EFTA Document EFTA01388614

18 October 2016 REITs US REIT 3016 Earnings Preview [Figure 83: DLR's 3Q16 results preview DUI Income INstenaere FF0/sb Core FFO/th 429efatIng %Wks Signed S leasn2 seen, (11•49) Rera/CSVAlonth 11(F new basing vOten• (kit signed) 11(F new lease renew (sired) INF nanawai rent zeroed (GAAP) Cob new leasing volume (ial synod) Cob new leas* feral (sired) Cob renewal rent spread (GAAP) Toral OiCifOtCY coarnaarcsaa Sarno-copal NO grow Note Comensusestannes we based on lMmson *weed data as of 1CV 14/115 • We expect DLR to recover following 2Q's moderate leasing level. Through July, DLR had signed -$20MM of 3015 2016 Actual Actual $1 28 S136 $1 32 $1 42 Actual Actual $33000 621000 $259 $247 159 39 SIN $216 71% 9 5% 12 26 6239 5229 91% 5.2% 9300% 90.40% 220% 330% 3015 DIM $137 St 49 DIN Actual can 5144 Actual 9060% 2016 Pre 30 Oteldecoil S5 50 55 65 65.65 S5 IS Pm 30 Gukleposi 30 GS& DM tem $5 53 S5 73 DIM Cons 65 70 30 Chlith .1 • 50bPs 2 5% • 40% 9060% new leases • Expect above market leases in NJ and Phoenix to roll in 2H I6, resulting in negative spreads • Leasing demand from SMACC tenants Update on DLR's building an ecosystem as the company looks to benefit from Telx's product offering Plans for international expansion, specifically Japan and Germany Thoughts on further consolidation opportunities Update on the search for the Sales & Marketing leadership position following Matt Miszewski's departure We are updating estimates to reflect our expectation of a delayed exercise for a portion of the forward equity sales offering and lowering our 21116 leasing assumptions. Our 2016 Core and NAREIT FFO/sh estimates are unchanged, while FAD moves to $5.09 from $5.10. For 2017, Core and NAREIT FF0 move to $6.09 from $6.24, while FAD moves to $5.21 from $5.36. Please see Figure 98 for a summary of our estimate revisions • We are lowering our target price to $108 from 5112 as a result of our lowered estimates. Our target multiple are unchanged (18.th EBITDA and 19.6x FAD). Please see Figure 97 for details on our target price Scant Deana* Sant cones Srk Thomson Deutsche Bank Securities Inc. Page 45 CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092265 CONFIDENTIAL SDNY_GM_00238449 EFTA01388614