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CyrusOne Inc.

$CONE
$90.36
Капитализция: $11.9B
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О компании

Инвестиционный фонд недвижимости, оперирующий полностью интегрированными самоуправляемыми центрами обработки данных. Ему принадлежат центры обработки данных корпоративного класса, сдаваемые в аренду одному или нескольким клиентам. Центры обработки данных располагаются в специально показать больше
спроектированных помещениях, оборудованных резервными источниками питания и охлаждения. Они не привязаны к одной сети, благодаря чему клиент может пользоваться услугами различных телекоммуникационных компаний. Компания располагает 49 центрами обработки данных, включая два центра восстановления данных, в Соединенных Штатах, Великобритании, Германии и Сингапуре. Эти ЦОД обеспечивают защиту ИТ инфраструктуры и ее непрерывное функционирование для решения критически важных задач примерно тысячи клиентов.
CyrusOne (NASDAQ: CONE) is a premier global REIT specializing in design, construction and operation of more than 50 high-performance data centers worldwide. The Company provides mission-critical facilities that ensure the continued operation of IT infrastructure for approximately 1,000 customers, including approximately 200 Fortune 1000 companies. A leader in hybrid-cloud and multi-cloud deployments, CyrusOne offers colocation, hyperscale, and build-to-suit environments that help customers enhance the strategic connection of their essential data infrastructure and support achievement of sustainability goals. CyrusOne data centers offer world-class flexibility, enabling clients to modernize, simplify, and rapidly respond to changing demand. Combining exceptional financial strength with a broad global footprint, CyrusOne provides customers with long-term stability and strategic advantage at scale.
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03.11.2021, 23:08 EPS за 3 квартал составил ХХ, консенсус YY

04.08.2021, 23:12 Прибыль на акцию за 2 квартал XX, консенсус-прогноз YY
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CyrusOne Reports Fourth Quarter and Full Year 2021 Earnings

CyrusOne сообщает о доходах за четвертый квартал и весь 2021 год

17 февр. 2022 г.

Signed $104.3 Million in Annualized GAAP Revenue and 101 Megawatts in 4Q’21

DALLAS--(BUSINESS WIRE)--CyrusOne Inc. (NASDAQ: CONE), a premier global data center REIT, today announced fourth quarter and full year 2021 earnings.

Category

4Q’21

vs. 4Q’20

FY’21

vs. FY’20

Revenue

$318.4 million

19%

$1,205.7 million

17%

Net (loss) income

$(7.0) million

n/m

$25.3 million

(39)%

Adjusted EBITDA

$148.4 million

9%

$579.8 million

8%

Normalized FFO

$123.9 million

8%

$494.4 million

8%

Net (loss) income per diluted common share

$(0.06)

n/m

$0.20

(43)%

Normalized FFO per diluted common share

$0.97

3%

$3.99

2%

  • Leased 101 megawatts (“MW”) and 530,000 colocation square feet (“CSF”) in the fourth quarter, totaling $104.3 million in annualized GAAP revenue, all quarterly company records
  • Backlog of approximately $177 million in annualized GAAP revenue as of the end of the fourth quarter
  • Settled forward sale agreements in the fourth quarter that were entered into in 2020 and 2021, resulting in net proceeds of approximately $190 million, which were used for general corporate purposes
    • The Company has approximately $113 million in remaining available forward equity
  • On November 15, 2021, the Company, KKR and Global Infrastructure Partners (“GIP”) announced a definitive agreement pursuant to which KKR and GIP will acquire all outstanding shares of common stock of CyrusOne (the “Merger”)
    • CyrusOne stockholders approved the Merger on February 1, 2022
  • As previously announced, subsequent to the end of the quarter CyrusOne entered into a definitive agreement with DataBank Holdings Ltd. for the sale of the Company’s four Houston data center assets
    • Total consideration for the transaction will be approximately $670 million, subject to a net working capital adjustment, with proceeds from the sale expected to fund future development projects
    • The third quarter 2021 annualized run-rate cash NOI represented by these properties, including the future first-year lease payments that will be made by CyrusOne, aggregate $34.8 million, implying a transaction cap rate of 5.19%

“We closed out 2021 with the strongest leasing quarter in the history of the company, with demand driven primarily by hyperscale customers across our U.S. markets, and we are well positioned for continued growth with a company-record quarter-end backlog totaling more than $175 million in annualized revenue,” said David Ferdman, interim president and chief executive officer of CyrusOne. “We are also excited to execute on our capital recycling initiative, further optimizing our portfolio as we redeploy capital into accretive developments across core markets with diverse hyperscale and enterprise demand in the U.S. and Europe.”

Fourth Quarter 2021 Financial Results

Revenue was $318.4 million for the fourth quarter, compared to $268.4 million for the same period in 2020, an increase of 19%. The increase in revenue was driven primarily by a 10% increase in occupied CSF and higher metered power reimbursements.

Net loss was $(7.0) million for the fourth quarter, compared to Net income of $19.0 million in the same period in 2020. Net loss for the fourth quarter included $20.9 million in Transaction, acquisition, integration and other related expenses associated with the pending Merger. Additionally, General and administrative expenses for the fourth quarter of 2021 included $5.8 million related to losses in Frankfurt, London, and Paris for settlements with subcontractors associated with the insolvency of a general contractor. These impacts were partially offset by a $12.4 million gain associated with a change in fair value on the undesignated portion of the Company’s net investment hedge (compared to a $4.1 million gain in the fourth quarter of 2020) as well as a $3.2 million gain related to the sale of certain Texas fiber connectivity assets. Additionally, in the fourth quarter of 2020, the Company recognized a $19.7 million gain on the Company’s equity investment in GDS Holdings Limited. Net loss per diluted common share1 was $(0.06) in the fourth quarter of 2021, compared to Net income per diluted common share of $0.15 in the same period in 2020.

Net operating income (“NOI”)2 was $178.3 million for the fourth quarter, compared to $158.1 million in the same period in 2020, an increase of 13%. Adjusted EBITDA3 was $148.4 million for the fourth quarter, compared to $135.9 million in the same period in 2020, an increase of 9%.

Normalized Funds From Operations (“Normalized FFO”)4 was $123.9 million for the fourth quarter, compared to $114.3 million in the same period in 2020, an increase of 8%. Normalized FFO per diluted common share was $0.97 in the fourth quarter of 2021, compared to $0.94 in the same period in 2020, an increase of 3%.

Leasing Activity

CyrusOne leased approximately 101 MW of power and 530,000 CSF in the fourth quarter, representing approximately $8.7 million in monthly recurring rent, inclusive of the monthly impact of installation charges. The leasing for the quarter represents approximately $104.3 million in annualized GAAP revenue5, excluding estimates for pass-through power. The weighted average lease term of the new leases, based on square footage, is 83 months (6.9 years), and the weighted average remaining lease term of CyrusOne’s portfolio is 52 months (taking into consideration the impact of the backlog). Recurring rent churn percentage6 for the fourth quarter was 0.3%, compared to 0.9% for the same period in 2020.

Percentage CSF Leased

In the fourth quarter, the Company completed construction on 48,000 CSF and 9 MW of power capacity across Northern Virginia and London. Percentage CSF leased7 as of the end of the fourth quarter was 86% for stabilized properties8 and 83% overall.

Balance Sheet and Liquidity

As of December 31, 2021, the Company had gross asset value9 totaling approximately $9.6 billion, an increase of approximately 11% over gross asset value as of December 31, 2020. CyrusOne had $3.53 billion of long-term debt10, $346 million of cash and cash equivalents, and approximately $1.39 billion available under its unsecured revolving credit facility as of December 31, 2021. Net debt10 was $3.34 billion as of December 31, 2021, representing approximately 22% of the Company's total enterprise value as of December 31, 2021 of $15.0 billion. This represented approximately 5.4x Adjusted EBITDA for the last quarter annualized (after further adjusting net debt to reflect the pro forma impact of settlement of the forward sale agreements). Available liquidity11 was $1.85 billion as of December 31, 2021.

During the fourth quarter of 2021, the Company settled forward sale agreements entered into in 2020 and 2021, resulting in net proceeds of approximately $190 million, which were used for general corporate purposes. The Company has approximately $113 million in remaining available forward equity (no portion of these forward sale agreements has been settled as of February 16, 2022). As of December 31, 2021, there was approximately $513 million in remaining availability under the ATM equity program.

On October 27, 2021, the Company announced a dividend of $0.52 per share of common stock for the fourth quarter of 2021. The dividend was paid on January 7, 2022, to stockholders of record at the close of business on January 3, 2022.

Additionally, as permitted by the terms of Merger agreement, today the Company is announcing a dividend of $0.52 per share of common stock for the first quarter of 2022. The dividend will be paid on April 8, 2022, to stockholders of record at the close of business on March 28, 2022. The dividend is conditioned upon and will only be payable if the merger has not closed prior to the close of business on the record date.

This release and the documents incorporated by reference herein contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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. All statements, other than statements of historical facts, are statements that could be deemed forward-looking statements. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as "expects," "anticipates," "predicts," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "endeavors," "strives," "may," variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our and our customers’ respective businesses and industries, and other characterizations of future events or circumstances are forward-looking statements. Readers are cautioned these forward-looking statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual results to differ materially and adversely from those reflected in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, (i) risks related to the pending Merger, including but not limited to that the Merger may not be completed in a timely manner or at all and the failure to realize the anticipated benefits of the Merger; (ii) risks related to the sale of the Company’s four Houston data center assets, including but not limited to that the sale may not be completed in a timely manner or at all and the failure to realize the anticipated benefits of the sale; (iii) the Merger or asset sale diverting management’s attention from the Company’s ongoing business operations; (iv) the potential widespread and highly uncertain impact of public health outbreaks, epidemics and pandemics, such as the COVID-19 pandemic; (v) loss of key customers; (vi) indemnification and liability provisions as well as service level commitments in our contracts with customers imposing significant costs on us in the event of losses; (vii) economic downturn, natural disaster or oversupply of data centers in the limited geographic areas that we serve; (viii) 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; (ix) weakening in the fundamentals for data center real estate, including but not limited to, increased competition, falling market rents, decreases in or slowed growth of global data, e-commerce and demand for outsourcing of data storage and cloud-based applications; (x) loss of access to key third-party service providers and suppliers; (xi) risks of loss of power or cooling which may interrupt our services to our customers; (xii) inability to identify and complete acquisitions and operate acquired properties; (xiii) our failure to obtain necessary outside financing on favorable terms, or at all; (xiv) restrictions in the instruments governing our indebtedness; (xv) risks related to environmental, social and governance matters; (xvi) unknown or contingent liabilities related to our acquisitions; (xvii) significant competition in our industry; (xviii) recent turnover, or the further loss of, any of our key personnel; (xix) risks associated with real estate assets and the industry; (xx) failure to maintain our status as a REIT (as defined below) or to comply with the highly technical and complex REIT provisions of the Internal Revenue Code of 1986, as amended; (xxi) REIT distribution requirements could adversely affect our ability to execute our business plan; (xxii) insufficient cash available for distribution to stockholders; (xxiii) future offerings of debt may adversely affect the market price of our common stock; (xxiv) 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; (xxv) market price and volume of stock could be volatile; (xxvi) risks related to regulatory changes impacting our customers and demand for colocation space in particular geographies; (xxvii) our international activities, including those conducted as a result of land acquisitions and with respect to leased land and buildings, are subject to special risks different from those faced by us in the United States; (xxviii) expanded and widened price increases in certain selective materials for data center development capital expenditures due to international trade negotiations; (xxix) a failure to comply with anti-corruption laws and regulations; (xxx) legislative or other actions relating to taxes; (xxxi) any significant security breach or cyber-attack on us or our key partners or customers; (xxxii) the ongoing trade conflict between the United States and the People’s Republic of China; (xxxiii) increased operating costs and capital expenditures at our facilities, including those resulting from higher utilization by our customers, general market conditions and inflation, exceeding revenue growth; and (xxxiv) other factors affecting the real estate and technology industries generally. More information on potential risks and uncertainties is available in our recent filings with the Securities and Exchange Commission (SEC), including CyrusOne’s Form 10-K report, Form 10-Q reports, and Form 8-K reports. 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.

Use of Non-GAAP Financial Measures and Other Metrics

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

Management uses FFO, Normalized FFO, Normalized FFO per Diluted Common Share, Adjusted EBITDA, and NOI, which are non-GAAP financial measures commonly used in the real estate investments trusts (REIT) industry, as supplemental performance measures. Management uses these measures as supplemental performance measures because, when compared period over period, they capture trends in occupancy rates, rental rates and operating costs. The Company also believes that, as widely recognized measures of the performance of REITs, these measures are used by investors as a basis to evaluate REITs. Other REITs may not calculate these measures in the same manner, and, as presented, they may not be comparable to others. Therefore, FFO, Normalized FFO, NOI, and Adjusted EBITDA should be considered only as supplements to Net (loss) income presented in accordance with GAAP as measures of our performance. FFO, Normalized FFO, NOI, and Adjusted EBITDA should not be used as measures of our liquidity or as indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. These measures also should not be used as supplements to or substitutes for cash flow from operating activities computed in accordance with GAAP. The Company believes that Net Debt provides a useful measure of liquidity and financial health.

1Net (loss) income per diluted common share is defined as Net (loss) income divided by the weighted average diluted common shares outstanding for the period, which were 127.9 million for the fourth quarter of 2021 and 120.6 million for the fourth quarter of 2020.

