Q4 2019 Earnings Presentation

© QTS. All Rights Reserved.
QTS Realty Trust, Inc.
Fourth Quarter 2019
Earnings Presentation

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, liquidity, 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. All Rights Reserved. 2
Fourth Quarter and
Year-End 2019 Review

Consistent Performance Enabled by Differentiated
Platform
Software-defined
data center:
• First of its kind monitoring
and orchestration platform
• Fully integrated and
hybrid enabled
• SDN-enabled universal
connectivity
• Premium customer
experience
Significant powered
shell capacity:
• Cost advantage
• Ability to deliver
quickly
• Growth capacity
• Strategically located
in Tier 1 markets
• High-end security & compliance platform
• Operational capability
• Demonstrated track record
Leading provider with established expertise:

2019 Year in Review
$422.8
$480.8
2018 2019
$218.1
$250.4
2018 2019
51.6%
52.1%
2018 2019
Adjusted EBITDA ($M)1 Adj. EBITDA Margin1Revenue ($M)1
2019 Highlights
1.2018 reflects results for the Core business only
Completed first international mega
scale acquisition in the Netherlands
Accelerated momentum
with QTS’ software-
defined data center
platform (SDP)
Ranked #1 data
center co. globally
in sustainability by
GRESB
Signed industry-first JV
agreement with Alinda
Capital Partners to support
hyperscale growth strategy
4th consecutive year
QTS has led data center
industry in customer
satisfaction
QTS Eemshaven

• Signed new and modified leases totaling $76M of incremental annualized rent in 2019, +18% Y/Y
• Supported by significant contributions across all three primary customer verticals
• Key Hyperscale wins included:
• Majority of hyperscale wins came in at higher end of 9-11% target ROIC range reflecting differentiated
platform and cost-advantaged powered shell capacity
• Demonstrated strong momentum in Federal vertical including the signing of a 5+ MW, multi-site
deployment for a strategic hyperscale customer supporting a large Federal program
• Hybrid Colocation remains the engine of QTS’ growth strategy providing consistency,
diversification and enhanced ROIC profile
• Strength in enterprise demand in Atlanta, Ashburn, Piscataway and Chicago
• Signed 158 new logos in 2019, reflecting an increase in avg. deal size of more than 40% Y/Y
2019 Leasing Activity Review
2019 Highlights
10MWQ3 ‘19
Q3 ‘19
Q4 ‘19
4MW
12MW
Ashburn
Manassas
Atlanta
New logo
Existing SaaS customer
Existing Social Media customer
$3.7
$11.7
$17.1
$8.6
$21.0
$13.1
$18.1
$12.2 $11.3
$19.6
$17.4
$27.7
Q1'17 Q2'17 Q3'17 Q4'17 Q1'18 Q2'18 Q3'18 Q4'18 Q1'19 Q2'19 Q3'19 Q4'19
$16.1M
Avg.
$10.2M
Avg.
$19.0M
Avg.
*2017 and 2018 reflect results for the Core business only
Incremental Annualized Rent Signed by Quarter ($M)*

NetLeasing($M)1
• Q4 leasing driven by ongoing hyperscale strength combined with steady enterprise demand
• +83% above prior four quarter average leasing
• Strongest quarterly leasing performance in Company history
• Hyperscale contributed approximately two-thirds of quarterly leasing performance
• Includes 12MW hyperscale anchor tenant signed in Atlanta and multi-site lease with a new
hyperscale logo, a global cloud services provider
• Leasing activity includes a number of smaller 1-2MW leases across QTS’ footprint reflecting
the value of incumbency as hyperscale customers continue to expand with existing vendors
• Hyperscale momentum has carried over into 2020; based on strong interest and visibility into pre-
leasing, QTS has commenced development of the first data center on its Hillsboro, Oregon campus
• Strong leasing activity resulted in record booked-not-billed backlog of $93M2 as of the end of Q4 ’19
Signed new and modified leases totaling $27.7M of incremental annualized rent
Backlog($M)2
1. Incremental annualized revenue from new and modified renewal leases, net of downgrades. Reflects results for Core business only in 2018.
2. Backlog of signed but not yet commenced annualized monthly recurring revenue. Reflects results for Core business only in 2018.
Q4 2019 Leasing Review
$12.2 $11.3
$19.6
$17.4
$27.7
4Q18 1Q19 2Q19 3Q19 4Q19
$15.1M Prior 4
Quarter Avg.
$62.6
$54.8
$68.1
$79.8
$93.1
4Q18 1Q19 2Q19 3Q19 4Q19

