Exhibit 99.2

Table of Contents

Overview
Company Profile	3
Financial Statements
Combined Consolidated Balance Sheets	4
Combined Consolidated Statements of Operations	5
Summary of Financial Data	6
Reconciliations of Return on Invested Capital (ROIC)	8
Implied Enterprise Value and Weighted Average Shares	9
Operating Portfolio
Data Center Properties	10
Redevelopment Costs Summary	11
Redevelopment Summary	12
NOI by Facility and Capital Expenditure Summary	13
Leasing Statistics – Signed Leases	14
Leasing Statistics – Renewed Leases and Rental Churn	16
Leasing Statistics – Commenced Leases	17
Lease Expirations	18
Largest Customers	19
Industry Segmentation	20
Product Diversification	21
Capital Structure
Debt Summary and Debt Maturities	22
Interest Summary	23
Appendix	24

1  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

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 Company’s capital resources, portfolio performance and results of operations contain forward-looking statements. Likewise, all of the statements regarding anticipated growth in funds from operations and anticipated market conditions are 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 also can identify forward-looking statements by discussions of strategy, plans or intentions.

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; global, national and local economic conditions; 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; increased interest rates and operating costs, including increased energy costs; financing risks, including the Company’s failure to obtain necessary outside financing; decreased rental rates or increased vacancy rates; 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; and changes in real estate and zoning laws, revaluations for tax purposes and increases in real property tax rates.

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, 2016 and other periodic reports the Company files with the Securities and Exchange Commission.

2  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

Company Profile

3  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

Consolidated Balance Sheets

(in thousands except share data)

	June 30,		December 31,
	2017		2016 (1)
	(unaudited)
ASSETS
Real Estate Assets
Land	$	86,192	$	74,130
Buildings, improvements and equipment		1,625,254		1,524,767
Less: Accumulated depreciation		(354,522)		(317,834)
		1,356,924		1,281,063
Construction in progress		363,449		365,960
Real Estate Assets, net		1,720,373		1,647,023
Cash and cash equivalents		42,604		9,580
Rents and other receivables, net		44,033		41,540
Acquired intangibles, net		119,384		129,754
Deferred costs, net (2) (3)		38,152		38,507
Prepaid expenses		8,875		6,918
Goodwill		173,843		173,843
Other assets, net (4)		59,119		39,305
TOTAL ASSETS	$	2,206,383	$	2,086,470
LIABILITIES
Unsecured credit facility, net (3)	$	744,307	$	634,939
Senior notes, net of discount and debt issuance costs (3)		292,858		292,179
Capital lease, lease financing obligations and mortgage notes payable		34,059		38,708
Accounts payable and accrued liabilities		84,052		86,129
Dividends and distributions payable		21,606		19,634
Advance rents, security deposits and other liabilities		31,505		24,893
Deferred income taxes		12,207		15,185
Deferred income		23,433		21,993
TOTAL LIABILITIES		1,244,027		1,133,660
EQUITY
Common stock, $0.01 par value, 450,133,000 shares authorized, 48,812,009 and 47,831,250 shares issued and outstanding as of June 30, 2017 and December 31, 2016, respectively		488		478
Additional paid-in capital		970,811		931,783
Accumulated dividends in excess of earnings		(126,331)		(97,793)
Total stockholders’ equity		844,968		834,468
Noncontrolling interests		117,388		118,342
TOTAL EQUITY		962,356		952,810
TOTAL LIABILITIES AND EQUITY	$	2,206,383	$	2,086,470

(1) The balance sheet at December 31, 2016, has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by United States generally accepted accounting principles for complete financial statements.

(2) As of June 30, 2017 and December 31, 2016, deferred costs, net included $6.1 million and $7.0 million of net deferred financing costs related to the revolving portion of the Company’s unsecured credit facility, respectively, and $32.0 million and $31.5 million of deferred leasing costs net of amortization, respectively.

(3) Debt issuance costs, net related to the Senior Notes and term loan portion of the Company’s unsecured credit facility aggregating $9.2 million and $10.1 million at June 30, 2017 and December 31, 2016, respectively, have been netted against the related debt liability line items for both periods presented.

(4) As of June 30, 2017 and December 31, 2016, other assets, net included $50.9 million and $31.7 million of corporate fixed assets, respectively, primarily relating to construction of corporate offices, leasehold improvements and product related assets. During the quarter ended June 30, 2017, fixed assets and the associated accumulated depreciation related to the Duluth, GA facility aggregating to $10.6 million were moved from Real Estate Assets, net to Other assets, net as the facility was transitioned to corporate office space.

4  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

Consolidated Statements of Operations

(unaudited and in thousands except share and per share data)

	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,
	2017		2017		2016		2017		2016
Revenues:
Rental	$	80,793	$	79,117	$	71,670	$	159,910	$	140,096
Recoveries from customers		8,774		8,361		6,168		17,135		11,603
Cloud and managed services		16,856		16,965		17,015		33,821		35,905
Other (1)		1,445		1,521		3,834		2,966		5,851
Total revenues		107,868		105,964		98,687		213,832		193,455
Operating expenses:
Property operating costs		36,846		35,421		32,646		72,267		64,427
Real estate taxes and insurance		2,946		3,147		2,020		6,093		3,760
Depreciation and amortization		34,527		33,948		30,355		68,475		58,994
General and administrative (2)		22,562		22,197		21,608		44,759		41,894
Transaction and integration costs (3)		161		336		3,833		497		5,920
Total operating expenses		97,042		95,049		90,462		192,091		174,995
Operating income		10,826		10,915		8,225		21,741		18,460
Other income and expense:
Interest income		-		1		2		1		2
Interest expense		(7,647)		(6,869)		(4,874)		(14,516)		(10,855)
Income before taxes		3,179		4,047		3,353		7,226		7,607
Tax benefit of taxable REIT subsidiaries (4)		1,429		1,521		2,454		2,950		5,059
Net income		4,608		5,568		5,807		10,176		12,666
Net income attributable to noncontrolling interests (5)		(568)		(691)		(707)		(1,259)		(1,677)
Net income attributable to QTS Realty Trust, Inc.	$	4,040	$	4,877	$	5,100	$	8,917	$	10,989
Net income per share attributable to common shares:
Basic	$	0.08	$	0.10	$	0.11	$	0.18	$	0.25
Diluted		0.08		0.10		0.10		0.17		0.24
Weighted average common shares outstanding:
Basic		47,666,086		47,908,709		47,783,093		47,561,507		44,537,769
Diluted		55,458,429		55,620,260		55,574,545		55,336,062		52,274,198

(1) Other revenue - Includes straight line rent, sales of scrap metals and other unused materials and various other revenue items. Straight line rent was $0.9 million, $1.5 million and $3.5 million for the three months ended June 30, 2017,  March 31, 2017 and June 30, 2016, respectively. Straight line rent was $2.4 million and $5.4 million for the six months ended June 30, 2017 and 2016, respectively.

(2) General and administrative expenses - Includes personnel costs, sales and marketing costs, professional fees, travel costs, product investment costs and other corporate general and administrative expenses. General and administrative expenses were 20.9%,  20.9%, and 21.9% of total revenues for the three month periods ended June 30, 2017,  March 31, 2017 and June 30, 2016, respectively. General and administrative expenses were 20.9% and 21.7% of total revenues for the six month periods ended June 30, 2017 and 2016, respectively.

(3) Transaction and integration costs - For the three month periods ended June 30, 2017,  March 31, 2017 and June 30, 2016, the Company recognized $0.1 million, $0.1 million and $0.8 million, respectively, in transaction costs related to the examination of actual and potential acquisitions. Transaction costs were $0.2 million and $0.8 million for the six months ended June 30, 2017 and 2016, respectively. The Company also recognized less than $0.1 million, $0.3 million and $3.0 million in integration costs for the three month periods ended June 30, 2017,  March 31, 2017 and June 30, 2016, respectively. Integration costs include various costs to integrate QTS and acquired businesses (including consulting fees, costs to consolidate office space and costs which were previously duplicated) as well as accelerated depreciation of certain software following acquisition.  Integration costs were $0.3 million and $5.1 million for the six months ended June 30, 2017 and 2016, respectively. 