2We use Net Operating Income ("NOI"), which is a non-GAAP financial measure commonly used in the REIT industry, as a supplemental performance measure. We use NOI as a supplemental performance measure because, when compared period over period, it captures trends in occupancy rates, rental rates and operating expenses. We also believe that, as a widely recognized measure of the performance of REITs, NOI is used by investors as a basis to evaluate REITs.

We calculate NOI as Net (loss) income, adjusted for Sales and marketing expenses, General and administrative expenses, Depreciation and amortization expenses, Transaction, acquisition, integration and other related expenses, Interest expense, net, Gain on marketable equity investment, Loss on early extinguishment of debt, Impairment losses and loss on asset disposals, Foreign currency and derivative (gains) losses, net, Other (expense) income and Income tax benefit. Amortization of deferred leasing costs is presented in Depreciation and amortization expenses, which is excluded from NOI. Sales and marketing expenses are not property-specific, rather these expenses support our entire portfolio. As a result, we have excluded these Sales and marketing expenses from our NOI calculation, consistent with the treatment of General and administrative expenses, which also support our entire portfolio. Because the calculation of NOI excludes various expenses, the utility of NOI as a measure of our performance is limited. Other REITs may not calculate NOI in the same manner. Accordingly, our NOI may not be comparable to others. Therefore, NOI should be considered only as a supplement to Net (loss) income presented in accordance with GAAP as a measure of our performance. NOI should not be used as a measure of our liquidity or as indicative of funds available to fund our cash needs, including our ability to pay dividends and make distributions. NOI also should not be used as a supplement to or substitute for cash flow from operating activities computed in accordance with GAAP.

3Adjusted EBITDA, which is a non-GAAP financial measure, is defined as Net (loss) income as defined by GAAP adjusted for Interest expense, net; Income tax (benefit) expense; Depreciation and amortization expenses; Impairment losses and loss on asset disposals; Transaction, acquisition, integration and other related expenses; Legal claim costs; Stock-based compensation expense; Cash severance and management transition costs; Severance-related stock compensation costs; Loss on early extinguishment of debt; Gain on marketable equity investment; Foreign currency and derivative (gains) losses, net and Other expense (income). Other companies may not calculate Adjusted EBITDA in the same manner. Accordingly, the Company’s Adjusted EBITDA as presented may not be comparable to others.

4We use funds from operations ("FFO") and normalized funds from operations ("Normalized FFO"), which are non-GAAP financial measures commonly used in the REIT industry, as supplemental performance measures. We use FFO and Normalized FFO as supplemental performance measures because, when compared period over period, they capture trends in occupancy rates, rental rates and operating costs. We also believe that, as widely recognized measures of the performance of REITs, FFO and Normalized FFO are used by investors as a basis to evaluate REITs.

We calculate FFO as Net (loss) income computed in accordance with GAAP before Real estate depreciation and amortization and Impairment losses and loss on asset disposals. While it is consistent with the definition of FFO promulgated by the National Association of Real Estate Investment Trusts ("NAREIT"), our computation of FFO may differ from the methodology for calculating FFO used by other REITs. Accordingly, our FFO may not be comparable to others.

We calculate Normalized FFO as FFO adjusted for Loss on early extinguishment of debt; Gain on marketable equity investment; Foreign currency and derivative (gains) losses, net; New accounting standards and regulatory compliance and the related system implementation costs; Amortization of tradenames; Transaction, acquisition, integration and other related expenses; Cash severance and management transition costs; Severance-related stock compensation costs; and Legal claim costs. We believe our Normalized FFO calculation provides a comparable measure between different periods. Other REITs may not calculate Normalized FFO in the same manner. Accordingly, our Normalized FFO may not be comparable to others.

In addition, because FFO and Normalized FFO exclude Real estate depreciation and amortization, and capture neither the changes in the value of our properties that result from use or from market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic effect and could materially impact our results from operations, the utility of FFO and Normalized FFO as measures of our performance is limited. Therefore, FFO and Normalized FFO should be considered only as supplements to Net (loss) income presented in accordance with GAAP as measures of our performance. FFO and Normalized FFO should not be used as measures of our liquidity or as indicative of funds available to fund our cash needs, including our ability to pay dividends or make distributions. FFO and Normalized FFO also should not be used as supplements to or substitutes for cash flow from operating activities computed in accordance with GAAP.

5Annualized GAAP revenue is equal to monthly recurring rent, defined as average monthly contractual rent during the term of the lease plus the monthly impact of installation charges, multiplied by 12. It can be shown both inclusive and exclusive of the Company’s estimate of customer reimbursements for metered power.

6Recurring rent churn percentage is calculated as any reduction in recurring rent due to customer terminations, service reductions or net pricing decreases as a percentage of rent at the beginning of the period, excluding any impact from metered power reimbursements or other usage-based billing.

7Percentage CSF leased is calculated by dividing CSF under signed leases for colocation space (whether or not the lease has commenced billing) by total CSF. Percentage CSF leased differs from percentage CSF occupied presented in the Data Center Portfolio table because the leased rate includes CSF for signed leases that have not commenced billing.

8Stabilized properties include data halls that have been in service for at least 24 months or are at least 85% leased.

9Gross asset value is defined as total assets plus accumulated depreciation.

10Long-term debt and net debt exclude adjustments for deferred financing costs and bond discounts / premiums. Net debt, which is a non-GAAP financial measure, provides a useful measure of liquidity and financial health. The Company defines net debt as long-term debt and finance lease liabilities, offset by cash and cash equivalents.

11Liquidity is calculated as cash, cash equivalents, and temporary cash investments on hand, plus the undrawn capacity on CyrusOne’s revolving credit facility, plus the pro forma impact of the net proceeds from the settlement of the forward sale agreements. In addition, pursuant to the Merger Agreement, we have agreed to various specific restrictions relating to the conduct of our business between the date of the Merger Agreement and the time at which the Merger becomes effective, including but not limited to, agreeing to not to (i) issue or sell shares of our capital stock, partnership interests or other equity or voting interests, (ii) issue or sell any debt securities or warrants or other rights to acquire any debt securities of us and our wholly owned subsidiaries and (iii) incur or assume any indebtedness, in each case subject to the terms of the Merger Agreements and any exceptions set forth therein.

CyrusOne (NASDAQ: CONE) is a premier global REIT specializing in design, construction and operation of more than 50 high-performance data centers worldwide. The Company provides mission-critical facilities that ensure the continued operation of IT infrastructure for approximately 1,000 customers, including approximately 200 Fortune 1000 companies.

A leader in hybrid-cloud and multi-cloud deployments, CyrusOne offers colocation, hyperscale, and build-to-suit environments that help customers enhance the strategic connection of their essential data infrastructure and support achievement of sustainability goals. CyrusOne data centers offer world-class flexibility, enabling clients to modernize, simplify, and rapidly respond to changing demand. Combining exceptional financial strength with a broad global footprint, CyrusOne provides customers with long-term stability and strategic advantage at scale.

Company Profile

CyrusOne (NASDAQ: CONE) specializes in highly reliable enterprise-class, carrier-neutral data center properties. The Company provides mission-critical data center facilities that protect and ensure the continued operation of IT infrastructure for approximately 1,000 customers, including approximately 200 Fortune 1000 companies. CyrusOne's data center offerings provide the flexibility, reliability, and security that enterprise customers require and are delivered through a tailored, customer service-focused platform designed to foster long-term relationships. CyrusOne is committed to full transparency in communication, management, and service delivery throughout its more than 50 data centers worldwide.

  • Best-in-Class Sales Force
  • Flexible Solutions that Scale as Customers Grow
  • Massively Modular® Engineering with Data Hall Builds in 10-14 Weeks
  • Focus on Operational Excellence and Superior Customer Service
  • Proven Leading-Edge Technology Delivering Power Densities up to 900 Watts per Square Foot
  • National IX Replicates Enterprise Data Center Architecture

Corporate Headquarters

   

Senior Management

2850 N. Harwood St., Ste. 2200

   

David Ferdman, Interim President & CEO

   

Brent Behrman, EVP of Sales

Dallas, Texas 75201

   

Katherine Motlagh, EVP & Chief Financial Officer

   

Matt Pullen, EVP & Managing Director, Europe

Phone: (972) 350-0060

   

John Hatem, EVP & Chief Operating Officer

   

Robert M. Jackson, EVP General Counsel & Secretary

Website: www.cyrusone.com

   

 

   

 

CyrusOne Inc.

Summary of Financial Data

(Dollars in millions, except per share amounts)

 

 

Three Months

 

 

December 31,

September 30,

December 31,

Growth %

 

 

2021

 

 

2021

 

 

2020

 

Yr/Yr

Revenue

$

318.4

 

$

304.1

 

$

268.4

 

19

%

Net operating income

 

178.3

 

 

170.7

 

 

158.1

 

13

%

Net (loss) income

 

(7.0

)

 

6.7

 

 

19.0

 

n/m

 

Funds from Operations ("FFO") - Nareit defined

 

115.3

 

 

132.3

 

 

135.1

 

(15

) %

Normalized Funds from Operations ("Normalized FFO")

 

123.9

 

 

127.2

 

 

114.3

 

8

%

Weighted average number of common shares outstanding - diluted for Normalized FFO

 

127.9

 

 

124.3

 

 

120.6

 

6

%

Net (loss) income per share - basic

$

(0.06

)

$

0.05

 

$

0.15

 

n/m

 

Net (loss) income per share - diluted

$

(0.06

)

$

0.05

 

$

0.15

 

n/m

 

Normalized FFO per diluted common share

$

0.97

 

$

1.02

 

$

0.94

 

3

%

Adjusted EBITDA

$

148.4

 

$

149.2

 

$

135.9

 

9

%

Adjusted EBITDA as a % of Revenue

 

46.6

%

 

49.1

%

 

50.6

%

(4.0) pts

 

As of

 

 

December 31,

September 30,

December 31,

Growth %

 

 

2021

 

 

2021

 

 

2020

 

Yr/Yr

Balance Sheet Data

 

 

 

 

Gross investment in real estate

$

7,762.0

 

$

7,635.4

 

$

7,033.4

 

10

%

Accumulated depreciation

 

(2,184.1

)

 

(2,080.4

)

 

(1,767.9

)

24

%

Total investment in real estate, net

 

5,577.9

 

 

5,555.0

 

 

5,265.5

 

6

%

Cash and cash equivalents

 

346.3

 

 

456.4

 

 

271.4

 

28

%

Market value of common equity

 

11,623.6

 

 

9,824.4

 

 

8,810.4

 

32

%

Long-term debt

 

3,534.4

 

 

3,559.0

 

 

3,446.1

 

3

%

Net debt

 

3,345.0

 

 

3,259.8

 

 

3,203.8

 

4

%

Total enterprise value

 

14,968.6

 

 

13,084.2

 

 

12,014.2

 

25

%

Net debt to LQA Adjusted EBITDA(a)

5.4x

5.0x

5.0x

0.4x

 

 

 

 

 

Dividend Activity

 

 

 

 

Dividends per share

$

0.52

 

$

0.52

 

$

0.51

 

2

%

 

 

 

 

 

Portfolio Statistics

 

 

 

 

Data centers

 

55

 

 

56

 

 

53

 

4

%

Stabilized CSF (000)

 

4,833

 

 

4,789

 

 

4,398

 

10

%

Stabilized CSF % leased

 

86

%

 

86

%

 

87

%

(1) pts

Total CSF (000)

 

5,094

 

 

5,050

 

 

4,665

 

9

%

Total CSF % leased

 

83

%

 

84

%

 

84

%

(1) pts

Total GSF (000)

 

8,646

 

 

8,601

 

 

8,038

 

8

%

 

(a) Adjusted to reflect the pro forma impact of the net proceeds from the settlement of the forward sale agreements.

CyrusOne Inc.

