Document
P21YP2YP6MP1YP1YP1YP1YP5YP1Yfalse--12-31FY20192019-12-310001553023170000018000001.681.841.920.010.015000000005000000001083293141148088981083293141148088980.01200.01200.01200.01350.01650.02900P6Y800000180000055000009100000000170000002440000032900000P25YP1Y3000000000.000.010.011000000001000000000000P3YP3YP3YP3YP3YP3YP3YP1YP3YP1YP3YP1YP3YP3YP3YP3YP3YP3Y0.3750.3500.3750.3250.2750.3250.3750.3500.3750.3250.2750.3250.3750.3500.3750.3250.2750.3250.01750.01640.01750.0160.01470.0160.01750.01640.01750.0160.01470.0160.01750.01640.01750.0160.01470.016P6Y6MP6Y6MP6Y6MP5Y6MP5Y6MP5Y6MP6Y6MP6Y6MP6Y6MP5Y6MP5Y6MP5Y6MP6Y6MP6Y6MP6Y6MP5Y6MP5Y6MP5Y6M 0001553023 2019-01-01 2019-12-31 0001553023 2019-06-30 0001553023 2020-02-14 0001553023 2019-12-31 0001553023 2018-12-31 0001553023 2018-01-01 2018-12-31 0001553023 2017-01-01 2017-12-31 0001553023 us-gaap:AccountingStandardsUpdate201602Member us-gaap:RetainedEarningsMember 2019-01-01 0001553023 us-gaap:AdditionalPaidInCapitalMember 2019-01-01 2019-12-31 0001553023 us-gaap:ParentMember 2018-12-31 0001553023 us-gaap:AccountingStandardsUpdate201409Member us-gaap:ParentMember 2018-01-01 0001553023 us-gaap:ParentMember 2018-01-01 2018-12-31 0001553023 us-gaap:AdditionalPaidInCapitalMember 2017-01-01 2017-12-31 0001553023 us-gaap:ParentMember 2019-01-01 2019-12-31 0001553023 us-gaap:CommonStockMember 2016-12-31 0001553023 us-gaap:ParentMember 2017-01-01 2017-12-31 0001553023 us-gaap:CommonStockMember 2018-01-01 2018-12-31 0001553023 us-gaap:RetainedEarningsMember 2017-12-31 0001553023 us-gaap:CommonStockMember 2017-01-01 2017-12-31 0001553023 us-gaap:RetainedEarningsMember 2018-01-01 2018-12-31 0001553023 us-gaap:RetainedEarningsMember 2019-12-31 0001553023 us-gaap:CommonStockMember 2017-12-31 0001553023 us-gaap:AdditionalPaidInCapitalMember 2016-12-31 0001553023 us-gaap:CommonStockMember 2019-01-01 2019-12-31 0001553023 us-gaap:AdditionalPaidInCapitalMember 2018-01-01 2018-12-31 0001553023 us-gaap:CommonStockMember 2019-12-31 0001553023 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-12-31 0001553023 us-gaap:AdditionalPaidInCapitalMember 2018-12-31 0001553023 us-gaap:RetainedEarningsMember 2017-01-01 2017-12-31 0001553023 us-gaap:ParentMember 2017-12-31 0001553023 us-gaap:RetainedEarningsMember 2019-01-01 2019-12-31 0001553023 us-gaap:AdditionalPaidInCapitalMember 2017-12-31 0001553023 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2019-01-01 2019-12-31 0001553023 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2016-12-31 0001553023 us-gaap:CommonStockMember 2018-12-31 0001553023 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-12-31 0001553023 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-01-01 2017-12-31 0001553023 us-gaap:RetainedEarningsMember 2018-12-31 0001553023 us-gaap:AccountingStandardsUpdate201601Member us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 0001553023 us-gaap:AccountingStandardsUpdate201601Member us-gaap:ParentMember 2018-01-01 0001553023 us-gaap:AdditionalPaidInCapitalMember 2019-12-31 0001553023 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2017-12-31 0001553023 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2018-01-01 2018-12-31 0001553023 us-gaap:ParentMember 2016-12-31 0001553023 us-gaap:RetainedEarningsMember 2016-12-31 0001553023 us-gaap:ParentMember 2019-12-31 0001553023 us-gaap:AccountingStandardsUpdate201602Member us-gaap:ParentMember 2019-01-01 0001553023 us-gaap:AccountingStandardsUpdate201409Member us-gaap:RetainedEarningsMember 2018-01-01 0001553023 us-gaap:AccountingStandardsUpdate201601Member us-gaap:RetainedEarningsMember 2018-01-01 0001553023 2016-12-31 0001553023 2017-12-31 0001553023 srt:RestatementAdjustmentMember 2017-01-01 2017-12-31 0001553023 srt:RestatementAdjustmentMember 2018-01-01 2018-12-31 0001553023 cone:Customer1Member us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2018-01-01 2018-12-31 0001553023 cone:Customer1Member us-gaap:SalesRevenueNetMember us-gaap:CustomerConcentrationRiskMember 2019-01-01 2019-12-31 0001553023 srt:RestatementAdjustmentMember cone:StraightLineRentReceivableNetMember 2018-12-31 0001553023 cone:StraightLineRentReceivableNetMember 2019-12-31 0001553023 cone:StraightLineRentReceivableNetMember 2018-12-31 0001553023 srt:MaximumMember 2019-01-01 2019-12-31 0001553023 srt:MinimumMember 2019-01-01 2019-12-31 0001553023 us-gaap:AccountingStandardsUpdate201602Member 2019-01-01 0001553023 cone:BuildToSuitLeaseMember 2018-12-31 0001553023 cone:BuildToSuitLeaseMember us-gaap:AccountingStandardsUpdate201602Member 2019-12-31 0001553023 us-gaap:NonUsMember 2019-01-01 2019-12-31 0001553023 cone:ContractsWithCustomersMember 2019-01-01 2019-12-31 0001553023 cone:ContractsWithCustomersMember 2018-01-01 2018-12-31 0001553023 cone:ColocationLeaseRevenueMember 2019-01-01 2019-12-31 0001553023 cone:LeaseRevenueMember 2019-01-01 2019-12-31 0001553023 cone:TenantReimbursementsMember 2019-01-01 2019-12-31 0001553023 cone:OtherCustomerContractRevenueMember 2019-01-01 2019-12-31 0001553023 cone:OtherServicesMember 2019-01-01 2019-12-31 0001553023 cone:OtherCustomerContractRevenueMember 2018-01-01 2018-12-31 0001553023 cone:EquipmentSalesMember 2019-01-01 2019-12-31 0001553023 cone:OtherServicesMember 2018-01-01 2018-12-31 0001553023 cone:EquipmentSalesMember 2018-01-01 2018-12-31 0001553023 cone:DataCenterMember 2019-12-31 0001553023 cone:DublinIrelandMember cone:GroundLeaseForFutureDevelopmentGroundLease1Member 2019-09-30 0001553023 cone:OfficeMember 2019-12-31 0001553023 srt:MinimumMember 2019-12-31 0001553023 srt:MaximumMember 2019-12-31 0001553023 cone:ZeniumDataCentersMember 2018-08-24 0001553023 cone:ZeniumDataCentersMember us-gaap:LeasesAcquiredInPlaceMember 2018-08-24 0001553023 cone:ZeniumDataCentersMember us-gaap:LeaseAgreementsMember 2018-08-24 0001553023 cone:ZeniumDataCentersMember us-gaap:TradeNamesMember 2018-08-24 0001553023 cone:ZeniumDataCentersMember 2018-08-24 2018-08-24 0001553023 cone:GroundLeaseForFutureDevelopmentGroundLease1Member cone:LondonUKMember 2019-08-31 0001553023 cone:DataCenterMember cone:ZeniumTopcoLtd.Member 2018-08-24 0001553023 cone:DataCenterMember cone:ZeniumTopcoLtd.Member cone:A2023TermLoanMember us-gaap:UnsecuredDebtMember 2018-08-24 0001553023 us-gaap:LandMember cone:DallasFrankfurtNorthernVirginiaPhoenixAndSantaClaraMember 2018-01-01 2018-12-31 0001553023 cone:GroundLeaseForFutureDevelopmentGroundLease2Member cone:LondonUKMember 2019-11-30 0001553023 cone:GroundLeaseForFutureDevelopmentGroundLease1Member cone:LondonUKMember 2019-08-01 2019-08-31 0001553023 cone:GroundLeaseForFutureDevelopmentGroundLease1Member cone:DublinIrelandMember 2019-09-30 0001553023 cone:GroundLeaseForFutureDevelopmentGroundLease1Member cone:DublinIrelandMember 2019-09-01 2019-09-30 0001553023 cone:DataCenterMember cone:ZeniumTopcoLtd.Member 2018-08-24 2018-08-24 0001553023 cone:AreaPurchasedForFutureDevelopmentMember cone:DublinIrelandMember 2019-09-30 0001553023 cone:DataCenterMember cone:ZeniumTopcoLtd.Member 2018-12-31 0001553023 us-gaap:LandMember cone:DublinIrelandSanAntonioSantaClaraAndCouncilBluffsMember 2019-01-01 2019-12-31 0001553023 cone:AreaLeasedAndPurchasedForFutureDevelopmentMember cone:DublinIrelandMember 2019-09-30 0001553023 cone:DataCenterMember cone:ZeniumTopcoLtd.Member us-gaap:RevolvingCreditFacilityMember cone:A1.7BillionCreditFacilityMember 2018-08-24 0001553023 cone:GroundLeaseForFutureDevelopmentGroundLease2Member cone:LondonUKMember 2019-11-01 2019-11-30 0001553023 us-gaap:CustomerRelationshipsMember 2018-12-31 0001553023 us-gaap:ContractualRightsMember 2019-12-31 0001553023 us-gaap:ContractualRightsMember 2018-12-31 0001553023 us-gaap:LeasesAcquiredInPlaceMember 2018-12-31 0001553023 us-gaap:CustomerRelationshipsMember 2019-12-31 0001553023 us-gaap:LeasesAcquiredInPlaceMember 2019-12-31 0001553023 cone:PropertyForDevelopmentNorthernVirginiaPhoenixDallasChicagoSanAntonioAndCincinnatiPurchaseOfLandInAllenTexasAndQuincyWashingtonandAtlantaGeorgiaMember 2018-01-01 2018-12-31 0001553023 cone:IndustrialRd.FlorenceKYFlorenceMember 2019-12-31 0001553023 cone:WestwayParkBlvd.HoustonTXHoustonWest1Member 2018-12-31 0001553023 cone:SingaporeInterBusinessParkMember 2019-12-31 0001553023 cone:CincinnatiGoldcoastMember 2018-12-31 0001553023 cone:NorthernVirginiaSterlingIIMember 2018-12-31 0001553023 cone:StamfordCT12OmegaDriveMember 2018-12-31 0001553023 cone:SanAntonioIIMember 2018-12-31 0001553023 cone:NorthernVirginiaSterlingVIMember 2018-12-31 0001553023 cone:SanAntonioIIMember 2019-12-31 0001553023 cone:ChicagoLombardMember 2018-12-31 0001553023 cone:PhoenixChandlerIMember 2018-12-31 0001553023 cone:PhoenixChandlerVMember 2019-12-31 0001553023 cone:SanAntonioIVMember 2019-12-31 0001553023 cone:HoustonHoustonWestIIMember 2018-12-31 0001553023 cone:PhoenixChandlerIIMember 2019-12-31 0001553023 cone:CrescentCircleSouthBendINBlackthornMember 2018-12-31 0001553023 cone:LondonIMember 2019-12-31 0001553023 cone:PhoenixChandlerIIIMember 2018-12-31 0001553023 cone:ChicagoAuroraIIMember 2019-12-31 0001553023 cone:NorthernVirginiaSterlingIVMember 2019-12-31 0001553023 cone:ChicagoLombardMember 2019-12-31 0001553023 cone:NorthernVirginiaSterlingVIMember 2019-12-31 0001553023 cone:TotowaNJ50MadisonRoadMember 2018-12-31 0001553023 cone:DallasAllenMember 2018-12-31 0001553023 cone:NorthernVirginiaSterlingIIIMember 2018-12-31 0001553023 cone:ChicagoAuroraIMember 2018-12-31 0001553023 cone:SanAntonioIIIMember 2018-12-31 0001553023 cone:NorwalkIStamfordRiverbendandStamfordOmegaFacilitiesMember 2018-12-31 0001553023 cone:SomersetIMember 2019-12-31 0001553023 cone:CincinnatiOHNorthCincinnatiMember 2019-12-31 0001553023 cone:FrankfurtIMember 2019-12-31 0001553023 cone:NorthernVirginiaSterlingVIIIMember 2019-12-31 0001553023 cone:ChicagoAuroraIIMember 2018-12-31 0001553023 cone:CincinnatiHamiltonMember 2019-12-31 0001553023 cone:W.FrankfordRd.CarrolltonTXCarrolltonMember 2019-12-31 0001553023 cone:WestSeventhSt.CincinnatiOH7thStreetMember 2019-12-31 0001553023 cone:PhoenixChandlerIIIMember 2019-12-31 0001553023 cone:McAuleyPlaceBlueAshOHBlueAshMember 2019-12-31 0001553023 cone:SantaClaraIIMember 2019-12-31 0001553023 cone:NorthernVirginiaSterlingIVMember 2018-12-31 0001553023 cone:AustinIIMember 2018-12-31 0001553023 cone:WestoverHillsBlvd.SanAntonioTXSanAntonio1Member 2018-12-31 0001553023 cone:ChicagoAuroraIMember 2019-12-31 0001553023 cone:CincinnatiMasonMember 2018-12-31 0001553023 cone:StamfordRiverbendMember 2018-12-31 0001553023 cone:WappingersFallsIMember 2019-12-31 0001553023 cone:PhoenixChandlerIVMember 2018-12-31 0001553023 cone:SanAntonioIVMember 2018-12-31 0001553023 cone:RaleighDurhamIMember 2019-12-31 0001553023 cone:HoustonGalleriaMember 2019-12-31 0001553023 cone:ChicagoAuroraFacilityMember 2018-12-31 0001553023 cone:LondonIIMember 2019-12-31 0001553023 cone:PhoenixChandlerIMember 2019-12-31 0001553023 cone:PhoenixChandlerVIIMember 2019-12-31 0001553023 cone:LondonIMember 2018-12-31 0001553023 cone:E.MonroeSt.SouthBendINMonroeSt.Member 2018-12-31 0001553023 cone:WappingersFallsIMember 2018-12-31 