CoreSite Realty : Quarter Ended March 31, 2021, Earnings Release and Supplemental Information, dated April 29, 2021

Table of Contents

Table of Contents

Table of Contents

Overview
Earnings Release	3
Company Profile	7
Summary of Financial Data	8
Financial Statements
Consolidated Balance Sheets	9
Consolidated Statements of Operations	10
Reconciliations of Net Income to FFO, AFFO, EBITDAre and Adjusted EBITDA	11
Operating Portfolio
Operating Portfolio & 10 Largest Customers	12
Leasing Statistics	13
Geographic and Vertical Diversification	15
Development
Capital Expenditures and Completed Pre-Stabilized Projects	16
Development Summary	17
Capital Structure
Market Capitalization and Debt Summary	18
Interest Summary, Debt Covenants and Liquidity	19
Components of Net Asset Value	20
2021 Guidance	21
Appendix	22

Quarter Ended March 31, 2021

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

2

Table of Contents

CoreSite Reports First Quarter 2021 Financial Results

- Delivered Strong Q1 Financial Results, Including 7.0% Revenue Growth Year Over Year -

- Executed $7.0 Million of New and Expansions Sales, Driven by Retail Colocation and Small Scale -

DENVER, CO - April 29, 2021 - CoreSite Realty Corporation (NYSE:COR) ('the Company'), a premier provider of secure, reliable, high-uptime data center campuses with high-performance cloud access and interconnection solutions across the U.S., today announced financial results for quarter ended March 31, 2021.

Q1 2021 Quarterly Highlights

o	Key Financial Results -

o	Grew operating revenues to $157.6 million, an increase of 7.0% year over year and 1.7% sequentially

o	Delivered net income of $0.51 per common diluted share, an increase of $0.03 year over year and $0.05 sequentially

o	Grew adjusted EBITDA to $86.1 million, an increase of 9.4% year over year and 4.0% sequentially

o	Generated FFO of $1.40 per diluted share and unit, an increase of $0.11, or 8.5% year over year and $0.06, or 4.5% sequentially

o	Paid a dividend of $1.23 per share for the first quarter on April 15th

o	Lease Commencements -

o	Commenced 130 new and expansion leases for 28,776 net rentable square feet ('NRSF'), representing $5.9 million of annualized GAAP rent, for an average rate of $206 per NRSF

o	Leasing Activity -

o	Signed 134 new and expansion leases for 33,306 NRSF and $7.0 million of annualized GAAP rent, for an average rate of $209 per NRSF

o	Renewed 276 leases for 91,605 NRSF and $15.9 million of annualized GAAP rent, for an average rate of $173 per NRSF

o	Renewed leases reflected an increase of 2.3% in cash rent and 6.1% in GAAP rent, and we reported churn of 0.8%

'We are pleased with our start to the year, and we are excited about the growth opportunities achievable as we lease up our vacant and available capacity,' said Paul Szurek, CoreSite's President and Chief Executive Officer. 'CoreSite's network and cloud-dense customer communities continue to evidence a differentiated value proposition for customers who increasingly rely on digital operations to advance their business, and we believe our priorities and operating objectives will continue to drive long-term value creation.'

Quarter Ended March 31, 2021

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

3

Table of Contents

Quarter Ended March 31, 2021

Sales Activity

CoreSite achieved new and expansion sales of $7.0 million of annualized GAAP rent for the quarter, which included annualized GAAP rent of $3.6 million, $2.6 million, and $0.8 million from retail colocation, small scale, and large scale leases, respectively.

'Our sales results were primarily driven by retail colocation and small scale leasing through strong organic growth from existing customers and demand from new enterprises during the first quarter,' said Steve Smith, CoreSite's Chief Revenue Officer. 'We continue to pursue large scale and hyperscale leases supplementing our retail and small scale leasing volume throughout the remainder of 2021. We have the available capacity to provide the flexibility and scalability required by customers to execute their hybrid and multi-cloud architectures.'

In addition, on April 1^st, CoreSite achieved an 89% leased percentage at LA3 Phase 1 within six months of construction completion as a result of signing a large scale lease for approximately $0.8 million of annualized GAAP rent immediately subsequent to quarter end. LA3 Phase 1 will become stabilized upon the expected commencement of the large scale lease in Q3 2021.

CoreSite had annualized GAAP backlog of $9.6 million, or $19.3 million on a cash basis, which is inclusive of the large scale lease signed at LA3 subsequent to quarter end.

Other Financial Results

CoreSite's $157.6 million of operating revenues for the first quarter included $133.0 million of rental, power and related revenue, reflecting 6.8% year over year growth, $22.2 million of interconnection revenue, reflecting 10.3% year over year growth, and $2.5 million of office, light-industrial and other revenue. Net income was $24.9 million for the quarter, or $0.51 attributable to each common diluted share.

Development Activity

CoreSite continues to invest and develop new capacity as needed to meet market demand.

o	LA3 Phase 2 comprised of 54,000 NRSF and 6 MWs is under construction and continues to be on track for its estimated completion in the fourth quarter of 2021.

CoreSite's ongoing data center development and operational position includes -

o	the ability to increase its occupied footprint of Tier 1, purpose-built data centers, both owned or leased, by approximately 2.0 million NRSF, or about 85.8%, including space unoccupied, under construction, pre-construction or held for development, and

o	owning (versus leasing) 93.1% of its current and developable 4.3 million data center NRSF, supporting operational control, expansion and long-term expense management.

Balance Sheet and Liquidity

The Company's balance sheet remains strong, with a ratio of net principal debt to fourth quarter annualized adjusted EBITDA of 5.1 times, or 4.9 times including GAAP backlog. As of the end of the first quarter, CoreSite had approximately $278.7 million of current liquidity, including $3.8 million of cash and $274.9 million of available capacity on its revolving credit facility.

2021 Guidance

The Company's 2021 guidance, including operating revenues, adjusted EBITDA, depreciation and amortization and capital expenditures, along with guidance drivers and other information, can be found on page 21 of CoreSite's Supplemental Information.

Quarter Ended March 31, 2021

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

4

Table of Contents

Quarter Ended March 31, 2021

Conference Call Details

CoreSite will host its first quarter 2021 earnings call on Thursday, April 29, 2021, at 12:00 p.m. (Eastern Time). The call will be accessible by dialing 1-877-407-3982 (domestic) or 1-201-493-6780 (international).

A replay will be available after the call until May 6, 2021, and can be accessed dialing 1-844-512-2921 (domestic) or 1-412-317-6671 (international). The passcode for the replay is 13717856.

The quarterly conference call also will be offered as a simultaneous webcast, accessible by visiting CoreSite.com and clicking on the 'Investors' link. An on-line replay will be available for a limited time immediately following the call.

Concurrently with issuing its financial results, the Company will post its first quarter 2021 Supplemental Information on its website at CoreSite.com, under the 'Investors' link.

Upcoming Conferences and Events

CoreSite's management will participate virtually in the RBC Capital Markets Data Center & Connectivity Conference on May 25^th, Cowen's 49^th Annual Technology, Media & Telecom Conference on June 2^nd, the Nareit REITweek 2021 Investor Conference on June 8-9^th, and Credit Suisse's 23^rd Annual Communications Conference on June 15^th.