Condensed Consolidated Statements of Operations

(Dollars in millions, except per share amounts)

(Unaudited)

         

 

Three Months

 

 

 

 

Twelve Months

 

 

 

 

 

Ended December 31,

 

Change

Ended December 31,

 

Change

 

 

2021

 

 

2020

 

 

$

 

%

 

2021

 

 

2020

 

 

$

 

%

Revenue(a)

$

318.4

 

$

268.4

 

 

$

50.0

 

 

19

%

$

1,205.7

 

$

1,033.5

 

 

$

172.2

 

 

17

%

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses

 

140.1

 

 

110.3

 

 

 

29.8

 

 

27

%

 

531.1

 

 

411.6

 

 

 

119.5

 

 

29

%

Sales and marketing

 

3.8

 

 

5.3

 

 

 

(1.5

)

 

(28

) %

 

14.9

 

 

18.3

 

 

 

(3.4

)

 

(19

) %

General and administrative

 

31.5

 

 

22.4

 

 

 

9.1

 

 

41

%

 

101.9

 

 

99.3

 

 

 

2.6

 

 

3

%

Depreciation and amortization

 

126.6

 

 

118.5

 

 

 

8.1

 

 

7

%

 

499.2

 

 

449.4

 

 

 

49.8

 

 

11

%

Transaction, acquisition, integration and other related expenses

 

20.9

 

 

1.5

 

 

 

19.4

 

 

n/m

 

 

21.3

 

 

3.7

 

 

 

17.6

 

 

n/m

 

Impairment losses and (gain) loss on asset disposals, net

 

(2.7

)

 

 

 

 

(2.7

)

 

n/m

 

 

(2.0

)

 

11.1

 

 

 

(13.1

)

 

n/m

 

Total operating expenses

 

320.2

 

 

258.0

 

 

 

258.0

 

 

24

%

 

1,166.4

 

 

993.4

 

 

 

173.0

 

 

17

%

Operating (loss) income

 

(1.8

)

 

10.4

 

 

 

(208.0

)

 

n/m

 

 

39.3

 

 

40.1

 

 

 

(0.8

)

 

(2

) %

Interest expense, net

 

(17.4

)

 

(14.5

)

 

 

(2.9

)

 

20

%

 

(64.6

)

 

(57.7

)

 

 

(6.9

)

 

12

%

Gain on marketable equity investment

 

 

 

19.7

 

 

 

(19.7

)

 

(100

) %

 

2.4

 

 

89.5

 

 

 

(87.1

)

 

(97

) %

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

n/m

 

 

 

 

(6.5

)

 

 

6.5

 

 

(100

) %

Foreign currency and derivative gains (losses), net

 

12.4

 

 

4.1

 

 

 

8.3

 

 

n/m

 

 

43.6

 

 

(27.6

)

 

 

71.2

 

 

n/m

 

Other expense

 

(0.2

)

 

 

 

 

(0.2

)

 

n/m

 

 

(0.3

)

 

 

 

 

(0.3

)

 

n/m

 

Net (loss) income before income taxes

 

(7.0

)

 

19.7

 

 

 

(222.5

)

 

n/m

 

 

20.4

 

 

37.8

 

 

 

(17.4

)

 

(46

) %

Income tax (expense) benefit

 

 

 

(0.7

)

 

 

0.7

 

 

(100

) %

 

4.9

 

 

3.6

 

 

 

1.3

 

 

36

%

Net (loss) income

$

(7.0

)

$

19.0

 

 

$

(26.0

)

 

n/m

 

$

25.3

 

$

41.4

 

 

$

(16.1

)

 

(39

) %

Net (loss) income per share - basic

$

(0.06

)

$

0.15

 

 

$

(0.21

)

 

n/m

 

$

0.20

 

$

0.35

 

 

$

(0.15

)

 

(43

) %

Net (loss) income per share - diluted

$

(0.06

)

$

0.15

 

 

$

(0.21

)

 

n/m

 

$

0.20

 

$

0.35

 

 

$

(0.15

)

 

(43

) %

(a)

 

Revenue includes metered power reimbursements of $70.4 million and $44.9 million for the three months ended December 31, 2021 and 2020, respectively, and includes metered power reimbursements of $259.0 million and $161.4 million for the twelve months ended December 31, 2021 and 2020, respectively.

CyrusOne Inc.

Condensed Consolidated Balance Sheets

(Dollars in millions)

(Unaudited)

 

 

December 31,

December 31,

Change

 

 

2021

 

 

2020

 

$

%

Assets

 

 

 

 

Investment in real estate:

 

 

 

 

Land

$

210.5

 

$

208.8

 

$

1.7

 

1

%

Buildings and improvements

 

2,344.0

 

 

2,035.2

 

 

308.8

 

15

%

Equipment

 

4,140.3

 

 

3,538.9

 

 

601.4

 

17

%

Gross operating real estate

 

6,694.8

 

 

5,782.9

 

 

911.9

 

16

%

Less accumulated depreciation

 

(2,184.1

)

 

(1,767.9

)

 

(416.2

)

24

%

Net operating real estate

 

4,510.7

 

 

4,015.0

 

 

495.7

 

12

%

Construction in progress, including land under development

 

765.9

 

 

982.2

 

 

(216.3

)

(22

) %

Land held for future development

 

301.3

 

 

268.3

 

 

33.0

 

12

%

Total investment in real estate, net

 

5,577.9

 

 

5,265.5

 

 

312.4

 

6

%

Cash and cash equivalents

 

346.3

 

 

271.4

 

 

74.9

 

28

%

Rent and other receivables (net of allowance for doubtful accounts of $1.4 and $3.5 as of December 31, 2021 and 2020, respectively)

 

420.4

 

 

334.2

 

 

86.2

 

26

%

Restricted cash

 

1.3

 

 

1.5

 

 

(0.2

)

(13

) %

Operating lease right-of-use assets, net

 

143.7

 

 

211.4

 

 

(67.7

)

(32

) %

Equity investments

 

30.3

 

 

67.1

 

 

(36.8

)

(55

) %

Goodwill

 

455.1

 

 

455.1

 

 

 

%

Intangible assets (net of accumulated amortization of $280.1 and $249.3 as of December 31, 2021 and 2020, respectively)

 

124.8

 

 

157.8

 

 

(33.0

)

(21

) %

Other assets

 

352.2

 

 

133.4

 

 

218.8

 

n/m

 

Total assets

$

7,452.0

 

$

6,897.4

 

$

554.6

 

8

%

Liabilities and equity

 

 

 

 

Debt

$

3,492.9

 

$

3,409.0

 

$

83.9

 

2

%

Finance lease liabilities

 

156.9

 

 

29.1

 

 

127.8

 

n/m

 

Operating lease liabilities

 

178.8

 

 

249.1

 

 

(70.3

)

(28

) %

Construction costs payable

 

129.7

 

 

133.0

 

 

(3.3

)

(2

) %

Accounts payable and accrued expenses

 

192.8

 

 

151.3

 

 

41.5

 

27

%

Dividends payable

 

68.1

 

 

63.3

 

 

4.8

 

8

%

Deferred revenue and prepaid rents

 

235.0

 

 

174.1

 

 

60.9

 

35

%

Deferred tax liability

 

39.8

 

 

53.0

 

 

(13.2

)

(25

) %

Other liabilities

 

34.3

 

 

77.3

 

 

(43.0

)

(56

) %

Total liabilities

 

4,528.3

 

 

4,339.2

 

 

189.1

 

4

%

Commitments and contingencies

 

 

 

 

Stockholders' equity

 

 

 

 

Preferred stock, $.01 par value, 100,000,000 authorized; no shares issued or outstanding

 

 

 

 

 

 

n/m

 

Common stock, $.01 par value, 500,000,000 shares authorized and 129,554,609 and 120,442,521 shares issued and outstanding at December 31, 2021 and 2020, respectively

 

1.3

 

 

1.2

 

 

0.1

 

8

%

Additional paid in capital

 

4,145.1

 

 

3,537.3

 

 

607.8

 

17

%

Accumulated deficit

 

(1,200.1

)

 

(966.6

)

 

(233.5

)

24

%

Accumulated other comprehensive loss

 

(22.6

)

 

(13.7

)

 

(8.9

)

65

%

Total stockholders’ equity

 

2,923.7

 

 

2,558.2

 

 

365.5

 

14

%

Total liabilities and equity

$

7,452.0

 

$

6,897.4

 

$

554.6

 

8

%

CyrusOne Inc.

Condensed Consolidated Statements of Operations

(Dollars in millions, except per share amounts)

(Unaudited)

 

For the three months ended:

December 31

September 30,

June 30,

March 31,

December 31,

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

Revenue(a)

$

318.4

 

$

304.1

 

$

284.6

 

$

298.6

 

$

268.4

 

Operating expenses:

 

 

 

 

 

Property operating expenses

 

140.1

 

 

133.4

 

 

121.8

 

 

135.8

 

 

110.3

 

Sales and marketing

 

3.8

 

 

3.6

 

 

3.7

 

 

3.8

 

 

5.3

 

General and administrative

 

31.5

 

 

30.8

 

 

16.6

 

 

23.0

 

 

22.4

 

Depreciation and amortization

 

126.6

 

 

127.5

 

 

123.7

 

 

121.4

 

 

118.5

 

Transaction, acquisition, integration and other related expenses

 

20.9

 

 

0.2

 

 

0.1

 

 

0.1

 

 

1.5

 

Impairment losses and (gain) loss on asset disposals, net

 

(2.7

)

 

0.1

 

 

0.1

 

 

0.5

 

 

 

Total operating expenses

 

320.2

 

 

295.6

 

 

266.0

 

 

284.6

 

 

258.0

 

Operating (loss) income

 

(1.8

)

 

8.5

 

 

18.6

 

 

14.0

 

 

10.4

 

Interest expense, net

 

(17.4

)

 

(17.3

)

 

(14.8

)

 

(15.1

)

 

(14.5

)

Gain on marketable equity investment

 

 

 

 

 

 

 

2.4

 

 

19.7

 

Foreign currency and derivative gains, net

 

12.4

 

 

14.4

 

 

1.4

 

 

15.4

 

 

4.1

 

Other (expense) income

 

(0.2

)

 

0.1

 

 

(0.1

)

 

(0.1

)

 

 

Net (loss) income before income taxes

 

(7.0

)

 

5.7

 

 

5.1

 

 

16.6

 

 

19.7

 

Income tax benefit (expense)

 

 

 

1.0

 

 

2.3

 

 

1.6

 

 

(0.7

)

Net (loss) income

$

(7.0

)

$

6.7

 

$

7.4

 

$

18.2

 

$

19.0

 

Net (loss) income per share - basic

$

(0.06

)

$

0.05

 

$

0.06

 

$

0.15

 

$

0.15

 

Net (loss) income per share - diluted

$

(0.06

)

$

0.05

 

$

0.06

 

$

0.15

 

$

0.15

 

(a)

 

Revenue includes metered power reimbursements of $70.4 million, $62.5 million, $53.0 million, $73.1 million and $44.9 million for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021, and December 31, 2020, respectively.

CyrusOne Inc.

Condensed Consolidated Balance Sheets

(Dollars in millions)

(Unaudited)

 

 

December 31,

September 30,

June 30,

March 31,

December 31,

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

Investment in real estate:

 

 

 

 

 

Land

$

210.5

 

$

211.6

 

$

212.8

 

$

207.3

 

$

208.8

 

Buildings and improvements

 

2,344.0

 

 

2,336.3

 

 

2,253.8

 

 

2,046.6

 

 

2,035.2

 

Equipment

 

4,140.3

 

 

4,064.7

 

 

3,869.0

 

 

3,596.5

 

 

3,538.9

 

Gross operating real estate

 

6,694.8

 

 

6,612.6

 

 

6,335.6

 

 

5,850.4

 

 

5,782.9

 

Less accumulated depreciation

 

(2,184.1

)

 

(2,080.4

)

 

(1,977.8

)

 

(1,867.5

)

 

(1,767.9

)

Net operating real estate

 

4,510.7

 

 

4,532.2

 

 

4,357.8

 

 

3,982.9

 

 

4,015.0

 

Construction in progress, including land under development

 

765.9

 

 

729.8

 

 

917.3

 

 

1,053.3

 

 

982.2

 

Land held for future development

 

301.3

 

 

293.0

 

 

265.9

 

 

262.3

 

 

268.3

 

Total investment in real estate, net

 

5,577.9

 

 

5,555.0

 

 

5,541.0

 

 

5,298.5

 

 

5,265.5

 

Cash and cash equivalents

 

346.3

 

 

456.4

 

 

369.7

 

 

240.9

 

 

271.4

 

Rent and other receivables, net

 

420.4

 

 

409.2

 

 

409.4

 

 

389.8

 

 

334.2

 

Restricted cash

 

1.3

 

 

24.3

 

 

24.8

 

 

1.4

 

 

1.5

 

Operating lease right-of-use assets, net

 

143.7

 

 

148.5

 

 

155.0

 

 

239.7

 

 

211.4

 

Equity investments

 

30.3

 

 

30.3

 

 

30.0

 

 

22.9

 

 

67.1

 

Goodwill

 

455.1

 

 

455.1

 

 

455.1

 

 

455.1

 

 

455.1

 

Intangible assets, net

 

124.8

 

 

132.7

 

 

141.2

 

 

149.2

 

 

157.8

 

Other assets

 

352.2

 

 

128.0

 

 

115.0

 

 

114.3

 

 

133.4

 

Total assets

$

7,452.0

 

$

7,339.5

 

$

7,241.2

 

$

6,911.8

 

$

6,897.4

 

Liabilities and equity

 

 

 

 

 

Debt

$

3,492.9

 

$

3,515.1

 

$

3,541.6

 

$

3,337.4

 

$

3,409.0

 

Finance lease liabilities

 

156.9

 

 

157.2

 

 

162.8

 

 

28.6

 

 

29.1

 

Operating lease liabilities

 

178.8

 

 

183.9

 

 

190.5

 

 

277.9

 

 

249.1

 

Construction costs payable

 

129.7

 

 

104.6

 

 

157.7

 

 

137.5

 

 

133.0

 

Accounts payable and accrued expenses

 

192.8

 

 

192.1

 

 

147.7

 

 

168.9

 

 

151.3

 

Dividends payable

 

68.1

 

 

66.3

 

 

63.6

 

 

62.0

 

 

63.3

 

Deferred revenue and prepaid rents

 

235.0

 

 

227.9

 

 

217.1

 

 

183.2

 

 

174.1

 

Deferred tax liability

 

39.8

 

 

41.9

 

 

45.3

 

 

48.2

 

 

53.0

 

Other liabilities

 

34.3

 

 

45.0

 

 

58.3

 

 

53.3

 

 

77.3

 

Total liabilities

 

4,528.3

 

 

4,534.0

 

 

4,584.6

 

 

4,297.0

 

 

4,339.2

 

Commitments and contingencies

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

Preferred stock, $.01 par value, 100,000,000 authorized; no shares issued or outstanding

 

 

 

 

 

 

 

 

 

 

Common stock, $.01 par value, 500,000,000 shares authorized and 129,554,609 and 120,442,521 shares issued and outstanding at December 31, 2021 and 2020, respectively

 

1.3

 

 

1.3

 

 

1.2

 

 

1.2

 

 

1.2

 

Additional paid in capital

 

4,145.1

 

 

3,952.7

 

 

3,731.3

 

 

3,628.6

 

 

3,537.3

 

Accumulated deficit

 

(1,200.1

)

 

(1,125.3

)

 

(1,066.1

)

 

(1,010.2

)

 

(966.6

)

Accumulated other comprehensive loss

 

(22.6

)

 

(23.2

)

 

(9.8

)

 

(4.8

)

 

(13.7

)

Total stockholders' equity

 

2,923.7

 

 

2,805.5

 

 

2,656.6

 

 

2,614.8

 

 

2,558.2

 

Total liabilities and equity

$

7,452.0

 

$

7,339.5

 

$

7,241.2

 

$

6,911.8

 

$

6,897.4

 

CyrusOne Inc.

