Qts Realty Trust (QTS) 10-Q 4 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	Apr. 29, 2021
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-36109
Entity Registrant Name	QTS Realty Trust, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-2809094
Entity Address, Address Line One	12851 Foster Street
Entity Address, City or Town	Overland Park
Entity Address, State or Province	KS
Entity Address, Postal Zip Code	66213
City Area Code	913
Local Phone Number	312-5503
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001577368
Amendment Flag	false
Class A Common Stock
Document Information [Line Items]
Title of 12(b) Security	Class A common stock, $0.01 par value
Trading Symbol	QTS
Security Exchange Name	NYSE
Entity Common Stock, Shares Outstanding		68,777,469
Class B Common Stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		124,481
Series A Redeemable Perpetual Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, 7.125% Series A Cumulative Redeemable Perpetual, $0.01 par value
Trading Symbol	QTS PRA
Security Exchange Name	NYSE
Series B Convertible Perpetual Preferred Stock
Document Information [Line Items]
Title of 12(b) Security	Preferred Stock, 6.50% Series B Cumulative Convertible Perpetual, $0.01 par value
Trading Symbol	QTS PRB
Security Exchange Name	NYSE

INTERIM CONSOLIDATED BALANCE SH

INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real Estate Assets
Land	$ 164,822	$ 165,109
Buildings, improvements and equipment	2,965,488	2,839,261
Less: Accumulated depreciation	(745,237)	(702,944)
Total real estate assets	2,385,073	2,301,426
Construction in progress	1,119,749	1,028,765
Real Estate Assets, net	3,504,822	3,330,191
Investments in unconsolidated entity	25,858	22,608
Operating lease right-of-use assets, net	49,851	51,342
Cash and cash equivalents	14,652	22,775
Rents and other receivables, net	124,392	107,563
Acquired intangibles, net	64,934	68,090
Deferred costs, net	64,333	63,689
Prepaid expenses	14,147	10,253
Goodwill	173,843	173,843
Other assets, net	48,458	48,218
TOTAL ASSETS	4,085,290	3,898,572
LIABILITIES
Unsecured term loans and revolver, net	1,305,167	1,335,241
Senior notes, net of debt issuance costs	492,775	492,534
Finance leases	42,525	41,718
Operating lease liabilities	56,327	58,005
Accounts payable and accrued liabilities	202,552	187,270
Dividends and distributions payable	41,686	39,373
Advance rents, security deposits and other liabilities	23,506	19,850
Derivative liabilities	36,751	53,722
Deferred income taxes	826	810
Deferred income	93,495	85,351
TOTAL LIABILITIES	2,295,610	2,313,874
EQUITY
Common stock/units	690	646
Additional paid-in capital	1,834,309	1,622,857
Accumulated other comprehensive loss	(35,181)	(50,451)
Accumulated dividends in excess of earnings	(536,031)	(504,313)
Total stockholders’ equity	1,671,222	1,476,174
Noncontrolling interests	118,458	108,524
TOTAL EQUITY	1,789,680	1,584,698
TOTAL LIABILITIES AND EQUITY	4,085,290	3,898,572
Series A Redeemable Perpetual Preferred Stock
EQUITY
Cumulative redeemable perpetual preferred stock / units	103,212	103,212
Series B Convertible Perpetual Preferred Stock
EQUITY
Cumulative redeemable perpetual preferred stock / units	$ 304,223	$ 304,223

INTERIM CONSOLIDATED BALANCE _2

INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	450,133,000	450,133,000
Common stock, shares issued (in shares)	68,962,873	64,580,118
Common stock, shares outstanding (in shares)	68,962,873	64,580,118
Series A Redeemable Perpetual Preferred Stock
Dividend rate (as a percent)	7.125%
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference (in dollars per share)	$ 25	$ 25
Preferred stock, shares authorized (in shares)	4,600,000	4,600,000
Preferred stock, shares issued (in shares)	4,280,000	4,280,000
Preferred stock, shares outstanding (in shares)	4,280,000	4,280,000
Series B Convertible Perpetual Preferred Stock
Dividend rate (as a percent)	6.50%
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, liquidation preference (in dollars per share)	$ 100	$ 100
Preferred stock, shares authorized (in shares)	3,162,500	3,162,500
Preferred stock, shares issued (in shares)	3,162,500	3,162,500
Preferred stock, shares outstanding (in shares)	3,162,500	3,162,500

INTERIM CONSOLIDATED STATEMENTS

INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Rental	$ 144,308	$ 120,081
Other	4,424	6,211
Total revenues	148,732	126,292
Operating expenses:
Property operating costs	46,284	40,781
Real estate taxes and insurance	5,022	3,911
Depreciation and amortization	55,506	45,070
General and administrative	23,641	20,683
Transaction, integration, and impairment costs	1,516	216
Total operating expenses	131,969	110,661
Operating income	16,763	15,631
Other income and expense:
Interest expense	(8,148)	(7,162)
Other income	0	159
Equity in net loss of unconsolidated entity	(559)	(677)
Income before taxes	8,056	7,951
Tax benefit (expense)	(138)	169
Net income	7,918	8,120
Net income attributable to noncontrolling interests	(79)	(110)
Net income attributable to QTS Realty Trust, Inc.	7,839	8,010
Preferred stock dividends	(7,045)	(7,045)
Net income attributable to common stockholders	$ 794	$ 965
Net loss per share attributable to common shares
Basic (in dollars per share)	$ (0.07)	$ (0.01)
Diluted (in dollars per share)	$ (0.07)	$ (0.01)

INTERIM CONSOLIDATED STATEMEN_2

INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	$ 7,918	$ 8,120
Other comprehensive income (loss):
Foreign currency translation adjustment loss	(158)	(223)
Increase (decrease) in fair value of derivative contracts	17,253	(36,715)
Reclassification of other comprehensive income to utilities expense	(66)	354
Reclassification of other comprehensive income to interest expense	3,375	758
Comprehensive income (loss)	28,322	(27,706)
Comprehensive (income) loss attributable to noncontrolling interests	(2,558)	2,831
Comprehensive income (loss) attributable to QTS Realty Trust, Inc.	$ 25,764	$ (24,875)

INTERIM CONSOLIDATED STATEMEN_3

INTERIM CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Series A Preferred Stock	Series B Preferred Stock	Total stockholders' equity	Total stockholders' equitySeries A Preferred Stock	Total stockholders' equitySeries B Preferred Stock	Preferred Stock	Common stock	Additional paid-in capital	Accumulated other comprehensive income (loss)	Accumulated dividends in excess of earnings	Accumulated dividends in excess of earningsSeries A Preferred Stock	Accumulated dividends in excess of earningsSeries B Preferred Stock	Noncontrolling interests
Beginning balance (in shares) at Dec. 31, 2019							7,443	58,228
Beginning balance at Dec. 31, 2019	$ 1,444,451			$ 1,337,817			$ 407,435	$ 582	$ 1,330,444	$ (24,642)	$ (376,002)			$ 106,634
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net share activity through equity award plan (in shares)								240
Net share activity through equity award plan	(1,458)			(1,309)				$ 3	(1,312)					(149)
Increase (decrease) in fair value of derivative contracts	(36,715)			(33,155)						(33,155)				(3,560)
Foreign currency translation adjustments	(223)			(201)						(201)				(22)
Equity-based compensation expense	4,875			4,377					4,377					498
Proceeds net of fees from settlement of forward shares (in shares)								1,930
Proceeds net of fees from settlement of forward shares	83,217			78,535				$ 19	78,516					4,682
Dividends declared on Preferred Stock	(7,045)	$ (1,906)	$ (5,139)		$ (1,906)	$ (5,139)						$ (1,906)	$ (5,139)
Dividends declared to common stockholders	(28,393)			(28,393)							(28,393)
Dividends declared to noncontrolling interests	(3,133)			0										(3,133)
Net income	8,120			8,010							8,010			110
Ending balance (in shares) at Mar. 31, 2020							7,443	60,398
Ending balance at Mar. 31, 2020	1,463,696			1,358,636			$ 407,435	$ 604	1,412,025	(57,998)	(403,430)			105,060
Beginning balance (in shares) at Dec. 31, 2020							7,443	64,580
Beginning balance at Dec. 31, 2020	1,584,698			1,476,174			$ 407,435	$ 646	1,622,857	(50,451)	(504,313)			108,524
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net share activity through equity award plan (in shares)								426
Net share activity through equity award plan	59			54				$ 4	50					5
Conversion of Class A Partnership units to Class A common stock (in shares)								92
Conversion of Class A Partnership units to Class A common stock	0			2,041				$ 1	2,040					(2,041)
Increase (decrease) in fair value of derivative contracts	17,253			15,414						15,414				1,839
Foreign currency translation adjustments	(158)			(144)						(144)				(14)
Equity-based compensation expense	6,856			6,237					6,237					619
Proceeds net of fees from settlement of forward shares (in shares)								3,865
Proceeds net of fees from settlement of forward shares	215,846			203,164				$ 39	203,125					12,682
Dividends declared on Preferred Stock	(7,045)	$ (1,906)	$ (5,139)		$ (1,906)	$ (5,139)						$ (1,906)	$ (5,139)
Dividends declared to common stockholders	(32,512)			(32,512)							(32,512)
Dividends declared to noncontrolling interests	(3,235)			0										(3,235)
Net income	7,918			7,839							7,839			79
Ending balance (in shares) at Mar. 31, 2021							7,443	68,963
Ending balance at Mar. 31, 2021	$ 1,789,680			$ 1,671,222			$ 407,435	$ 690	$ 1,834,309	$ (35,181)	$ (536,031)			$ 118,458

INTERIM CONSOLIDATED STATEMEN_4

INTERIM CONSOLIDATED STATEMENTS OF CASH FLOW - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flow from operating activities:
Net income	$ 7,918	$ 8,120
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	53,825	43,373
Amortization of above and below market leases	10	90
Amortization of deferred loan costs	1,130	987
Distributions from unconsolidated entity	569	300
Equity in net loss of unconsolidated entity	559	677
Equity-based compensation expense	6,856	4,875
Bad debt expense	1,013	3,719
Deferred tax expense (benefit)	18	(270)
Foreign currency remeasurement income	0	(159)
Changes in operating assets and liabilities
Rents and other receivables, net	(17,933)	2,888
Prepaid expenses	(3,914)	(3,164)
Due to/from affiliates, net	(4,095)	(4,428)
Other assets	(445)	(238)
Accounts payable and accrued liabilities	2,610	7,173
Advance rents, security deposits and other liabilities	3,771	6,727
Deferred income	8,203	392
Net cash provided by operating activities	60,095	71,062
Cash flow from investing activities:
Acquisitions, net of cash acquired	(401)	(1,797)
Additions to property and equipment	(214,279)	(171,218)
Net cash used in investing activities	(214,680)	(173,015)
Cash flow from financing activities:
Credit facility proceeds	253,000	212,917
Credit facility repayments	(280,000)	0
Payment of deferred financing costs	0	(5)
Payment of preferred stock dividends	(7,045)	(7,045)
Payment of common stock dividends	(30,352)	(25,627)
Distribution to noncontrolling interests	(3,082)	(2,934)
Proceeds from exercise of stock options	1,979	808
Payment of tax withholdings related to equity-based awards	(1,435)	(2,293)
Principal payments on finance lease obligations	(662)	(620)
Mortgage principal debt repayments	0	(12)
Common stock issuance proceeds, net of costs	215,923	83,260
Net cash provided by financing activities	148,326	258,449
Effect of foreign currency exchange rates on cash and cash equivalents	(1,864)	(192)
Net change in cash and cash equivalents	(8,123)	156,304
Cash and cash equivalents, beginning of period	22,775	15,653
Cash and cash equivalents, end of period	14,652	171,957
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for interest	8,801	9,370
Noncash investing and financing activities:
Accrued capital additions	138,259	125,750
Net increase (decrease) in other assets/liabilities related to change in fair value of derivative contracts	17,253	(35,097)
Accrued equity issuance costs	75	44
Accrued preferred stock dividend	$ 5,938	$ 5,938

