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

3 Months Ended

Mar. 31, 2020

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

	2010 Equity Incentive Plan					2013 Equity Incentive Plan
				Weighted					Weighted		Restricted	Weighted			Weighted			Weighted
		Weighted		average			Weighted		average		Stock /	average			average			average
	Number of	average		fair			average		fair		Deferred	fair value			fair value			fair value
	Class O units	exercise price		value		Options	exercise price		value		Stock	at grant date		TSR Units	at grant date		FFO Units	at grant date
Outstanding at December 31, 2019	82,310	$	25.00	$	5.97	1,934,838	$	37.11	$	7.05	389,750	$	39.67	84,350	$	54.64	84,350	$	42.01
Granted	—		—		—	99,872		56.84		9.35	263,041		56.85	84,202		79.18	84,202		56.84
Exercised/Vested (1)	(1,875)		25.00		10.26	(24,664)		32.74		6.14	(127,165)		40.83	—		—	—		—
Cancelled/Expired	—		—		—	—		—		—	(3,739)		46.83	—		—	—		—
Outstanding at March 31, 2020	80,435	$	25.00	$	5.87	2,010,046	$	38.14	$	7.18	521,887	$	48.00	168,552	$	66.90	168,552	$	49.42

(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.

Summary of Assumptions and Fair Values for Restricted Stock and Options to Purchase Shares of Class A Common Stock Granted

	Three Months Ended March 31, 2020
Fair value of FFO units and restricted stock granted	$56.84 - $57.28
Fair value of TSR units granted	$79.18
Fair value of options granted	$9.35
Expected term (years)	5.5
Expected volatility	27%
Expected dividend yield	3.31%
Expected risk-free interest rates	0.61%

Summary of Information About Awards Outstanding

The following tables summarize information about awards outstanding as of March 31, 2020 (unaudited).

	Operating Partnership Awards Outstanding
				Weighted average
			Awards	remaining
	Exercise prices		outstanding	vesting period (years)
Class O Units	$	25.00	80,435	—
Total Operating Partnership awards outstanding			80,435

	QTS Realty Trust, Inc. Awards Outstanding
				Weighted average
			Awards	remaining
	Exercise prices		outstanding	vesting period (years)
Restricted stock	$	—	521,887	1.1
TSR units		—	168,552	1.2
FFO units		—	168,552	0.9
Options to purchase Class A common stock	$	21.00 - 56.84	2,010,046	0.4
Total QTS Realty Trust, Inc. awards outstanding			2,869,037

Schedule of Quarterly Cash Dividends

The following tables present quarterly cash dividends and distributions paid to QTS’ common and preferred stockholders and the Operating Partnership’s unit holders for the three months ended March 31, 2020 and 2019 (unaudited):

Three Months Ended March 31, 2020
				Aggregate
		Per Share and		Dividend/Distribution
Record Date	Payment Date	Per Unit Rate		Amount (in millions)
Common Stock/Units
December 20, 2019	January 7, 2020	$	0.44	$	28.6
				$	28.6
Series A Preferred Stock/Units
December 31, 2019	January 15, 2020	$	0.45	$	1.9
				$	1.9
Series B Preferred Stock/Units
December 31, 2019	January 15, 2020	$	1.63	$	5.1
				$	5.1

Three Months Ended March 31, 2019
				Aggregate
		Per Share and		Dividend/Distribution
Record Date	Payment Date	Per Unit Rate		Amount (in millions)
Common Stock/Units
December 21, 2018	January 8, 2019	$	0.41	$	23.7
				$	23.7
Series A Preferred Stock/Units
December 31, 2018	January 15, 2019	$	0.45	$	1.9
				$	1.9
Series B Preferred Stock/Units
December 31, 2018	January 15, 2019	$	1.63	$	5.1
				$	5.1

Summary Of Equity Issued

The following table represents a summary of equity issuances of our Class A common stock for the period ended March 31, 2020 (in thousands):

Offering Program	Forward Shares Sold/(Settled)			Net Proceeds Received		Remaining Expected Proceeds Available
Total as of December 31, 2019	3,795				$	177,845
February 2019 Offering - Settlement	(931)	(1)	$	35,841		(35,841)
ATM Program - Settlements	(1,000)	(1)		47,490		(47,490)
ATM Program - Sales	3,917			-		209,934
Total as of March 31, 2020	5,781		$	83,331	$	304,448

(1) Represents the number of forward shares we elected to physically settle during the three months ending March 31, 2020.