Year-over-Year Normalized FFO and AFFO Growth of 17% and 27%, Respectively, and New Lease Signings Totaling $18 Million in Annualized GAAP Revenue

DALLAS--(BUSINESS WIRE)-- Global data center service provider CyrusOne Inc. (NASDAQ:CONE), which specializes in providing highly reliable enterprise-class, carrier-neutral data center properties to the Fortune 1000, today announced first quarter 2015 earnings.

Highlights

• First quarter Normalized FFO of $31.9 million and AFFO of $35.0 million increased 17% and 27%, respectively, over the first quarter of 2014
• First quarter revenue of $85.7 million increased 11% over the first quarter of 2014
• First quarter Adjusted EBITDA of $45.1 million increased 8% over the first quarter of 2014
• Leased 60,000 colocation square feet totaling $18 million in annualized GAAP revenue, with utilization remaining high at 89%
• Subsequent to end of quarter, announced acquisition of Cervalis, significantly enhancing Company's geographic and customer diversification and strengthening product portfolio, with accretion to Normalized FFO per diluted share and unit

"CyrusOne had another great quarter, continuing its trend of solid financial results for more than two years as a public company, and the strong bookings performance reflects the attractiveness of our value proposition," said Gary Wojtaszek, president and chief executive officer of CyrusOne. "The recently announced transaction with Cervalis will enhance our presence on the East Coast and accelerate our growth trajectory as we add a proven operator with a successful track record of attracting financial services customers."

First Quarter 2015 Financial Results

Revenue was $85.7 million for the first quarter, compared to $77.5 million for the same period in 2014, an increase of 11%. Operating income of $1.6 million decreased $10.2 million from the first quarter of 2014, driven by an $8.6 million impairment charge related to the forthcoming termination of our Austin 1 facility lease as well as increases in property operating expenses of $4.6 million, depreciation and amortization of $3.5 million, and general and administrative expenses of $1.8 million, partially offset by an $8.2 million increase in revenue. Net loss was $7.2 million for the first quarter, compared to net income of $0.7 million for the same period in 2014. The $7.9 million decrease was driven by the decrease in operating income, partially offset by a $2.3 million reduction in interest expense.

Net operating income (NOI)¹ was $53.4 million for the first quarter, compared to $49.8 million in the same period in 2014, an increase of 7%. The increase in NOI was driven by the increase in revenue, partially offset by additional property operating costs from new facilities and expansions at existing facilities as well as $0.8 million in costs associated with the forthcoming termination of our Austin 1 facility lease. Adjusted EBITDA² was $45.1 million for the first quarter, compared to $41.7 million in the same period in 2014, an increase of 8%. The Adjusted EBITDA margin of 52.6% in the first quarter declined from 53.8% in the same period in 2014, driven primarily by increased electricity usage.

Normalized Funds From Operations (Normalized FFO)³ was $31.9 million for the first quarter, compared to $27.2 million in the same period in 2014, an increase of 17%. The increase in Normalized FFO was driven by the growth in Adjusted EBITDA and the decrease in interest expense, partially offset by a $0.8 million increase in stock-based compensation. Normalized FFO per diluted common share or common share equivalent⁴ was $0.49 in the first quarter of 2015. Adjusted Funds From Operations (AFFO)⁵ was $35.0 million for the first quarter, compared to $27.5 million in the same period in 2014, an increase of 27%.

Leasing Activity

CyrusOne leased approximately 60,000 colocation square feet (CSF), or 9.8 MW of power, in the first quarter, one of the Company's strongest bookings quarters in its history. Leases signed in the first quarter represent approximately $1.5 million in monthly recurring rent inclusive of the monthly impact of installation charges, or approximately $18 million in annualized contracted GAAP revenue⁶ excluding estimates for pass-through power. The Company added two new Fortune 1000⁷ customers in the first quarter, bringing the total to 146 customers in the Fortune 1000 and 679 customers in total as of March 31, 2015. The weighted average lease term of the new leases based on square footage is 83 months, and approximately 91% of the CSF was leased to metered customers with the remainder leased on a full service basis. Recurring rent churn⁸ for the first quarter of 2015 was 3.1%, compared to 1.3% for the first quarter of 2014.

Portfolio Utilization and Development

As of March 31, 2015, CyrusOne had approximately 1,262,000 CSF across 27 facilities, an increase of approximately 131,000, or 12%, from the same period in 2014. CSF utilization⁹ for the first quarter was 89%, consistent with CSF utilization for the same period in 2014. In the first quarter of 2015, the Company completed construction on its new facility in Northern Virginia, adding approximately 135,000 NRSF, including 37,000 CSF. As of the end of the first quarter, CSF utilization at the Northern Virginia facility was 71%. The Company also has begun construction on 56,000 CSF at its Carrollton facility in Dallas and 36,000 CSF at its Phoenix 2 facility and expects to begin construction on 37,000 CSF at its Northern Virginia facility in the second quarter of 2015. CyrusOne also expects to begin construction on a new facility in Phoenix in the second quarter of 2015, adding a total of 150,000 NRSF. As of March 31, 2015, the Company had approximately 114,000 CSF in Phoenix, with CSF utilization at 98%.

CyrusOne recently purchased a 166,000 square foot facility in Austin and expects to begin construction on 62,000 CSF in the second quarter. The Company has given notice of its intent to terminate its Austin 1 facility lease and will move customers currently in this facility into the new facility after construction has been completed.

Balance Sheet and Liquidity

As of March 31, 2015, the Company had $679.8 million of long term debt, cash of $26.0 million, and $295.0 million available under its unsecured revolving credit facility. Net debt¹⁰ was $666.4 million as of March 31, 2015, approximately 25% of the Company's total enterprise value or 3.7x Adjusted EBITDA for the last quarter annualized. Available liquidity¹¹ was $321.0 million as of March 31, 2015.

Dividend and Distribution

On February 18, 2015, the Company announced a dividend and distribution of $0.315 per share of common stock and common stock equivalent for the first quarter of 2015. The dividend / distribution was paid on April 15, 2015, to stockholders of record at the close of business on March 27, 2015.

Additionally, today the Company is announcing a dividend and distribution of $0.315 per share of common stock and common stock equivalent for the second quarter of 2015. The dividend / distribution will be paid on July 15, 2015, to stockholders of record at the close of business on June 26, 2015.

Guidance

CyrusOne is reaffirming guidance for full year 2015. The guidance does not include any pro forma impacts related to the recently announced Cervalis acquisition, which CyrusOne expects to be accretive to Normalized FFO per diluted share and unit day one.

						Category				2015 Guidance
						Total Revenue				$370 - $385 million
						Base Revenue				$322 - $332 million
						Metered Power Reimbursements				$48 - $53 million
						Adjusted EBITDA				$185 - $195 million
						Normalized FFO per diluted common share or common share equivalent*				$1.90 - $2.00
						Capital Expenditures				$215 - $240 million
						Development**				$210 - $230 million
						Recurring				$5 - $10 million
						* Assumes weighted average diluted common share or common share equivalents for 2015 of 66 million.
						** Development capital is inclusive of capital used for the acquisition of land for future development.

