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Partners' Capital, Equity and Incentive Compensation Plans (Tables)
 12 Months Ended
Dec. 31, 2015
Partners' Capital, Equity and Incentive Compensation Plans [Abstract]  
Summary of Award Activity Under 2010 Equity Incentive Plan and 2013 Equity Incentive Plan and Related Information




The following is a summary of award activity under the 2010 Equity Incentive Plan and 2013 Equity Incentive Plan and related information for the years ended December 31, 2015, 2014 and 2013:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2010 Equity Incentive Plan

 

2013 Equity Incentive Plan

 

Number of Class O units 

 

Weighted average exercise price 

 

Weighted average fair     value 

 

Number of Class RS units 

 

Weighted average grant date value

 

Options 

 

Weighted average exercise price 

 

Weighted average fair     value 

 

Restricted Stock 

 

Weighted average grant date value

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at January 1, 2013

 1,471,943 

 

 $23.09 

 

 $2.84 

 

 178,750 

 

 $24.20 

 

—  

 

$ —  

 

$ —  

 

—  

 

$ —  

Granted

 224,244 

 

 25.00 

 

 10.62 

 

—  

 

—  

 

 370,410 

 

 21.00 

 

 3.50 

 

 108,629 

 

 21.00 

Exercised

—  

 

—  

 

—  

 

—  

 

—  

 

—  

 

—  

 

—  

 

—  

 

—  

Released from restriction

—  

 

—  

 

—  

 

 (5,000)

 

 20.00 

 

—  

 

—  

 

—  

 

—  

 

—  

Cancelled/Expired

 (73,440)

 

—  

 

 5.31 

 

—  

 

—  

 

 (2,500)

 

—  

 

 3.52 

 

—  

 

—  

Outstanding at December 31, 2013

 1,622,747 

 

 $23.44 

 

 $3.84 

 

 173,750 

 

 $24.31 

 

 367,910 

 

 $21.00 

 

 $3.50 

 

 108,629 

 

 $21.00 

Granted

—  

 

—  

 

—  

 

—  

 

—  

 

 238,039 

 

 25.59 

 

 4.96 

 

 172,102 

 

 32.66 

Exercised/Vested

 (15,750)

 

 20.71 

 

 4.75 

 

—  

 

—  

 

 (3,000)

 

 21.00 

 

 3.52 

 

 (25,786)

 

 21.00 

Released from restriction (1)

—  

 

—  

 

—  

 

 (99,125)

 

 24.94 

 

—  

 

—  

 

—  

 

—  

 

—  

Cancelled/Expired

 (88,280)

 

 23.01 

 

 5.23 

 

—  

 

—  

 

 (18,000)

 

 21.00 

 

 3.52 

 

 (8,160)

 

 21.00 

Outstanding at December 31, 2014

 1,518,717 

 

 $23.49 

 

 $3.75 

 

 74,625 

 

 $23.49 

 

 584,949 

 

 $22.87 

 

 $4.10 

 

 246,785 

 

 $29.13 

    Granted

—  

 

—  

 

—  

 

—  

 

—  

 

 317,497 

 

 36.16 

 

 8.03 

 

 230,271 

 

 36.71 

    Exercised/Vested (2)

 (222,499)

 

 22.02 

 

 4.18 

 

—  

 

—  

 

 (23,157)

 

 21.30 

 

 3.63 

 

 (54,400)

 

 28.37 

    Released from restriction (1)

—  

 

—  

 

—  

 

 (34,750)

 

 25.00 

 

—  

 

—  

 

—  

 

—  

 

—  

    Cancelled/Expired (3)

 (3,319)

 

 20.00 

 

 3.92 

 

—  

 

—  

 

 (11,407)

 

 21.00 

 

 3.52 

 

 (27,748)

 

 28.33 

Outstanding at December 31, 2015

 1,292,899 

 

 $23.76 

 

 $3.68 

 

 39,875 

 

 $22.18 

 

 867,882 

 

 $27.80 

 

 $5.56 

 

 394,908 

 

 $33.82 

 

(1)

This represents Class RS units that upon vesting have converted to Operating Partnership units.