About CoreSite

CoreSite Realty Corporation (NYSE:COR) delivers secure, reliable, high-uptime data center campuses with high-performance cloud access and interconnection solutions to a growing customer ecosystem across eight key North American markets. More than 1,375 of the world's leading enterprises, network operators, cloud providers, and supporting service providers choose CoreSite to connect, protect and optimize their performance-sensitive data, applications and computing workloads. Our scalable, flexible solutions and 475+ dedicated employees consistently deliver unmatched data center options - all of which leads to a best-in-class customer experience and lasting relationships. For more information, visit www.CoreSite.com.

CoreSite Contact

Kate Ruppe

Investor Relations Manager

303-222-7369
[e-mail]

Quarter Ended March 31, 2021

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

5

Table of Contents

Quarter Ended March 31, 2021

Forward Looking Statements

This earnings release and accompanying supplemental information may contain 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 some cases, you can identify forward-looking statements by the use of forward-looking terminology such as 'believes,' 'expects,' 'may,' 'will,' 'should,' 'seeks,' 'approximately,' 'intends,' 'plans,' 'pro forma,' 'estimates' or 'anticipates' or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve known and unknown risks, uncertainties, assumptions and contingencies, many of which are beyond CoreSite's control that may cause actual results to differ significantly from those expressed in any forward-looking statement. These risks include, without limitation: the geographic concentration of the Company's data centers in certain markets and any adverse developments in local economic conditions or the level of supply of or demand for data center space in these markets; fluctuations in interest rates and increased operating costs; difficulties in identifying properties to acquire and completing acquisitions; significant industry competition, including indirect competition from cloud service providers; failure to obtain necessary outside financing; the ability to service existing debt; the failure to qualify or maintain its status as a REIT; financial market fluctuations; changes in real estate and zoning laws and increases in real property tax rates; the effects on our business operations, demand for our services and general economic conditions resulting from the spread of the novel coronavirus ('COVID-19') in our markets, as well as orders, directives and legislative action by local, state and federal governments in response to such spread of COVID-19; and other factors affecting the real estate industry generally. All forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, 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 its most recent annual report on Form 10-K, and other risks described in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission.

Quarter Ended March 31, 2021

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

6

Table of Contents

Company Profile

Low-latency, secure and reliable access to Amazon, Microsoft, Google, Alibaba Cloud, Oracle and IBM from eight key North American Markets.

ONE DATA CENTER PROVIDER. EVERYTHING YOU NEED.

CONNECTIVITY TO NETWORKS AND CLOUDS	THE BEST CUSTOMER EXPERIENCE
Connecting to cloud and network providers within the same data center campus can save thousands of dollars a month in networking and data egress fees while reducing latency • Optionality to connect to 775+ cloud, IT and network service providers as business needs evolve • 31,000+ interconnections • Multiple options for peering and cloud exchange, including the CoreSite Open Cloud ExchangeTM, and the Any2 Exchange for Internet Peering, the second largest peering exchange in the U.S. • The CoreSite Interconnect GatewaySMallows customers to rapidly optimize application performance with a 100% managed solution • CoreSite's Inter-Site Connectivity allows SDN connectivity between its markets, enabling access to its national ecosystem	475+ team dedicated to ensuring optimal data center performance and meeting the needs of our 1,375+ customers at all times of day • Consistent customer satisfaction demonstrated by customer expansion and retention • Dedicated move-in and service representatives, and in-house 24/7 data center operations personnel • 100% uptime Service Level Agreement with a minimum of six-nines portfolio uptime goal - achieved seven-nines of uptime for two consecutive years • Prepared to support and respond to our customers, employees, and communities during the COVID-19 pandemic • Direct access through our customer portal to provision new space, power, cross-connects, and monitor temperature, humidity, and power draw
HIGH GROWTH, HIGH-DENSITY SOLUTIONS	LOW LATENCY, EDGE MARKETS, GLOBAL REACH
Cloud connectivity is important, and so is the ability for a data center campus to grow as business evolves • The ability to cost-effectively scale from a single cabinet to a large-scale deployment • Data center campuses that connect our buildings via short-run dark fiber to a network/cloud dense campus ecosystem • Flexible and high-density solutions	The closer a business is to its end users, the easier it is to provide a high quality experience • 25 operating data centers in eight major metros that provide access to 75% of US businesses within 5 milliseconds • National footprint with international cloud and data center partnerships for multi-market requirements • Access to subsea cables for international reach

Quarter Ended March 31, 2021

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

7

Table of Contents

Summary of Financial Data

(in thousands, except per share, NRSF and MRR data)

​	For the period of	​	Growth %	Growth %
Summary of Results	​	Q1 2021	​	Q4 2020	Q1 2020	​	Q/Q	Y/Y
GAAP Financial Measures
Operating revenues	​	$	157,642	​	$	154,938	​	$	147,362	​	1.7	%	7.0	%
Net income	24,915	22,409	22,988	11.2	8.4
Net income attributable to common shares	21,868	19,658	17,848	11.2	22.5
Net income per share attributable to common shares - diluted	$	0.51	$	0.46	$	0.48	10.9	6.3
REIT Financial Measures(1)
Funds from operations (FFO) to shares and units	$	67,804	$	64,927	$	62,403	4.4	%	8.7	%
Adjusted funds from operations (AFFO)	60,489	61,694	60,110	(2.0)	0.6
EBITDAre	81,675	78,738	75,179	3.7	8.6
Adjusted EBITDA	86,071	82,771	78,661	4.0	9.4
FFO per common share and OP unit - diluted	$	1.40	$	1.34	$	1.29	4.5	8.5
Other Financial Ratios
EBITDAre Margin	51.8	%	50.8	%	51.0	%	100	bps	80	bps
Adjusted EBITDA Margin	54.6	%	53.4	%	53.4	%	120	bps	120	bps

As of
Q1 2021	Q4 2020	Q3 2020	Q2 2020	Q1 2020
Dividend Activity
Dividends declared per share and OP unit	$	1.23	$	1.23	$	1.22	$	1.22	$	1.22
TTM FFO payout ratio	91.1	%	92.7	%	93.1	%	93.9	%	95.2	%
TTM AFFO payout ratio	95.5	%	95.3	%	94.8	%	95.2	%	95.9	%
Operating Portfolio Statistics
Operating data center properties	25	25	24	24	23
Stabilized data center NRSF	2,502,591	2,502,591	2,516,411	2,516,411	2,482,660
Stabilized data center NRSF occupied	2,189,595	2,174,897	2,207,215	2,226,153	2,183,751
Stabilized data center % occupied	87.5	%	86.9	%	87.7	%	88.5	%	88.0	%
Turn-Key Data Center ('TKD') Same-Store Statistics
MRR per cabinet equivalent	$	1,508	$	1,478	$	1,474	$	1,465	$	1,468
TKD NRSF % occupied	84.7	%	83.9	%	83.0	%	83.0	%	81.6	%
Market Capitalization & Net Principal Debt
Total enterprise value	$	7,600,880	$	7,817,206	$	7,479,878	$	7,514,871	$	7,218,678
Total net principal debt outstanding	$	1,740,209	$	1,717,957	$	1,692,106	$	1,621,314	$	1,577,193
Net Principal Debt to:
Annualized adjusted EBITDA	5.1	x	5.2	x	5.2	x	5.0	x	5.0	x
Annualized adjusted EBITDA, including backlog(2)	4.9	x	5.1	x	4.9	x	4.8	x	4.7	x
Enterprise value	22.9	%	22.0	%	22.6	%	21.6	%	21.8	%

(1)	See reconciliations of non-GAAP measures on page 11 and a discussion of the non-GAAP disclosures in the Appendix.

