Q3 2020 Earnings Presentation

© QTS. All Rights Reserved.
QTS Realty Trust, Inc.
Third Quarter 2020 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 our 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, 2019 and the Quarterly Report on Form 10-Q for the
quarter ended June 30, 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
Third Quarter 2020
Review

3
Q3 2020 Financial Highlights
$63.0
$76.0
Q3 '19 Q3 '20
$125.3
$137.5
Q3 '19 Q3 '20
50.3%
55.2%
Q3 '19 Q3 '20
$0.65
$0.70
Q3 '19 Q3 '20
Revenue ($M) Adjusted EBITDA ($M)
Adjusted EBITDA Margin (%) Operating FFO per Share ($)

Consistent Performance Enabled by Differentiation
Across Diversified Target Customer Verticals
• Growth accelerant
• Highest credit quality
tenants
• 5-10+ year contracts and
long-term cash flow visibility
• Consistency in quarter-to-
quarter performance
• Customer diversification
• Enhanced ROIC opportunity
• Enhanced capital efficiency
• Growth accelerant
• Highest barriers to entry
• Unique value creation
opportunity
HYPERSCALE HYBRID COLOCATION FEDERAL
Cost-advantaged mega
scale infrastructure
Diversified Across Target Customers
Industry leadership in
sustainability initiatives
Digitized, premium customer experience
through QTS’ Service Delivery Platform
Operational maturity & track record in
highly secure deployments
Differentiators

Significant contribution from each of Hyperscale, Hybrid Colocation and Federal verticals
• Second highest quarterly signed leasing performance in QTS history
• Reflects accelerated hyperscale and federal leasing, including several multi-megawatt leases
• Trailing 12 mo. average leasing represents approximately 60% increase over prior 12 mo. period
Ended Q3 ‘20 with a booked-not-billed backlog of ~$131M2, representing 60%+ increase Y/Y
• Backlog continues to provide visibility into QTS’ future growth and de-risks development activity
Healthy underlying trends within embedded customer base
• Renewal rates per square foot increased +1.8% during Q3 ’20, consistent with general expectation
of low to mid-single digit percent increases
• Q3 ’20 churn of 1.7% and YTD churn of 2.9%
• Uptick in Q3 churn largely driven by timing as several churn events pushed from 1H20 to 2H20
• Year-to-date churn consistent with expectations and in line with 3% – 5% annual guidance
Signed new and modified leases totaling $26M of incremental annualized rent1
Q3 2020 Leasing Review
1. Incremental annualized revenue from new and modified renewal leases, net of downgrades.
2. Backlog of signed but not yet commenced annualized monthly recurring revenue as of 9/30/20. Adjusting backlog for the effects of revenue which had begun recognition via straight-line rent, the Company’s annualized booked-not-billed backlog was $76.6 million.
3. Trailing twelve month average incremental annualized revenue from new and modified renewal leases, net of downgrades.
$15.1
$19.0
$21.6 $22.0
$24.2
3Q19 4Q19 1Q20 2Q20 3Q20
TTMNetLeasing($M)3
Backlog($M)2

Accelerated Hyperscale & Federal Leasing Momentum
• Including this new commitment, QTS has pre-leased more than 24MW in
the new Atlanta DC-2 site
• Strong pre-leasing is supportive of de-risked approach to development and
extends QTS’ market leadership position in Atlanta
8MW lease in Atlanta with large hyperscale customer
• Incremental expansion in Richmond with one of the largest consumers of
hyperscale data center capacity in the industry
• Since signing its first lease with QTS in Fort Worth in 2019, this customer
has subsequently expanded into four additional QTS sites, demonstrating
the value of hyperscale incumbency
3.5MW hyperscale expansion in Richmond
• New QTS logo, representing an incremental source of potential growth in
the future
• Higher barriers to entry and unique security requirements of Federal
customers provides strong value creation opportunity for QTS
Federal momentum continues with ~5MW lease
Q3 ’20 leasing results included several multi-megawatt deals