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business QTS Realty Trust, Inc. (“QTS”), through its controlling interest in QualityTech, LP (the “Operating Partnership” and collectively with QTS and its subsidiaries, the “Company,” “we,” “us,” or “our”) and the subsidiaries of the Operating Partnership, is engaged in the business of owning, acquiring, constructing, redeveloping and managing multi-tenant data centers. As of March 31, 2021, our portfolio consisted of 28 owned and leased properties, including a property owned by an unconsolidated entity, with data centers located throughout the United States, Canada and Europe. QTS elected to be taxed as a real estate investment trust (“REIT”) for U.S. federal income tax purposes commencing with its taxable year ended December 31, 2013. As a REIT, QTS generally is not required to pay federal corporate income taxes on its taxable income to the extent it is currently distributed to its stockholders. As of March 31, 2021, QTS owned approximately 91.4% of the interests in the Operating Partnership. Substantially all of QTS’ assets are held by, and all of QTS’ operations are conducted through, the Operating Partnership. QTS’ interest in the Operating Partnership entitles QTS to share in cash distributions from, and in the profits and losses of, the Operating Partnership in proportion to QTS’ percentage ownership. As the sole general partner of the Operating Partnership, QTS generally has the exclusive power under the partnership agreement of the Operating Partnership to manage and conduct the Operating Partnership’s business and QTS’ board of directors manages the Operating Partnership and the Company’s business and affairs.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation – The accompanying financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and in compliance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These unaudited consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes and management’s discussion and analysis included in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 26, 2021. The consolidated balance sheet data included herein as of December 31, 2020 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. As outlined in our Annual Report on Form 10-K for the year ended December 31, 2020, the Operating Partnership meets the definition and criteria of a variable interest entity (“VIE”) in accordance with Accounting Standards Codification (“ASC”) Topic 810 Consolidation , and the Company is the primary beneficiary of the VIE. The Company’s only material asset is its ownership interest in the Operating Partnership, and consequently, all of its assets and liabilities represent those assets and liabilities of the Operating Partnership. The Company’s debt is an obligation of the Operating Partnership where the creditors may have recourse, under certain circumstances, against the credit of the Company. Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the useful lives of fixed assets, allowances for doubtful accounts and deferred tax assets and the valuation of derivatives, real estate assets, acquired intangible assets and certain accruals. The impacts of the COVID-19 pandemic increases uncertainty, which has reduced our ability to use past results to estimate future performance. Accordingly, our estimates and judgments may be subject to greater volatility than has been the case in the past. Principles of Consolidation – The consolidated financial statements of QTS Realty Trust, Inc. include the accounts of QTS Realty Trust, Inc. and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated in the financial statements. We evaluate our investments in less than wholly owned entities to determine whether they should be recorded on a consolidated basis. The percentage of ownership interest in the entity, an evaluation of control and whether a VIE exists are all considered in our consolidation assessment. Investments in real estate entities which we have the ability to exercise significant influence, but do not have financial or operating control, are accounted for using the equity method of accounting. Accordingly, our share of the earnings or losses of these entities is included in consolidated net income (loss). Variable Interest Entities (VIEs) – We determine whether an entity is a VIE and, if so, whether it should be consolidated by utilizing judgments and estimates that are inherently subjective. The determination of whether an entity in which we hold a direct or indirect variable interest is a VIE is based on several factors, including whether the entity’s total equity investment at risk upon inception is sufficient to finance the entity’s activities without additional subordinated financial support. We make judgments regarding the sufficiency of the equity at risk based first on a qualitative analysis, and then a quantitative analysis, if necessary. We analyze any investments in VIEs to determine if we are the primary beneficiary. In evaluating whether we are the primary beneficiary, we evaluate our direct and indirect economic interests in the entity. Determining which reporting entity, if any, is the primary beneficiary of a VIE is primarily a qualitative approach focused on identifying which reporting entity has both (1) the power to direct the activities of a VIE that most significantly impact such entity’s economic performance and (2) the obligation to absorb losses or the right to receive benefits from such entity that could potentially be significant to such entity. Performance of that analysis requires the exercise of judgment. We consider a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities. In addition, we consider the rights of other investors to participate in those decisions, to replace the manager and to sell or liquidate the entity. We determine whether we are the primary beneficiary of a VIE at the time we become involved with a variable interest entity and reconsider that conclusion upon a reconsideration event. As of March 31, 2021, we had one unconsolidated entity that was considered a VIE for which we are not the primary beneficiary. Our maximum exposure to losses associated with this VIE is limited to our net investment, which was approximately $25.9 million as of March 31, 2021. Real Estate Assets – Real estate assets are reported at cost. All capital improvements for the income-producing properties that extend their useful lives are capitalized to individual property improvements and depreciated over their estimated useful lives. Depreciation for real estate assets is generally provided on a straight-line basis over 40 years from the date the property was placed in service. Property improvements are depreciated on a straight-line basis over the life of the respective improvement ranging from 20 to 40 years from the date the components were placed in service. Leasehold improvements are depreciated over the lesser of 20 years or through the end of the respective life of the lease. Repairs and maintenance costs are expensed as incurred. For the three months ended March 31, 2021, depreciation expense related to real estate assets and non-real estate assets was $42.7 million and $2.9 million, respectively, for a total of $45.6 million. For the three months ended March 31, 2020, depreciation expense related to real estate assets and non-real estate assets was $32.3 million and $3.4 million, respectively, for a total of $35.7 million. We capitalize certain real estate development costs, including internal costs incurred in connection with development. The capitalization of costs during the construction period (including interest and related loan fees, property taxes and other direct and indirect project costs) begins when development efforts commence and ends when the asset is ready for its intended use. The capitalization of internal costs increases construction in progress recognized during development of the related property and the cost of the real estate asset when placed into service and such costs are depreciated over its estimated useful life. Capitalization of such costs, excluding interest, aggregated to $5.5 million and $4.5 million for the three months ended March 31, 2021 and 2020, respectively. Interest is capitalized during the period of development by applying our weighted average effective borrowing rate to the actual development and other capitalized costs paid during the construction period. Interest is capitalized until the property is ready for its intended use. Interest costs capitalized totaled $7.0 million and $8.1 million for the three months ended March 31, 2021 and 2020, respectively. Acquisitions and Sales – Acquisitions of real estate and other entities are either accounted for as asset acquisitions or business combinations depending on facts and circumstances. In developing estimates of fair value of acquired assets and assumed liabilities, management analyzes a variety of factors including market data, estimated future cash flows of the acquired operations, industry growth rates, current replacement cost for fixed assets and market rate assumptions for contractual obligations. Such a valuation requires management to make significant estimates and assumptions, particularly with respect to the intangible assets. Impairment of Long-Lived Assets, Intangible Assets and Goodwill – We review our long-lived assets, intangible assets and equity method investments for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Recoverability of assets to be held and used is measured by comparison of the carrying amount to the future net cash flows, undiscounted and without interest, expected to be generated by the asset group. If the net carrying value of the asset group exceeds the value of the undiscounted cash flows, the fair value of the asset group is assessed and may be considered impaired. An impairment loss is recognized based on the excess of the carrying amount of the impaired asset over its fair value. No impairment losses were recorded for the three months ended March 31, 2021 and March 31, 2020. The fair value of goodwill is the consideration transferred in a business combination which is not allocable to identifiable intangible and tangible assets. Goodwill is subject to at least an annual assessment for impairment. In connection with the goodwill impairment evaluation that we performed as of October 1, 2020, we determined qualitatively that it is not more likely than not that the fair value of our one reporting unit was less than the carrying amount, thus we did not perform a quantitative analysis. As we continue to operate and assess our goodwill at the consolidated level for our single reporting unit and our market capitalization significantly exceeds our net asset value, further analysis was not deemed necessary as of March 31, 2021. Cash and Cash Equivalents – We consider all demand deposits and money market accounts purchased with a maturity date of three months or less at the date of purchase to be cash equivalents. Our account balances at one or more institutions periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is concentration of credit risk related to amounts on deposit in excess of FDIC coverage. We mitigate this risk by depositing a majority of our funds with several major financial institutions. We also have not experienced any losses and do not believe that the risk is significant. Revenue Recognition – We derive our revenues from leases with customers for data center space which include lease components and nonlease revenue components, such as power, tenant recoveries, and managed services. We have elected the available practical expedient under ASC Topic 842, Leases , to combine our nonlease revenue components that have the same pattern of transfer as the related operating lease component into a single combined lease component. The single combined component is accounted for under ASC Topic 842 if the lease component is the predominant component and is accounted for under ASC Topic 606 if the nonlease components are the predominant components. In our contracts, the single combined component is accounted for under ASC Topic 842 as the lease component is the predominant component. A description of each of our disaggregated revenue streams is as follows: Rental Revenue Our leases with customers are classified as operating leases and rental revenue is recognized on a straight-line basis over the customer lease term. Occasionally, customer leases include options to extend or terminate the lease agreements. We do not include any of these extension or termination options in a customer’s lease term for lease classification purposes or recognizing rental revenue unless it is reasonably certain the customer will exercise these extension or termination options. Rental revenue also includes revenue from power delivery on fixed power arrangements, whereby customers are billed and pay a fixed monthly fee per committed available amount of connected power. These fixed power arrangements require us to provide a series of distinct services and to stand ready to deliver the power over the contracted term which is co-terminus with the lease. Customer fixed power arrangements have the same pattern of transfer over the lease term as the lease component and are therefore combined with the lease component to form a single lease component that is recognized over the term of the lease on a straight-line basis. In addition, rental revenue includes straight-line rent. Straight-line rent represents the difference in rents recognized during the period versus amounts contractually due pursuant to the underlying leases and is recorded as deferred rent receivable/payable in the consolidated balance sheets. For lease agreements that provide for scheduled rent increases, rental income is recognized on a straight-line basis over the non-cancellable term of the leases, which commences when control of the space has been provided to the customer. The amount of the straight-line rent receivable on the balance sheet included in rents and other receivables, net was $71.0 million and $63.6 million as of March 31, 2021 and December 31, 2020, respectively. Rental revenue also includes amortization of set-up fees which are amortized over the term of the respective lease as discussed below in the "Deferred Income" section. Variable Lease Revenue from Recoveries Certain customer leases contain provisions under which customers reimburse us for power and cooling-related charges as well as a portion of the property’s real estate taxes, insurance and other operating expenses. Recoveries of power and cooling-related expenses relate specifically to our variable power arrangements, whereby customers pay variable monthly fees for the specific amount of power utilized at the current utility rates. Our performance obligation is to stand ready to deliver power over the life of the customer contract up to a contracted power capacity. Customers have the flexibility to increase or decrease the amount of power consumed, and therefore sub-metered power revenue is constrained at contract inception. The reimbursements are included in revenue as recoveries from customers and are recognized each month as the uncertainty related to the consideration is resolved (i.e. we provide power to our customers) and customers utilize the power. Reimbursement of real estate taxes, insurance, common area maintenance, or other operating expenses are accounted for as variable payments under lease guidance pursuant to the practical expedient and are recognized as revenue in the period that the expenses are recognized. Variable lease revenue from recoveries discussed above, including power, common area maintenance or other operating costs, have the same pattern of transfer over the lease term as the lease component and are therefore combined with the lease component to form a single lease component. Variable lease revenue from recoveries is included within the “rental” line item on the statements of operations. Other Revenue Other revenue primarily consists of revenue from our managed service offerings, as well as revenue earned from partner channel, management and development fees. We, through our taxable REIT subsidiaries (“TRS”), may provide use of our managed services to our customers on an individual or combined basis. In our managed services offering, the TRS’s performance obligation is to provide services (e.g. cloud hosting, data backup, data storage or data center personnel labor hours) to facilitate a fully integrated information technology (“IT”) outsourcing environment over a contracted term. Although underlying services may vary, over the contracted term monthly service offerings are substantially the same and we account for the services as a series of distinct services in accordance with ASC Topic 606. Service fee revenue is recognized as the revenue is earned, which generally coincides with the services being provided. As we have the right to consideration from customers in an amount that corresponds directly with the value to the customer of the TRS’s performance of providing continuous services, we recognize monthly revenue for the amount invoiced. With respect to the transaction price allocated to remaining performance obligations within our managed service contracts, we have elected to use the optional exemption provided by ASC Topic 606 whereby we are not required to estimate the total transaction price allocated to remaining performance obligations as we apply the “right-to-invoice” practical expedient. As described above, the nature of our performance obligation in these contracts is to provide monthly services that are substantially the same and accounted for as a series of distinct services. These contracts generally have a remaining term ranging from month-to-month to three years. Management fees and other revenues are generally received from our unconsolidated entity properties as well as third parties. Management fee revenue is earned based on a contractual percentage of unconsolidated entity property revenue. Development fee revenue is earned on a contractual percentage of hard costs to develop a property. We recognize revenue for these services provided when earned based on the performance criteria in ASC Topic 606, with such revenue recorded in “Other” revenue on the consolidated statements of operations. Leases as Lessee – We determine if an arrangement is a lease at inception. If the contract is considered a lease, we evaluate leased property to determine whether the lease should be classified as a finance or operating lease in accordance with U.S. GAAP. We periodically enter into finance leases for certain data center facilities, equipment, and fiber optic transmission cabling. Finance lease assets are included within the “Buildings, improvements and equipment” line item of the consolidated balance sheets and finance lease liabilities are included within “Finance leases” line item of the consolidated balance sheets. In addition, we lease certain real estate (primarily land or real estate space) under operating lease agreements with such assets included within the “Operating lease right of use assets, net” line item of the consolidated balance sheets and the associated lease liabilities included within the “Operating lease liabilities” line item on the consolidated balance sheets. Right of use (“ROU”) assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term. Certain of our leases include variable payments, which may vary based upon changes in facts or circumstances after the start of the lease. Variable lease payments are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation for those payments is incurred. As our leases as lessee typically do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. We assess multiple variables when determining the incremental borrowing rate, such as lease term, payment terms, collateral, economic conditions, and creditworthiness. ROU assets also include any lease payments made and exclude lease incentives. Many of our lease agreements include options to extend the lease, which we do not include in our expected lease terms unless they are reasonably certain to be exercised. Rental expense for lease payments related to operating leases is recognized on a straight-line basis over the lease term. Allowance for Uncollectible Accounts Receivable – We record a provision for uncollectible accounts if a receivable balance relating to lease components from an individual contract is considered by management not to be probable of collection, and this provision is recorded as a reduction to leasing revenues. We also record a general provision of estimated uncollectible tenant receivables based on general probability of collection in accordance with ASC 450-20 Loss Contingencies . This provision is recorded as bad debt expense and recorded within the “Property Operating Costs” line item of the consolidated statements of operations. The aggregate allowance for doubtful accounts on the consolidated balance sheets was $5.3 million and $5.4 million as of March 31, 2021 and December 31, 2020, respectively. Deferred Income – Deferred income generally results from non-refundable charges paid by the customer at lease inception to prepare their space for occupancy. We record this initial payment, commonly referred to as set-up fees, as a deferred income liability which amortizes into rental revenue over the term of the related lease on a straight-line basis. Deferred income was $93.5 million and $85.4 million as of March 31, 2021 and December 31, 2020, respectively. Additionally, $6.4 million and $3.9 million of deferred income was amortized into revenue for the three months ended March 31, 2021 and 2020, respectively. Equity-based Compensation – Equity-based compensation costs are measured based upon their estimated fair value on the date of grant or modification and amortized ratably over their respective service periods. We have elected to account for forfeitures as they occur. Equity-based compensation expense was $6.9 million and $4.9 million for the three months ended March 31, 2021 and 2020, respectively. Segment Information – We manage our business as one operating segment and thus one reportable segment consisting of a portfolio of investments in multiple data centers. Customer Concentrations – During the three months ended March 31, 2021, one of our customers exceeded 10% of total revenues, representing approximately 11% of total revenues for the three months ended March 31, 2021. As of March 31, 2021, three of our customers exceeded 5% of trade accounts receivable (which excludes straight-line rent receivables). In aggregate, these three customers accounted for approximately 53% of trade accounts receivable. One of these customers individually exceeded 10% of total trade accounts receivable representing 40% of total trade accounts receivable. Income Taxes – We provide for income taxes during interim periods based on the estimated effective tax rate for the year and any discrete adjustments. The effective tax rate is subject to change in the future due to various factors such as the operating performance of the taxable REIT subsidiaries, tax law changes, and future business acquisitions or divestitures. The taxable subsidiaries’ effective tax rates were (7.8)% and 13.0% for the three months ended March 31, 2021 and 2020, respectively. Fair Value Measurements – ASC Topic 820, Fair Value Measurement , emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy is established that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. As of March 31, 2021, we valued our derivative instruments primarily utilizing Level 2 inputs. See Note 14 – ‘Fair Value of Financial Instruments’ for additional details. New Accounting Pronouncements In January 2020, the FASB issued ASU 2020-1, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 , which clarifies the interaction between the accounting for equity securities under Topic 321, the accounting for equity method investments in Topic 323, and the accounting for certain forward contracts and purchased options in Topic 815. ASU 2020-1 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. We adopted this ASU effective January 1, 2021, and the provisions of the standard did not have a material impact on our consolidated financial statements. Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-4 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-4 is optional and may be elected over time as reference rate reform activities occur. The standard is effective for all entities as of March 12, 2020 through December 31, 2022. An entity can elect to apply the amendments as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to that date that the financial statements are available to be issued. In January 2021, the FASB issued ASU 2021-1 Reference Rate Reform (Topic 848): Scope, which updated the standard to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Beginning in the first quarter of 2020, we have applied the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance but we do not expect the provisions of the standard will have a material impact on our consolidated financial statements. We determined all other recently issued accounting pronouncements will not have a material impact on our consolidated financial statements or do not materially apply to our operations.

