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© 2019 QTS. All Rights Reserved.

QTS Realty Trust, Inc.Investor Presentation

Second Quarter 2019


QTS Realty Trust, Inc. 1

Forward Looking StatementsSome 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

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

$224

2017 2022

49%CAGR

16%CAGR

Hyperscale/Cloud Market ($B) Colocation Market ($B)

1.Source: Structure Research

High Credit Quality Tenants

Growth Accelerant

Longer Term Contracts

Higher ROIC

Customer Diversification

Enhanced Capital Efficiency

Higher Barriers to Entry



Sector-Leading and De-risked Growth Outlook in 2019

2019 Growth Outlook Summary2

1. Represents annualized MRR associated with leases that have been signed but have not yet commenced; may not sum due to rounding.

2. Reflects midpoint of 2019 guidance over 2018 results for Core business.

Strong booked-not-billed backlog de-risks 2019 continued strong performance

$55M Annualized

Booked-Not-Billed MRR ($M)1

$54.8 $54.8 $54.8 $54.8

Q1 2019 2019 2020 2021+

$29.8

$12.3

$12.711%Revenue

Growth Y/Y

150bpEBITDA Margin

Growth Y/Y

14%Adjusted EBITDA

Growth Y/Y


5

QTS Driving Differentiation to Win in Hyperscale and

Hybrid Colocation

Balanced target of 1-3 deals per year 9 leases signed in ’18 between 500kW- 2MW

Hyperscale Hybrid Colocation

Operating and Build Cost

Advantage

Significant Growth Capacity

New Market Expansion in NoVA,

Phoenix and Hillsboro and

significant low basis capacity in

Fort Worth

Enhanced Hybrid Solutions

through Integrated Partners

Software-Defined Data Center

Platform

SDN-enabled Universal Connectivity

34%of Revenue1

66%of Revenue1

Diversified

Customer Base1,100+ customers across

26 data centers

QTS Realty Trust, Inc.

High-End Security and Compliance

1.Based on MRR as of March 31. 2019, including QTS’ 50% pro rata share of leases

associated with the unconsolidated joint venture.

Enhanced

ROIC12.4% annualized

ROIC (Q1 ’19)

Low Churn4.5% MRR churn midpoint

guidance for 2019, among

the lowest in the industry

Premium Customer Experience



Balanced Approach to Capital AllocationFocused on delivering consistent OFFO/share growth while continuing to invest

in long-term growth

Strong value creation opportunity Consistently able to generate ROIC of 12%+

Premium ROIC enabled by business approach that balances higher return hybrid colocation

with select growth acceleration opportunities in hyperscale

ROIC represents significant spread relative to QTS cost of capital, among the widest in the

real estate industry

Flexible capital plan to drive near- and long-term OFFO/sh growth Constantly evaluate priority of capital spend to balance the needs of customers with

OFFO/share growth

Maintain thoughtful approach to not only the amount of capital spend, but also the source

and timing of that capital

Focused on funding capital plan in most shareholder-friendly means Demonstrated track record of managing both timing and structure of capital to fund the

business while minimizing near-term equity dilution

Recent examples include:

Two separate perpetual preferred equity raises in 2018

Joint venture agreement signed during Q1 2019



Disciplined Approach to DevelopmentCapital 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

Eemshaven (Netherlands)

Groningen (Netherlands)

Princeton, NJ

Fort Worth, TX

Ashburn, VA

Manassas, VA

Hillsboro, OR

Phoenix, AZ

Data Center

Re-Focus

Enterprise

Sale-Leaseback

Pre-Lease

Greenfield



QTS Netherlands Acquisition Overview

Transaction Summary Acquired two data centers in the Netherlands on April 23, 2019 for $44M, including closing costs

Facilities acquired opportunistically from TCN

Approx. 158,000 SF of raised floor capacity and 30 gross MWs of combined power capacity built out currently

Initially expected to contribute approx. $3M of recurring revenue and $1M of adj. EBITDA on an annualized basis

Current built out capacity:

45,000 SF of raised floor / 10 gross MWs

Approximately 20 colocation tenants with weighted

average tenant lease term of 3.5 years

Highly connected colocation facility with more than

10 network providers and internet exchanges

Current built out capacity:

113,000 SF of raised floor / 20 gross MWs

Originally constructed to support single hyperscale

tenant and is currently fully available

Facility supports QTS’ hyperscale growth strategy

Adjacent to multiple hyperscale customer-owned

facilities including 500+ MW hyperscale campus

Strategically located in close proximity to multiple

transatlantic fiber cable landings

Groningen Facility Eemshaven Facility



Netherlands Acquisition Accelerates Global ExpansionDe-risked entry into new international market with acquisition of large scale

infrastructure at a low basis with significant capacity for growth

Low basis: Purchase price represents ~$2M per MW2 which is materially below any

reasonable average cost to build in the market

Mega scale: 30 MWs of aggregate built out capacity, including 20 MWs in Eemshaven

facility which is fully available and built out

Platform for int’l expansion: Represents QTS’ first mega scale expansion outside U.S.