Condensed Consolidated Statements of Cash Flows

(Dollars in millions)

(Unaudited)

 

 

Twelve Months Ended December 31, 2021

Twelve Months Ended December 31, 2020

Three Months Ended December 31, 2021

Three Months Ended December 31, 2020

Cash flows from operating activities:

 

 

 

 

Net income (loss)

$

25.3

 

$

41.4

 

$

(7.0

)

$

19.0

 

Adjustments to reconcile Net income (loss) to Net cash provided by operating activities

 

 

 

 

Depreciation and amortization

 

499.2

 

 

449.4

 

 

126.6

 

 

118.5

 

(Recovery)/provision for bad debt expense

 

(1.5

)

 

1.7

 

 

(0.5

)

 

1.4

 

Gain on marketable equity investment

 

(2.4

)

 

(89.5

)

 

 

 

(19.7

)

Foreign currency and derivative (gains) losses, net

 

(43.6

)

 

27.6

 

 

(12.4

)

 

(4.1

)

Proceeds from swap terminations

 

 

 

2.9

 

 

 

 

 

Impairment losses and (gain) loss on asset disposals, net

 

(2.0

)

 

11.1

 

 

(2.7

)

 

 

Loss on early extinguishment of debt

 

 

 

6.5

 

 

 

 

 

Interest expense amortization, net

 

7.8

 

 

6.8

 

 

2.1

 

 

1.6

 

Stock-based compensation expense

 

22.6

 

 

18.4

 

 

5.4

 

 

4.7

 

Deferred income tax (benefit) expense

 

(9.0

)

 

(6.9

)

 

(1.0

)

 

0.2

 

Operating lease cost

 

20.8

 

 

20.4

 

 

5.5

 

 

5.4

 

Other expense (income)

 

0.2

 

 

0.1

 

 

0.4

 

 

(0.5

)

 

 

 

 

 

Change in operating assets and liabilities:

 

 

 

 

Rent and other receivables, net and other assets

 

(111.8

)

 

(58.0

)

 

(21.2

)

 

(28.9

)

Accounts payable and accrued expenses

 

33.8

 

 

39.0

 

 

(9.1

)

 

17.0

 

Deferred revenue and prepaid rents

 

62.5

 

 

8.8

 

 

8.2

 

 

6.5

 

Operating lease liabilities

 

(24.3

)

 

(23.4

)

 

(6.1

)

 

(6.7

)

Net cash provided by operating activities

 

477.6

 

 

456.3

 

 

88.2

 

 

114.4

 

Cash flows from investing activities:

 

 

 

 

Investments in real estate

 

(727.0

)

 

(910.5

)

 

(146.8

)

 

(218.3

)

Deposits for contract obligations

 

(193.4

)

 

 

 

(193.4

)

 

 

Proceeds from sale of equity investments

 

46.6

 

 

144.1

 

 

 

 

112.3

 

Equity investments

 

(7.4

)

 

(6.5

)

 

 

 

 

Proceeds from the sale of real estate assets

 

5.6

 

 

0.5

 

 

1.2

 

 

0.2

 

Net cash used in investing activities

 

(875.6

)

 

(772.4

)

 

(339.0

)

 

(105.8

)

Cash flows from financing activities:

 

 

 

 

Issuance of common stock, net

 

597.7

 

 

325.7

 

 

189.8

 

 

(0.2

)

Dividends paid

 

(253.9

)

 

(236.2

)

 

(66.0

)

 

(61.5

)

Proceeds from revolving credit facility

 

173.4

 

 

763.7

 

 

 

 

168.2

 

Repayments of revolving credit facility

 

(610.5

)

 

(966.1

)

 

 

 

0.6

 

Proceeds from Euro bond

 

603.1

 

 

553.5

 

 

 

 

(7.7

)

Proceeds from unsecured term loan

 

 

 

1,100.0

 

 

 

 

 

Repayments of unsecured term loan

 

 

 

(1,400.0

)

 

 

 

 

Proceeds from issuance of senior notes

 

 

 

395.2

 

 

 

 

 

Payment of deferred financing costs

 

(5.1

)

 

(16.4

)

 

(0.1

)

 

(1.3

)

Payments on finance lease liabilities

 

(4.4

)

 

(3.5

)

 

(0.9

)

 

(1.5

)

Tax payment upon exercise of equity awards

 

(12.4

)

 

(8.7

)

 

(2.8

)

 

(0.1

)

Net cash provided by financing activities

 

487.9

 

 

507.2

 

 

120.0

 

 

96.5

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(15.2

)

 

4.1

 

 

(2.3

)

 

9.9

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

74.7

 

 

195.2

 

 

(133.1

)

 

115.0

 

Cash, cash equivalents and restricted cash at beginning of period

 

272.9

 

 

77.7

 

 

480.7

 

 

157.9

 

Cash, cash equivalents and restricted cash at end of period

$

347.6

 

$

272.9

 

$

347.6

 

$

272.9

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

Cash paid for interest, including amounts capitalized of $20.0 million and $22.6 million in 2021 and 2020, respectively

$

73.6

 

$

62.4

 

$

27.8

 

$

26.1

 

Cash paid for income taxes

 

4.5

 

 

3.7

 

 

0.5

 

 

0.5

 

Non-cash investing and financing activities:

 

 

 

 

Construction costs payable

 

129.7

 

 

133.0

 

 

129.7

 

 

133.0

 

Dividends payable

 

68.1

 

 

63.3

 

 

68.1

 

 

63.3

 

CyrusOne Inc.

Reconciliation of Net Income (Loss) to Net Operating Income

(Dollars in millions)

(Unaudited)

         

 

Three Months Ended

 

 

 

 

Twelve Months Ended

 

 

 

 

 

December 31,

 

Change

December 31,

 

Change

 

2021

 

 

2020

 

 

$

 

%

 

2021

 

 

2020

 

 

$

 

%

Net (loss) income

$

(7.0

)

$

19.0

 

 

$

(26.0

)

 

n/m

 

$

25.3

 

$

41.4

 

 

$

(16.1

)

 

(39

) %

Sales and marketing expenses

 

3.8

 

 

5.3

 

 

 

(1.5

)

 

(28

) %

 

14.9

 

 

18.3

 

 

 

(3.4

)

 

(19

) %

General and administrative expenses

 

31.5

 

 

22.4

 

 

 

9.1

 

 

41

%

 

101.9

 

 

99.3

 

 

 

2.6

 

 

3

%

Depreciation and amortization expenses

 

126.6

 

 

118.5

 

 

 

8.1

 

 

7

%

 

499.2

 

 

449.4

 

 

 

49.8

 

 

11

%

Transaction, acquisition, integration and other related expenses

 

20.9

 

 

1.5

 

 

 

19.4

 

 

n/m

 

 

21.3

 

 

3.7

 

 

 

17.6

 

 

n/m

 

Interest expense, net

 

17.4

 

 

14.5

 

 

 

2.9

 

 

20

%

 

64.6

 

 

57.7

 

 

 

6.9

 

 

12

%

Gain on marketable equity investment

 

 

 

(19.7

)

 

 

19.7

 

 

(100

) %

 

(2.4

)

 

(89.5

)

 

 

87.1

 

 

(97

) %

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

n/m

 

 

 

 

6.5

 

 

 

(6.5

)

 

(100

) %

Impairment losses and (gain) loss on asset disposals, net

 

(2.7

)

 

 

 

 

(2.7

)

 

n/m

 

 

(2.0

)

 

11.1

 

 

 

(13.1

)

 

n/m

 

Foreign currency and derivative (gains) losses, net

 

(12.4

)

 

(4.1

)

 

 

(8.3

)

 

n/m

 

 

(43.6

)

 

27.6

 

 

 

(71.2

)

 

n/m

 

Other expense

 

0.2

 

 

 

 

 

0.2

 

 

n/m

 

 

0.3

 

 

 

 

 

0.3

 

 

n/m

 

Income tax expense (benefit)

 

 

 

0.7

 

 

 

(0.7

)

 

(100

) %

 

(4.9

)

 

(3.6

)

 

 

(1.3

)

 

36

%

Net Operating Income

$

178.3

 

$

158.1

 

 

$

20.2

 

 

13

%

$

674.6

 

$

621.9

 

 

$

52.7

 

 

8

%

CyrusOne Inc.

Net Operating Income and Reconciliation of Net Income (Loss) to Adjusted EBITDA

(Dollars in millions)

(Unaudited)

     

 

Twelve Months Ended

 

 

 

 

Three Months Ended

 

December 31,

 

Change

December 31,

September 30,

June 30,

March 31,

December 31,

 

 

2021

 

 

2020

 

 

$

 

%

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

Net Operating Income

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

1,205.7

 

$

1,033.5

 

 

$

172.2

 

 

17

%

$

318.4

 

$

304.1

 

$

284.6

 

$

298.6

 

$

268.4

 

Property operating expenses

 

531.1

 

 

411.6

 

 

 

119.5

 

 

29

%

 

140.1

 

 

133.4

 

 

121.8

 

 

135.8

 

 

110.3

 

Net Operating Income (NOI)

$

674.6

 

$

621.9

 

 

$

52.7

 

 

8

%

$

178.3

 

$

170.7

 

$

162.8

 

$

162.8

 

$

158.1

 

NOI as a % of Revenue

 

56.0

%

 

60.2

%

 

 

 

 

 

56.0

%

 

56.1

%

 

57.2

%

 

54.5

%

 

58.9

%

Reconciliation of Net income (loss) to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

25.3

 

$

41.4

 

 

$

(16.1

)

 

(39

)%

$

(7.0

)

$

6.7

 

$

7.4

 

$

18.2

 

$

19.0

 

Interest expense, net

 

64.6

 

 

57.7

 

 

 

6.9

 

 

12

%

 

17.4

 

 

17.3

 

 

14.8

 

 

15.1

 

 

14.5

 

Income tax (benefit) expense

 

(4.9

)

 

(3.6

)

 

 

(1.3

)

 

36

%

 

 

 

(1.0

)

 

(2.3

)

 

(1.6

)

 

0.7

 

Depreciation and amortization expenses

 

499.2

 

 

449.4

 

 

 

49.8

 

 

11

%

 

126.6

 

 

127.5

 

 

123.7

 

 

121.4

 

 

118.5

 

Impairment losses and (gain) loss on asset disposals

 

(2.0

)

 

11.1

 

 

 

(13.1

)

 

n/m

 

 

(2.7

)

 

0.1

 

 

0.1

 

 

0.5

 

 

 

EBITDA (Nareit definition)(a)

$

582.2

 

$

556.0

 

 

$

26.2

 

 

5

%

$

134.3

 

$

150.6

 

$

143.7

 

$

153.6

 

$

152.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction, acquisition, integration and other related expenses

 

21.3

 

 

3.7

 

 

 

17.6

 

 

n/m

 

 

20.9

 

 

0.2

 

 

0.1

 

 

0.1

 

 

1.5

 

Legal claim (gain) costs

 

(4.9

)

 

0.3

 

 

 

(5.2

)

 

n/m

 

 

 

 

 

 

(4.9

)

 

 

 

 

Stock-based compensation expense

 

18.1

 

 

15.5

 

 

 

2.6

 

 

17

%

 

5.4

 

 

4.0

 

 

4.3

 

 

4.4

 

 

4.4

 

Cash severance and management transition costs

 

4.3

 

 

14.1

 

 

 

(9.8

)

 

(70

)%

 

 

 

4.4

 

 

 

 

(0.1

)

 

0.9

 

Severance-related stock compensation costs

 

4.5

 

 

2.9

 

 

 

1.6

 

 

55

%

 

 

 

4.5

 

 

 

 

 

 

0.2

 

Loss on early extinguishment of debt

 

 

 

6.5

 

 

 

(6.5

)

 

(100

)%

 

 

 

 

 

 

 

 

 

 

Gain on marketable equity investment

 

(2.4

)

 

(89.5

)

 

 

87.1

 

 

(97

)%

 

 

 

 

 

 

 

(2.4

)

 

(19.7

)

Foreign currency and derivative (gains) losses, net

 

(43.6

)

 

27.6

 

 

 

(71.2

)

 

n/m

 

 

(12.4

)

 

(14.4

)

 

(1.4

)

 

(15.4

)

 

(4.1

)

Other expense (income)

 

0.3

 

 

 

 

 

0.3

 

 

n/m

 

 

0.2

 

 

(0.1

)

 

0.1

 

 

0.1

 

 

 

Adjusted EBITDA

$

579.8

 

$

537.1

 

 

$

42.7

 

 

8

%

$

148.4

 

$

149.2

 

$

141.9

 

$

140.3

 

$

135.9

 

Adjusted EBITDA as a % of Revenue

 

48.1

%

 

52.0

%

 

 

 

 

 

46.6

%

 

49.1

%

 

49.9

%

 

47.0

%

 

50.6

%

(a)

 

We calculate Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) as GAAP Net income (loss) plus Interest expense, net, Income tax (benefit) expense, Depreciation and amortization expenses and Impairment losses and loss (gain) on asset disposals. While it is consistent with the definition of EBITDAre promulgated by the National Association of Real Estate Investment Trusts ("Nareit"), our computation of EBITDAre may differ from the methodology for calculating EBITDAre used by other REITs. Accordingly, our EBITDAre may not be comparable to others.

