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STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues:        
Rental $ 52,193 $ 41,966 $ 101,526 $ 82,545
Recoveries from customers 5,582 3,852 11,246 7,543
Cloud and managed services 8,220 4,970 14,015 9,201
Other 2,122 550 2,716 992
Total revenues 68,117 51,338 129,503 100,281
Operating Expenses:        
Property operating costs 22,031 16,529 41,367 32,752
Real estate taxes and insurance 1,474 1,118 2,959 2,336
Depreciation and amortization 18,062 13,817 34,305 27,064
General and administrative 14,615 11,473 28,453 22,251
Restructuring   1,046   1,046
Transaction and integration costs 4,669 1,089 4,774 1,153
Total operating expenses 60,851 45,072 111,858 86,602
Operating income 7,266 6,266 17,645 13,679
Other income and expenses:        
Interest income 1   1 8
Interest expense (4,799) (2,208) (10,141) (4,273)
Other (expense) income, net (83) (110) (83) (110)
Income before taxes 2,385 3,948 7,422 9,304
Tax benefit (expense) of taxable REIT subsidiaries 3,135 (27) 3,135 (55)
Net income 5,520 3,921 10,557 9,249
Net income attributable to noncontrolling interests (888) (831) (1,843) (1,961)
Net income 4,632 3,090 8,714 7,288
Unrealized gain on swap   127   232
Comprehensive income $ 4,632 $ 3,217 $ 8,714 $ 7,520
Net income per share attributable to common shares:        
Basic $ 0.13 $ 0.11 $ 0.26 $ 0.25
Diluted $ 0.12 $ 0.11 $ 0.25 $ 0.25
Weighted average common shares outstanding:        
Basic 36,668,755 29,016,774 33,996,467 29,001,374
Diluted [1] 44,444,104 37,009,746 41,867,944 36,934,210
Qualitytech, LP [Member]        
Revenues:        
Rental $ 52,193 $ 41,966 $ 101,526 $ 82,545
Recoveries from customers 5,582 3,852 11,246 7,543
Cloud and managed services 8,220 4,970 14,015 9,201
Other 2,122 550 2,716 992
Total revenues 68,117 51,338 129,503 100,281
Operating Expenses:        
Property operating costs 22,031 16,529 41,367 32,752
Real estate taxes and insurance 1,474 1,118 2,959 2,336
Depreciation and amortization 18,062 13,817 34,305 27,064
General and administrative 14,615 11,473 $ 28,453 22,251
Restructuring   1,046   1,046
Transaction and integration costs 4,669 1,089 $ 4,774 1,153
Total operating expenses 60,851 45,072 111,858 86,602
Operating income 7,266 6,266 17,645 13,679
Other income and expenses:        
Interest income 1   1 8
Interest expense (4,799) (2,208) (10,141) (4,273)
Other (expense) income, net (83) (110) (83) (110)
Income before taxes 2,385 3,948 7,422 9,304
Tax benefit (expense) of taxable REIT subsidiaries 3,135 (27) 3,135 (55)
Net income 5,520 3,921 10,557 9,249
Unrealized gain on swap   127   232
Comprehensive income $ 5,520 $ 4,048 $ 10,557 $ 9,481
[1] Includes 7,063 Class A and Class RS units, 492 "in the money" value of Class O units on an "as if" converted basis and 220 "in the money" value of options to purchase shares of Class A common stock on an "as if" converted basis as of the three months ended June 30, 2015, and 7,189 Class A and Class RS units, 464 "in the money" value of Class O units on an "as if" converted basis and 218 "in the money" value of options to purchase shares of Class A common stock on an "as if" converted basis as of the six months ended June 30, 2015. As of the three months ended June 30, 2014, this amount included 7,797 Class A and Class RS units, 89 "in the money" value of Class O units on as "as if" converted basis and 107 "in the money" value options to purchase shares of Class A common stock on an "as if" converted basis, and as of the six months ended June 30, 2014, this amount included 7,797 Class A and Class RS units, 57 "in the money" value of Class O units on an "as if" converted basis and 79 "in the money" value options to purchase shares of Class A common stock on as "as if" converted basis.