0001553023 cone:PhoenixChandlerVIMember 2019-12-31 0001553023 cone:NorwalkIStamfordRiverbendandStamfordOmegaFacilitiesMember 2019-12-31 0001553023 cone:WestwayParkBlvd.HoustonTXHoustonWest1Member 2019-12-31 0001553023 cone:CrescentCircleSouthBendINBlackthornMember 2019-12-31 0001553023 cone:DallasAllenMember 2019-12-31 0001553023 cone:CincinnatiGoldcoastMember 2019-12-31 0001553023 cone:FrankfurtIIMember 2019-12-31 0001553023 cone:HoustonHoustonWestIIMember 2019-12-31 0001553023 cone:StamfordRiverbendMember 2019-12-31 0001553023 cone:PhoenixChandlerVIMember 2018-12-31 0001553023 cone:FrankfurtIMember 2018-12-31 0001553023 cone:NorthernVirginiaSterlingVMember 2018-12-31 0001553023 cone:LondonGreatBridgewaterMember 2019-12-31 0001553023 cone:E.MonroeSt.SouthBendINMonroeSt.Member 2019-12-31 0001553023 cone:W.FrankfordRd.CarrolltonTXCarrolltonMember 2018-12-31 0001553023 cone:LondonGreatBridgewaterMember 2018-12-31 0001553023 cone:PhoenixChandlerVMember 2018-12-31 0001553023 cone:LondonIIMember 2018-12-31 0001553023 cone:PhoenixChandlerVIIMember 2018-12-31 0001553023 cone:NorthernVirginiaSterlingVIIIMember 2018-12-31 0001553023 cone:TotowaNJ29CommerceDriveMember 2019-12-31 0001553023 cone:FrankfurtIIMember 2018-12-31 0001553023 cone:StamfordCT12OmegaDriveMember 2019-12-31 0001553023 cone:NorthernVirginiaSterlingIIIMember 2019-12-31 0001553023 cone:WestSeventhSt.CincinnatiOH7thStreetMember 2018-12-31 0001553023 cone:NorthernVirginiaSterlingIMember 2019-12-31 0001553023 cone:ChicagoAuroraFacilityMember 2019-12-31 0001553023 cone:CincinnatiHamiltonMember 2018-12-31 0001553023 cone:MetropolisDr.AustinTXAustin3Member 2019-12-31 0001553023 cone:HoustonGalleriaMember 2018-12-31 0001553023 cone:SantaClaraIIMember 2018-12-31 0001553023 cone:WestwayParkBlvd.HoustonTXHoustonWest3Member 2018-12-31 0001553023 cone:WestoverHillsBlvd.SanAntonioTXSanAntonio1Member 2019-12-31 0001553023 cone:PhoenixChandlerIVMember 2019-12-31 0001553023 cone:S.StateHighway121BusinessLewisvilleTXLewisvilleMember 2018-12-31 0001553023 cone:CincinnatiMasonMember 2019-12-31 0001553023 cone:PhoenixChandlerIIMember 2018-12-31 0001553023 cone:SomersetIMember 2018-12-31 0001553023 cone:RaleighDurhamIMember 2018-12-31 0001553023 cone:SanAntonioIIIMember 2019-12-31 0001553023 cone:SingaporeInterBusinessParkMember 2018-12-31 0001553023 cone:WestwayParkBlvd.HoustonTXHoustonWest3Member 2019-12-31 0001553023 cone:MetropolisDr.AustinTXAustin3Member 2018-12-31 0001553023 cone:NorthernVirginiaSterlingIIMember 2019-12-31 0001553023 cone:McAuleyPlaceBlueAshOHBlueAshMember 2018-12-31 0001553023 cone:NorthernVirginiaSterlingVMember 2019-12-31 0001553023 cone:AustinIIMember 2019-12-31 0001553023 cone:NorthernVirginiaSterlingIMember 2018-12-31 0001553023 cone:TotowaNJ29CommerceDriveMember 2018-12-31 0001553023 cone:TotowaNJ50MadisonRoadMember 2019-12-31 0001553023 cone:CincinnatiOHNorthCincinnatiMember 2018-12-31 0001553023 cone:IndustrialRd.FlorenceKYFlorenceMember 2018-12-31 0001553023 cone:S.StateHighway121BusinessLewisvilleTXLewisvilleMember 2019-12-31 0001553023 cone:GDSHoldingsLimitedMember 2017-10-18 2017-10-18 0001553023 cone:GDSHoldingsLimitedMember 2017-10-18 0001553023 cone:GDSHoldingsLimitedMember 2019-12-31 0001553023 cone:GDSHoldingsLimitedMember 2019-04-01 2019-04-30 0001553023 cone:ODATAMember srt:AffiliatedEntityMember 2018-10-08 0001553023 cone:ODATAColombiaMember srt:AffiliatedEntityMember 2018-10-30 0001553023 cone:GDSHoldingsLimitedMember 2019-01-01 2019-12-31 0001553023 cone:ODATAMember srt:AffiliatedEntityMember 2019-01-01 2019-12-31 0001553023 cone:AboveAndBelowMarketLeasesMember 2018-12-31 0001553023 us-gaap:LeasesAcquiredInPlaceMember 2019-01-01 2019-12-31 0001553023 us-gaap:TrademarksAndTradeNamesMember 2019-12-31 0001553023 us-gaap:TrademarksAndTradeNamesMember 2018-12-31 0001553023 us-gaap:OffMarketFavorableLeaseMember 2019-01-01 2019-12-31 0001553023 us-gaap:OffMarketFavorableLeaseMember 2018-12-31 0001553023 cone:AboveAndBelowMarketLeasesMember 2019-01-01 2019-12-31 0001553023 us-gaap:OffMarketFavorableLeaseMember 2019-12-31 0001553023 cone:AboveAndBelowMarketLeasesMember 2019-12-31 0001553023 us-gaap:CustomerRelationshipsMember 2019-01-01 2019-12-31 0001553023 us-gaap:TrademarksAndTradeNamesMember 2019-01-01 2019-12-31 0001553023 us-gaap:SeniorNotesMember 2019-12-31 0001553023 cone:RevolvingFacilityandTermLoanMember 2019-12-31 0001553023 us-gaap:RevolvingCreditFacilityMember cone:A1.1BillionRevolvingCreditFacilityMember 2017-12-31 0001553023 cone:CyrusOneLPAndCyrusOneFinanceCorpMember cone:A3.450SeniorNotesDue2029Member us-gaap:SeniorNotesMember 2019-12-05 0001553023 cone:CyrusOneLPAndCyrusOneFinanceCorpMember cone:SixPointThreeSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember us-gaap:SeniorNotesMember 2017-03-31 0001553023 us-gaap:RevolvingCreditFacilityMember cone:A3BillionCreditFacilityMember 2018-03-29 0001553023 us-gaap:RevolvingCreditFacilityMember cone:SecondAmendedandRestatedCreditAgreementMember 2018-01-01 2018-12-31 0001553023 cone:SixPointThreeSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2017-03-31 0001553023 cone:CyrusOneLPAndCyrusOneFinanceCorpMember cone:A2.900SeniorNotesDue2024Member us-gaap:SeniorNotesMember 2019-12-05 0001553023 cone:SixPointThreeSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2017-03-31 0001553023 us-gaap:RevolvingCreditFacilityMember cone:A1.7BillionCreditFacilityMember 2018-03-29 0001553023 cone:CyrusOneLPAndCyrusOneFinanceCorpMember cone:A5.000SeniorNotesDue2024Member us-gaap:SeniorNotesMember 2017-03-17 0001553023 cone:CyrusOneLPAndCyrusOneFinanceCorpMember cone:A5.000SeniorNotesDue2024Member us-gaap:SeniorNotesMember 2017-11-03 0001553023 cone:CyrusOneLPAndCyrusOneFinanceCorpMember cone:SixPointThreeSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember us-gaap:SeniorNotesMember 2017-03-01 2017-03-31 0001553023 cone:CyrusOneLPAndCyrusOneFinanceCorpMember cone:SixPointThreeSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember us-gaap:SeniorNotesMember 2012-11-20 0001553023 cone:A2.900SeniorNotesDue2024And3.450SeniorNotesDue2029Member us-gaap:SeniorNotesMember 2019-12-05 2019-12-05 0001553023 cone:A2022TermLoanMember 2017-01-01 2017-12-31 0001553023 cone:A2023TermLoanMember us-gaap:UnsecuredDebtMember 2019-04-01 2019-04-30 0001553023 currency:GBP us-gaap:LondonInterbankOfferedRateLIBORMember 2019-12-31 0001553023 us-gaap:RevolvingCreditFacilityMember cone:A3BillionCreditFacilityMember 2019-12-31 0001553023 cone:A2023TermLoanMember us-gaap:UnsecuredDebtMember 2018-03-31 0001553023 cone:A2025TermLoanMember 2018-03-29 2018-03-29 0001553023 cone:A2023TermLoanMember 2018-03-29 2018-03-29 0001553023 us-gaap:RevolvingCreditFacilityMember cone:A1.7BillionCreditFacilityMember 2019-01-01 2019-12-31 0001553023 cone:A2BillionCreditFacilityMember 2017-12-31 0001553023 cone:A2025TermLoanMember us-gaap:UnsecuredDebtMember 2018-03-29 0001553023 currency:USD us-gaap:LondonInterbankOfferedRateLIBORMember 2019-12-31 0001553023 cone:A2021TermLoanMember 2017-01-01 2017-12-31 0001553023 cone:A5.000SeniorNotesDue2024and5.375SeniorNotesDue2027Member us-gaap:SeniorNotesMember 2017-03-17 2017-03-17 0001553023 cone:A3BillionCreditFacilityMember 2018-03-29 0001553023 cone:A2023TermLoanMember us-gaap:UnsecuredDebtMember 2019-12-31 0001553023 cone:CyrusOneLPAndCyrusOneFinanceCorpMember cone:A5.375SeniorNotesDue2027Member us-gaap:SeniorNotesMember 2017-03-17 0001553023 cone:A2023TermLoanMember us-gaap:UnsecuredDebtMember 2018-08-31 0001553023 cone:A2025TermLoanMember us-gaap:UnsecuredDebtMember 2019-12-31 0001553023 cone:A2023TermLoanMember us-gaap:UnsecuredDebtMember 2018-03-29 0001553023 us-gaap:RevolvingCreditFacilityMember cone:A2BillionCreditFacilityMember 2017-12-31 0001553023 cone:A2022TermLoanMember us-gaap:UnsecuredDebtMember 2017-12-31 0001553023 us-gaap:UnsecuredDebtMember 2018-08-31 0001553023 cone:SixPointThreeSevenFivePercentSeniorNotesDueTwoThousandTwentyTwoMember us-gaap:SeniorNotesMember 2019-12-05 2019-12-05 0001553023 us-gaap:RevolvingCreditFacilityMember cone:SecondAmendedandRestatedCreditAgreementMember 2017-01-01 2017-12-31 0001553023 us-gaap:RevolvingCreditFacilityMember cone:SecondAmendedandRestatedCreditAgreementMember 2019-01-01 2019-12-31 0001553023 cone:A5.000SeniorNotesDue2024and5.375SeniorNotesDue2027Member us-gaap:SeniorNotesMember 2017-11-03 0001553023 us-gaap:RevolvingCreditFacilityMember cone:A2BillionCreditFacilityMember 2017-01-01 2017-12-31 0001553023 cone:A2021TermLoanMember us-gaap:UnsecuredDebtMember 2017-12-31 0001553023 us-gaap:RevolvingCreditFacilityMember cone:A1.7BillionCreditFacilityMember 2019-12-31 0001553023 cone:CyrusOneLPAndCyrusOneFinanceCorpMember cone:A5.375SeniorNotesDue2027Member us-gaap:SeniorNotesMember 2017-11-03 0001553023 cone:A5.000SeniorNotesDue2024and5.375SeniorNotesDue2027Member us-gaap:SeniorNotesMember 2017-11-03 2017-11-03 0001553023 us-gaap:RevolvingCreditFacilityMember cone:A1.7BillionCreditFacilityMember 2018-08-31 0001553023 cone:EURConstructionFacilityMember 2018-08-31 0001553023 us-gaap:RevolvingCreditFacilityMember cone:A1.1BillionRevolvingCreditFacilityMember 2019-12-31 0001553023 cone:A3.450SeniorNotesDue2029Member us-gaap:SeniorNotesMember 2019-12-31 0001553023 cone:A2.900SeniorNotesDue2024Member us-gaap:SeniorNotesMember 2019-12-31 0001553023 cone:A5.000SeniorNotesDue2024Member us-gaap:SeniorNotesMember 2018-12-31 0001553023 us-gaap:RevolvingCreditFacilityMember cone:EURRevolverMember 2018-12-31 0001553023 us-gaap:RevolvingCreditFacilityMember cone:USRevolverMember 2019-12-31 0001553023 cone:A2.900SeniorNotesDue2024Member us-gaap:SeniorNotesMember 2018-12-31 0001553023 cone:A5.375SeniorNotesDue2027Member us-gaap:SeniorNotesMember 2019-12-31 0001553023 cone:A2025TermLoanMember us-gaap:UnsecuredDebtMember 2018-12-31 0001553023 cone:A2023TermLoanMember us-gaap:UnsecuredDebtMember 2018-12-31 0001553023 cone:A5.000SeniorNotesDue2024Member us-gaap:SeniorNotesMember 2019-12-31 0001553023 us-gaap:RevolvingCreditFacilityMember cone:USRevolverMember 2018-12-31 0001553023 cone:A3.450SeniorNotesDue2029Member us-gaap:SeniorNotesMember 2018-12-31 0001553023 cone:A5.375SeniorNotesDue2027Member us-gaap:SeniorNotesMember 2018-12-31 0001553023 us-gaap:RevolvingCreditFacilityMember cone:GBPRevolverMember 2019-12-31 0001553023 us-gaap:RevolvingCreditFacilityMember cone:EURRevolverMember 2019-12-31 0001553023 us-gaap:RevolvingCreditFacilityMember cone:GBPRevolverMember 2018-12-31 0001553023 cone:A2023TermLoanMember us-gaap:UnsecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-12-31 0001553023 us-gaap:RevolvingCreditFacilityMember cone:USRevolverMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-12-31 0001553023 us-gaap:RevolvingCreditFacilityMember cone:GBPRevolverMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-12-31 0001553023 us-gaap:RevolvingCreditFacilityMember cone:EURRevolverMember cone:EURIBORMember 2019-01-01 2019-12-31 0001553023 cone:A2025TermLoanMember us-gaap:UnsecuredDebtMember us-gaap:LondonInterbankOfferedRateLIBORMember 2019-01-01 2019-12-31 0001553023 