The annual guidance provided above represents forward-looking statements, which are based on current economic conditions, internal assumptions about the Company's existing customer base and the supply and demand dynamics of the markets in which CyrusOne operates.

Acquisition of Cervalis

Subsequent to the end of the quarter, CyrusOne announced the signing of a definitive agreement to acquire four Tier 3+ data center facilities and two work area recovery facilities (collectively, the "Facilities") serving the New York metropolitan area through the acquisition of Cervalis Holdings LLC ("Cervalis"), a privately-held owner and operator of data centers. The Cervalis Facilities currently comprise more than 500,000 gross square feet of space, including more than 125,000 colocation square feet and over 100,000 square feet of work area recovery space.

In 2014 Cervalis generated revenues of nearly $70 million, with approximately two-thirds being derived from colocation services, and the remainder from interconnection, managed services, and work area recovery products. Over the last five years Cervalis has grown revenue at a compound annual rate of approximately 14%. As of the end of 2014, 77% of the colocation square feet within the Cervalis Facilities was utilized. In addition to the currently available raised floor space, it currently has capacity under shell to deliver an incremental 55,000 colocation square feet.

The transaction is expected to provide additional benefits to CyrusOne, including the following:

• Enhanced Geographic Diversification: The combination will greatly enhance CyrusOne's geographic diversification, establishing a presence in the Northeast with the addition of a platform that includes 4 data centers in the New York metropolitan market.
• Access to a High Quality Enterprise Customer Base: Cervalis serves approximately 220 enterprise customers, with a particular niche servicing some of the world's largest financial institutions, including several Fortune 1000 companies. Approximately two-thirds of its fourth quarter 2014 revenue came from customers within the financial services industry.
• Strengthened Product Portfolio: The transaction provides a set of interconnected data centers in one of the world's largest internet hubs, further enhancing the attractiveness of CyrusOne's National IX platform. Access to a high-end managed services offering provides a platform that can be selectively leveraged across CyrusOne's existing customer base to accelerate growth.

Upcoming Conferences and Events

• Jefferies Global Technology, Media and Telecom Conference on May 12-14 in Miami, Florida
• J.P. Morgan Global Technology, Media and Telecom Conference on May 18-20 in Boston, Massachusetts
• NAREIT's REITWeek Investor Forum on June 9-11 in New York City

Conference Call Details

CyrusOne will host a conference call on May 7, 2015, at 11:30 AM Eastern Time (10:30 AM Central Time) to discuss its results for the first quarter of 2015. A live webcast of the conference call will be available under the "Investor Relations" tab in the "Events and Presentations" section of the Company's website at http://investor.cyrusone.com/events.cfm. The U.S. conference call dial-in number is 1-866-652-5200, and the international dial-in number is 1-412-317-6060. A replay will be available one hour after the conclusion of the earnings call on May 7, 2015, until 9:00 AM Eastern Time (8:00 AM Central Time) on May 15, 2015. The U.S. toll-free replay dial-in number is 1-877-344-7529 and the international replay dial-in number is 1-412-317-0088. The replay access code is 10063104.

Safe Harbor

This release and the documents incorporated by reference herein contain forward-looking statements regarding future events and our future results that are subject to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are statements that could be deemed forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as "expects," "anticipates," "predicts," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "endeavors," "strives," "may," variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other characterizations of future events or circumstances are forward-looking statements, including statements about the potential financial and other benefits of our proposed acquisition of Cervalis and the expected timing of completion of the transaction. Readers are cautioned these forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially and adversely from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in this release, risks related to our acquisition of Cervalis, which include, but are not limited to, the risk that a condition to closing of the acquisition may not be satisfied or that the expected increased revenues, funds from operations, net income and cost savings and other synergies from the transaction may not be fully realized or may take longer to realize than expected, and those discussed in other documents we file with the Securities and Exchange Commission (SEC). More information on potential risks and uncertainties is available in our recent filings with the SEC, including CyrusOne's Form 10-K report, Form 10-Q reports, and Form 8-K reports. Actual results may differ materially and adversely from those expressed in any forward-looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason.

Use of Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures that management believes are helpful in understanding the Company's business, as further discussed within this press release. These financial measures, which include Funds From Operations, Normalized Funds From Operations, Adjusted EBITDA, Net Operating Income, Adjusted Net Operating Income, and Net Debt should not be construed as being more important than comparable GAAP measures. Detailed reconciliations of these non-GAAP financial measures to comparable GAAP financial measures have been included in the tables that accompany this release and are available in the Investor Relations section of www.cyrusone.com.

Management uses FFO, Normalized FFO, Adjusted EBITDA, NOI, Adjusted NOI, and AFFO as supplemental performance measures because they provide performance measures that, when compared year over year, capture trends in occupancy rates, rental rates and operating costs. The Company also believes that, as widely recognized measures of the performance of real estate investment trusts (REITs) and other companies, these measures will be used by investors as a basis to compare its operating performance with that of other companies. Other companies may not calculate these measures in the same manner, and, as presented, they may not be comparable to others. Therefore, FFO, Normalized FFO, NOI, Adjusted NOI, AFFO and Adjusted EBITDA should be considered only as supplements to net income as measures of our performance. FFO, Normalized FFO, NOI, Adjusted NOI, AFFO and Adjusted EBITDA should not be used as measures of liquidity or as indicative of funds available to fund the Company's cash needs, including the ability to make distributions. These measures also should not be used as substitutes for cash flow from operating activities computed in accordance with U.S. GAAP.

¹Net Operating Income (NOI) is defined as revenue less property operating expenses. Amortization of deferred leasing costs is presented in depreciation and amortization, which is excluded from NOI. CyrusOne has not historically incurred any tenant improvement costs. Our sales and marketing costs consist of salaries and benefits for our internal sales staff, travel and entertainment, office supplies, marketing and advertising costs. General and administrative costs include salaries and benefits of our senior management and support functions, legal and consulting costs, and other administrative costs. Marketing and advertising costs are not property-specific, rather these costs support our entire portfolio. As a result, we have excluded these marketing and advertising costs from our NOI calculation, consistent with the treatment of general and administrative costs, which also support our entire portfolio. From time to time, there may be non-recurring costs in property operating expenses, and as a result the Company may present Adjusted Net Operating Income (Adjusted NOI) to exclude the impacts of those costs.

²Adjusted EBITDA is defined as net income (loss) as defined by U.S. GAAP before noncontrolling interests plus interest expense, income tax (benefit) expense, depreciation and amortization, non-cash compensation, transaction costs and transaction-related compensation, including acquisition pursuit costs, restructuring costs, loss on extinguishment of debt, asset impairments, (gain) loss on sale of real estate improvements, and other special items. Other companies may not calculate Adjusted EBITDA in the same manner. Accordingly, the Company's Adjusted EBITDA as presented may not be comparable to others.

