QTS Realty Trust (QTS) Reports In-Line Q2 EPS, Revenues In-Line; Raising FY17 Operating FFO Guidance

QTS Realty Trust (NYSE: QTS) reported Q2 EPS of $0.08, in-line with the analyst estimate of $0.08. Revenue for the quarter came in at $107.87 million versus the consensus estimate of $107.94 million.

2017 Guidance

The Company is expecting 2017 year-over-year revenue growth to be at the low end of its previously provided range of 11 - 13%, due to lower than expected utility recovery revenue, which passes through directly to lower operating costs, as well as lighter leasing volume earlier in the year. However, given that utility recovery revenue correlates directly to cost savings, as well as continued cost efficiencies in the business, the Company is reaffirming its 2017 adjusted EBITDA guidance of $203.0 million to $211.0 million. In addition, the Company is raising its guidance for Operating FFO and Operating FFO per share. The Company now expects Operating FFO of $152.0 million to $158.0 million and Operating FFO per share of $2.66 to $2.78, which reflects an estimated non-cash tax benefit in excess of $4 million recognized in 2017. The Company is maintaining its guidance for expected churn at the high end of its historical average of 5-8%. The Company is maintaining its guidance for Capital Expenditures, excluding acquisitions, of approximately $325.0 million to $375.0 million.

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

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