us-gaap:RevolvingCreditFacilityMember cone:A1.7BillionCreditFacilityMember 2019-01-01 2019-09-30 0001553023 cone:A2023TermLoanMember us-gaap:UnsecuredDebtMember 2018-03-29 2018-03-29 0001553023 cone:EURConstructionFacilityMember 2018-08-01 2018-08-31 0001553023 us-gaap:RevolvingCreditFacilityMember cone:A1.7BillionCreditFacilityMember 2018-03-29 2018-03-29 0001553023 us-gaap:OtherAssetsMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001553023 us-gaap:OtherAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001553023 us-gaap:OtherAssetsMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001553023 us-gaap:OtherLiabilitiesMember us-gaap:CurrencySwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001553023 us-gaap:OtherLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001553023 us-gaap:OtherAssetsMember us-gaap:InterestRateSwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001553023 us-gaap:OtherLiabilitiesMember us-gaap:CurrencySwapMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001553023 us-gaap:OtherLiabilitiesMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001553023 cone:MaturityDate5Member us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001553023 cone:MaturityDate6Member us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001553023 cone:MaturityDate1Member us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NondesignatedMember 2018-12-31 0001553023 cone:MaturityDate1Member us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NondesignatedMember 2019-12-31 0001553023 cone:MaturityDate2Member us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NondesignatedMember 2019-12-31 0001553023 cone:MaturityDate6Member us-gaap:InterestRateSwapMember us-gaap:CashFlowHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001553023 cone:MaturityDate4Member us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001553023 cone:MaturityDate2Member us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NondesignatedMember 2018-12-31 0001553023 cone:MaturityDate5Member us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001553023 cone:MaturityDate3Member us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2018-12-31 0001553023 cone:MaturityDate4Member us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001553023 cone:MaturityDate3Member us-gaap:CrossCurrencyInterestRateContractMember us-gaap:NetInvestmentHedgingMember us-gaap:DesignatedAsHedgingInstrumentMember 2019-12-31 0001553023 cone:A2.900SeniorNotesDue2024Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001553023 cone:A2.900SeniorNotesDue2024Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001553023 cone:A5.375SeniorNotesDue2027Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001553023 cone:GDSHoldingsLimitedMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2018-12-31 0001553023 cone:A3.450SeniorNotesDue2029Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001553023 cone:A3.450SeniorNotesDue2029Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2018-12-31 0001553023 cone:A5.375SeniorNotesDue2027Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2018-12-31 0001553023 cone:A5.375SeniorNotesDue2027Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2018-12-31 0001553023 cone:A5.000SeniorNotesDue2024Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001553023 cone:A3.450SeniorNotesDue2029Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2018-12-31 0001553023 cone:GDSHoldingsLimitedMember us-gaap:EstimateOfFairValueFairValueDisclosureMember 2019-12-31 0001553023 cone:A5.000SeniorNotesDue2024Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2018-12-31 0001553023 cone:A5.000SeniorNotesDue2024Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2018-12-31 0001553023 cone:A2.900SeniorNotesDue2024Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2018-12-31 0001553023 cone:A5.375SeniorNotesDue2027Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001553023 cone:A3.450SeniorNotesDue2029Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001553023 cone:A2.900SeniorNotesDue2024Member us-gaap:EstimateOfFairValueFairValueDisclosureMember us-gaap:SeniorNotesMember 2018-12-31 0001553023 cone:GDSHoldingsLimitedMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2018-12-31 0001553023 cone:GDSHoldingsLimitedMember us-gaap:CarryingReportedAmountFairValueDisclosureMember 2019-12-31 0001553023 cone:A5.000SeniorNotesDue2024Member us-gaap:CarryingReportedAmountFairValueDisclosureMember us-gaap:SeniorNotesMember 2019-12-31 0001553023 cone:MaturingMarch2023Member us-gaap:CrossCurrencyInterestRateContractMember cone:TermLoanMember 2019-12-31 0001553023 us-gaap:InterestRateSwapMember cone:TermLoanMember 2019-09-03 0001553023 cone:MaturingJanuary2020Member us-gaap:CrossCurrencyInterestRateContractMember cone:TermLoanMember 2019-12-31 0001553023 us-gaap:CrossCurrencyInterestRateContractMember 2018-01-01 2018-12-31 0001553023 us-gaap:CrossCurrencyInterestRateContractMember 2019-01-01 2019-12-31 0001553023 cone:MorganStanleyCoLLCMember us-gaap:OverAllotmentOptionMember 2018-12-28 2018-12-28 0001553023 cone:PublicStockOfferingMember 2018-09-28 2018-09-28 0001553023 us-gaap:OverAllotmentOptionMember 2018-09-28 2018-09-28 0001553023 us-gaap:RestrictedStockMember 2017-01-01 2017-12-31 0001553023 cone:ForwardSaleAgreementMember 2019-11-20 0001553023 us-gaap:EmployeeStockOptionMember 2017-01-01 2017-12-31 0001553023 cone:ForwardSaleAgreementMember 2019-11-20 2019-11-20 0001553023 2018-04-13 2018-04-13 0001553023 2019-01-11 2019-01-11 0001553023 2018-07-13 2018-07-13 0001553023 2019-07-12 2019-07-12 0001553023 2018-10-12 2018-10-12 0001553023 2019-04-12 2019-04-12 0001553023 us-gaap:SubsequentEventMember 2020-01-10 2020-01-10 0001553023 2019-10-11 2019-10-11 0001553023 srt:ScenarioForecastMember 2020-02-19 2020-02-19 0001553023 cone:A2018ATMStockOfferingProgramMember 2018-03-31 0001553023 cone:New2018ATMStockOfferingProgramMember 2019-01-01 2019-12-31 0001553023 cone:New2018ATMStockOfferingProgramMember 2018-12-31 0001553023 cone:New2018ATMStockOfferingProgramMember 2019-12-31 0001553023 us-gaap:RestrictedStockMember 2018-12-31 0001553023 us-gaap:RestrictedStockMember 2019-01-01 2019-12-31 0001553023 us-gaap:RestrictedStockMember 2019-12-31 0001553023 us-gaap:RestrictedStockUnitsRSUMember 2019-01-01 2019-12-31 0001553023 us-gaap:RestrictedStockUnitsRSUMember 2019-12-31 0001553023 us-gaap:RestrictedStockUnitsRSUMember 2018-12-31 0001553023 cone:TwoThousandEighteenMember 2018-01-01 2018-12-31 0001553023 cone:TwoThousandSixteenMember 2018-01-01 2018-12-31 0001553023 cone:TwoThousandFifteenMember 2018-01-01 2018-12-31 0001553023 cone:TwoThousandSixteenMember 2019-01-01 2019-12-31 0001553023 cone:TwoThousandEighteenMember 2019-01-01 2019-12-31 0001553023 cone:TwoThousandFourteenMember 2017-01-01 2017-12-31 0001553023 cone:TwoThousandNineteenMember 2018-01-01 2018-12-31 0001553023 cone:TwoThousandSeventeenMember 2017-01-01 2017-12-31 0001553023 cone:TwoThousandNineteenMember 2017-01-01 2017-12-31 0001553023 cone:TwoThousandFifteenMember 2017-01-01 2017-12-31 0001553023 cone:TwoThousandFifteenMember 2019-01-01 2019-12-31 0001553023 cone:TwoThousandSeventeenMember 2018-01-01 2018-12-31 0001553023 cone:TwoThousandNineteenMember 2019-01-01 2019-12-31 0001553023 cone:TwoThousandSeventeenMember 2019-01-01 2019-12-31 0001553023 cone:TwoThousandFourteenMember 2019-01-01 2019-12-31 0001553023 cone:TwoThousandEighteenMember 2017-01-01 2017-12-31 0001553023 cone:TwoThousandSixteenMember 2017-01-01 2017-12-31 0001553023 cone:TwoThousandFourteenMember 2018-01-01 2018-12-31 0001553023 cone:MarketBasedAwardsMember cone:IfCyrusOnestotalstockholderreturnexceedsthereturnoftheIndexby2Member 2019-01-01 2019-12-31 0001553023 cone:TwoThousandSixteenMember us-gaap:EmployeeStockOptionMember 2016-02-01 2016-02-01 0001553023 cone:TwoThousandSeventeenMember cone:TimeBasedRestrictedStockUnitsandRestrictedStockMember 2017-02-13 2017-02-13 0001553023 srt:MinimumMember cone:MarketBasedAwardsMember 2019-01-01 2019-12-31 0001553023 cone:TwoThousandFourteenMember us-gaap:RestrictedStockMember 2014-01-01 2014-12-31 0001553023 cone:TwoThousandSeventeenMember cone:MarketBasedAwardsMember 2017-02-13 2017-02-13 0001553023 cone:TwoThousandNineteenMember 2019-12-31 0001553023 cone:TwoThousandFourteenMember 2014-12-31 0001553023 cone:MarketBasedAwardsMember cone:IfCyrusOnestotalstockholderreturnisequaltoorgreaterthanthereturnoftheIndexMember 2019-01-01 2019-12-31 0001553023 cone:TwoThousandEighteenMember cone:MarketBasedAwardsMember 2018-02-26 2018-02-26 0001553023 cone:TwoThousandFifteenMember cone:PerformanceandMarketBasedAwardsMember 2015-02-10 2015-02-10 0001553023 cone:TwoThousandSixteenMember us-gaap:RestrictedStockMember 2016-01-01 2016-12-31 0001553023 cone:MarketBasedAwardsMember cone:IfCyrusOnestotalstockholderreturnexceedsthereturnoftheIndexbutisnegativeMember 2019-01-01 2019-12-31 0001553023 cone:TwoThousandSixteenMember cone:TimePerformanceandMarketBasedAwardsRestrictedStockMember 2016-02-01 2016-02-01 0001553023 cone:TwoThousandFourteenMember us-gaap:RestrictedStockMember cone:CliffVestingMember 2014-01-01 2014-12-31 0001553023 cone:TwoThousandSixteenMember cone:MarketBasedAwardsMember 2016-02-01 2016-02-01 0001553023 cone:TwoThousandFifteenMember us-gaap:PerformanceSharesMember 2015-01-01 2015-12-31 0001553023 cone:TwoThousandSixteenMember cone:PerformanceandMarketBasedAwardsMember 2016-02-01 2016-02-01 0001553023 cone:TwoThousandTwelveLongTermIncentivePlanMember 2019-12-31 0001553023 cone:TwoThousandSixteenMember 2016-12-31 0001553023 cone:TwoThousandEighteenMember 2018-12-31 0001553023 cone:TwoThousandFifteenMember 2015-12-31 0001553023 srt:MaximumMember cone:MarketBasedAwardsMember 2019-01-01 2019-12-31 0001553023 cone:TwoThousandSixteenMember cone:TimeandPerformanceBasedRestrictedStockMember 2016-02-01 2016-02-01 0001553023 cone:TwoThousandSeventeenMember 2017-12-31 0001553023 cone:TwoThousandFourteenMember us-gaap:RestrictedStockMember 2014-12-31 0001553023 cone:TwoThousandNineteenMember cone:RestrictedStockUnitsTimeBasedMember 2019-01-01 2019-12-31 0001553023 cone:TwoThousandFifteenMember cone:PerformanceandMarketBasedAwardsMember 2019-01-01 2019-12-31 0001553023 cone:TwoThousandEighteenMember cone:TimeBasedRestrictedStockUnitsandRestrictedStockMember 2018-02-26 2018-02-26 0001553023 cone:TwoThousandNineteenMember us-gaap:RestrictedStockMember 2019-02-21 2019-02-21 0001553023 cone:TwoThousandFourteenMember us-gaap:PerformanceSharesMember cone:Atorabove115ofEBITDATargetMember 2014-02-07 2014-02-07 0001553023 cone:TwoThousandFifteenMember cone:TimeBasedRestrictedStockUnitsandRestrictedStockMember 2015-02-10 2015-02-10 0001553023 cone:TwoThousandFourteenMember us-gaap:PerformanceSharesMember cone:At100ofEBITDATargetMember 2014-02-07 2014-02-07 0001553023 cone:TwoThousandSeventeenMember us-gaap:RestrictedStockMember 2017-02-13 2017-02-13 0001553023 cone:TwoThousandSeventeenMember cone:RestrictedStockUnitsTimeBasedMember 2017-01-01 2017-12-31 0001553023 cone:TwoThousandSixteenMember us-gaap:RestrictedStockMember 