Real Estate Assets and Construc

Real Estate Assets and Construction in Progress	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Real Estate Assets and Construction in Progress	Real Estate Assets and Construction in Progress The following is a summary of our cost of owned or leased properties as of March 31, 2021 and December 31, 2020 (in thousands): As of March 31, 2021 (unaudited): Property Location Land Buildings, Improvements and Equipment Construction in Progress Total Cost Ashburn, Virginia Campus (1) $ 16,476 $ 391,247 $ 219,065 $ 626,788 Atlanta, Georgia Campus (2) 55,158 771,045 183,319 1,009,522 Chicago, Illinois 9,400 251,676 131,322 392,398 Dulles, Virginia 3,154 55,580 4,220 62,954 Eemshaven, Netherlands 5,153 20,991 47,859 74,003 Fort Worth, Texas 9,079 124,481 3,350 136,910 Groningen, Netherlands 1,821 11,324 3,249 16,394 Hillsboro, Oregon 18,414 47,364 72,033 137,811 Irving, Texas 8,606 409,565 89,516 507,687 Leased Facilities (3) — 83,180 60 83,240 Manassas, Virginia Campus (4) — 37 90,947 90,984 Phoenix, Arizona (5) — — 38,063 38,063 Piscataway, New Jersey 7,466 122,599 39,951 170,016 Princeton, New Jersey 20,700 35,267 9 55,976 Richmond, Virginia 2,180 235,381 128,911 366,472 Sacramento, California 1,481 66,304 125 67,910 Santa Clara, California (6) — 117,522 16,871 134,393 Suwanee, Georgia (Atlanta-Suwanee) 3,521 184,975 7,607 196,103 Other (7) 2,213 36,950 43,272 82,435 $ 164,822 $ 2,965,488 $ 1,119,749 $ 4,250,059 _______________________________ (1) The “Ashburn, Virginia Campus” includes both the existing data center Ashburn, VA (DC - 1) as well as new property development associated with the construction of a second data center Ashburn, VA (DC - 2). (2) The “Atlanta, Georgia Campus” includes both the existing data center Atlanta (DC - 1) as well as the recently developed data center Atlanta, GA (DC - 2). (3) Includes 7 facilities. All facilities are leased, including one subject to a finance lease. (4) The “Manassas, Virginia Campus” includes new property development associated with the construction of a wholly owned data center in Manassas, Virginia as well as separate land purchases in Manassas, Virginia. (5) Represents land purchases. Land acquisition costs, as well as subsequent development costs, are included within construction in progress until development on the land has ended and the asset is ready for its intended use. (6) Owned facility subject to long-term ground sublease. (7) Consists of Miami, FL; Lenexa, KS; Overland Park, KS and additional land. As of December 31, 2020: Property Location Land Buildings, Improvements and Equipment Construction in Progress Total Cost Ashburn, Virginia Campus (1) $ 16,476 $ 371,725 $ 185,903 $ 574,104 Atlanta, Georgia Campus (2) 55,157 700,142 191,072 946,371 Chicago, Illinois 9,400 250,336 104,117 363,853 Dulles, Virginia 3,154 54,323 4,148 61,625 Eemshaven, Netherlands 5,366 21,712 47,531 74,609 Fort Worth, Texas 9,079 124,054 1,064 134,197 Groningen, Netherlands 1,896 11,206 3,730 16,832 Hillsboro, Oregon 18,414 34,594 78,390 131,398 Irving, Texas 8,606 392,275 99,591 500,472 Leased Facilities (3) — 82,759 225 82,984 Manassas, Virginia Campus (4) — 25 67,073 67,098 Phoenix, Arizona (5) — — 37,729 37,729 Piscataway, New Jersey 7,466 122,176 30,401 160,043 Princeton, New Jersey 20,700 35,261 5 55,966 Richmond, Virginia 2,180 233,927 120,577 356,684 Sacramento, California 1,481 66,300 12 67,793 Santa Clara, California (6) — 117,343 9,385 126,728 Suwanee, Georgia (Atlanta-Suwanee) 3,521 184,467 6,718 194,706 Other (7) 2,213 36,636 41,094 79,943 $ 165,109 $ 2,839,261 $ 1,028,765 $ 4,033,135 _______________________________ (1) The “Ashburn, Virginia Campus” includes both the existing data center Ashburn, VA (DC - 1) as well as new property development associated with the construction of a second data center Ashburn, VA (DC - 2). (2) The “Atlanta, Georgia Campus” includes both the existing data center Atlanta (DC - 1) as well as the recently developed data center Atlanta, GA (DC - 2). (3) Includes 7 facilities. All facilities are leased, including one subject to a finance lease. (4) The “Manassas, Virginia Campus” includes new property development associated with the construction of a wholly owned data center in Manassas, Virginia as well as separate land purchases in Manassas, Virginia. (5) Represents land purchases. Land acquisition costs, as well as subsequent development costs, are included within construction in progress until development on the land has ended and the asset is ready for its intended use. (6) Owned facility subject to long-term ground sublease. (7) Consists of Miami, FL; Lenexa, KS; Overland Park, KS and additional land.

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Leases	Leases Leases as Lessee We use leasing as a source of financing for certain data center facilities and related equipment. We currently operate one data center facility, along with various equipment and fiber optic transmission cabling, that are subject to finance leases. The remaining terms of our finance leases range from approximately ten years to twenty years. Our finance lease associated with the data center includes multiple extension option periods, some of which were included in the lease term as we are reasonably certain to exercise those extension options. Our other finance leases typically do not have options to extend the initial lease term. We currently lease six other facilities under operating lease agreements for various data centers, our corporate headquarters and additional office space. Our leases have remaining lease terms ranging from less than three years to six years. We have options to extend the initial lease term on nearly all of these leases. Additionally, we have one ground lease for our Santa Clara property that is an operating lease which is scheduled to expire in 2052. Three months ended March 31, 2021 2020 Finance lease cost: Amortization of assets $ 1,013 $ 1,038 Interest on lease liabilities 469 489 Operating lease expense: Operating lease cost 2,232 2,263 Variable lease cost 270 264 Sublease income (49) (48) Total lease costs $ 3,935 $ 4,006 Leases as lessor Our lease revenue contains both minimum lease payments as well as variable lease payments. See Note 2 ‘Summary of Significant Accounting Policies’ for further details of our revenue streams and associated accounting treatment. The components of our lease revenue were as follows (unaudited and in thousands): Three months ended March 31, 2021 2020 Lease revenue: Minimum lease revenue $ 127,706 $ 107,485 Variable lease revenue (primarily recoveries from customers) 16,602 12,596 Total lease revenue $ 144,308 $ 120,081
Leases	Leases Leases as Lessee We use leasing as a source of financing for certain data center facilities and related equipment. We currently operate one data center facility, along with various equipment and fiber optic transmission cabling, that are subject to finance leases. The remaining terms of our finance leases range from approximately ten years to twenty years. Our finance lease associated with the data center includes multiple extension option periods, some of which were included in the lease term as we are reasonably certain to exercise those extension options. Our other finance leases typically do not have options to extend the initial lease term. We currently lease six other facilities under operating lease agreements for various data centers, our corporate headquarters and additional office space. Our leases have remaining lease terms ranging from less than three years to six years. We have options to extend the initial lease term on nearly all of these leases. Additionally, we have one ground lease for our Santa Clara property that is an operating lease which is scheduled to expire in 2052. Three months ended March 31, 2021 2020 Finance lease cost: Amortization of assets $ 1,013 $ 1,038 Interest on lease liabilities 469 489 Operating lease expense: Operating lease cost 2,232 2,263 Variable lease cost 270 264 Sublease income (49) (48) Total lease costs $ 3,935 $ 4,006 Leases as lessor Our lease revenue contains both minimum lease payments as well as variable lease payments. See Note 2 ‘Summary of Significant Accounting Policies’ for further details of our revenue streams and associated accounting treatment. The components of our lease revenue were as follows (unaudited and in thousands): Three months ended March 31, 2021 2020 Lease revenue: Minimum lease revenue $ 127,706 $ 107,485 Variable lease revenue (primarily recoveries from customers) 16,602 12,596 Total lease revenue $ 144,308 $ 120,081
Leases	Leases Leases as Lessee We use leasing as a source of financing for certain data center facilities and related equipment. We currently operate one data center facility, along with various equipment and fiber optic transmission cabling, that are subject to finance leases. The remaining terms of our finance leases range from approximately ten years to twenty years. Our finance lease associated with the data center includes multiple extension option periods, some of which were included in the lease term as we are reasonably certain to exercise those extension options. Our other finance leases typically do not have options to extend the initial lease term. We currently lease six other facilities under operating lease agreements for various data centers, our corporate headquarters and additional office space. Our leases have remaining lease terms ranging from less than three years to six years. We have options to extend the initial lease term on nearly all of these leases. Additionally, we have one ground lease for our Santa Clara property that is an operating lease which is scheduled to expire in 2052. Three months ended March 31, 2021 2020 Finance lease cost: Amortization of assets $ 1,013 $ 1,038 Interest on lease liabilities 469 489 Operating lease expense: Operating lease cost 2,232 2,263 Variable lease cost 270 264 Sublease income (49) (48) Total lease costs $ 3,935 $ 4,006 Leases as lessor Our lease revenue contains both minimum lease payments as well as variable lease payments. See Note 2 ‘Summary of Significant Accounting Policies’ for further details of our revenue streams and associated accounting treatment. The components of our lease revenue were as follows (unaudited and in thousands): Three months ended March 31, 2021 2020 Lease revenue: Minimum lease revenue $ 127,706 $ 107,485 Variable lease revenue (primarily recoveries from customers) 16,602 12,596 Total lease revenue $ 144,308 $ 120,081

Investments in Unconsolidated E

Investments in Unconsolidated Entity	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investments in Unconsolidated Entity	Investments in Unconsolidated EntityDuring the three months ended March 31, 2019, we formed an unconsolidated entity with Alinda Capital Partners (“Alinda”), an infrastructure investment firm. We contributed a hyperscale data center under development in Manassas, Virginia to the entity. The facility, and the previously executed 10-year operating lease agreement with a global cloud-based software company, was contributed to the unconsolidated entity in exchange for cash and noncash consideration in the form of equity interest in the entity that was measured at fair value pursuant to Topic 820. The equity interest received and any amounts due from the unconsolidated entity are recorded within our consolidated balance sheets and totaled $25.9 million and $22.6 million as of March 31, 2021 and December 31, 2020, respectively. We and Alinda each own a 50% interest in the entity. As we are not the primary beneficiary of the arrangement but have the ability to exercise significant influence, we concluded that the investment should be accounted for as an unconsolidated entity using equity method investment accounting. As of March 31, 2021 and December 31, 2020, the total assets of the entity were $145.8 million and $141.5 million, respectively. As of March 31, 2021 and December 31, 2020, the total debt outstanding, net of deferred financing costs, was $92.2 million and $90.1 million, respectively.

Debt

Debt	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Debt	Debt Below is a listing of our outstanding debt, including finance leases, as of March 31, 2021 and December 31, 2020 (in thousands): Weighted Average Effective Interest Rate at March 31, 2021 (1) Maturity Date March 31, December 31, (unaudited) (unaudited) Unsecured Credit Facility Revolving Credit Facility 1.36% December 17, 2023 $ 361,877 $ 392,337 Term Loan A 3.26% December 17, 2024 225,000 225,000 Term Loan B 3.30% April 27, 2025 225,000 225,000 Term Loan C 3.46% October 18, 2026 250,000 250,000 Term Loan D 1.45% January 15, 2026 250,000 250,000 3.875% Senior Notes 3.88% October 1, 2028 500,000 500,000 Finance Leases 4.35% 2031 - 2040 42,525 41,718 2.87% 1,854,402 1,884,055 Less net debt issuance costs (13,935) (14,562) Total outstanding debt, net $ 1,840,467 $ 1,869,493 _________________________ (1) The coupon interest rates associated with Term Loan A, Term Loan B, and Term Loan C incorporate the effects of our interest rate swaps in effect as of March 31, 2021. The annual remaining principal payment requirements of our debt securities as of March 31, 2021 per the contractual maturities, excluding extension options and excluding operating and finance leases, are as follows (unaudited and in thousands): 2021 (April - December) $ — 2022 — 2023 361,877 2024 225,000 2025 225,000 Thereafter 1,000,000 Total $ 1,811,877 As of March 31, 2021, we were in compliance with all of our covenants of our debt agreements.

Derivative Instruments

Derivative Instruments	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Instruments	Derivative Instruments From time to time, we enter into derivative financial instruments to manage certain cash flow risks. Derivatives designated and qualifying as a hedge of the exposure to variability in the cash flows of a specific asset or liability that is attributable to a particular risk, such as interest rate risk, are considered cash flow hedges. Interest Rate Swaps Our objectives in using interest rate swaps are to reduce variability in interest expense and to manage exposure to adverse interest rate movements. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable amounts from a counterparty in exchange for us making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. As of March 31, 2021, we had interest rate swap agreements in place with an aggregate notional amount of $700 million. The forward swap agreements effectively fix the interest rate on $700 million of term loan borrowings, $225 million of swaps allocated to Term Loan A, $225 million allocated to Term Loan B and $250 million allocated to Term Loan C, through the current maturity dates of the respective term loans. We reflect our interest rate swap agreements, which are designated as cash flow hedges, at fair value as either assets or liabilities on the consolidated balance sheets within the “Other assets, net” or “Derivative liabilities” line items, as applicable. As of March 31, 2021 and December 31, 2020, the fair value of interest rate swaps represented an aggregate liability of $32.0 million and $49.8 million, respectively. The forward interest rate swap agreements are derivatives that currently qualify for hedge accounting whereby we record the effective portion of changes in fair value of the interest rate swaps in accumulated other comprehensive income or loss on the consolidated balance sheets and statements of comprehensive income which is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Any ineffective portion of a derivative's change in fair value is immediately recognized within net income (loss). The amount reclassified from other comprehensive income to interest expense on the consolidated statements of operations was an increase to interest expense of $3.4 million and $0.8 million for the three months ended March 31, 2021, and 2020, respectively. There was no ineffectiveness recognized for the three months ended March 31, 2021, and 2020. During the subsequent twelve months, beginning April 1, 2021, we estimate that $13.7 million will be reclassified from other comprehensive income as an increase to interest expense. Interest rate derivatives and their fair values as of March 31, 2021 and December 31, 2020 were as follows (unaudited and in thousands): Notional Amount Fixed One Month LIBOR rate per annum Fair Value March 31, 2021 December 31, 2020 Effective Date Expiration Date March 31, 2021 December 31, 2020 $ 25,000 $ 25,000 1.989 % January 2, 2018 December 17, 2021 $ (334) $ (447) 100,000 100,000 1.989 % January 2, 2018 December 17, 2021 (1,333) (1,788) 75,000 75,000 1.989 % January 2, 2018 December 17, 2021 (1,001) (1,342) 50,000 50,000 2.033 % January 2, 2018 April 27, 2022 (1,017) (1,248) 100,000 100,000 2.029 % January 2, 2018 April 27, 2022 (2,027) (2,490) 50,000 50,000 2.033 % January 2, 2018 April 27, 2022 (1,016) (1,248) 100,000 100,000 2.617 % January 2, 2020 December 17, 2023 (6,144) (7,191) 100,000 100,000 2.621 % January 2, 2020 April 27, 2024 (6,722) (8,000) 70,000 70,000 0.968 % March 2, 2020 October 18, 2026 232 (2,174) 30,000 30,000 0.973 % March 2, 2020 October 18, 2026 100 (938) 200,000 200,000 2.636 % December 17, 2021 December 17, 2023 (8,781) (9,648) 200,000 200,000 2.642 % April 27, 2022 April 27, 2024 (8,162) (9,500) 125,000 125,000 1.014 % December 17, 2023 December 17, 2024 336 (704) 100,000 100,000 1.035 % December 17, 2023 December 17, 2024 244 (584) 75,000 75,000 1.110 % December 17, 2023 October 18, 2026 1,230 (866) 100,000 100,000 1.088 % April 27, 2024 April 27, 2025 399 (540) 125,000 125,000 1.082 % April 27, 2024 April 27, 2025 513 (666) 75,000 75,000 0.977 % April 27, 2024 October 18, 2026 1,503 (422) $ (31,980) $ (49,796) Power Purchase Agreements In March 2019, we entered into two 10-year agreements to purchase renewable energy equal to the expected electricity needs of our data centers in Chicago, Illinois and Piscataway, New Jersey. These arrangements currently qualify for hedge accounting whereby we record the changes in fair value of the instruments in “Accumulated other comprehensive income” or loss on the consolidated balance sheets and statements of comprehensive income which is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The amount reclassified from other comprehensive income to utilities expense on the consolidated statements of operations was a reduction to utilities expense of $0.1 million and an increase to utilities expense of $0.4 million for the three months ended March 31, 2021 and 2020, respectively. We currently reflect these agreements, which are designated as cash flow hedges, at fair value as liabilities on the consolidated balance sheets within the “Derivative liabilities” line item. Power purchase agreement derivatives and their fair values as of March 31, 2021 and December 31, 2020 were as follows (unaudited and in thousands): Fair Value Counterparty Facility Effective Date Expiration Date March 31, 2021 December 31, 2020 Calpine Energy Solutions, LLC Piscataway March 8, 2019 February 28, 2029 $ (2,534) $ (2,162) Calpine Energy Solutions, LLC Chicago March 8, 2019 February 28, 2029 (2,237) (1,764) $ (4,771) $ (3,926)

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesWe are subject to various routine legal proceedings and other matters in the ordinary course of business. We currently do not have any litigation that would have a material adverse impact on our financial statements.

