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Slideshow Preferred Stock Offerings

By Preferred Stock Channel Staff, updated Monday, January 20, 8:58 AM

Slide #50. QTS Realty Trust, Inc. Preferred Stock Offering

Company: QTS Realty Trust, Inc. (NYSE:QTS)
Date announced: 6/20/2018
Shares Offered: 2,750,000
Date of Pricing: 6/20/2018
Price Per Share: $100.00
Preferred Stock Offering Details: QTS Realty Trust, Inc. (the "Company") (NYSE: QTS) today announced the commencement of an underwritten public offering, subject to market and other conditions, of 2,250,000 shares, or $225 million aggregate liquidation preference, of its Series B Cumulative Convertible Perpetual Preferred Stock ("Series B Convertible Preferred Stock") with a liquidation preference of $100.00 per share. The Company intends to grant the underwriters a 30-day option to purchase an aggregate of up to an additional 337,500 shares of Series B Convertible Preferred Stock, or $33.75 million aggregate liquidation preference, solely to cover overallotments. The Company intends to file an application to list the Series B Convertible Preferred Stock on the New York Stock Exchange. -updated 6/20- QTS Realty Trust, Inc. (the "Company") (NYSE: QTS) today announced the upsize and pricing of an underwritten public offering of 2,750,000 shares, or $275 million aggregate liquidation preference, of its 6.50% Series B Cumulative Convertible Perpetual Preferred Stock ("Series B Convertible Preferred Stock"). The offering was upsized from the previously announced offering size of 2,250,000 shares of Series B Convertible Preferred Stock. The Company estimates the net proceeds to it, after deducting the underwriting discounts and commissions and other estimated offering expenses payable by the Company, will be approximately $265 million. The Company has also granted the underwriters a 30-day option to purchase an aggregate of up to an additional 412,500 shares of Series B Convertible Preferred Stock, or $41.25 million aggregate liquidation preference, solely to cover overallotments, at the public offering price. The annual dividend on each share of Series B Convertible Preferred Stock is $6.50 and is payable when, as and if declared by the Company's Board of Directors, quarterly in cash on each January 15, April 15, July 15 and October 15 of each year, commencing on October 15, 2018. Each share of Series B Convertible Preferred Stock has a liquidation preference of $100.00 per share and is initially convertible into 2.1264 shares of the Company's Class A Common Stock (equal to an initial conversion price of approximately $47.03 per share). The Series B Convertible Preferred Stock is perpetual and may not be redeemed by the Company; however, the Company may, under certain circumstances on or after July 20, 2023, cause all outstanding shares of the Series B Convertible Preferred Stock to be automatically converted.

QTS Realty Trust is a provider of data center solutions. Through its controlling interest in QualityTech, LP (the Operating Partnership) and the subsidiaries of the Operating Partnership, Co. is engaged in the business of owning, acquiring, constructing, redeveloping and managing multi-tenant data centers. Co.'s data centers are facilities that support its customers' IT infrastructure equipment and provide access and connectivity to a range of communications and IT services providers. Co. provides IT solutions including data center space, power and cooling, connectivity and managed services for customers in the financial services, healthcare, retail, government, and technology industries.

Preferreds: QTS.PRA, QTS.PRB


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Name:  QTS Realty Trust Inc
Website:  www.qtsdatacenters.com
Sector:  REITs
Number of ETFs Holding QTS:  37 (see which ones)
Total Market Value Held by ETFs:  $543,501,039
Total Market Capitalization:  $3,029,000,000
% of Market Cap. Held by ETFs:  17.94%
 

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