Third Quarter 2020
Financial Update

Enhanced Credit Profile with Improved Liquidity
• Upsized from initial $400M offering and priced at 3.875% based on strong market demand, nearly
100bps inside of existing 4.75% senior notes reflecting QTS’ strengthening credit profile
• Proceeds initially used to repay a portion of amount outstanding under unsecured revolving credit
facility; corresponding availability under revolving credit facility and new term loan funding (discussed
below), expected to be used to redeem existing 4.75% senior unsecured notes in Nov. 2020
• Successfully extends QTS’ debt maturities while locking in attractive rates to further support ongoing
development activity
Completed $500M offering of 8-year senior unsecured notes in October 2020
• Applicable spread on new term loan is generally consistent with pricing on QTS’ existing credit facility
• Further extends QTS’ debt maturities and supports strong liquidity
Completed an additional $250M unsecured 5-year term loan in October 2020
• Reflects continued improvement in QTS’ credit profile, including increasing scale and diversification
and consistent operating performance
• Supports QTS’ strategic priority of achieving an investment grade rating over the next few years
Moody’s upgraded QTS’ credit rating to Ba3 in September 2020
• Extended weighted average debt maturity by approximately two years to ~5.5 years1
• Reduced weighted average cost of debt by approximately 50bps to ~3.1%1
Material improvement in debt profile through financing activity over last 12 mo.
1. Includes the pro forma effects of the Company’s issuance of $500M 2028 Senior Notes and $250M Term Loan D which were both issued subsequent to September 30, 2020. Pro forma balances assume the proceeds generated from the aforementioned
debt issuances and draws were used to fund the redemption of the existing 4.75% Senior Notes as well as pay down the Company’s unsecured revolving credit facility. Also reflects extension of $1.7B unsecured credit facility in October 2019 and interest
rate swap agreements

9
Proactive Capital Raising De-risks ’20/’21 Performance
Summary of Forward Equity Funding Activity ($M)
Future performance is de-risked with pre-funded capital needs and backlog
• QTS’ capital development plan is fully funded into the middle of 2021
• During Q3 ’20, QTS settled 2.9M shares of forward equity, for net proceeds of approximately $152M
• Subsequent to QTS’ Q2 ’20 earnings call, approximately 0.4M incremental shares of common stock have
been sold on a forward basis at an average gross price above $65 per share
• QTS currently has access to approximately $456M of net proceeds through forward stock issuances to
support future development activity
1. Proceeds available reported in the second quarter 2020 earnings release were $591 million. The $6 million decrease is due to reductions of unsettled forward shares related to QTS’ declared dividends
$585
$152
$23
$456
Net Forward Equity Proceeds
Available as of 6/30/20
Settled during Q3 2020
Net Forward Equity Issued
Through ATM Program Since
7/27/20
Available to QTS as of 10/26/20
(2.9M shares)
(10.3M shares of
forward equity)
(0.4M shares)
(7.7M shares)
1

• Pro forma leverage of 4.1x3
net debt to annualized
adjusted EBITDA, including
forward equity proceeds; net
debt to LQA adjusted
EBITDA of 5.6x at the end of
Q3 2020
• Approximately $1.3B7 of
available liquidity, including
$456M4 of undrawn forward
equity proceeds
• No significant debt
maturities until 2023 and
beyond7
• ~75%7 of debt is subject to a
fixed rate, including interest
rate swap agreements
Highlights
Balance Sheet and Liquidity Summary
Pro Forma Capital Structure ($M)7
Pro Forma Debt Maturities ($M)5,7
1. Includes four term loans ($950 million in aggregate) and approximately $173 million of borrowings on revolving credit facility as of September 30, 2020 including the pro forma effects of the Company’s issuance of $500M 2028 Senior Notes and $250M Term Loan D which were both issued
subsequent to September 30, 2020. Pro forma balances assume the proceeds generated from the aforementioned debt issuances were used to fund the redemption of the existing 4.75% Senior Notes as well as pay down the Company’s unsecured revolving credit facility
2. Market Cap calculated as: Class A and Class B common stock and OP units of 72.7 million incl. common stock sold in forward structure using treasury stock method, multiplied by 9/30/2020 stock price of $63.02 per share.
3. Pro forma for the effects of cash expected to be received upon the full physical settlement of, and issuance of, 7.7 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. Includes the pro forma effects of the Company’s issuance of $500M 2028 Senior Notes and $250M Term Loan D which were both issued subsequent to September 30, 2020. Pro forma balances assume the proceeds generated from the aforementioned debt issuances were used to fund the
redemption of the existing 4.75% Senior Notes as well as pay down the Company’s unsecured revolving credit facility
$6.7B
Enterprise
Value6

