Q1 2021 Earnings Presentation

© QTS. All Rights Reserved.
QTS Realty Trust, Inc.
First Quarter 2021 Earnings Presentation

1
Forward Looking Statements
Some of the statements contained in this document 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 the
COVID-19 pandemic, its impact on the Company and the Company’s response thereto and to the Company’s strategy, plans, intentions, 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.
The forward-looking statements contained in this document reflect the Company’s current views about future events and are subject to numerous known and unknown risks, uncertainties,
assumptions and changes in circumstances that may cause actual results to differ significantly from those expressed in any forward-looking statement. The Company does 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 the Company’s 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 the COVID-19 pandemic, including, but not limited to, the risk of business and/or operational disruptions, disruption of the Company’s customers’ businesses that could
affect their ability to make rental payments to the Company, supply chain disruptions and delays in the construction or development of the Company’s data centers;
• risks related to the Company’s international operations;
• difficulties in identifying properties to acquire and completing acquisitions;
• the Company’s 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 the Company operates;
• 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 the Company’s failure to obtain necessary outside financing;
• dependence on third parties to provide Internet, telecommunications and network connectivity to the Company’s data centers;
• the Company’s failure to qualify and maintain its qualification as a real estate investment trust;
• 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 the Company’s 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. The Company disclaims 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 the Company’s future results to differ materially from any forward-looking
statements, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, as well as other periodic reports the Company files
with the Securities and Exchange Commission, many of which should be interpreted as being heightened as a result of the ongoing COVID-19 pandemic and the actions taken to contain the
pandemic or mitigate its impact.
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. 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
First Quarter 2021
Review

3
$0.66
$0.76
1Q '20 1Q '21
52.9%
55.0%
1Q '20 1Q '21
$67
$82
1Q '20 1Q '21
$126
$149
1Q '20 1Q '21
Q1 2021 Financial Highlights
Adjusted EBITDA ($M)
Operating FFO per Share
Revenue ($M)
Adj. EBITDA Margin (%)

Q1 2021 Leasing Review
1. Incremental annualized revenue from new and modified renewal leases, net of downgrades.
2. Backlog of signed but not yet commenced annualized GAAP rent as of 3/31/21.
3. Backlog of signed but not yet commenced annualized cash rent as of 3/31/21.
Strong start to 2021
• Compares favorably to average quarterly net leasing expectation of $17 – $20 million1
• Strong Q1 leasing performance follows record leasing performance in Q4 2020 which further de-risks
financial growth expectations in 2021
Ended Q1 with backlog of signed but not yet commenced annualized GAAP rent of ~$81M2
• Represents increase of nearly 50% year-over-year
• Backlog is down approx. 7% sequentially as a result of robust lease commencements and associated
in-servicing of more than $112 million of development capital during Q1 2021
• On a cash basis, QTS’ backlog of ~$152M3 represents an increase of approximately 51% year-over-
year
• Significant backlog materially de-risks development activity for 2021, more than 80% of which is
directly tied to signed leases
Healthy underlying trends within installed customer base
• Same space renewal rates were +2.2% during Q1 ’21, consistent with historical range of price
increases in the low to mid-single digit percent range
• Churn during Q1 ’21 of 0.7% was consistent with expectations and full-year guidance of 3 – 6%
Signed new and modified leases totaling $21M of incremental annualized rent1

Maintaining Momentum in Hyperscale
5
Hyperscale represented approximately 50% of signed leasing performance in Q1
• Since implementing strategic plan to more intentionally target hyperscale growth opportunities, QTS has
experienced significant growth in hyperscale deal funnel and signed leasing activity
• Established QTS as an incumbent provider with many of the largest and fastest growing technology
companies in the world
• Tracking well against annual hyperscale leasing volume target of 2 – 4 larger, 5+ megawatt signed leases
in 2021
Signed 8MW anchor tenant lease with hyperscale cloud provider in Q1
• Anchors new 42MW Ashburn DC-2 development, currently scheduled to open in mid-2021
• New 42MW development will extend strong momentum in Ashburn market after largely leasing up entire
32MW existing facility in Ashburn over the past 2+ years
• Ashburn DC-2 site supports breadth of QTS’ target customer verticals
• Including 8MW lease signed during Q1 2021, QTS has currently pre-leased approximately 10MW of
capacity in new Ashburn DC-2 development, representing nearly 25% of stabilized capacity of the site