Partners' Capital, Equity and I

Partners' Capital, Equity and Incentive Compensation Plans	3 Months Ended
	Mar. 31, 2021
Equity [Abstract]
Partners' Capital, Equity and Incentive Compensation Plans	Partners’ Capital, Equity and Incentive Compensation Plans QualityTech, LP QTS has the full power and authority to do all the things necessary to conduct the business of the Operating Partnership. As of March 31, 2021, the Operating Partnership had four classes of limited partnership units outstanding: Series A Preferred Units, Series B Convertible Preferred Units, Class A units of limited partnership interest (“Class A units”) and Class O LTIP units of limited partnership units (“Class O units”). The Class A units currently outstanding are now redeemable on a one-for-one exchange rate at any time for cash or shares of Class A common stock of QTS. The Company may in its sole discretion elect to assume and satisfy the redemption amount with cash or its shares. Class O units were issued upon grants made under the QualityTech, LP 2010 Equity Incentive Plan (the “2010 Equity Incentive Plan”). Class O units are pari passu with Class A units. Each Class O unit is convertible into Class A units by the Operating Partnership at any time or by the holder at any time based on formulas contained in the partnership agreement. QTS Realty Trust, Inc. In connection with its initial public offering on October 13, 2013 ("IPO"), QTS issued Class A common stock and Class B common stock. Class B common stock entitles the holder to 50 votes per share and was issued to enable our Chief Executive Officer to exchange 2% of his Operating Partnership units so he may have a vote proportionate to his economic interest in the Company. Also in connection with its IPO, QTS adopted the QTS Realty Trust, Inc. 2013 Equity Incentive Plan (the “2013 Equity Incentive Plan”), pursuant to which the Company may issue shares of Class A common stock pursuant to various types of awards. As of March 31, 2021, 5.9 million shares of Class A common stock were authorized and available for issuance under the 2013 Equity Incentive Plan. On March 4, 2021, the Board of Directors approved an amendment and restatement of the 2013 Equity Incentive Plan, to among other things, increase the number of shares available for issuance under the plan by an additional 2.0 million shares, which amendment is expected to be approved at our 2021 Annual Meeting of Stockholders on May 4, 2021. In March 2019, the Compensation Committee completed a redesign of the long-term incentive program for executive officers to include the following types of awards: a. Performance-Based FFO Unit Awards — performance-based restricted share unit awards, which may be earned based on Operating Funds From Operations (“OFFO”) per diluted share measured over a two b. Performance-Based Relative TSR Unit Awards — performance-based restricted share unit awards, which may be earned based on total stockholder return (“TSR”) as compared to the MSCI U.S. REIT Index (the “Index”) over a three c. Restricted Stock Awards — the restricted stock awards vest as to 33% of the shares subject to awards on the first anniversary of the date of grant and as to 8.375% of the shares subject to the awards each quarter-end thereafter, subject to the named executive officer’s continued service as an employee as of each vesting date. 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 ____________________ (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. 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 % 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 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 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 Any awards outstanding as of the end of the period have been valued as of the grant date and generally vest ratably over a defined service period. As of March 31, 2021, all restricted Class A common stock, TSR units, and FFO units outstanding were unvested and approximately 0.1 million options to purchase Class A common stock were outstanding and unvested. As of March 31, 2021, we had $51.4 million of unrecognized equity-based compensation expense which will be recognized over a remaining weighted-average vesting period of approximately 1 year. The total intrinsic value of Class O units and options to purchase Class A common stock outstanding at March 31, 2021 was $47.5 million. Dividends and Distributions 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 Additionally, subsequent to March 31, 2021, we paid the following dividends: • On April 6, 2021, we paid our regular quarterly cash dividend of $0.50 per common share to stockholders of record as of the close of business on March 19, 2021. • On April 15, 2021, we paid a quarterly cash dividend of approximately $0.45 per share on our Series A Preferred Stock to holders of Series A Preferred Stock of record as of the close of business on March 31, 2021. • On April 15, 2021, we paid a quarterly cash dividend of approximately $1.63 per share on our Series B Preferred Stock to holders of Series B Preferred Stock of record as of the close of business on March 31, 2021. Equity Issuances Class A Common Stock Because we had utilized substantially all of the offering capacity of the Prior ATM Program, in May 2020, we established a new “at-the-market” equity offering program (the “Current ATM Program”) pursuant to which we may issue, from time to time, up to $500 million of our Class A common stock, which may include shares to be sold on a forward basis. As under the Prior ATM Program, the use of forward sales under the Current ATM Program generally allows us to lock in a price on the sale of shares of our Class A common stock when sold by the forward sellers, but defer receiving the net proceeds from such sales until the shares of our Class A common stock are issued at settlement on a later date. We expect to physically settle (by delivering shares of common stock) the forward sales under the Current ATM Program prior to the first anniversary date of each respective transaction. We have concluded that the forward sale agreements meet the derivative scope exception for certain contracts involving an entity’s own equity. Our earnings per share dilution resulting from the forward sale agreements, if any, is determined using the two-class method. In June 2020, we conducted an underwritten offering of 4,400,000 shares of our common stock on a forward basis. During the three months ended March 31, 2021 we settled a portion of the 4,400,000 shares subject to the forward sales agreements. We expect to physically settle the remaining forward sale agreements (by the delivery of shares of common stock) and receive proceeds, subject to certain adjustments, from the sale of those shares of common stock by June 30, 2021, although we have the right to elect settlement prior to that time. We have concluded that the forward sale agreements meet the derivative scope exception for certain contracts involving an entity’s own equity. Our earnings per share dilution resulting from the forward sale agreements, if any, is determined using the two-class method. 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 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 ____________________ (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. Preferred Stock As of March 31, 2021, we had outstanding 4,280,000 shares of 7.125% Series A Cumulative Redeemable Perpetual Preferred Stock ("Series A Preferred Stock") with a liquidation preference of $25.00 per share as well as 3,162,500 shares of 6.50% Series B Cumulative Convertible Perpetual Preferred Stock (“Series B Preferred Stock”) with a liquidation preference of $100.00 per share. Dividends on the Series A Preferred Stock and Series B Preferred Stock are payable quarterly in arrears on or about the 15th day of each January, April, July and October. The Series A Preferred Stock does not have a stated maturity date. On and after March 15, 2023, the Company may, at its option, redeem the Series A Preferred Stock, in whole, at any time, or in part, from time to time, for cash at a redemption price of $25.00 per share, plus any accrued and unpaid dividends (whether or not declared) to, but not including, the date of redemption. Under certain conditions, upon the occurrence of a change of control, we may redeem the Series A Preferred Stock in whole, at any time, or in part, from time to time within 120 days after the occurrence of such event and the holders will have the right to convert their Series A Preferred Stock to Class A common stock in accordance with the terms of the Series A Preferred Stock. The Series B Preferred Stock does not have a stated maturity date. The Series B Preferred Stock is convertible by holders into shares of Class A common stock at any time at the then-prevailing conversion rate. The conversion rate as of March 31, 2021 is 2.1436 shares of the Company’s Class A common stock per share of Series B Preferred Stock. The Series B Preferred Stock is not redeemable by the Company. At any time on or after July 20, 2023, the Company may at its option cause all (but not less than all) outstanding shares of the Series B Preferred Stock to be automatically converted into the Company’s Class A common stock at the then-prevailing conversion rate if the closing sale price of the Company’s Class A common stock is equal to or exceeds 150% of the then-prevailing conversion price for at least 20 trading days in a period of 30 consecutive trading days, including the last trading day of such 30-day period, ending on the trading day prior to the issuance of a press release announcing the mandatory conversion.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions As described further in Note 5 ‘Investments in Unconsolidated Entity’, during the three months ended March 31, 2019, we formed an unconsolidated entity with Alinda, an infrastructure investment firm. We contributed a hyperscale data center under development in Manassas, Virginia to the entity. The facility, and the previously executed operating lease to a global cloud-based software company pursuant to a 10-year lease agreement, was contributed in exchange for cash and noncash consideration in the form of equity interest in the entity that was measured at fair value pursuant to ASC Topic 820. We and Alinda each own a 50% interest in the entity. Under the unconsolidated entity operating agreement, we serve as the entity’s operating member, subject to authority and oversight of a board appointed by us and Alinda, and separately we serve as manager and developer of the facility in exchange for management and development fees. During the three months ended March 31, 2021 and 2020, we received $0.3 million and $0.5 million in development fees from the unconsolidated entity, respectively, as well as $0.3 million and $0.2 million in management fees from the unconsolidated entity, respectively. In addition, we periodically execute transactions with entities affiliated with our Chairman and Chief Executive Officer. Such transactions include building operating lease payments and receipts as well as reimbursement for the use of a private aircraft service by our officers and directors. The transactions which occurred during the three months ended March 31, 2021 and 2020 are outlined below (unaudited and in thousands): Three Months Ended 2021 2020 Tax, utility, insurance and other reimbursement $ 169 $ 176 Rent expense 260 257 Total $ 429 $ 433

Noncontrolling Interest

Noncontrolling Interest	3 Months Ended
	Mar. 31, 2021
Noncontrolling Interest [Abstract]
Noncontrolling Interest	Noncontrolling Interest Concurrently with the completion of the IPO, we consummated a series of transactions pursuant to which QTS became the sole general partner and majority owner of QualityTech, LP, which then became its operating partnership. The previous owners of QualityTech, LP retained 21.2% ownership of the Operating Partnership as of the date of the IPO. Commencing at any time beginning November 1, 2014, at the election of the holders of the noncontrolling interest, the currently outstanding Class A units of the Operating Partnership are redeemable for cash or, at the election of the Company, Class A common stock of the Company on a one-for-one basis. As of March 31, 2021, the noncontrolling ownership interest percentage of QualityTech, LP was 8.6%.

Earnings per share

Earnings per share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings per share	Earnings per share Basic income (loss) per share is calculated by dividing the net income (loss) attributable to common shares by the weighted average number of common shares outstanding during the period. Diluted income (loss) per share adjusts basic income per share for the effects of potentially dilutive common shares. Unvested restricted stock awards and our forward sale contracts described in Note 9 contain non-forfeitable rights to dividends and thus are participating securities and are included in the computation of basic earnings per share pursuant to the two-class method for all periods presented. The two-class method is an earnings allocation formula that treats a participating security as having rights to undistributed earnings that would otherwise have been available to common stockholders. Accordingly, service-based restricted stock awards and the forward sale contracts were included in the calculation of basic earnings per share using the two-class method for all periods presented to the extent outstanding during the period. The computation of basic and diluted net income (loss) per share is as follows (in thousands, except per share data, and unaudited): Three Months Ended March 31, 2021 2020 Numerator: Net income $ 7,918 $ 8,120 Income attributable to noncontrolling interests (79) (110) Preferred stock dividends (7,045) (7,045) Earnings attributable to participating securities (5,285) (1,596) Net loss available to common stockholders after allocation to participating securities $ (4,491) $ (631) Denominator: Weighted average shares outstanding - basic 64,442 58,038 Effect of Class O units, TSR units, FFO units and options to purchase Class A common stock on an "as if" converted basis — — Weighted average shares outstanding - diluted 64,442 58,038 Basic net loss per share * $ (0.07) $ (0.01) Diluted net loss per share * $ (0.07) $ (0.01) ______________________________ * Note: The calculations of basic and diluted net income (loss) per share above do not include the following number of Class A partnership units, Class O units, TSR units, FFO units and options to purchase common stock on an “as if” converted basis, and the effects of Series B Convertible preferred stock on an “as if” converted basis, as their respective inclusions would have been antidilutive: Three Months Ended March 31, 2021 2020 Class A Partnership units 6,466 6,671 Class O units, TSR units, FFO units and options to purchase common stock on an "as if" converted basis 1,212 655 Series B Convertible preferred stock on an "as if" converted basis 6,779 6,749

Contracts with Customers

Contracts with Customers	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Contracts with Customers	Contracts with Customers Future minimum payments to be received under non-cancelable customer contracts including both lease rental revenue components and non-lease revenue components that are accounted for as a combined lease component in accordance with the practical expedient provided by ASC Topic 842 which is discussed in Note 2 above (inclusive of payments for contracts which have not yet commenced, and exclusive of variable lease revenue such as recoveries of operating costs from customers) are as follows for the years ending December 31 (unaudited and in thousands): 2021 (April - December) $ 349,511 2022 394,619 2023 296,826 2024 240,951 2025 186,194 Thereafter 554,414 Total $ 2,022,515