De-risked execution strategy: Low basis new market entry leveraging local partnerships

to de-risk execution in new international market

P

P

P

P

Growth opportunity: According to CBRE, absorption in the top 4 European markets

totaled ~190 MWs in 2018, +60% Y/Y driven in part by increased hyperscale leasing1

OFFO/share accretion opportunity: As a result of low basis purchase price combined

with contracted in-place revenue, acquisition is breakeven to QTS’ 2019 OFFO/share,

assuming no incremental leasing; opportunity to drive significant future accretion

P

P

1 CBRE Data Centre Marketview – Q3 2018

2 Including approximately $15M of additional capital spend related to recommissioning of the sites



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.

2.Includes properties contributed to unconsolidated joint ventures at the JVs’ 100% share

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

1.2M Sq. Ft. Additional Capacity in Existing Powered Shell

2,731

56%

currently

built out

1,519Full

Capacity

As of Q1 ‘19 Full Buildout1,2

(Rais

ed F

loor

NR

SF

in

000s)

2,731

1,211

As of IPO

1,805

41%built out

741

QTS’ powered shell capacity represents 5+ years of growth



Balance Sheet and Liquidity Summary

Net debt to LQA adjusted

EBITDA of 4.9x, including

forward equity proceeds

Raised $322M of gross

equity proceeds during Q1

’19, including $156M4 in a

forward equity structure

2019 capital plan fully funded

$55M booked-not-billed

backlog of annualized

revenue

No significant debt maturities

until beyond 2021

82% of debt is subject to a

fixed rate, including interest

rate swap agreements

Market Cap$2,831M2

Series A Preferred Stock

$107M

Series B Convertible Preferred Stock

$316M

Senior Notes$400M

Unsecured Credit Facility$816M1

Finance Leases and Other$49M

Pro Rata Share of Unconsolidated JV Debt

$27M

1. Includes two term loans ($700 million in aggregate) and $135 million of borrowings on revolving credit facility as of March 31, 2019, net of cash and cash equivalents2. Market Cap calculated as follows: total Class A and Class B common stock and OP units of 62.9 million, multiplied by the March 31, 2019 stock price of $44.99 per share.3. May not sum due to rounding4. Reflects gross proceeds available at the Company’s election to physically settle the forward equity sale at or before March 1 , 2020

$4.5B Enterprise

Value

$2 $3 $3$140

$381

$784

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 QTSMultiple 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 growthP


Q1 2019 Performance Review



Q1 2019 Review

$100.4

$112.7

Q1 2018 Q1 2019

$50.2

$58.8

Q1 2018 Q1 2019

50.0%

52.2%

Q1 2018 Q1 2019

Adjusted EBITDA ($M)1,2 Adj. EBITDA Margin1,2Revenue ($M)1

Q1 2019 Leasing Summary

1.Reflects results for the Core business only in Q1 2018

2.Includes QTS’ pro rata share of unconsolidated JV’s

• Signed new/modified leases totaling $11.3M of incremental annualized rent

Q1 ’19 net leasing consistent with Q4 ’18 leasing level

Leasing results reflect healthy balance across QTS platform

Booked-not-billed backlog remained strong at $55M2 of annualized rent as of Q1 ’19 vs.

near record $63M backlog as of Q4 ‘18

Continues to de-risk financial performance in 2019



Hybrid Colocation Continues to Drive Consistent Growth

• Hybrid Colocation:

Hybrid colocation business contributed the majority of net leasing volume in Q1

Strength in hybrid colocation performance is a function of:

Strengthening economic backdrop

QTS signed 47 new logos in Q1 2019, +15% year-over-year

New logo growth remains a key initiative for QTS sales team given ongoing

growth potential of embedded customer base

Continue to see an increase in overall deal size within Enterprise funnel

Increasing contribution from channel partnerships

Nearly 50% of hybrid colocation leasing was sourced through a channel partner

in Q1 2019 vs. approximately 15% of leasing three years ago

Differentiation enabled by software-defined data center platform

Industry’s first software-defined orchestration platform

Empowers customers to interact with data and QTS services by providing real-

time visibility and control of critical metrics across hybrid IT environments



Strategic Growth Acceleration Opportunities in Hyperscale

Hyperscale:

