QTS Realty Trust, Inc. QTS Cash Flow

Qts realty trust, inc. (QTS)

CashFlow / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13
Cash flow from operating activities:
Net income
8,120	-3,606	6,588	7,535	21,148	6,402	-6,892	-6,433	-252	-16,113	7,394	4,608	5,568	5,481	6,538	5,807	6,859	5,334	8,238	5,520	5,037	5,848	4,006	3,921	5,328	4,002
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
43,373	43,080	40,429	39,772	37,247	36,335	36,215	36,224	34,580	36,130	34,012	33,473	32,970	32,038	31,831	33,627	23,309	26,258	23,872	18,006	15,469	15,257	14,402	13,147	12,521	10,636
Non-cash integration costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Amortization of above and below market leases
90	100	0	36	64	100	100	161	139	201	220	220	259	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of deferred loan costs
1,000	977	900	1,000	1,000	956	1,000	900	1,000	903	922	943	872	861	798	813	813	809	787	794	791	779	580	732	582	496
Amortization of senior notes discount
-	-	-	-	-	-	-	-	-	23	70	68	68	67	66	64	64	63	61	61	62	-	-	-	-	0
Distributions from unconsolidated entity
300	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity in net loss of unconsolidated entity
-677	-481	-317	-401	-274	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity-based compensation expense
4,875	4,360	4,456	4,296	3,300	3,531	3,961	3,999	3,481	3,356	3,692	3,733	3,082	2,697	2,637	3,200	2,050	1,758	2,068	1,831	1,307	1,252	925	1,065	911	578
Bad debt expense
3,719	1,666	490	11	239	-650	-395	-367	-863	1,769	645	791	314	551	393	281	527	683	274	308	58	198	133	121	148	371
Gain on sale of real estate, net
-	1,361	0	0	13,408	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Write off of deferred loan costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	153
Deferred tax expense (benefit)
270	814	-269	-86	-111	-453	980	41	2,402	5,371	2,392	1,398	1,581	873	4,239	2,454	2,605	-	-	-	-	-	-	-	-	0
Restructuring costs, net of cash paid
-	-	-	-	-	-	8,895	2,045	8,020	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Foreign currency remeasurement income
159	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Loss on sale of property
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Changes in operating assets and liabilities
Rents and other receivables, net
-2,888	6,628	18,608	-45	2,043	3,066	1,515	4,667	-2,753	5,363	3,919	2,515	1,084	7,910	-643	6,661	3,173	-1,244	826	347	1,209	1,849	1,488	1,197	-2,789	2,419
Prepaid expenses
3,164	2,088	1,353	-2,797	2,762	-202	-660	-240	4,165	-1,046	-1,666	-1,296	3,253	-3,012	888	-2,090	4,056	-2,531	1,953	-638	3,398	-979	-256	-506	3,007	-678
Due to/from affiliates, net
4,428	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restricted cash
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Other assets
238	-1,579	1,119	6	419	2,542	-5,193	-5,206	3,339	-649	-228	-205	800	-406	488	350	129	4,664	26	516	-190	669	-848	484	-232	463
Accounts payable and accrued liabilities
7,173	-614	15,402	-4,675	-7,140	-4,668	9,706	-6,084	9,619	-926	3,495	4,175	-11,815	2,931	-2,031	17,479	-12,089	11,894	-786	3,735	-5,376	-830	163	-2,143	-5,853	15,061
Advance rents, security deposits and other liabilities
6,727	-2,126	-118	-5,254	1,653	1,025	-325	1,723	-354	2,011	-2,265	1,601	4,144	4,975	-500	-26	1,510	-326	17	-592	138	85	20	-134	70	6
Deferred income
392	-2,235	1,372	1,865	4,926	1,724	-1,018	4,190	3,374	2,765	-893	-351	1,791	3,590	97	1,757	-406	-7,295	1,810	1,018	870	1,002	1,352	72	213	536
Net cash provided by operating activities
71,062	50,257	49,802	55,263	44,168	45,168	54,579	39,973	51,553	50,064	42,875	46,849	30,535	50,299	34,993	55,828	12,674	37,468	30,976	27,404	13,939	22,402	21,705	15,716	13,934	29,635
Cash flow from investing activities:
Accounts payable and accrued liabilities
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5	-	-	-	-	-	-	-	-	-
Deferred income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-149	-	-	-	-	-	-	-	-	-
Deferred income taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	4,870	-	-	-	-	-	-	-	-	-
Proceeds from sale of property, net
-	1,705	0	0	52,722	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Acquisitions, net of cash acquired
1,797	-	-	-	-	80,073	12,330	0	24,626	-	-	-	-	-	-	-	-	3,820	0	288,865	0	-	-	-	-	0
Additions to property and equipment
171,218	90,281	65,392	104,253	101,234	102,082	133,369	144,916	103,936	70,343	97,153	73,699	66,119	82,154	48,448	71,250	78,053	67,902	82,006	96,751	73,399	45,137	41,851	54,992	59,165	47,963
Net cash used in investing activities
-173,015	-99,748	-90,597	-148,403	-48,512	-180,872	-145,699	-143,420	-128,562	-150,368	-139,147	-78,718	-66,119	-132,240	-48,448	-194,231	-78,053	-71,074	-82,006	-385,616	-73,399	-45,137	-59,615	-128,292	-59,165	-47,963
Cash flow from financing activities:
Credit facility proceeds
212,917	92,879	92,838	120,311	93,000	171,000	81,000	129,000	102,000	667,000	112,000	42,000	67,000	307,000	36,000	145,000	86,000	251,000	70,000	285,000	65,162	40,000	48,000	124,500	58,000	14,500
Credit facility repayments
-	0	124,000	0	210,000	0	0	267,000	95,000	-	-	-	-	-	-	-	-	126,998	0	95,000	165,000	-	-	-	-	278,000
Debt Proceeds
-	-	-	-	-	-	-	-	-	0	0	0	1,920	-	-	-	-	-	-	-	-	-	-	-	-	-
4.75% Notes Issuance
