QTS Realty Trust (QTS) Misses Q3 EPS by 4c, Revenues Beat

QTS Realty Trust (NYSE: QTS) reported Q3 EPS of ($0.07), $0.04 worse than the analyst estimate of ($0.03). Revenue for the quarter came in at $137.54 million versus the consensus estimate of $136.93 million.

Additional Third Quarter Highlights

• Recognized total consolidated revenues of $137.5 million for the quarter ended September 30, 2020, an increase of 9.8% 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 $2.0 million and $1.2 million for the quarters ended September 30, 2020 and 2019, respectively.
• Reported Adjusted EBITDA of $76.0 million for the quarter ended September 30, 2020, an increase of 20.6% compared to Adjusted EBITDA of $63.0 million for the same period in 2019.
• Reported Operating FFO available to common stockholders and OP unit holders of $49.7 million for the quarter ended September 30, 2020, an increase of 21.1% compared to Operating FFO available to common stockholders and OP unit holders of $41.0 million for the same period in 2019.
• Reported Operating FFO per fully diluted share of $0.70 for the quarter ended September 30, 2020, an increase of 7.7% compared to Operating FFO per fully diluted share of $0.65 in the same period of 2019.
• Signed new and modified renewal leases during the third quarter of 2020 aggregating to $26.0 million of incremental annualized rent, net of downgrades.
• Reported a Company record high annualized booked-not-billed monthly recurring revenue ("MRR") balance of $130.6 million as of September 30, 2020 compared to $111.2 million as of June 30, 2020.
• Through incremental sales of common stock sold on a forward basis as of the date of this report, the Company had access to approximately $456.3 million of undrawn net proceeds from forward sales.

"Strong execution of our business plan during the third quarter resulted in one of the highest leasing quarters in QTS history highlighted by strong contributions across each of our target customer verticals including Hyperscale, Hybrid Colocation and Federal. QTS' differentiation continues to drive increased win rates and, combined with the material enhancements we implemented in our balance sheet and liquidity over the past twelve months, we believe our business is positioned for sustainable growth and performance," said Chad Williams, Chairman and CEO of QTS.

Williams added, "With continued strength and diversification in our leasing activity and development plan, we are focused on closing out 2020 with consistent financial performance."

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

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