Q1 2019 Investor Presentation

© 2019 QTS. All Rights Reserved.
QTS Realty Trust, Inc.
Investor Presentation
First Quarter 2019

QTS Realty Trust, Inc. 1
Forward Looking Statements
Some of the statements contained in this presentation constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to
expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In particular,
statements pertaining to our capital resources, portfolio performance results of operations, anticipated growth in our funds from operations and anticipated market conditions
contain forward-looking statements. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,”
“intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or
indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions.
The forward-looking statements contained in this presentation reflect our current views about future events and are subject to numerous known and unknown risks, uncertainties,
assumptions and changes in circumstances that may cause our actual results to differ significantly from those expressed in any forward-looking statement. We do not guarantee
that the transactions and events described will happen as described (or that they will happen at all). The following factors, among others, could cause actual results and future
events to differ materially from those set forth or contemplated in the forward-looking statements:
 adverse economic or real estate developments in our markets or the technology industry;
 obsolescence or reduction in marketability of our infrastructure due to changing industry demands;
 global, national and local economic conditions;
 risks related to our international operations;
 difficulties in identifying properties to acquire and completing acquisitions;
 our failure to successfully develop, redevelop and operate acquired properties or lines of business;
 significant increases in construction and development costs;
 the increasingly competitive environment in which we operate;
 defaults on, or termination or non-renewal of, leases by customers;
 decreased rental rates or increased vacancy rates;
 increased interest rates and operating costs, including increased energy costs;
 financing risks, including our failure to obtain necessary outside financing;
 dependence on third parties to provide Internet, telecommunications and network connectivity to our data centers;
 our failure to qualify and maintain our qualification as a REIT;
 environmental uncertainties and risks related to natural disasters;
 financial market fluctuations;
 changes in real estate and zoning laws, revaluations for tax purposes and increases in real property tax rates; and
 limitations inherent in our current and any future joint venture investments, such as lack of sole decision-making authority and reliance on our partners’ financial condition.
While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. Any forward-looking statement speaks only as of the date on which it
was made. We disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data
or methods, future events or other changes. For a further discussion of these and other factors that could cause our future results to differ materially from any forward-looking
statements, see the section entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018 (“10-K”) and in the other periodic reports we file with
the Securities and Exchange Commission.
This presentation includes measures not derived in accordance with generally accepted accounting principles (“GAAP”), such as FFO, operating FFO, adjusted Operating FFO,
EBITDAre, adjusted EBITDA, NOI, ROIC and MRR. These measures should not be considered in isolation or as a substitute for any measure derived in accordance with GAAP,
and may also be inconsistent with similar measures presented by other companies. As used herein, “Core” refers to our business that primarily consists of our hyperscale and
hybrid colocation leases. Reconciliation of these measures to the most closely comparable GAAP measures are presented in the attached pages. We refer you to the appendix of
this presentation for reconciliations of these measures and to the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations--Non-
GAAP Financial Measures" in our 10-K for further information regarding these measures.

QTS Key Investment Highlights
Strong secular trends support continued growth
Sector-leading and de-risked growth outlook for QTS
Balanced capital allocation approach
Fully funded 2019 capital plan
①
②
③
④
JV provides incremental lever to fund hyperscale growth⑤

Driving Success in Both Hyperscale & Hybrid Colocation
 Significant Growth Capacity – 1.3M sq. ft. of
powered shell capacity in top U.S. markets
 Operating and Build Cost Advantage – Low basis &
mega scale approach provide permanent cost
advantage
 New Market Expansion in NoVA, Phoenix and
Hillsboro and significant low basis capacity in Fort
Worth – Provides future growth capacity in markets
where hyperscale customers want to be
 Software-Defined Data Center Platform – Provides
infrastructure visibility and dynamic control to customers
 Enhanced Hybrid Solutions through Integrated Partners –
Strategic partnerships expand hybrid colocation opportunity
 Seamless Connectivity – SDN-enabled universal
connectivity to carriers, service providers and CSP’s
 High-End Security and Compliance – Dedicated team to
help enterprises mitigate cybersecurity risks
 Premium Customer Experience – Portfolio of managed
services and industry-leading net promoter scores
World-Class Infrastructure & Mega Data Centers Technology-Enabled Colocation Platform
Hyperscale Hybrid Colocation
8%
6%
9%
77%
$480B
Market
Size
12%
34%
11%
43%
$668B
Market
Size
On-Premise Managed Infrastructure Colocation Hyperscale/Cloud
2017 2022
IT Infrastructure Growing and Moving Off-Premise1
$39
$82
2017 2022
$31
$22
4
2017 2022
49%
CAGR
16%
CAGR
Hyperscale/Cloud Market ($B) Colocation Market ($B)
1.Source: Structure Research