Accelerating Hybrid Colocation Demand
Enterprise new logo activity returning to more normalized levels
• Resurgence in new enterprise logo activity includes opportunities that temporarily stalled in 2020 as well
as new requirements largely concentrated in the financial, healthcare and technology verticals
• New logos contributed approximately 37% of total hybrid colocation leasing in Q1, consistent with
historical range of 30-50%
• QTS signed 34 new enterprise logos during Q1 ’21, nearly 50% higher than average quarterly new logo
activity during the height of the pandemic in Q2/Q3 of 2020
Increasing size of enterprise deployments
• Year-to-date, QTS has signed seven hybrid colocation leases of 250kW or greater, with an average deal
size of nearly 1MW
• Includes two 1MW leases signed subsequent to the end of the first quarter, positioning QTS well for continued
strong hybrid colocation leasing in the second quarter of 2021
• Year-to-date hybrid colocation leasing includes 1) a 2MW lease with one of the largest commercial banks in the
US, 2) a 1.8MW lease for a Fortune 500 diversified financial services company and 3) a 1MW lease with a large
independent advertising firm
• Compares to 14 hybrid colocation leases of 250kW or greater signed during full-year 2020 with an
average deal size of approximately 650kW
QTS Piscataway QTS Chicago
Hybrid Colocation represented approximately 50% of signed leasing performance in Q1
21%
Year-Over-Year Growth Year-Over-Year Growth
Q1 ’21 Annualized Rent
43%
Q1 ’21 NOI
36%
Q1 ’21 Annualized Rent
25%
Q1 ’21 NOI

Balance Sheet
Review and Outlook

• Leverage of 4.3x3 net debt to LQA
adj. EBITDA, including forward
equity proceeds; net debt to LQA
adj. EBITDA of 5.8x at the end of
Q1 2021
• More than $1.1B of available
liquidity, including undrawn forward
equity proceeds
• Undrawn forward equity proceeds
of $493M4 support strategy of pre-
funding capital needs 3-4 quarters
in advance
• No significant debt maturities until
2023 and beyond
• ~70% of indebtedness is subject to
a fixed rate, including interest rate
swap agreements
• In April 2021, S&P upgraded its
issue-level credit rating on QTS to
BB+
Highlights
Balance Sheet and Liquidity Summary
Capital Structure ($M)
Debt Maturities ($M)5
1. Includes three term loans ($700 million in aggregate) and approximately $362 million of borrowings on revolving credit facility as of March 31, 2021
2. Market Cap calculated as: Class A and Class B common stock and OP units of 76.9 million incl. common stock sold in forward structure using treasury stock method, multiplied by 3/31/2021 stock price of $62.04 per share.
3. Adjusted for the effects of cash expected to be received upon the full physical settlement of, and issuance of 8.2 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
6. Net of cash and cash equivalents
$7.1B
Enterprise
Value6
$2 $3
$412
$229 $229
$1,027
2021 2022 2023 2024 2025 2026+

Full Year 2021 Guidance Summary
1. Consistent with GAAP accounting standards, revenue from the unconsolidated joint venture is not included in QTS’ reported GAAP financial statements.
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.
Note: The Company’s 2021 guidance assumes, among other things, that its facilities continue to operate and it does not experience significant work stoppages or closures, it is able to mitigate
any supply chain disruptions for its development activities, and it is able to collect revenues in line with current expectations.
Midpoint
$M except per share values Low Midpoint High Low Midpoint High
Growth
Y/Y
Revenue
1
$599.0 $606.0 $613.0 $602.0 $609.0 $616.0 12.9%
Adjusted EBITDA
2
$330.0 $335.0 $340.0 $332.0 $336.5 $341.0 12.4%
Operating FFO per Share3
$2.92 $2.98 $3.04 $2.94 $2.99 $3.04 5.3%
Annual Rental Churn 3.0% 4.5% 6.0% 3.0% 4.5% 6.0%
Capital Expenditures4
$800.0 $850.0 $900.0 $875.0 $925.0 $975.0
Current
2021 Guidance
Initial
2021 Guidance