2016-02-01 2016-02-01 0001553023 cone:TwoThousandFifteenMember us-gaap:RestrictedStockMember 2015-01-01 2015-12-31 0001553023 cone:TwoThousandNineteenMember cone:TimeBasedRestrictedStockUnitsandRestrictedStockMember 2019-02-21 2019-02-21 0001553023 cone:TwoThousandEighteenMember us-gaap:RestrictedStockMember 2018-02-26 2018-02-26 0001553023 cone:TwoThousandSixteenMember us-gaap:RestrictedStockMember cone:CliffVestingMember 2016-01-01 2016-12-31 0001553023 cone:RestrictedStockUnitsTimeBasedMember 2019-01-01 2019-12-31 0001553023 cone:TwoThousandEighteenMember cone:RestrictedStockUnitsTimeBasedMember 2018-01-01 2018-12-31 0001553023 cone:TwoThousandEighteenMember 2019-12-31 0001553023 cone:TwoThousandNineteenMember cone:RestrictedStockUnitsTimeBasedMember 2019-02-21 2019-02-21 0001553023 cone:TwoThousandNineteenMember cone:MarketBasedAwardsMember 2019-02-21 2019-02-21 0001553023 cone:TwoThousandFourteenMember us-gaap:PerformanceSharesMember cone:Below90ofEBITDATargetMember 2014-02-07 2014-02-07 0001553023 cone:TwoThousandSeventeenMember 2019-12-31 0001553023 cone:TwoThousandFourteenMember us-gaap:PerformanceSharesMember cone:At90ofEBITDATargetMember 2014-02-07 2014-02-07 0001553023 cone:TwoThousandFifteenMember us-gaap:RestrictedStockMember 2015-02-10 2015-02-10 0001553023 cone:TwoThousandFourteenMember us-gaap:PerformanceSharesMember 2014-02-07 2014-02-07 0001553023 cone:TwoThousandFourteenMember 2019-12-31 0001553023 cone:MarketBasedAwardsMember 2019-01-01 2019-12-31 0001553023 cone:TwoThousandSeventeenMember cone:RestrictedStockUnitsTimeBasedMember 2017-02-13 2017-02-13 0001553023 cone:MarketBasedAwardsMember cone:IfCyrusOnestotalstockholderreturnislessthanthereturnoftheIndexMember 2019-01-01 2019-12-31 0001553023 cone:TwoThousandSixteenMember 2019-12-31 0001553023 cone:TwoThousandFifteenMember 2019-12-31 0001553023 cone:TwoThousandFourteenMember cone:MarketBasedAwardsMember 2014-02-07 2014-02-07 0001553023 cone:TwoThousandFifteenMember cone:PerformanceandMarketBasedAwardsMember 2016-02-01 2016-02-01 0001553023 cone:TwoThousandEighteenMember cone:RestrictedStockUnitsTimeBasedMember 2018-02-26 2018-02-26 0001553023 cone:ExercisePriceRangeTenMember 2018-01-01 2018-12-31 0001553023 cone:ExercisePriceRangeThirteenMember 2018-12-31 0001553023 cone:ExercisePriceRangeTenMember 2019-12-31 0001553023 cone:ExercisePriceRangeTwelveMember 2017-12-31 0001553023 cone:ExercisePriceRangeTwelveMember 2019-12-31 0001553023 cone:ExercisePriceRangeElevenMember 2018-12-31 0001553023 cone:ExercisePriceRangeThirteenMember 2019-12-31 0001553023 cone:ExercisePriceRangeElevenMember 2018-01-01 2018-12-31 0001553023 cone:ExercisePriceRangeThirteenMember 2018-01-01 2018-12-31 0001553023 cone:ExercisePriceRangeThirteenMember 2017-12-31 0001553023 cone:ExercisePriceRangeTenMember 2017-12-31 0001553023 cone:ExercisePriceRangeTenMember 2017-01-01 2017-12-31 0001553023 cone:ExercisePriceRangeTenMember 2019-01-01 2019-12-31 0001553023 cone:ExercisePriceRangeTwelveMember 2018-12-31 0001553023 cone:ExercisePriceRangeThirteenMember 2019-01-01 2019-12-31 0001553023 cone:ExercisePriceRangeTwelveMember 2018-01-01 2018-12-31 0001553023 cone:ExercisePriceRangeTenMember 2018-12-31 0001553023 cone:ExercisePriceRangeThirteenMember 2017-01-01 2017-12-31 0001553023 cone:ExercisePriceRangeElevenMember 2017-12-31 0001553023 cone:ExercisePriceRangeElevenMember 2019-12-31 0001553023 cone:ExercisePriceRangeTwelveMember 2019-01-01 2019-12-31 0001553023 cone:ExercisePriceRangeTwelveMember 2017-01-01 2017-12-31 0001553023 cone:ExercisePriceRangeElevenMember 2017-01-01 2017-12-31 0001553023 cone:ExercisePriceRangeElevenMember 2019-01-01 2019-12-31 0001553023 cone:TwoThousandFifteenMember us-gaap:EmployeeStockOptionMember 2015-02-10 2015-02-10 0001553023 cone:TwoThousandSixteenMember cone:RestrictedStockUnitsTimeBasedMember cone:CliffVestingMember 2016-01-01 2016-12-31 0001553023 cone:TwoThousandSixteenMember us-gaap:RestrictedStockMember cone:CliffVestingMember 2016-02-01 2016-02-01 0001553023 cone:TwoThousandThirteenMember us-gaap:PerformanceSharesMember 2013-04-17 2013-04-17 0001553023 cone:TwoThousandFifteenMember us-gaap:PerformanceSharesMember cone:CliffVestingMember 2015-01-01 2015-12-31 0001553023 srt:MinimumMember cone:ExercisePriceRangeThirteenMember 2017-01-01 2017-12-31 0001553023 srt:MinimumMember cone:ExercisePriceRangeThirteenMember 2018-01-01 2018-12-31 0001553023 srt:MaximumMember cone:ExercisePriceRangeTwelveMember 2019-01-01 2019-12-31 0001553023 srt:MaximumMember cone:ExercisePriceRangeElevenMember 2017-01-01 2017-12-31 0001553023 srt:MinimumMember cone:ExercisePriceRangeElevenMember 2018-01-01 2018-12-31 0001553023 srt:MaximumMember cone:ExercisePriceRangeElevenMember 2018-01-01 2018-12-31 0001553023 srt:MaximumMember cone:ExercisePriceRangeTwelveMember 2018-01-01 2018-12-31 0001553023 srt:MinimumMember cone:ExercisePriceRangeThirteenMember 2019-01-01 2019-12-31 0001553023 srt:MaximumMember cone:ExercisePriceRangeTwelveMember 2017-01-01 2017-12-31 0001553023 srt:MinimumMember cone:ExercisePriceRangeElevenMember 2017-01-01 2017-12-31 0001553023 srt:MinimumMember cone:ExercisePriceRangeElevenMember 2019-01-01 2019-12-31 0001553023 srt:MaximumMember cone:ExercisePriceRangeThirteenMember 2018-01-01 2018-12-31 0001553023 srt:MinimumMember cone:ExercisePriceRangeTwelveMember 2018-01-01 2018-12-31 0001553023 srt:MinimumMember cone:ExercisePriceRangeTwelveMember 2019-01-01 2019-12-31 0001553023 srt:MinimumMember cone:ExercisePriceRangeTwelveMember 2017-01-01 2017-12-31 0001553023 srt:MaximumMember cone:ExercisePriceRangeThirteenMember 2017-01-01 2017-12-31 0001553023 srt:MaximumMember cone:ExercisePriceRangeElevenMember 2019-01-01 2019-12-31 0001553023 srt:MaximumMember cone:ExercisePriceRangeThirteenMember 2019-01-01 2019-12-31 0001553023 cone:GDSHoldingsLimitedMember us-gaap:InvesteeMember 2018-01-01 2018-12-31 0001553023 cone:GDSHoldingsLimitedMember us-gaap:InvesteeMember 2019-01-01 2019-12-31 0001553023 cone:DataCenterFacilitiesAndEquipmentMember 2019-01-01 2019-12-31 0001553023 cone:LondonUKMember 2019-12-31 0001553023 cone:ServicesMember 2019-01-01 2019-12-31 0001553023 srt:MaximumMember cone:DataCenterFacilitiesAndEquipmentMember 2019-01-01 2019-12-31 0001553023 srt:MaximumMember cone:ServicesMember 2019-01-01 2019-12-31 0001553023 cone:LondonUKMember us-gaap:LandMember 2019-12-31 0001553023 us-gaap:PerformanceGuaranteeMember 2019-12-31 0001553023 us-gaap:PerformanceGuaranteeMember 2018-12-31 0001553023 srt:MinimumMember cone:ServicesMember 2019-01-01 2019-12-31 0001553023 srt:MinimumMember cone:DataCenterFacilitiesAndEquipmentMember 2019-01-01 2019-12-31 0001553023 srt:ConsolidationEliminationsMember 2018-12-31 0001553023 us-gaap:GeneralPartnerMember 2018-12-31 0001553023 cone:FinanceCoIssuerMember 2018-12-31 0001553023 cone:LPCoIssuerMember 2018-12-31 0001553023 srt:NonGuarantorSubsidiariesMember 2018-12-31 0001553023 srt:ParentCompanyMember 2018-12-31 0001553023 srt:GuarantorSubsidiariesMember 2018-12-31 0001553023 cone:LPCoIssuerMember 2019-12-31 0001553023 cone:GuarantorAndNonGuarantorSubsidiariesMember 2019-12-31 0001553023 us-gaap:GeneralPartnerMember 2019-12-31 0001553023 cone:FinanceCoIssuerMember 2019-12-31 0001553023 srt:ParentCompanyMember 2019-12-31 0001553023 srt:ConsolidationEliminationsMember 2019-12-31 0001553023 srt:ParentCompanyMember 2017-01-01 2017-12-31 0001553023 srt:ConsolidationEliminationsMember 2017-01-01 2017-12-31 0001553023 srt:NonGuarantorSubsidiariesMember 2017-01-01 2017-12-31 0001553023 srt:GuarantorSubsidiariesMember 2017-01-01 2017-12-31 0001553023 cone:FinanceCoIssuerMember 2017-01-01 2017-12-31 0001553023 us-gaap:GeneralPartnerMember 2016-12-31 0001553023 cone:LPCoIssuerMember 2017-01-01 2017-12-31 0001553023 us-gaap:GeneralPartnerMember 2017-01-01 2017-12-31 0001553023 cone:FinanceCoIssuerMember 2017-12-31 0001553023 cone:FinanceCoIssuerMember 2016-12-31 0001553023 cone:LPCoIssuerMember 2016-12-31 0001553023 srt:ConsolidationEliminationsMember 2016-12-31 0001553023 srt:GuarantorSubsidiariesMember 2016-12-31 0001553023 srt:NonGuarantorSubsidiariesMember 2017-12-31 0001553023 us-gaap:GeneralPartnerMember 2017-12-31 0001553023 srt:NonGuarantorSubsidiariesMember 2016-12-31 0001553023 cone:LPCoIssuerMember 2017-12-31 0001553023 srt:GuarantorSubsidiariesMember 2017-12-31 0001553023 srt:ParentCompanyMember 2017-12-31 0001553023 srt:ConsolidationEliminationsMember 2017-12-31 0001553023 srt:ParentCompanyMember 2016-12-31 0001553023 srt:GuarantorSubsidiariesMember 2019-01-01 2019-12-31 0001553023 us-gaap:GeneralPartnerMember 2019-01-01 2019-12-31 0001553023 srt:ConsolidationEliminationsMember 2019-01-01 2019-12-31 0001553023 cone:FinanceCoIssuerMember 2019-01-01 2019-12-31 0001553023 srt:ParentCompanyMember 2019-01-01 2019-12-31 0001553023 cone:LPCoIssuerMember 2019-01-01 2019-12-31 0001553023 cone:GuarantorAndNonGuarantorSubsidiariesMember 2019-01-01 2019-12-31 0001553023 cone:GuarantorAndNonGuarantorSubsidiariesMember 2018-12-31 0001553023 srt:GuarantorSubsidiariesMember 2018-01-01 2018-12-31 0001553023 srt:ConsolidationEliminationsMember 2018-01-01 2018-12-31 0001553023 us-gaap:GeneralPartnerMember 2018-01-01 2018-12-31 0001553023 cone:LPCoIssuerMember 2018-01-01 2018-12-31 0001553023 srt:ParentCompanyMember 2018-01-01 2018-12-31 0001553023 srt:NonGuarantorSubsidiariesMember 2018-01-01 2018-12-31 0001553023 cone:FinanceCoIssuerMember 2018-01-01 2018-12-31 0001553023 2018-01-01 2018-03-31 0001553023 2019-01-01 2019-03-31 0001553023 2018-07-01 2018-09-30 0001553023 2019-04-01 2019-06-30 0001553023 2018-10-01 2018-12-31 0001553023 2019-07-01 2019-09-30 0001553023 2019-10-01 2019-12-31 0001553023 2018-04-01 2018-06-30 0001553023 cone:A1.450SeniorNotesdue2027Member us-gaap:SeniorNotesMember us-gaap:SubsequentEventMember 2020-01-22 0001553023 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2018-12-31 0001553023 us-gaap:AllowanceForCreditLossMember 2017-12-31 0001553023 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2016-12-31 0001553023 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2019-12-31 0001553023 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2018-01-01 2018-12-31 0001553023 us-gaap:AllowanceForCreditLossMember 2018-01-01 2018-12-31 0001553023 us-gaap:AllowanceForCreditLossMember 2018-12-31 0001553023 us-gaap:AllowanceForCreditLossMember 2017-01-01 2017-12-31 0001553023 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2019-01-01 2019-12-31 0001553023 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2017-01-01 2017-12-31 0001553023 us-gaap:AllowanceForCreditLossMember 2019-01-01 2019-12-31 0001553023 us-gaap:ValuationAllowanceOfDeferredTaxAssetsMember 2017-12-31 0001553023 us-gaap:AllowanceForCreditLossMember 2019-12-31 0001553023 us-gaap:AllowanceForCreditLossMember 2016-12-31 iso4217:GBP iso4217:USD xbrli:shares iso4217:USD xbrli:pure cone:recovery_center xbrli:shares cone:data_center cone:facility utreg:sqft utreg:acre cone:segment utreg:MW cone:lease iso4217:EUR cone:tranche
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
 