³Normalized Funds From Operations (Normalized FFO) is defined as Funds From Operations (FFO) plus transaction costs, including acquisition pursuit costs, transaction-related compensation, (gain) loss on extinguishment of debt, restructuring costs and other special items. FFO is net (loss) income computed in accordance with U.S. GAAP before noncontrolling interests, (gain) loss from sales of real estate improvements, real estate-related depreciation and amortization, amortization of customer relationship intangibles, and real estate and customer relationship intangible impairments. Because the value of the customer relationship intangibles is inextricably connected to the real estate acquired, CyrusOne believes the amortization and impairments of such intangibles is analogous to real estate depreciation and impairments; therefore, the Company adds the customer relationship intangible amortization and impairments back for similar treatment with real estate depreciation and impairments. CyrusOne's customer relationship intangibles are primarily associated with the acquisition of Cyrus Networks in 2010 and, at the time of acquisition, represented 22% of the value of the assets acquired. The Company believes its Normalized FFO calculation provides a comparable measure to that used by others in the industry.

⁴Normalized FFO per diluted common share or common share equivalent is defined as Normalized FFO divided by the average diluted common shares and common share equivalents outstanding for the quarter, which were 65,558,714 for the first quarter of 2015.

⁵Adjusted Funds From Operations (AFFO) is defined as Normalized FFO plus amortization of deferred financing costs, non-cash compensation, and non-real estate depreciation and amortization, less deferred revenue and straight line rent adjustments, leasing commissions, recurring capital expenditures, and non-cash corporate income tax benefit and expense.

⁶Annualized GAAP revenue is equal to monthly recurring rent, defined as average monthly contractual rent during the term of the lease plus the monthly impact of installation charges, multiplied by 12. It can be shown both inclusive and exclusive of the Company's estimate of customer reimbursements for metered power.

⁷Fortune 1000 customers include subsidiaries whose ultimate parent is a Fortune 1000 company or a foreign or private company of equivalent size.

⁸Recurring rent churn is calculated as any reduction in recurring rent due to customer terminations, service reductions or net pricing decreases as a percentage of rent at the beginning of the period, excluding any impact from metered power reimbursements or other usage-based billing.

⁹Utilization is calculated by dividing CSF under signed leases for available space (whether or not the contract has commenced billing) by total CSF. Utilization rate differs from percent leased presented in the Data Center Portfolio table because utilization rate excludes office space and supporting infrastructure net rentable square footage and includes CSF for signed leases that have not commenced billing. Management uses utilization rate as a measure of CSF leased.

¹⁰Net debt provides a useful measure of liquidity and financial health. The Company defines Net Debt as long-term debt and capital lease obligations, offset by cash, cash equivalents, and temporary cash investments.

¹¹Liquidity is calculated as cash, cash equivalents, and temporary cash investments on hand, plus the undrawn capacity on CyrusOne's revolving credit facility.

About CyrusOne

CyrusOne (NASDAQ:CONE) specializes in highly reliable enterprise-class, carrier-neutral data center properties. The Company provides mission-critical data center facilities that protect and ensure the continued operation of IT infrastructure for more than 675 customers, including nine of the Fortune 20 and 146 of the Fortune 1000 companies.

CyrusOne's data center offerings provide the flexibility, reliability, and security that enterprise customers require and are delivered through a tailored, customer service-focused platform designed to foster long-term relationships. CyrusOne is committed to full transparency in communication, management, and service delivery throughout its 27 data centers worldwide.

CyrusOne Inc.
Condensed Consolidated and Combined Statements of Operations
(Dollars in millions, except per share amounts)
(Unaudited)
			Three Months Ended March 31,
											Change
			2015				2014				$				%
Revenue			$	85.7			$	77.5			$	8.2			11	%
Costs and expenses:
Property operating expenses			32.3				27.7				4.6				17	%
Sales and marketing			2.9				3.0				(0.1		)		(3	)%
General and administrative			9.1				7.3				1.8				25	%
Depreciation and amortization			31.1				27.6				3.5				13	%
Transaction costs			0.1				0.1				—				n/m
Asset impairments			8.6				—				8.6				n/m
Total costs and expenses			84.1				65.7				18.4				28	%
Operating income			1.6				11.8				(10.2		)		(86	)%
Interest expense			8.4				10.7				(2.3		)		(21	)%
Income (loss) before income taxes			(6.8		)		1.1				(7.9		)		n/m
Income tax expense			(0.4		)		(0.4		)		—				n/m
Net income (loss)			(7.2		)		0.7				(7.9		)		n/m
Noncontrolling interest in net income (loss)			(2.9		)		0.5				(3.4		)		n/m
Net income (loss) attributed to common stockholders			$	(4.3	)		$	0.2			$	(4.5	)		n/m
Loss per common share - basic and diluted			$	(0.12	)		$	—

CyrusOne Inc.
Condensed Consolidated Balance Sheets
(Dollars in millions)
(Unaudited)
				March 31,					December 31,					Change
				2015					2014					$					%
Assets
Investment in real estate:
Land				$	93.0				$	89.7				$	3.3				4	%
Buildings and improvements				820.8					812.6					8.2					1	%
Equipment				382.7					349.1					33.6					10	%
Construction in progress				121.0					127.0					(6.0		)			(5	)%
Subtotal				1,417.5					1,378.4					39.1					3	%
Accumulated depreciation				(350.1		)			(327.0		)			(23.1		)			7	%
Net investment in real estate				1,067.4					1,051.4					16.0					2	%
Cash and cash equivalents				26.0					36.5					(10.5		)			(29	)%
Rent and other receivables				53.9					60.9					(7.0		)			(11	)%
Goodwill				276.2					276.2					—					—	%
Intangible assets, net				65.3					68.9					(3.6		)			(5	)%
Due from affiliates				1.4					0.8					0.6					75	%
Other assets				86.4					91.8					(5.4		)			(6	)%
Total assets				$	1,576.6				$	1,586.5				$	(9.9	)			(1	)%
Liabilities and Equity
Accounts payable and accrued expenses				$	67.1				$	69.9				$	(2.8	)			(4	)%
Deferred revenue				65.5					65.7					(0.2		)			—	%
Due to affiliates				9.1					7.3					1.8					25	%
Capital lease obligations				12.6					13.4					(0.8		)			(6	)%
Long-term debt				679.8					659.8					20.0					3	%
Other financing arrangements				51.3					53.4					(2.1		)			(4	)%
Total liabilities				885.4					869.5					15.9					2	%
Shareholders' Equity:
Preferred stock, $.01 par value, 100,000,000 authorized; no shares issued or outstanding				—					—					—					—	%
Common stock, $.01 par value, 500,000,000 shares authorized and 39,058,786 and 38,651,517 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively				0.4					0.4					—					—	%
Paid in capital				518.9					516.5					2.4					—	%
Accumulated deficit				(72.5		)			(55.9		)			(16.6		)			30	%
Other comprehensive income				(0.6		)			(0.3		)			(0.3		)			100	%
Total shareholders' equity				446.2					460.7					(14.5		)			(3	)%
Noncontrolling interest				245.0					256.3					(11.3		)			(4	)%
Total equity				691.2					717.0					(25.8		)			(4	)%
Total liabilities and shareholders' equity				$	1,576.6				$	1,586.5				$	(9.9	)			(1	)%