(4) Tax benefit of taxable REIT subsidiaries - For the three months ended June 30, 2017,  March 31, 2017 and June 30, 2016, the Company recorded an approximate $1.4 million, $1.5 million and $2.5 million non-cash deferred tax benefit, respectively, related to recorded operating losses which include certain transaction and integration costs. The Company recorded $3.0 million and $5.1 million in tax benefits for the six months ended June 30, 2017 and 2016, respectively.

(5) Noncontrolling interest - The noncontrolling ownership interest of QualityTech, LP was 12.2% and 12.4% as of June 30, 2017 and 2016, respectively.

5  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

Summary of Financial Data

(unaudited and in thousands, except operating portfolio statistics data and per share data)

This summary includes certain non-GAAP financial measures that management believes are helpful in understanding the Company’s business, as further described in the Appendix.The Company does not, nor does it suggest investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, GAAP financial information. The Company believes that the presentation of non-GAAP financial measures provide meaningful supplemental information to both management and investors that is indicative of the Company’s operations. The Company has included a reconciliation of this additional information to the most comparable GAAP measure in the selected financial information below.

	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,
Summary of Results	2017		2017		2016		2017		2016
Total revenue	$	107,868	$	105,964	$	98,687	$	213,832	$	193,455
Net income	$	4,608	$	5,568	$	5,807	$	10,176	$	12,666
Fully diluted weighted average shares outstanding		55,458		55,620		55,575		55,336		52,274
Net income per basic share	$	0.08	$	0.10	$	0.11	$	0.18	$	0.25
Net income per diluted share	$	0.08	$	0.10	$	0.10	$	0.17	$	0.24
Other Data
FFO	$	34,883	$	35,072	$	32,216	$	69,955	$	63,944
Operating FFO	$	35,044	$	35,408	$	34,866	$	70,452	$	67,933
Operating FFO per diluted share	$	0.63	$	0.64	$	0.63	$	1.27	$	1.30
Recognized MRR in the period	$	93,352	$	91,869	$	84,506	$	185,221	$	167,668
MRR (at period end)	$	31,691	$	30,434	$	28,872	$	31,691	$	28,872
EBITDA	$	45,353	$	44,863	$	38,580	$	90,216	$	77,454
Adjusted EBITDA	$	49,246	$	48,281	$	45,613	$	97,527	$	88,624
NOI	$	68,076	$	67,396	$	64,021	$	135,472	$	125,268
NOI as a % of revenue		63.1%		63.6%		64.9%		63.4%		64.8%
Adjusted EBITDA as a % of revenue		45.7%		45.6%		46.2%		45.6%		45.8%
General and administrative expenses as a % of revenue		20.9%		20.9%		21.9%		20.9%		21.7%
Annualized ROIC		13.6%		13.8%		15.1%		13.7%		15.3%

		June 30,		December 31,
Balance Sheet Data		2017		2016
Real estate at cost	$	2,074,895		$	1,964,857
Net investment in real estate		1,720,373			1,647,023
Total assets		2,206,383			2,086,470
Total debt, net of cash and cash equivalents		1,039,454	(1)		968,128	(1)
Debt to last quarter annualized Adjusted EBITDA		5.3x	(2)		5.0x	(2)
Debt to undepreciated real estate assets		50.1%	(2)		49.3%	(2)
Debt to Implied Enterprise Value		26.0%	(2)		30.5%	(2)

(1) The Company has excluded the Senior Note discount and associated debt issuance costs from the Total Debt line item for both periods presented.  As a result, the amounts referenced above represent the full amount of debt that will be repaid less the amount of cash and cash equivalents on hand.

(2) Calculated using total debt, which excludes the Senior Note discount and associated debt issuance costs, less the amount of cash and cash equivalents on hand.

6  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

	June 30,		December 31,
Operating Portfolio Statistics	2017		2016
Built out square footage:
Raised floor	1,395,592		1,345,680
Leasable raised floor (1)	1,112,994		1,083,708
Leased raised floor	968,295		955,844
Total Raw Shell:
Total	5,669,942		5,662,087
Basis-of-design raised floor space (1)	2,500,650		2,496,106
Data center properties	25		25
Basis of design raised floor % developed	55.8%		53.9%
Data center % occupied	87.0%		88.2%
Data center raised floor % wholly-owned	88.1%	(2)	88.1%	(2)

(1) See definition in Appendix.

(2) Wholly owned data centers do not include those subject to capital lease obligations or the Santa Clara facility which is subject to a long-term ground lease. Had the Santa Clara facility been included as a wholly owned facility, the wholly owned data center raised floor percentage would be 92.1% and 92.2% at June 30, 2017 and December 31, 2016, respectively.

7  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

Reconciliations of Return on Invested Capital (ROIC)

(unaudited and in thousands)

Return on Invested Capital (“ROIC”) is a non-GAAP measure that provides additional information to users of the financial statements. Management believes ROIC is a helpful metric for users of the financial statements to gauge the Company's performance against the capital it has invested.

Return on Invested Capital (ROIC)	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,
	2017		2017		2016		2017		2016
NOI (1)	$	68,076	$	67,396	$	64,021	$	135,472	$	125,268
Annualized NOI		272,304		269,584		256,084		270,944		250,536
Average undepreciated real estate assets and other net fixed assets placed in service (2)		2,008,565		1,949,323		1,692,551		1,979,212		1,640,984
Annualized ROIC		13.6%		13.8%		15.1%		13.7%		15.3%

(1) Includes facility level G&A expense allocation charges of 4% of cash revenue for all facilities, with the exception of the leased facilities acquired in 2015, which include G&A expense allocation charges of 10% of cash revenue.  These allocated charges aggregated to $5.3 million, $5.2 million and $5.1 million for the three month periods ended June 30, 2017,  March 31, 2017 and June 30, 2016, respectively, and $10.5 million and $10.1 million for the six month periods ended June 30, 2017 and 2016, respectively.

(2) Calculated by using average quarterly balance of each account.

Calculation of Average Undepreciated Real Estate Assets and other Net Fixed Assets Placed in Service	As of						As of
Undepreciated Real Estate Assets and other	June 30,		March 31,		June 30,		June 30,		June 30,
Net Fixed Assets Placed in Service	2017		2017		2016		2017		2016
Real Estate Assets, net	$	1,720,373	$	1,679,504	$	1,501,140	$	1,720,373	$	1,501,140
Less: Construction in progress		(363,449)		(361,021)		(316,797)		(363,449)		(316,797)
Plus: Accumulated depreciation		354,522		340,831		274,145		354,522		274,145
Plus: Goodwill		173,843		173,843		173,843		173,843		173,843
Plus: Other fixed assets, net		28,373		16,622		15,698		28,373		15,698
Plus: Acquired intangibles, net (1)		93,293		96,703		108,194		93,293		108,194
Plus: Leasing Commissions, net		32,036		31,658		29,438		32,036		29,438
Total as of period end	$	2,038,991	$	1,978,140	$	1,785,661	$	2,038,991	$	1,785,661
Average undepreciated real estate assets and other net fixed assets as of reporting period (2)	$	2,008,565	$	1,949,323	$	1,692,551	$	1,979,212	$	1,640,984

(1) Net of acquired intangible liabilities and deferred tax liabilities.

(2) Calculated by using average quarterly balance of each account.

8  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

Implied Enterprise Value and

Weighted Average Shares

Implied Enterprise Value as of June 30, 2017:
Total Shares Outstanding:
Class A Common Stock		48,679,009
Class B Common Stock		133,000
Total Shares Outstanding		48,812,009
Units of Limited Partnership (1)		7,370,213
Options to purchase Class A Common Stock (2)		415,898
Fully Diluted Total Shares and Units of Limited Partnership outstanding as of June 30, 2017		56,598,120
Share price as of June 30, 2017	$	52.33
Market equity capitalization (in thousands)	$	2,961,780
Debt  (in thousands)		1,039,454	(3)
Implied Enterprise Value (in thousands)	$	4,001,234

(1) Includes 588,984 of operating partnership units representing the “in the money” value of Class O LTIP units on an “as if” converted basis as of June 30, 2017.