Sector-Leading and De-risked Growth Outlook in 2019
Record leasing performance in 2018
1
1. 2018 reflects results for the Core business only. 2015-2017 reflects results for consolidated business including Core and Non-Core
2. Represents annualized MRR associated with leases that have been signed but have not yet commenced; may not sum due to rounding
Incremental Annualized Rent
Signed, Net of Downgrades ($M)
Ended 2018 with near-record booked-not-billed backlog,de-risking 2019
continued strong performance
$63M Annualized Booked-Not-
Billed MRR ($M)2
39.6
48.0
41.7
64.5
2015 2016 2017 2018
43.1M
Avg.
$62.6 $62.6 $62.6 $62.6
Q4 2018 2019 2020 2021+
$40.3
$10.7
$11.6

Balanced Approach to Capital Allocation
Strong Value Creation Opportunity
Focused on delivering consistent OFFO/share growth while continuing to invest
in long-term growth
Balanced Approach to Funding Operations
Perpetual preferred equity
Manassas joint venture
Balanced capex decisions
 Balance both near and long term return horizons
 Minimize equity dilution
 Bring capital into the business via shareholder-
friendly means
Convertible preferred equity
 QTS ’18 Annualized Core ROIC: 12.3%
 Estimated QTS Cost of Capital: 7% - 8%
 Value Creation: 4% – 5%
Significantly above average
return spread vs. cost of capital
in other Real Estate sectors

Disciplined Approach to Development
Capital discipline and de-risked entry point
 Continued focus on capital discipline to balance long-term growth with near-term results
 De-risked approach to new market entry
 Infrastructure designed to support multi-tenant environments to enable increased flexibility and drive
valuable diversification of product and customer mix
Greenfield Development
with Visibility on
Anchor Tenant
Low-Basis,
Infrastructure-Rich
Development
Repurposing
Existing Assets
Examples
Richmond, VA
Irving, TX
Chicago, IL
Atlanta, GA
Suwanee, GA
Piscataway, NJ
Princeton, NJ
Fort Worth, TX
Ashburn, VA
Manassas, VA
Hillsboro, OR
Phoenix, AZ
Data Center
Re-Focus
Enterprise
Sale-Leaseback
Pre-Lease
Greenfield

Positioned for Continued Capital Efficient Growth
1.Full Buildout reflects our “Basis of Design” NRSF at full buildout; does not include additional development which could take place on adjacent, owned land.
 Ability to double footprint in
pre-built powered shell
reduces future capital needs
 Land available in majority of
key hyperscale markets
already acquired and pad-
ready
 Existing capacity in strategic
hyperscale markets including
Dallas and Ashburn to support
capital efficient future growth
1.3M Sq. Ft.
Additional Capacity in Existing Powered Shell
2,730
54%
currently
built out
1,480
Full
Capacity
As of Q4 ‘18 Full Buildout1
(RaisedFloorNRSFin000s)
2,730
1,250
As of IPO
1,805
41%
built out
741
QTS’ powered shell capacity represents 5+ years of growth

8
Balanced Business Approach Optimizes QTS’ Performance
Balanced target of 1-3 deals per year 9 leases signed in ’18 between 500kW- 2MW
Hyperscale Hybrid Colocation
High Credit Quality Tenants
Growth Accelerant
Longer Term Contracts
Higher ROIC
Customer Diversification
Enhanced Capital Efficiency
34%
of Revenue1
66%
of Revenue1
Diversified
Customer Base
1,100+ customers across
25 data centers
QTS Realty Trust, Inc.
Higher Barriers to Entry
1.Based on MRR as of December 31. 2018.
Enhanced
ROIC
12.3% core ROIC
in 2018
Low Churn
3.6% core MRR churn
in 2018, among the
lowest in the industry