Financial Update

QTS Hillsboro, OR
• Initial development will feature construction of a new data center totaling 85,000 square feet
of leasable capacity and 27MW of gross power capacity
• Expect to deliver first phase of new development in mid-2020 with additional power capacity
available for customers in the second half of 2020
• The entire first phase of development, representing approximately 4.5MW has been pre-
leased to an existing SaaS customer
• Significant pre-leasing is consistent with QTS’ de-risked approach to overall capital allocation
• At full stabilization, QTS believes the site can ultimately support 1M+ SF of leasable
capacity and 250MW+ of gross power capacity across 92 acres of owned land in Hillsboro
• Hillsboro has emerged as one of the fastest growing data center markets on the west coast
• Low cost market with strong access to power and a multitude of connectivity options
including subsea cable landings
• Broad availability of renewable power; QTS expects to open the Hillsboro site with 100%
renewable power available to customers, consistent with long-term sustainability goals
QTS has commenced construction on a 250+ megawatt data center campus

9
2020 Capital Plan and Development Summary
Q4 2019
Raised Floor
Additional Raised Floor
(expected to come online
through 12/31/20)
Existing Property Development
Ashburn, VA 68,487 74,000
Irving, TX 187,742 20,000
Fort Worth, TX 37,960 14,405
Piscataway, NJ 103,820 5,000
Chicago, IL 70,000 4,960
Total 118,365
New Property Development
Atlanta, VA (DC - 2) 36,132
Hillsboro, OR 7,000
Total 43,132
Unconsolidated JV Properties1
Manassas, VA 22,400 5,600
Total 167,097
Full-year 2020 cash capital expenditure guidance of $550M - $600M
• Supports record booked-not-billed backlog and particularly strong momentum exiting the
fourth quarter of 2019
• More than 70% of current development capital plan for 2020 is directly tied to signed leases
Atlanta DC - 2
(opening mid-2020)
Hillsboro
(opening mid-2020)
1. Represents the Company’s unconsolidated joint venture at the JV’s 100% share. QTS’ pro rata share of the JV is 50%.

• Reported net debt to LQA
adjusted EBITDA of 5.6x; pro
forma leverage of 4.8x3, including
forward equity proceeds
• $220M4 of undrawn forward
equity proceeds available as of
February 18, 2020
• Available undrawn forward equity
proceeds represent more than
two thirds of QTS’ expected equity
funding requirement for ‘20
• During Q4 ‘19, extended credit
facility with improved pricing and
increased capacity to $1.7B
• No significant debt maturities until
beyond 2022
• 70%+ of debt is subject to a fixed
rate, including interest rate swap
agreements
1. Includes three term loans ($700 million in aggregate) and $317 million of borrowings on revolving credit facility as of December 31, 2019
2. Market Cap calculated as: Class A and Class B common stock and OP units of 66 million incl. common stock sold in forward structure using treasury stock method, multiplied by 12/31/2019 stock price of $54.27 per share.
3. Pro forma for the effects of cash expected to be received upon the full physical settlement of, and issuance of, 4.6 million shares of common stock pursuant to forward equity sales through the date of this report, assuming
such proceeds were used to repay a portion of the Company’s outstanding debt. The company expects to use the proceeds from these forward equity agreements to fund future capital expenditures.
4. Reflects net proceeds available at the Company’s election to physically settle the forward equity sales
5. Includes QTS’ pro rata share of debt at the joint venture
Capital Structure ($M) Highlights
Debt Maturities ($M)5
Balance Sheet and Liquidity Summary
Market Cap, $3,592 2Senior Notes, $400
Pro Rata Share of Unconsol.
JV Debt, $35
Series B Convertible Preferred
Stock, $316
Series A Preferred Stock, $107
Finance Leases & Other, $47
Unsecured Credit Facility, $1,017 1
$5.5B
Enterprise
Value
$3 $3 $5
$355
$229
$905
2020 2021 2022 2023 2024 2025+