(2) Represents options to purchase shares of Class A Common Stock of QTS Realty Trust, Inc. representing the “in the money” value of options on an “as if” converted basis as of June 30, 2017.

(3) Excludes the Senior Note discount and all debt issuance costs reflected as a reduction to liabilities at June 30, 2017 representing the full amount of debt that will be repaid, less the amount of cash and cash equivalents on hand.

The following table presents the weighted average fully diluted shares for the three and six months ended June 30, 2017:

	Three Months Ended	Six Months Ended
	June 30, 2017	June 30, 2017
Weighted average shares outstanding - basic	47,666,086	47,561,507
Effect of Class A partnership units (1)	6,782,602	6,782,938
Effect of Class O units on an "as if" converted basis (1)	552,997	549,687
Effect of options to purchase Class A common stock and restricted Class A common stock on an "as if" converted basis (2)	456,744	441,930
Weighted average shares outstanding - diluted	55,458,429	55,336,062

(1) The Class A units and Class O units represent limited partnership interests in the Operating Partnership.

(2) The average share price for the three and six months ended June 30, 2017 was $51.48 and $50.67, respectively.

9  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

Data Center Properties

The following table presents an overview of the portfolio of data center properties that the Company owns or leases, referred to herein as our data center properties, based on information as of June 30, 2017:

			Net Rentable Square Feet (Operating NRSF) (3)
Property	Year Acquired (1)	Gross Square Feet (2)	Raised Floor (4)	Office & Other (5)	Supporting Infrastructure (6)	Total	% Occupied (7)		Annualized Rent (8)		Available Utility Power (MW) (9)	Basis of Design ("BOD") NRSF	Current Raised Floor as a % of BOD
Richmond, VA	2010	1,318,353	167,309	51,093	178,854	397,256	89.2	%	$	42,171,946	110	557,309	30.0	%
Atlanta, GA (Metro)	2006	968,695	452,986	36,953	331,426	821,365	96.2	%	$	96,409,100	72	527,186	85.9	%
Irving, TX	2013	698,000	143,160	6,981	133,823	283,964	94.6	%	$	36,997,507	140	275,701	51.9	%
Princeton, NJ	2014	553,930	58,157	2,229	111,405	171,791	100.0	%	$	9,867,695	22	158,157	36.8	%
Chicago, IL	2014	474,979	28,000	-	30,452	58,452	60.4	%	$	6,294,391	8	215,855	13.0	%
Suwanee, GA	2005	369,822	205,608	8,697	107,128	321,433	85.4	%	$	60,233,369	36	205,608	100.0	%
Piscataway, NJ	2016	360,000	88,820	14,311	91,851	194,982	83.3	%	$	13,170,584	111	176,000	50.5	%
Fort Worth, TX	2016	261,836	10,600	-	19,438	30,038	100.0	%	$	1,776,000	50	80,000	13.3	%
Santa Clara, CA*	2007	135,322	55,905	944	45,094	101,943	66.2	%	$	22,387,012	11	80,940	69.1	%
Sacramento, CA	2012	92,644	54,595	2,794	23,916	81,305	44.6	%	$	11,310,457	8	54,595	100.0	%
Leased facilities **	2006 & 2015	288,926	108,072	19,626	74,893	202,591	49.2	%	$	73,895,289	27	146,919	73.6	%
Other ***	Misc.	147,435	22,380	49,337	30,074	101,791	65.4	%	$	5,775,966	5	22,380	100.0	%
Total		5,669,942	1,395,592	192,965	1,178,354	2,766,911	87.0	%	$	380,289,315	600	2,500,650	55.8	%

(1) Represents the year a property was acquired or, in the case of a property under lease, the year the Company’s initial lease commenced for the property. 

(2) With respect to the Company’s owned properties, gross square feet represents the entire building area. With respect to leased properties, gross square feet represents that portion of the gross

square feet subject to our lease. This includes 347,261 square feet of QTS office and support space, which is not included in operating NRSF.

(3) Represents the total square feet of a building that is currently leased or available for lease plus developed supporting infrastructure, based on engineering drawings and estimates, but does not

include space held for redevelopment or space used for the Company’s own office space.

(4) Represents management’s estimate of the portion of NRSF of the facility with available power and cooling capacity that is currently leased or readily available to be leased to customers as data

center space based on engineering drawings.

(5) Represents the operating NRSF of the facility other than data center space (typically office and storage space) that is currently leased or available to be leased.

(6) Represents required data center support space, including mechanical, telecommunications and utility rooms, as well as building common areas.

(7) Calculated as data center raised floor that is subject to a signed lease for which space is occupied (968,295 square feet as of June 30, 2017), divided by leasable raised floor based on the

current configuration of the properties (1,112,994 square feet as of June 30, 2017), expressed as a percentage.

(8) The Company defines annualized rent as MRR multiplied by 12. The Company calculates MRR as monthly contractual revenue under executed contracts as of a particular date, which includes

revenue from the Company’s C1, C2 and C3 rental and cloud and managed services activities, but excludes customer recoveries, deferred set up fees, variable related revenues, non-cash

revenues and other one-time revenues. MRR does not include the impact from booked-not-billed contracts as of a particular date, unless otherwise specifically noted. This amount reflects

the annualized cash rental payments. It does not reflect the accounting associated with any free rent, rent abatements or future scheduled rent increases and also excludes operating expense

and power reimbursements.

(9) Represents installed utility power and transformation capacity that is available for use by the facility as of June 30, 2017.

*        Subject to long-term ground lease.

**      Includes 13 facilities.  All facilities are leased, including those subject to capital leases. During the quarter ended March 31, 2017, the Company moved its Jersey City, NJ facility to the “Leased facilities” line item.

***Consists of Miami, FL; Lenexa, KS; Overland Park, KS; and Duluth, GA facilities. During the quarter ended March 31, 2017, the Company moved its Miami, FL facility to the “Other” line item.

10  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

Redevelopment Costs Summary

(in millions, except NRSF data)

During the second quarter of 2017, the Company brought online approximately 6 megawatts of gross power and approximately 19,000 NRSF of raised floor and customer specific capital at its Irving and Fort Worth data centers at an aggregate cost of approximately $55 million. For the six months ended June 30, 2017, the Company brought online approximately 11 megawatts of gross power and approximately 50,000 NRSF of raised floor and customer specific capital at its Chicago, Irving, Fort Worth and certain leased facilities at an aggregate cost of approximately $103 million. The under construction table below summarizes the Company’s outlook for development projects which it expects to complete by December 31, 2017 (in millions).

	Under Construction Costs (1)
Property	Actual (2)		Estimated Cost  to Completion (3)		Total		Expected Completion date
Atlanta-Metro	$	20	$	18	$	38	Q3 & Q4 2017
Irving		49		10		59	Q3 & Q4 2017
Chicago		5		23		28	Q4 2017
Piscataway		7		2		9	Q4 2017
Fort Worth		3		6		9	Q4 2017
Santa Clara		5		1		6	Q3 2017
Leased facilities		3		1		4	Q4 2017
Totals	$	92	$	61	$	153

(1) In addition to projects currently under construction, the Company’s near-term redevelopment projects are expected to be delivered in a modular manner, and the Company currently expects to invest additional capital to complete these near term projects. The ultimate timing and completion of, and the commitment of capital to, the Company’s future redevelopment projects are within the Company’s discretion and will depend upon a variety of factors, including the actual contracts executed, availability of financing and the Company’s estimation of the future market for data center space in each particular market.

(2) Represents actual costs under construction through June 30, 2017. In addition to the $92 million of construction costs incurred through June 30, 2017 for redevelopment expected to be completed by December 31, 2017, as of June 30, 2017 the Company had incurred $271 million of additional costs (including acquisition costs and other capitalized costs) for other redevelopment projects that are expected to be completed after December 31, 2017.