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments ASC Topic 825, Financial Instruments, requires disclosure of fair value information about financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based upon the application of discount rates to estimated future cash flows based upon market yields or by using other valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair value. Accordingly, fair values are not necessarily indicative of the amounts we could realize on disposition of the financial instruments. The use of different market assumptions and/or estimation methodologies may have a material effect on estimated fair value amounts. Short-term instruments: The carrying amounts of cash and cash equivalents and restricted cash approximate fair value. Derivative Contracts: Interest rate swaps Currently, we use interest rate swaps to manage our interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. To comply with the provisions of fair value accounting guidance, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of March 31, 2021, we assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. We do not have any fair value measurements on a recurring basis using significant unobservable inputs (Level 3) as of March 31, 2021 or December 31, 2020. Power Purchase Agreements In March 2019, we began using energy hedges to manage risk related to energy prices. The inputs used to value the derivatives primarily fall within Level 2 of the fair value hierarchy, and valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each contract. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including futures curves. The fair values of the energy hedges are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future energy rates (forward curves) derived from observable market futures curves. To comply with the provisions of fair value accounting guidance, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Unsecured Credit facility, Term Loan D and 3.875% Senior Notes: As market interest rates have fluctuated compared to contracted interest rates, the fair value of our unsecured credit facility approximated the carrying value of the credit facility less the fair value of the interest rate swap liability. Our Term Loan D did not have interest rates which were materially different than current market conditions and therefore, the fair value approximated the carrying value. The fair value of our 3.875% Senior Notes was estimated using Level 2 “significant other observable inputs,” primarily based on quoted market prices for the same or similar issuances. At March 31, 2021, the fair value of the 3.875% Senior Notes was approximately $500.0 million. Finance Leases: The fair value of our finance leases was estimated in the same manner as the unsecured credit facility above. Similarly, each of these instruments did not have interest rates which were materially different than current market conditions and therefore, the fair value of each instrument approximated the respective carrying values.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsIn April 2021, we paid our regular quarterly cash dividends on our common stock, Series A Preferred Stock and Series B Preferred Stock. See the ‘Dividends and Distributions’ section of Note 9 for additional details.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation – The accompanying financial statements have been prepared by management in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and in compliance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). These unaudited consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes and management’s discussion and analysis included in our Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on February 26, 2021. The consolidated balance sheet data included herein as of December 31, 2020 was derived from audited financial statements, but does not include all disclosures required by U.S. GAAP. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. As outlined in our Annual Report on Form 10-K for the year ended December 31, 2020, the Operating Partnership meets the definition and criteria of a variable interest entity (“VIE”) in accordance with Accounting Standards Codification (“ASC”) Topic 810 Consolidation , and the Company is the primary beneficiary of the VIE. The Company’s only material asset is its ownership interest in the Operating Partnership, and consequently, all of its assets and liabilities represent those assets and liabilities of the Operating Partnership. The Company’s debt is an obligation of the Operating Partnership where the creditors may have recourse, under certain circumstances, against the credit of the Company.
Use of Estimates	Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include the useful lives of fixed assets, allowances for doubtful accounts and deferred tax assets and the valuation of derivatives, real estate assets, acquired intangible assets and certain accruals. The impacts of the COVID-19 pandemic increases uncertainty, which has reduced our ability to use past results to estimate future performance. Accordingly, our estimates and judgments may be subject to greater volatility than has been the case in the past.
Principles of Consolidation	Principles of Consolidation – The consolidated financial statements of QTS Realty Trust, Inc. include the accounts of QTS Realty Trust, Inc. and its controlled subsidiaries. All significant intercompany accounts and transactions have been eliminated in the financial statements.
Variable Interest Entities (VIEs)	Variable Interest Entities (VIEs) – We determine whether an entity is a VIE and, if so, whether it should be consolidated by utilizing judgments and estimates that are inherently subjective. The determination of whether an entity in which we hold a direct or indirect variable interest is a VIE is based on several factors, including whether the entity’s total equity investment at risk upon inception is sufficient to finance the entity’s activities without additional subordinated financial support. We make judgments regarding the sufficiency of the equity at risk based first on a qualitative analysis, and then a quantitative analysis, if necessary. We analyze any investments in VIEs to determine if we are the primary beneficiary. In evaluating whether we are the primary beneficiary, we evaluate our direct and indirect economic interests in the entity. Determining which reporting entity, if any, is the primary beneficiary of a VIE is primarily a qualitative approach focused on identifying which reporting entity has both (1) the power to direct the activities of a VIE that most significantly impact such entity’s economic performance and (2) the obligation to absorb losses or the right to receive benefits from such entity that could potentially be significant to such entity. Performance of that analysis requires the exercise of judgment. We consider a variety of factors in identifying the entity that holds the power to direct matters that most significantly impact the VIE’s economic performance including, but not limited to, the ability to direct financing, leasing, construction and other operating decisions and activities. In addition, we consider the rights of other investors to participate in those decisions, to replace the manager and to sell or liquidate the entity. We determine whether we are the primary beneficiary of a VIE at the time we become involved with a variable interest entity and reconsider that conclusion upon a reconsideration event. As of March 31, 2021, we had one unconsolidated entity that was considered a VIE for which we are not the primary beneficiary. Our maximum exposure to losses associated with this VIE is limited to our net investment, which was approximately $25.9 million as of March 31, 2021.
Real Estate Assets	Real Estate Assets – Real estate assets are reported at cost. All capital improvements for the income-producing properties that extend their useful lives are capitalized to individual property improvements and depreciated over their estimated useful lives. Depreciation for real estate assets is generally provided on a straight-line basis over 40 years from the date the property was placed in service. Property improvements are depreciated on a straight-line basis over the life of the respective improvement ranging from 20 to 40 years from the date the components were placed in service. Leasehold improvements are depreciated over the lesser of 20 years or through the end of the respective life of the lease. Repairs and maintenance costs are expensed as incurred. For the three months ended March 31, 2021, depreciation expense related to real estate assets and non-real estate assets was $42.7 million and $2.9 million, respectively, for a total of $45.6 million. For the three months ended March 31, 2020, depreciation expense related to real estate assets and non-real estate assets was $32.3 million and $3.4 million, respectively, for a total of $35.7 million. We capitalize certain real estate development costs, including internal costs incurred in connection with development. The capitalization of costs during the construction period (including interest and related loan fees, property taxes and other direct and indirect project costs) begins when development efforts commence and ends when the asset is ready for its intended use. The capitalization of internal costs increases construction in progress recognized during development of the related property and the cost of the real estate asset when placed into service and such costs are depreciated over its estimated useful life. Capitalization of such costs, excluding interest, aggregated to $5.5 million and $4.5 million for the three months ended March 31, 2021 and 2020, respectively. Interest is capitalized during the period of development by applying our weighted average effective borrowing rate to the actual development and other capitalized costs paid during the construction period. Interest is capitalized until the property is ready for its intended use. Interest costs capitalized totaled $7.0 million and $8.1 million for the three months ended March 31, 2021 and 2020, respectively.
Acquisitions and Sales	Acquisitions and Sales – Acquisitions of real estate and other entities are either accounted for as asset acquisitions or business combinations depending on facts and circumstances. In developing estimates of fair value of acquired assets and assumed liabilities, management analyzes a variety of factors including market data, estimated future cash flows of the acquired operations, industry growth rates, current replacement cost for fixed assets and market rate assumptions for contractual obligations. Such a valuation requires management to make significant estimates and assumptions, particularly with respect to the intangible assets.
Impairment of Long-Lived Assets, Intangible Assets and Goodwill -	Impairment of Long-Lived Assets, Intangible Assets and Goodwill – We review our long-lived assets, intangible assets and equity method investments for impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Recoverability of assets to be held and used is measured by comparison of the carrying amount to the future net cash flows, undiscounted and without interest, expected to be generated by the asset group. If the net carrying value of the asset group exceeds the value of the undiscounted cash flows, the fair value of the asset group is assessed and may be considered impaired. An impairment loss is recognized based on the excess of the carrying amount of the impaired asset over its fair value. No impairment losses were recorded for the three months ended March 31, 2021 and March 31, 2020. The fair value of goodwill is the consideration transferred in a business combination which is not allocable to identifiable intangible and tangible assets. Goodwill is subject to at least an annual assessment for impairment. In connection with the goodwill impairment evaluation that we performed as of October 1, 2020, we determined qualitatively that it is not more likely than not that the fair value of our one reporting unit was less than the carrying amount, thus we did not perform a quantitative analysis. As we continue to operate and assess our goodwill at the consolidated level for our single reporting unit and our market capitalization significantly exceeds our net asset value, further analysis was not deemed necessary as of March 31, 2021.
Cash and Cash Equivalents	Cash and Cash Equivalents – We consider all demand deposits and money market accounts purchased with a maturity date of three months or less at the date of purchase to be cash equivalents. Our account balances at one or more institutions periodically exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is concentration of credit risk related to amounts on deposit in excess of FDIC coverage. We mitigate this risk by depositing a majority of our funds with several major financial institutions. We also have not experienced any losses and do not believe that the risk is significant.
Revenue Recognition	Revenue Recognition – We derive our revenues from leases with customers for data center space which include lease components and nonlease revenue components, such as power, tenant recoveries, and managed services. We have elected the available practical expedient under ASC Topic 842, Leases , to combine our nonlease revenue components that have the same pattern of transfer as the related operating lease component into a single combined lease component. The single combined component is accounted for under ASC Topic 842 if the lease component is the predominant component and is accounted for under ASC Topic 606 if the nonlease components are the predominant components. In our contracts, the single combined component is accounted for under ASC Topic 842 as the lease component is the predominant component. A description of each of our disaggregated revenue streams is as follows: Rental Revenue Our leases with customers are classified as operating leases and rental revenue is recognized on a straight-line basis over the customer lease term. Occasionally, customer leases include options to extend or terminate the lease agreements. We do not include any of these extension or termination options in a customer’s lease term for lease classification purposes or recognizing rental revenue unless it is reasonably certain the customer will exercise these extension or termination options. Rental revenue also includes revenue from power delivery on fixed power arrangements, whereby customers are billed and pay a fixed monthly fee per committed available amount of connected power. These fixed power arrangements require us to provide a series of distinct services and to stand ready to deliver the power over the contracted term which is co-terminus with the lease. Customer fixed power arrangements have the same pattern of transfer over the lease term as the lease component and are therefore combined with the lease component to form a single lease component that is recognized over the term of the lease on a straight-line basis. In addition, rental revenue includes straight-line rent. Straight-line rent represents the difference in rents recognized during the period versus amounts contractually due pursuant to the underlying leases and is recorded as deferred rent receivable/payable in the consolidated balance sheets. For lease agreements that provide for scheduled rent increases, rental income is recognized on a straight-line basis over the non-cancellable term of the leases, which commences when control of the space has been provided to the customer. The amount of the straight-line rent receivable on the balance sheet included in rents and other receivables, net was $71.0 million and $63.6 million as of March 31, 2021 and December 31, 2020, respectively. Rental revenue also includes amortization of set-up fees which are amortized over the term of the respective lease as discussed below in the "Deferred Income" section. Variable Lease Revenue from Recoveries Certain customer leases contain provisions under which customers reimburse us for power and cooling-related charges as well as a portion of the property’s real estate taxes, insurance and other operating expenses. Recoveries of power and cooling-related expenses relate specifically to our variable power arrangements, whereby customers pay variable monthly fees for the specific amount of power utilized at the current utility rates. Our performance obligation is to stand ready to deliver power over the life of the customer contract up to a contracted power capacity. Customers have the flexibility to increase or decrease the amount of power consumed, and therefore sub-metered power revenue is constrained at contract inception. The reimbursements are included in revenue as recoveries from customers and are recognized each month as the uncertainty related to the consideration is resolved (i.e. we provide power to our customers) and customers utilize the power. Reimbursement of real estate taxes, insurance, common area maintenance, or other operating expenses are accounted for as variable payments under lease guidance pursuant to the practical expedient and are recognized as revenue in the period that the expenses are recognized. Variable lease revenue from recoveries discussed above, including power, common area maintenance or other operating costs, have the same pattern of transfer over the lease term as the lease component and are therefore combined with the lease component to form a single lease component. Variable lease revenue from recoveries is included within the “rental” line item on the statements of operations. Other Revenue Other revenue primarily consists of revenue from our managed service offerings, as well as revenue earned from partner channel, management and development fees. We, through our taxable REIT subsidiaries (“TRS”), may provide use of our managed services to our customers on an individual or combined basis. In our managed services offering, the TRS’s performance obligation is to provide services (e.g. cloud hosting, data backup, data storage or data center personnel labor hours) to facilitate a fully integrated information technology (“IT”) outsourcing environment over a contracted term. Although underlying services may vary, over the contracted term monthly service offerings are substantially the same and we account for the services as a series of distinct services in accordance with ASC Topic 606. Service fee revenue is recognized as the revenue is earned, which generally coincides with the services being provided. As we have the right to consideration from customers in an amount that corresponds directly with the value to the customer of the TRS’s performance of providing continuous services, we recognize monthly revenue for the amount invoiced. With respect to the transaction price allocated to remaining performance obligations within our managed service contracts, we have elected to use the optional exemption provided by ASC Topic 606 whereby we are not required to estimate the total transaction price allocated to remaining performance obligations as we apply the “right-to-invoice” practical expedient. As described above, the nature of our performance obligation in these contracts is to provide monthly services that are substantially the same and accounted for as a series of distinct services. These contracts generally have a remaining term ranging from month-to-month to three years. Management fees and other revenues are generally received from our unconsolidated entity properties as well as third parties. Management fee revenue is earned based on a contractual percentage of unconsolidated entity property revenue. Development fee revenue is earned on a contractual percentage of hard costs to develop a property. We recognize revenue for these services provided when earned based on the performance criteria in ASC Topic 606, with such revenue recorded in “Other” revenue on the consolidated statements of operations. Leases as Lessee – We determine if an arrangement is a lease at inception. If the contract is considered a lease, we evaluate leased property to determine whether the lease should be classified as a finance or operating lease in accordance with U.S. GAAP. We periodically enter into finance leases for certain data center facilities, equipment, and fiber optic transmission cabling. Finance lease assets are included within the “Buildings, improvements and equipment” line item of the consolidated balance sheets and finance lease liabilities are included within “Finance leases” line item of the consolidated balance sheets. In addition, we lease certain real estate (primarily land or real estate space) under operating lease agreements with such assets included within the “Operating lease right of use assets, net” line item of the consolidated balance sheets and the associated lease liabilities included within the “Operating lease liabilities” line item on the consolidated balance sheets.
Allowance for Uncollectible Accounts Receivable	Allowance for Uncollectible Accounts Receivable – We record a provision for uncollectible accounts if a receivable balance relating to lease components from an individual contract is considered by management not to be probable of collection, and this provision is recorded as a reduction to leasing revenues. We also record a general provision of estimated uncollectible tenant receivables based on general probability of collection in accordance with ASC 450-20 Loss Contingencies
Deferred Income	Deferred Income – Deferred income generally results from non-refundable charges paid by the customer at lease inception to prepare their space for occupancy. We record this initial payment, commonly referred to as set-up fees, as a deferred income liability which amortizes into rental revenue over the term of the related lease on a straight-line basis. Deferred income was $93.5 million and $85.4 million as of March 31, 2021 and December 31, 2020, respectively. Additionally, $6.4 million and $3.9 million of deferred income was amortized into revenue for the three months ended March 31, 2021 and 2020, respectively.
Equity-based Compensation	Equity-based Compensation – Equity-based compensation costs are measured based upon their estimated fair value on the date of grant or modification and amortized ratably over their respective service periods. We have elected to account for forfeitures as they occur. Equity-based compensation expense was $6.9 million and $4.9 million for the three months ended March 31, 2021 and 2020, respectively.
Segment Information	Segment Information – We manage our business as one operating segment and thus one reportable segment consisting of a portfolio of investments in multiple data centers.
Customer Concentrations	Customer Concentrations – During the three months ended March 31, 2021, one of our customers exceeded 10% of total revenues, representing approximately 11% of total revenues for the three months ended March 31, 2021. As of March 31, 2021, three of our customers exceeded 5% of trade accounts receivable (which excludes straight-line rent receivables). In aggregate, these three customers accounted for approximately 53% of trade accounts receivable. One of these customers individually exceeded 10% of total trade accounts receivable representing 40% of total trade accounts receivable.
Income Taxes	Income Taxes – We provide for income taxes during interim periods based on the estimated effective tax rate for the year and any discrete adjustments. The effective tax rate is subject to change in the future due to various factors such as the operating performance of the taxable REIT subsidiaries, tax law changes, and future business acquisitions or divestitures. The taxable subsidiaries’ effective tax rates were (7.8)% and 13.0% for the three months ended March 31, 2021 and 2020, respectively.
Fair Value Measurements	Fair Value Measurements – ASC Topic 820, Fair Value Measurement , emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy is established that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. As of March 31, 2021, we valued our derivative instruments primarily utilizing Level 2 inputs. See Note 14 – ‘Fair Value of Financial Instruments’ for additional details.
New Accounting Pronouncements	New Accounting Pronouncements In January 2020, the FASB issued ASU 2020-1, Investments—Equity Securities (Topic 321), Investments—Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815): Clarifying the Interactions between Topic 321, Topic 323, and Topic 815 , which clarifies the interaction between the accounting for equity securities under Topic 321, the accounting for equity method investments in Topic 323, and the accounting for certain forward contracts and purchased options in Topic 815. ASU 2020-1 is effective for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. We adopted this ASU effective January 1, 2021, and the provisions of the standard did not have a material impact on our consolidated financial statements. Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . ASU 2020-4 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-4 is optional and may be elected over time as reference rate reform activities occur. The standard is effective for all entities as of March 12, 2020 through December 31, 2022. An entity can elect to apply the amendments as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to that date that the financial statements are available to be issued. In January 2021, the FASB issued ASU 2021-1 Reference Rate Reform (Topic 848): Scope, which updated the standard to clarify that certain optional expedients and exceptions in Topic 848 for contract modifications and hedge accounting apply to derivatives that are affected by the discounting transition. Beginning in the first quarter of 2020, we have applied the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. We continue to evaluate the impact of the guidance but we do not expect the provisions of the standard will have a material impact on our consolidated financial statements. We determined all other recently issued accounting pronouncements will not have a material impact on our consolidated financial statements or do not materially apply to our operations.