(2)

This represents the Class A common stock that has been released from restriction and which was not surrendered by the holder to satisfy their statutory minimum federal and state tax obligations associated with the vesting of restricted common stock.

(3)

Includes 26,298 of restricted Class A common stock surrendered by certain employees to satisfy their statutory minimum federal and state tax obligations associated with the vesting of restricted common stock.  
Summary of Assumptions and Fair Values for Restricted Stock and Options to Purchase Shares of Class A Common Stock Granted

The assumptions and fair values for Class O units, restricted stock and options to purchase shares of Class A common stock granted for the years ended December 31, 2015, 2014 and 2013 are included in the following table on a per unit basis. Class O units and options to purchase shares of Class A common stock were valued using the Black-Scholes model.

 

 

 

 

 

 

 

 

 

 

 

 

 

2015

 

2014

 

2013

Fair value of Class O Units granted

 

 

$                      -

 

$                    -

 

$10.26-$10.92

Fair value of restricted stock granted

 

 

$35.81-$37.69

 

$25.51-$35.51

 

$                21.00

Fair value of options granted

 

 

$8.00-$8.77

 

$4.94-$5.98

 

$3.45-$3.52

Expected term (years)

 

 

5.5-6.1 

 

5.5-6.1 

 

5.5-7.0

Expected volatility

 

 

 33% 

 

 33% 

 

32%-40%

Expected dividend yield

 

 

3.40-3.57%

 

4.02-4.55%

 

 5.5% 

Expected risk-free interest rates

 

 

1.67-1.94%

 

1.7-1.9%

 

1.4%-1.8%

 

Summary of Information About Awards Outstanding

The following tables summarize information about awards outstanding as of December 31, 2015.

 

 

 

 

 

 

 

 

 

 

 

Operating Partnership Awards Outstanding

 

Exercise prices 

 

Awards outstanding 

 

Weighted average remaining vesting period (years) 

Class RS Units

$

 -

 

 39,875 

 

0

Class O Units

$

20.00-25.00

 

 1,292,899 

 

1

Total Operating Partnership awards outstanding

 

 

 

 1,332,774 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

QTS Realty Trust, Inc. Awards Outstanding

 

Exercise prices 

 

Awards outstanding 

 

Weighted average remaining vesting period (years) 

Restricted stock

$

 -

 

 394,908 

 

3

Options to purchase Class A common stock

$

21.00-37.69

 

 867,882 

 

1

Total QTS Realty Trust, Inc. awards outstanding

 

 

 

 1,262,790 

 

 

 

 

 

 

 

 

 

 

Schedule of Quarterly Cash Dividends

The following tables present quarterly cash dividends and distributions paid to QTS’ common stockholders and the Operating Partnership’s unit holders for the years ended December 31, 2015 and 2014:

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2015

Record Date

 

Payment Date

 

Per Common Share and Per Unit Rate

 

Aggregate Dividend/Distribution Amount (in millions)

September 18, 2015

 

October 6, 2015

 

$

 0.32 

 

$

 15.3 

June 19, 2015

 

July 8, 2015

 

 

 0.32 

 

 

 15.3 

March 20, 2015

 

April 7, 2015

 

 

 0.32 

 

 

 13.4 

December 19, 2014

 

January 7, 2015

 

 

 0.29 

 

 

 10.7 

 

 

 

 

$

 1.25 

 

$

 54.7 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2014

Record Date

 

Payment Date

 

Per Common Share and Per Unit Rate

 

Aggregate Dividend/Distribution Amount (in millions)

September 19, 2014

 

October 7, 2014

 

$

 0.29 

 

$

 10.5 

June 20, 2014

 

July 8, 2014

 

 

 0.29 

 

 

 10.9 

March 20, 2014

 

April 8, 2014

 

 

 0.29 

 

 

 10.8 

December 20, 2013

 

January 7, 2014

 

 

 0.24 

*

 

 9.0 

 

 

 

 

$

 1.11 

 

$

 41.2 

*

The per common share and per unit rate is prorated.  It covers the period beginning October 15, 2013 (the closing date of the IPO) through December 31, 2013 and is based on a full quarter distribution of $0.29 per common share and per unit.