Full Year 2020 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.
Updating full-year 2020 guidance
Note: The Company’s 2020 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.
• 2020 adjusted EBITDA guidance incorporates a full-year aggregate benefit from lower-than-
expected net utility expense and reduced corporate travel costs, net of other additional COVID-
19 related expenses, of approximately $2-3M
• Updated 2020 capital expenditure guidance4 of $700M - $800M, up from $650M - $750M
reflecting strength in QTS’ booked-not-billed backlog resulting from strong signed leasing
activity year-to-date
• Updated capex outlook incorporates additional ~40k square feet of raised floor capacity
expected to deliver and in-service in 2020 relative to previous expectations reflecting
sales momentum in Richmond, Chicago, Piscataway and Hillsboro
• Full-year churn guidance of 3% – 5% is unchanged
Midpoint
$M except per share values Low Midpoint High Low Midpoint High Low Midpoint High
Growth
Y/Y
Revenue1
$523 $530 $537 $523 $530 $537 $531 $534 $537 11.1%
Adjusted EBITDA2
$275 $280 $285 $280 $285 $290 $288 $290.5 $293 16.0%
Operating FFO per Share3
$2.69 $2.76 $2.83 $2.73 $2.78 $2.83 $2.75 $2.79 $2.83 6.1%
Prior
2020 Guidance
Current
2020 Guidance
Initial
2020 Guidance

12
Capital Allocation Approach Tied to OFFO/sh Growth
Capital deployment focused on balancing near-term and long-term value creation
• Capital allocation approach directly tied to 5% – 9% annual OFFO/sh growth target
• Midpoint of updated 2020 guidance implies 6%+ growth in OFFO/sh despite increase in capital intensity
• Funding approach, including use of forward equity plays critical role in de-risking future development
activity while minimizing near-term equity dilution
Accelerated leasing and resulting backlog de-risks development activity
• Increased capex in 2020 is the direct result of leasing activity that has outperformed expectations
• 80%+ of projected development capex in 2020 directly tied to supporting signed customer leases
• Expect a similar amount of gross power capacity deliveries in 2021 as 2020 (60MW+); approximately
equal to deliveries in prior three years combined
• Strong ROIC continues to represent significant value creation spread above cost of capital
Expecting strong growth to continue into 2021
• Low double digit revenue growth in 2021 based on backlog and anticipated leasing performance
• Incremental adjusted EBITDA margin expansion Y/Y in 2021, adjusting for $2-3M of COVID-related cost
benefits realized in 2020
• Cash capital expenditures in 2021 expected to be consistent with 2020 levels, based on accelerated
pace of leasing activity in 2020 and booked-not-billed backlog
• Based on robust and largely pre-leased development plans for 2021 and corresponding adjusted
EBITDA growth, expect OFFO/share growth year-over-year in 2021 within target range of 5% – 9%

Closing Remarks

14
Thank You!
ir@qtsdatacenters.com

Appendix

NOI Reconciliation
September 30, June 30, September 30,
$ in thousands 2020 2020 2019 2020 2019
Net Operating Income (NOI)
Net income $ 6,907 $ 10,209 $ 6,588 $ 25,236 $ 35,271
Equity in net loss of unconsolidated entity 366 590 317 1,633 992
Interest income - (2) (22) (2) (103)
Interest expense 7,516 6,924 6,724 21,602 20,329
Depreciation and amortization 51,378 47,554 42,875 144,002 123,144
Other (income) expense - - (370) (159) (330)
Tax expense of taxable REIT subsidiaries 227 138 369 196 779
Transaction and integration costs 1,078 381 827 1,675 3,080
General and administrative expenses 22,082 21,391 19,504 64,156 59,519
Gain on sale of real estate, net - - - - (13,408)
NOI from consolidated operations $ 89,554 $ 87,185 $ 76,812 $ 258,339 $ 229,273
Pro rata share of NOI from unconsolidated entity 1,180 927 872 2,950 1,948
Total NOI $ 90,734 $ 88,112 $ 77,684 $ 261,289 $ 231,221
Three Months Ended Nine Months Ended
September 30,