 FORM 10-K
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2019

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period  ___________ to ____________          

Commission File Number: 001-35789

 
CyrusOne Inc.
(Exact name of registrant as specified in its charter)
Maryland
 
46-0691837
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification No.)
2850 N. Harwood Street, Suite 2200, Dallas, TX 75201
(Address of Principal Executive Offices) (Zip Code)
(972) 350-0060
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol
Name of Each Exchange on Which Registered
Common Stock, $.01 par value
CONE
NASDAQ
Securities registered pursuant to Section 12 (g) of the Act: None.
 

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.  
Yes ý   No ¨
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. 
Yes ¨   No ý
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    
Yes ý   No ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    
Yes ý   No ¨



Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).
Yes    No ý
The aggregate market value of the Common Stock owned by non-affiliates on June 30, 2019, was $6.5 billion, computed by reference to the closing sale price of the Common Stock on the NASDAQ Global Select Market on such date.
There were 114,848,445 shares of Common Stock outstanding as of February 14, 2020.
 
Portions of the definitive proxy statement relating to the Company’s 2020 Annual Meeting of Shareholders are incorporated by reference into Part III of this report to the extent described herein.






EXPLANATORY NOTE

Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” “our Company” or “the Company” refer to CyrusOne Inc., a Maryland corporation, together with its consolidated subsidiaries, including CyrusOne LP, a Maryland limited partnership. Unless otherwise    indicated or unless the context requires otherwise, all references to “our operating partnership” or “the operating partnership” refer to CyrusOne LP together with its consolidated subsidiaries.

CyrusOne Inc. is a real estate investment trust, or REIT, whose only material asset is its ownership of operating partnership units of CyrusOne LP. CyrusOne Inc. does not conduct business itself, other than acting as the sole beneficial owner and trustee of CyrusOne GP, a Maryland statutory trust, issuing public equity from time to time and guaranteeing certain debt of CyrusOne LP and certain of its subsidiaries. CyrusOne Inc., directly or indirectly, owns all the operating partnership units of CyrusOne LP and has the full, exclusive and complete responsibility for the operating partnership's day-to-day management and control. CyrusOne Inc. itself does not issue any indebtedness but guarantees the debt of CyrusOne LP and certain of its subsidiaries, as disclosed in this report. CyrusOne LP and its subsidiaries hold substantially all the assets of the Company. CyrusOne LP conducts the operations of the business, along with its subsidiaries, and is structured as a partnership with no publicly traded equity. Except for net proceeds from public equity issuances by CyrusOne Inc., which are generally contributed to CyrusOne LP in exchange for operating partnership units, CyrusOne LP generates the capital required for the Company's business through CyrusOne LP's operations and incurrence of indebtedness.

As of December 31, 2019, the total number of outstanding shares of our common stock was approximately 114.8 million.
 

3



TABLE OF CONTENTS
 
PART I
 
 
 
 
ITEM 1.
 
 
 
ITEM 1A.
 
 
 
ITEM 1B.
 
 
 
ITEM 2.
 
 
 
ITEM 3.
 
 
 
ITEM 4.
 
 
PART II
 
 
 
 
ITEM 5.
 
 
 
ITEM 6.
 
 
 
ITEM 7.
 
 
 
ITEM 7A.
 
 
 
ITEM 8.
 
 
 
ITEM 9.
 
 
 
ITEM 9A.
 
 
 
ITEM 9B.
 
 
PART III
 
 
 
 
ITEM 10.
 
 
 
ITEM 11.
 
 
 
ITEM 12.
 
 
 
ITEM 13.
 
 
 
ITEM 14.
 
 
PART IV
 
 
 
 
ITEM 15.
 
 
 
ITEM 16.
 
 

4



SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
This Annual Report on Form 10-K (“Form 10-K”), together with other statements and information publicly disseminated by our company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions.
In particular, statements pertaining to our capital resources, portfolio performance, financial condition and results of operations contain certain forward-looking statements. Likewise, all of our statements regarding anticipated growth in our funds from operations and anticipated market conditions, demographics and results of operations are forward-looking statements. You can identify forward-looking statements by the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “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. You can also identify forward-looking statements by discussions of strategy, plans or intentions.
Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Forward-looking statements depend on assumptions, data or methods that may be incorrect or imprecise and we may not be able to realize them. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those anticipated, estimated or projected.
The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements:
loss of key customers;
economic downturn, natural disaster or oversupply of data centers in the geographic areas that we serve;
risks related to the development of our properties including, without limitation, obtaining applicable permits, power and connectivity, and our ability to successfully lease those properties;
weakening in the fundamentals for data center real estate, including but not limited to, decreases in or slowed growth of global data, e-commerce and demand for outsourcing of data storage and cloud-based applications;
loss of access to key third-party service providers and suppliers;
risks of loss of power or cooling which may interrupt our services to our customers;
inability to identify and complete acquisitions and operate acquired properties, including those acquired in the acquisition of Zenium Topco Ltd. and certain other affiliated entities ("Zenium");
our failure to obtain necessary outside financing on favorable terms, or at all;
restrictions in the instruments governing our indebtedness;
risks related to environmental matters;
unknown or contingent liabilities related to our acquisitions;
significant competition in our industry;
loss of key personnel;
risks associated with real estate assets and the industry;
failure to maintain our status as a REIT or to comply with the highly technical and complex REIT provisions of the Internal Revenue Code of 1986, as amended (the "Code");
REIT distribution requirements could adversely affect our ability to execute our business plan;
insufficient cash available for distribution to stockholders;
future offerings of debt may adversely affect the market price of our common stock;
increases in market interest rates will increase our borrowing costs and may drive potential investors to seek higher dividend yields and reduce demand for our common stock;
market price and volume of stock could be volatile;

5



risks related to regulatory changes impacting our customers and demand for colocation space in particular geographies;
international activities, including those now conducted as a result of the Zenium acquisition and land acquisitions, are subject to special risks different from those faced by us in the United States;
the significant uncertainty that remains about the future relationship between the United Kingdom and the European Union as a result of the United Kingdom’s withdrawal from the European Union;
expanded and widened price increases in certain selective materials for data center development capital expenditures due to international trade negotiations;
failure to comply with anti-corruption laws and regulations;
legislative or other actions relating to taxes; and
other factors affecting the real estate and technology industries generally.
While forward-looking statements reflect our good faith beliefs, they are not guarantees of future performance. For a further discussion of these and other factors that could impact our future results, performance or transactions, see the section entitled “Risk Factors”. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. We disclaim any obligation other than as required by law to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors or for new information, data or methods, future events or other changes.