CyrusOne Inc.

Reconciliation of Net Income (Loss) to FFO and Normalized FFO

(Dollars in millions)

(Unaudited)

     

 

Twelve Months Ended

 

 

 

 

Three Months Ended

 

December 31,

 

Change

December 31,

September 30,

June 30,

March 31,

December 31,

 

2021

 

 

2020

 

 

$

 

%

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

Reconciliation of Net Income (Loss) to FFO and Normalized FFO:

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

25.3

 

$

41.4

 

 

$

(16.1

)

 

(39

) %

$

(7.0

)

$

6.7

 

$

7.4

 

$

18.2

 

$

19.0

 

Real estate depreciation and amortization

 

491.0

 

 

440.1

 

 

 

50.9

 

 

12

%

 

125.0

 

 

125.5

 

 

121.5

 

 

119.0

 

 

116.1

 

Impairment losses and (gain) loss on asset disposals, net

 

(2.0

)

 

11.1

 

 

 

(13.1

)

 

n/m

 

 

(2.7

)

 

0.1

 

 

0.1

 

 

0.5

 

 

 

Funds from Operations ("FFO") - Nareit defined

$

514.3

 

$

492.6

 

 

$

21.7

 

 

4

%

$

115.3

 

$

132.3

 

$

129.0

 

$

137.7

 

$

135.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on early extinguishment of debt

 

 

 

6.5

 

 

 

(6.5

)

 

(100

) %

 

 

 

 

 

 

 

 

 

 

Gain on marketable equity investment

 

(2.4

)

 

(89.5

)

 

 

87.1

 

 

(97

) %

 

 

 

 

 

 

 

(2.4

)

 

(19.7

)

Foreign currency and derivative (gains) losses, net

 

(43.6

)

 

27.6

 

 

 

(71.2

)

 

n/m

 

 

(12.4

)

 

(14.4

)

 

(1.4

)

 

(15.4

)

 

(4.1

)

Amortization of tradenames

 

0.9

 

 

1.2

 

 

 

(0.3

)

 

(25

) %

 

0.1

 

 

0.2

 

 

0.3

 

 

0.3

 

 

0.4

 

Transaction, acquisition, integration and other related expenses

 

21.3

 

 

3.7

 

 

 

17.6

 

 

n/m

 

 

20.9

 

 

0.2

 

 

0.1

 

 

0.1

 

 

1.5

 

Cash severance and management transition costs

 

4.3

 

 

14.1

 

 

 

(9.8

)

 

(70

) %

 

 

 

4.4

 

 

 

 

(0.1

)

 

0.9

 

Severance-related stock compensation costs

 

4.5

 

 

2.9

 

 

 

1.6

 

 

55

%

 

 

 

4.5

 

 

 

 

 

 

0.2

 

Legal claim (gain) costs

 

(4.9

)

 

0.3

 

 

 

(5.2

)

 

n/m

 

 

 

 

 

 

(4.9

)

 

 

 

 

Normalized Funds from Operations (Normalized FFO)

$

494.4

 

$

459.4

 

 

$

35.0

 

 

8

%

$

123.9

 

$

127.2

 

$

123.1

 

$

120.2

 

$

114.3

 

Normalized FFO per diluted common share

$

3.99

 

$

3.90

 

 

$

0.09

 

 

2

%

$

0.97

 

$

1.02

 

$

1.00

 

$

1.00

 

$

0.94

 

Weighted average diluted common shares outstanding

 

123.9

 

 

117.6

 

 

 

6.3

 

 

5

%

 

127.9

 

 

124.3

 

 

122.7

 

 

120.5

 

 

120.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional Information:

 

 

 

 

 

 

 

 

 

 

 

Amortization of deferred financing costs and bond premium / discount

 

7.8

 

 

6.8

 

 

 

1.0

 

 

15

%

 

2.1

 

 

2.2

 

 

1.9

 

 

1.6

 

 

1.6

 

Stock-based compensation expense

 

18.1

 

 

15.5

 

 

 

2.6

 

 

17

%

 

5.4

 

 

4.0

 

 

4.3

 

 

4.4

 

 

4.4

 

Non-real estate depreciation and amortization

 

7.3

 

 

8.1

 

 

 

(0.8

)

 

(10

) %

 

1.6

 

 

1.7

 

 

1.8

 

 

2.2

 

 

2.0

 

Straight line rent adjustments(a)

 

(5.4

)

 

(15.0

)

 

 

9.6

 

 

(64

) %

 

1.2

 

 

(4.6

)

 

(3.2

)

 

1.2

 

 

(8.0

)

Straight line rental expense adjustments

 

0.7

 

 

(0.5

)

 

 

1.2

 

 

n/m

 

 

 

 

(0.1

)

 

0.6

 

 

0.2

 

 

0.1

 

Above and below market rent amortization

 

(0.3

)

 

(0.3

)

 

 

 

 

%

 

(0.1

)

 

(0.1

)

 

 

 

(0.1

)

 

(0.1

)

Deferred tax benefit

 

(9.0

)

 

(7.1

)

 

 

(1.9

)

 

27

%

 

(1.0

)

 

(2.1

)

 

(3.3

)

 

(2.6

)

 

(0.2

)

Deferred revenue, primarily installation revenue(b)

 

59.2

 

 

2.6

 

 

 

56.6

 

 

n/m

 

 

5.9

 

 

29.4

 

 

15.1

 

 

8.8

 

 

2.3

 

Leasing commissions

 

(22.0

)

 

(15.2

)

 

 

(6.8

)

 

45

%

 

(8.5

)

 

(4.5

)

 

(5.1

)

 

(3.9

)

 

(4.3

)

Recurring capital expenditures

 

(24.4

)

 

(13.8

)

 

 

(10.6

)

 

77

%

 

(10.7

)

 

(7.2

)

 

(3.9

)

 

(2.6

)

 

(0.8

)

(a)

 

Straight line rent adjustments:

 

 

Represents the difference between revenue recognized on a straight line basis under GAAP over the term of the lease compared to the contractual rental payments. Lease agreements typically include payments that escalate over the term of the contract or, to a lesser extent, a ramp period.

 

 

 

(b)

 

Deferred revenue, primarily installation revenue:

 

 

Represents payments received from customers in excess of revenue recognized under GAAP. This primarily relates to specific customer-requested buildouts that CyrusOne does not include in its basic data center design. The company charges customers up front for these buildouts rather than incorporating into rent and billing them over time. The cash payments for these buildouts are non-recurring, and may vary significantly from quarter to quarter, but revenue is amortized over the life of the lease.

CyrusOne Inc. Market Capitalization Summary, Reconciliation of Net Debt and Interest Summary (Unaudited)

Market Capitalization (as of December 31, 2021)

(dollars in millions)

Shares or

Equivalents

Outstanding

Market Price

as of

December 31, 2021

Market Value

Equivalents

(in millions)

Common shares

129,554,609

$

89.72

$

11,623.6

Net Debt

 

 

 

3,345.0

Total Enterprise Value (TEV)

 

 

$

14,968.6

Reconciliation of Net Debt

 

December 31,

September 30,

December 31,

(dollars in millions)

 

2021

 

 

2021

 

 

2020

 

Long-term debt(a)

$

3,534.4

 

$

3,559.0

 

$

3,446.1

 

Finance lease liabilities

 

156.9

 

 

157.2

 

 

29.1

 

Less:

 

 

 

Cash and cash equivalents

 

(346.3

)

 

(456.4

)

 

(271.4

)

Net Debt

$

3,345.0

 

$

3,259.8

 

$

3,203.8

 

(a) Excludes adjustment for deferred financing costs and unamortized bond discounts.

Interest Summary

 

 

Three Months Ended

 

 

December 31,

September 30,

December 31,

% Change

(dollars in millions)

 

2021

 

 

2021

 

 

2020

 

Yr/Yr

Interest expense and fees, net

$

19.7

 

$

19.9

 

$

18.5

 

6

%

Amortization of deferred financing costs and bond premium / discount

 

2.1

 

 

2.2

 

 

1.6

 

31

%

Capitalized interest

 

(4.4

)

 

(4.8

)

 

(5.6

)

(21

) %

Total interest expense, net

$

17.4

 

$

17.3

 

$

14.5

 

20

%

CyrusOne Inc.

Debt Schedule and Debt Covenants

(Unaudited)

 

Debt Schedule (as of December 31, 2021)

(dollars in millions)

   

 

   

 

   

 

Long-term debt:

   

Amount

   

Interest Rate

   

Maturity Date

Revolving credit facility - USD(a)

   

   

USD LIBOR + 100 bps

 

 

March 2025(b)

Term loan(c)

   

800.0

   

USD LIBOR + 120 bps(d)

 

 

March 2025(e)

2.900% USD senior notes due 2024

   

600.0

   

2.900%

 

 

November 2024

1.450% EUR senior notes due 2027(f)

   

567.2

   

1.450%

 

 

January 2027

1.125% EUR senior notes due 2028(f)

   

567.2

   

1.125%

 

 

May 2028

3.450% USD senior notes due 2029

   

600.0

   

3.450%

 

 

November 2029

2.150% USD senior notes due 2030

   

400.0

   

2.150%

 

 

November 2030

Total long-term debt(g)

   

$ 3,534.4

   

2.04%(h)

 

 

 

 

   

 

   

 

   

 

Weighted average term of debt(b)(e):

   

5.4

  years    

 

(a)

 

Revolving credit facility includes 0.20% facility fee on entire revolving credit facility commitment of $1.4 billion.

 

(b)

 

Assuming exercise of 12-month extension option.

 

(c)

 

$500 million of $800 million synthetically converted into €451 million pursuant to a USD-EUR cross currency swap; $300 million swapped pursuant to USD floating to fixed interest rate swap.

 

(d)

 

Interest rate as of December 31, 2021: 1.31%; weighted average interest rate pursuant to swaps: 1.34%.

 

(e)

 

Assumes exercise of two 12-month extension options on $100 million tranche.

 

(f)

 

Amount outstanding is USD-equivalent of €500 million.

 

(g)

 

Excludes adjustment for deferred financing costs and unamortized bond discounts.

 

(h)

 

Weighted average interest rate calculated using interest rate on swapped amount.

 

Debt Covenants - Senior Notes (as of December 31, 2021)

Ratios

Requirement

   

December 31, 2021

Total Outstanding Indebtedness to Total Assets

≤ 60%

 

 

42%

Secured Indebtedness to Total Assets

≤ 40%

 

 

2%

Consolidated EBITDA to Interest Expense

≥ 1.50x

 

 

6.81x

Total Unencumbered Assets to Unsecured Indebtedness

≥ 150%

 

 

243%

CyrusOne Inc.

Colocation Square Footage (CSF) and CSF Leased

(Unaudited)

 

 

As of December 31, 2021

As of September 30, 2021

As of December 31, 2020

Market

Colocation
Space (CSF)(a)
(000)

CSF
Leased(b)

Colocation
Space (CSF)(a)
(000)

CSF
Leased(b)

Colocation
Space (CSF)(a)
(000)

CSF
Leased(b)

Northern Virginia

1,308

89 %

1,268

92 %

1,166

93 %

Phoenix

643

97 %

643

97 %

581

95 %

Dallas

621

70 %

621

70 %

621

70 %

San Antonio

434

97 %

434

97 %

434

97 %

Cincinnati

405

69 %

405

68 %

402

71 %

New York Metro

349

68 %

349

68 %

290

79 %

Houston

308

51 %

308

51 %

308

62 %

Chicago

203

81 %

203

81 %

203

79 %

Austin

106

68 %

106

68 %

106

76 %

Raleigh-Durham

94

100 %

94

100 %

94

94 %

Council Bluffs, Iowa

42

15 %

42

15 %

42

15 %

Total - Domestic

4,512

81 %

4,472

82 %

4,246

83 %

Frankfurt

268

99 %

268

99 %

229

99 %

London

175

100 %

167

99 %

148

83 %

Dublin

76

100 %

76

100 %

— %

Amsterdam

39

100 %

39

100 %

39

100 %

Paris

26

100 %

26

100 %

— %

Singapore

— %

3

20 %

3

20 %

Total - International

582

100 %

578

99 %

419

93 %

Total - Portfolio

5,094

83 %

5,050

84 %

4,665

84 %

Stabilized Properties(c)

4,833

86 %

4,789

86 %

4,398

87 %

(a)

 

CSF represents the GSF 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. May not sum to total due to rounding.

(b)

 

CSF Leased is calculated by dividing CSF under signed leases for colocation space (whether or not the lease has commenced billing) by total CSF.

(c)

 

Stabilized properties include data halls that have been in service for at least 24 months or are at least 85% leased.