(3) Represents management’s estimate of the additional costs required to complete the current NRSF under development. There may be an increase in costs if customers’ requirements exceed the Company’s current basis of design.

11  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

Redevelopment Summary

(in millions, except NRSF data)

The following redevelopment table presents an overview of the Company’s redevelopment pipeline, based on information as of June 30, 2017. This table shows the Company’s ability to increase its raised floor of 1,395,592 square feet as of June 30, 2017 by approximately 1.8 times to 2.5 million square feet.  

	Raised Floor NRSF
	Overview as of June 30, 2017
Property	Current NRSF in Service	Under Construction (1)	Future Available (2)	Basis of Design NRSF	Approximate Adjacent Acreage of Land (3)
Richmond	167,309	-	390,000	557,309	111.1
Atlanta-Metro	452,986	30,000	44,200	527,186	12.6
Irving	143,160	32,737	99,804	275,701	29.4
Princeton	58,157	-	100,000	158,157	65.0
Chicago	28,000	14,000	173,855	215,855	23.0
Atlanta-Suwanee	205,608	-	-	205,608	15.4
Piscataway	88,820	10,000	77,180	176,000	-
Fort Worth	10,600	6,000	63,400	80,000	26.5
Santa Clara	55,905	4,000	21,035	80,940	-
Sacramento	54,595	-	-	54,595	-
Leased facilities (4)	108,072	6,000	32,847	146,919	-
Other (5)	22,380	-	-	22,380	-
Totals as of June 30, 2017	1,395,592	102,737	1,002,321	2,500,650	283.0

(1) Reflects NRSF at a facility for which the initiation of substantial activities has begun to prepare the property for its intended use on or before December 31, 2017.

(2) Reflects NRSF at a facility for which the initiation of substantial activities has begun to prepare the property for its intended use after December 31, 2017.

(3) The total cost basis of adjacent land, which is land available for the future development, is approximately $30 million. This is included in land on the Combined Consolidated Balance Sheets. The Basis of Design NRSF does not include any build-out on the adjacent land.

(4) Includes 13 facilities.  All facilities are leased, including those subject to capital leases. During the quarter ended March 31, 2017, the Company moved its Jersey City, NJ facility to the “Leased facilities” line item.

(5) Consists of Miami, FL; Lenexa, KS; Overland Park, KS; and Duluth, GA facilities. During the quarter ended March 31, 2017, the Company moved its Miami, FL facility to the “Other” line item.

12  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

NOI by Facility and Capital Expenditure Summary

(unaudited and in thousands)

The Company calculates net operating income, or NOI, as net income (loss), excluding: interest expense, interest income, tax expense (benefit) of taxable REIT subsidiaries, depreciation and amortization, write-off of unamortized deferred financing costs, gain (loss) on extinguishment of debt, transaction and integration costs, gain (loss) on sale of real estate, restructuring costs and general and administrative expenses. The Company believes that NOI is another metric that is often utilized to evaluate returns on operating real estate from period to period and also, in part, to assess the value of the operating real estate. The breakdown of NOI by facility is shown below:

	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,
	2017		2017		2016		2017		2016
Breakdown of NOI by facility:
Atlanta-Metro data center	$	20,704	$	20,511	$	20,885	$	41,215	$	40,857
Atlanta-Suwanee data center		11,423		11,958		11,272		23,381		22,772
Leased data centers (1)		8,408		9,010		10,574		17,418		22,383
Richmond data center		8,389		8,230		7,976		16,619		14,578
Irving data center		8,057		6,440		3,914		14,497		6,538
Santa Clara data center		2,705		3,279		3,653		5,984		7,417
Piscataway data center		2,279		2,403		670		4,682		670
Princeton data center		2,393		2,399		2,356		4,792		4,712
Sacramento data center		1,778		1,837		2,140		3,615		4,062
Chicago data center		1,275		647		-		1,922		-
Fort Worth data center		75		106		-		181		-
Other facilities (2)		590		576		581		1,166		1,279
NOI (3)	$	68,076	$	67,396	$	64,021	$	135,472	$	125,268

(1) Includes 13 facilities. All facilities are leased, including those subject to capital leases. During the quarter ended March 31, 2017, the Company moved its Jersey City, NJ facility to the “Leased data centers” line item.

(2) Consists of Miami, FL; Lenexa, KS; Overland Park, KS; and Duluth, GA facilities. During the quarter ended March 31, 2017, the Company moved its Miami, FL facility to the “Other facilities” line item.

(3) Includes facility level G&A expense allocation charges of 4% of cash revenue for all facilities, with the exception of the leased facilities acquired in 2015, which include G&A expense allocation charges of 10% of cash revenue.  These allocated charges aggregated to $5.3 million, $5.2 million and $5.1 million for the three month periods ended June 30, 2017,  March 31, 2017 and June 30, 2016, respectively, and $10.5 million and $10.1 million for the six month periods ended June 30, 2017 and 2016, respectively.

Our cash paid for capital expenditures is summarized as follows:

	Capital Expenditures (1)
	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,
	2017		2017		2016		2017		2016
Redevelopment	$	53,489	$	46,618	$	54,174	$	100,107	$	115,469
Acquisitions (2)		5,019		-		122,981		5,019		122,981
Maintenance capital expenditures		1,172		796		380		1,968		715
Other capital expenditures (3)		19,038		18,705		16,696		37,743		33,119
Total capital expenditures	$	78,718	$	66,119	$	194,231	$	144,837	$	272,284

(1) During the quarter ended December 31, 2016 the Company transitioned presentation of capital expenditures to a cash basis. Previously, capital expenditure disclosures reflected an incurred basis. The prior year comparative periods have been conformed to cash basis presentation as well.

(2) During the quarter ended June 30, 2017, the Company acquired two parcels of land adjacent to its Atlanta-Metro data center for a total purchase price of approximately $5 million.

(3) Represents capital expenditures for capitalized interest, commissions, personal property, overhead costs and corporate fixed assets. Corporate fixed assets primarily relate to construction of corporate offices, leasehold improvements and product related assets.

13  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

Leasing Statistics – Signed Leases

The mix of leasing activity has a significant impact on quarterly rates, both within major product segments and for overall blended leasing rates. The Company’s rate performance will vary quarter to quarter based on the mix of deals leased – C1 Custom Data Center, C2 Colocation (Cabinet, Cage and Suite), and C3 Cloud and Managed Services categories all vary on a rate per square foot basis. The amounts below include renewals when there was a change in square footage rented, and renewals where C3 dedicated server cloud customers had shifts in their MRR related to their use of fully depreciated equipment. The amounts below exclude renewals where square footage remained consistent before and after renewal. (See renewal table on page 16 for such renewals).

During the second quarter of 2017, the Company signed 475 new and modified leases aggregating to $21.2 million of annualized rent which includes new leased revenue plus revenue from modified renewals. Removing non-incremental annualized modified renewal MRR and deducting downgrades during the period resulted in $13.3 million in incremental annualized rent for the quarter ended June 30, 2017 which was 22% higher than the prior four quarter average. Pricing on new and modified leases signed during the quarter of $1,018 per square foot was 45% higher than the prior four quarter average of $704 per square foot, primarily driven by strong C2/C3 leasing volume and higher pricing across both C1 and C2/C3 categories, which increased by 17% and 33%, respectively, compared to their respective prior four quarter averages.

Annualized Rent of New and Modified Leases represents total MRR associated with all new and modified leases for the respective periods for purposes of computing annualized rent rates per square foot during the period. Incremental Annualized Rent, Net of Downgrades reflects net incremental MRR signed during the period for purposes of tracking incremental revenue contribution.

