Q2 2019 Investor Presentation

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

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

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

Driving Success in Both Hyperscale & Hybrid Colocation
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
$12.7
11%
Revenue
Growth Y/Y
150bp
EBITDA 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 Base
1,100+ 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
ROIC
12.4% annualized
ROIC (Q1 ’19)
Low Churn
4.5% MRR churn midpoint
guidance for 2019, among
the lowest in the industry
 Premium Customer Experience

Balanced Approach to Capital Allocation
Focused 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 Development
Capital discipline and de-risked entry point
 Continued focus on capital discipline to balance long-term growth with near-term results
 De-risked approach to new market entry
 Infrastructure designed to support multi-tenant environments to enable increased flexibility and drive
valuable diversification of product and customer mix
Greenfield Development
with Visibility on
Anchor Tenant
Low-Basis,
Infrastructure-Rich
Development
Repurposing
Existing Assets
Examples
Richmond, VA
Irving, TX
Chicago, IL
Atlanta, GA
Suwanee, GA
Piscataway, NJ
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 Expansion
De-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
1,519
Full
Capacity
As of Q1 ‘19 Full Buildout1,2
(RaisedFloorNRSFin000s)
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 equivalents
2. 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 rounding
4. 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 QTS
Multiple drivers of incremental value
Outlines a programmatic framework under which Alinda will be given opportunity to contribute
equity capital for specific data center projects in support of QTS’ hyperscale growth strategy
Reduces QTS’ reliance on public markets and leverages low cost of capital from
sophisticated private investor with large capacity to fund capital development plans
Reduces QTS’ capital deployment requirements in Manassas development by approximately
$120 million while retaining 50% proportionate share of NOI generated by facility
Enhances QTS’ overall ROIC based on cap rates below the ROIC of development projects
combined with incremental fee streams (development & management fees)
P
P
P
P
Highlights strong underlying value of QTS’ strategic data center assets at 6.75% cap rate
Manassas joint venture delivers immediate enhanced value by locking in cap rate well below
the ROIC of Manassas data center development and accretion upon stabilization
P
P
Joint venture factors in asset valuation of Manassas data center with cap rate value at full
stabilization, thereby not sacrificing future value from the joint venture’s expected 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 OWNED3
14 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
111MW
Chicago, 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 You!
ir@qtsdatacenters.com

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

Q2 2019 Investor Presentation

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