CyrusOne Inc.
Condensed Consolidated and Combined Statements of Operations
(Dollars in millions, except per share amounts)
(Unaudited)
For the three months ended:				March 31,					December 31,					September 30,					June 30,					March 31,
				2015					2014					2014					2014					2014
Revenue:
Base revenue				$	75.9				$	75.4				$	73.9				$	71.4				$	69.4
Metered Power reimbursements				9.8					11.5					10.9					10.3					8.1
Total revenue				85.7					86.9					84.8					81.7					77.5
Costs and expenses:
Property operating expenses				32.3					32.0					33.0					31.8					27.7
Sales and marketing				2.9					3.1					3.2					3.5					3.0
General and administrative				9.1					9.9					9.0					8.4					7.3
Depreciation and amortization				31.1					30.6					30.0					29.8					27.6
Restructuring charges				—					—					—					—					—
Transaction costs				0.1					0.1					—					0.8					0.1
Asset impairments				8.6					—					—					—					—
Total costs and expenses				84.1					75.7					75.2					74.3					65.7
Operating income				$	1.6				$	11.2				$	9.6				$	7.4				$	11.8
Interest expense				8.4					9.1					9.0					10.7					10.7
Loss on extinguishment of debt				—					13.6					—					—					—
Income (loss) before income taxes				(6.8		)			(11.5		)			0.6					(3.3		)			1.1
Income tax expense				(0.4		)			(0.3		)			(0.4		)			(0.3		)			(0.4		)
Net income (loss) from continuing operations				(7.2		)			(11.8		)			0.2					(3.6		)			0.7
Noncontrolling interest in net income (loss)				(2.9		)			(4.8		)			0.1					(2.5		)			0.5
Net income (loss) attributed to common stockholders				$	(4.3	)			$	(7.0	)			$	0.1				$	(1.1	)			$	0.2
Loss per common share - basic and diluted				$	(0.12	)			$	(0.19	)			$	—				$	(0.06	)			$	—

CyrusOne Inc.
Condensed Consolidated Balance Sheets
(Dollars in millions)
(Unaudited)
				March 31,					December 31,					September 30,					June 30,					March 31,
				2015					2014					2014					2014					2014
Assets
Investment in real estate:
Land				$	93.0				$	89.7				$	89.7				$	89.7				$	89.6
Buildings and improvements				820.8					812.6					796.6					791.7					787.0
Equipment				382.7					349.1					312.5					298.8					206.4
Construction in progress				121.0					127.0					120.9					59.5					99.4
Subtotal				1,417.5					1,378.4					1,319.7					1,239.7					1,182.4
Accumulated depreciation				(350.1		)			(327.0		)			(303.5		)			(280.6		)			(257.6		)
Net investment in real estate				1,067.4					1,051.4					1,016.2					959.1					924.8
Cash and cash equivalents				26.0					36.5					30.4					49.3					125.2
Rent and other receivables				53.9					60.9					59.1					61.5					42.4
Goodwill				276.2					276.2					276.2					276.2					276.2
Intangible assets, net				65.3					68.9					73.2					77.4					81.7
Due from affiliates				1.4					0.8					1.3					0.5					0.9
Other assets				86.4					91.8					81.6					82.1					76.9
Total assets				$	1,576.6				$	1,586.5				$	1,538.0				$	1,506.1				$	1,528.1
Liabilities and Equity
Accounts payable and accrued expenses				$	67.1				$	69.9				$	100.2				$	83.9				$	88.8
Deferred revenue				65.5					65.7					66.1					66.7					64.8
Due to affiliates				9.1					7.3					7.4					7.4					10.8
Capital lease obligations				12.6					13.4					14.2					15.0					15.5
Long-term debt				679.8					659.8					555.0					525.0					525.0
Other financing arrangements				51.3					53.4					55.1					57.1					56.4
Total liabilities				885.4					869.5					798.0					755.1					761.3
Shareholders' Equity:
Preferred stock, $.01 par value, 100,000,000 authorized; no shares issued or outstanding				—					—					—					—					—
Common stock, $.01 par value, 500,000,000 shares authorized				0.4					0.4					0.4					0.4					0.2
Paid in capital				518.9					516.5					513.7					511.1					342.9
Accumulated deficit				(72.5		)			(55.9		)			(40.8		)			(32.7		)			(23.5		)
Other comprehensive income				(0.6		)			(0.3		)			—					—					—
Total shareholders' equity				446.2					460.7					473.3					478.8					319.6
Noncontrolling interests				245.0					256.3					266.7					272.2					447.2
Total shareholders' equity				691.2					$	717.0				$	740.0				$	751.0				$	766.8
Total liabilities and shareholders' equity				$	1,576.6				$	1,586.5				$	1,538.0				$	1,506.1				$	1,528.1

CyrusOne Inc.
Condensed Consolidated Statement of Cash Flow
(Dollars in millions)
(Unaudited)
				Three Months Ended					Three Months Ended
				March 31, 2015					March 31, 2014
Cash flows from operating activities:
Net loss				$	(7.2	)			$	0.7
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization				31.1					27.6
Noncash interest expense				0.7					0.9
Stock-based compensation expense				3.0					2.2
Asset impairments				8.6					—
Change in operating assets and liabilities, net of effect of acquisitions:
Rent receivables and other assets				1.8					(6.7		)
Accounts payable and accrued expenses				(2.9		)			4.4
Deferred revenues				(0.2		)			8.9
Due to affiliates				(1.6		)			(0.1		)
Net cash provided by operating activities				33.3					37.9
Cash flows from investing activities:
Capital expenditures - acquisitions of real estate				(17.3		)			—
Capital expenditures - other development				(31.9		)			(49.7		)
Net cash used in investing activities				(49.2		)			(49.7		)
Cash flows from financing activities:
Dividends paid				(13.5		)			(10.4		)
Borrowings from revolving credit agreement				20.0					—
Payments on capital leases and other financing arrangements				(1.1		)			(1.4		)
Net cash (used in) provided by financing activities				5.4					(11.8		)
Net (decrease) increase in cash and cash equivalents				(10.5		)			(23.6		)
Cash and cash equivalents at beginning of period				36.5					148.8
Cash and cash equivalents at end of period				$	26.0				$	125.2
				Three Months Ended					Three Months Ended
				March 31, 2015					March 31, 2014
Supplemental disclosures
Cash paid for interest				$	2.8				$	1.6
Cash paid for income taxes				1.1					—
Capitalized interest				1.3					0.5
Acquisition of property in accounts payable and other liabilities				21.5					52.2
Dividends payable				21.5					13.7
Taxes on vesting of shares				0.6					—