(2)

Backlog is the annualized rent for data center leases that were signed, but have not yet commenced during the quarter. Backlog for the quarter ended March 31, 2021, was $9.6 million on a GAAP basis and $19.3 million on a cash basis, inclusive of a large scale lease signed at LA3 Phase 1 on April 1, 2021.

Quarter Ended March 31, 2021

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

8

Table of Contents

Consolidated Balance Sheets

(in thousands, except per share data)

March 31,	December 31,
2021	2020
Assets:
Investments in real estate:
Land	$	109,400	$	104,734
Buildings and improvements	2,281,662	2,273,536
2,391,062	2,378,270
Less: Accumulated depreciation and amortization	(907,256)	(867,975)
Net investment in operating properties	1,483,806	1,510,295
Construction in progress	335,913	319,411
Net investments in real estate	1,819,719	1,829,706
Operating lease right-of-use assets, net	168,879	173,928
Cash and cash equivalents	3,791	5,543
Accounts and other receivables, net	22,102	20,849
Lease intangibles, net	2,061	2,507
Goodwill	40,646	40,646
Other assets, net	108,015	103,094
Total assets	$	2,165,213	$	2,176,273
Liabilities and equity:
Liabilities
Debt, net	$	1,736,972	$	1,715,911
Operating lease liabilities	184,775	189,404
Accounts payable and accrued expenses	79,185	79,140
Accrued dividends and distributions	62,861	63,878
Acquired below-market lease contracts, net	2,263	2,313
Unearned revenue, prepaid rent and other liabilities	50,340	53,149
Total liabilities	2,116,396	2,103,795
Stockholders' equity
Common stock, par value $0.01	424	422
Additional paid-in capital	559,777	555,595
Accumulated other comprehensive loss	(14,463)	(20,526)
Distributions in excess of net income	(502,894)	(471,910)
Total stockholders' equity	42,844	63,581
Noncontrolling interests	5,973	8,897
Total equity	48,817	72,478
Total liabilities and equity	$	2,165,213	$	2,176,273

Quarter Ended March 31, 2021

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

9

Table of Contents

Consolidated Statements of Operations

(in thousands, except per share data)

Three Months Ended
March 31,	December 31,	March 31,
2021	2020	2020
Operating revenues:
Data center revenue:(1)
Rental, power, and related revenue	$	132,976	$	130,430	$	124,505
Interconnection revenue	22,160	21,947	20,085
Total data center revenue	155,136	152,377	144,590
Office, light-industrial and other revenue	2,506	2,561	2,772
Total operating revenues	157,642	154,938	147,362
Operating expenses:
Property operating and maintenance	42,632	43,649	40,183
Real estate taxes and insurance	6,735	6,218	6,190
Depreciation and amortization	44,628	44,386	40,991
Sales and marketing	5,862	5,844	6,144
General and administrative	11,517	10,302	11,267
Rent	9,221	10,187	8,399
Total operating expenses	120,595	120,586	113,174
Operating income	37,047	34,352	34,188
Interest expense	(12,123)	(11,933)	(11,183)
Income before income taxes	24,924	22,419	23,005
Income tax expense	(9)	(10)	(17)
Net income	24,915	22,409	22,988
Net income attributable to noncontrolling interests	3,047	2,751	5,140
Net income attributable to common shares	$	21,868	$	19,658	$	17,848
Net income per share attributable to common shares:
Basic	$	0.52	$	0.46	$	0.48
Diluted	$	0.51	$	0.46	$	0.48
Weighted average common shares outstanding:
Basic	42,378	42,330	37,336
Diluted	42,592	42,529	37,504

(1)	Below is a breakout of our contractual data center rental, power, and tenant reimbursements and other revenue:

Three Months Ended
March 31,	December 31,	March 31,
2021	2020	2020
Rental revenue	$	85,207	$	83,891	$	80,886
Power revenue	44,360	43,374	41,278
Tenant reimbursement and other	3,409	3,165	2,341
Rental, power, and related revenue	$	132,976	$	130,430	$	124,505

Quarter Ended March 31, 2021

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

10

Table of Contents

Reconciliations of Net Income to FFO, AFFO, EBITDAre and Adjusted EBITDA

(in thousands, except per share data)

Reconciliation of Net Income to FFO

Three Months Ended
March 31,	December 31,	March 31,
2021	2020	2020
Net income	$	24,915	$	22,409	$	22,988
Real estate depreciation and amortization	42,889	42,518	39,415
FFO available to common shareholders and OP unit holders	$	67,804	$	64,927	$	62,403
Weighted average common shares outstanding - diluted	42,592	42,529	37,504
Weighted average OP units outstanding - diluted	5,941	5,943	10,796
Total weighted average shares and units outstanding - diluted	48,533	48,472	48,300
FFO per common share and OP unit - diluted	$	1.40	$	1.34	$	1.29

​

Reconciliation of FFO to AFFO

Three Months Ended
March 31,	December 31,	March 31,
2021	2020	2020
FFO available to common shareholders and unit holders	$	67,804	$	64,927	$	62,403
Adjustments:
Amortization of deferred financing costs and hedge amortization	987	1,028	1,029
Non-cash compensation	4,393	4,033	3,482
Non-real estate depreciation	1,739	1,868	1,576
Straight-line rent adjustment	(1,792)	(1,243)	(419)
Amortization of above and below market leases	(37)	(37)	(34)
Recurring capital expenditures - Data Center	(4,169)	(2,457)	(1,418)
Recurring capital expenditures - Office and light-industrial	(2,221)	-	-
Tenant improvements	(2,770)	(1,506)	(966)
Capitalized leasing costs	(3,445)	(4,919)	(5,543)
AFFO available to common shareholders and OP unit holders	$	60,489	$	61,694	$	60,110

Reconciliation of Net Income to EBITDAre and Adjusted EBITDA

Three Months Ended
March 31,	December 31,	March 31,
2021	2020	2020
Net income	$	24,915	$	22,409	$	22,988
Adjustments:
Interest expense	12,123	11,933	11,183
Income taxes	9	10	17
Depreciation and amortization	44,628	44,386	40,991
EBITDAre	$	81,675	$	78,738	$	75,179
Non-cash compensation	4,393	4,033	3,482
Transaction costs / litigation	3	-	-
Adjusted EBITDA	$	86,071	$	82,771	$	78,661

For additional discussion of these non-GAAP measures, see the Appendix starting on page 22.

