QTS Realty Trust (QTS) Misses Q1 EPS by 4c, Revenues Beat

QTS Realty Trust (NYSE: QTS) reported Q1 EPS of ($0.01), $0.04 worse than the analyst estimate of $0.03. Revenue for the quarter came in at $126.3 million versus the consensus estimate of $124.78 million.

Additional First Quarter Highlights

• Recognized total consolidated revenues of $126.3 million for the quarter ended March 31, 2020, an increase of 12.1% compared to the same period in 2019. Total consolidated revenues do not include QTS' pro rata share of revenue attributable to its unconsolidated joint venture of $1.5 million and $0.4 million for the quarters ended March 31, 2020 and 2019, respectively.
• Reported Adjusted EBITDA of $66.8 million for the quarter ended March 31, 2020, an increase of 13.5% compared to Adjusted EBITDA of $58.8 million for the same period in 2019.
• Reported Operating FFO available to common stockholders and OP unit holders of $43.9 million for the quarter ended March 31, 2020, an increase of 15.2% compared to Operating FFO available to common stockholders and OP unit holders of $38.2 million for the same period in 2019.
• Reported Operating FFO per fully diluted share of $0.66 for the quarter ended March 31, 2020, compared to Operating FFO per fully diluted share of $0.64 in the same period of 2019.
• Signed new and modified renewal leases during the first quarter of 2020 aggregating to $21.8 million of incremental annualized rent, net of downgrades.
• Reported a Company record high annualized booked-not-billed monthly recurring revenue ("MRR") balance of $100.9 million as of March 31, 2020 compared to $93.1 million as of December 31, 2019.
• Through incremental common stock sold on a forward basis through its "at-the-market" ("ATM") equity offering program through the date of this report, the Company currently has access to approximately $342 million of undrawn net proceeds through sales of the aforementioned forward stock. These available forward stock proceeds represent funding that is expected to be sufficient to support the Company's capital development plan for the remainder of 2020 and into 2021.

"In the midst of unprecedented disruption across the economy as a result of the COVID-19 pandemic, QTS' business has continued to execute well," said Chad Williams, Chairman and CEO of QTS.

Williams added, "Following a year of record leasing performance in 2019, we are pleased to extend our momentum with another strong performance in the first quarter. Our strategic differentiators, record booked-not-billed backlog and strong balance sheet and liquidity position QTS well to continue to drive market share growth."

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

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