CyrusOne Inc.
Net Operating Income and Reconciliation of Net Income (Loss) to Adjusted EBITDA
(Dollars in millions)
(Unaudited)
				Three Months Ended																		Three Months Ended
				March 31,										Change								March 31,					December 31,					September 30,					June 30,					March 31,
				2015					2014					$					%			2015					2014					2014					2014					2014
Net Operating Income
Revenue				$	85.7				$	77.5				$	8.2				11%			$	85.7				$	86.9				$	84.8				$	81.7				$	77.5
Property operating expenses				32.3					27.7					4.6					17%			32.3					32.0					33.0					31.8					27.7
Net Operating Income (NOI)				53.4					49.8					3.6					7%			53.4					54.9					51.8					49.9					49.8
Add Back: Lease exit costs				0.7					—					0.7					n/m			0.7					—					—					—					—
Adjusted Net Operating Income (Adjusted NOI)				$	54.1				$	49.8				$	4.3				9%			$	54.1				$	54.9				$	51.8				$	49.9				$	49.8
Adjusted NOI as a % of Revenue				63.1		%			64.3		%											63.1		%			63.2		%			61.1		%			61.1		%			64.3		%
Reconciliation of Net (Loss) Income to Adjusted EBITDA:
Net (loss) income				$	(7.2	)			$	0.7				$	(7.9	)			n/m			$	(7.2	)			$	(11.8	)			$	0.2				$	(3.6	)			$	0.7
Adjustments:
Interest expense				8.4					10.7					(2.3		)			(21)%			8.4					9.1					9.0					10.7					10.7
Income tax expense				0.4					0.4					—					—%			0.4					0.3					0.4					0.3					0.4
Depreciation and amortization				31.1					27.6					3.5					13%			31.1					30.6					30.0					29.8					27.6
Transaction costs				0.1					0.1					—					—%			0.1					0.1					—					0.8					0.1
Stock-based compensation				3.0					2.2					0.8					36%			3.0					2.7					2.6					2.8					2.2
Loss on extinguishment of debt				—					—					—					n/m			—					13.6					—					—					—
Lease exit costs				0.7					—					$	0.7				n/m			0.7					—					—					—					—
Asset impairments				8.6					—					$	8.6				n/m			8.6					—					—					—					—
Adjusted EBITDA				$	45.1				$	41.7				$	3.4				8%			$	45.1				$	44.6				$	42.2				$	40.8				$	41.7
Adjusted EBITDA as a % of Revenue				52.6		%			53.8		%											52.6		%			51.3		%			49.8		%			49.9		%			53.8		%

CyrusOne Inc.
Reconciliation of Net Income (Loss) to FFO, Normalized FFO, and AFFO
(Dollars in millions)
(Unaudited)
				Three Months Ended																		Three Months Ended
				March 31,										Change								March 31, 2015					December 31, 2014					September 30, 2014					June 30, 2014					March 31, 2014
				2015					2014					$					%
Reconciliation of Net (Loss) Income to FFO and Normalized FFO:
Net (loss) income				$	(7.2	)			$	0.7				$	(7.9	)			n/m			$	(7.2	)			$	(11.8	)			$	0.2				$	(3.6	)			$	0.7
Adjustments:
Real estate depreciation and amortization				26.0					22.2					3.8					17%			26.0					25.1					24.5					24.1					22.2
Amortization of customer relationship intangibles				3.6					4.2					(0.6		)			(14)%			3.6					4.2					4.2					4.3					4.2
Real estate impairments				8.6					—					8.6					n/m			8.6					—					—					—					—
Funds from Operations (FFO)				$	31.0				$	27.1				3.9					14%			$	31.0				$	17.5				$	28.9				$	24.8				$	27.1
Loss on extinguishment of debt				—					—					—					n/m			—					13.6					—					—					—
Transaction costs				0.1					0.1					—					—%			0.1					0.1					—					0.8					0.1
Lease exit costs				0.8					—					$	0.8				n/m			0.8					—					—					—					—
Normalized Funds from Operations (Normalized FFO)				$	31.9				$	27.2				$	4.7				17%			$	31.9				$	31.2				$	28.9				$	25.6				$	27.2
Normalized FFO per diluted common share or common share equivalent				$	0.49				$	0.42				$	0.07				17%			$	0.49				$	0.48				$	0.44				$	0.39				$	0.42
Weighted Average diluted common share and common share equivalent outstanding				65.5					65.0					0.5					1%			65.5					65.3					65.3					65.3					65.0
Reconciliation of Normalized FFO to AFFO:
Normalized FFO				$	31.9				$	27.2				4.7					17%			$	31.9				$	31.2				$	28.9				$	25.6				$	27.2
Adjustments:
Amortization of deferred financing costs				0.7					0.9					(0.2		)			(22)%			0.7					0.7					0.9					0.9					0.9
Stock-based compensation				3.0					2.2					0.8					36%			3.0					2.7					2.6					2.8					2.2
Non-real estate depreciation and amortization				1.5					1.2					0.3					25%			1.5					1.4					1.2					1.4					1.2
Deferred revenue and straight line rent adjustments				(1.4		)			(3.0		)			1.6					(53)%			(1.4		)			(2.3		)			(1.5		)			(3.7		)			(3.0		)
Leasing commissions				(0.5		)			(0.6		)			0.1					(17)%			(0.5		)			(2.9		)			(0.9		)			(1.4		)			(0.6		)
Recurring capital expenditures				(0.2		)			(0.4		)			0.2					(50)%			(0.2		)			(1.0		)			(2.1		)			(0.3		)			(0.4		)
Adjusted Funds from Operations (AFFO)				$	35.0				$	27.5				$	7.5				27%			$	35.0				$	29.8				$	29.1				$	25.3				$	27.5

CyrusOne Inc.
Market Capitalization Summary and Reconciliation of Net Debt
(Unaudited)
Market Capitalization
			Shares or Equivalents Outstanding				Market Price as of March 31, 2015					Market Value Equivalents (in millions)
Common shares			39,058,786				$	31.12				$	1,215.5
Operating Partnership units			26,601,835				$	31.12				827.8
Net Debt												666.4
Total Enterprise Value (TEV)												$	2,709.7
Net Debt as a % of TEV												24.6		%
Net Debt to LQA Adjusted EBITDA												3.7x

Reconciliation of Net Debt
(dollars in millions)											March 31,				December 31,
											2015				2014
Long-term debt											$	679.8			$	659.8
Capital lease obligations											12.6				13.4
Less:
Cash and cash equivalents											(26.0		)		(36.5		)
Net Debt											$	666.4			$	636.7

CyrusOne Inc.
Colocation Square Footage (CSF) and Utilization
(Unaudited)
			As of March 31, 2015							As of December 31, 2014							As of March 31, 2014
Market			Colocation Space (CSF)(a)				CSF Utilized(b)			Colocation Space (CSF)(a)				CSF Utilized(b)			Colocation Space (CSF)(a)				CSF Utilized(b)
Cincinnati			420,223				91%			420,223				90%			419,277				90%
Dallas			294,969				90%			294,969				86%			231,958				99%
Houston			255,094				86%			255,094				85%			268,094				80%
Phoenix			114,026				98%			114,026				100%			77,504				93%
Austin			59,995				90%			59,995				87%			54,003				79%
San Antonio			43,843				100%			43,843				100%			43,487				100%
Northern Virginia			37,461				71%			—				n/a			—				n/a
Chicago			23,298				52%			23,298				58%			23,298				53%
International			13,200				80%			13,200				80%			13,200				78%
Total Footprint			1,262,109				89%			1,224,648				88%			1,130,821				89%

(a)		CSF represents the NRSF at an operating facility that is currently leased or readily available for lease as colocation space, where customers locate their servers and other IT equipment.
(b)		Utilization is calculated by dividing CSF under signed leases for colocation space (whether or not the customer has occupied the space) by total CSF.