6



PART I
ITEM 1.    BUSINESS
The Company
We are a fully integrated, self-managed data center real estate investment trust ("REIT") that owns, operates and develops enterprise-class, carrier-neutral, multi-tenant and single-tenant data center properties. Founded in 2001, CyrusOne Inc. successfully completed an initial public offering and began trading on the NASDAQ Exchange on January 18, 2013. Our data centers are generally purpose-built facilities with redundant power and cooling. They are not network specific and enable customer connectivity to a range of telecommunication carriers. We provide mission-critical data center facilities that protect and ensure the continued operation of information technology ("IT") infrastructure for approximately 1,000 customers in 49 data centers, including two recovery centers, in the United States, United Kingdom, Germany and Singapore.

The following diagram depicts our ownership structure as of December 31, 2019:
https://cdn.kscope.io/c77d6f77356666c9eb8a53e175c10030-coneownership123118a0a09.jpg

7



Our Business
We provide mission-critical data center real estate assets that protect and ensure the continued operation of IT infrastructure for our customers. We provide twenty-four hours-a-day, seven-days-a-week security guard monitoring with customizable security features. Our goal is to be the preferred global data center provider to the Fortune 1000, including the largest enterprises and providers of cloud services. As of December 31, 2019, our customers included 204 of the Fortune 1000, or other companies of equivalent size, representing approximately 77% of our annualized rent as of December 31, 2019.

Data centers are highly specialized and secure real estate assets that serve as centralized deployments of server, storage and network equipment. They are designed to provide the space, power, cooling and network connectivity necessary to efficiently operate mission-critical IT equipment. Telecommunications carriers typically provide network access into a data center through optical fiber. The demand for data center infrastructure is being driven by many factors, but most importantly by significant growth in data and increased demand for data processing and storage infrastructure. The market for data center facilities includes established “traditional” enterprises that are web-enabling their applications and business processes, as well as cloud-centric companies with sophisticated technology requirements.

We cultivate long-term strategic relationships with our customers and provide them with solutions for their data center facilities and IT infrastructure requirements. The Company provides high-quality colocation with robust connectivity and the flexibility for customers to scale for future growth. Our offerings provide flexibility, reliability and security delivered through a tailored, customer service focused platform that is designed to foster long-term relationships. We focus on technology and large cloud computing customers that are expanding their data needs rapidly in the public and private cloud environments to provide them with solutions that address their current and future needs. Our facilities and construction design allow us to offer flexibility in density and power resiliency, and the opportunity for expansion as our customers' needs grow. The Company's network of 49 owned or leased data centers and investments with other colocation providers, enable us to provide our customers with solutions in America, Europe and Asia. The platform enables high-performance, low-cost data transfer and accessibility for customers.

As a full-service provider of data center solutions, our primary revenue sources consist of colocation rent and power reimbursements from the lease of our data centers and services or products we provide to our customers including managed services, equipment sales, installation and other services. Colocation leases may include all or portions of a data center, where customers may also lease office space to support their colocation operations. Revenue is primarily based on power usage as well as square footage. Managed services are provided in certain contracts pursuant to contracts ranging from one to five years and include monitoring computer equipment, managing backups and storage, utilization reporting and other related ancillary information technology services using our equipment. Equipment sales, where title transfers to the customer, typically consist of servers, switches, networking equipment, cable infrastructure, cabinets and other miscellaneous technology communication equipment typically installed in our colocation facilities. Other services are generally one-time services and include installation of customer equipment, including products we sell to our tenants, performing customer system reboots, server cabinet and cage management, power monitoring, shipping and receiving, resolving technical issues, and other hands-on service requested by the customer.

Our Competitive Strengths

Our ability to attract and retain the world’s largest customers is attributed to the following competitive strengths, which distinguish us from other data center operators and enable us to continue to grow our operations.
High Quality Customer Base. The high quality of our assets, combined with our reputation for serving the needs of large enterprises and cloud companies, has enabled us to focus on the Fortune 1000, or other companies of equivalent size, to build a quality customer base. We currently have over 1,000 customers from a broad spectrum of industries. Our revenue is generated by an enterprise customer base, as evidenced by the fact that as of December 31, 2019, 77% of our annualized rent comes from the Fortune 1000 or other companies of equivalent size. We serve a diversity of industries, including information technology, financial services, energy, oil and gas, mining, medical, research and consulting services, and consumer goods and services.
For the year ended December 31, 2019, Microsoft Corporation represented 21% of our revenue.
Strategically Located Portfolio. Our portfolio is located in several domestic and international markets possessing attractive characteristics for enterprise-focused data center operations. We have domestic properties in seven of the largest metropolitan areas in the U.S. (Northern Virginia, New York, Chicago, Houston, Phoenix, San Antonio and Dallas) and five of the largest metropolitan areas for Fortune 500 headquarters (New York, Houston, Dallas, Chicago and Cincinnati). We also have six properties in international markets including three in London, two in Frankfurt and one in Singapore. We have data centers under construction in Santa Clara, California, as well as Dublin, the Republic of Ireland and Amsterdam, The Netherlands. We believe cities with large populations or a large number of corporate headquarters are likely to produce incremental demand for IT infrastructure. In addition, being located

8



close to our current and potential customers provides chief information officers ("CIOs") with additional confidence when outsourcing their data center infrastructure to us.
Modern, High Quality, Flexible Facilities. Our portfolio includes highly efficient, reliable facilities with flexibility to customize customer solutions and accessibility to hundreds of connectivity providers. To optimize the delivery of power, our properties include modern engineering technologies designed to minimize unnecessary power usage and, in our newest facilities, we are able to provide power utilization efficiency ratios that we believe to be among the best in the multi-tenant data center industry. Fortune 1000 CIOs are frequently dividing their application stacks into various groups as some applications require 100% availability, while others may require significant power to support complex computing, or robust connectivity. Our facility design enables us to deliver different power densities and resiliencies to the same customer footprint, allowing customers to tailor solutions to meet their application needs. In addition, the National IX Platform, discussed below, provides access to hundreds of telecommunication and Internet carriers.
Massively Modular® Construction Methods. Our Massively Modular® data center design principles allow us to efficiently stage construction on a large scale and deliver critical power and colocation square feet (CSF) in a timeframe that we believe is one of the best in the industry. We acquire or build a large powered shell capable of scaling with our customers’ power and colocation space needs. Once the building shell is ready, we can build individual data center halls in portions of the building space to meet the needs of customers on a modular basis. This modular data center hall construction can be completed in 12 to 16 weeks to meet our customers’ immediate needs. This short construction timeframe ensures a very high utilization of the assets and minimizes the time between our capital investment and the recognition of customer revenue, favorably impacting our return on investment while also translating into lower costs for our customers. Our design principles also allow us to add incremental equipment to increase power densities as our customers’ power needs increase, which provides our customers with a significant amount of flexibility to manage their IT demands. We believe this Massively Modular® approach allows us to respond to rapidly evolving customer needs, to commit capital toward the highest return projects and to develop state-of-the-art data center facilities.
Significant Leasing Capability. Our focus on the customer, our ability to scale with their needs, and our operational excellence provide us with embedded future growth from our customer base. During 2019, we signed new leases representing $104.9 million in annualized revenue, with previously existing customers accounting for approximately 75% of this amount. Since December 31, 2018, we have increased our CSF by approximately 346,000 square feet or 9%, while maintaining a high percentage of CSF utilized of 85% and 88% as of December 31, 2019 and 2018, respectively.
Significant, Attractive Expansion Opportunities. As of December 31, 2019, we had 1.9 million net rentable square feet (NRSF) of powered shell available for future development and approximately 499 acres of land that are available for future data center facility development, consisting of 476 acres in US markets and 23 in Europe. The powered shell available for future development in locations that are part of our domestic portfolio consist of approximately 572,000 NRSF in the Northeast (Raleigh-Durham, Northern Virginia and New York Metro), 909,000 NRSF in the Southwest (Texas and Phoenix) and 439,000 NRSF in the Midwest (Chicago and Cincinnati). Our current development properties and available acreage were selected based on extensive site selection criteria and the collective industry knowledge and experience of our management team, with a focus on markets with a strong presence of and high demand by Fortune 1000 companies and providers of cloud services. As a result, we believe that our development portfolio contains properties that are located in markets with attractive supply and demand conditions and that possess suitable physical characteristics to support data center infrastructure.
Differentiated Reputation for Service. We believe that the decision CIOs make to outsource their data center infrastructure has material implications for their businesses and, as such, CIOs look to third-party data center providers that have a reputation for serving similar organizations and that are able to deliver a customized solution. We take a consultative approach to understanding the unique requirements of our customers, and our design principles allow us to deliver a customized data center solution to match their needs. We believe that this approach has helped fuel our growth. Our current customers are also often the source of new contracts, with referrals being an important source of new customers.
Experienced Management Team. Our management team is comprised of individuals drawing on diverse knowledge and skill sets acquired through extensive experiences in the real estate, REITs, telecommunications, technology and mission-critical infrastructure industries.

Balance Sheet Positioned to Fund Continued Growth. As of December 31, 2019, we had $1,153.2 million in available liquidity, including $1,076.8 million in borrowing capacity under our $3.0 billion unsecured credit facility. The credit facility consists of a $1.7 billion revolving credit facility ("$1.7 Billion Revolving Credit Facility"), which includes a $750.0 million multicurrency borrowing sublimit, a 5-year term loan with commitments totaling $1.0 billion ("2023 Term Loan") and a $300.0 million 7-year term loan ("2025 Term Loan") (collectively, the "$3.0 Billion Credit Facility"). The $3.0 Billion Credit Facility also includes an accordion feature providing for an aggregate increase in the revolving and term loan components to $3.8 billion, subject to certain conditions. We believe that we are appropriately capitalized with sufficient financial flexibility and capacity to fund our anticipated growth.

