial - Expense
General and administrative expenses were...Read more
Other - Other
Accordingly, our EBITDAre and Adjusted...Read more
Financial - Shares
In June 2019, we established...Read more
Other - Other
Other companies may not calculate...Read more
Financial - Expense
The increase of $0.3 million,...Read more
Other - Other
We believe the presentation of...Read more
Other - Other
Due to the volatility and...Read more
Financial - Cash Flow
Cash flow used for investing...Read more
Financial - Cash Flow
Cash flow provided by financing...Read more
Financial - Earnings
A reconciliation of net income...Read more
Financial - Expense
The tax expense of our...Read more
Financial - Expense
Tax expense of our taxable...Read more
Revenue - Product
Offsetting these increases were revenue...Read more
Revenue - Product
Offsetting these increases were revenue...Read more
Revenue - Product
MRR and recognized MRR should...Read more
Other - Other
Other companies may not calculate...Read more
Financial - Expense
Offsetting these increases were expense...Read more
Financial - Cash Flow
We expect to meet our...Read more
Financial - Shares
During September 2019, we settled...Read more
Other - Other
We used these proceeds to...Read more
Other - Other
Of the total 1.2 million...Read more
Other - Other
Across our broad footprint of...Read more
M & A - Other
The availability under the new...Read more
Financial - Shares
64 Equity Capital On March...Read more
Revenue - Product
A reconciliation of total GAAP...Read more
Other - Other
Our calculation of FFO may...Read more
Financial - Expense
Tax Expense (Benefit) of Taxable...Read more
Financial - Expense
Tax Expense (Benefit) of Taxable...Read more
Other - Other
We do not, nor do...Read more
Financial - Expense
Substantially all of our long-term...Read more
Financial - Expense
If we borrow to fund...Read more
Financial - Cash Flow
However, because FFO, Operating FFO...Read more
Financial - Earnings
These non-GAAP financial measures should...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Qualitytech, Lp provided additional information to their SEC Filing as exhibits

Exhibit 4.7: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 4.8: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 4.9: Instruments Defining The Rights Of Security Holders, Including Indentures

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.3: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.4: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

CIK: 1561164
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-19-010654
Submitted to the SEC: Fri Nov 08 2019 4:11:05 PM EST
Accepted by the SEC: Tue Nov 12 2019
Period: Monday, September 30, 2019
Industry: Real Estate Investment Trusts