CyrusOne Inc.
2015 Guidance
(Unaudited)
Category				2015 Guidance
Total Revenue				$370 - $385 million
Base Revenue				$322 - $332 million
Metered Power Reimbursements				$48 - $53 million
Adjusted EBITDA				$185 - $195 million
Normalized FFO per diluted common share or common share equivalent*				$1.90 - $2.00
Capital Expenditures				$215 - $240 million
Development**				$210 - $230 million
Recurring				$5 - $10 million

	*		Assumes weighted average diluted common share or common share equivalents for 2015 of 66 million.
	**		Development capital is inclusive of capital used for the acquisition of land for future development.

CyrusOne Inc.
Data Center Portfolio
As of March 31, 2015
(Unaudited)
												Operating Net Rentable Square Feet (NRSF)(a)																												Powered Shell Available for Future Development (NRSF)(j)				Available UPS Capacity (MW)(k)
Facilities				Metro Area			Annualized Rent(b)					Colocation Space (CSF)(c)				CSF Leased(d)				CSF Utilized(e)				Office & Other(f)				Office & Other Leased (g)				Supporting Infrastructure (h)				Total(i)
Westway Park Blvd., Houston, TX (Houston West 1)				Houston			$	56,452,442				112,133				96	%			96	%			10,563				98	%			36,756				159,452				3,000				28
West Seventh St., Cincinnati, OH (7th Street)***				Cincinnati			38,151,863					212,664				93	%			94	%			5,744				100	%			171,561				389,969				37,000				13
S. State Highway 121 Business Lewisville, TX (Lewisville)*				Dallas			34,874,104					108,687				96	%			96	%			11,374				97	%			59,345				179,406				—				18
W. Frankford, Carrollton, TX (Frankford)				Dallas			27,115,401					170,627				84	%			86	%			25,435				84	%			69,464				265,526				272,000				18
Southwest Fwy., Houston, TX (Galleria)				Houston			26,676,013					63,469				76	%			76	%			23,259				51	%			24,927				111,655				—				14
Kingsview Dr., Lebanon, OH (Lebanon)				Cincinnati			19,865,984					65,303				76	%			87	%			44,886				72	%			52,950				163,139				65,000				14
South Ellis Street Chandler, AZ (Phoenix 1)				Phoenix			19,751,706					77,504				96	%			97	%			34,501				11	%			39,129				151,134				31,000				27
Westover Hills Blvd, San Antonio, TX (San Antonio 1)				San Antonio			18,401,018					43,843				100	%			100	%			5,989				83	%			45,606				95,438				11,000				12
Industrial Rd., Florence, KY (Florence)				Cincinnati			14,958,513					52,698				100	%			100	%			46,848				87	%			40,374				139,920				—				9
Westway Park Blvd., Houston, TX (Houston West 2)				Houston			13,286,621					79,492				70	%			79	%			3,355				62	%			55,018				137,865				12,000				12
Metropolis Dr., Austin, TX (Austin 2)				Austin			11,144,269					43,772				88	%			91	%			708				100	%			22,867				67,347				—				5
Knightsbridge Dr., Hamilton, OH (Hamilton)*				Cincinnati			9,722,776					46,565				77	%			78	%			1,077				100	%			35,336				82,978				—				10
South Ellis Street Chandler, AZ (Phoenix 2)				Phoenix			6,005,806					36,522				100	%			100	%			5,540				36	%			20,784				62,846				4,000				6
Parkway Dr., Mason, OH (Mason)				Cincinnati			5,983,589					34,072				100	%			100	%			26,458				98	%			17,193				77,723				—				4
E. Ben White Blvd., Austin, TX (Austin 1)****				Austin			5,851,932					16,223				87	%			87	%			21,476				100	%			7,517				45,216				—				2
Midway Rd., Carrollton, TX (Midway)**				Dallas			5,408,662					8,390				100	%			100	%			—				—	%			—				8,390				—				1
Kestral Way (London)**				London			4,698,021					10,000				99	%			99	%			—				—	%			—				10,000				—				1
Springer St., Lombard, IL (Lombard)				Chicago			2,266,276					13,516				70	%			70	%			4,115				100	%			12,230				29,861				29,000				3
Marsh Lane, Carrollton, TX (Marsh Ln)**				Dallas			2,247,795					4,245				100	%			100	%			—				—	%			—				4,245				—				1
Goldcoast Dr., Cincinnati, OH (Goldcoast)				Cincinnati			1,480,977					2,728				100	%			100	%			5,280				100	%			16,481				24,489				14,000				1
Bryan St., Dallas, TX (Bryan St)**				Dallas			863,855					3,020				51	%			51	%			—				—	%			—				3,020				—				1
Westway Park Blvd., Houston, TX (Houston West 3)				Houston			835,008					—				—	%			—	%			8,564				100	%			5,304				13,868				—				—
McAuley Place, Blue Ash, OH (Blue Ash)*				Cincinnati			494,852					6,193				39	%			39	%			6,950				100	%			2,166				15,309				—				1
E. Monroe St., South Bend, IN (Monroe St.)				South Bend			425,827					6,350				24	%			24	%			—				—	%			6,478				12,828				4,000				1
Crescent Circle, South Bend, IN (Blackthorn)*				South Bend			404,465					3,432				32	%			32	%			—				—	%			5,125				8,557				11,000				1
Jurong East (Singapore)**				Singapore			295,479					3,200				19	%			19	%			—				—	%			—				3,200				—				1
Ridgetop Circle, Sterling, VA (Northern Virginia)				Sterling			4,955					37,461				48	%			71	%			1,160				100	%			38,047				76,668				6,000				6
Total							$	327,668,209				1,262,109				87	%			89	%			293,282				76	%			784,658				2,340,049				499,000				204

*		Indicates properties in which we hold a leasehold interest in the building shell and land. All data center infrastructure has been constructed by us and owned by us.
**		Indicates properties in which we hold a leasehold interest in the building shell, land, and all data center infrastructure.
***		The information provided for the West Seventh Street (7th St.) property includes data for two facilities, one of which we lease and one of which we own.
****		For the quarter ended March 31, 2015, we recognized an impairment of $8.6 million related to the exit of Austin 1, which is a leased facility.