Real Estate Assets and Constr_2

Real Estate Assets and Construction in Progress (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Summary of Cost of Owned and Leased Properties by the Company	The following is a summary of our cost of owned or leased properties as of March 31, 2021 and December 31, 2020 (in thousands): As of March 31, 2021 (unaudited): Property Location Land Buildings, Improvements and Equipment Construction in Progress Total Cost Ashburn, Virginia Campus (1) $ 16,476 $ 391,247 $ 219,065 $ 626,788 Atlanta, Georgia Campus (2) 55,158 771,045 183,319 1,009,522 Chicago, Illinois 9,400 251,676 131,322 392,398 Dulles, Virginia 3,154 55,580 4,220 62,954 Eemshaven, Netherlands 5,153 20,991 47,859 74,003 Fort Worth, Texas 9,079 124,481 3,350 136,910 Groningen, Netherlands 1,821 11,324 3,249 16,394 Hillsboro, Oregon 18,414 47,364 72,033 137,811 Irving, Texas 8,606 409,565 89,516 507,687 Leased Facilities (3) — 83,180 60 83,240 Manassas, Virginia Campus (4) — 37 90,947 90,984 Phoenix, Arizona (5) — — 38,063 38,063 Piscataway, New Jersey 7,466 122,599 39,951 170,016 Princeton, New Jersey 20,700 35,267 9 55,976 Richmond, Virginia 2,180 235,381 128,911 366,472 Sacramento, California 1,481 66,304 125 67,910 Santa Clara, California (6) — 117,522 16,871 134,393 Suwanee, Georgia (Atlanta-Suwanee) 3,521 184,975 7,607 196,103 Other (7) 2,213 36,950 43,272 82,435 $ 164,822 $ 2,965,488 $ 1,119,749 $ 4,250,059 _______________________________ (1) The “Ashburn, Virginia Campus” includes both the existing data center Ashburn, VA (DC - 1) as well as new property development associated with the construction of a second data center Ashburn, VA (DC - 2). (2) The “Atlanta, Georgia Campus” includes both the existing data center Atlanta (DC - 1) as well as the recently developed data center Atlanta, GA (DC - 2). (3) Includes 7 facilities. All facilities are leased, including one subject to a finance lease. (4) The “Manassas, Virginia Campus” includes new property development associated with the construction of a wholly owned data center in Manassas, Virginia as well as separate land purchases in Manassas, Virginia. (5) Represents land purchases. Land acquisition costs, as well as subsequent development costs, are included within construction in progress until development on the land has ended and the asset is ready for its intended use. (6) Owned facility subject to long-term ground sublease. (7) Consists of Miami, FL; Lenexa, KS; Overland Park, KS and additional land. As of December 31, 2020: Property Location Land Buildings, Improvements and Equipment Construction in Progress Total Cost Ashburn, Virginia Campus (1) $ 16,476 $ 371,725 $ 185,903 $ 574,104 Atlanta, Georgia Campus (2) 55,157 700,142 191,072 946,371 Chicago, Illinois 9,400 250,336 104,117 363,853 Dulles, Virginia 3,154 54,323 4,148 61,625 Eemshaven, Netherlands 5,366 21,712 47,531 74,609 Fort Worth, Texas 9,079 124,054 1,064 134,197 Groningen, Netherlands 1,896 11,206 3,730 16,832 Hillsboro, Oregon 18,414 34,594 78,390 131,398 Irving, Texas 8,606 392,275 99,591 500,472 Leased Facilities (3) — 82,759 225 82,984 Manassas, Virginia Campus (4) — 25 67,073 67,098 Phoenix, Arizona (5) — — 37,729 37,729 Piscataway, New Jersey 7,466 122,176 30,401 160,043 Princeton, New Jersey 20,700 35,261 5 55,966 Richmond, Virginia 2,180 233,927 120,577 356,684 Sacramento, California 1,481 66,300 12 67,793 Santa Clara, California (6) — 117,343 9,385 126,728 Suwanee, Georgia (Atlanta-Suwanee) 3,521 184,467 6,718 194,706 Other (7) 2,213 36,636 41,094 79,943 $ 165,109 $ 2,839,261 $ 1,028,765 $ 4,033,135 _______________________________ (1) The “Ashburn, Virginia Campus” includes both the existing data center Ashburn, VA (DC - 1) as well as new property development associated with the construction of a second data center Ashburn, VA (DC - 2). (2) The “Atlanta, Georgia Campus” includes both the existing data center Atlanta (DC - 1) as well as the recently developed data center Atlanta, GA (DC - 2). (3) Includes 7 facilities. All facilities are leased, including one subject to a finance lease. (4) The “Manassas, Virginia Campus” includes new property development associated with the construction of a wholly owned data center in Manassas, Virginia as well as separate land purchases in Manassas, Virginia. (5) Represents land purchases. Land acquisition costs, as well as subsequent development costs, are included within construction in progress until development on the land has ended and the asset is ready for its intended use. (6) Owned facility subject to long-term ground sublease. (7) Consists of Miami, FL; Lenexa, KS; Overland Park, KS and additional land.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Schedule of components of lease expenses	Three months ended March 31, 2021 2020 Finance lease cost: Amortization of assets $ 1,013 $ 1,038 Interest on lease liabilities 469 489 Operating lease expense: Operating lease cost 2,232 2,263 Variable lease cost 270 264 Sublease income (49) (48) Total lease costs $ 3,935 $ 4,006
Schedule of components of lease revenue	The components of our lease revenue were as follows (unaudited and in thousands): Three months ended March 31, 2021 2020 Lease revenue: Minimum lease revenue $ 127,706 $ 107,485 Variable lease revenue (primarily recoveries from customers) 16,602 12,596 Total lease revenue $ 144,308 $ 120,081

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Outstanding Debt Including Capital Leases and Lease Financing Obligations	Below is a listing of our outstanding debt, including finance leases, as of March 31, 2021 and December 31, 2020 (in thousands): Weighted Average Effective Interest Rate at March 31, 2021 (1) Maturity Date March 31, December 31, (unaudited) (unaudited) Unsecured Credit Facility Revolving Credit Facility 1.36% December 17, 2023 $ 361,877 $ 392,337 Term Loan A 3.26% December 17, 2024 225,000 225,000 Term Loan B 3.30% April 27, 2025 225,000 225,000 Term Loan C 3.46% October 18, 2026 250,000 250,000 Term Loan D 1.45% January 15, 2026 250,000 250,000 3.875% Senior Notes 3.88% October 1, 2028 500,000 500,000 Finance Leases 4.35% 2031 - 2040 42,525 41,718 2.87% 1,854,402 1,884,055 Less net debt issuance costs (13,935) (14,562) Total outstanding debt, net $ 1,840,467 $ 1,869,493 _________________________ (1) The coupon interest rates associated with Term Loan A, Term Loan B, and Term Loan C incorporate the effects of our interest rate swaps in effect as of March 31, 2021.
Annual Remaining Principal Payment	The annual remaining principal payment requirements of our debt securities as of March 31, 2021 per the contractual maturities, excluding extension options and excluding operating and finance leases, are as follows (unaudited and in thousands): 2021 (April - December) $ — 2022 — 2023 361,877 2024 225,000 2025 225,000 Thereafter 1,000,000 Total $ 1,811,877

Derivative Instruments (Tables)

Derivative Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of interest rate derivatives and their fair values	Interest rate derivatives and their fair values as of March 31, 2021 and December 31, 2020 were as follows (unaudited and in thousands): Notional Amount Fixed One Month LIBOR rate per annum Fair Value March 31, 2021 December 31, 2020 Effective Date Expiration Date March 31, 2021 December 31, 2020 $ 25,000 $ 25,000 1.989 % January 2, 2018 December 17, 2021 $ (334) $ (447) 100,000 100,000 1.989 % January 2, 2018 December 17, 2021 (1,333) (1,788) 75,000 75,000 1.989 % January 2, 2018 December 17, 2021 (1,001) (1,342) 50,000 50,000 2.033 % January 2, 2018 April 27, 2022 (1,017) (1,248) 100,000 100,000 2.029 % January 2, 2018 April 27, 2022 (2,027) (2,490) 50,000 50,000 2.033 % January 2, 2018 April 27, 2022 (1,016) (1,248) 100,000 100,000 2.617 % January 2, 2020 December 17, 2023 (6,144) (7,191) 100,000 100,000 2.621 % January 2, 2020 April 27, 2024 (6,722) (8,000) 70,000 70,000 0.968 % March 2, 2020 October 18, 2026 232 (2,174) 30,000 30,000 0.973 % March 2, 2020 October 18, 2026 100 (938) 200,000 200,000 2.636 % December 17, 2021 December 17, 2023 (8,781) (9,648) 200,000 200,000 2.642 % April 27, 2022 April 27, 2024 (8,162) (9,500) 125,000 125,000 1.014 % December 17, 2023 December 17, 2024 336 (704) 100,000 100,000 1.035 % December 17, 2023 December 17, 2024 244 (584) 75,000 75,000 1.110 % December 17, 2023 October 18, 2026 1,230 (866) 100,000 100,000 1.088 % April 27, 2024 April 27, 2025 399 (540) 125,000 125,000 1.082 % April 27, 2024 April 27, 2025 513 (666) 75,000 75,000 0.977 % April 27, 2024 October 18, 2026 1,503 (422) $ (31,980) $ (49,796)
Schedule of power purchase agreement derivatives	Power purchase agreement derivatives and their fair values as of March 31, 2021 and December 31, 2020 were as follows (unaudited and in thousands): Fair Value Counterparty Facility Effective Date Expiration Date March 31, 2021 December 31, 2020 Calpine Energy Solutions, LLC Piscataway March 8, 2019 February 28, 2029 $ (2,534) $ (2,162) Calpine Energy Solutions, LLC Chicago March 8, 2019 February 28, 2029 (2,237) (1,764) $ (4,771) $ (3,926)

Partners' Capital, Equity and_2

Partners' Capital, Equity and Incentive Compensation Plans (Tables)	3 Months Ended
	Mar. 31, 2021
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 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 ____________________ (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 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 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 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 ____________________ (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.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Summary of Related Party Transactions	The transactions which occurred during the three months ended March 31, 2021 and 2020 are outlined below (unaudited and in thousands): Three Months Ended 2021 2020 Tax, utility, insurance and other reimbursement $ 169 $ 176 Rent expense 260 257 Total $ 429 $ 433

Earnings per share (Tables)

Earnings per share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Summary of Basic and Diluted Earnings Per Share	The computation of basic and diluted net income (loss) per share is as follows (in thousands, except per share data, and unaudited): Three Months Ended March 31, 2021 2020 Numerator: Net income $ 7,918 $ 8,120 Income attributable to noncontrolling interests (79) (110) Preferred stock dividends (7,045) (7,045) Earnings attributable to participating securities (5,285) (1,596) Net loss available to common stockholders after allocation to participating securities $ (4,491) $ (631) Denominator: Weighted average shares outstanding - basic 64,442 58,038 Effect of Class O units, TSR units, FFO units and options to purchase Class A common stock on an "as if" converted basis — — Weighted average shares outstanding - diluted 64,442 58,038 Basic net loss per share * $ (0.07) $ (0.01) Diluted net loss per share * $ (0.07) $ (0.01) ______________________________ * Note: The calculations of basic and diluted net income (loss) per share above do not include the following number of Class A partnership units, Class O units, TSR units, FFO units and options to purchase common stock on an “as if” converted basis, and the effects of Series B Convertible preferred stock on an “as if” converted basis, as their respective inclusions would have been antidilutive: Three Months Ended March 31, 2021 2020 Class A Partnership units 6,466 6,671 Class O units, TSR units, FFO units and options to purchase common stock on an "as if" converted basis 1,212 655 Series B Convertible preferred stock on an "as if" converted basis 6,779 6,749

Contracts with Customers (Table

Contracts with Customers (Table)	3 Months Ended
	Mar. 31, 2021
Revenue from Contract with Customer [Abstract]
Schedule of Future minimum payments to be received under non-cancelable customer contracts	Future minimum payments to be received under non-cancelable customer contracts including both lease rental revenue components and non-lease revenue components that are accounted for as a combined lease component in accordance with the practical expedient provided by ASC Topic 842 which is discussed in Note 2 above (inclusive of payments for contracts which have not yet commenced, and exclusive of variable lease revenue such as recoveries of operating costs from customers) are as follows for the years ending December 31 (unaudited and in thousands): 2021 (April - December) $ 349,511 2022 394,619 2023 296,826 2024 240,951 2025 186,194 Thereafter 554,414 Total $ 2,022,515

Description of Business (Detail

Description of Business (Details)	3 Months Ended
	Mar. 31, 2021property
Organization And Description Of Business [Line Items]
Number of properties	28
QualityTech LP
Organization And Description Of Business [Line Items]
Ownership interest	91.40%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Basis of Presentation to Real Estate Assets (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Maximum exposure to losses	$ 25.9
Depreciation expense from operation	45.6	$ 35.7
Real estate cost capitalized excluding interest cost	5.5	4.5
Real estate interest cost capitalized incurred	$ (7)	(8.1)
Real Property
Summary Of Significant Accounting Policies [Line Items]
Useful life of property	40 years
Real Property | Minimum
Summary Of Significant Accounting Policies [Line Items]
Useful life of property	20 years
Real Property | Maximum
Summary Of Significant Accounting Policies [Line Items]
Useful life of property	40 years
Leasehold Improvements | Maximum
Summary Of Significant Accounting Policies [Line Items]
Useful life of property	20 years
Real Estate Assets
Summary Of Significant Accounting Policies [Line Items]
Depreciation expense from operation	$ 42.7	32.3
Non-Real Estate Assets
Summary Of Significant Accounting Policies [Line Items]
Depreciation expense from operation	$ 2.9	$ 3.4