During Q1, QTS signed a 3 MW lease in its Fort Worth mega data center with a new

hyperscale logo

Leverages low basis asset acquired in 2016 which enables an ROIC above the typical

hyperscale return expectation in the market

Able to support initial 3 MW deployment in existing Fort Worth facility with limited

incremental capital, further supporting QTS’ capital efficient approach

Establishes new relationship with one of the industry’s fastest growing consumers of

hyperscale data center capacity

Initial commitment is expected to scale substantially at the site over time

Several larger potential opportunities remain in pipeline that QTS continues to

actively pursue with both new and existing customers across multiple markets

QTS establishes new relationship with one of the largest and fastest growing

consumers of hyperscale data center capacity


QTS Overview



Broad Footprint Focused On Top Data Center Markets

2.9 million sq. ft. of raised floor capacity1 and 700+ MW of available utility power2

1. Represents basis-of-design floor space as of March 31, 2019. Basis-of-design floor space defined as the total data center raised floor potential of existing data center facilities.

2. Represents installed utility power and transformation capacity that is available for use by the facility as of March 31, 2019, including power capacity at two Netherlands data centers acquired in April 2019

3. Based on data center raised floor. Includes Santa Clara, CA which is subject to a long-term ground lease and excludes data centers subject to capital lease obligations.

26 DATA CENTERS MARKETS OWNED314 96%



Best-in-Class “Mega” Data Centers

205,608 Sq. Ft.

100% Built Out

205,608 Sq. Ft.

ROIC: 27.7%2 Occupied: 93.4%

486,706 Sq. Ft.

92% 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.


56,000 Sq. Ft.

26% Built Out

215,855 Sq. Ft.


Piscataway, NJ

111MWChicago, IL

55MW3

Irving, TX

140MW

Note: Square footage reflects current Raised Floor Operating Net Rentable Square Feet (“NRSF”) as of March 31, 2019 (red shaded bars) and “Basis of Design” Raised Floor NRSF at full buildout. MW denotes available

utility power as of March 31, 2019. Occupied percentage as of March 31, 2019.

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 March 31, 2019 by the average total cost, less construction in progress for the quarters ended March 31, 2019 and December 31, 2018.

3. 24MW available utility power as of March 31, 2019, 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 [email protected]


Appendix



NOI Reconciliation

$ in thousands

Net Operating Income (NOI)

Net income (loss) $ 21,148 $ 10,474 $ (4,072) $ 6,402 5,083 $ (5,335) $ (252)

Equity in net (income) loss of unconsolidated entity 274 — — — — — —

Interest income (45) (58) — (58) (1) — (1)

Interest expense 7,146 6,050 — 6,050 8,103 7 8,110

Depreciation and amortization 38,788 38,259 — 38,259 33,340 2,574 35,914

Debt restructuring costs — 605 — 605 — — —

Tax expense (benefit) of taxable REIT subsidiaries 211 38 (161) (123) (767) (1,635) (2,402)

Transaction, integration and impairment costs 1,214 269 — 269 920 — 920

General and administrative expenses 19,891 17,551 118 17,669 18,114 4,119 22,233

Gain on sale of real estate, net (13,408) — — — — — —

Restructuring — 138 4,108 4,246 — 8,530 8,530

NOI from consolidated operations $ 75,219 $ 73,326 $ (7) $ 73,319 $ 64,792 $ 8,260 $ 73,052

Pro rata share of NOI from unconsolidated entity 234 — — — — — —

Total NOI $ 75,453 $ 73,326 $ (7) $ 73,319 $ 64,792 $ 8,260 $ 73,052

TotalNon-Core

Three Months Ended

March 31, 2019 December 31, 2018 March 31, 2018

CoreTotalNon-CoreTotal Core



EBITDAre & Adjusted EBITDA Reconciliation

$ in thousands

EBITDAre and Adjusted EBITDA

Net income (loss) $ 21,148 $ 10,474 $ (4,072) $ 6,402 5,083 $ (5,335) $ (252)


Interest income (45) (58) — (58) (1) — (1)

Interest expense 7,146 6,050 — 6,050 8,103 7 8,110

Tax expense (benefit) of taxable REIT subsidiaries 211 38 (161) (123) (767) (1,635) (2,402)

