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Partners' Capital, Equity and Incentive Compensation Plans (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019, 2018 and 2017:


	2010 Equity Incentive Plan					2013 Equity Incentive Plan
									Weighted		Restricted
		Weighted		Weighted			Weighted		average		Stock /	Weighted			Weighted			Weighted
	Number of	average		Average fair			average		fair		Deferred	average			average			average
	Class O units	exercise price		value		Options	exercise price		value		Stock	grant price		TSR Units	grant price		FFO Units	grant price

Outstanding at January 1, 2017	1,134,811	$	24.06	$	3.62	1,058,297	$	31.72	$	6.51	414,691	$	40.67	—	$	—	—	$	—
Granted	—		—		—	468,875		50.66		10.32	228,576		49.86	—		—	—		—
Exercised/Vested ⁽¹⁾	(566,771)		24.60		2.24	(155,902)		31.89		6.60	(163,048)		40.63	—		—	—		—
Cancelled/Expired ⁽²⁾	—		—		—	(2,000)		37.69		8.77	(98,355)		39.97	—		—	—		—
Outstanding at December 31, 2017	568,040	$	23.52	$	5.00	1,369,270	$	38.18	$	7.80	381,864	$	46.37	—		—	—		—
Granted	—		—		—	674,081		34.05		5.63	348,152		35.27	—		—	—		—
Exercised/Vested ⁽¹⁾	(465,761)		23.40		4.76	(6,188)		21.50		3.68	(224,660)		46.23	—		—	—		—
Cancelled/Expired ⁽²⁾	—		—		—	—		—		—	(85,047)		43.50	—		—	—		—
Outstanding at December 31, 2018	102,279	$	24.05	$	5.67	2,037,163	$	36.86	$	7.10	420,309	$	37.83	—		—	—		—
Granted	—		—		—	135,594		42.27		7.62	274,564		42.25	86,089		54.64	86,089		42.01
Exercised/Vested ⁽¹⁾	(19,969)		20.25		4.42	(125,213)		30.80		6.21	(279,429)		39.20	—		—	—		—
Cancelled/Expired ⁽²⁾	—		—		—	(112,706)		45.86		9.43	(25,694)		42.17	(1,739)		54.64	(1,739)		42.01
Outstanding at December 31, 2019	82,310	$	24.97	$	5.97	1,934,838	$	37.11	$	7.05	389,750	$	39.67	84,350	$	54.64	84,350	$	42.01

(1)

This represents (i) Class O units which were converted to Class A units, (ii) options to purchase Class A common stock which were exercised, and (iii) 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, with respect to the applicable column.

(2)	Includes 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


	2019		2018		2017
Fair value of FFO units and restricted stock granted		$42.01 - $51.25		$34.03 - $54.01		$48.63 - $51.88
Fair value of TSR units granted		$54.64		N/A		N/A
Fair value of options granted		$7.56 - $8.28		$5.55 - $5.64		$10.11 - $10.36
Expected term (years)		5.5		5.5 - 6.0		5.5 - 5.9
Expected volatility		28%		28%		28%
Expected dividend yield		3.89% - 4.19%		4.82%		3.08%
Expected risk-free interest rates		2.33% - 2.56%		2.69% - 2.73%		2.12% - 2.18%

Summary of Information About Awards Outstanding

The following tables summarize information about awards outstanding as of December 31, 2019.


	Operating Partnership Awards Outstanding
				Weighted average
			Awards	remaining
	Exercise prices		outstanding	vesting period (years)
Class O Units	$	20.00 - 25.00	82,310	—
Total Operating Partnership awards outstanding			82,310


	QTS Realty Trust, Inc. Awards Outstanding
				Weighted average
			Awards	remaining
	Exercise prices		outstanding	vesting period (years)
Restricted stock	$	—	389,750	1.7
TSR units		—	84,350	2.0
FFO units		—	84,350	1.4
Options to purchase Class A common stock	$	21.00 - 50.66	1,934,838	0.3
Total QTS Realty Trust, Inc. awards outstanding			2,493,288

Schedule of Quarterly Cash Dividends


Year Ended December 31, 2019
				Aggregate
		Per Share and		Dividend/Distribution
Record Date	Payment Date	Per Unit Rate		Amount (in millions)
Common Stock/Units
September 19, 2019	October 4, 2019	$	0.44	$	27.3
June 25, 2019	July 9, 2019		0.44		27.3
March 20, 2019	April 4, 2019		0.44		27.3
December 21, 2018	January 8, 2019		0.41		23.7
				$	105.6

Series A Preferred Stock/Units
September 30, 2019	October 15, 2019	$	0.45	$	1.9
June 30, 2019	July 15, 2019		0.45		1.9
March 31, 2019	April 15, 2019		0.45		1.9
December 31, 2018	January 15, 2019		0.45		1.9
				$	7.6

Series B Preferred Stock/Units
September 30, 2019	October 15, 2019	$	1.63	$	5.1
June 30, 2019	July 15, 2019		1.63		5.1
March 31, 2019	April 15, 2019		1.63		5.1
December 31, 2018	January 15, 2019		1.63		5.1
				$	20.4


Year Ended December 31, 2018
				Aggregate
		Per Share and		Dividend/Distribution
Record Date	Payment Date	Per Unit Rate		Amount (in millions)
Common Stock/Units
September 20, 2018	October 4, 2018	$	0.41	$	23.7
June 20, 2018	July 6, 2018		0.41		23.7
March 22, 2018	April 5, 2018		0.41		23.7
December 5, 2017	January 5, 2018		0.39		22.2
				$	93.3

Series A Preferred Stock/Units
September 28, 2018	October 15, 2018	$	0.45	$	1.9
June 29, 2018	July 16, 2018		0.45		1.9
April 5, 2018	April 16, 2018		0.15		0.6
				$	4.4

Series B Preferred Stock/Units
September 30, 2018	October 15, 2018	$	1.99	$	6.3
				$	6.3

Summary Of Equity Issued

The following table represents a summary of our equity issuances of our Class A common stock during the year ended December 31, 2019 (in thousands):


Offering Program	Forward Shares Sold	Shares Settled			Net Proceeds Received		Remaining Expected Proceeds Available	Forward Settlement Maturity Date ⁽¹⁾
February 2019 Offering	N/A	4,000		$	159,360	$	-	N/A
February 2019 Offering	3,763	2,832	⁽²⁾		109,998		35,799	March 31, 2020
June 2019 $400 million ATM Program	2,864	-			-		142,046	Various through January 17, 2021
Total as of December 31, 2019						$	177,844

(1)	Represents the final date which shares sold under each forward agreement may be settled.

(2)	Represents the number of forward shares we elected to physically settle during the year ended December 31, 2019.