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Impairment to Equity-based Compensation (Details)	3 Months Ended
	Mar. 31, 2021USD ($)item	Mar. 31, 2020USD ($)
Accounting Policies [Abstract]
Impairment losses | $	$ 0	$ 0
Number of reporting units | item	1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Revenue and Deferred Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Accounting Policies [Abstract]
Deferred rent receivables	$ 71,000		$ 63,600
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Aggregate allowance for doubtful accounts	5,300	$ 5,400
Deferred income	93,495	85,400	$ 85,351
Amortization of deferred revenue	6,400	3,900
Company recorded equity-based compensation expense net of repurchased awards and forfeits	$ 6,900	$ 4,900
Cloud and managed services | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining term	3 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Segment Information to Taxes and Accounting Pronouncements (Details)	3 Months Ended
	Mar. 31, 2021segmentcustomer	Mar. 31, 2020
Summary Of Significant Accounting Policies [Line Items]
Number of operating segments | segment	1
Number of reportable segments | segment	1
Taxable REIT Subsidiaries
Summary Of Significant Accounting Policies [Line Items]
Effective tax rate	(7.80%)	13.00%
Customer One | Rental Revenue
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	11.00%
Number of customers | customer	1
Customer One | Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	40.00%
Number of customers | customer	1
Three Customers | Accounts Receivable | Trade Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	53.00%
Three Customers | Accounts Receivable | Minimum | Trade Accounts Receivable
Summary Of Significant Accounting Policies [Line Items]
Concentration risk percentage	5.00%

Real Estate Assets and Constr_3

Real Estate Assets and Construction in Progress (Details) $ in Thousands	Mar. 31, 2021USD ($)facility	Dec. 31, 2020USD ($)facility
Real Estate Properties [Line Items]
Land	$ 164,822	$ 165,109
Buildings, Improvements and Equipment	2,965,488	2,839,261
Construction in progress	1,119,749	1,028,765
Owned Properties
Real Estate Properties [Line Items]
Land	164,822	165,109
Buildings, Improvements and Equipment	2,965,488	2,839,261
Construction in progress	1,119,749	1,028,765
Total cost	4,250,059	4,033,135
Owned Properties | Ashburn, Virginia Campus
Real Estate Properties [Line Items]
Land	16,476	16,476
Buildings, Improvements and Equipment	391,247	371,725
Construction in progress	219,065	185,903
Total cost	626,788	574,104
Owned Properties | Atlanta, Georgia Campus
Real Estate Properties [Line Items]
Land	55,158	55,157
Buildings, Improvements and Equipment	771,045	700,142
Construction in progress	183,319	191,072
Total cost	1,009,522	946,371
Owned Properties | Chicago, Illinois
Real Estate Properties [Line Items]
Land	9,400	9,400
Buildings, Improvements and Equipment	251,676	250,336
Construction in progress	131,322	104,117
Total cost	392,398	363,853
Owned Properties | Dulles, Virginia
Real Estate Properties [Line Items]
Land	3,154	3,154
Buildings, Improvements and Equipment	55,580	54,323
Construction in progress	4,220	4,148
Total cost	62,954	61,625
Owned Properties | Eemshaven, Netherlands
Real Estate Properties [Line Items]
Land	5,153	5,366
Buildings, Improvements and Equipment	20,991	21,712
Construction in progress	47,859	47,531
Total cost	74,003	74,609
Owned Properties | Fort Worth, Texas
Real Estate Properties [Line Items]
Land	9,079	9,079
Buildings, Improvements and Equipment	124,481	124,054
Construction in progress	3,350	1,064
Total cost	136,910	134,197
Owned Properties | Groningen, Netherlands
Real Estate Properties [Line Items]
Land	1,821	1,896
Buildings, Improvements and Equipment	11,324	11,206
Construction in progress	3,249	3,730
Total cost	16,394	16,832
Owned Properties | Hillsboro, Oregon
Real Estate Properties [Line Items]
Land	18,414	18,414
Buildings, Improvements and Equipment	47,364	34,594
Construction in progress	72,033	78,390
Total cost	137,811	131,398
Owned Properties | Irving, Texas
Real Estate Properties [Line Items]
Land	8,606	8,606
Buildings, Improvements and Equipment	409,565	392,275
Construction in progress	89,516	99,591
Total cost	507,687	500,472
Owned Properties | Manassas, Virginia
Real Estate Properties [Line Items]
Land	0	0
Buildings, Improvements and Equipment	37	25
Construction in progress	90,947	67,073
Total cost	90,984	67,098
Owned Properties | Phoenix, Arizona
Real Estate Properties [Line Items]
Land	0	0
Buildings, Improvements and Equipment	0	0
Construction in progress	38,063	37,729
Total cost	38,063	37,729
Owned Properties | Piscataway, New Jersey
Real Estate Properties [Line Items]
Land	7,466	7,466
Buildings, Improvements and Equipment	122,599	122,176
Construction in progress	39,951	30,401
Total cost	170,016	160,043
Owned Properties | Princeton, New Jersey
Real Estate Properties [Line Items]
Land	20,700	20,700
Buildings, Improvements and Equipment	35,267	35,261
Construction in progress	9	5
Total cost	55,976	55,966
Owned Properties | Richmond, Virginia
Real Estate Properties [Line Items]
Land	2,180	2,180
Buildings, Improvements and Equipment	235,381	233,927
Construction in progress	128,911	120,577
Total cost	366,472	356,684
Owned Properties | Sacramento, California
Real Estate Properties [Line Items]
Land	1,481	1,481
Buildings, Improvements and Equipment	66,304	66,300
Construction in progress	125	12
Total cost	67,910	67,793
Owned Properties | Santa Clara, California
Real Estate Properties [Line Items]
Land	0	0
Buildings, Improvements and Equipment	117,522	117,343
Construction in progress	16,871	9,385
Total cost	134,393	126,728
Owned Properties | Suwanee, Georgia (Atlanta-Suwanee)
Real Estate Properties [Line Items]
Land	3,521	3,521
Buildings, Improvements and Equipment	184,975	184,467
Construction in progress	7,607	6,718
Total cost	196,103	194,706
Owned Properties | Other
Real Estate Properties [Line Items]
Land	2,213	2,213
Buildings, Improvements and Equipment	36,950	36,636
Construction in progress	43,272	41,094
Total cost	82,435	79,943
Leased Properties
Real Estate Properties [Line Items]
Land	0	0
Buildings, Improvements and Equipment	83,180	82,759
Construction in progress	60	225
Total cost	$ 83,240	$ 82,984
Number of facilities leased | facility	7	7
Leased Properties | Finance Leases
Real Estate Properties [Line Items]
Number of facilities leased | facility	1	1

Leases - Finance leases (Detail

Leases - Finance leases (Details)	3 Months Ended
	Mar. 31, 2021item
Lease as Lessee
Number of finance leases	1
Minimum
Lease as Lessee
Remaining lease term	10 years
Maximum
Lease as Lessee
Remaining lease term	20 years

Leases - Operating leases (Deta

Leases - Operating leases (Details)	3 Months Ended
	Mar. 31, 2021item
Lease as Lessee
Number of operating leases	6
Number of ground leases under operating leases	1
Minimum
Lease as Lessee
Remaining lease term	3 years
Maximum
Lease as Lessee
Remaining lease term	6 years

Leases - Components of lease ex

Leases - Components of lease expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Finance lease cost:
Amortization of assets	$ 1,013	$ 1,038
Interest on lease liabilities	469	489
Operating lease expense:
Operating lease cost	2,232	2,263
Variable lease cost	270	264
Sublease income	(49)	(48)
Total lease costs	$ 3,935	$ 4,006

Leases - Leases as lessor (Deta

Leases - Leases as lessor (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lease revenue:
Minimum lease revenue	$ 127,706	$ 107,485
Variable lease revenue (primarily recoveries from customers)	16,602	12,596
Total lease revenue	$ 144,308	$ 120,081

Investments in Unconsolidated_2

Investments in Unconsolidated Entity (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2019
Investments in Unconsolidated Joint Ventures
Assets	$ 4,085,290	$ 3,898,572
Liabilities	2,295,610	2,313,874
Joint venture with Alinda
Investments in Unconsolidated Joint Ventures
Equity method investments	$ 25,900	22,600
Ownership interest (as a percent)	50.00%
Joint venture with Alinda
Investments in Unconsolidated Joint Ventures
Lease term of facility with global cloud-based software company			10 years
Assets	$ 145,800	141,500
Liabilities	$ 92,200	$ 90,100

Debt - Outstanding Debt Includi

Debt - Outstanding Debt Including Finance Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Weighted average effective interest rate (as a percent)	2.87%
Outstanding debt	$ 1,854,402	$ 1,884,055
Less net debt issuance costs	(13,935)	(14,562)
Total outstanding debt, net	$ 1,840,467	1,869,493
Unsecured Credit Facility, Revolving Credit Facility, Matures on December 17, 2023
Debt Instrument [Line Items]
Weighted average effective interest rate (as a percent)	1.36%
Outstanding debt	$ 361,877	392,337
Unsecured Credit Facility, Term Loan A, Matures on December 17, 2024
Debt Instrument [Line Items]
Weighted average effective interest rate (as a percent)	3.26%
Outstanding debt	$ 225,000	225,000
Unsecured Credit Facility, Term Loan B, Matures on April 27 2025
Debt Instrument [Line Items]
Weighted average effective interest rate (as a percent)	3.30%
Outstanding debt	$ 225,000	225,000
Unsecured Credit Facility, Term Loan C, Matures on October 18 2026
Debt Instrument [Line Items]
Weighted average effective interest rate (as a percent)	3.46%
Outstanding debt	$ 250,000	250,000
Term Loan D
Debt Instrument [Line Items]
Weighted average effective interest rate (as a percent)	1.45%
Outstanding debt	$ 250,000	250,000
3.875% Senior Notes
Debt Instrument [Line Items]
Weighted average effective interest rate (as a percent)	3.88%
Outstanding debt	$ 500,000	500,000
Finance Leases
Debt Instrument [Line Items]
Weighted average effective interest rate (as a percent)	4.35%
Total debt and lease obligations	$ 42,525	$ 41,718

Debt - Annual Remaining Princip

Debt - Annual Remaining Principal Payment (Details) $ in Thousands	Mar. 31, 2021USD ($)
Debt Disclosure [Abstract]
2021 (April - December)	$ 0
2022	0
2023	361,877
2024	225,000
2025	225,000
Thereafter	1,000,000
Total	$ 1,811,877

Derivative Instruments - Intere

Derivative Instruments - Interest rate swaps (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2022	Dec. 31, 2020
Derivative [Line Items]
Reclassification of other comprehensive income to interest expense	$ 3,400	$ 800
Forecast
Derivative [Line Items]
Reclassification of other comprehensive income to interest expense			$ 13,700
Interest Rate Swap
Derivative [Line Items]
Derivative instruments, notional amount	700,000
Interest Rate Swap | Cash flow hedging
Derivative [Line Items]
Fair value	(31,980)			$ (49,796)
Interest Rate Swap | Unsecured Credit Facility, Term Loan
Derivative [Line Items]
Aggregate principal amount	700,000
Interest Rate Swap | Unsecured Credit Facility, Term Loan A, Matures on December 17, 2024
Derivative [Line Items]
Aggregate principal amount	225,000
Interest Rate Swap | Unsecured Credit Facility, Term Loan B, Matures on April 27 2025
Derivative [Line Items]
Aggregate principal amount	225,000
Interest Rate Swap | Unsecured Credit Facility, Term Loan C, Matures on October 18 2026
Derivative [Line Items]
Aggregate principal amount	$ 250,000

Derivative Instruments - Inte_2

Derivative Instruments - Interest rate derivatives and their fair values (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative	$ 700,000,000
Interest Rate Swap | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value	(31,980,000)	$ (49,796,000)
Swap instrument one matures on December 17, 2021 | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative	$ 25,000,000	25,000,000
Fixed rate per annum	1.989%
Fair value	$ (334,000)	(447,000)
Swap instrument two matures on December 17, 2021 | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative	$ 100,000,000	100,000,000
Fixed rate per annum	1.989%
Fair value	$ (1,333,000)	(1,788,000)
Swap instrument three matures on December 17, 2021 | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative	$ 75,000,000	75,000,000
Fixed rate per annum	1.989%
Fair value	$ (1,001,000)	(1,342,000)
Swap instrument one matures on April 27, 2022 | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative	$ 50,000,000	50,000,000
Fixed rate per annum	2.033%
Fair value	$ (1,017,000)	(1,248,000)
Swap instrument two matures on April 27, 2022 | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative	$ 100,000,000	100,000,000
Fixed rate per annum	2.029%
Fair value	$ (2,027,000)	(2,490,000)
Swap instrument three matures on April 27, 2022 | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative	$ 50,000,000	50,000,000
Fixed rate per annum	2.033%
Fair value	$ (1,016,000)	(1,248,000)
Swap instrument one matures on December 17, 2023 | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative	$ 100,000,000	100,000,000
Fixed rate per annum	2.617%
Fair value	$ (6,144,000)	(7,191,000)
Swap instrument one matures on April 27, 2024 | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative	$ 100,000,000	100,000,000
Fixed rate per annum	2.621%
Fair value	$ (6,722,000)	(8,000,000)
Swap instrument one matures on October 18, 2026 | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative	$ 70,000,000	70,000,000
Fixed rate per annum	0.968%
Fair value	$ 232,000	(2,174,000)
Swap instrument two matures on October 18, 2026 | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative	$ 30,000,000	30,000,000
Fixed rate per annum	0.973%
Fair value	$ 100,000	(938,000)
Swap instrument two matures on December 17, 2023 | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative	$ 200,000,000	200,000,000
Fixed rate per annum	2.636%
Fair value	$ (8,781,000)	(9,648,000)
Swap instrument two matures on April 27, 2024 | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative	$ 200,000,000	200,000,000
Fixed rate per annum	2.642%
Fair value	$ (8,162,000)	(9,500,000)
Swap instrument one matures on December 17, 2024 | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative	$ 125,000,000	125,000,000
Fixed rate per annum	1.014%
Fair value	$ 336,000	(704,000)
Swap instrument two matures on December 17, 2024 | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative	$ 100,000,000	100,000,000
Fixed rate per annum	1.035%
Fair value	$ 244,000	(584,000)
Swap instrument three matures on October 18, 2026 | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative	$ 75,000,000	75,000,000
Fixed rate per annum	1.11%
Fair value	$ 1,230,000	(866,000)
Swap instrument one matures on April 27, 2025 | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative	$ 100,000,000	100,000,000
Fixed rate per annum	1.088%
Fair value	$ 399,000	(540,000)
Swap instrument two matures on April 27, 2025 | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative	$ 125,000,000	125,000,000
Fixed rate per annum	1.082%
Fair value	$ 513,000	(666,000)
Swap instrument four matures on October 18, 2026 | Cash flow hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount of derivative	$ 75,000,000	75,000,000
Fixed rate per annum	0.977%
Fair value	$ 1,503,000	$ (422,000)

Derivative Instruments - Power

Derivative Instruments - Power Purchase Agreements (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2019agreement	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Derivative [Line Items]
Increase (decrease) in utilities expense		$ (100)	$ 400
Power Purchase Agreements
Derivative [Line Items]
Number of agreements | agreement	2
Term of agreement	10 years
Cash flow hedging | Power Purchase Agreements
Derivative [Line Items]
Fair value		(4,771)		$ (3,926)
Cash flow hedging | Piscataway | Calpine Energy Solutions, LLC
Derivative [Line Items]
Fair value		(2,534)		(2,162)
Cash flow hedging | Chicago | Calpine Energy Solutions, LLC
Derivative [Line Items]
Fair value		$ (2,237)		$ (1,764)