9



Experienced Sales Force with Robust Partner Channel. We have an experienced sales force with a particular expertise in selling to large enterprises and providers of cloud services, which can require extensive consultation and drive long sales cycles as these enterprises make the initial outsourcing decision. As of December 31, 2019, we had 49 sales-related employees. We believe the depth, knowledge, and experience of our sales team differentiates us from other data center companies, and we are not as dependent on brokers to identify and acquire customers as some other companies in the industry. To complement our direct sales efforts, we have developed a robust network of partners, including value added resellers, systems integrators and hosting providers.
Business and Growth Strategies
Our objective is to grow our revenue and earnings, and maximize stockholder returns and cash flow, by continuing to expand our data center infrastructure outsourcing business.
Increasing Revenue from Existing Customers and Properties. We have historically generated a significant portion of our revenue growth from our existing customers. We will continue to target our existing customers because we believe that many have significant data center infrastructure needs that have not yet been outsourced, and many will require additional data center space and power to support their growth and their increasing reliance on technology infrastructure in their operations. To address new demand, as of December 31, 2019, we have approximately 1.7 million NRSF currently available for lease. We also have approximately 1.7 million NRSF under development, as well as 1.9 million NRSF of additional powered shell space under roof available for future development and approximately 499 acres of land that are available for future data center facility development.
Attracting and Retaining New Customers. Increasingly, enterprises are beginning to recognize the complexities of managing data center infrastructure in the midst of rapid technological development and innovation. We believe that these complexities, brought about by the rapidly increasing levels of Internet traffic and data, private and public cloud adoption, obsolete existing corporate data center infrastructure, increased power and cooling requirements and increased regulatory requirements, are all driving the need for companies to outsource their data center facility requirements. Consequently, this will significantly increase the percentage of companies that use third-party data center colocation services over the next several years. We believe that our high-quality assets and reputation for serving cloud providers and large enterprises have been, and will be, key differentiators for us in attracting customers that are outsourcing their data center infrastructure needs.
We acquire customers through a variety of channels. We have historically managed our sales process through a direct-to-the-customer model but also utilize third-party leasing agents and indirect leasing channels to expand our universe of potential new customers. Over the past few years, we have developed a robust network of partners in our indirect leasing channels, including value added resellers, systems integrators and hosting providers. These channels, in combination with our marketing strategies, have enabled us to build both a strong brand and outreach program to new customers. Throughout the life cycle of a customer’s lease with us, we maintain a disciplined approach to monitoring their experience, with the goal of providing the highest level of customer service. This personal attention fosters a strong relationship and trust with our customers, which lead to future growth and leasing renewals.
Expanding into New Markets. Our expansion strategy focuses on acquiring and developing new data centers, both domestically and internationally, in markets where our customers are located and in markets with a strong presence of and high demand by Fortune 1000 customers and providers of cloud services. We conduct extensive analysis to ensure an identified market displays strong data center fundamentals, independent of the demand presented by any particular customer. In addition, we consider markets where our existing customers want us to be located. We regularly meet with our customers to understand their business strategies and potential data center needs. We believe that this approach, combined with our Massively Modular® construction design, reduces the risk associated with expansion into new markets because it provides strong visibility into our leasing opportunities and helps to ensure targeted returns on new developments. When considering a new market, we take a disciplined approach in evaluating potential business, property and site acquisitions, including a site’s geographic attributes, availability of telecommunications and connectivity providers, access to power, and expected costs for development.
Growing Interconnection Business. Our National IX Platform delivers interconnection across states and between metro-enabled sites within the CyrusOne facility footprint and beyond. The platform enables high-performance, low-cost data transfer and accessibility for our customers seeking to connect between CyrusOne facilities, from CyrusOne to their own private data center facility, or with one another via private peering, cross connects and/or public switching environments. Interconnection within a facility or on the National IX Platform allows our customers to share information and conduct commerce in a highly efficient manner not requiring a third-party intermediary, and at a fraction of the cost normally required to establish such a connection between two enterprises. The demand for interconnection creates additional rental and revenue growth opportunities for us, and we believe that customer interconnections increase our likelihood of customer retention by providing an environment not easily replicated by competitors. We act as a trusted neutral party that enterprises, carriers and content companies utilize to connect to each other.



10



Our Portfolio
We own and operate 49 data centers, including two recovery centers, totaling 7.1 million NRSF; 85% of the CSF is leased and includes 797 megawatts ("MW") of power capacity. This includes 13 buildings where the Company leases such facilities. We are lessee of approximately 13% of our total operating NRSF as of December 31, 2019. Also included in our total NRSF, CSF and MW are pre-stabilized assets (which include data halls that have been in service for less than 24 months and are less than 85% leased) that have approximately 315,125 NRSF, 28% of the CSF is leased with capacity of 30 MW of power.
In addition, we have properties under development comprising approximately 1.7 million NRSF and 92 MW of power capacity. The estimated total costs to develop these properties is between $544.0 million and $634.0 million. The final cost to develop could change depending on the capital improvements required based on the lease contracts executed on such properties. We also have 499 acres of land available for future data center development. The following tables provide an overview of our operating and development properties as of December 31, 2019.

11



CyrusOne Inc.
Data Center Portfolio
As of December 31, 2019
(unaudited)
 
 
 
Operating Net Rentable Square Feet (NRSF)(a)
Powered
Shell 
Available
for Future 
Development
(NRSF)
(k)  (000)
Available Critical Load Capacity
 (MW)
(l)
Stabilized Properties(b)
Metro
Area
Annualized Rent(c) ($000)
Colocation Space (CSF)(d) (000)
CSF Occupied(e)
CSF
Leased
(f)
Office & Other(g) (000)
Office & Other Occupied(h)
Supporting
Infrastructure
(i) (000)
Total(j)  (000)
Dallas - Carrollton
Dallas
$
84,063

379

81
%
81
%
82

46
%
133

595


56

Northern Virginia - Sterling V
Northern Virginia
60,046

383

86
%
93
%
11

100
%
145

539

64

66

Northern Virginia - Sterling VI
Northern Virginia
47,424

272

88
%
91
%
35

%

307


57

Northern Virginia - Sterling II
Northern Virginia
35,498

159

100
%
100
%
9

100
%
55

223


30

San Antonio III
San Antonio
32,733

132

100
%
100
%
9

100
%
43

184


24

Somerset I
New York Metro
31,991

108

81
%
81
%
27

99
%
89

224

186

16

Chicago - Aurora I
Chicago
31,445

113

98
%
98
%
34

100
%
223

371

27

71

Cincinnati - 7th Street***
Cincinnati
31,285

197

65
%
65
%
6

61
%
175

378

46

16

Houston - Houston West I
Houston
28,687

112

75
%
75
%
11

100
%
37

161

3

28

Totowa - Madison**
New York Metro
26,656

51

87
%
87
%
22

89
%
59

133


6

Dallas - Lewisville*
Dallas
26,527

114

81
%
81
%
11

63
%
54

180


21

Cincinnati - North Cincinnati
Cincinnati
24,910

65

99
%
99
%
45

79
%
53

163

65

14

Phoenix - Chandler VI
Phoenix
24,778

148

100
%
100
%
6

100
%
32

187

279

24

Frankfurt I
Frankfurt
22,280

53

97
%
97
%
8

91
%
57

118


18

Houston - Houston West II
Houston
21,190

80

75
%
75
%
4

88
%
55

139

11

12

Austin III
Austin
20,811

62

69
%
69
%
15

98
%
21

98

67

9

San Antonio I
San Antonio
20,258

44

99
%
99
%
6

83
%
46

96

11

12

Phoenix - Chandler II
Phoenix
20,145

74

100
%
100
%
6

53
%
26

105


12

Wappingers Falls I**
New York Metro
19,962

37

65
%
65
%
20

87
%
15

72


3

Phoenix - Chandler I
Phoenix
19,927

74

100
%
100
%
35

12
%
39

147

31

16

Northern Virginia - Sterling III
Northern Virginia
19,444

79

100
%
100
%
7

100
%
34

120


15

Phoenix - Chandler III
Phoenix
19,194

68

100
%
100
%
2

%
30

101


14

Northern Virginia - Sterling I
Northern Virginia
17,956

78

100
%
100
%
6

69
%
49

132


12

Raleigh-Durham I
Raleigh-Durham
17,945

83

88
%
95
%
13

93
%
82

178

235

15

Northern Virginia - Sterling IV
Northern Virginia
15,742

81

100
%
100
%
7

100
%
34

122


15

Frankfurt II
Frankfurt
15,616

90

100
%
100
%
9

100
%
72

171

10

35

San Antonio II
San Antonio
14,631

64

100
%
100
%
11

100
%
41

117


12

Austin II
Austin
14,621

44

89
%
92
%
2

100
%
22

68


5

Phoenix - Chandler V
Phoenix
14,025

72

100
%
100
%
1

95
%
16

89

94

12

Houston - Galleria
Houston
13,994

63

48
%
48
%
23

40
%
25

112


14

Florence
Cincinnati
13,661

53

99
%
99
%
47

87
%
40

140


9

London I*
London
12,083

30

100
%
100
%
12

56
%
58

100

9

12

Phoenix - Chandler IV
Phoenix
11,570

73

100
%
100
%
3

100
%
27

103


12

Cincinnati - Hamilton*
Cincinnati
11,104

47

73
%
73
%
1

100
%
35

83


10

San Antonio IV
San Antonio
10,823

60

100
%
100
%
12

100
%
27

99


12

London II*
London
9,989

64

100
%
100
%
10

100
%
93

166

4

21

Houston - Houston West III
Houston
6,947

53

41
%
42
%
10

100
%
32

95

209

6

London - Great Bridgewater**
London
6,808

10

96
%
96
%

%
1

11


1

Stamford - Riverbend**
New York Metro
6,053

20

23
%
23
%

%
8

28


2

Cincinnati - Mason
Cincinnati
5,212

34

100
%
100
%
26

98
%
17

78


4

Chicago - Aurora II (DH #1)
Chicago
4,760

77

47
%
49
%
45

%
14

136

272

16

Norwalk I**
New York Metro
4,692

13

100
%
100
%
4

65
%
41

58

87

2

Chicago - Lombard
Chicago
2,414

14

64
%
64
%
4

45
%
12

30

29

3

Stamford - Omega**
New York Metro
1,234


%
%
19

79
%
4

22




12



CyrusOne Inc.
Data Center Portfolio
As of December 31, 2019
(Unaudited)

 
 
 
Operating Net Rentable Square Feet (NRSF)(a)
Powered
Shell 
Available
for Future 
Development
(NRSF)
(k)  (000)
Available Critical Load Capacity
 (MW)
(l)
 
Metro
Area
Annualized Rent(c) ($000)
Colocation Space (CSF)(d) (000)
CSF Occupied(e)
CSF
Leased
(f)
Office & Other(g) (000)
Office & Other Occupied(h)
Supporting
Infrastructure
(i) (000)
Total(j)  (000)
Totowa - Commerce**
New York Metro
$
666


%
%
20

44
%
6

26



Cincinnati - Blue Ash*
Cincinnati
633

6

36
%
36
%
7

100
%
2

15


1

Singapore - Inter Business Park**
Singapore
368

3

20
%
20
%

%

3


1

Stabilized Properties - Total
 
$
902,801

3,937

87
%
88
%
705

66
%
$
2,178

6,820

1,739

767

Pre-Stabilized Properties(b)
 
 
 
 
 
 
 
 
 
 
 
Northern Virginia - Sterling VIII
Northern Virginia
8,805

61

37
%
37
%
4

%
25

90


6

Dallas - Carrollton (DH #7)
Dallas
4,100

48

38
%
57
%

%

48


6

Dallas - Allen (DH #1)
Dallas
1,056

79

9
%
9
%

%
58

137

204

6

London II* -(DH #3)
London

17

%
%

%
$

17


7

London I* -(DH #1)
London

8

%
%

%

8


3

Somerset I (DH #14)
New York Metro

16

%
40
%

%

16


2

All Properties - Total
 
$
916,763

4,165

83
%
85
%
709

66
%
2,261

7,135

1,942

797


*
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 is 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 Cincinnati - 7th Street property includes data for two facilities, one of which we lease and one of which we own.    

(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)
Stabilized properties include data halls that have been in service for at least 24 months or are at least 85% leased. Pre-stabilized properties include data halls that have been in service for less than 24 months and are less than 85% leased.
(c)
Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of December 31, 2019 multiplied by 12. For the month of December 2019, customer reimbursements were $137.6 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 January 1, 2018 through December 31, 2019, customer reimbursements under leases with separately metered power constituted between 11.6% and 19.4% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of December 31, 2019 was $906.7 million. Our annualized effective rent was lower than our annualized rent as of December 31, 2019 because our negative straight-line and other adjustments and amortization of deferred revenue exceeded our positive straight-line adjustments due to factors such as the timing of contractual rent escalations and customer payments for services.
(d)
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.
(e)
Percent occupied is determined based on CSF billed to customers under signed leases as of December 31, 2019 divided by total CSF. Leases signed but that have not commenced billing as of December 31, 2019 are not included.
(f)
Percent leased is calculated by dividing CSF under signed leases for colocation space (whether or not the lease has commenced billing) by total CSF.
(g)
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.
(h)
Percent occupied is determined based on Office & Other space being billed to customers under signed leases as of December 31, 2019 divided by total Office & Other space. Leases signed but not commenced as of December 31, 2019 are not included.
(i)
Represents infrastructure support space, including mechanical, telecommunications and utility rooms, as well as building common areas.
(j)
Represents the NRSF at an operating facility that is currently leased or readily available for lease. This excludes existing vacant space held for development.
(k)
Represents space that is under roof that could be developed in the future for operating NRSF, rounded to the nearest 1,000.
(l)
Critical load capacity represents the aggregate power available for lease and exclusive use by customers 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.