	Period	Number of Leases	Total Leased sq ft		Annualized Rent per Leased sq ft		Annualized Rent of New and Modified Leases		Incremental Annualized Rent, Net of Downgrades
New/modified leases signed - Total	Q2 2017	475	20,799	$	1,018	$	21,177,858	$	13,314,696
	P4QA*	422	32,813		704		23,108,170		10,938,106
	Q1 2017	411	17,631		849		14,962,595		4,333,697
	Q4 2016	415	31,762		715		22,705,378		11,605,699
	Q3 2016	451	40,607		714		28,977,588		14,502,971
	Q2 2016	410	41,251		625		25,787,118		13,310,055
New/modified leases signed - C1	Q2 2017	36	11,895	$	363	$	4,314,426
	P4QA*	29	21,194		311		6,600,750
	Q1 2017	30	10,000		155		1,551,888
	Q4 2016	25	23,088		329		7,585,764
	Q3 2016	38	23,671		416		9,836,040
	Q2 2016	23	28,018		265		7,429,308
New/modified leases signed - C2/C3	Q2 2017	439	8,904	$	1,894	$	16,863,432
	P4QA*	393	11,619		1,421		16,507,420
	Q1 2017	381	7,631		1,757		13,410,707
	Q4 2016	390	8,674		1,743		15,119,614
	Q3 2016	413	16,936		1,130		19,141,548
	Q2 2016	387	13,233		1,387		18,357,810

* Average of prior 4 quarters

NOTE: Figures above do not include cost recoveries. In general, C1 customers reimburse the Company for certain operating costs whereas C2/C3 customers are on a gross lease basis. As a result, pricing and resulting per square foot rates for C2/C3 customers includes the recovery of such operating costs.

14  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

The following table outlines the booked-not-billed (“BNB”) balance as of June 30, 2017 and how that will affect revenue in 2017 and subsequent years:

Booked-not-billed ("BNB")	2017		2018		Thereafter		Total
MRR	$	1,977,668	$	510,184	$	818,142	$	3,305,994
Incremental revenue (1)		8,331,350		3,899,590		9,817,704
Annualized revenue (2)		23,732,016		6,122,208		9,817,704		39,671,928

(1) Incremental revenue represents the expected amount of recognized MRR in the period based on when the booked-not-billed leases commence throughout the period.

(2) Annualized revenue represents the booked-not-billed MRR multiplied by 12, demonstrating how much recognized MRR might have been recognized if the booked-not-billed leases commencing in the period were in place for an entire year.

The Company estimates the remaining cost to provide the space, power, connectivity and other services to the customer contracts which had not billed as of June 30, 2017 to be approximately $5 million. This estimate generally includes C1 customers with newly contracted space of more than 3,300 square feet. The space, power, connectivity and other services provided to customers that contract for smaller amounts of space is generally provided by existing space which was previously developed.

15  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

Leasing Statistics – Renewed Leases and Rental Churn

The mix of leasing activity has a significant impact on quarterly rates, both within major product segments and for overall blended renewal rates. The Company’s rate performance will vary quarter to quarter based on the mix of deals leased – C1 Custom Data Center, C2 Colocation, and C3 Cloud and Managed Services categories all vary on a rate per square foot basis.

Consistent with the Company’s 3C strategy and business model, the renewal rates below reflect total MRR per square foot including all subscribed services. For comparability, the Company includes only those customers that have maintained consistent space footprints in the computations below. All customers with space changes are incorporated into new/modified leasing statistics and rates.

The overall blended rate for renewals signed in the second quarter of 2017 was 1.0% higher than the rates for those customers immediately prior to renewal. The Company expects renewal rates will generally increase in the low to mid-single digits.

Rental Churn (which the Company defines as MRR lost in the period to a customer intending to fully exit the QTS platform in the near term compared to total MRR at the beginning of the period) was 1.0% for the second quarter of 2017. Rental Churn was 4.3% for the six months ended June 30, 2017, the majority of which was the result of a single customer termination in the first quarter of 2017 at one of the Company’s leased facilities in Northern Virginia which was disclosed in prior quarters. Excluding this customer termination, rental churn for the six months ended June 30, 2017 would be 1.7%.

	Period	Number of renewed leases	Total Leased sq ft		Annualized rent per leased sq ft		Annualized Rent	Rent Change (1)
Renewed Leases - Total	Q2 2017	111	17,491	$	1,077	$	18,831,663	1.0%
	P4QA*	84	18,312		554		10,146,591	2.8%
	Q1 2017	77	11,808		661		7,802,039	2.6%
	Q4 2016	84	42,849		348		14,919,636	4.7%
	Q3 2016	94	8,871		1,204		10,681,272	0.8%
	Q2 2016	82	9,719		739		7,183,415	2.0%
Renewed Leases - C1	Q2 2017	1	3,000	$	433	$	1,300,200	4.3%
	P4QA*	2	10,330		217		2,239,223	3.7%
	Q1 2017	1	6,007		179		1,073,888	0.6%
	Q4 2016	5	35,311		223		7,883,004	4.1%
	Q3 2016	-	-		-		-	0.0%
	Q2 2016	-	-		-		-	0.0%
Renewed Leases - C2/C3	Q2 2017	110	14,491	$	1,210	$	17,531,463	0.7%
	P4QA*	83	7,982		991		7,907,368	2.5%
	Q1 2017	76	5,801		1,160		6,728,151	3.0%
	Q4 2016	79	7,538		933		7,036,632	5.4%
	Q3 2016	94	8,871		1,204		10,681,272	0.8%
	Q2 2016	82	9,719		739		7,183,415	2.0%

* Average of prior 4 quarters

(1) Calculated as the percentage change of the rent per square foot immediately before renewal when compared to the rent per square foot immediately after renewal.

16  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

Leasing Statistics – Commenced Leases

The mix of leasing activity across C1, C2 and C3 has significant impact on quarterly rates, both within major product segments and for overall blended commencement rates. The Company’s rate performance will vary quarter to quarter based on the mix of deals leased. C1 Custom Data Center, C2 Colocation, and C3 Cloud and Managed Services categories all vary on a rate per square foot basis.

During the second quarter of 2017, the Company commenced customer leases (which includes both new customers and existing customers that renewed their lease terms) representing approximately $34.8 million of annualized rent at $778 per square foot. This compares to customer leases representing an aggregate trailing four quarter average of approximately $28.8 million of annualized rent at $514 per square foot.Average pricing on commenced leases during the second quarter of 2017 increased 51% compared to the prior four quarter average primarily due to a larger mix of C2/C3 commencements which tend to have a higher rate per square foot in comparison to C1 deals.

	Period	Number of leases	Total Leased sq ft	Annualized rent per leased sq ft		Annualized Rent
Leases commenced - Total	Q2 2017	526	44,743	$	778	$	34,787,704
	P4QA*	432	56,011		514		28,771,781
	Q1 2017	448	59,253		418		24,743,966
	Q4 2016	467	71,399		464		33,118,296
	Q3 2016	404	39,889		746		29,775,672
	Q2 2016	409	53,503		513		27,449,191
Leases commenced - C1	Q2 2017	42	25,527	$	192	$	4,895,828
	P4QA*	24	41,599		217		9,028,417
	Q1 2017	36	47,531		203		9,642,316
	Q4 2016	20	52,247		191		9,997,212
	Q3 2016	20	27,800		268		7,453,500
	Q2 2016	21	38,818		232		9,020,640
Leases commenced - C2/C3	Q2 2017	484	19,216	$	1,556	$	29,891,876
	P4QA*	408	14,412		1,370		19,743,364
	Q1 2017	412	11,722		1,288		15,101,650
	Q4 2016	447	19,152		1,207		23,121,084
	Q3 2016	384	12,089		1,846		22,322,172
	Q2 2016	388	14,685		1,255		18,428,551

* Average of prior 4 quarters

17  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

Lease Expirations

C1 leases are typically 5-10 years with the majority of C1 lease expirations occurring in 2018 and beyond. C2/C3 leases are typically 3 years in duration, with the majority of C2/C3 lease expirations occurring in 2017 and 2018. The following table sets forth a summary schedule of the lease expirations as of June 30, 2017 at the properties in the Company’s portfolio. Unless otherwise stated in the footnotes, the information set forth in the table assumes that customers exercise no renewal options and all early termination rights are exercised:

Year of Lease Expiration	Number of Leases Expiring (1)	Total Raised Floor of Expiring Leases	% of Portfolio Leased Raised Floor		Annualized Rent (2)		% of Portfolio Annualized Rent		C1 as % of Portfolio Annualized Rent		C2 as % of Portfolio Annualized Rent		C3 as % of Portfolio Annualized Rent
Month-to-Month (3)	523	20,979	2	%	$	26,831,794	7	%	1	%	4	%	2	%
2017	884	70,645	7	%		56,769,507	15	%	3	%	7	%	5	%
2018	1,382	286,565	30	%		110,500,778	29	%	11	%	13	%	6	%
2019	825	130,603	13	%		64,915,358	17	%	6	%	9	%	2	%
2020	401	67,123	7	%		33,534,743	9	%	3	%	5	%	1	%
2021	106	72,675	8	%		21,377,028	6	%	3	%	2	%	-	%
After 2021	125	319,705	33	%		66,360,107	17	%	16	%	1	%	-	%
Portfolio Total	4,246	968,295	100	%	$	380,289,315	100	%	43	%	41	%	16	%

(1) Represents each agreement with a customer signed as of June 30, 2017 for which billing has commenced; a lease agreement could include multiple spaces and a customer could have multiple leases.

