EFTA Document EFTA01388615

I6 October 2016 REITs US REIT 3O16 Earnings Preview [Figure 84: QTS's 3Q16 results preview *TS Maw Sawa (5 Cai‘ 4,:oas now 68.49 Revenue CsAADNOI IK8 margin r‘dwued MID& %Dusted [CODA manta oceratw FFO/sh C9alerneeletrlesmeOls 6444 nw rem: MAR at penal end Churn rate Incremental ancient's:1cent. net of downgrade. Bcolwanot-0lled la nnuabied rowel C2K 3 renewal spread 'seed, Total in p•Oitfint<0111:1 VOAD.p.diti• Annualut0 ROIC nolo rut.-ramp wine..ww o. Inomm, toni.Hthea nal 14141.4 • Update on leasing activity at the Chicago acility. Phase 1 with 48krsf was opened in July Update on NJ facility acquired from DFT • Management expects a reduction to ROIC as Chicago and NJ are leased up • Interest in wholesale leases at recently developed facilities • Expectations for churn as QTS continues the migration from leased to owned facilities • Tenant conversations regarding C2 and C3 demand and impact from the public cloud Development capex spending expectations for the remainder of 2016 1016 A- 504690 554501 666% 539.111 444% $0 61 Dad 526.214 MN. A- 596.601 564,021 649% 545,613 462% $063 ASA 528,872 08% 59583 561100 -0 7% 572[00 157% 13% 513.310 549.100 1.0% 5103.000 151% 1016 Die Advil Ca 5104.481 $65.841 630% 546102 441% 5062 Me 5102,115 545.402 44 5% 5065 511.033 3814 a XISia Ia XICha OM Ca mid.terns 5405.992 5401.346 $260609 64 PE 5179.000. 5187.070 5184.225 5180217 454% 450% 52.55 • 53,65 52.62 51.60 Pm SOO/a Pool Moil. Ca Ca l 50% - 4 C4 Sourer Danes en, colywny me, Mormon Page 46 Deutsche Bank Securities Inc. CONFIDENTIAL - PURSUANT TO FED. R. CRIM. P. 6(e) DB-SDNY-0092266 CONFIDENTIAL SDNY_GM_00238450 EFTA01388615