(a)		Represents the total square feet of a building under lease or available for lease based on engineers' drawings and estimates but does not include space held for development or space used by CyrusOne.
(b)		Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of March 31, 2015, multiplied by 12. For the month of March 2015, customer reimbursements were $38.4 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From April 1, 2013 through March 31, 2015, customer reimbursements under leases with separately metered power constituted between 8.9% and 14.2% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of March 31, 2015 was $339.3 million. Our annualized effective rent was greater than our annualized rent as of March 31, 2015 because our positive straight-line and other adjustments and amortization of deferred revenue exceeded our negative straight-line adjustments due to factors such as the timing of contractual rent escalations and customer prepayments for services.
(c)		CSF represents the NRSF at an operating facility that is currently leased or readily available for lease as colocation space, where customers locate their servers and other IT equipment.
(d)		Percent leased is determined based on CSF being billed to customers under signed leases as of March 31, 2015 divided by total CSF. Leases signed but not commenced as of March 31, 2015 are not included.
(e)		Utilization is calculated by dividing CSF under signed leases for colocation space (whether or not the customer has occupied the space) by total CSF.
(f)		Represents the NRSF at an operating facility that is currently leased or readily available for lease as space other than CSF, which is typically office and other space.
(g)		Percent leased is determined based on Office & Other space being billed to customers under signed leases as of March 31, 2015 divided by total Office & Other space. Leases signed but not commenced as of March 31, 2015 are not included.
(h)		Represents infrastructure support space, including mechanical, telecommunications and utility rooms, as well as building common areas.
(i)		Represents the NRSF at an operating facility that is currently leased or readily available for lease. This excludes existing vacant space held for development.
(j)		Represents space that is under roof that could be developed in the future for operating NRSF, rounded to the nearest 1,000.
(k)		UPS capacity (also referred to as critical load) represents the aggregate power available for lease and exclusive use by customers from the facility's installed universal power supplies (UPS) expressed in terms of megawatts. The capacity reported is for non-redundant megawatts, as we can develop flexible solutions to our customers at multiple resiliency levels. Does not sum to total due to rounding.

CyrusOne Inc.
NRSF Under Development
As of March 31, 2015
(Dollars in millions)
(Unaudited)
					NRSF Under Development(a)																		Under Development Costs(b)
Facilities			Metropolitan Area		Colocation Space (CSF)			Office & Other			Supporting Infrastructure			Powered Shell(c)			Total			UPS MW Capacity(d)			Actual to Date(e)				Estimated Costs to Completion			Total
W. Frankford Road (Carrollton)			Dallas		56,000			—			18,000			—			74,000			3.0			$	4			$14-18			$18-22
Westover Hills Blvd. (San Antonio 2)			San Antonio		30,000			20,000			25,000			49,000			124,000			3.0			27					13-16			40-43
Westway Park Blvd. (Houston West 3)			Houston		53,000			—			32,000			213,000			298,000			6.0			28					23-28			51-56
South Ellis Street, Chandler, AZ (Phoenix 2)			Phoenix		36,000			—			4,000			—			40,000			6.0			8					9-12			17-20
Phoenix 3			Phoenix		—			—			—			150,000			150,000			—			—					11-13			11-13
Metropolis Drive (Austin 3)			Austin		62,000			15,000			22,000			67,000			166,000			6.0			18					28-34			46-52
Ridgetop Circle, Sterling, VA (Northern Virginia)			Northern Virginia		37,000			—			15,000			—			52,000			—			1					11-14			12-15
Total					274,000			35,000			116,000			479,000			904,000			24.0			$	86			$109-135			$195-221

(a)		Represents NRSF at a facility for which activities have commenced or are expected to commence in the next 2 quarters to prepare the space for its intended use. Estimates and timing are subject to change.
(b)		Represents management's estimate of the total costs required to complete the current NRSF under development. There may be an increase in costs if customers require greater power density.
(c)		Represents NRSF under construction that, upon completion, will be powered shell available for future development into operating NRSF.
(d)		UPS Capacity (also referred to as critical load) represents the aggregate power available for lease to and exclusive use by customers from the facility's installed universal power supplies (UPS) expressed in terms of megawatts. The capacity presented is for non-redundant megawatts, as we can develop flexible solutions to our customers at multiple resiliency levels.
(e)		Capex-to-date is the cash investment as of March 31, 2015. There may be accruals above this amount for work completed, for which cash has not yet been paid.

CyrusOne Inc.
Land Available for Future Development (Acres)
As of March 31, 2015
(Unaudited)
			As of
Market			March 31, 2015
Cincinnati			98
Dallas			—
Houston			20
Virginia			10
Austin			22
Phoenix			32
San Antonio			13
Chicago			—
International			—
Total Available			195

CyrusOne Inc.
Leasing Statistics - Lease Signings
As of March 31, 2015
(Dollars in thousands)
(Unaudited)
										Weighted
		Number		Total CSF		Total kW		Total MRR Signed		Average
Period		of Leases(a)		Signed(b)		Signed(c)		($000)(d)		Lease Term(e)
Q1'15		326		60,000		9,759		$1,383		83
Prior 4Q Avg.		292		59,000		10,526		$1,146		76
Q4'14		335		44,000		5,262		$950		69
Q3'14		287		33,000		3,410		$694		79
Q2'14		275		59,000		17,374		$1,435		91
Q1'14		270		100,000		16,058		$1,506		64

(a)		Number of leases represents each agreement with a customer. A lease agreement could include multiple spaces, and a customer could have multiple leases.
(b)		CSF represents the NRSF at an operating facility that is leased as colocation space, where customers locate their servers and other IT equipment.
(c)		Represents maximum contracted kW that customers may draw during lease period. Additionally, we can develop flexible solutions for our customers at multiple resiliency levels, and the kW signed is unadjusted for this factor.
(d)		Monthly recurring rent is defined as the average monthly contractual rent during the term of the lease. It excludes estimates for pass-through power and installation charges.
(e)		Calculated on a CSF-weighted basis.

CyrusOne Inc.
New MRR Signed - Existing vs. New Customers
As of March 31, 2015
(Dollars in thousands)
(Unaudited)
			New MRR(a) Signed ($000)
			Q1'13		Q2'13		Q3'13		Q4'13		Q1'14		Q2'14		Q3'14		Q4'14		Q1'15
Existing Customers			$466		$466		$1,390		$618		$716		$844		$347		$768		$1,055
New Customers			$343		$426		$474		$362		$790		$591		$347		$182		$328
Total			$809		$892		$1,864		$980		$1,506		$1,435		$694		$950		$1,383
% from Existing Customers			58%		52%		75%		63%		48%		59%		50%		81%		76%

(a)		Monthly recurring rent is defined as the average monthly contractual rent during the term of the lease. It excludes estimates for pass-through power and installation charges.