Full Year 2020 Guidance Summary
2019 2020 Guidance Midpoint
$M except per share values Reported Low Midpoint High Growth Y/Y
Revenue1
$481 $523 $530 $537 10%
Adjusted EBITDA2
$250 $275 $280 $285 12%
Operating FFO per Share3
$2.63 $2.69 $2.76 $2.83 5%
Annual Rental Churn 5.2% 3.0% 4.5% 6.0%
Capital Expenditures4
$348 $550 $575 $600
1. Consistent with GAAP accounting standards, revenue from the unconsolidated joint venture is not included in QTS’ reported GAAP financial statements as of the closing date of the JV.
2. Consistent with NAREIT-defined standards, QTS has included its proportionate ownership of EBITDAre from the unconsolidated JV in its reported EBITDAre and adjusted EBITDA results.
3. Consistent with NAREIT-defined standards, QTS has included its proportionate ownership of Funds from Operations from the unconsolidated JV in its reported Funds from Operations,
Operating Funds from Operations and Operating Funds from Operations per diluted share results. Reflects fully diluted share count.
4. Reflects cash capital expenditures and excludes acquisitions. Includes QTS’ proportionate share of cash capital expenditures in the unconsolidated Manassas joint venture.

Closing Remarks

13
Thank You!
ir@qtsdatacenters.com

Appendix

NOI Reconciliation
$ in thousands
Net Operating Income (NOI)
Net income (loss) $ 29,169 $ 28,530 $ (35,705) $ (7,175)
Equity in net (income) loss of unconsolidated entity 1,473 — — —
Interest income (111) (150) — (150)
Interest expense 26,593 28,736 13 28,749
Depreciation and amortization 168,305 143,525 6,366 149,891
Debt restructuring costs 1,523 605 — 605
Other (income) expense 50 — — —
Tax expense (benefit) of taxable REIT subsidiaries (37) (960) (2,408) (3,368)
Transaction, integration and impairment costs 17,686 2,743 — 2,743
General and administrative expenses 80,385 71,401 9,456 80,857
Gain on sale of real estate, net (14,769) — — —
Restructuring — 138 37,805 37,943
NOI from consolidated operations $ 310,267 $ 274,568 $ 15,527 $ 290,095
Pro rata share of NOI from unconsolidated entity 2,789 — — —
Total NOI $ 313,056 $ 274,568 $ 15,527 $ 290,095
Non-Core TotalTotal Core
Year Ended
December 31, 2019 December 31, 2018
$ in thousands
Net Operating Income (NOI)
Net income (loss) $ (6,102) $ 6,588 $ 10,474 $ (4,072) $ 6,402
Equity in net (income) loss of unconsolidated entity 481 317 — — —
Interest income (8) (22) (58) — (58)
Interest expense 6,264 6,724 6,050 — 6,050
Depreciation and amortization 45,161 42,875 38,259 — 38,259
Debt restructuring costs 1,523 — 605 — 605
Other (income) expense 380 (370) — — —
Tax expense (benefit) of taxable REIT subsidiaries (816) 369 38 (161) (123)
Transaction, integration and impairment costs 14,606 827 269 — 269
General and administrative expenses 20,866 19,504 17,551 118 17,669
Gain on sale of real estate, net (1,361) — — — —
Restructuring — — 138 4,108 4,246
NOI from consolidated operations $ 80,994 $ 76,812 $ 73,326 $ (7) $ 73,319
Pro rata share of NOI from unconsolidated entity 841 872 — — —
Total NOI $ 81,835 $ 77,684 $ 73,326 $ (7) $ 73,319
CoreTotal Total
December 31, 2019 December 31, 2018
TotalNon-Core
Three Months Ended
September 30, 2019