Quarter Ended March 31, 2021

Overview	Financial Statements	Operating Portfolio	Development	Capital Structure	Components of NAV	Guidance	Appendix	11

Table of Contents

Operating Portfolio & Top Customers

Data Center Operating Portfolio
Annualized	Stabilized	Pre-Stabilized	Total	Held for
Rent	Total	Percent	Total	Percent	Percent	NRSF Under	Development
Market	($000)(1)	NRSF	Occupied(2)	NRSF	Occupied(2)	NRSF	Occupied(2)	Construction	NRSF	Total NRSF
San Francisco Bay	$	107,079	888,108	86.7	%	52,201	76.2	%	940,309	86.2	%	-	240,000	1,180,309
Los Angeles (3)	92,128	563,943	91.1	67,614	69.1	631,557	88.7	54,388	64,740	750,685
Northern Virginia	58,803	516,036	87.6	51,233	27.7	567,269	82.2	-	809,742	1,377,011
New York	24,006	168,267	88.5	34,589	19.8	202,856	76.8	-	81,799	284,655
Chicago	17,180	178,407	87.7	54,798	0.8	233,205	67.3	-	112,368	345,573
Boston	14,953	122,730	77.2	19,961	9.3	142,691	67.7	-	110,985	253,676
Denver	5,754	34,924	81.0	-	-	34,924	81.0	-	-	34,924
Miami	1,775	30,176	81.7	-	-	30,176	81.7	-	13,154	43,330
Total Data Center Facilities	$	321,678	2,502,591	87.5	%	280,396	39.2	%	2,782,987	82.6	%	54,388	1,432,788	4,270,163
Office & Light-Industrial (4)	8,427	418,110	79.6	-	-	418,110	79.6	-	(49,799)	368,311
Total Portfolio	$	330,105	2,920,701	86.3	%	280,396	39.2	%	3,201,097	82.2	%	54,388	1,382,989	4,638,474

(1)	On a gross basis, our total portfolio annualized rent was approximately $336.8 million as of March 31, 2021, which includes $6.7 million in operating expense reimbursements under modified gross and triple-net leases.

(2)	Includes customer leases that have commenced as of March 31, 2021. If all leases signed during the current and prior periods had commenced, the percent occupied would have been as follows:

Percent Leased	Stabilized	Pre-Stabilized*	Total*
Total Data Center Facilities	89.3	%	46.1	%	84.9	%
Total Portfolio	88.7	%	46.1	%	84.9	%

* Inclusive of a large scale lease signed at LA3 Phase 1 on April 1, 2021

(3)	Due to our decision to exit and vacate our leased data center space at LA4 and two computer rooms at LA1 by the end of 2021, we have excluded these leased spaces and the associated annualized rent from the reported Los Angeles market operating property portfolio.

(4)	Included within our Reston Campus Expansion held for development space is 49,799 NRSF which is currently operating as office and light-industrial space.

10 Largest Customers (total portfolio, including data center and office and light-industrial 'OLI')

Weighted
Percentage	Percentage	Average
Number	Total	of Total	Annualized	of Total	Remaining
of	Occupied	Operating	Rent	Annualized	Lease Term in
CoreSite Vertical	Customer Industry	Locations	NRSF	NRSF(1)	($000)	Rent(2)	Months(3)
1	Cloud	Public Cloud	10	210,404	6.6	%	$	41,662	12.6	%	80
2	Enterprise	Digital Content	8	157,560	4.9	22,786	6.9	33
3	Cloud	Public Cloud	11	329,742	10.3	19,857	6.0	35
4	Cloud	Public Cloud	3	118,684	3.7	13,792	4.2	32
5	Network	Global Service Provider	9	44,147	1.4	9,388	2.8	17
6	Enterprise(4)	Travel / Hospitality	2	32,828	1.0	6,953	2.1	6
7	Cloud	Software as a Service	1	30,032	0.9	5,363	1.6	56
8	Network	US National Service Provider	14	39,784	1.2	5,067	1.5	29
9	Network	Cable Service Provider	16	22,327	0.7	4,614	1.4	38
10	Enterprise	SI & MSP	1	35,402	1.1	4,288	1.3	21
Total / Weighted Average	1,020,909	31.9	%	$	133,768	40.5	%	46

(1)	Represents the customer's total occupied square feet divided by the total operating NRSF in the portfolio as of March 31, 2021.

(2)	Represents the customer's total annualized rent divided by the total annualized rent in the portfolio as of March 31, 2021.

(3)	Weighted average based on percentage of total annualized rent expiring calculated as of March 31, 2021.

(4)	This customer has $5.1 million of annualized rent expiring at the end of Q3 2021 and $1.7 million of annualized rent expiring at the beginning of Q4 2021, which will not be renewed.

See the Appendix starting on page 22 for definitions

Quarter Ended March 31, 2021

Overview	Financial Statements	Operating Portfolio	Development	Capital Structure	Components of NAV	Guidance	Appendix	12

Table of Contents

Leasing Statistics

Data Center Leasing Activity

GAAP	GAAP	Cash
Leasing	Number	Annualized	Total	Annualized	Rental	Cash	GAAP
Activity	of	Rent	Leased	Rent per	Churn	Rent	Rent
Period	Leases(1)	($000)	NRSF	Leased NRSF	Rate	Growth	Growth
New / expansion leases commenced	Q1 2021	130	$	5,926	28,776	$	206
Q4 2020	147	20,397	109,154	187
Q3 2020	130	7,188	33,233	216
Q2 2020	121	7,925	45,271	175
Q1 2020	112	9,678	45,322	214
New / expansion leases signed	Q1 2021	134	$	6,975	33,306	$	209
Q4 2020	151	9,685	53,953	180
Q3 2020	129	12,485	72,207	173
Q2 2020	112	3,471	22,191	156
Q1 2020	117	12,006	59,354	202
Renewal leases signed	Q1 2021	276	$	15,870	91,605	$	173	0.8	%	2.3	%	6.1	%
Q4 2020	260	15,844	121,420	130	5.4	1.0	4.4
Q3 2020	309	20,662	135,959	152	1.9	2.9	5.1
Q2 2020	333	24,961	174,926	143	1.0	(1.5)	5.5
Q1 2020	280	17,334	120,943	143	3.3	1.4	7.2

(1)	Number of leases represents each agreement with a customer; a lease agreement could include multiple spaces and a customer could have multiple leases.

New / Expansion Leases Signed by Deployment Size by Period(1)

Q1 2021	Q4 2020	Q3 2020	Q2 2020	Q1 2020
GAAP Annualized Rent ($000)
Retail Colocation (< 130 CkW)	$	3,558	$	4,448	$	3,589	$	1,901	$	1,748
Small Scale (130 - 500 CkW)	2,639	3,721	1,634	1,570	6,652
Large Scale & Hyperscale (> 500 CkW)	778	1,516	7,262	-	3,606
Total GAAP Annualized Rent	$	6,975	$	9,685	$	12,485	$	3,471	$	12,006

(1)	Our new and expansion leases signed are presented based on the critical kilowatt ('CkW') size, which represents the maximum amount of power that customers can draw per their contractual lease agreement.

MRR per Cabinet Equivalent Billed (TKD Occupied Same-Store)(1)

(1)

During the first quarter of 2021, we updated the same-store turn-key data center pool to include all space available for lease that existed as turn-key data center space as of December 31, 2019. The MRR per Cabinet Equivalent Billed for all periods reported was updated to reflect the new same-store pool.