Balance Sheet and Liquidity Summary
 Net Debt to LQA consolidated
adjusted EBITDA of 5.7x as of
year-end 2018
 Raised $308.8M of net equity
proceeds in Feb. 2019, reducing
pro forma leverage to 4.4x
 2019 capital plan fully funded
 $63M booked-not-billed backlog
of annualized revenue
 During 2018, extended $1.52B
credit facility with reduced pricing
and enhanced covenant
flexibility
 Including forward swaps and
excluding Feb. 2019 equity raise,
QTS has effectively fixed the rate
on 74% of its debt outstanding
as of December 31, 2018
Market Cap
$2,151M2
Series A
Preferred Stock
$107M
Series B Convertible
Preferred Stock
$316M
Senior Notes
$400M
Unsecured Credit Facility
$952M1
Capital Leases and Other
$5M
1. Includes two term loans ($700 million in aggregate) and $252 million of borrowings on revolving credit facility as of December 31, 2018
2. Market Cap calculated as follows: total Class A and Class B common stock and OP units of 58.1 million, multiplied by the December 31, 2018 stock price of $37.05 per share.
3. May not sum due to rounding
$3.9B
Enterprise
Value
$1 $0 $0
$254
$350
$752
2019 2020 2021 2022 2023 2024+
HighlightsCapital Structure
Debt Maturities ($M)3

QTS - Alinda Joint Venture Overview
Joint Venture Overview
Partner  Alinda Capital Partners (“Alinda”)
Data Center  Manassas, VA – 118,000 SF data center under development; 10-year lease with hyperscale SaaS co.
Size1  $240 million
Effective Date  February 22, 2019
Ownership
 QTS: 50%
 Alinda: 50%
Cap Rate2  6.75%
Net Proceeds at Closing/Stabilized3  ~$53 million / ~$87 million
Financing
 Up to approximately $165 million secured credit facility provided by TD Securities, SunTrust and Regions
 LIBOR + 225 bps
Additional QTS Fee Streams
 Development fee
 Management fee
Exit Mechanism  Provides opportunity for QTS to retain full ownership of the asset
Strategic Partnership Opportunity
 Outlines Alinda’s initial capacity to potentially contribute up to $500 million of capital over 5-year period
 Establishes programmatic framework under which Alinda will be given the opportunity to partner with
QTS and contribute equity capital for specific data center developments at terms comparable to initial JV
1.Fully stabilized
2.Set rate for all development in Manassas in first three years of development
3.Includes QTS’ share of joint venture debt
 Reduced capital investment in Manassas development by approximately $120 million
 While maintaining 50% ownership of the NOI from the facility, plus management & development fees
 Results in increasing QTS’ facility-level ROIC from approximately 9% to approximately 12% and
 Drives future accretion of $0.02 - $0.03 of reported annual OFFO/share upon full stabilization

Benefits of Joint Venture Agreement to QTS
Multiple drivers of incremental value
Outlines a programmatic framework under which Alinda will be given opportunity to contribute
equity capital for specific data center projects in support of QTS’ hyperscale growth strategy
Reduces QTS’ reliance on public markets and leverages low cost of capital from
sophisticated private investor with large capacity to fund capital development plans
Reduces QTS’ capital deployment requirements in Manassas development by approximately
$120 million while retaining 50% proportionate share of NOI generated by facility
Enhances QTS’ overall ROIC based on cap rates below the ROIC of development projects
combined with incremental fee streams (development & management fees)
P
P
P
P
Highlights strong underlying value of QTS’ strategic data center assets at 6.75% cap rate
Manassas joint venture delivers immediate enhanced value by locking in cap rate well below
the ROIC of Manassas data center development and accretion upon stabilization
P
P
Joint venture factors in asset valuation of Manassas data center with cap rate value at full
stabilization, thereby not sacrificing future value from the joint venture’s expected growth
P

Strategic Growth Acceleration Plan
Execution Summary

Strategic Growth Plan Execution Summary – Q4 ‘18
$
Accelerate Growth
and Leasing
Increase
Profitability
Enhance
Predictability
 Highest core adjusted EBITDA margin
achieved in QTS history
 Represents 250 basis points of core
margin expansion Y/Y
12%
Q4 Revenue
Growth Y/Y*
17%
Q4 Adj. EBITDA
Growth Y/Y*
$65M
Annualized Rent
Signed in ‘18*
* Reflects results for Core business only
52.8%
Q4 Adj. EBITDA
Margin*
0.6%
Q4 Rental
Churn*
 Among the lowest churn rates in data center
industry
 YTD core churn of 3.6% at the low end of 2018
churn guidance of 3-5%
 2018 core churn less than half the churn QTS
experienced in consolidated business in 2017

