On Monday, Shares of QTS Realty Trust, Inc. (NYSE:QTS) lost -0.31% to $47.90. The share price is trading in a range of 47.62 - 48.21 (Price in Dollars). The stock exchanged hands with 385,658 shares contrast to its average daily volume of 459,532 shares. QTS Realty Trust declared operating results for the first quarter ended March 31, 2016.
First Quarter Highlights
- Stated Operating FFO of $33.10 million in the first quarter of 2016, a boost of 70.10% contrast to the first quarter of 2015. Operating FFO in the first quarter of 2016 included a non-cash deferred tax benefit of $1.90 million. Operating FFO for the first quarter of 2016 on a fully diluted per share basis was $0.680 per share, a boost of 35.00% contrast to Operating FFO per share of $0.50 for the first quarter of 2015. FFO was $31.70 million in the first quarter of 2016, a boost of 64.10% contrast to FFO of $19.30 million in the first quarter of 2015.
- Stated Adjusted EBITDA of $43.0M in the first quarter of 2016, a boost of 53.40% contrast to the first quarter of 2015.
- Stated NOI of $61.20 million in the first quarter of 2016, a boost of 51.0% contrast to the first quarter of 2015.
- Total revenues of $94.80 million recognized in the first quarter of 2016, a boost of 54.40% contrast to the first quarter of 2015. Monthly Recurring Revenue (“MRR”) as of March 31, 2016 raised by 54.10% to $27.50 million contrast to MRR as of March 31, 2015.
- On April 1, 2016, the Company issued 6,325,000 shares of its Class A common stock and used substantially all of the net proceeds of about $276.0 million to repay amounts outstanding under its unsecured revolving credit facility. Pro forma for this issuance, the Company’s debt to annualized Adjusted EBITDA would have been 4.0x.
Financial Results
Net income recognized in the first quarter of 2016 was $6.90 million ($0.14 per basic and diluted share), which included about $2.10 million of transaction and integration costs and $2.60 million of income tax benefit, contrast to net income of $5.0 million recognized in the first quarter of 2015.
QTS generated Operating FFO of $33.10 million, or $0.68 per fully diluted share, in the first quarter of 2016, which includes a tax benefit of about $1.90 million. The $33.10 million of Operating FFO represents a boost of about 70.10% contrast to $19.40 million for the first quarter of 2015.
Moreover, QTS generated $43.0 million of Adjusted EBITDA in the first quarter of 2016, a boost of 53.40% contrast to $28.0 million for the first quarter of 2015. MRR as of March 31, 2016 was $27.50 million, a boost of 54.10% contrast to MRR as of March 31, 2015 of $17.80 million, with total revenues increasing by 54.40% to $94.80 million for the first quarter 2016 contrast to $61.40 million for the first quarter 2015.
2016 Guidance
The Company is raising its guidance for Operating FFO and now anticipates a range of $135 million to $140 million. The Company is maintaining its 2016 guidance for Operating FFO per share in the range of $2.54 to $2.64 per share, Adjusted EBITDA in the range of $177 million to $185 million and Capital Expenditures, apart from acquisitions, of about $300 million to $350 million. The Company is also maintaining its guidance for churn of 5-8% for 2016 and continues to anticipate Adjusted EBITDA margin to expand by about 300 basis points over second half 2015 levels over the next few years.
During the most recent trading day, the stock’s price shifted up 41.65 percent from its 52-week-low while 5.11 percent lower from its 52-week high. The stock’s price moved up its 200 day moving average of $44.67. The stock is presently trading up its SMA 50 of $47.65.