CyrusOne Inc. - Data Center Portfolio

As of December 31, 2021 (Unaudited)

 

 

 

 

Gross Square Feet (GSF)(a)

Powered Shell Avail. for Future Development (GSF)(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

$

97,792

428

77

%

77

%

83

47

%

133

644

60

Northern Virginia - Sterling V

Northern Virginia

 

73,518

383

99

%

99

%

11

100

%

145

539

231

69

Northern Virginia - Sterling VI

Northern Virginia

 

66,641

272

100

%

100

%

35

%

307

57

Frankfurt II

Frankfurt

 

52,169

90

100

%

100

%

9

100

%

72

171

10

35

Frankfurt III

Frankfurt

 

48,541

124

100

%

100

%

19

100

%

115

258

44

Somerset I

New York Metro

 

43,880

169

91

%

91

%

27

100

%

149

344

28

25

Northern Virginia - Sterling II

Northern Virginia

 

43,520

159

100

%

100

%

9

100

%

55

223

30

San Antonio III

San Antonio

 

34,707

132

100

%

100

%

9

100

%

43

184

24

London II*

London

 

30,796

81

100

%

100

%

10

100

%

94

184

28

Phoenix - Chandler VI

Phoenix

 

30,170

148

100

%

100

%

7

100

%

32

187

59

24

Chicago - Aurora I

Chicago

 

29,515

113

98

%

98

%

34

100

%

223

371

27

52

Frankfurt I

Frankfurt

 

27,937

53

97

%

97

%

8

91

%

57

118

18

Dallas - Lewisville*

Dallas

 

27,127

114

74

%

79

%

11

57

%

54

180

21

Cincinnati - North Cincinnati

Cincinnati

 

26,980

68

100

%

100

%

45

80

%

53

166

59

14

Phoenix - Chandler V

Phoenix

 

26,018

143

95

%

99

%

2

97

%

25

170

13

27

Cincinnati - 7th Street***

Cincinnati

 

24,546

197

47

%

47

%

6

68

%

175

378

46

17

Totowa - Madison**

New York Metro

 

23,612

51

74

%

74

%

22

89

%

59

133

12

Phoenix - Chandler I

Phoenix

 

22,312

74

99

%

99

%

35

11

%

39

147

31

12

Austin III

Austin

 

21,809

62

59

%

59

%

15

96

%

21

98

67

11

Raleigh-Durham I

Raleigh-Durham

 

21,223

94

100

%

100

%

16

100

%

82

192

235

14

Phoenix - Chandler II

Phoenix

 

21,078

74

100

%

100

%

6

53

%

26

105

12

Houston - Houston West II

Houston

 

20,743

80

67

%

67

%

4

97

%

55

139

11

12

London I*

London

 

20,117

46

100

%

100

%

12

56

%

58

115

17

Northern Virginia - Sterling III

Northern Virginia

 

19,913

79

100

%

100

%

7

100

%

34

120

15

San Antonio I

San Antonio

 

19,665

44

98

%

98

%

6

83

%

46

96

11

12

Phoenix - Chandler III

Phoenix

 

19,400

68

100

%

100

%

2

%

30

101

18

Northern Virginia - Sterling IV

Northern Virginia

 

18,713

81

100

%

100

%

7

100

%

34

122

15

Houston - Houston West I

Houston

 

18,478

112

48

%

48

%

11

100

%

37

161

3

32

Northern Virginia - Sterling I

Northern Virginia

 

17,694

78

89

%

89

%

6

63

%

49

132

12

San Antonio II

San Antonio

 

17,339

64

100

%

100

%

11

100

%

41

117

12

San Antonio V

San Antonio

 

17,097

134

90

%

90

%

14

100

%

38

187

1

21

Wappingers Falls I**

New York Metro

 

16,833

37

62

%

62

%

20

86

%

15

72

7

London III*

London

 

16,255

39

100

%

100

%

4

100

%

49

91

12

Austin II

Austin

 

14,815

44

81

%

81

%

2

81

%

22

68

6

Northern Virginia - Sterling IX

Northern Virginia

 

13,313

91

100

%

100

%

8

100

%

2

101

12

San Antonio IV

San Antonio

 

13,059

60

100

%

100

%

12

100

%

27

99

12

Phoenix - Chandler IV

Phoenix

 

12,978

73

100

%

100

%

3

100

%

27

103

12

Florence

Cincinnati

 

11,445

53

99

%

99

%

47

87

%

40

140

9

Dublin

Dublin

 

9,703

76

100

%

100

%

10

100

%

33

119

76

12

Chicago - Aurora II (DH #1)

Chicago

 

9,655

77

60

%

60

%

45

2

%

14

136

27

16

Houston - Galleria

Houston

 

9,250

63

37

%

37

%

23

21

%

25

112

11

Cincinnati - Hamilton*

Cincinnati

 

9,196

47

65

%

65

%

1

100

%

35

83

9

Houston - Houston West III

Houston

 

8,851

53

50

%

50

%

10

13

%

32

95

2

6

Norwalk I**

New York Metro

 

7,337

17

100

%

100

%

10

100

%

41

68

83

6

London - Great Bridgewater**

London

 

6,357

10

91

%

91

%

%

1

11

1

Paris I

Paris

 

5,706

26

100

%

100

%

4

100

%

15

45

201

6

Dallas - Allen (DH #1)

Dallas

 

5,365

79

24

%

24

%

%

58

137

204

6

Stamford - Riverbend**

New York Metro

 

4,961

20

22

%

22

%

%

8

28

5

Cincinnati - Mason

Cincinnati

 

4,701

34

100

%

100

%

26

98

%

17

78

4

Amsterdam I

Amsterdam

 

4,253

39

100

%

100

%

15

100

%

40

94

207

4

Phoenix - Chandler VII

Phoenix

 

3,703

62

71

%

71

%

10

21

%

38

110

15

Chicago - Lombard

Chicago

 

2,381

14

50

%

50

%

4

79

%

12

30

29

2

Totowa - Commerce**

New York Metro

 

811

%

%

20

45

%

6

26

Cincinnati - Blue Ash*

Cincinnati

 

435

6

36

%

36

%

7

100

%

2

15

1

Stabilized Properties - Total

 

$

1,174,411

4,833

86

%

86

%

780

69

%

2,632

8,246

1,661

941

CyrusOne Inc.

Data Center Portfolio

As of December 31, 2021

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Square Feet (GSF)(a)

Powered Shell Available for Future Development (GSF)(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)

Stabilized Properties - Total

 

$

1,174,411

4,833

86

%

86

%

780

69

%

2,632

8,246

1,661

941

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Stabilized Properties(b)

 

 

 

 

 

 

 

 

 

 

 

Northern Virginia - Sterling VIII

Northern Virginia

 

13,453

61

59

%

59

%

4

%

25

90

12

Northern Virginia - Sterling IX

Northern Virginia

 

6,380

104

43

%

44

%

1

%

68

173

32

21

Council Bluffs I

Iowa

 

2,085

42

12

%

15

%

14

%

18

73

42

5

Somerset (DH #12 and #13)

New York Metro

 

54

%

%

9

%

63

5

All Properties - Total

 

$

1,196,329

5,094

83

%

83

%

809

67

%

2,743

8,646

1,736

984

*

 

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, 2021 multiplied by 12. For the month of December 2021, customer reimbursements were $268.8 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, 2020 through December 31, 2021, customer reimbursements under leases with separately metered power constituted between 14.9% and 22.5% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of December 31, 2021 was $1,195.9 million. Our annualized effective rent was lower than our annualized rent as of December 31, 2021 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 GSF 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, 2021 divided by total CSF. Leases signed but that have not commenced billing as of December 31, 2021 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 GSF 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, 2021 divided by total Office & Other space. Leases signed but not commenced as of December 31, 2021 are not included.

(i)

 

Represents infrastructure support space, including mechanical, telecommunications and utility rooms, as well as building common areas.

(j)

 

Represents the GSF 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 GSF, rounded to the nearest 1,000.

(l)

 

Critical power capacity represents the gross aggregate of UPS power installed and available to provide multiple redundancy levels for lease and exclusive use by customers. Capacity is stated in megawatts as represented by UPS manufacturer nameplate ratings and does not include ancillary UPS capacity not configured for the direct support of leased customer critical IT load (e.g. dedicated office power, office disaster recovery UPS, or UPS utilized by CyrusOne for infrastructure control circuits). Does not sum to total due to rounding.

 CyrusOne Inc.
Land Available for Future Development (Acres)
As of December 31, 2021 (Unaudited)

 

 

As of

Market

December 31, 2021

Amsterdam

8

Austin

22

Chicago

23

Cincinnati

98

Council Bluffs, Iowa

10

Dallas

57

Dublin

15

Frankfurt

18

Houston

20

London

33

Madrid

5

Northern Virginia

8

Phoenix

96

Quincy, Washington

48

San Antonio

22

Santa Clara

23

Total Available(a)

505

Book Value of Total Available

$ 301.3 million

(a) Does not sum to total due to rounding.

CyrusOne Inc.

Leasing Statistics - Lease Signings

As of December 31, 2021

(Unaudited)

 

Period

Number

of Leases(a)

Total CSF Signed(b)

Total kW Signed(c)

Total MRR

Signed (000)(d)

Weighted Average

Lease Term(e)

4Q'21

310

530,000

101,121

$8,693

83

Prior 4Q Avg.

379

190,750

25,132

$3,425

110

3Q'21

349

100,000

19,860

$3,152

108

2Q'21

370

345,000

20,855

$3,487

99

1Q'21

414

156,000

28,493

$2,947

116

4Q'20

383

162,000

31,321

$4,112

117

(a)

 

Number of leases represents each agreement with a customer. A lease agreement could include multiple spaces, and a customer could have multiple leases.

(b)

 

CSF represents the GSF at an operating facility that is leased as colocation space, where customers locate their servers and other IT equipment.

(c)

 

Represents maximum contracted kW that customers may draw during lease period, and subject to full build out of projects subject to additional conditions. Additionally, we can develop flexible solutions for our customers at multiple resiliency levels, and the kW signed is unadjusted for this factor.

(d)

 

Monthly recurring rent is defined as the average monthly contractual rent during the term of the lease. It includes the monthly impact of installation charges of approximately $0.7 million in 2Q'21, $0.3 million in 3Q'21, and $0.2 million in 4Q'20, 1Q'21 and 4Q'21.

(e)

 

Calculated on a CSF-weighted basis.

CyrusOne Inc.

New MRR Signed - Existing vs. New Customers

As of December 31, 2021

(Dollars in thousands)

(Unaudited)

 
  New MRR Signed(a)
               
  1Q'20   2Q'20   3Q'20   4Q'20   1Q'21   2Q'21   3Q'21   4Q'21
Existing Customers  

$4,756

 

$2,872

 

$841

 

$3,881

 

$2,827

 

$3,332

 

$3,039

 

$8,244

New Customers  

$238

 

$198

 

$53

 

$231

 

$120

 

$155

 

$113

 

$449

Total  

$4,994

 

$3,070

 

$894

 

$4,112

 

$2,947

 

$3,487

 

$3,152

 

$8,693

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% from Existing Customers  

95%

 

94%

 

94%

 

94%

 

96%

 

96%

 

96%

 

95%

               

(a) Monthly recurring rent is defined as the average monthly contractual rent during the term of the lease. It includes the monthly impact of installation charges of approximately $0.7 million in 2Q'21, $0.3 million in 1Q'20 and 3Q'21, and $0.2 million in 2Q'20, 3Q'20, 4Q'20, 1Q'21 and 4Q'21.

CyrusOne Inc.

Customer Sector Diversification(a)

As of December 31, 2021

(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

13

$

238,726

20.0

%

84.2

2

 

Information Technology

8

 

118,620

9.9

%

45.4

3

 

Information Technology

14

 

87,138

7.3

%

27.9

4

 

Information Technology

5

 

60,353

5.0

%

30.9

5

 

Information Technology

10

 

50,374

4.2

%

39.4

6

 

Information Technology

4

 

45,179

3.8

%

43.9

7

 

Information Technology

3

 

22,508

1.9

%

23.3

8

 

Financial Services

1

 

20,837

1.7

%

111.0

9

 

Healthcare

2

 

16,431

1.4

%

72.0

10

 

Information Technology

7

 

16,383

1.4

%

26.8

11

 

Research and Consulting Services

3

 

14,634

1.2

%

10.0

12

 

Financial Services

2

 

12,048

1.0

%

30.7

13

 

Financial Services

4

 

11,697

1.0

%

75.4

14

 

Financial Services

4

 

11,568

1.0

%

77.7

15

 

Information Technology

1

 

9,931

0.8

%

26.6

16

 

Telecommunication Services

2

 

9,369

0.8

%

41.0

17

 

Telecommunication Services

1

 

8,279

0.7

%

71.0

18

 

Industrials

2

 

8,086

0.7

%

69.4

19

 

Information Technology

3

 

7,376

0.6

%

29.5

20

 

Telecommunication Services

7

 

7,183

0.6

%

18.0

 

 

 

 

$

776,719

64.9

%

54.9

(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, 2021, multiplied by 12. For the month of December 2021, customer reimbursements were $268.8 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, 2020 through December 31, 2021, customer reimbursements under leases with separately metered power constituted between 14.9% and 22.5% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of December 31, 2021 was $1,195.9 million. Our annualized effective rent was lower than our annualized rent as of December 31, 2021 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.

(c)

 

Represents the customer’s total annualized rent divided by the total annualized rent in the portfolio as of December 31, 2021, which was approximately $1,196.3 million.

(d)

 

Weighted average based on customer’s percentage of total annualized rent expiring and is as of December 31, 2021, 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.

CyrusOne Inc.

Lease Distribution

As of December 31, 2021

(Unaudited)

 

GSF Under Lease(a)

Number of

Customers(b)

Percentage of

All Customers

Total Leased
GSF(c) (000)

Percentage of

Portfolio

Leased GSF

Annualized

Rent(d) (000)

Percentage of

Annualized Rent

0-999

596

65

%

124

2

%

$

88,723

7

%

1000-2499

117

13

%

185

3

%

 

47,792

4

%

2500-4999

60

6

%

216

3

%

 

41,567

3

%

5000-9999

45

5

%

309

4

%

 

55,016

5

%

10000+

102

11

%

6,249

88

%

 

963,232

81

%

Total

920

100

%

7,083

100

%

$

1,196,329

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, 2021. 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 GSF 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, 2021, multiplied by 12. For the month of December 2021, customer reimbursements were $268.8 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, 2020 through December 31, 2021, customer reimbursements under leases with separately metered power constituted between 14.9% and 22.5% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of December 31, 2021 was $1,195.9 million. Our annualized effective rent was lower than our annualized rent as of December 31, 2021 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.