Accelerated Performance in 2018
Accelerated Leasing Adjusted EBITDA
Margin Expansion
MRR Churn
Reduction
39.6
48.0
41.7
64.5
2015 2016 2017 2018
43.1M
Avg.
45.0% 45.8% 46.6%
51.6%
2015 2016 2017 2018
45.8%
Avg.
4.0%
5.6%
8.4%
3.6%
2015 2016 2017 2018
6.0%
Avg.
1
1 1
1.2018 reflects results for the Core business only. 2015-2017 reflects results for consolidated business including Core and Non-Core
Annualized Rent Signed ($M)
Execution on strategic growth plan sets up strong growth in 2019

Q4 2018 Hybrid Colocation Strength
• Signed new/modified leases totaling $12.2M of core incremental annualized rent
 Aggregate Q4 ’18 core net leasing represented a 43% increase vs. Q4 ‘17
 $65M of core leasing in 2018 represents the highest annual leasing volume in QTS’ history
 Represents 55%+ increase over 2017
 Booked-not-billed backlog increased to a near record $63M of annualized rent
 Provides strong visibility into future growth outlook
• Hybrid Colocation:
 Hybrid colocation business contributed approximately 75% of core net leasing volume in Q4
and approximately 67% of core net leasing volume in 2018
 Continue to see an overall increase in deal size within Enterprise vertical
 QTS signed 9 leases of between 500kW – 2MW in 2018, including 5 during Q4;
compares to only 2 deals signed in that range during 2017
 Positive enterprise demand backdrop
 Differentiation enabled by software-defined data center platform

QTS Service Delivery Platform Remains Key Differentiator
Enhancements
& Features
872
246
2018
2017
27% annual increase in
SDP active user base
START FINISH
40%
Improvement in
implementation
of cross connect orders
automated through SDP10% $700k+
Annualized Revenue
New power upgrades
representing
400%
20172018
CUSTOMER-FACINGAPI’S
40
157
INCREASE
Service Delivery Platform 2018 Year in Review

QTS Overview

Broad Footprint Focused On Top Data Center Markets
2.7 million sq.ft.of raised floor capacity1 and 690+ MW of available utility power2
1. Represents basis-of-design floor space as of December 31, 2018. The Company defines basis-of-design floor space as the total data center raised floor potential of its existing data center facilities.
2. Represents installed utility power and transformation capacity that is available for use by the facility as of December 31, 2018.
3. Based on data center raised floor. Does not include data centers subject to capital lease obligations. Includes Santa Clara, CA which is subject to a long-term ground lease.
25 DATA CENTERS MARKETS WHOLLY-OWNED3
14 96%

Best-in-Class “Mega” Data Centers
205,608 Sq. Ft.
100% Built Out
205,608 Sq. Ft.
ROIC: 27.6%2 Occupied: 91.9%
477,986 Sq. Ft.
91% Built Out
527,186 Sq. Ft.
167,309 Sq. Ft.
30% Built Out
557,309 Sq. Ft.
Atlanta-Suwanee, GA
36MW
Atlanta-Metro, GA
120MW1
Richmond, VA
110MW
174,160 Sq. Ft.
63% Built Out
275,701 Sq. Ft.
98,820 Sq. Ft.
56% Built Out
176,000 Sq. Ft.
46,000 Sq. Ft.
21% Built Out
215,855 Sq. Ft.
Piscataway, NJ
111MW
Chicago, IL
55MW3
Irving, TX
140MW
Note: Square footage reflects current Raised Floor Operating Net Rentable Square Feet (“NRSF”) as of December 31, 2018 (red shaded bars) and “Basis of Design” Raised Floor NRSF at full buildout. MW denotes
available utility power as of December 31, 2018. Occupied percentage as of December 31, 2018.
1. Atlanta -Metro currently has 72 MW of available utility power based on current agreements with its utility provider but has transformer capacity for 120 MW.
2. ROIC calculated by dividing annualized core NOI for the quarter ended December 31, 2018 by the average total cost, less construction in progress for the quarters ended December 31, 2018 and September 30, 2018.
3. 24MW available utility power as of December 31, 2018, with an additional 31 MW available upon QTS request.