Quarter Ended March 31, 2021

Overview	Financial Statements	Operating Portfolio	Development	Capital Structure	Components of NAV	Guidance	Appendix	13

Table of Contents

Leasing Statistics

Lease Distribution (total portfolio, including total data center and office and light-industrial 'OLI')

Total	Percentage	Percentage
Number	Percentage	Operating	of Total	Annualized	of Total
of	of All	NRSF of	Operating	Rent	Annualized
Lease Distribution	Leases	Leases	Leases	NRSF	($000)	Rent
Unoccupied data center
Leased but not commenced	-	-	%	60,343	1.9	%	$	-	-	%
Available capacity	-	-	424,027	13.2	-	-
Unoccupied OLI
Leased but not commenced	-	-	23,901	0.8	-	-
Available capacity	-	-	61,597	1.9	-	-
Data center deployment by CkW:
Retail Colocation (< 130 CkW)	2,169	85.7	520,050	16.2	78,508	23.7
Small Scale (130 - 500 CkW)	151	6.0	436,564	13.6	71,001	21.5
Large Scale (501 - 2,000 CkW)	48	1.9	424,240	13.3	66,039	20.0
Hyperscale (> 2,000 CkW)	12	0.5	494,912	15.5	89,337	27.1
Powered shell	18	0.7	422,851	13.2	16,793	5.1
OLI	132	5.2	332,612	10.4	8,427	2.6
Portfolio Total	2,530	100.0	%	3,201,097	100.0	%	$	330,105	100.0	%

Lease Expirations (total portfolio, including total data center and office and light-industrial 'OLI')

Total	Annualized
Number	Operating	Percentage	Percentage	Annualized	Annualized	Rent Per
of	NRSF of	of Total	Annualized	of Total	Rent Per	Rent at	Leased
Leases	Expiring	Operating	Rent	Annualized	Leased	Expiration	NRSF at
Year of Lease Expiration	Expiring(1)	Leases	NRSF	($000)	Rent	NRSF	($000)(2)	Expiration
Unoccupied data center	-	484,370	15.1	%	$	-	-	%	$	-	$	-	$	-
Unoccupied OLI	-	85,498	2.7	-	-	-	-	-
2021	969	529,887	16.5	76,410	23.1	144	76,656	145
2022	788	440,628	13.8	69,863	21.1	159	71,143	161
2023	350	373,396	11.7	55,848	17.0	150	59,507	159
2024	165	155,843	4.9	25,490	7.7	164	29,042	186
2025	86	218,719	6.8	29,499	8.9	135	39,245	179
2026-Thereafter	40	580,144	18.1	64,568	19.6	111	75,125	129
OLI (3)	132	332,612	10.4	8,427	2.6	25	9,992	30
Portfolio Total / Weighted Average	2,530	3,201,097	100.0	%	$	330,105	100.0	%	$	125	$	360,710	$	137

(1)	Includes leases that upon expiration will automatically be renewed, primarily on a year-to-year basis. Number of leases represents each agreement with a customer; a lease agreement could include multiple spaces and a customer could have multiple leases.

(2)

Represents the final monthly contractual rent under existing customer leases as of March 31, 2021, multiplied by 12. This amount reflects total annualized base rent before any one-time or non-recurring rent abatements and excludes power revenue, interconnection revenue and operating expense reimbursement. Leases expiring during 2021 include annualized rent of $9.4 million associated with lease terms currently on a month-to-month basis.

(3)	The office and light-industrial leases are scheduled to expire as follows:

NRSF of	Annualized
Expiring	Rent
Year	Leases	($000)
2021	47,067	$	1,535
2022	65,373	1,497
2023	134,112	2,952
2024	10,805	295
2025	26,572	748
Thereafter	48,683	1,400
Total OLI	332,612	$	8,427

Quarter Ended March 31, 2021

Overview	Financial Statements	Operating Portfolio	Development	Capital Structure	Components of NAV	Guidance	Appendix	14

Table of Contents

Geographic and Vertical Diversification

Geographical Diversification

Percentage of Total Data Center
Annualized Rent
Metropolitan Market	March 31, 2021	December 31, 2020
San Francisco Bay	33.3	%	32.7	%
Los Angeles	28.6	29.2
Northern Virginia	18.3	18.5
New York	7.5	7.2
Chicago	5.3	5.3
Boston	4.6	4.8
Denver	1.8	1.8
Miami	0.6	0.5
Total	100.0	%	100.0	%

Vertical Diversification

Percentage of Total Data Center
Annualized Rent
Vertical	March 31, 2021	December 31, 2020
Enterprise	42.0	%	42.2	%
Cloud	34.1	33.8
Network	23.9	24.0
Total	100.0	%	100.0	%

Quarter Ended March 31, 2021

Overview	Financial Statements	Operating Portfolio	Development	Capital Structure	Components of NAV	Guidance	Appendix	15

Table of Contents

Capital Expenditures and Completed

Pre-Stabilized Projects

(in thousands, except NRSF, cost per NRSF, MW, and cost per MW data)

Capital Expenditures and Repairs and Maintenance

Three Months Ended
March 31,	December 31,	September 30,	June 30,
2021	2020	2020	2020
Data center expansion(1)	$	19,951	$	29,110	$	37,117	$	70,187
Non-recurring investments(2)	551	1,078	980	996
Tenant improvements	2,770	1,506	1,275	2,172
Recurring capital expenditures - Data Center(3)	4,169	2,457	2,911	1,550
Recurring capital expenditures - Office and light-industrial(3)	2,221	-	-	-
Total capital expenditures	$	29,662	$	34,151	$	42,283	$	74,905
Repairs and maintenance expense(4)	$	3,688	$	4,214	$	3,649	$	3,290

(1)	Data center expansion capital expenditures include new data center construction, development projects adding capacity to existing data centers and other revenue generating investments. Data center expansion also includes investment of Deferred Expansion Capital.

(2)	Non-recurring investments include upgrades to existing data center or office space and company-wide improvements that are ancillary to revenue generation, such as internal system development for on-premises IT infrastructure and system-wide security upgrades, which have a future economic benefit.

(3)

Recurring capital expenditures within our data center space include required equipment upgrades with future economic benefit within our operating portfolio. Recurring capital incurred within our office and light-industrial space is spend to convert vacant unrefined space into useable office space in preparation for a specific customer deployment.

(4)	Repairs and maintenance expense is classified within property operating and maintenance expense in the consolidated statements of operations. These expenditures represent recurring maintenance contracts and repairs to operating equipment necessary to maintain current operations.

Completed Pre-Stabilized Projects

Metropolitan	Power	Cost Per	Cost Per	Percent	Percent
Projects / Facilities	Market	Completion	NRSF	(MW)	Cost(1)	NRSF	MW	Leased(2)	Occupied
LA1	Los Angeles	Q2 2019	17,238	1.5	$	11,635	$	675	$	7,757	48.8	%	45.1	%
VA3 Phase 1B	Northern Virginia	Q2 2019	51,233	6.0	53,393	1,042	8,899	40.6	27.7
BO1	Boston	Q4 2019	19,961	1.5	7,124	357	4,749	9.3	9.3
NY2 Phase 3	New York	Q1 2020	34,589	4.0	50,144	1,450	12,536	31.8	19.8
CH2 Phase 1	Chicago	Q2 2020	54,798	6.0	62,988	1,149	10,498	3.8	0.8
SV8 Phase 3	San Francisco Bay	Q2 2020	52,201	6.0	61,375	1,176	10,229	77.5	76.2
LA3 Phase 1	Los Angeles	Q4 2020	50,376	6.0	72,513	1,439	12,086	88.8	(2)​	77.3
Total completed pre-stabilized	280,396	31.0	$	319,172	$	1,138	$	10,296	46.1	%	39.2	%

(1)

Cost includes capital expenditures related to the specific project / phase and, for CH2 Phase 1, LA3 Phase 1, NY2 Phase 3, SV8 Phase 3, and VA3 Phase 1B projects, also includes allocations of capital expenditures related to land, building shell, and infrastructure that were incurred at the beginning or during the first phase of the overall project.

