QTS Realty Trust (QTS) Tops Q1 EPS by 3c, Slight Beat on Revenue; Maintains FY17 Guidance for Operating FFO

QTS Realty Trust (NYSE: QTS) reported Q1 EPS of $0.10, $0.03 better than the analyst estimate of $0.07. Revenue for the quarter came in at $105.96 million versus the consensus estimate of $105.36 million.

2017 Guidance

The Company is maintaining its guidance for Operating FFO with a range of $151.0 million to $157.0 million, Operating FFO per share in the range of $2.64 to $2.76 per share, Adjusted EBITDA in the range of $203.0 million to $211.0 million and Capital Expenditures, excluding acquisitions, of approximately $325.0 million to $375.0 million. The Company is also maintaining its guidance for churn at the high end of its historical average of 5-8% for 2017 and continues to anticipate Adjusted EBITDA margins to be in line with 2016 Adjusted EBITDA margins.

First Quarter Highlights

• Reported net income of $5.6 million in the first quarter of 2017, a decrease of 18.8% compared to the first quarter of 2016. Net income was $0.10 per basic and diluted share for the first quarter of 2017, compared to net income per basic and diluted share of $0.14 for the first quarter of 2016.
• Reported Operating FFO of $35.4 million in the first quarter of 2017, an increase of 7.1% compared to Operating FFO of $33.1 million in the first quarter of 2016. Operating FFO in the first quarter of 2017 and 2016 included a non-cash deferred tax benefit of $1.5 million and $1.9 million, respectively. Operating FFO for the first quarter of 2017 on a fully diluted per share basis was $0.64 per share, a decrease of 6.4% compared to Operating FFO per fully diluted share in the first quarter of 2016 of $0.68.
• Reported FFO of $35.1 million in the first quarter of 2017, an increase of 10.5% compared to FFO of $31.7 million in the first quarter of 2016. On a fully diluted per share basis, FFO was $0.63 per share for the first quarter of 2017 compared to $0.65 per share in 2016, a decrease of 2.7%.
• Reported Adjusted EBITDA of $48.3 million in the first quarter of 2017, an increase of 12.3% compared to the first quarter of 2016.
• Reported NOI of $67.4 million in the first quarter of 2017, an increase of 10.0% compared to the first quarter of 2016.
• Reported total revenues of $106.0 million in the first quarter of 2017, an increase of 11.8% compared to the first quarter of 2016. Revenue from cloud and managed services increased 3.8% in the first quarter of 2017 compared to the fourth quarter of 2016, representing greater than 15% growth on an annualized basis.

For earnings history and earnings-related data on QTS Realty Trust (QTS) click here.

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