The QTS Hyperscale Advantage
* JLL Global Data Center Outlook 2018

Service Delivery Platform Differentiates QTS Colocation
Over 16,000 SDP Users | 15+ Integrated Partners | 90M Data Points Collected Per Day
Service Delivery Platform provides QTS the first true Software Defined Data Center

QTS Service Delivery Platform - Third Party Feedback
On how they leverage SDP Today:
“SDP allowed us to review over and under-subscribed
cabinets in real-time, enabling us to shift infrastructure
or increase our density.”
VP of IT
(Multi-National Bank)
IT Director
(Clean Energy Automotive
Manufacturer)
Product Manager
(Communications Service
Provider Partner)
Customers and Partners Industry Analysts
On using SDP for their Customers:
“The Power Analytics App is a game-changer. Most of
your competitors take 3 weeks to provide this data
to our Customers.”
On how SDP drove the selection of QTS:
“There was not a close 2nd in our evaluation. The
innovation of SDP combined with Solution Portability
and NPS made this an easy decision.”
“
”
You are showing things that have been on
my clients’ wish list for quite some
time….mostly what they get from your
competitors is a really limited subset of
what you’ve just shown
On QTS’ Power & Sensor
Real-Time Analytics
Research Vice President, Infrastructure Strategies
Group – Industry Leading Research & Advisory Firm
“
”
The API and programmatic approach,
being able to bridge into the physical world
is very attractive…. I see differentiation
here
On how QTS’ SDP Platform
Interacts with Customers
Research Director, Cloud Service Provider Group –
Industry Leading Research & Advisory Firm
“
”
You have cemented yourselves as the
provider that is pushing the boundaries in
development and service delivery. It’s
clear you are more than just a colo provider
On QTS’ vision for Hybrid Colocation
Research Vice President, Technology Service Provider
Group – Industry Leading Research & Advisory Firm

Thank You!
ir@qtsdatacenters.com

Appendix

NOI Reconciliation
$ in thousands
Net Operating Income (NOI)
Net income (loss) $ 10,474 $ (4,072) $ 6,402 $ 7,576 $ (14,468) $ (6,892) $ (11,009) $ (5,104) $ (16,113)
Interest income (58) — (58) (66) — (66) (1) — (1)
Interest expense 6,050 — 6,050 6,384 2 6,386 8,049 — 8,049
Depreciation and amortization 38,259 — 38,259 36,693 1,206 37,899 34,247 2,893 37,140
Debt restructuring costs 605 — 605 — — — 19,992 — 19,992
Tax expense (benefit) of taxable REIT subsidiaries 38 (161) (123) (409) (571) (980) (3,879) (495) (4,374)
Transaction, integration and impairment costs 269 — 269 901 — 901 302 9,147 9,449
General and administrative expenses 17,551 118 17,669 17,732 2,191 19,923 16,762 4,058 20,820
Restructuring 138 4,108 4,246 — 13,737 13,737 — — —
NOI $ 73,326 $ (7) $ 73,319 $ 68,811 $ 2,097 $ 70,908 $ 64,463 $ 10,499 $ 74,962
December 31, 2018 September 30, 2018 December 31, 2017
Three Months Ended
Total Core Non-Core TotalCore Non-Core Total Core Non-Core
$ in thousands
Net Operating Income (NOI)
Net income (loss) $ 28,530 $ (35,705) $ (7,175) $ (4,611) $ 6,068 $ 1,457
Interest income (150) — (150) (67) — (67)
Interest expense 28,736 13 28,749 30,497 26 30,523
Depreciation and amortization 143,525 6,366 149,891 128,823 12,101 140,924
Debt restructuring costs 605 — 605 19,992 — 19,992
Tax benefit of taxable REIT subsidiaries (960) (2,408) (3,368) (9,655) (123) (9,778)
Transaction, integration and impairment costs 2,743 — 2,743 1,913 9,147 11,060
General and administrative expenses 71,401 9,456 80,857 67,740 19,491 87,231
Restructuring 138 37,805 37,943 — — —
NOI $ 274,568 $ 15,527 $ 290,095 $ 234,632 $ 46,710 $ 281,342
December 31, 2018 December 31, 2017
Core Non-Core Total
Year Ended
Core Non-Core Total