(2)

Includes customer leases that have been signed as of March 31, 2021, but have not commenced. The percent leased is determined based on leased NRSF as a proportion of total pre-stabilized NRSF. The percent leased reported for LA3 Phase 1 is inclusive of a large scale lease executed subsequent to quarter-end on April 1, 2021. As a result of this sales activity, LA3 Phase 1 is expected to become stabilized in Q3 2021 with the commencement of this lease.

Quarter Ended March31, 2021

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

16

Table of Contents

Development Summary

Data Center Leasing Capacity

The following chart sets forth the total data center power capacity in megawatts ('MW'), net of backlog, available in our portfolio as of the end of each reporting period presented:

(1)	The available capacity represents total MW's within unoccupied operating data center space, net of backlog.

(2)	The MWs under construction represents sellable capacity that will be available for lease according to the estimated timeline disclosed in the development table below.

(3)	The developable MW's represents the sellable capacity that is currently held for development within existing core and shell buildings.

Development Detail

(in thousands, except NRSF and power data)

Under Construction	Held for Development	Total
Costs	Estimated	Estimated
Estimated	Incurred	Estimated	Percent	Power	Power
Projects/Facilities	Completion	NRSF	To- Date	Total	Leased	(MW)	NRSF	Total Cost	(MW)	NRSF	Cost
Data center expansion
BO1	-	-	$	-	$	-	-	%	-	110,985	$	71,200	9.0	110,985	$	71,200
CH2
Phase 2	-	-	-	-	-	-	56,184	40,000	6.0	56,184	40,000
Phase 3	-	-	-	-	-	-	56,184	40,000	6.0	56,184	40,000
LA1	-	-	-	-	-	-	10,352	1,250	0.5	10,352	1,250
LA3
Phase 2	Q4 2021	54,388	2,898	30,100	-	6.0	-	-	-	54,388	30,100
Phase 3	54,388	36,000	6.0	54,388	36,000
MI1	-	-	-	-	-	-	13,154	7,500	1.0	13,154	7,500
NY2
Phase 4	-	-	-	-	-	-	46,699	23,000	5.0	46,699	23,000
Phase 5	-	-	-	-	-	-	35,100	40,000	4.5	35,100	40,000
VA3
Phase 1C	-	-	-	-	-	-	49,316	35,000	6.0	49,316	35,000
Phase 1D	-	-	-	-	-	-	34,143	22,000	3.0	34,143	22,000
Phase 1E	-	-	-	-	-	-	23,365	22,000	3.0	23,365	22,000
Total data center expansion	54,388	$	2,898	$	30,100	-	%	6.0	489,870	$	337,950	50.0	544,258	$	368,050
New development
Ground-up construction
VA3
Phase 2	-	-	-	-	-	-	289,173	200,000	27.0	289,173	200,000
Reston Campus Expansion
Future Phases	-	-	-	-	-	-	363,946	550,000	54.0	363,946	550,000
Pre-construction
SV9	-	-	-	-	-	-	240,000	325,000	30.0	240,000	325,000
Total new development	-	$	-	$	-	-	%	-	893,119	$	1,075,000	111.0	893,119	$	1,075,000
Total development(1)(2)	54,388	$	2,898	$	30,100	-	%	6.0	1,382,989	$	1,412,950	161.0	1,437,377	$	1,443,050

(1)

In addition to new development and incremental capacity in existing core and shell buildings, we have land adjacent to our NY2 facility, in the form of an existing parking lot. By utilizing this land, we believe we can build approximately 100,000 NRSF of data center capacity in Secaucus, New Jersey, upon receipt of necessary entitlements.

(2)

We have an estimated $34.0 million in deferred expansion capital under construction at multiple properties as of March 31, 2021, of which $14.5 million has been incurred to-date. We estimate approximately $49 million of additional deferred expansion capital may be required in the future to support existing or anticipated future customer utilization.

Quarter Ended March31, 2021

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

17

Table of Contents

Market Capitalization and Debt Summary

(in thousands, except per share data)

Market Capitalization

Shares or
Equivalents	Market Price as of	Market Value
Outstanding	March 31, 2021	Equivalents
Common shares	42,985	$	119.85	$	5,151,700
Operating partnership units	5,915	119.85	708,971
Total equity	5,860,671
Total net principal debt outstanding(1)	1,740,209
Total enterprise value	$	7,600,880
Net principal debt to enterprise value	22.9	%

(1)	Net principal debt outstanding includes total principal debt outstanding net of $3.8 million of cash and cash equivalents.

Debt Summary(1)

Weighted	Outstanding as of:
Average	March 31,	December 31,
Instrument	Rate(2)	2021	2020
Revolving credit facility	1.36	%	$	169,000	$	148,500
Senior unsecured term loans	2.27	700,000	700,000
Senior unsecured notes	4.16	875,000	875,000
Total principal debt outstanding	1,744,000	1,723,500
Unamortized deferred financing costs	(7,028)	(7,589)
Total debt	$	1,736,972	$	1,715,911
Weighted average interest rate	3.13	%
Floating rate vs. fixed rate debt	10% / 90%	9% / 91%

(1)	See the filed Form 10-K and 10-Q for information on specific debt instruments.

(2)	The interest rates above reflect the impacts of interest rate swap agreements.

Debt Maturities

(1)	The revolving credit facility contains a one-time extension option, which, if exercised, would extend the maturity date to November 2024.

Quarter Ended March31, 2021

Overview	Financial Statements	Operating Portfolio	Development	Capital Structure	Components of NAV	Guidance	Appendix	18

Table of Contents

Interest Summary, Debt Covenants and Liquidity

(in thousands)

Interest Expense Components

Three Months Ended
March 31,	December 31,	March 31,
2021	2020	2020
Interest expense and fees	$	13,700	$	13,748	$	13,620
Amortization of deferred financing costs and hedge amortization	987	1,028	1,029
Capitalized interest	(2,564)	(2,843)	(3,466)
Total interest expense	$	12,123	$	11,933	$	11,183
Percent capitalized	17.5	%	19.2	%	23.7	%

Debt Covenants and Liquidity

Revolving Credit Facility and Senior Unsecured Term Loans and Notes
March 31,	December 31,	September 30,	June 30,	March 31,
Required Compliance	2021	2020	2020	​	2020	​	2020	​
​	​	​	​	​
Fixed charge coverage ratio	Greater than 1.50x	6.2	x	6.0	x	6.1	x	6.5	x	5.8	x
Total indebtedness to gross asset value	Less than 60%	33.8	%	33.6	%	32.3	%	31.1	%	31.2	%
Secured debt to gross asset value	Less than 40%	-	%	-	%	-	%	-	%	-	%
Revolving credit facility availability	$	450,000	$	450,000	$	450,000	$	450,000	$	450,000
Borrowings outstanding	(169,000)	(148,500)	(120,000)	(99,000)	(155,500)
Outstanding letters of credit	(6,053)	(6,053)	(6,053)	(6,053)	(6,053)
Current availability	$	274,947	$	295,447	$	323,947	$	344,947	$	288,447
Cash	3,791	5,543	2,894	2,686	3,307
Current liquidity	$	278,738	$	300,990	$	326,841	$	347,633	$	291,754
Subsequent debt financing(1)	-	-	-	50,000	100,000
Pro forma liquidity	$	278,738	$	300,990	$	326,841	$	397,633	$	391,754

(1)

On May 6, 2020, the Company executed a note purchase agreement to issue an aggregate principal of $150 million senior notes. On May 6, 2020, we issued $100 million of senior notes, and on July 14, 2020, we issued the remaining $50 million of senior notes. The proceeds from the senior notes were used to pay down outstanding amounts on the revolving credit facility.

