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Land & Buildings to withhold support for QTS executives at annual meeting

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Land & Buildings to withhold support for QTS executives at annual meeting

Land & Buildings Investment Management LLC plans to withhold its votes for QTS Realty Trust Inc.'s CEO and Chairman Chad Williams and compensation committee chair William Grabe at the company's May 3 annual meeting.

In a letter to QTS shareholders, Land & Buildings attributed the move to what it believes to be QTS' underperformance compared to its data center peers, management's miscommunications with investors, poor corporate governance practices and "outsized and opaque" executive compensation and metrics.

"QTS is open to and appreciates input from shareholders, and is committed to taking actions to enhance shareholder value," a company spokesman said. "The board is confident that QTS has the right team and right strategy in place, and that the execution of our strategy and continued efficient capital allocation will deliver disciplined growth and sustainable value," the spokesman added.