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Payment of deferred financing costs
5	4,948	41	-32	173	3,355	3	107	499	10,662	162	34	4	-	-	-	-	3,072	65	160	352	216	8,724	557	367	990
Payment of preferred stock dividends
7,045	7,045	7,045	7,045	7,045	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment of common stock dividends
25,627	24,376	24,377	24,371	20,961	20,967	20,971	20,971	19,670	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment of cash dividends
-	-	-	-	-	-	-	-	-	-	-	-	17,222	-	17,267	14,911	13,193	13,136	13,083	11,142	8,531	8,415	8,415	8,415	6,953	0
Partnership distributions
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Distribution to noncontrolling interests
2,934	2,932	2,932	2,934	2,735	2,735	2,735	2,737	2,552	2,557	2,645	2,645	2,442	2,430	2,465	2,538	2,186	2,213	2,238	2,240	2,174	2,117	2,278	2,642	2,012	0
Proceeds from exercise of stock options
808	263	237	670	2,687	-	-	-	-	24	4,286	620	42	-1	193	566	100	-	-	-	-	-	-	-	-	-
Payment of tax withholdings related to equity based awards
2,293	757	620	461	2,062	724	248	366	867	1,415	846	694	1,770	473	810	506	795	-	-	-	-	-	-	-	-	-
Payments to net settle equity awards
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Principal payments on finance lease obligations
620	612	683	761	799	1,484	1,826	1,992	2,324	2,359	3,318	3,298	3,249	2,988	3,158	3,226	3,228	3,262	3,188	760	467	200	186	193	174	180
Mortgage principal debt repayments
12	22	17	17	9	23	11	16	16	16	16	8	14	-	-	-	-	70,000	0	16,016	584	574	565	555	545	359
Preferred stock issuance proceeds, net of costs
83,260	-133	109,366	-334	159,360	-139	-799	304,800	103,615	-	-	-	-	-	-	-	-	-110	-592	203,708	166,366	-	-	-	-	-
Equity issuance costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	379	-	-	-	-	-	-	-	-	-280,841
Net cash provided by financing activities
258,449	52,317	42,726	85,090	11,263	133,584	52,531	139,994	84,687	99,276	62,939	56,216	44,261	79,752	12,448	141,435	66,319	31,680	51,016	363,208	54,420	28,478	35,465	112,138	47,949	15,812
Effect of foreign currency exchange rates on cash and cash equivalents
-192	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in cash and cash equivalents
156,304	2,135	2,881	-8,041	6,919	-2,120	-38,589	36,547	7,678	-1,028	-33,333	24,347	8,677	-2,189	-1,007	3,032	940	-1,926	-14	4,996	-5,040	5,743	-2,444	-439	2,718	-2,516
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest (excluding deferred financing costs and amounts capitalized)
9,370	18,288	9,907	18,367	9,461	18,084	7,649	20,927	4,720	21,598	11,242	2,149	9,368	1,238	9,658	-303	9,304	242	8,919	-573	9,439	351	1,626	1,599	1,374	1,995
Noncash investing and financing activities:
Accrued capital additions
125,750	51,193	-2,767	-26,183	69,963	1,575	7,607	-34,781	102,489	47,597	-18,526	7,221	39,673	87	23,356	-20,583	37,571	4,012	-7,826	-5,126	61,492	2,748	3,743	-3,547	36,185	39,801
Net decrease in other assets/liabilities related to change in fair value of derivative contracts
-35,097	5,240	-5,733	-18,606	-9,853	-9,079	1,429	2,563	5,982	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity received in unconsolidated entity in exchange for real estate assets
-	0	0	0	25,280	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued deferred financing costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Increase in assets in exchange for finance lease obligation
-	-	0	0	45,024	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued equity issuance costs
44	-167	-188	-533	918	-24	-638	345	432	-	-	-	-	-	-	3	7	-	-	-	-	-	-	-	-	364
Accrued preferred stock dividends
5,938	0	0	0	5,938	-1,142	4,504	2,248	328	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Capital lease and lease financing obligations assumed
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Acquisitions, net of cash acquired:
Acquired intangibles
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	14,700	-	-	-	-	-	-	-	-	-
Prepaid expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	86	-	-	-	-	-	-	-	-	-
Goodwill
-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	2,165	-10,060	-	-	-	-	-	-	-	-	-
Total acquisitions, net of cash acquired
1,797	-	-	-	-	80,073	12,330	0	24,626	-	-	-	-	-	-	-	-	3,820	0	288,865	0	-	-	-	-	0
Member advances exchanged for LP units
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Qualitytech, LP
Net income
8,120	-3,606	6,588	7,535	21,148	6,402	-6,892	-6,433	-252	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Depreciation and amortization
43,373	43,080	40,429	39,772	37,247	36,335	36,215	36,224	34,580	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of above and below market leases
90	61	5	57	64	80	115	131	139	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Amortization of deferred loan costs
987	942	978	979	978	974	959	961	962	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Distributions from unconsolidated entity
300	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity in net loss of unconsolidated entity
-677	-481	-317	-401	-274	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity-based compensation expense
4,875	4,360	4,456	4,296	3,300	3,531	3,961	3,999	3,481	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Bad debt expense