EBITDAre & Adjusted EBITDA Reconciliation
$ in thousands
EBITDAre and Adjusted EBITDA
Net income (loss) $ 10,474 $ (4,072) $ 6,402 $ 7,576 $ (14,468) $ (6,892) $ (11,009) $ (5,104) $ (16,113)
Interest income (58) — (58) (66) — (66) (1) — (1)
Tax expense (benefit) of taxable REIT subsidiaries 38 (161) (123) (409) (571) (980) (3,879) (495) (4,374)
Depreciation and amortization 38,259 — 38,259 36,693 1,206 37,899 34,247 2,893 37,140
Loss on disposition of depreciated property and impairment write-downs of depreciated property — 1,288 1,288 — 7,409 7,409 — 4,219 4,219
EBITDAre $ 54,763 $ (2,945) $ 51,818 $ 50,178 $ (6,422) $ 43,756 $ 27,407 $ 1,513 $ 28,920
Equity-based compensation expense 3,531 — 3,531 3,961 — 3,961 2,933 423 3,356
Restructuring costs 138 2,820 2,958 — 6,328 6,328 — — —
Adjusted EBITDA $ 59,306 $ (125) $ 59,181 $ 55,040 $ (94) $ 54,946 $ 50,634 $ 6,864 $ 57,498
Three Months Ended
Core Non-Core Total Core Non-Core Total
December 31, 2017
Core Non-Core Total
December 31, 2018 September 30, 2018
$ in thousands
EBITDAre and Adjusted EBITDA
Net income (loss) $ 28,530 $ (35,705) $ (7,175) $ (4,611) $ 6,068 $ 1,457
Interest income (150) — (150) (67) — (67)
Tax benefit of taxable REIT subsidiaries (960) (2,408) (3,368) (9,655) (123) (9,778)
Depreciation and amortization 143,525 6,366 149,891 128,823 12,101 140,924
Loss on disposition of depreciated property and impairment write-downs of depreciated property — 15,836 15,836 — 4,219 4,219
EBITDAre $ 199,681 $ (15,898) $ 183,783 $ 144,987 $ 22,291 $ 167,278
Equity-based compensation expense 14,972 — 14,972 12,191 1,672 13,863
Restructuring costs 138 21,969 22,107 — — —
Adjusted EBITDA $ 218,139 $ 6,071 $ 224,210 $ 179,083 $ 28,891 $ 207,974
Year Ended
TotalCore Non-Core Total Core Non-Core

FFO, Operating FFO and Adjusted Operating FFO
Reconciliation
*The company’s calculations of Operating FFO and Adjusted Operating FFO may not be comparable to Operating FFO and Adjusted Operating FFO as calculated by other REITs that do not use the same definition
$ in thousands
FFO
Net income (loss) $ 10,474 $ (4,072) $ 6,402 $ 7,576 $ (14,468) $ (6,892) $ (11,009) $ (5,104) $ (16,113)
Real estate depreciation and amortization 35,640 — 35,640 34,023 556 34,579 31,676 863 32,539
FFO 46,114 (4,072) 42,042 41,599 (13,912) 27,687 20,667 (4,241) 16,426
Preferred stock dividends (7,045) — (7,045) (7,045) — (7,045) — — —
FFO available to common stockholders & OP unit holders 39,069 (4,072) 34,997 34,554 (13,912) 20,642 20,667 (4,241) 16,426
Restructuring costs 138 4,108 4,246 — 13,737 13,737 — — —
Tax benefit associated with restructuring, transaction and integration costs — (161) (161) — (571) (571) — — —
Operating FFO available to common stockholders & OP unit holders* 40,081 (125) 39,956 35,455 (746) 34,709 40,961 4,906 45,867
Maintenance Capex (1,460) — (1,460) (1,660) — (1,660) (848) — (848)
Leasing commissions paid (5,204) — (5,204) (5,212) (249) (5,461) (5,840) (459) (6,299)
Amortization of deferred financing costs and bond discount 974 — 974 959 — 959 925 — 925
Non real estate depreciation and amortization 2,619 — 2,619 2,670 650 3,320 2,571 2,030 4,601
Straight line rent revenue and expense and other (1,958) 6 (1,952) (1,013) (54) (1,067) (1,329) (725) (2,054)
Tax expense (benefit) from operating results 38 — 38 (409) — (409) (3,879) (495) (4,374)
Adjusted Operating FFO available to common stockholders & OP unit holders* $ 38,621 $ (119) $ 38,502 $ 34,751 $ (399) $ 34,352 $ 35,494 $ 5,680 $ 41,174
TotalTotal
Three Months Ended
December 31, 2018 September 30, 2018 December 31, 2017
Core Core Non-CoreNon-CoreNon-Core Total Core
$ in thousands
FFO
Net income (loss) $ 28,530 $ (35,705) $ (7,175) $ (4,611) $ 6,068 $ 1,457
Real estate depreciation and amortization 133,948 2,171 136,119 120,188 3,367 123,555
FFO 162,478 (33,534) 128,944 115,577 9,435 125,012
Preferred stock dividends (16,666) — (16,666) — — —
FFO available to common stockholders & OP unit holders 145,812 (33,534) 112,278 115,577 9,435 125,012
Restructuring costs 138 37,805 37,943 — — —
Tax benefit associated with restructuring, transaction and integration costs — (2,408) (2,408) — — —
Operating FFO available to common stockholders & OP unit holders* 149,298 1,863 151,161 137,482 18,582 156,064
Maintenance Capex (6,662) — (6,662) (5,009) — (5,009)
Leasing commissions paid (23,855) (391) (24,246) (14,732) (5,383) (20,115)
Amortization of deferred financing costs and bond discount 3,856 — 3,856 3,868 — 3,868
Non real estate depreciation and amortization 9,577 4,195 13,772 8,635 8,734 17,369
Straight line rent revenue and expense and other (6,780) 10 (6,770) (3,717) (1,250) (4,967)
Tax expense (benefit) from operating results (960) — (960) (9,655) (123) (9,778)
Adjusted Operating FFO available to common stockholders & OP unit holders* $ 139,446 $ 5,677 $ 145,123 $ 129,063 $ 22,232 $ 151,295
Year Ended