Quarter Ended March31, 2021

Overview	Financial Statements	Operating Portfolio	Development	Capital Structure	Components of NAV	Guidance	Appendix	19

Table of Contents

Components of Net Asset Value (NAV)

(in thousands)

Cash Net Operating Income

Reconciliation of Net Operating Income (NOI)	Q1 2021	Annualized
Operating Income	$	37,047	$	148,188
Adjustments:
Depreciation and amortization	44,628	178,512
General and administrative	11,517	46,068
Net Operating Income	$	93,192	$	372,768
Cash Net Operating Income (Cash NOI)
Net Operating Income	$	93,192	$	372,768
Adjustments:
Straight-line rent	(1,792)	(7,168)
Amortization of above and below-market leases	(37)	(148)
Cash NOI	$	91,363	$	365,452
Cash NOI with backlog (84.9% leased)(1)	$	96,188	$	384,752
Cash stabilized NOI (93% leased)	$	105,365	$	421,460

(1)	Cash NOI with backlog includes cash backlog as of March 31, 2021, less any leasing of currently occupied NRSF and data center projects under development.

Development Projects

Data Center Projects Under Construction	Q1 2021
TKD construction in progress(1)	$	2,898
Remaining spend(1)	27,202
Total	$	30,100
Targeted stabilized annual yields	12 - 16	%
Annualized pro forma NOI range	$	3,600 - 4,800

(1)	Does not include spend associated with leasing commissions. See page 18 for further breakdown of data center projects under construction.

Other Assets and Liabilities

Other Assets	Q1 2021
Remaining construction in progress(1)	$	333,015
Cash and cash equivalents	3,791
Accounts and other receivables	22,102
Other tangible assets	32,198
Total other assets	$	391,106
Liabilities
Principal debt	$	1,744,000
Accounts payable, accrued expenses and other liabilities	129,525
Accrued dividends and distributions	62,861
Total liabilities	$	1,936,386
Weighted average common shares and units - diluted	48,533

(1)	Represents the book value of in-progress capital projects, including land and shell building, of future data center expansion, non-recurring investments, tenant improvements and recurring capital expenditures.

Quarter Ended March31, 2021

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

20

Table of Contents

2021 Guidance

(in thousands, except per share data)

The annual guidance provided below represents forward-looking projections, which are based on current economic conditions, internal assumptions about our existing customer base and the supply and demand dynamics of the markets in which we operate. Please refer to the press release for additional information on forward-looking statements.

2021	Implied
Low	High	Mid	2020	Growth(1)
Net income attributable to common diluted shares	$	1.81	$	1.91	$	1.86	$	1.95	(4.6)	%
Real estate depreciation and amortization	3.61	3.61	3.61	3.36
FFO per common share and OP unit - diluted	$	5.42	$	5.52	$	5.47	$	5.31	3.0	%
​
Projected operating results:
Total operating revenues	$	642,000	$	652,000	$	647,000	$	606,824	6.6	%
Interconnection revenues	87,000	93,000	90,000	84,073	7.0
General and administrative expenses	47,000	51,000	49,000	44,026	11.3
Property taxes and insurance	27,500	29,500	28,500	23,996	18.8
​
Net Income	$	88,000	$	93,000	$	90,500	$	94,617	(4.4)	%
Depreciation and amortization	182,500	182,500	182,500	168,915	8.0
Other adjustments(2)	65,500	70,500	68,000	60,985	11.5
Adjusted EBITDA	$	336,000	$	346,000	$	341,000	$	324,517	5.1	%
​
Guidance drivers:
Annual rental churn rate	6.5	%	8.5	%	7.5	%	11.6	%
Cash rent growth on data center renewals	-	%	2.0	%	1.0	%	0.8	%
Capitalized interest	16.0	%	20.0	%	18.0	%	22.1	%
Sales and marketing expense as a percentage of revenue	3.7	%	3.9	%	3.8	%	3.9	%
​
Capital expenditures:
Data center expansion	$	165,000	$	195,000	$	180,000	$	202,992
Non-recurring investments	2,000	5,000	3,500	3,963
Tenant improvements	4,500	6,500	5,500	5,919
Recurring capital expenditures - data center	10,000	15,000	12,500	8,336
Recurring capital expenditures - office & light-industrial(3)	3,500	3,500	3,500	-
Total capital expenditures	$	185,000	$	225,000	$	205,000	$	221,210

(1)	Implied growth is based on the midpoint of 2021 guidance.

(2)	Refer to the appendix for the adjustments made to net income to calculate adjusted EBITDA.

(3)	Included in our recurring capital expenditures is an estimated $3.5 million of expenditures related to an office lease expected to commence in Q2 2021.

Quarter Ended March31, 2021

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

21

Table of Contents

Appendix

Definitions

This document includes certain non-GAAP financial measures that management believes are helpful in understanding our business, as further described below. Our definition and calculation of non-GAAP financial measures may differ from those of other Real Estate Investment Trusts ('REITs') and therefore may not be comparable. The non-GAAP measures should not be considered an alternative to net income as an indicator of our performance and should be considered only a supplement to net income, cash flows from operating, investing or financing activities as measures of profitability and/or liquidity, computed in accordance with GAAP.

Adjusted Funds From Operations 'AFFO' is a non-GAAP measure that is used as a supplemental
operating measure specifically for comparing year over year ability to fund dividend distribution from operating activities. We use AFFO as a basis to address our ability to fund our dividend payments. AFFO is calculated by adding to or subtracting from FFO:

1.	Plus: Amortization of deferred financing costs and hedge amortization

2.	Plus: Non-cash compensation

3.	Plus: Non-real estate depreciation

4.	Plus: Impairment charges

5.	Plus: Below market debt amortization

6.	Plus: Original issuance costs associated with redeemed preferred stock

7.	Plus / Less: Net straight line rent adjustments (lessor revenue and lessee expense)

8.	Plus / Less: Net amortization of above and below market leases

9.	Less: Recurring capital expenditures

10.	Less: Tenant improvements

11.	Less: Capitalized leasing costs

Capitalized leasing costs consist of commissions payable to third parties, including brokers, leasing agents, referral agents, and internal sales commissions payable to employees. Capitalized leasing costs are accrued and deducted from AFFO generally in the period the lease is executed. Leasing costs are generally paid a) to third party brokers and internal sales employees 50% at customer lease signing and 50% at lease commencement and b) to referral and leasing agents monthly over the lease term as and to the extent we receive payment from the end customer.

AFFO is not intended to represent cash flow from operations for the period, and is only intended to provide an additional measure of performance by adjusting for the effect of certain items noted above included in FFO. Other REITs widely report AFFO, however, other REITs may use different methodologies for calculating AFFO and, accordingly, our AFFO may not be comparable to other REITs.