CyrusOne Inc.

Lease Expirations

As of December 31, 2021

(Unaudited)

 

 

Year(a)

Number of
Leases Expiring(b)

Total

GSF Expiring (000)

Percentage of

Total GSF

Annualized
Rent(c) (000)

Percentage of

Annualized Rent

Annualized Rent
at Expiration(d) (000)

Percentage of

Annualized Rent

at Expiration

Available

 

1,563

18

%

 

 

 

 

Month-to-Month

2,037

421

5

%

$

83,809

7

%

$

83,809

6

%

2022

3,628

940

11

%

 

185,338

15

%

 

193,604

15

%

2023

1,611

1,220

14

%

 

196,278

16

%

 

206,870

16

%

2024

1,268

763

9

%

 

170,177

14

%

 

176,667

14

%

2025

216

416

5

%

 

83,635

7

%

 

89,950

7

%

2026

183

965

11

%

 

164,455

14

%

 

180,950

14

%

2027

57

651

7

%

 

106,539

9

%

 

117,862

9

%

2028

32

347

4

%

 

48,550

4

%

 

55,551

4

%

2029

8

83

1

%

 

7,225

1

%

 

8,819

1

%

2030

10

308

4

%

 

30,211

3

%

 

41,879

3

%

2031

13

522

6

%

 

45,387

4

%

 

62,318

5

%

2032 - Thereafter

27

447

5

%

 

74,725

6

%

 

83,374

6

%

Total

9,090

8,646

100

%

$

1,196,329

100

%

$

1,301,653

100

%

(a)

 

Leases that were auto-renewed prior to December 31, 2021 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, 2021, multiplied by 12. For the month of December 2021, customer reimbursements were $268.8 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, 2020 through December 31, 2021, customer reimbursements under leases with separately metered power constituted between 14.9% and 22.5% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of December 31, 2021 was $1,195.9 million. Our annualized effective rent was lower than our annualized rent as of December 31, 2021 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)

 

Represents the final monthly contractual rent under existing customer leases that had commenced as of December 31, 2021, multiplied by 12.

Подписал годовой доход по GAAP в размере 104,3 млн долларов и 101 мегаватт в 4 квартале 21 года.

ДАЛЛАС – (BUSINESS WIRE) – CyrusOne Inc. (NASDAQ: CONE), ведущий глобальный центр обработки данных REIT, сегодня объявила о доходах за четвертый квартал и полный 2021 год.

Category

4Q’21

vs. 4Q’20

FY’21

vs. FY’20

Revenue

$318.4 million

19%

$1,205.7 million

17%

Net (loss) income

$(7.0) million

n/m

$25.3 million

(39)%

Adjusted EBITDA

$148.4 million

9%

$579.8 million

8%

Normalized FFO

$123.9 million

8%

$494.4 million

8%

Net (loss) income per diluted common share

$(0.06)

n/m

$0.20

(43)%

Normalized FFO per diluted common share

$0.97

3%

$3.99

2%

  • Арендовано 101 мегаватт («МВт») и 530 000 квадратных футов колокации («CSF») в четвертом квартале, что составило 104,3 миллиона долларов годового дохода по GAAP, все квартальные отчеты компании
  • Отставание в размере около 177 миллионов долларов годовой выручки по GAAP на конец четвертого квартала
  • Урегулированные форвардные соглашения о продаже в четвертом квартале, которые были заключены в 2020 и 2021 годах, в результате чего чистая выручка составила около 190 миллионов долларов США, которые были использованы для общекорпоративных целей.
    • Компания имеет приблизительно 113 миллионов долларов в оставшемся доступном форвардном капитале.
  • 15 ноября 2021 года Компания, KKR и Global Infrastructure Partners («GIP») объявили об окончательном соглашении, в соответствии с которым KKR и GIP приобретут все находящиеся в обращении обыкновенные акции CyrusOne («Слияние»).
    • Акционеры CyrusOne одобрили слияние 1 февраля 2022 г.
  • Как сообщалось ранее, после окончания квартала компания CyrusOne заключила окончательное соглашение с DataBank Holdings Ltd. о продаже четырех активов центра обработки данных в Хьюстоне.
    • Общее вознаграждение за сделку составит около 670 миллионов долларов США с учетом корректировки чистого оборотного капитала, при этом ожидается, что поступления от продажи пойдут на финансирование будущих проектов развития.
    • NOI в годовом исчислении за третий квартал 2021 года, представленный этими объектами недвижимости, включая будущие арендные платежи за первый год, которые будут производиться CyrusOne, составляет в общей сложности 34,8 млн долларов США, что подразумевает предельную ставку транзакции в размере 5,19%.

«Мы завершили 2021 год с самым сильным лизинговым кварталом в истории компании, при этом спрос был обусловлен в первую очередь гипермасштабными клиентами на наших рынках США, и у нас хорошие позиции для дальнейшего роста с рекордным для компании портфелем заказов на конец квартала на общую сумму более 175 долларов США. миллионов годового дохода», — сказал Дэвид Фердман, исполняющий обязанности президента и главный исполнительный директор CyrusOne. «Мы также рады реализовать нашу инициативу по рециркуляции капитала, еще больше оптимизируя наш портфель по мере того, как мы перераспределяем капитал в активные разработки на основных рынках с разнообразным гипермасштабным и корпоративным спросом в США и Европе».

Финансовые результаты за четвертый квартал 2021 года

Выручка за четвертый квартал составила 318,4 млн долларов по сравнению с 268,4 млн долларов за тот же период 2020 года, увеличившись на 19%. Увеличение выручки было обусловлено главным образом 10-процентным увеличением занимаемой CSF и более высокими компенсациями за электроэнергию по счетчикам.

Чистый убыток составил (7,0) млн долларов США за четвертый квартал по сравнению с чистой прибылью в размере 19,0 млн долларов США за тот же период 2020 года. Чистый убыток за четвертый квартал включает 20,9 млн долларов США по сделке, приобретению, интеграции и другим связанным Слияние. Кроме того, общие и административные расходы за четвертый квартал 2021 года включали 5,8 млн долларов США, связанные с убытками во Франкфурте, Лондоне и Париже по расчетам с субподрядчиками, связанными с неплатежеспособностью генерального подрядчика. Эти последствия были частично компенсированы прибылью в размере 12,4 млн долларов США, связанной с изменением справедливой стоимости неопределенной части чистого инвестиционного хеджирования Компании (по сравнению с прибылью в размере 4,1 млн долларов США в четвертом квартале 2020 года), а также прибылью в размере 3,2 млн долларов США, связанной с продажа некоторых активов по оптоволоконной связи в Техасе. Кроме того, в четвертом квартале 2020 года Компания признала прибыль в размере 19,7 млн долларов США от инвестиций Компании в акционерный капитал GDS Holdings Limited. Чистый убыток на разводненную обыкновенную акцию1 составил (0,06 доллара США) в четвертом квартале 2021 года по сравнению с чистой прибылью на разводненную обыкновенную акцию в размере 0,15 доллара США за тот же период 2020 года.

Чистая операционная прибыль («NOI»)2 составила 178,3 млн долларов США за четвертый квартал по сравнению со 158,1 млн долларов США за тот же период 2020 года, увеличившись на 13%. Скорректированная EBITDA3 составила 148,4 млн долларов США в четвертом квартале по сравнению со 135,9 млн долларов США за тот же период 2020 года, увеличившись на 9%.

Нормализованные средства от операционной деятельности («нормализованный FFO»)4 составили 123,9 млн долларов США в четвертом квартале по сравнению со 114,3 млн долларов США за тот же период 2020 года, увеличившись на 8%. Нормализованный FFO на разводненную обыкновенную акцию составил 0,97 доллара в четвертом квартале 2021 года по сравнению с 0,94 доллара за тот же период 2020 года, увеличившись на 3%.

Лизинговая деятельность

CyrusOne арендовал около 101 МВт электроэнергии и 530 000 CSF в четвертом квартале, что составляет примерно 8,7 млн долларов ежемесячной регулярной арендной платы, включая ежемесячные расходы на установку. Годовая выручка по GAAP от аренды за квартал составляет примерно 104,3 млн долларов США5, без учета оценок сквозной мощности. Средневзвешенный срок аренды новых договоров аренды, основанный на площади, составляет 83 месяца (6,9 года), а средневзвешенный оставшийся срок аренды портфеля CyrusOne составляет 52 месяца (с учетом отставания). Периодический процент оттока арендной платы6 в четвертом квартале составил 0,3% по сравнению с 0,9% за тот же период в 2020 году.

Процентная доля CSF в аренде

В четвертом квартале Компания завершила строительство 48 000 CSF и 9 МВт энергетических мощностей в Северной Вирджинии и Лондоне. Доля CSF, сдаваемых в аренду7, на конец четвертого квартала составила 86% для стабилизированных участков8 и 83% в целом.

Баланс и ликвидность

По состоянию на 31 декабря 2021 г. валовая стоимость активов9 Компании составляла примерно 9,6 млрд долл. США, что примерно на 11 % больше валовой стоимости активов по состоянию на 31 декабря 2020 г. Компания CyrusOne имела долгосрочный долг10 в размере 3,53 млрд долл. США, денежные средства и эквиваленты денежных средств и около 1,39 млрд долл. США в рамках необеспеченной возобновляемой кредитной линии по состоянию на 31 декабря 2021 г. Чистый долг10 составлял 3,34 млрд долл. США по состоянию на 31 декабря 2021 г., что составляет примерно 22% от общей стоимости предприятия Компании по состоянию на 31 декабря 2021 г. 15,0 млрд долларов. Это соответствует примерно 5,4-кратному скорректированному показателю EBITDA за последний квартал в годовом исчислении (после дальнейшей корректировки чистого долга, чтобы отразить проформальное влияние расчетов по форвардным соглашениям о продаже). Доступная ликвидность11 составляла 1,85 млрд долларов США по состоянию на 31 декабря 2021 года.

В четвертом квартале 2021 года Компания урегулировала форвардные соглашения о продаже, заключенные в 2020 и 2021 годах, в результате чего чистая выручка составила около 190 миллионов долларов США, которые были использованы для общекорпоративных целей. Компания имеет оставшийся доступный форвардный капитал на сумму около $113 млн (по состоянию на 16 февраля 2022 г. ни одна часть этих форвардных договоров купли-продажи не была урегулирована). По состоянию на 31 декабря 2021 года в рамках программы акционерного капитала ATM оставалось около 513 миллионов долларов.

27 октября 2021 г. Компания объявила о выплате дивидендов в размере 0,52 доллара США на одну обыкновенную акцию за четвертый квартал 2021 г. Дивиденды были выплачены 7 января 2022 г. зарегистрированным акционерам на момент закрытия торгов 3 января 2022 г.

Кроме того, согласно условиям соглашения о слиянии, сегодня Компания объявляет о выплате дивидендов в размере 0,52 доллара США на одну обыкновенную акцию за первый квартал 2022 года. Дивиденды будут выплачены 8 апреля 2022 года зарегистрированным акционерам при закрытии. начала бизнеса 28 марта 2022 г. Дивиденд обусловлен и подлежит выплате только в том случае, если слияние не было завершено до закрытия рабочего дня на отчетную дату.