MRR Reconciliation
$ in thousands
Recognized MRR in the period
Total period revenues $ 112,334 $ 3 $ 112,337 $ 107,513 $ 4,700 $ 112,213 $ 100,617 $ 18,294 $ 118,911
Less: Total period recoveries (11,629) — (11,629) (11,800) — (11,800) (11,053) — (11,053)
Total period deferred setup fees (3,104) — (3,104) (3,174) (101) (3,275) (2,714) (265) (2,979)
Total period straight line rent and other (4,465) (34) (4,499) (1,701) (2,171) (3,872) (7,551) (1,891) (9,442)
Recognized MRR in the period 93,136 (31) 93,105 90,838 2,428 93,266 79,299 16,138 95,437
MRR at period end
Total period revenues $ 112,334 $ 3 $ 112,337 $ 107,513 $ 4,700 $ 112,213 $ 100,617 $ 18,294 $ 118,911
Less: Total revenues excluding last month (73,852) (2) (73,854) (71,443) (4,416) (75,859) (66,550) (12,196) (78,746)
Total revenues for last month of period 38,482 1 38,483 36,070 284 36,354 34,067 6,098 40,165
Less: Last month recoveries (3,822) — (3,822) (3,896) — (3,896) (3,175) — (3,175)
Last month deferred setup fees (1,015) — (1,015) (1,095) — (1,095) (1,035) (88) (1,123)
Last month straight line rent and other (2,504) (1) (2,505) (979) 356 (623) (2,682) (1,477) (4,159)
MRR at period end $ 31,141 $ — $ 31,141 $ 30,100 $ 640 $ 30,740 $ 27,175 $ 4,533 $ 31,708
Three Months Ended
December 31, 2017
Core Non-Core TotalTotal
December 31, 2018
Total Non-CoreCore
September 30, 2018
Core Non-Core
$ in thousands
Recognized MRR in the period
Total period revenues $ 422,786 $ 27,738 $ 450,524 $ 370,392 $ 76,118 $ 446,510
Less: Total period recoveries (45,386) — (45,386) (37,797) (89) (37,886)
Total period deferred setup fees (12,239) (236) (12,475) (9,726) (964) (10,690)
Total period straight line rent and other (12,087) (5,061) (17,148) (17,358) (5,490) (22,848)
Recognized MRR in the period 353,074 22,441 375,515 305,511 69,575 375,086
MRR at period end
Total period revenues $ 422,786 $ 27,738 $ 450,524 $ 370,392 $ 76,118 $ 446,510
Less: Total revenues excluding last month (384,304) (27,737) (412,041) (336,325) (70,020) (406,345)
Total revenues for last month of period 38,482 1 38,483 34,067 6,098 40,165
Less: Last month recoveries (3,822) — (3,822) (3,175) — (3,175)
Last month deferred setup fees (1,015) — (1,015) (1,035) (88) (1,123)
Last month straight line rent and other (2,504) (1) (2,505) (2,682) (1,477) (4,159)
MRR at period end $ 31,141 $ — $ 31,141 $ 27,175 $ 4,533 $ 31,708
Year Ended
December 31, 2017
December 31, 2018