13



CyrusOne Inc.
NRSF Under Development
As of December 31, 2019
(Dollars in millions)
(unaudited)

 
 
 
NRSF Under Development(a)
 
Under Development Costs(b)
Facilities
Metropolitan
Area
Estimated Completion Date
Colocation Space
(CSF) (000)
Office & Other (000)
Supporting
Infrastructure (000)
Powered  Shell(c) (000)
Total (000)
Critical Load MW Capacity(d)
Actual to
Date(e)
Estimated 
Costs to
Completion(f)
Total
Northern Virginia - Sterling IX
Northern Virginia
1Q'20



307

307


$
46

$41-50
 $87-96
Amsterdam I
Amsterdam
1Q'20
39

28

40

194

301

4.0

56

9-20
 65-76
Northern Virginia - Sterling VIII
Northern Virginia
2Q'20
61




61

24.0

43

 65-77
 108-120
London III
London
2Q'20
20

2

45

20

87

6.0

19

 22-27
 41-46
Raleigh-Durham I
Raleigh-Durham
2Q'20
11

3



14

2.0

1

9-11
10-12
Frankfurt III
Frankfurt
3Q'20
101

9

109

39

258

35.0

28

 155-175
 183-203
Northern Virginia - Sterling VII
Northern Virginia
3Q'20



167

167


27

 64-73
 91-100
San Antonio V
San Antonio
3Q'20
67

7

21

105

199

9.0

21

 65-74
 86-95
Council Bluffs I
Council Bluffs, IA
3Q'20
42

14

18

42

115

6.0

1

 59-65
 60-66
Dublin I
Dublin
4Q'20
39

10

33

113

195

6.0

12

 55-62
 67-74
Total
 
 
380

73

265

985

1,704

92.0

$
254

$544-634
$798-888

(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. May not sum to total due to rounding.
(b)
London development costs are GBP-denominated and shown as USD-equivalent using exchange rate of 1.32. Frankfurt and Amsterdam development costs are EUR-denominated and shown as USD-equivalent using exchange rate of 1.12 as of December 31, 2019.
(c)
Represents NRSF under construction that, upon completion, will be powered shell available for future development into operating NRSF.
(d)
Critical load capacity represents the aggregate power available for lease and exclusive use by customers 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.
(e)
Actual to date is the cash investment as of December 31, 2019. There may be accruals above this amount for work completed, for which cash has not yet been paid.
(f)
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.



14



Customer Diversification

Our portfolio is currently leased to approximately 1,000 customers, many of which are leading global companies. The following table sets forth information regarding the 20 largest customers, including their affiliates, in our portfolio based on annualized rent as of December 31, 2019:
CyrusOne Inc.
Customer Sector Diversification(a) 
As of December 31, 2019
(unaudited)
 
 
Principal Customer Industry
Number of
Locations
Annualized
Rent
(b) (000)
Percentage of
Portfolio
Annualized
Rent
(c)
Weighted
Average
Remaining
Lease Term in
Months
(d)
1
Information Technology
11

$
188,006

20.5
%
99.6

2
Information Technology
11

58,852

6.4
%
30.9

3
Information Technology
5

54,674

6.0
%
55.5

4
Information Technology
7

35,175

3.8
%
51.4

5
Information Technology
7

33,659

3.7
%
41.4

6
Information Technology
6

20,186

2.2
%
34.2

7
Financial Services
1

19,486

2.1
%
135.0

8
Healthcare
2

15,442

1.7
%
96.0

9
Research and Consulting Services
3

15,435

1.7
%
24.8

10
Information Technology
4

14,236

1.6
%
44.6

11
Industrials
5

11,182

1.2
%
8.2

12
Telecommunication Services
2

9,966

1.1
%
21.4

13
Information Technology
3

9,954

1.1
%
54.9

14
Financial Services
2

9,795

1.1
%
47.0

15
Telecommunication Services
8

9,637

1.0
%
13.5

16
Consumer Staples
3

9,230

1.0
%
13.9

17
Information Technology
4

8,735

1.0
%
98.7

18
Telecommunication Services
1

8,131

0.9
%
94.3

19
Information Technology
1

7,726

0.8
%
12.0

20
Financial Services
1

6,600

0.7
%
5.0

 
 
 
$
546,108

59.5
%
65.8

 

(a)
Customers and their affiliates are consolidated.
(b)
Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of December 31, 2019, multiplied by 12. For the month of December 2019, customer reimbursements were $137.6 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 January 1, 2018 through December 31, 2019, customer reimbursements under leases with separately metered power constituted between 11.6% and 19.4% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of December 31, 2019 was $906.7 million. Our annualized effective rent was greater than our annualized rent as of December 31, 2019 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 December 31, 2019, which was approximately $916.8 million.
(d)
Weighted average based on customer’s percentage of total annualized rent expiring and is as of December 31, 2019, 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.

15



Lease Distribution

The following table sets forth information relating to the distribution of customer leases in the properties in our portfolio, based on NRSF under lease as of December 31, 2019:
CyrusOne Inc.
Lease Distribution
As of December 31, 2019
(unaudited)

NRSF Under Lease(a)
Number of
Customers(b)
Percentage of
All Customers
Total
Leased
NRSF(c) (000)
Percentage of
Portfolio
Leased NRSF
Annualized
Rent(d) (000)
Percentage of
Annualized Rent
0-999
639

67
%
136

3
%
$
82,219

9
%
1,000-2,499
120

13
%
185

3
%
45,014

5
%
2,500-4,999
72

7
%
253

5
%
47,890

5
%
5,000-9,999
48

5
%
342

6
%
55,093

6
%
10,000+
78

8
%
4,563

83
%
686,547

75
%
Total
957

100
%
5,480

100
%
$
916,763

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 December 31, 2019. 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 December 31, 2019, multiplied by 12. For the month of December 2019, customer reimbursements were $137.6 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 January 1, 2018 through December 31, 2019, customer reimbursements under leases with separately metered power constituted between 11.6% and 19.4% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of December 31, 2019 was $906.7 million. Our annualized effective rent was greater than our annualized rent as of December 31, 2019 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.



16



Lease Expiration

The following table sets forth a summary schedule of the customer lease expirations for leases in place as of December 31, 2019, plus available space, for each of the 10 full calendar years beginning January 1, 2020, at the properties in our portfolio.
CyrusOne Inc.
Lease Expirations
As of December 31, 2019
(unaudited)
 
Year(a)
Number of
Leases
Expiring
(b)
Total Operating
NRSF Expiring (000)
Percentage of
Total NRSF
Annualized
Rent
(c) (000)
Percentage of
Annualized Rent
Annualized Rent
at Expiration
(d) (000)
Percentage of
Annualized Rent at  Expiration
Available
 
1,655

23
%
 
 
 
 
Month-to-Month
894

63

1
%
$
24,380

3
%
$
24,455

2
%
2020
2,831

763

11
%
136,872

15
%
137,902

14
%
2021
2,219

679

9
%
142,498

16
%
146,488

15
%
2022
1,529

603

8
%
105,752

11
%
111,609

11
%
2023
387

732

10
%
113,445

12
%
135,415

14
%
2024
227

488

7
%
89,120

10
%
101,475

10
%
2025
62

201

3
%
30,374

3
%
34,261

3
%
2026
46

623

9
%
94,092

10
%
101,536

10
%
2027
25

480

7
%
81,591

9
%
90,469

9
%
2028
17

277

4
%
31,446

3
%
36,783

4
%
2029
7

83

1
%
6,154

1
%
8,771

1
%
2030 - Thereafter
18

487

7
%
61,039

7
%
70,840

7
%
Total
8,262

7,135

100
%
$
916,763

100
%
$
1,000,004

100
%

 
(a)
Leases that were auto-renewed prior to December 31, 2019 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 December 31, 2019, multiplied by 12. For the month of December 2019, customer reimbursements were $137.6 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 January 1, 2018 through December 31, 2019, customer reimbursements under leases with separately metered power constituted between 11.6% and 19.4% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of December 31, 2019 was $906.7 million. Our annualized effective rent was greater than our annualized rent as of December 31, 2019 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 December 31, 2019, multiplied by 12.
    

17



Regulation
General
Properties in our markets are subject to various laws, ordinances and regulations, including regulations relating to common areas. In addition to the regulations described below, we are subject to various federal, state and local regulations, such as state and local fire and life safety regulations. We believe that each of our properties has, or is expected to have when required, the necessary permits and approvals for us to operate our business.
Americans With Disabilities Act
Our properties must comply with Title III of the Americans with Disabilities Act of 1990, or the ADA, to the extent that such properties are “public accommodations” as defined by the ADA. The ADA may require removal of structural barriers to access by persons with disabilities in certain public areas of our properties where such removal is readily achievable. We believe that our properties are in substantial compliance with the ADA and that we will not be required to make substantial capital expenditures to address the requirements of the ADA. However, noncompliance with the ADA could result in imposition of fines or an award of damages to private litigants. The obligation to make readily achievable accommodations is an ongoing one, and we will continue to assess our properties and to make alterations as appropriate in this respect.
Environmental Matters
We are subject to laws and regulations relating to the protection of the environment, the storage, management and disposal of hazardous materials, emissions to air and discharges to water, the cleanup of contaminated sites and health and safety matters. These include various regulations promulgated by the Environmental Protection Agency and other federal, state, and local regulatory agencies and legislative bodies relating to our operations, including those involving power generators, batteries, and fuel storage to support co-location infrastructure. While we believe that our operations are in substantial compliance with environmental, health, and human safety laws and regulations, as an owner or operator of property and in connection with the current and historical use of hazardous materials and other operations at its sites, we could incur significant costs, including fines, penalties and other sanctions, cleanup costs and third-party claims for property damages or personal injuries, as a result of violations of or liabilities under environmental laws and regulations. Fuel storage tanks are present at many of our properties, and if releases were to occur, we may be liable for the costs of cleaning up resulting contamination. Some of our sites also have a history of previous commercial operations, including past underground storage tanks.     

Some of the properties may contain asbestos-containing building materials. Environmental laws require that asbestos-containing building materials be properly managed and maintained and may impose fines and penalties on building owners or operators for failure to comply with these requirements. 

Environmental consultants have conducted Phase I or similar non-intrusive environmental site assessments on recently acquired properties and, if appropriate, additional environmental inquiries and assessments. Nonetheless, we may acquire or develop sites in the future with unknown environmental conditions from historical operations. Although we are not aware of any sites at which we currently have material remedial obligations, the imposition of remedial obligations as a result of spill or the discovery of contaminants in the future could result in significant additional costs to us.

Our operations also require us to obtain permits and/or other governmental approvals and to develop response plans in connection with the use of our generators or other operations. These requirements could restrict our operations or delay the development of data centers in the future. In addition, from time to time, federal, state or local government regulators enact new or revise existing legislation or regulations that could affect us, either beneficially or adversely. As a result, we could incur significant costs in complying with environmental laws or regulations that are promulgated in the future.
Insurance
We carry comprehensive liability, fire, extended coverage, business interruption and rental loss insurance covering all of the properties in our portfolio under a blanket policy. In the opinion of our management, our policy specifications, limits and insurance carriers are appropriate given the relative risk of loss, the cost of coverage and industry practice. We cannot provide any assurance that the business interruption or property insurance we have will cover all losses that we may experience, that the insurance carrier will be solvent, that rates will remain commercially reasonable, that insurance carriers will not cancel our policies, or that the insurance carriers will pay all claims made by us. Certain circumstances, such as acts of war, are generally uninsurable under our policies. See also “Risk Factors-Risks Related to Our Business and Operations." Any losses to our properties that are not covered by insurance, or that exceed our policy coverage limits, could adversely affect our business, financial condition and results of operations.


18



Competition
We compete with numerous developers, owners and operators of technology-related real estate, many of which own properties similar to ours in the same markets in which our properties are located. If our competitors offer space at rental rates below current market rates or below the rental rates we currently charge our customers, or if our competitors offer space that tenants perceive to be superior to ours (based on factors such as available power, security considerations, location or connectivity), we may lose potential customers and we may be pressured to reduce our rental rates below those we currently charge in order to retain customers when our customers’ leases expire or incur costs to improve our properties. In addition, our customers have the option of building their own data center space which can also place pressure on our rental rates.
As a developer of data center space and provider of interconnection services, we also compete for the services of key third-party providers of services, including engineers and contractors with expertise in the development of data centers. There is competition for the services of specialized contractors and other third-party providers required for the development of data centers, increasing the cost of engaging such providers and the risk of delays in completing our development projects.

In addition, we face competition from real estate developers in our sector and in other industries for the acquisition of additional properties suitable for the development of data centers. Such competition may reduce the number of properties available for acquisition, increase the price of these properties and reduce the demand for data center space in the markets we seek to serve.
Employees
As of December 31, 2019, we employ approximately 452 persons, including 52 international employees. None of thes