(2) Annualized rent is presented for leases commenced as of June 30, 2017. The Company defines annualized rent as MRR multiplied by 12. The Company calculates MRR as monthly contractual revenue under signed leases as of a particular date, which includes revenue from our C1, C2 and C3 rental and cloud and managed services activities, but excludes customer recoveries, deferred set-up fees, variable related revenues, non-cash revenues and other one-time revenues. MRR does not include the impact from booked-not-billed leases as of a particular date, unless otherwise specifically noted. This amount reflects the annualized cash rental payments. It does not reflect the accounting associated with any free rent, rent abatements or future scheduled rent increases and also excludes operating expense and power reimbursements.

(3) Consists of both customer leases whose original contract terms ended on June 30, 2017 and have yet to commence signed renewals as well as customers whose leases expired prior to June 30, 2017 and have continued on a month-to-month basis.

18  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

Largest Customers

As of June 30, 2017, the Company’s portfolio was leased to over 1,100 customers comprised of companies of all sizes representing an array of industries, each with unique and varied business models and needs. The following table sets forth information regarding the ten largest customers in the portfolio based on annualized rent as of June 30, 2017 (does not include rents or maturities associated with booked-not-billed customers or ramps for existing customers which have not yet commenced billing):

Principal Customer Industry	Product	Number of Locations	Annualized Rent (1)		% of Portfolio Annualized Rent	Weighted Average Remaining Lease Term (Months) (2)
Content & Digital Media	C1	2	$	48,495,254	12.8%	34
Cloud & IT Services	C1	2		15,331,159	4.0%	82
Cloud & IT Services	C1	1		13,556,755	3.6%	57
Cloud & IT Services	C1, C3	3		12,506,657	3.3%	81
Cloud & IT Services	C1, C2, C3	6		12,009,000	3.2%	27
Content & Digital Media	C1	1		9,644,400	2.5%	16
Network	C3	2		8,725,225	2.3%	10
Content & Digital Media	C2, C3	4		8,299,140	2.2%	9
Cloud & IT Services	C2, C3	6		5,885,260	1.5%	17
Cloud & IT Services	C1	1		5,084,552	1.3%	3
Total / Weighted Average			$	139,537,402	36.7%	39

(1) Annualized rent is presented for leases commenced as of June 30, 2017. We define annualized rent as MRR multiplied by 12. We calculate MRR as monthly contractual revenue under signed leases as of a particular date, which includes revenue from our C1, C2 and C3 rental and cloud and managed services activities, but excludes customer recoveries, deferred set-up fees, variable related revenues, non-cash revenues and other one-time revenues. MRR does not include the impact from booked-not-billed leases (which represent customer leases that have been executed but for which lease payments have not commenced) as of a particular date. This amount reflects the annualized cash rental payments. It does not reflect any free rent, rent abatements or future scheduled rent increases and also excludes operating expense and power reimbursements.

(2) Weighted average based on customer’s percentage of total annualized rent expiring and is as of June 30, 2017.

19  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

Industry Segmentation

The following table sets forth information relating to the industry segmentation of customers as of June 30, 2017:  

The following table sets forth information relating to the industry segmentation of customers as of December 31, 2016:  

20  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

Product Diversification

The following table sets forth information relating to the distribution of leases at the properties, by type of product offering, as of June 30, 2017:  

(1) As of June 30, 2017, C1 customers renting at least 6,600 square feet represented $142.7 million of annualized C1 MRR, C1 customers renting between 3,300 and 6,599 square feet represented $9.7 million of annualized C1 MRR, and C1 customers renting below 3,300 square feet represented $11.5 million of annualized C1 MRR. As of June 30, 2017, C1 customers’ median used square footage was 5,000 square feet.

The following table sets forth information relating to the distribution of leases at the properties, by type of product offering, as of December 31, 2016:  

(1) As of December 31, 2016, C1 customers renting at least 6,600 square feet represented $124.6 million of annualized C1 MRR, C1 customers renting between 3,300 and 6,599 square feet represented $13.0 million of annualized C1 MRR, and C1 customers renting below 3,300 square feet represented $11.9 million of annualized C1 MRR. As of December 31, 2016, C1 customers’ median used square footage was 4,600 square feet.

21  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

Debt Summary and Debt Maturities

(unaudited and in thousands)

The following tables set forth a summary of the Company’s debt instruments:

	Weighted Average
	Coupon Interest Rate at		Outstanding Balance as of:
	June 30, 2017	Maturities	June 30, 2017		December 31, 2016
Unsecured Credit Facility (1)
Revolving Credit Facility	2.64%	December 17, 2020	$	248,000	$	139,000
Term Loan I	2.55%	December 17, 2021		300,000		300,000
Term Loan II	2.55%	April 27, 2022		200,000		200,000
Senior Notes (2)	5.88%	August 1, 2022		300,000		300,000
Lenexa Mortgage	4.10%	May 1, 2022		1,898		-
Capital Lease and Lease Financing Obligations	3.73%	2017 - 2025		32,161		38,708
Total	3.53%		$	1,082,059	$	977,708

(1) Balances exclude debt issuance costs reflected as liabilities aggregating $3.7 million and $4.1 million at June 30, 2017 and December 31, 2016, respectively.

(2) Balance excludes the Senior Note discount and debt issuance costs reflected as liabilities aggregating $7.1 million and $7.8 million at June 30, 2017 and December 31, 2016, respectively.

	Outstanding Balance as of:		% of	Outstanding Balance as of:		% of
	June 30, 2017 (1)		total	December 31, 2016		total
Fixed Rate Debt	$	734,059	67.8%	$	338,708	34.6%
Floating Rate Debt		348,000	32.2%		639,000	65.4%
	$	1,082,059	100.0%	$	977,708	100.0%

(1) Includes all debt that is currently at a fixed rate and pro forma for $400 million of debt that was swapped to a fixed rate that will become effective January 2, 2018.

Scheduled debt maturities as of June 30, 2017:

Debt instruments	2017		2018		2019		2020		2021		Thereafter		Total
Unsecured Credit Facility (1)	$	-	$	-	$	-	$	248,000	$	300,000	$	200,000	$	748,000
Senior Notes (2)		-		-		-		-		-		300,000		300,000
Lenexa Mortgage		26		65		68		71		74		1,594		1,898
Capital Lease and Lease Financing Obligations		6,397		9,370		2,844		2,190		2,388		8,972		32,161
Total	$	6,423	$	9,435	$	2,912	$	250,261	$	302,462	$	510,566	$	1,082,059

(1) Balances exclude debt issuance costs reflected as liabilities aggregating $3.7 million at June 30, 2017.

(2) Balance excludes the Senior Note discount and debt issuance costs reflected as liabilities aggregating $7.1 million at June 30, 2017.