Annualized Rent

Monthly contractual rent under existing commenced customer leases as of quarter-end, multiplied by 12. This amount reflects total annualized base rent before any one-time or non-recurring rent abatements and excludes power revenue, interconnection revenue and operating expense reimbursement.

Quarter Ended March31, 2021

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

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Table of Contents

Appendix

Data Center Leasing Metrics

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Cash Rental Churn Rate - represents data center leases which are not renewed or are terminated during the period. Rental churn is calculated based on the annualized cash rent of data center expired leases terminated in the period, compared with total data center annualized rent at the beginning of the period.

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Cash and GAAP Rent Growth- represents the change in rental rates on renewed data center leases signed during the period, as compared with the previous rental rates for the same space. Cash and GAAP rent growth are calculated based on annualized rent from the renewed data center lease compared to annualized rent from the expired data center lease.

Data Center Net Rentable Square Feet ('NRSF')

Both occupied and available data center NRSF includes a factor based on management's estimate of space to account for a customer's proportionate share of the required data center support space (such as the mechanical, telecommunications and utility rooms) and building common areas, which may be updated on a periodic basis to reflect the most current build-out of our properties.

Deferred Expansion Capital

As we construct data center capacity, we work to optimize both the amount of the capital we deploy on power and cooling infrastructure and the timing of that capital deployment; as such, we generally construct our power and cooling infrastructure supporting our data center NRSF based on our estimate of customer utilization. This practice can result in our investment at a later time in Deferred Expansion Capital. We define Deferred Expansion Capital as our estimate of the incremental capital we may invest in the future to add power or cooling infrastructure to support existing or anticipated future customer utilization of NRSF within our operating data centers. From time to time, we may revise our estimate of Deferred Expansion Capital as well as the potential time period during which we may invest it. See the Development Summary for more detail.

Earnings before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) and Adjusted EBITDA

EBITDAre is calculated in accordance with the standards established by the National Association of Real Estate Investment Trusts ('Nareit'). EBITDAre is defined as earnings before interest, taxes, depreciation and amortization, gains or losses from the sale of depreciated property, and impairment of depreciated property. We calculate adjusted EBITDA by adding our non-cash compensation expense, transaction costs from unsuccessful deals and business combinations and litigation expense to EBITDAre as well as adjusting for the impact of other impairment charges, gains or losses from sales of undepreciated land and gains or losses on early extinguishment of debt. Management uses EBITDAre and adjusted EBITDA as indicators of our ability to incur and service debt. In addition, we consider EBITDAre and adjusted EBITDA to be appropriate supplemental measures of our performance because they eliminate depreciation and interest, which permits investors to view income from operations without the impact of non-cash depreciation or the cost of debt. However, because EBITDAre and adjusted EBITDA are calculated before recurring cash charges including interest expense and taxes, and are not adjusted for capital expenditures or other recurring cash requirements of our business, their utilization as a cash flow measurement is limited.

Quarter Ended March31, 2021

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

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Table of Contents

Appendix

Funds From Operations ('FFO') is a supplemental measure of our performance which should be considered
along with, but not as an alternative to, net income and cash provided by operating activities as a measure of operating performance. We calculate FFO in accordance with the standards established by Nareit. FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from sales of property and undepreciated land and impairment write-downs of depreciable real estate, plus real estate related depreciation and amortization (excluding amortization of deferred financing costs) and after adjustments for unconsolidated partnerships and joint ventures.

Our management uses FFO as a supplemental performance measure because, by 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.

We offer this measure because we recognize that investors use FFO as a basis to compare our operating performance with that of other REITs. However, the utility of FFO as a measure of our performance is limited because FFO excludes depreciation and amortization and captures neither the changes in the value of our 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 our properties, all of which have real economic effect and could materially impact our financial condition and results from operations. FFO is a non-GAAP measure and should not be considered a measure of liquidity, an alternative to net income, cash provided by operating activities or any other performance measure determined in accordance with GAAP, nor is it indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. In addition, our calculations of FFO are not necessarily comparable to FFO as calculated by other REITs that do not use the same definition or implementation guidelines or interpret the standards differently from us. Investors in our securities should not rely on these measures as a substitute for any GAAP measure, including net income.

GAAP Annualized Rent

Represents the monthly average contractual rent as stated on customer contracts, multiplied by 12. This amount is inclusive of any one-time or non-recurring rent abatements and excludes power revenue, interconnection revenue and operating expense reimbursement.

Monthly Recurring Revenue per Cabinet Equivalent Billed

Represents the turn-key monthly recurring colocation revenue ('MRR') per cabinet equivalent billed. We define MRR as recurring contractual revenue, including rental, power, and interconnection revenue and operating expense reimbursement, under existing commenced customer leases. MRR per cabinet equivalent is calculated as (current quarter MRR/3) divided by ((quarter-end cabinet equivalents billed plus prior quarter-end cabinet equivalents billed)/2). Cabinet equivalents are calculated as cage-usable square feet (turn-key leased NRSF/NRSF factor) divided by 25.

Quarter Ended March31, 2021

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

24

Table of Contents

Appendix

Net Operating Income ('NOI') and Cash NOI - NOI, and cash NOI are supplemental measures for the operating performance of the Company's portfolio. NOI is operating revenues less operating expenses adjusted for items such as depreciation and amortization, general and administrative expenses, transaction costs from unsuccessful deals and business combinations and litigation expenses. Cash NOI is NOI less straight-line rents and above and below market rent amortization.

NRSF Held for Development

Represents incremental data center capacity that may be constructed in existing facilities that requires significant capital investment in order to develop new data center facilities. The estimates are based on current construction plans and expectations regarding entitlements, and they are subject to change based on current economic conditions, final zoning approvals, and the supply and demand of the market. The estimated NRSF for new development projects is based on the entire building size. NRSF placed into service may change depending on the final construction and utilization of the built space.

NRSF Under Construction

Represents NRSF for which substantial activities are ongoing to prepare the property for its intended use following development. The NRSF reflects management's estimate of engineering drawings and required support space and is subject to change based on final demising of space. TKD estimated development costs include two components: 1) general construction to ready the NRSF as data center space and 2) power, cooling and other infrastructure to provide the designed amount of power capacity for the project. Following development completion, incremental capital, referred to as Deferred Expansion Capital, may be invested to support existing or anticipated future customer utilization of NRSF within our operating data centers.

NRSF Pre-Construction

Represents NRSF for which the projects are in the design and permitting stage. Construction will commence upon receipt of the applicable permits. The estimated completion dates are subject to change based on the timing of final design and permitting approvals.

Turn-Key Same-Store

Includes turn-key data center space that was leased or available to be leased to our colocation customers as of December 31, 2019, at each of our properties, and excludes powered shell data center space, office and light-industrial space and space for which development was completed and became available to be leased after December 31, 2019. The turn-key same-store space as of December 31, 2019, is 2,168,173 NRSF. We track same-store on a computer room basis within each data center facility.

Stabilized and Pre-Stabilized NRSF

Data center projects and facilities that recently have been developed and are in the initial lease-up phase are classified as pre-stabilized NRSF until they reach 85% occupancy or have been in service for 24 months. Pre-stabilized projects and facilities become stabilized operating properties at the earlier of achievement of 85% occupancy or 24 months after development completion and are included in the stabilized operating NRSF.

Quarter Ended March31, 2021

Overview

Financial Statements

Operating Portfolio

Development

Capital Structure

Components of NAV

Guidance

Appendix

25