QTS Realty Trust (QTS) Tops Q4 Revenue Estimates

Note: EPS may not be copmarable

QTS Realty Trust (NYSE: QTS) reported Q4 EPS of ($0.29), versus $0.16 reported last year. Revenue for the quarter came in at $119.91 million versus the consensus estimate of $118.23 million.

Fourth Quarter and Full Year Highlights

• Reported net loss of $16.1 million and net income of $1.5 million for the quarter and year ended December 31, 2017, respectively, a decrease compared to net income of $5.5 million and $24.7 million for the same periods of 2016. Net loss per basic and diluted share was $0.29 for the fourth quarter of 2017, compared to net income per basic and diluted share of $0.10 for the fourth quarter of 2016. Net income was $0.01 per basic and diluted share for the year ended December 31, 2017, compared to net income per basic and diluted share of $0.47 and $0.46, respectively, for the year ended 2016.
• Reported Operating FFO of $45.9 million and $156.1 million for the quarter and year ended December 31, 2017, respectively, compared to Operating FFO of $35.4 million and $140.7 million for the quarter and year ended December 31, 2016. Operating FFO for the quarter and year ended December 31, 2017 on a fully diluted per share basis was $0.79 per share and $2.76 per share, respectively, an increase of 23.4% and 5.7% compared to Operating FFO per fully diluted share in the same periods of 2016. Operating FFO in the fourth quarter of 2017 and 2016 included a non-cash deferred tax benefit of $4.4 million and $0.2 million, respectively. Operating FFO for the years ended December 31, 2017 and 2016 included a non-cash deferred tax benefit of $9.8 million and $6.4 million, respectively. The Company\'s 2017 tax benefit included $3.4 million attributable to the re-measurement of deferred tax assets (liabilities) as a result of a reduction in the U.S. corporate tax rate stemming from new tax legislation effective January 1, 2018.
• Reported FFO of $16.4 million and $125.0 million for the quarter and year ended December 31, 2017, respectively, a decrease of 52.0% and 6.2% compared to FFO of $34.2 million and $133.2 million for the same periods in 2016. FFO for the quarter and year ended December 31, 2017 on a fully diluted per share basis was $0.28 per share and $2.21 per share, respectively, a decrease of 54.8% and 10.5% compared to FFO per fully diluted share of $0.62 and $2.47 for the same periods of 2016.
• Reported Adjusted EBITDA of $57.5 million and $208.0 million for the quarter and year ended December 31, 2017, respectively, an increase of 18.8% and 12.8% compared to the same periods in 2016.
• Reported NOI of $75.0 million and $281.3 million for the quarter and year ended December 31, 2017, respectively, an increase of 11.6% and 9.5% compared to the same periods in 2016.
• Recognized total revenues of $118.9 million and $446.5 million for the quarter and year ended December 31, 2017, respectively, an increase of 12.8% and 11.0% compared to the same periods in 2016.
• Signed new and modified renewal leases aggregating to $8.7 million of incremental annualized rent, net of downgrades, during the fourth quarter of 2017. Subsequent to December 31, 2017, the Company signed a lease to refill the previously vacated space in one of its leased facilities in Northern Virginia. Had the lease closed in the fourth quarter of 2017, as previously expected, fourth quarter 2017 net leasing would have exceeded $14 million.

GUIDANCE:

QTS Realty Trust sees FY2018 revenue of $408-422 million.

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

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