Closing Remarks

11
Thank You!
ir@qtsdatacenters.com

Appendix

NOI Reconciliation
March 31, December 31, March 31,
$ in millions 2021 2020 2020
Net Operating Income (NOI)
Net income (loss) $ 7,918 $ (10,660) $ 8,120
Equity in net loss of unconsolidated entity 559 411 677
Interest expense 8,148 9,122 7,162
Depreciation and amortization 55,506 55,887 45,070
Debt restructuring costs - 18,036 -
Other (income) expense - - (159)
Tax expense (benefit) 138 242 (169)
Transaction and integration costs 1,516 2,665 216
General and administrative expenses 23,641 20,809 20,683
NOI from consolidated operations $ 97,426 $ 96,512 $ 81,600
Pro rata share of NOI from unconsolidated entity 1,133 1,172 844
Total NOI $ 98,559 $ 97,684 $ 82,444
Three Months Ended

EBITDAre & Adjusted EBITDA Reconciliation
$ in millions 2021 2020 2020
EBITDAre and Adjusted EBITDA
Net income (loss) $ 7,918 $ (10,660) $ 8,120
Interest expense 8,148 9,122 7,162
Tax expense (benefit) 138 242 (169)
Depreciation and amortization 55,506 55,887 45,070
Pro rata share of EBITDAre from unconsolidated entity 1,106 1,167 819
EBITDAre $ 73,375 $ 56,169 $ 61,679
Equity-based compensation expense 6,856 6,862 4,875
Transaction, integration and implementation costs 1,516 2,665 216
Adjusted EBITDA $ 81,747 $ 83,732 $ 66,770
Three Months Ended

FFO, Operating FFO and Adjusted Operating FFO
Reconciliation
(1) 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 millions 2021 2020 2020
FFO
Net income (loss) $ 7,918 $ (10,660) 8,120
Real estate depreciation and amortization 52,629 52,763 41,700
Pro rata share of FFO from unconsolidated entity 457 495 278
FFO $ 61,563 $ 43,009 $ 50,775
Preferred stock dividends (7,045) (7,045) (7,045)
FFO available to common stockholders & OP unit holders $ 54,518 $ 35,964 $ 43,730
Transaction and integration costs 1,516 2,665 216
Operating FFO available to common stockholders & OP unit holders
(1)
$ 56,034 $ 56,665 $ 43,946
Maintenance capital expenditures (1,704) (2,000) (1,662)
Leasing commissions paid (9,460) (11,271) (8,998)
Amortization of deferred financing costs 1,130 1,180 987
Non real estate depreciation and amortization 2,876 3,124 3,370
Straight line rent revenue and expense and other (7,609) (8,748) (3,755)
Tax expense (benefit) from operating results 138 242 (169)
Equity-based compensation expense 6,856 6,862 4,875
Adjustments for unconsolidated entity 46 (72) 66
Adjusted Operating FFO available to common stockholders & OP unit holders (1)
$ 48,307 $ 45,982 $ 38,660
Three Months Ended

MRR Reconciliation
$ in millions 2021 2020 2020
Recognized MRR in the period
Total period revenues (GAAP basis) $ 148,732 $ 143,897 $ 126,292
Less: Total period variable lease revenue from recoveries (16,128) (14,648) (12,275)
Total period deferred setup fees (6,436) (6,585) (3,924)
Total period straight line rent and other (11,623) (10,201) (8,032)
Recognized MRR in the period $ 114,545 $ 112,463 $ 102,061
MRR at period end
Total period revenues (GAAP basis) 148,732 143,897 126,292
Less: Total revenues excluding last month (99,683) (96,260) (82,446)
Total revenues for last month of period $ 49,049 $ 47,637 $ 43,846
Less: Last month variable lease revenue from recoveries (5,163) (4,953) (4,156)
Last month deferred setup fees (2,179) (2,207) (1,410)
Last month straight line rent and other (2,370) (2,349) (3,669)
Add: Pro rata share of MRR at period end of unconsolidated entity 472 411 352
MRR at period end $ 39,809 $ 38,539 $ 34,963
Three Months Ended

Q1 2021 Earnings Presentation

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