EBITDAre & Adjusted EBITDA Reconciliation
$ in thousands 2020 2020 2019 2020 2019
EBITDAre and Adjusted EBITDA
Net income $ 6,907 $ 10,209 $ 6,588 $ 25,236 $ 35,271
Interest income - (2) (22) (2) (103)
Interest expense 7,516 6,924 6,724 21,602 20,329
Tax expense of taxable REIT subsidiaries 227 138 369 196 779
Depreciation and amortization 51,378 47,554 42,875 144,002 123,144
Gain on disposition of depreciated property - - - - (13,408)
Pro rata share of EBITDAre from unconsolidated entity 1,178 924 867 2,921 1,945
EBITDAre $ 67,572 $ 66,337 $ 57,718 $ 195,588 $ 168,949
Equity-based compensation expense 7,315 6,082 4,456 18,271 12,052
Transaction, integration and implementation costs 1,099 381 827 1,696 3,080
Adjusted EBITDA $ 75,986 $ 72,800 $ 63,001 $ 215,555 $ 184,081
Three Months Ended
September 30,
Nine 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 thousands except per share values 2020 2020 2019 2020 2019
FFO
Net income $ 6,907 $ 10,209 $ 6,588 $ 25,236 $ 35,271
Real estate depreciation and amortization 47,880 44,196 39,969 133,776 114,440
Gain on sale of real estate, net - - - - (13,408)
Pro rata share of FFO from unconsolidated entity 512 399 369 1,189 754
FFO $ 55,665 $ 55,394 $ 47,243 $ 161,834 $ 138,049
Preferred stock dividends (7,045) (7,045) (7,045) (21,135) (21,135)
FFO available to common stockholders & OP unit holders $ 48,620 $ 48,349 $ 40,198 $ 140,699 $ 116,914
Transaction and integration costs 1,078 381 827 1,675 3,080
Operating FFO available to common stockholders & OP unit holders (1)
$ 49,698 $ 48,730 $ 41,025 $ 142,374 $ 119,994
Maintenance capital expenditures (2,268) (4,220) (381) (8,150) (3,323)
Leasing commissions paid (9,670) (6,805) (7,302) (25,473) (20,345)
Amortization of deferred financing costs 990 991 978 2,968 2,935
Non real estate depreciation and amortization 3,498 3,358 2,906 10,226 8,704
Straight line rent revenue and expense and other (7,196) (5,702) (2,278) (16,653) (4,679)
Tax expense from operating results 227 138 369 196 779
Equity-based compensation expense 7,315 6,082 4,456 18,271 12,052
Adjustments for unconsolidated entity (211) (88) 63 (232) 43
Adjusted Operating FFO available to common stockholders & OP unit holders (1)
$ 42,383 $ 42,484 $ 39,836 $ 123,527 $ 116,160
Three Months Ended
September 30,
Nine Months Ended

MRR Reconciliation
$ in thousands 2020 2020 2019 2020 2019
Recognized MRR in the period
Total period revenues (GAAP basis) $ 137,538 $ 131,640 $ 125,255 $ 395,471 $ 357,111
Less: Total period variable lease revenue from recoveries (14,887) (12,528) (17,563) (39,689) (41,028)
Total period deferred setup fees (5,300) (4,520) (4,041) (13,745) (11,095)
Total period straight line rent and other (9,184) (9,327) (4,768) (26,543) (14,195)
Recognized MRR in the period $ 108,167 $ 105,265 $ 98,883 $ 315,494 $ 290,793
MRR at period end
Total period revenues (GAAP basis) 137,538 131,640 125,255 395,471 357,111
Less: Total revenues excluding last month (91,485) (87,538) (81,114) (349,418) (312,970)
Total revenues for last month of period $ 46,053 $ 44,102 $ 44,141 $ 46,053 $ 44,141
Less: Last month variable lease revenue from recoveries (4,643) (4,350) (6,369) (4,643) (6,369)
Last month deferred setup fees (1,864) (1,533) (1,684) (1,864) (1,684)
Last month straight line rent and other (3,044) (2,480) (3,452) (3,044) (3,452)
Add: Pro rata share of MRR at period end of unconsolidated entity 411 352 343 411 343
MRR at period end $ 36,913 $ 36,091 $ 32,979 $ 36,913 $ 32,979
September 30,
Three Months Ended Nine Months Ended

Q3 2020 Earnings Presentation

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