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

3 Months Ended

Mar. 31, 2021

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 three months ended March 31, 2021 (unaudited):


	2010 Equity Incentive Plan					2013 Equity Incentive Plan
	Numbers of Class O units	Weighted average exercise price		Weighted average fair value		Options	Weighted average exercise price		Weighted average fair value		Restricted Stock / Deferred Stock	Weighted average fair value at grant date		TSR Units	Weighted average fair value at grant date		FFO Units	Weighted average fair value at grant date
Outstanding at December 31, 2020	75,435	$	25.00	$	6.11	1,936,407	$	38.55	$	7.26	416,496	$	52.20	168,552	$	66.90	132,267	$	51.45
Granted	—	—		—		96,366	59.06		10.53		270,464	59.07		105,402	64.72		105,402	59.06
Exercised/Vested (1)	—	—		—		(51,220)	38.63		7.91		(123,438)	54.57		—	—		—	—
Cancelled/Expired	—	—		—		—	—		—		(3,716)	57.24		—	—		—	—
Outstanding at March 31, 2021	75,435	$	25.00	$	6.11	1,981,553	$	39.55	$	7.40	559,806	$	54.96	273,954	$	66.06	237,669	$	54.82

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(1)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 three months ended March 31, 2021 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.


	Three Months Ended March 31, 2021
Fair value of FFO units and restricted stock granted	$	59.06		-	$	61.17
Fair value of TSR units granted					$	64.72
Fair value of options granted	$	3.79		-	$	11.36
Expected term (years)	0.4			-	5.5
Expected volatility	28		%	-	31		%
Expected dividend yield	3.39						%
Expected risk-free interest rates	0.06		%	-	0.90		%

Summary of Information About Awards Outstanding

The following tables summarize information about awards outstanding as of March 31, 2021 (unaudited).


	Operating Partnership Awards Outstanding
	Exercise prices		Awards outstanding	Weight average remaining vesting period (years)
Class O Units	$	25.00	75,435	—
Total Operating Partnership awards outstanding			75,435


	QTS Realty Trust, Inc. Awards Outstanding
	Exercise prices					Awards outstanding	Weight average remaining vesting period (years)
Restricted stock	$	—				559,806	1.1
TSR units	—					273,954	1.1
FFO units	—					237,669	0.8
Options to purchase Class A common stock	$	21.00	-	$	59.06	1,981,553	0.9
Total QTS Realty Trust, Inc. awards outstanding						3,052,982

Schedule of Quarterly Cash Dividends

The following tables present quarterly cash dividends and distributions paid to our common and preferred stockholders for the three months ended March 31, 2021 and 2020 (unaudited):


Three Months Ended March 31, 2021
Record Date	Payment Date	Per Share Rate		Aggregate Dividend/Distribution Amount (in millions)
Common Stock

December 22, 2020	January 7, 2021	$	0.47	$	33.4
				$	33.4

Series A Preferred Stock

December 31, 2020	January 15, 2021	$	0.45	$	1.9
				$	1.9

Series B Preferred Stock

December 31, 2020	January 15, 2021	$	1.63	$	5.1
				$	5.1


Three Months Ended March 31, 2020
Record Date	Payment Date	Per Share Rate		Aggregate Dividend/Distribution Amount (in millions)
Common Stock

December 20, 2019	January 7, 2020	$	0.44	$	28.6
				$	28.6

Series A Preferred Stock

December 31, 2019	January 15, 2020	$	0.45	$	1.9
				$	1.9

Series B Preferred Stock

December 31, 2019	January 15, 2020	$	1.63	$	5.1
				$	5.1

Summary of Equity Issued

The following table represents a summary of our aggregate forward equity activity under the Prior ATM Program, Current ATM Program and our underwritten offerings from December 31, 2020 through March 31, 2021:


Offering Program	Forward Shares Sold/(Settled)		Net Proceeds Available/(Received) (1)
Shares and net proceeds available as of December 31, 2020	9,961		$	581,598	(2)
Forward Equity - Sales	1,504		91,620
Forward Equity - Settlements	(3,865)	(3)	(215,964)
Shares and net proceeds available as of March 31, 2021	7,600		$	457,254

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(1)Net Proceeds Available remain subject to certain adjustments until settled.

(2)Proceeds available reported in the Form 10-K for the period ended December 31, 2020 were $587.6 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.