22  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

Interest Summary

(unaudited and in thousands)

	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,		June 30,
	2017		2017		2016		2017		2016
Interest expense and fees	$	9,827	$	9,031	$	7,153	$	18,858	$	15,038
Amortization of deferred financing costs and bond discount		971		980		877		1,951		1,754
Capitalized interest (1)		(3,151)		(3,142)		(3,156)		(6,293)		(5,937)
Total interest expense	$	7,647	$	6,869	$	4,874	$	14,516	$	10,855

(1) The weighted average interest rate for the three months ended June 30, 2017,  March 31, 2017, and June 30, 2016 was 4.01%, 3.90%, and 4.27%, respectively. As of June 30, 2017 and December 31, 2016 our weighted average coupon interest rate was 3.53% and 3.39%, respectively.

23  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

Appendix

Non-GAAP Financial Measures

This document includes certain non-GAAP financial measures that management believes are helpful in understanding the Company’s business, as further described below.

The Company considers the following non-GAAP financial measures to be useful to investors as key supplemental measures of the Company’s performance: (1) FFO; (2) Operating FFO; (3) Adjusted Operating FFO; (4) MRR; (5) NOI; (6) EBITDA; and (7) Adjusted EBITDA. These non-GAAP financial measures should be considered along with, but not as alternatives to, net income or loss and cash flows from operating activities as a measure of the Company’s operating performance. FFO, Operating FFO, Adjusted Operating FFO, MRR, NOI, EBITDA and Adjusted EBITDA, as calculated by us, may not be comparable to FFO, Operating FFO, Adjusted Operating FFO, MRR, NOI, EBITDA and Adjusted EBITDA as reported by other companies that do not use the same definition or implementation guidelines or interpret the standards differently from us.

Definitions

C1 – Custom Data Center. Power costs are passed on to customers (metered power); generally 3,000 square feet or more of raised floor; lease term of 5 to 10 years; customers are large corporations, government agencies, and global Internet businesses.

C2 – Colocation. Power overages charged separately; specified kW included in lease; up to 3,000 square feet of raised floor; lease term of up to 3 years; customers are large corporations, small and medium businesses and government agencies.

C3 – Cloud and Managed Services. Power bundled with service; small amounts of space; customers rent managed virtual servers; lease term up to 3 years; customers are large corporations, small and medium businesses and government agencies.

Booked-not-billed (“BNB”). The Company defines booked-not-billed as customer leases that have been signed, but for which lease payments have not yet commenced.

Leasable raised floor. The Company defines leasable raised floor as the amount of raised floor square footage that the Company has leased plus the available capacity of raised floor square footage that is in a leasable format as of a particular date and according to a particular product configuration. The amount of leasable raised floor may change even without completion of new redevelopment projects due to changes in the Company’s configuration of C1, C2 and C3 product space.

Basis-of-design floor space. The Company defines basis-of-design floor space as the total data center raised floor potential of its existing data center facilities.

Operating NRSF. Represents the total square feet of a building that is currently leased or available for lease plus developed supporting infrastructure, based on engineering drawings and estimates, but does not include space held for redevelopment or space used for the Company’s own office space.

The Company. Refers to QTS Realty Trust, Inc., a Maryland corporation, together with its consolidated subsidiaries, including QualityTech, LP.

24  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

FFO, Operating FFO and Adjusted Operating FFO

The Company considers funds from operations (“FFO”), to be a supplemental measure of its performance which should be considered along with, but not as an alternative to, net income (loss) and cash provided by operating activities as a measure of operating performance. The Company calculates FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO represents net income (loss) (computed in accordance with GAAP), adjusted to exclude gains (or losses) from sales of property, real estate-related depreciation and amortization and similar adjustments for unconsolidated partnerships and joint ventures. The Company’s management uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs.

Due to the volatility and nature of certain significant charges and gains recorded in the Company’s operating results that management believes are not reflective of its core operating performance, management computes an adjusted measure of FFO, which the Company refers to as Operating FFO. The Company generally calculates Operating FFO as FFO excluding certain non-routine charges and gains and losses that management believes are not indicative of the results of the Company’s operating real estate portfolio. The Company believes that Operating FFO provides investors with another financial measure that may facilitate comparisons of operating performance between periods and, to the extent they calculate Operating FFO on a comparable basis, between REITs.

Operating FFO and Adjusted Operating Funds From Operations (“Adjusted Operating FFO”) are non-GAAP measures that are used as supplemental operating measures and to provide additional information to users of the financial statements. The Company calculates Adjusted Operating FFO by adding or subtracting from Operating FFO items such as: maintenance capital investment, paid leasing commissions, amortization of deferred financing costs and bond discount, non-real estate depreciation, straight line rent adjustments, deferred taxes and non-cash compensation.

The Company offers these measures because it recognizes that FFO, Operating FFO and Adjusted Operating FFO will be used by investors as a basis to compare its operating performance with that of other REITs. However, because FFO, Operating FFO and Adjusted Operating FFO exclude real estate depreciation and amortization and capture neither the changes in the value of the Company’s properties that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of its properties, all of which have real economic effect and could materially impact its financial condition, cash flows and results of operations, the utility of FFO, Operating FFO and Adjusted Operating FFO as measures of its operating performance is limited. The Company’s calculation of FFO may not be comparable to measures calculated by other companies who do not use the NAREIT definition of FFO or do not calculate FFO in accordance with NAREIT guidance. In addition, the Company’s calculations of FFO, Operating FFO and Adjusted Operating FFO are not necessarily comparable to FFO, Operating FFO and Adjusted Operating FFO as calculated by other REITs that do not use the same definition or implementation guidelines or interpret the standards differently from us. FFO, Operating FFO and Adjusted Operating FFO are non-GAAP measures and should not be considered a measure of the Company’s results of operations or liquidity or as a substitute for, or an alternative to, net income (loss), cash provided by operating activities or any other performance measure determined in accordance with GAAP, nor is it indicative of funds available to fund its cash needs, including its ability to make distributions to its stockholders.

25  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

	Three Months Ended							Six Months Ended
	June 30,		March 31,		June 30,			June 30,
	2017		2017		2016			2017			2016
FFO
Net income	$	4,608	$	5,568		$	5,807		$	10,176	$	12,666
Real estate depreciation and amortization		30,275		29,504			26,409			59,779		51,278
FFO		34,883		35,072			32,216			69,955		63,944
Integration costs		18		272			3,026			291		5,079
Transaction costs		143		64			807			206		841
Tax benefit associated with transaction and integration costs		-		-			(1,183)			-		(1,931)
Operating FFO  *		35,044		35,408			34,866			70,452		67,933
Maintenance Capex		(1,172)		(796)			(380)			(1,968)		(715)
Leasing commissions paid		(4,055)		(4,169)			(3,388)			(8,224)		(9,195)
Amortization of deferred financing costs and bond discount		971		980			877			1,951		1,754
Non real estate depreciation and amortization		4,254		4,443			3,946			8,697		7,716
Straight line rent revenue and expense and other		(637)		(1,127)			(3,243)			(1,764)		(4,853)
Tax benefit from operating results		(1,429)		(1,521)			(1,271)			(2,950)		(3,128)
Equity-based compensation expense		3,732		3,082			3,200			6,814		5,250
Adjusted Operating FFO *	$	36,708	$	36,300		$	34,607		$	73,008	$	64,762
Fully diluted weighted average shares		55,458		55,620			55,575			55,336		52,274
Operating FFO per diluted share	$	0.63	$	0.64		$	0.63		$	1.27	$	1.30

* 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.

Monthly Recurring Revenue (MRR)

The Company calculates MRR as monthly contractual revenue under signed leases as of a particular date, which includes revenue from its C1, C2 and C3 rental and cloud and managed services activities, but excludes customer recoveries, deferred set-up fees, variable related revenues, non-cash revenues and other one-time revenues. MRR does not include the impact from booked-not-billed leases as of a particular date, unless otherwise specifically noted.

Separately, the Company calculates recognized MRR as the recurring revenue recognized during a given period, which includes revenue from its C1, C2 and C3 rental and cloud and managed services activities, but excludes customer recoveries, deferred set up fees, variable related revenues, non-cash revenues and other one-time revenues.

