QTS reports 12.1% growth in total 2020 revenue generating $126m
The company announced its operating results for the first quarter ended March 31, 2020.
QTS Realty Trust (NYSE: QTS) generated total revenues of $126.3 million in the first quarter of 2020, an increase of 12.1% compared to total revenue of $112.7 million in the first quarter of 2019.
The firm reported a net income of $8.1 million in the first quarter of 2020 compared to net income of $21.1 million recognised in the first quarter of 2019.
The company’s net income attributable to common stockholders recognised in the first quarter of 2020 was $1.0 million compared to net income attributable to common stockholders of $12.5 million reported in the first quarter of 2019.
The change in net income and net income attributable to common stockholders was driven by a gain on sale of real estate of approximately $13.4 million in the first quarter of 2019.
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“In the midst of unprecedented disruption across the economy as a result of the COVID-19 pandemic, QTS’ business has continued to execute well,” said Chad Williams, Chairman and CEO of QTS.
“Following a year of record leasing performance in 2019, we are pleased to extend our momentum with another strong performance in the first quarter.
“Our strategic differentiators, record booked-not-billed backlog and strong balance sheet and liquidity position QTS well to continue to drive market share growth.”
QTS generated $66.8 million of Adjusted EBITDA in the first quarter of 2020, an increase of 13.5% compared to Adjusted EBITDA of $58.8 million for the first quarter of 2019.
During the quarter ended March 31, 2020, QTS brought online approximately 21 megawatts of gross power and approximately 60,000 net rentable square feet of raised floor and customer-specific capital at its Ashburn, Fort Worth and Atlanta data centre facilities at an aggregate cost of $224.0 million.
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