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Partners' Capital, Equity and Incentive Compensation Plans (Tables)
 9 Months Ended
Sep. 30, 2020
Equity [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 nine months ended September 30, 2020 (unaudited):
2010 Equity Incentive Plan2013 Equity Incentive Plan
Numbers of Class O unitsWeighted average exercise priceWeighted average fair valueOptionsWeighted average exercise priceWeighted average fair valueRestricted Stock / Deferred StockWeighted average fair value at grand dateTSR UnitsWeighted average fair value at grand dateFFO UnitsWeighted average fair value at grand date
Outstanding at December 31, 201982,310 $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 9.35 264,545 56.90 84,202 79.18 84,202 56.84 
Exercised/Vested (1)
(1,875)25.00 10.26 (88,022)28.68 5.24 (220,564)40.09 ————
Cancelled/Expired— — — — — — (7,669)48.88 ————
Outstanding at September 30, 202080,435 $25.00 $5.87 1,946,688 $38.50 $7.25 426,062 $49.98 168,552 $66.90 168,552 $49.42 
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(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
The assumptions and fair values for restricted stock and options to purchase shares of Class A common stock granted for the nine months ended September 30, 2020 are included in the following table on a per unit basis (unaudited). Options to purchase shares of Class A common stock were valued using the Black-Scholes model and TSR Units were valued using a Monte-Carlo simulation that leveraged similar assumptions to those used to value the Class A common stock and FFO Units.
Nine Months Ended September 30, 2020
Fair value of FFO units and restricted stock granted
$56.84 - $65.96
Fair value of TSR units granted$79.18 
Fair value of options granted$9.35 
Expected term (years)5.5
Expected volatility27 %
Expected dividend yield3.31 %
Expected risk-free interest rates0.61 %
Summary of Information About Awards Outstanding
The following tables summarize information about awards outstanding as of September 30, 2020 (unaudited).
Operating Partnership Awards Outstanding
Exercise pricesAwards outstandingWeight average remaining vesting period 
(years)
Class O Units$25.00 80,435 —
Total Operating Partnership awards outstanding
80,435 
QTS Realty Trust, Inc. Awards Outstanding
Exercise pricesAwards outstandingWeight average remaining vesting period 
(years)
Restricted stock$— 426,062 0.7
TSR units— 168,552 0.8
FFO units— 168,552 0.5
Options to purchase Class A common stock
21.00 - 56.84
1,946,688 0.2
Total QTS Realty Trust, Inc. awards outstanding2,709,854 
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 nine months ended September 30, 2020 and 2019 (unaudited):
Nine Months Ended September 30, 2020
Record DatePayment DatePer Share and
Per Unit Rate		Aggregate Dividend/Distribution Amount (in millions)
Common Stock/Units
June 19, 2020July 7, 2020$0.47 $31.5 
March 20, 2020April 7, 2020$0.47 31.5 
December 20, 2019January 7, 2020$0.44 28.6 
$91.6 
Series A Preferred Stock/Units
June 30, 2020July 15, 2020$0.45 $1.9 
March 31, 2020April 15, 2020$0.45 1.9 
December 31, 2019January 15, 2020$0.45 1.9 
$5.7 
Series B Preferred Stock/Units
June 30, 2020July 15, 2020$1.63 $5.1 
March 31, 2020April 15, 2020$1.63 5.1 
December 31, 2019January 15, 2020$1.63 5.1 
$15.3 
Nine Months Ended September 30, 2019
Record DatePayment DatePer Share and
Per Unit Rate		Aggregate Dividend/Distribution Amount (in millions)
Common Stock/Units
June 25, 2019July 9, 2019$0.44 $27.3 
March 20, 2019April 4, 2019$0.44 27.3 
December 21, 2018January 8, 2019$0.41 23.7 
$78.3 
Series A Preferred Stock/Units
June 30, 2019July 15, 2019$0.45 $1.9 
March 31, 2019April 15, 2019$0.45 1.9 
December 31, 2018January 15, 2019$0.45 1.9 
$5.7 
Series B Preferred Stock/Units
June 30, 2019July 15, 2019$1.63 $5.1 
March 31, 2019April 15, 2019$1.63 5.1 
December 31, 2018January 15, 2019$1.63 5.1 
$15.3 
Summary of Equity Issued
The following table represents a summary of equity issuances of our Class A common stock for the three months ended September 30, 2020 (in thousands):
Offering ProgramForward Shares Sold/(Settled)
Net Proceeds Available/(Received) (1)
Shares and net proceeds available as of June 30, 202010,299 $584,924 
(2)
May 2020 ATM Program - Sales114 7,348 
June 2019 Prior ATM Program - Settlements(2,948)
(3)
(151,844)
Shares and net proceeds available as of September 30, 20207,465 $440,428 
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(1)Net Proceeds Available remain subject to certain adjustments until settled.
(2)Proceeds available reported in the Form 10-Q for the period ended June 30, 2020 were $591 million. The $6 million decrease is primarily due to QTS’ declared dividends, which reduces cash expected to be received upon full physical settlement of the forward shares.
(3)Represents the number of forward shares we elected to physically settle during the period