CyrusOne Inc.
Customer Diversification(a)
As of March 31, 2015
(Unaudited)
																	Weighted
														Percentage of			Average
														Portfolio			Remaining
						Number of			Annualized					Annualized			Lease Term in
			Principal Customer Industry			Locations			Rent(b)					Rent(c)			Months(d)
1			Telecommunications (CBI)(e)			8			$	21,048,372				6.4%			22.4
2			Energy			1			20,799,601					6.3%			38.0
3			Telecommunication Services			2			15,429,296					4.7%			35.1
4			Information Technology			3			15,093,621					4.6%			39.2
5			Research and Consulting Services			3			14,066,854					4.3%			13.6
6			Energy			5			13,279,273					4.1%			5.0
7			Information Technology			1			11,326,320					3.5%			48.0
8			Information Technology			2			7,722,300					2.4%			27.4
9			Financials			6			7,325,238					2.2%			48.8
10			Financials			1			6,600,225					2.0%			62.0
11			Information Technology			1			6,355,511					1.9%			8.8
12			Information Technology			1			6,005,806					1.8%			116.0
13			Consumer Staples			1			5,444,645					1.7%			78.8
14			Energy			3			5,437,816					1.7%			15.9
15			Telecommunication Services			5			5,291,594					1.6%			49.0
16			Energy			1			4,847,630					1.5%			11.6
17			Information Technology			1			4,642,007					1.4%			71.0
18			Information Technology			3			4,003,252					1.2%			59.9
19			Energy			1			3,643,239					1.1%			14.3
20			Consumer Staples			1			3,491,218					1.1%			20.2
									$	181,853,818				55.5%			35.5

(a)		Includes affiliates.
(b)		Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of March 31, 2015, multiplied by 12. For the month of March 2015, our total portfolio annualized rent was $327.7 million, and customer reimbursements were $38.4 million annualized, consisting of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From April 1, 2013 through March 31, 2015, customer reimbursements under leases with separately metered power constituted between 8.9% and 14.2% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent for our total portfolio as of March 31, 2015 was $339.3 million. Our annualized effective rent was greater than our annualized rent as of March 31, 2015 because our positive straight-line and other adjustments and amortization of deferred revenue exceeded our negative straight-line adjustments due to factors such as the timing of contractual rent escalations and customer prepayments for services.
(c)		Represents the customer's total annualized rent divided by the total annualized rent in the portfolio as of March 31, 2015, which was approximately $327.7 million.
(d)		Weighted average based on customer's percentage of total annualized rent expiring and is as of March 31, 2015, assuming that customers exercise no renewal options and exercise all early termination rights that require payment of less than 50% of the remaining rents. Early termination rights that require payment of 50% or more of the remaining lease payments are not assumed to be exercised because such payments approximate the profitability margin of leasing that space to the customer, such that we do not consider early termination to be economically detrimental to us.
(e)		Includes information for both Cincinnati Bell Technology Solutions (CBTS) and Cincinnati Bell Telephone and two customers that have contracts with CBTS. We expect the contracts for these two customers to be assigned to us, but the consents for such assignments have not yet been obtained. Excluding these customers, Cincinnati Bell Inc. and subsidiaries represented 2.4% of our annualized rent as of March 31, 2015.

CyrusOne Inc.
Lease Distribution
As of March 31, 2015
(Unaudited)
									Total			Percentage of
			Number of			Percentage of			Leased			Portfolio			Annualized				Percentage of
NRSF Under Lease(a)			Customers(b)			All Customers			NRSF(c)			Leased NRSF			Rent(d)				Annualized Rent
0-999			494			74	%		102,692			5	%		$	38,308,202			12	%
1,000-2,499			63			9	%		97,769			5	%		20,957,374				6	%
2,500-4,999			38			6	%		137,832			7	%		26,078,972				8	%
5,000-9,999			25			4	%		178,618			9	%		49,151,326				15	%
10,000+			46			7	%		1,465,288			74	%		193,172,335				59	%
Total			666			100	%		1,982,199			100	%		$	327,668,209			100	%

(a)		Represents all leases in our portfolio, including colocation, office and other leases.
(b)		Represents the number of customers occupying data center, office and other space as of March 31, 2015. This may vary from total customer count as some customers may be under contract, but have yet to occupy space.
(c)		Represents the total square feet at a facility under lease and that has commenced billing, excluding space held for development or space used by CyrusOne. A customer's leased NRSF is estimated based on such customer's direct CSF or office and light-industrial space plus management's estimate of infrastructure support space, including mechanical, telecommunications and utility rooms, as well as building common areas.
(d)		Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of March 31, 2015, multiplied by 12. For the month of March 2015, customer reimbursements were $38.4 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From April 1, 2013 through March 31, 2015, customer reimbursements under leases with separately metered power constituted between 8.9% and 14.2% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of March 31, 2015 was $339.3 million. Our annualized effective rent was greater than our annualized rent as of March 31, 2015 because our positive straight-line and other adjustments and amortization of deferred revenue exceeded our negative straight-line adjustments due to factors such as the timing of contractual rent escalations and customer prepayments for services.

CyrusOne Inc.
Lease Expirations
As of March 31, 2015
(Unaudited)
			Number of																										Percentage of
			Leases				Total Operating				Percentage of				Annualized					Percentage of				Annualized Rent					Annualized Rent
Year(a)			Expiring(b)				NRSF Expiring				Total NRSF				Rent(c)					Annualized Rent				at Expiration(d)					at Expiration
Available							357,851				15	%
Month-to-Month			254				45,355				2	%			$	6,518,452				2	%			$	6,580,707				2	%
2015			568				290,600				12	%			50,157,364					15	%			50,242,161					14	%
2016			676				290,720				13	%			70,217,854					21	%			71,393,797					21	%
2017			788				331,224				14	%			58,599,072					18	%			59,843,206					17	%
2018			359				268,948				12	%			55,946,315					17	%			59,566,902					17	%
2019			193				262,752				11	%			33,817,474					10	%			38,906,417					11	%
2020			99				221,361				10	%			21,137,379					7	%			25,463,320					7	%
2021			114				77,377				3	%			14,857,492					5	%			16,519,056					5	%
2022			6				33,286				1	%			3,233,736					1	%			3,509,436					1	%
2023			45				59,279				3	%			6,296,496					2	%			8,257,455					2	%
2024 - Thereafter			17				101,296				4	%			6,886,575					2	%			9,158,461					3	%
Total			3,119				2,340,049				100	%			$	327,668,209				100	%			$	349,440,918				100	%

(a)		Leases that were auto-renewed prior to March 31, 2015 are shown in the calendar year in which their current auto-renewed term expires. Unless otherwise stated in the footnotes, the information set forth in the table assumes that customers exercise no renewal options and exercise all early termination rights that require payment of less than 50% of the remaining rents. Early termination rights that require payment of 50% or more of the remaining lease payments are not assumed to be exercised.
(b)		Number of leases represents each agreement with a customer. A lease agreement could include multiple spaces and a customer could have multiple leases.
(c)		Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of March 31, 2015, multiplied by 12. For the month of March 2015, our total portfolio annualized rent was $327.7 million, customer reimbursements were $38.4 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From April 1, 2013 through March 31, 2015, customer reimbursements under leases with separately metered power constituted between 8.9% and 14.2% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of March 31, 2015 was $339.3 million. Our annualized effective rent was greater than our annualized rent as of March 31, 2015 because our positive straight-line and other adjustments and amortization of deferred revenue exceeded our negative straight-line adjustments due to factors such as the timing of contractual rent escalations and customer prepayments for services.
(d)		Represents the final monthly contractual rent under existing customer leases that had commenced as of March 31, 2015, multiplied by 12.

Investor Relations:
CyrusOne
Michael Schafer, 972-350-0060
investorrelations@cyrusone.com

Source: CyrusOne Inc.

News Provided by Acquire Media