3,719	1,666	490	11	239	-650	-395	-367	-863	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of real estate, net
-	1,361	0	0	13,408	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred tax expense (benefit)
270	814	-269	-86	-111	-453	980	41	2,402	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Restructuring costs, net of cash paid
-	-	-	-	-	-	8,895	2,045	8,020	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Foreign currency remeasurement income
159	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Rents and other receivables, net
-2,888	6,628	18,608	-45	2,043	3,066	1,515	4,667	-2,753	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Prepaid expenses
3,164	2,088	1,353	-2,797	2,762	-202	-660	-240	4,165	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Due to/from affiliates, net
4,428	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other assets
238	-1,579	1,119	6	419	2,542	-5,193	-5,206	3,339	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accounts payable and accrued liabilities
7,173	-614	15,402	-4,675	-7,140	-4,668	9,706	-6,084	9,619	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Advance rents, security deposits and other liabilities
6,727	-2,126	-118	-5,254	1,653	1,025	-325	1,723	-354	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Deferred income
392	-2,235	1,372	1,865	4,926	1,724	-1,018	4,190	3,374	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by operating activities
71,062	50,257	49,802	55,263	44,168	45,168	54,579	39,973	51,553	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from sale of property, net
-	1,705	0	0	52,722	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisitions, net of cash acquired
1,797	-	-	-	-	80,073	12,330	0	24,626	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Additions to property and equipment
171,218	90,281	65,392	104,253	101,234	102,082	133,369	144,916	103,936	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash used in investing activities
-173,015	-99,748	-90,597	-148,403	-48,512	-180,872	-145,699	-143,420	-128,562	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Credit facility proceeds
212,917	92,879	92,838	120,311	93,000	171,000	81,000	129,000	102,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Credit facility repayments
-	0	124,000	0	210,000	0	0	267,000	95,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment of deferred financing costs
5	4,948	41	-32	173	3,355	3	107	499	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment of preferred stock dividends
7,045	7,045	7,045	7,045	7,045	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment of cash dividends
25,627	24,376	24,377	24,371	20,961	20,967	20,971	20,971	19,670	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Partnership distributions
2,934	2,932	2,932	2,934	2,735	2,735	2,735	2,737	2,552	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Proceeds from exercise of stock options
808	263	237	670	2,687	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Payment of tax withholdings related to equity-based awards
2,293	757	620	461	2,062	724	248	366	867	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Principal payments on finance lease obligations
620	612	683	761	799	1,484	1,826	1,992	2,324	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Mortgage principal debt repayments
12	22	17	17	9	23	11	16	16	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Preferred stock issuance proceeds, net of costs
83,260	-133	109,366	-334	159,360	-139	-799	304,800	103,615	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net cash provided by financing activities
258,449	52,317	42,726	85,090	11,263	133,584	52,531	139,994	84,687	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Effect of foreign currency exchange rates on cash and cash equivalents
-192	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net change in cash and cash equivalents
156,304	2,135	2,881	-8,041	6,919	-2,120	-38,589	36,547	7,678	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Cash paid for interest (excluding deferred financing costs and amounts capitalized)
9,370	18,288	9,907	18,367	9,461	18,084	7,649	20,927	4,720	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued capital additions
125,750	51,193	-2,767	-26,183	69,963	1,575	7,607	-34,781	102,489	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net decrease in other assets/liabilities related to change in fair value of derivative contracts
-35,097	5,240	-5,733	-18,606	-9,853	-9,079	1,429	2,563	5,982	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity received in unconsolidated entity in exchange for real estate assets
-	0	0	0	25,280	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Increase in assets in exchange for finance lease obligation
-	-	0	0	45,024	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued equity issuance costs
44	-167	-188	-533	918	-24	-638	345	432	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Accrued preferred stock dividends
5,938	0	0	0	5,938	-1,142	4,504	2,248	328	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total acquisitions, net of cash acquired
1,797	-	-	-	-	80,073	12,330	0	24,626	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-