Core & Non-Core Reconciliation
$ in thousands except per share values
Selected Income Statement Data
Total Revenues $ 112,334 $ 3 $ 112,337 $ 107,513 $ 4,700 $ 112,213 $ 100,617 $ 18,294 $ 118,911
Less: Operating costs 39,008 10 39,018 38,702 2,603 41,305 36,154 7,795 43,949
Net operating income 73,326 (7) 73,319 68,811 2,097 70,908 64,463 10,499 74,962
Less: General & administrative expenses (excluding equity-based compensation expense) 14,020 118 14,138 13,771 2,191 15,962 13,829 3,635 17,464
Adjusted EBITDA 59,306 (125) 59,181 55,040 (94) 54,946 50,634 6,864 57,498
Less:
Interest income (58) — (58) (66) — (66) (1) — (1)
Tax expense (benefit) from operating results 38 — 38 (409) — (409) (3,879) (495) (4,374)
Non real estate depreciation and amortization 2,619 — 2,619 2,670 650 3,320 2,571 2,030 4,601
Preferred stock dividends 7,045 — 7,045 7,045 — 7,045 — — —
Operating FFO available to common stockholders & OP unit holders 40,081 (125) 39,956 35,455 (746) 34,709 40,961 4,906 45,867
OFFO per share 0.69 (0.00) 0.69 0.61 (0.01) 0.60 0.71 0.08 0.79
Adjustments:
Transaction, integration and impairment costs (269) — (269) (901) — (901) (302) (9,147) (9,449)
Restructuring costs (138) (4,108) (4,246) — (13,737) (13,737) — — —
Debt restructuring costs (605) — (605) — — — (19,992) — (19,992)
Tax benefit associated with restructuring, transaction and integration costs — 161 161 — 571 571 — — —
Real estate depreciation and amortization (35,640) — (35,640) (34,023) (556) (34,579) (31,676) (863) (32,539)
Preferred stock dividends 7,045 — 7,045 7,045 — 7,045 — — —
Net income (loss) $ 10,474 $ (4,072) $ 6,402 $ 7,576 $ (14,468) $ (6,892) $ (11,009) $ (5,104) $ (16,113)
Non-Core Total
Three Months Ended
December 31, 2017
Core
Three Months Ended
December 31, 2018
TotalCore Non-Core Core Non-CoreTotal
Three Months Ended
September 30, 2018
$ in thousands except per share values
Selected Income Statement Data
Total Revenues $ 422,786 $ 27,738 $ 450,524 $ 370,392 $ 76,118 $ 446,510
Less: Operating costs 148,218 12,211 160,429 135,760 29,408 165,168
Net operating income 274,568 15,527 290,095 234,632 46,710 281,342
Less: General & administrative expenses (excluding equity-based compensation expense) 56,429 9,456 65,885 55,549 17,819 73,368
Adjusted EBITDA 218,139 6,071 224,210 179,083 28,891 207,974
Less:
Interest income (150) — (150) (67) — (67)
Tax benefit from operating results (960) — (960) (9,655) (123) (9,778)
Non real estate depreciation and amortization 9,577 4,195 13,772 8,635 8,734 17,369
Preferred stock dividends 16,666 — 16,666 — — —
Operating FFO available to common stockholders & OP unit holders 149,298 1,863 151,161 137,482 18,582 156,064
OFFO per share 2.57 0.03 2.60 2.43 0.33 2.76
Adjustments:
Transaction, integration and impairment costs (2,743) — (2,743) (1,913) (9,147) (11,060)
Restructuring costs (138) (37,805) (37,943) — — —
Debt restructuring costs (605) — (605) (19,992) — (19,992)
Tax benefit associated with restructuring, transaction and integration costs — 2,408 2,408 — — —
Real estate depreciation and amortization (133,948) (2,171) (136,119) (120,188) (3,367) (123,555)
Preferred stock dividends 16,666 — 16,666 — — —
Net income (loss) $ 28,530 $ (35,705) $ (7,175) $ (4,611) $ 6,068 $ 1,457
Year Ended Year Ended
TotalCore Non-Core Total Core Non-Core

Q1 2019 Investor Presentation

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