Management uses MRR and recognized MRR as supplemental performance measures because they provide useful measures of increases in contractual revenue from the Company’s customer leases. MRR and recognized MRR should not be viewed by investors as alternatives to actual monthly revenue, as determined in accordance with GAAP. Other companies may not calculate MRR or recognized MRR in the same manner. Accordingly, the Company’s MRR and recognized MRR may not be comparable to other companies’ MRR and recognized MRR. MRR and recognized MRR should be considered only as supplements to total revenues as a measure of its performance. MRR and recognized MRR should not be used as measures of the Company’s results of operations or liquidity, nor is it indicative of funds available to meet its cash needs, including its ability to make distributions to its stockholders.

26  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,
	2017		2017		2016		2017		2016
Recognized MRR in the period
Total period revenues (GAAP basis)	$	107,868	$	105,964	$	98,687	$	213,832	$	193,455
Less: Total period recoveries		(8,774)		(8,361)		(6,168)		(17,135)		(11,603)
Total period deferred setup fees		(2,436)		(2,616)		(2,256)		(5,052)		(4,159)
Total period straight line rent and other		(3,306)		(3,118)		(5,757)		(6,424)		(10,025)
Recognized MRR in the period		93,352		91,869		84,506		185,221		167,668
MRR at period end
Total period revenues (GAAP basis)	$	107,868	$	105,964	$	98,687	$	213,832	$	193,455
Less: Total revenues excluding last month		(71,262)		(70,939)		(64,520)		(177,226)		(159,288)
Total revenues for last month of period		36,606		35,025		34,167		36,606		34,167
Less: Last month recoveries		(2,872)		(2,760)		(2,805)		(2,872)		(2,805)
Last month deferred setup fees		(822)		(898)		(756)		(822)		(756)
Last month straight line rent and other		(1,221)		(933)		(1,734)		(1,221)		(1,734)
MRR at period end	$	31,691	$	30,434	$	28,872	$	31,691	$	28,872

Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) and Adjusted EBITDA

The Company calculates EBITDA as net income (loss) (computed in accordance with GAAP) adjusted to exclude interest expense and interest income, provision (benefit) for income taxes (including income taxes applicable to sale of assets) and depreciation and amortization. Management believes that EBITDA is useful to investors in evaluating and facilitating comparisons of the Company’s operating performance between periods and between REITs by removing the impact of its capital structure (primarily interest expense) and asset base charges (primarily depreciation and amortization) from its operating results.

In addition to EBITDA, the Company calculates an adjusted measure of EBITDA, which it refers to as Adjusted EBITDA, as EBITDA excluding write off of unamortized deferred financing costs, gains (losses) on extinguishment of debt, transaction and integration costs, equity-based compensation expense, restructuring costs and gain (loss) on sale of real estate. The Company believes that Adjusted EBITDA provides investors with another financial measure that can facilitate comparisons of operating performance between periods and between REITs.

Management uses EBITDA and Adjusted EBITDA as supplemental performance measures as they provide useful measures of assessing the Company’s operating results. Other companies may not calculate EBITDA or Adjusted EBITDA in the same manner. Accordingly, the Company’s EBITDA and Adjusted EBITDA may not be comparable to others. EBITDA and Adjusted EBITDA should be considered only as supplements to net income (loss) as measures of the Company’s performance and should not be used as substitutes for net income (loss), as measures of its results of operations or liquidity or as an indications of funds available to meet its cash needs, including its ability to make distributions to its stockholders.

27  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,
	2017		2017		2016		2017		2016
EBITDA and Adjusted EBITDA
Net income	$	4,608	$	5,568	$	5,807	$	10,176	$	12,666
Interest expense		7,647		6,869		4,874		14,516		10,855
Interest income		-		(1)		(2)		(1)		(2)
Tax benefit of taxable REIT subsidiaries		(1,429)		(1,521)		(2,454)		(2,950)		(5,059)
Depreciation and amortization		34,527		33,948		30,355		68,475		58,994
EBITDA		45,353		44,863		38,580		90,216		77,454
Equity-based compensation expense		3,732		3,082		3,200		6,814		5,250
Integration costs		18		272		3,026		291		5,079
Transaction costs		143		64		807		206		841
Adjusted EBITDA	$	49,246	$	48,281	$	45,613	$	97,527	$	88,624

28  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com

Net Operating Income (NOI)

The Company calculates net operating income (“NOI”) as net income (loss) (computed in accordance with GAAP), excluding: interest expense, interest income, tax expense (benefit) of taxable REIT subsidiaries, depreciation and amortization, write off of unamortized deferred financing costs, gain (loss) on extinguishment of debt, transaction and integration costs, gain (loss) on sale of real estate, restructuring costs and general and administrative expenses. Management uses NOI as a supplemental performance measure because it provides a useful measure of the operating results from its customer leases. In addition, management believes it is useful to investors in evaluating and comparing the operating performance of its properties and to compute the fair value of its properties. The Company’s NOI may not be comparable to other REITs’ NOI as other REITs may not calculate NOI in the same manner. NOI should be considered only as a supplement to net income as a measure of the Company’s performance and should not be used as a measure of results of operations or liquidity or as an indication of funds available to meet cash needs, including the ability to make distributions to stockholders. NOI is a measure of the operating performance of the Company’s properties and not of the Company’s performance as a whole. NOI is therefore not a substitute for net income as computed in accordance with GAAP. A reconciliation of net income to NOI is presented below:

	Three Months Ended						Six Months Ended
	June 30,		March 31,		June 30,		June 30,
	2017		2017		2016		2017		2016
Net Operating Income (NOI)
Net income	$	4,608	$	5,568	$	5,807	$	10,176	$	12,666
Interest expense		7,647		6,869		4,874		14,516		10,855
Interest income		-		(1)		(2)		(1)		(2)
Depreciation and amortization		34,527		33,948		30,355		68,475		58,994
Tax benefit of taxable REIT subsidiaries		(1,429)		(1,521)		(2,454)		(2,950)		(5,059)
Integration costs		18		272		3,026		291		5,079
Transaction costs		143		64		807		206		841
General and administrative expenses		22,562		22,197		21,608		44,759		41,894
NOI (1)	$	68,076	$	67,396	$	64,021	$	135,472	$	125,268
Breakdown of NOI by facility:
Atlanta-Metro data center	$	20,704	$	20,511	$	20,885	$	41,215	$	40,857
Atlanta-Suwanee data center		11,423		11,958		11,272		23,381		22,772
Leased data centers (2)		8,408		9,010		10,574		17,418		22,383
Richmond data center		8,389		8,230		7,976		16,619		14,578
Irving data center		8,057		6,440		3,914		14,497		6,538
Santa Clara data center		2,705		3,279		3,653		5,984		7,417
Piscataway data center		2,279		2,403		670		4,682		670
Princeton data center		2,393		2,399		2,356		4,792		4,712
Sacramento data center		1,778		1,837		2,140		3,615		4,062
Chicago data center		1,275		647		-		1,922		-
Fort Worth data center		75		106				181		-
Other facilities (3)		590		576		581		1,166		1,279
NOI (1)	$	68,076	$	67,396	$	64,021	$	135,472	$	125,268

(1) Includes facility level G&A expense allocation charges of 4% of cash revenue for all entities, with the exception of the leased facilities acquired in 2015, which include G&A expense allocation charges of 10% of cash revenue.  These allocated charges aggregated to $5.3 million, $5.2 million and $5.1 million for the three month periods ended June 30, 2017,  March 31, 2017 and June 30, 2016, respectively, and $10.5 million and $10.1 million for the six month periods ended June 30, 2017 and 2016, respectively.

(2) Includes 13 facilities. All facilities are leased, including those subject to capital leases. During the quarter ended March 31, 2017, the Company moved its Jersey City, NJ facility to the “Leased data centers” line item.

(3) Consists of Miami, FL; Lenexa, KS; Overland Park, KS; and Duluth, GA facilities. During the quarter ended March 31, 2017, the Company moved its Miami, FL facility to the “Other facilities” line item.

29  QTS Q2 Earnings 2017 Contact: IR@qtsdatacenters.com