EBITDAre & Adjusted EBITDA Reconciliation
$ in thousands
EBITDAre and Adjusted EBITDA
Net income (loss) $ (6,102) $ 6,588 $ 10,474 $ (4,072) $ 6,402
Interest income (8) (22) (58) — (58)
Interest expense 6,264 6,724 6,050 — 6,050
Tax expense (benefit) of taxable REIT subsidiaries (816) 369 38 (161) (123)
Depreciation and amortization 45,161 42,875 38,259 — 38,259
(Gain) loss on disposition of depreciated property — — — (135) (135)
Impairments of depreciated property 13,957 — — 1,423 1,423
Pro rata share of EBITDAre from unconsolidated entity 830 867 — — —
EBITDAre $ 59,767 $ 57,718 $ 54,763 $ (2,945) $ 51,818
Equity-based compensation expense 4,360 4,456 3,531 — 3,531
Restructuring costs — — 138 2,820 2,958
Transaction and integration costs 649 827 269 — 269
Adjusted EBITDA $ 66,299 $ 63,001 $ 59,306 $ (125) $ 59,181
September 30, 2019
TotalNon-Core
Three Months Ended
December 31, 2018December 31, 2019
Total Total Core
$ in thousands
EBITDAre and Adjusted EBITDA
Net income (loss) $ 29,169 $ 28,530 $ (35,705) $ (7,175)
Interest income (111) (150) — (150)
Interest expense 26,593 28,736 13 28,749
Tax expense (benefit) of taxable REIT subsidiaries (37) (960) (2,408) (3,368)
Depreciation and amortization 168,305 143,525 6,366 149,891
(Gain) loss on disposition of depreciated property (13,408) — 6,994 6,994
Impairments of depreciated property 13,957 — 8,842 8,842
Pro rata share of EBITDAre from unconsolidated entity 2,775 — — —
EBITDAre $ 228,716 $ 199,681 $ (15,898) $ 183,783
Equity-based compensation expense 16,412 14,972 — 14,972
Restructuring costs — 138 21,969 22,107
Transaction and integration costs 3,729 2,743 — 2,743
Adjusted EBITDA $ 250,380 $ 218,139 $ 6,071 $ 224,210
December 31, 2018
December 31, 2019

FFO, Operating FFO and Adjusted Operating FFO
Reconciliation
$ in thousands
FFO
Net income (loss) $ (6,102) $ 6,588 $ 10,474 $ (4,072) $ 6,402
Real estate depreciation and amortization 41,947 39,969 35,640 — 35,640
Impairments of depreciated property 13,957 — — — —
Pro rata share of FFO from unconsolidated entity 324 369 — — —
FFO 50,607 47,243 46,114 (4,072) 42,042
Preferred stock dividends (7,045) (7,045) (7,045) — (7,045)
FFO available to common stockholders & OP unit holders 43,562 40,198 39,069 (4,072) 34,997
Restructuring costs — — 138 4,108 4,246
Transaction and integration costs 649 827 269 — 269
Tax benefit associated with restructuring, transaction and integration costs — — — (161) (161)
Operating FFO available to common stockholders & OP unit holders* 45,734 41,025 40,081 (125) 39,956
Maintenance capital expenditures (910) (381) (1,460) — (1,460)
Leasing commissions paid (10,757) (7,302) (5,204) — (5,204)
Amortization of deferred financing costs and bond discount 982 978 974 — 974
Non real estate depreciation and amortization 3,214 2,906 2,619 — 2,619
Straight line rent revenue and expense and other (3,243) (2,278) (1,958) 6 (1,952)
Tax expense (benefit) from operating results (816) 369 38 — 38
Equity-based compensation expense 4,360 4,456 3,531 — 3,531
Similar adjustments for unconsolidated entity 75 63 — — —
Adjusted Operating FFO available to common stockholders & OP unit holders* $ 38,639 $ 39,836 $ 38,621 $ (119) $ 38,502
TotalNon-Core
December 31, 2018September 30, 2019
Three Months Ended
Core
December 31, 2019
Total Total
$ in thousands
FFO
Net income (loss) $ 29,169 $ 28,530 $ (35,705) $ (7,175)
Real estate depreciation and amortization 156,387 133,948 2,171 136,119
Gain on sale of real estate, net (13,408) — — —
Impairments of depreciated property 13,957 — — —
Pro rata share of FFO from unconsolidated entity 1,078 — — —
FFO 188,656 162,478 (33,534) 128,944
Preferred stock dividends (28,180) (16,666) — (16,666)
FFO available to common stockholders & OP unit holders 160,476 145,812 (33,534) 112,278
Restructuring costs — 138 37,805 37,943
Transaction and integration costs 3,729 2,743 — 2,743
Tax benefit associated with restructuring, transaction and integration costs — — (2,408) (2,408)
Operating FFO available to common stockholders & OP unit holders* 165,728 149,298 1,863 151,161
Maintenance capital expenditures (4,233) (6,662) — (6,662)
Leasing commissions paid (31,102) (23,855) (391) (24,246)
Amortization of deferred financing costs and bond discount 3,917 3,856 — 3,856
Non real estate depreciation and amortization 11,918 9,577 4,195 13,772
Straight line rent revenue and expense and other (7,922) (6,780) 10 (6,770)
Tax expense (benefit) from operating results (37) (960) — (960)
Equity-based compensation expense 16,412 14,972 — 14,972
Similar adjustments for unconsolidated entity 118 — — —
Adjusted Operating FFO available to common stockholders & OP unit holders* $ 154,799 $ 139,446 $ 5,677 $ 145,123
December 31, 2019
Total
December 31, 2018
Year Ended
Non-CoreTotal Core
*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