Partners' Capital, Equity and_3

Partners' Capital, Equity and Incentive Compensation Plans - Additional Information (Details) $ in Millions	Mar. 04, 2021shares	Oct. 13, 2013Vote	Mar. 31, 2019	Mar. 31, 2021USD ($)classshares	Dec. 31, 2020shares
Partners Capital And Distributions [Line Items]
Options outstanding (in shares)				100,000
Equity based compensation expense unrecognized | $				$ 51.4
Equity based compensation expense vesting period				1 year
Class O Units and Options
Partners Capital And Distributions [Line Items]
Equity based compensation awards intrinsic value | $				$ 47.5
First portion | Performance-Based FFO Units
Partners Capital And Distributions [Line Items]
Vesting period			2 years
Second portion | Performance-Based FFO Units
Partners Capital And Distributions [Line Items]
Vesting period			3 years
Second portion | Restricted Class A Common Stock
Partners Capital And Distributions [Line Items]
Vesting percentage, per quarter				8.375%
Vesting percentage				33.00%
2013 Equity Incentive Plan | Performance-Based FFO Units
Partners Capital And Distributions [Line Items]
Options outstanding (in shares)				237,669	132,267
2013 Equity Incentive Plan | Performance-Based Relative TSR Units
Partners Capital And Distributions [Line Items]
Options outstanding (in shares)				273,954	168,552
QualityTech, LP
Partners Capital And Distributions [Line Items]
Number of classes of partnership units outstanding | class				4
Class B Common Stock
Partners Capital And Distributions [Line Items]
Number of votes per share | Vote		50
Class B Common Stock | Chief Executive Officer
Partners Capital And Distributions [Line Items]
Percentage of operating partnership unit exchanged		2.00%
Class A Common Stock | Performance-Based FFO Units | Minimum
Partners Capital And Distributions [Line Items]
Percentage of target award			0.00%
Class A Common Stock | Performance-Based FFO Units | Maximum
Partners Capital And Distributions [Line Items]
Percentage of target award			200.00%
Class A Common Stock | Performance-Based Relative TSR Units
Partners Capital And Distributions [Line Items]
Performance period				3 years
Class A Common Stock | Performance-Based Relative TSR Units | Minimum
Partners Capital And Distributions [Line Items]
Percentage of target award			0.00%
Class A Common Stock | Performance-Based Relative TSR Units | Maximum
Partners Capital And Distributions [Line Items]
Percentage of target award			200.00%
Class A Common Stock | 2013 Equity Incentive Plan
Partners Capital And Distributions [Line Items]
Authorized shares to be issued under the plan				5,900,000
Additional shares available for issuance under plan approved by stockholders	2,000,000
Preferred Units Series A [Member] | QualityTech, LP
Partners Capital And Distributions [Line Items]
Exchange rate for cash or shares				1

Partners' Capital, Equity and_4

Partners' Capital, Equity and Incentive Compensation Plans - Summary of Award Activity Under 2010 Equity Incentive Plan and 2013 Equity Incentive Plan and Related Information (Details)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
Options
Ending balance (in shares) | shares	100,000
2010 Equity Incentive Plan | Class O Units
Numbers of Class O units
Granted (in shares) | shares	0
Cancelled/Expired (in shares) | shares	0
Weighted average exercise price
Granted (in dollars per share)	$ 0
Cancelled/Expired (in dollars per share)	0
Weighted average fair value
Granted (in dollars per share)	0
Cancelled/Expired (in dollars per share)	$ 0
2010 Equity Incentive Plan | Class O Units
Numbers of Class O units
Beginning balance (in shares) | shares	75,435
Exercised/Vested (in shares) | shares	0
Ending balance (in shares) | shares	75,435
Weighted average exercise price
Beginning balance (in dollars per share)	$ 25
Exercised/Vested (in dollars per share)	0
Ending balance (in dollars per share)	25
Weighted average fair value
Beginning balance (in dollars per share)	6.11
Exercised/Vested (in dollars per share)	0
Ending balance (in dollars per share)	$ 6.11
2013 Equity Incentive Plan | Options
Options
Beginning balance (in shares) | shares	1,936,407
Granted (in shares) | shares	96,366
Exercised/Vested (in shares) | shares	(51,220)
Cancelled/Expired (in shares) | shares	0
Ending balance (in shares) | shares	1,981,553
Weighted average exercise price
Beginning balance (in dollars per share)	$ 38.55
Granted (in dollars per share)	59.06
Exercised/Vested (in dollars per share)	38.63
Cancelled/Expired (in dollars per share)	0
Ending balance (in dollars per share)	39.55
Weighted average fair value
Beginning balance (in dollars per share)	7.26
Granted (in dollars per share)	10.53
Exercised/Vested (in dollars per share)	7.91
Cancelled/Expired (in dollars per share)	0
Ending balance (in dollars per share)	$ 7.40
2013 Equity Incentive Plan | Restricted Stock
Options
Beginning balance (in shares) | shares	416,496
Granted (in shares) | shares	270,464
Exercised/Vested (in shares) | shares	(123,438)
Cancelled/Expired (in shares) | shares	(3,716)
Ending balance (in shares) | shares	559,806
Weighted average fair value
Beginning balance (in dollars per share)	$ 52.20
Granted (in dollars per share)	59.07
Exercised/Vested (in dollars per share)	54.57
Cancelled/Expired (in dollars per share)	57.24
Ending balance (in dollars per share)	$ 54.96
2013 Equity Incentive Plan | Performance-Based Relative TSR Units
Numbers of Class O units
Cancelled/Expired (in shares) | shares	0
Weighted average exercise price
Exercised/Vested (in dollars per share)	$ 0
Options
Beginning balance (in shares) | shares	168,552
Granted (in shares) | shares	105,402
Ending balance (in shares) | shares	273,954
Weighted average fair value
Beginning balance (in dollars per share)	$ 66.90
Granted (in dollars per share)	$ 64.72
Exercised/Vested (in dollars per share) | shares	0
Cancelled/Expired (in dollars per share)	$ 0
Ending balance (in dollars per share)	$ 66.06
2013 Equity Incentive Plan | Performance-Based FFO Units
Numbers of Class O units
Cancelled/Expired (in shares) | shares	0
Weighted average exercise price
Exercised/Vested (in dollars per share)	$ 0
Options
Beginning balance (in shares) | shares	132,267
Granted (in shares) | shares	105,402
Ending balance (in shares) | shares	237,669
Weighted average fair value
Beginning balance (in dollars per share)	$ 51.45
Granted (in dollars per share)	$ 59.06
Exercised/Vested (in dollars per share) | shares	0
Cancelled/Expired (in dollars per share)	$ 0
Ending balance (in dollars per share)	$ 54.82

Partners' Capital, Equity and_5

Partners' Capital, Equity and Incentive Compensation Plans - Summary of Assumptions and Fair Values for Restricted Stock and Options to Purchase Shares of Class A Common Stock Granted (Details)	3 Months Ended
	Mar. 31, 2021$ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of TSR units granted (in dollars per share)	64.72
Expected volatility, minimum	28.00%
Expected volatility, maximum	31.00%
Expected dividend yield	3.39%
Expected risk-free interest rates, minimum	0.06%
Expected risk-free interest rates, maximum	0.90%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of FFO units and restricted stock granted (in dollars per share)	59.06
Fair value of options granted (in dollars per share)	$ 3.79
Expected term (years)	4 months 24 days
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of FFO units and restricted stock granted (in dollars per share)	61.17
Fair value of options granted (in dollars per share)	$ 11.36
Expected term (years)	5 years 6 months

Partners' Capital, Equity and_6

Partners' Capital, Equity and Incentive Compensation Plans - Summary of Information About Awards Outstanding (Details)	3 Months Ended
	Mar. 31, 2021$ / sharesshares
QualityTech LP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding	75,435
QualityTech LP | Class O Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise prices (in dollars per share) | $ / shares	$ 25
Awards outstanding	75,435
QTS Realty Trust, Inc.
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding	3,052,982
QTS Realty Trust, Inc. | Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding	559,806
Remaining term of awards	1 year 1 month 6 days
QTS Realty Trust, Inc. | Performance-Based Relative TSR Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding	273,954
Remaining term of awards	1 year 1 month 6 days
QTS Realty Trust, Inc. | Performance-Based FFO Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards outstanding	237,669
Remaining term of awards	9 months 18 days
QTS Realty Trust, Inc. | Options to purchase Class A common stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Lower limit of exercise price (in dollars per share) | $ / shares	$ 21
Upper limit of exercise price (in dollars per share) | $ / shares	$ 59.06
Awards outstanding	1,981,553
Remaining term of awards	10 months 24 days

Partners' Capital, Equity and_7

Partners' Capital, Equity and Incentive Compensation Plans - Schedule of Quarterly Cash Dividends (Details) - USD ($) $ / shares in Units, $ in Millions	Apr. 15, 2021	Apr. 06, 2021	Jan. 15, 2021	Jan. 07, 2021	Jan. 15, 2020	Jan. 07, 2020	Mar. 31, 2021	Mar. 31, 2020
Series A Preferred Stock
Per Share and Per Unit Rate (in dollars per share)			$ 0.45		$ 0.45
Aggregate Dividend/Distribution Amount			$ 1.9		$ 1.9		$ 1.9	$ 1.9
Series A Preferred Stock | Subsequent Event
Per Share and Per Unit Rate (in dollars per share)	$ 0.45
Series B Preferred Stock
Per Share and Per Unit Rate (in dollars per share)			$ 1.63		$ 1.63
Aggregate Dividend/Distribution Amount			$ 5.1		$ 5.1		5.1	5.1
Series B Preferred Stock | Subsequent Event
Per Share and Per Unit Rate (in dollars per share)	$ 1.63
Common stock
Per Share and Per Unit Rate (in dollars per share)				$ 0.47		$ 0.44
Aggregate Dividend/Distribution Amount				$ 33.4		$ 28.6	$ 33.4	$ 28.6
Common stock | Subsequent Event
Per Share and Per Unit Rate (in dollars per share)		$ 0.50

Partners' Capital, Equity and_8

Partners' Capital, Equity and Incentive Compensation Plans - Equity Issuance (Details) - USD ($)	Mar. 15, 2023	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	Jun. 30, 2020	May 31, 2020	Jun. 30, 2019
Partners Capital And Distributions [Line Items]
Common stock, par value (in dollars per share)		$ 0.01		$ 0.01
Common stock, shares authorized (in shares)		450,133,000		450,133,000
Forecast
Partners Capital And Distributions [Line Items]
Preferred stock, redemption price per share (in dollars per share)	$ 25
Underwritten Offering | Common stock | Maximum
Partners Capital And Distributions [Line Items]
Common stock, shares authorized (in shares)					4,400,000
Class A Common Stock | Prior ATM Program
Partners Capital And Distributions [Line Items]
Common stock, maximum value authorized							$ 400,000,000
Common stock, par value (in dollars per share)							$ 0.01
Class A Common Stock | ATM
Partners Capital And Distributions [Line Items]
Common stock, maximum value authorized						$ 500,000,000
Series A Redeemable Perpetual Preferred Stock
Partners Capital And Distributions [Line Items]
Preferred stock, shares outstanding (in shares)		4,280,000		4,280,000
Dividend rate (as a percent)		7.125%	7.125%
Preferred stock, liquidation preference (in dollars per share)		$ 25		$ 25
Series A Redeemable Perpetual Preferred Stock | Forecast
Partners Capital And Distributions [Line Items]
Threshold period of redemption of preferred stock	120 days
Series B Convertible Perpetual Preferred Stock
Partners Capital And Distributions [Line Items]
Preferred stock, shares outstanding (in shares)		3,162,500		3,162,500
Dividend rate (as a percent)		6.50%	6.50%
Preferred stock, liquidation preference (in dollars per share)		$ 100		$ 100
Series B Preferred Stock
Partners Capital And Distributions [Line Items]
Conversion rate		2.1436
Minimum percentage of closing sale price of common stock under preferred stock conversion (as a percent)		150.00%
Minimum trading days of closing sale price of common stock under preferred stock conversion (in days)		20 days
Maximum trading days of closing sale price of common stock under preferred stock conversion including the last trading day (in days)		30 days

Partners' Capital, Equity and_9

Partners' Capital, Equity and Incentive Compensation Plans - Summary of Equity Issued (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Forward Shares Sold/(Settled)
Shares and net proceeds available, beginning balance (in shares)	9,961
Forward Equity - Sales (in shares)	1,504
Forward Equity - Settlement (in shares)	(3,865)
Shares and net proceeds available, ending balance (in shares)	7,600
Net Proceeds Available/(Received)
Shares and net proceeds available, beginning balance	$ 581,598
Forward Equity - Sales	91,620
Forward Equity - Settlements	(215,964)
Shares and net proceeds available, ending balance	457,254
Proceeds from issuance or sale of equity, excluding dividends		$ 587,600
Dividends declared	$ 6,000

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction [Line Items]
Revenue	$ 4,424	$ 6,211
Affiliated Entity
Related Party Transaction [Line Items]
Term of contract	10 years
Ownership interest (as a percent)	50.00%
Tax, utility, insurance and other reimbursement	$ 169	176
Rent expense	260	257
Total	429	433
Development Fees | Affiliated Entity
Related Party Transaction [Line Items]
Revenue	300	500
Management Fees | Affiliated Entity
Related Party Transaction [Line Items]
Revenue	$ 300	$ 200

Noncontrolling Interest (Detail

Noncontrolling Interest (Details)	Nov. 01, 2014	Mar. 31, 2021	Oct. 13, 2013
Stock conversion ratio	1
Previous Owners of QualityTech, LP | QualityTech, LP
QualityTech, LP ownership percentage in operating partnership		8.60%	21.20%

Earnings per share - Computatio

Earnings per share - Computation of Basic and Diluted Net Income per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 7,918	$ 8,120
Income attributable to noncontrolling interests	(79)	(110)
Preferred stock dividends	(7,045)	(7,045)
Earnings attributable to participating securities	(5,285)	(1,596)
Net loss available to common stockholders after allocation to participating securities	$ (4,491)	$ (631)
Weighted average shares outstanding - basic (in shares)	64,442	58,038
Effect of Class O units, TSR units, FFO units and options to purchase Class A common stock on an "as if" converted basis (in shares)	0	0
Weighted average shares outstanding - diluted (in shares)	64,442	58,038
Basic net loss per share (in dollars per share)	$ (0.07)	$ (0.01)
Diluted net loss per share (in dollars per share)	$ (0.07)	$ (0.01)

Earnings per share - Antidiluti

Earnings per share - Antidilutive (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Class A Partnership units
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive shares excluded from the computation of diluted net earning per share	6,466	6,671
Class O units, TSR units, FFO units and options to purchase common stock on an "as if" converted basis
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive shares excluded from the computation of diluted net earning per share	1,212	655
Series B Convertible preferred stock on an "as if" converted basis
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive shares excluded from the computation of diluted net earning per share	6,779	6,749

Contracts with Customers (Detai

Contracts with Customers (Details) $ in Thousands	Mar. 31, 2021USD ($)
Revenue from Contract with Customer [Abstract]
2021 (April - December)	$ 349,511
2021	394,619
2022	296,826
2023	240,951
2024	186,194
Thereafter	554,414
Total	$ 2,022,515

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Details) - 3.875% Senior Notes $ in Millions	Mar. 31, 2021USD ($)
Fair Value Of Financial Instruments [Line Items]
Interest rate	3.875%
Fair Value Measurements, Level 2
Fair Value Of Financial Instruments [Line Items]
Fair value of loan based on current market rates	$ 500