Depreciation and amortization 38,788 38,259 — 38,259 33,340 2,574 35,914

(Gain) loss on disposition of depreciated property and

impairment write-downs of depreciated property (13,408) — 1,288 1,288 — 4,017 4,017

EBITDAre from unconsolidated entity 215 — — — — — —

EBITDAre $ 54,329 $ 54,763 $ (2,945) $ 51,818 $ 45,758 $ (372) $ 45,386


Equity-based compensation expense 3,300 3,531 — 3,531 3,481 — 3,481

Restructuring costs — 138 2,820 2,958 — 4,513 4,513


Adjusted EBITDA $ 58,843 $ 59,306 $ (125) $ 59,181 $ 50,159 $ 4,141 $ 54,300

TotalNon-Core

Three Months Ended

March 31, 2018March 31, 2019

Total Core CoreTotalNon-Core

December 31, 2018



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) $ 21,148 $ 10,474 $ (4,072) $ 6,402 5,083 $ (5,335) $ (252)


Real estate depreciation and amortization 35,927 35,640 — 35,640 31,192 865 32,057

Gain on sale of real estate, net (13,408) — — — — — —

Pro rata share of FFO from unconsolidated entity 41 — — — — — —

FFO 43,982 46,114 (4,072) 42,042 36,275 (4,470) 31,805

Preferred stock dividends (7,045) (7,045) — (7,045) (328) — (328)

FFO available to common stockholders & OP unit holders 36,937 39,069 (4,072) 34,997 35,947 (4,470) 31,477


Restructuring costs — 138 4,108 4,246 — 8,530 8,530


Tax benefit associated with restructuring, transaction and integration costs — — (161) (161) — (1,635) (1,635)

Operating FFO available to common stockholders & OP unit holders* 38,151 40,081 (125) 39,956 36,867 2,425 39,292

Maintenance Capex (709) (1,460) — (1,460) (930) — (930)

Leasing commissions paid (6,515) (5,204) — (5,204) (5,839) (71) (5,910)

Amortization of deferred financing costs and bond discount 978 974 — 974 962 — 962

Non real estate depreciation and amortization 2,861 2,619 — 2,619 2,148 1,709 3,857

Straight line rent revenue and expense and other (1,422) (1,958) 6 (1,952) (2,509) (9) (2,518)

Tax expense (benefit) from operating results 211 38 — 38 (767) — (767)

Equity-based compensation expense 3,300 3,531 — 3,531 3,481 — 3,481

Adjustments for unconsolidated entity 22 — — — — — —

Adjusted Operating FFO available to common stockholders & OP unit holders* $ 36,877 $ 38,621 $ (119) $ 38,502 $ 33,413 $ 4,054 $ 37,467

Core

March 31, 2019

Total Core

December 31, 2018

TotalNon-Core TotalNon-Core

March 31, 2018

Three Months Ended



MRR Reconciliation

$ in thousands

Recognized MRR in the period

Total period revenues $ 112,689 $ 112,334 $ 3 $ 112,337 $ 100,390 $ 13,307 $ 113,697

Less: Total period recoveries (10,793) (11,629) — (11,629) (11,513) — (11,513)

Total period deferred setup fees (3,232) (3,104) — (3,104) (2,888) (5) (2,893)

Total period straight line rent and other (3,942) (4,465) (34) (4,499) (3,899) (552) (4,451)

Recognized MRR in the period 94,722 93,136 (31) 93,105 82,090 12,750 94,840

MRR at period end

Total period revenues $ 112,689 $ 112,334 $ 3 $ 112,337 $ 100,390 $ 13,307 $ 113,697

Less: Total revenues excluding last month (73,809) (73,852) (2) (73,854) (66,790) (8,871) (75,661)

Total revenues for last month of period 38,880 38,482 1 38,483 33,600 4,436 38,036

Less: Last month recoveries (3,871) (3,822) — (3,822) (3,107) — (3,107)

Last month deferred setup fees (1,242) (1,015) — (1,015) (962) (2) (964)

Last month straight line rent and other (2,068) (2,504) (1) (2,505) (1,669) (382) (2,051)

Add: Pro rata share of MRR at period end of unconsolidated entity 253 — — — — — —

MRR at period end $ 31,952 $ 31,141 $ — $ 31,141 $ 27,862 $ 4,052 $ 31,914

March 31, 2019

Total Core CoreTotalNon-Core

December 31, 2018

Non-Core

March 31, 2018

Three Months Ended

Total

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