MRR Reconciliation
$ in thousands
Recognized MRR in the period
Total period revenues (GAAP basis) $ 123,707 $ 125,255 $ 112,334 $ 3 $ 112,337
Less: Total period variable lease revenue from recoveries (14,018) (17,563) (11,629) — (11,629)
Total period deferred setup fees (4,062) (4,041) (3,104) — (3,104)
Total period straight line rent and other (5,156) (4,768) (4,465) (34) (4,499)
Recognized MRR in the period 100,471 98,883 93,136 (31) 93,105
MRR at period end
Total period revenues (GAAP basis) $ 123,707 $ 125,255 $ 112,334 $ 3 $ 112,337
Less: Total revenues excluding last month (81,699) (81,114) (73,852) (2) (73,854)
Total revenues for last month of period 42,008 44,141 38,482 1 38,483
Less: Last month variable lease revenue from recoveries (4,578) (6,369) (3,822) — (3,822)
Last month deferred setup fees (1,333) (1,684) (1,015) — (1,015)
Last month straight line rent and other (2,413) (3,452) (2,504) (1) (2,505)
Add: Pro rata share of MRR at period end of unconsolidated entity 350 343 — — —
MRR at period end $ 34,034 $ 32,979 $ 31,141 $ — $ 31,141
Non-Core
December 31, 2018
Total
Three Months Ended
September 30, 2019December 31, 2019
Total Total Core
$ in thousands
Recognized MRR in the period
Total period revenues (GAAP basis) $ 480,818 $ 422,786 $ 27,738 $ 450,524
Less: Total period variable lease revenue from recoveries (55,046) (45,386) — (45,386)
Total period deferred setup fees (15,156) (12,239) (236) (12,475)
Total period straight line rent and other (20,349) (12,087) (5,061) (17,148)
Recognized MRR in the period 390,267 353,074 22,441 375,515
MRR at period end
Total period revenues (GAAP basis) $ 480,818 $ 422,786 $ 27,738 $ 450,524
Less: Total revenues excluding last month (438,810) (384,304) (27,737) (412,041)
Total revenues for last month of period 42,008 38,482 1 38,483
Less: Last month variable lease revenue from recoveries (4,578) (3,822) — (3,822)
Last month deferred setup fees (1,333) (1,015) — (1,015)
Last month straight line rent and other (2,413) (2,504) (1) (2,505)
Add: Pro rata share of MRR at period end of unconsolidated entity 350 — — —
MRR at period end $ 34,034 $ 31,141 $ — $ 31,141
Year Ended
December 31, 2018December 31, 2019

Q4 2019 Earnings Presentation

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