Этот выпуск и документы, включенные в него посредством ссылки, содержат определенные прогнозные заявления в значении Раздела 27A Закона о ценных бумагах 1933 года с поправками и Раздела 21E Закона о ценных бумагах и биржах 1934 года с поправками. Мы намерены, чтобы такие прогнозные заявления подпадали под действие положений о «безопасной гавани» для прогнозных заявлений, содержащихся в Законе о реформе судебных разбирательств по частным ценным бумагам 1995 года, и включают это заявление в целях соблюдения этих положений о «безопасной гавани». Все заявления, за исключением заявлений об исторических фактах, являются заявлениями, которые можно считать заявлениями прогнозного характера. Эти заявления основаны на текущих ожиданиях, оценках, прогнозах и прогнозах в отношении отраслей, в которых мы работаем, а также на убеждениях и предположениях нашего руководства. Такие слова, как «ожидает», «предвидит», «предсказывает», «проектирует», «намеревается», «планирует», «полагает», «ищет», «оценивает», «продолжает», «стремится», «стремится», «Может», вариации таких слов и подобных выражений предназначены для идентификации таких прогнозных заявлений. Кроме того, любые заявления, которые относятся к прогнозам наших будущих финансовых показателей, нашего ожидаемого роста и тенденций в соответствующих предприятиях и отраслях нашей компании и наших клиентов, а также другие характеристики будущих событий или обстоятельств, являются прогнозными заявлениями. Читатели предупреждаются, что эти прогнозные заявления основаны на текущих ожиданиях и предположениях, которые подвержены рискам и неопределенностям, что может привести к тому, что наши фактические результаты будут существенно и неблагоприятно отличаться от тех, которые отражены в прогнозных заявлениях. Факторы, которые могут вызвать или способствовать таким различиям, включают, помимо прочего, (i) риски, связанные с предстоящим Слиянием, в том числе, помимо прочего, то, что Слияние может быть не завершено своевременно или вообще, а также невозможность реализовать ожидаемые выгоды от Слияния; (ii) риски, связанные с продажей четырех активов центров обработки данных в Хьюстоне, включая, помимо прочего, то, что продажа может быть завершена несвоевременно или вообще не будет завершена, а также неспособность реализовать ожидаемые выгоды от продажи; (iii) слияние или продажа активов, отвлекающая внимание руководства от текущих деловых операций Компании; (iv) потенциально широкомасштабное и крайне неопределенное воздействие вспышек, эпидемий и пандемий в области общественного здравоохранения, таких как пандемия COVID-19; (v) потеря ключевых клиентов; (vi) положения о возмещении убытков и ответственности, а также обязательства по уровню обслуживания в наших контрактах с клиентами, налагающие на нас значительные расходы в случае убытков; (vii) экономический спад, стихийное бедствие или переполнение центров обработки данных в ограниченных географических районах, которые мы обслуживаем; (viii) риски, связанные с развитием нашей собственности, включая, помимо прочего, получение соответствующих разрешений, электроэнергию и возможность подключения, а также нашу способность успешно сдавать эти объекты в аренду; (ix) ослабление основ недвижимости центра обработки данных, включая, помимо прочего, усиление конкуренции, падение рыночной арендной платы, сокращение или замедление роста глобальных данных, электронной коммерции и спроса на аутсорсинг хранения данных и облачных приложений. ; (x) потеря доступа к ключевым сторонним поставщикам услуг и поставщикам; (xi) риски отключения питания или охлаждения, которые могут прервать наши услуги для наших клиентов; (xii) неспособность определить и завершить приобретение и управлять приобретенной недвижимостью; (xiii) наша неспособность получить необходимое внешнее финансирование на выгодных условиях или вообще; (xiv) ограничения в документах, регулирующих нашу задолженность; (xv) риски, связанные с экологическими, социальными и управленческими вопросами; (xvi) неизвестные или условные обязательства, связанные с нашими приобретениями; (xvii) значительная конкуренция в нашей отрасли; (xviii) недавняя текучесть кадров или дальнейшая потеря любого из наших ключевых сотрудников; (xix) риски, связанные с недвижимостью и отраслью; (xx) неспособность сохранить наш статус REIT (как определено ниже) или несоблюдение высокотехнологичных и сложных положений REIT Налогового кодекса 1986 года с поправками; (xxi) требования по распределению REIT могут отрицательно сказаться на нашей способности выполнить наш бизнес-план; (xxii) недостаточно денежных средств для распределения среди акционеров; (xxiii) будущие предложения долга могут неблагоприятно повлиять на рыночную цену наших обыкновенных акций; (xxiv) повышение рыночных процентных ставок повысит нашу стоимость заимствований и может побудить потенциальных инвесторов стремиться к более высокой дивидендной доходности и снизить спрос на наши обыкновенные акции; (xxv) рыночная цена и объем запасов могут быть неустойчивыми; (xxvi) риски, связанные с нормативными изменениями, влияющими на наших клиентов и спросом на колокейшн в определенных регионах; (xxvii) наша международная деятельность, в том числе осуществляемая в результате приобретения земли и в отношении арендованных земель и зданий, подвержена особым рискам, отличным от тех, с которыми мы сталкиваемся в Соединенных Штатах; (xxviii) расширенное и расширенное увеличение цен на некоторые отдельные материалы для капитальных затрат на развитие центра обработки данных в связи с международными торговыми переговорами; (xxix) несоблюдение антикоррупционных законов и правил; (xxx) законодательные или иные действия, касающиеся налогов; (xxxi) любое серьезное нарушение безопасности или кибератака на нас, наших ключевых партнеров или клиентов; (xxxii) продолжающийся торговый конфликт между Соединенными Штатами и Китайской Народной Республикой; (xxxiii) увеличение операционных расходов и капитальных затрат на наших объектах, в том числе в результате более высокой загрузки нашими клиентами, общих рыночных условий и инфляции, превышающее рост выручки; и (xxxiv) другие факторы, влияющие на недвижимость и технологические отрасли в целом. Более подробная информация о потенциальных рисках и неопределенностях доступна в наших последних документах, поданных в Комиссию по ценным бумагам и биржам (SEC), включая отчет CyrusOne по форме 10-K, отчетам по форме 10-Q и отчетам по форме 8-K. Мы отказываемся от каких-либо обязательств, кроме как в соответствии с требованиями закона, по публичному обновлению или пересмотру любого прогнозного заявления, чтобы отразить изменения в основных предположениях или факторах или для новой информации, данных или методов, будущих событий или других изменений.

Использование финансовых показателей, не предусмотренных GAAP, и других показателей

Этот пресс-релиз содержит определенные финансовые показатели, не относящиеся к GAAP, которые, по мнению руководства, помогают понять бизнес Компании, что более подробно обсуждается в этом пресс-релизе. Эти финансовые показатели, которые включают в себя средства от операционной деятельности, нормализованные средства от операционной деятельности, нормализованные средства от операционной деятельности на разводненную обыкновенную акцию, скорректированную EBITDA, чистую операционную прибыль и чистый долг, не должны рассматриваться как более важные или заменяющие сопоставимые Финансовые показатели GAAP. Подробная сверка этих финансовых показателей не по GAAP с сопоставимыми финансовыми показателями по GAAP была включена в таблицы, прилагаемые к настоящему релизу, и доступны в разделе «Отношения с инвесторами» на сайте www.CyrusOne.com.

Руководство использует FFO, нормализованный FFO, нормализованный FFO на разводненную обыкновенную акцию, скорректированную EBITDA и NOI, которые являются финансовыми показателями не по GAAP, обычно используемыми в отрасли инвестиционных фондов недвижимости (REIT), в качестве дополнительных показателей эффективности. Менеджмент использует эти показатели в качестве дополнительных показателей эффективности, потому что при сравнении периода с периодом они фиксируют тенденции заполняемости, арендных ставок и эксплуатационных расходов. Компания также считает, что как широко признанные показатели эффективности REIT эти показатели используются инвесторами в качестве основы для оценки REIT. Другие REIT могут не рассчитывать эти показатели таким же образом, и в представленном виде они могут быть несопоставимы с другими. Таким образом, FFO, нормализованный FFO, NOI и скорректированный EBITDA следует рассматривать только как дополнение к чистому (убыточному) доходу, представляемому в соответствии с GAAP в качестве показателей нашей деятельности. FFO, нормализованный FFO, NOI и скорректированная EBITDA не должны использоваться в качестве показателей нашей ликвидности или в качестве показателя средств, доступных для финансирования наших потребностей в денежных средствах, включая нашу способность выплачивать дивиденды или производить распределения. Эти показатели также не следует использовать в качестве дополнения или замены денежного потока от операционной деятельности, рассчитанного в соответствии с GAAP. Компания считает, что чистый долг является полезным показателем ликвидности и финансового состояния.

1Чистый (убыток) доход на разводненную обыкновенную акцию определяется как чистый (убыток) доход, разделенный на средневзвешенное разводненное количество обыкновенных акций, находящихся в обращении за период, которое составило 127,9 млн в четвертом квартале 2021 года и 120,6 млн в четвертом квартале 2020 года.

2 Мы используем чистую операционную прибыль («NOI»), которая является финансовым показателем не по GAAP, обычно используемым в индустрии REIT, в качестве дополнительного показателя эффективности. Мы используем NOI в качестве дополнительного показателя эффективности, потому что при сравнении периода с периодом он отражает тенденции в уровне заполняемости, арендных ставках и операционных расходах. Мы также считаем, что в качестве широко признанного показателя эффективности REIT NOI используется инвесторами в качестве основы для оценки REIT.

Мы рассчитываем NOI как чистый (убыток) доход, скорректированный на расходы на продажу и маркетинг, общие и административные расходы, расходы на износ и амортизацию, расходы по сделке, приобретению, интеграции и другие связанные расходы, процентные расходы, чистые, прибыль от инвестиций в рыночный капитал, убыток от досрочное погашение долга, убытки от обесценения и убытки от выбытия активов, убытки от иностранной валюты и производных (доходов), чистые, прочие (расходы) доходы и льготы по налогу на прибыль. Амортизация отложенных расходов по аренде представлена в статье «Амортизация и амортизационные расходы», которая исключена из NOI. Расходы на продажи и маркетинг не относятся к конкретному объекту недвижимости, скорее, эти расходы поддерживают весь наш портфель. В результате мы исключили эти расходы на продажи и маркетинг из нашего расчета NOI в соответствии с трактовкой общих и административных расходов, которые также поддерживают весь наш портфель. Поскольку расчет NOI исключает различные расходы, полезность NOI как меры нашей работы ограничена. Другие REIT могут не рассчитывать NOI таким же образом. Соответственно, наш NOI может быть несопоставим с другими. Таким образом, NOI следует рассматривать только как дополнение к чистому (убыточному) доходу, представляемому в соответствии с GAAP в качестве показателя нашей деятельности. NOI не должен использоваться в качестве меры нашей ликвидности или в качестве показателя средств, доступных для финансирования наших потребностей в наличных деньгах, включая нашу способность выплачивать дивиденды и производить распределения. NOI также не следует использовать в качестве дополнения или замены денежного потока от операционной деятельности, рассчитанного в соответствии с GAAP.

3 Скорректированный показатель EBITDA, который является финансовым показателем, не предусмотренным GAAP, определяется как чистая (убыточная) прибыль в соответствии с GAAP, скорректированная на процентные расходы, нетто; Расходы по подоходному налогу (льготам); амортизационные отчисления; Убытки от обесценения и убытки от выбытия активов; Транзакционные, аквизиционные, интеграционные и другие сопутствующие расходы; расходы на судебные иски; Компенсационные расходы на основе акций; Денежные расходы на выходное пособие и смену руководства; Расходы на компенсацию запасов, связанные с выходным пособием; Убыток от досрочного погашения долга; Прибыль от рыночных вложений в акционерный капитал; Убытки по иностранной валюте и производным финансовым инструментам (доходы), чистые и прочие расходы (доходы). Другие компании могут не рассчитывать скорректированную EBITDA таким же образом. Соответственно, представленная скорректированная EBITDA Компании может быть несопоставима с другими.

4 Мы используем фонды от операций («FFO») и нормализованные фонды от операций («Normalized FFO»), которые не являются финансовыми показателями GAAP, обычно используемыми в индустрии REIT, в качестве дополнительных показателей эффективности. Мы используем FFO и нормализованный FFO в качестве дополнительных показателей эффективности, потому что при сравнении периода с периодом они отражают тенденции в уровне заполняемости, арендных ставках и эксплуатационных расходах. Мы также считаем, что как широко признанные показатели эффективности REIT, FFO и Normalized FFO используются инвесторами в качестве основы для оценки REIT.

Мы рассчитываем FFO как чистую (убыточную) прибыль, рассчитанную в соответствии с GAAP, до вычета износа и амортизации недвижимости, а также убытков от обесценения и убытков от выбытия активов. Хотя это соответствует определению FFO, обнародованному Национальной ассоциацией инвестиционных фондов недвижимости («NAREIT»), наш расчет FFO может отличаться от методологии расчета FFO, используемой другими REIT. Соответственно, наш FFO может быть несопоставим с другими.

Мы рассчитываем нормализованный FFO как FFO, скорректированный на убыток от досрочного погашения долга; Прибыль от рыночных вложений в акционерный капитал; Убытки от курсовых разниц и деривативов (доходы), нетто; Новые стандарты бухгалтерского учета и соблюдение нормативных требований, а также связанные с этим затраты на внедрение системы; Амортизация торговых наименований; Транзакционные, аквизиционные, интеграционные и другие сопутствующие расходы; Денежные расходы на выходное пособие и смену руководства; Расходы на компенсацию запасов, связанные с выходным пособием; и расходы на судебные иски. Мы считаем, что наш расчет нормализованного FFO обеспечивает сопоставимый показатель для разных периодов. Другие REIT могут не рассчитывать нормализованный FFO таким же образом. Соответственно, наш нормализованный FFO может быть несопоставим с другими.

Кроме того, поскольку FFO и нормализованный FFO не включают износ и амортизацию недвижимости и не учитывают ни изменения стоимости нашей собственности в результате использования или рыночных условий, ни уровень капитальных затрат и арендных комиссий, необходимых для поддержания операционной эффективности. нашей собственности, все из которых имеют реальный экономический эффект и могут существенно повлиять на результаты нашей деятельности, полезность FFO и нормализованного FFO в качестве показателей нашей деятельности ограничена. Таким образом, FFO и нормализованный FFO следует рассматривать только как дополнение к чистому (убыточному) доходу, представляемому в соответствии с GAAP в качестве показателя нашей деятельности. FFO и нормализованный FFO не должны использоваться в качестве показателей нашей ликвидности или в качестве показателя средств, доступных для финансирования наших потребностей в денежных средствах, включая нашу способность выплачивать дивиденды или производить распределения. FFO и нормализованный FFO также не должны использоваться в качестве дополнения или замены денежного потока от операционной деятельности, рассчитанного в соответствии с GAAP.

5Годовая выручка по GAAP равна ежемесячной регулярной аренде, определяемой как среднемесячная договорная арендная плата в течение срока аренды плюс ежемесячное влияние платы за установку, умноженное на 12. Она может быть показана как с учетом, так и без учета оценки Компанией возмещения клиентам за измеренная мощность.

6 Периодический процент оттока арендной платы рассчитывается как любое снижение периодической арендной платы из-за расторжения договора с клиентом, сокращения услуг или снижения чистых цен в виде процента от арендной платы на начало периода, исключая любое влияние компенсаций по счетчикам электроэнергии или других счетов на основе использования.

7 Процент арендованного CSF рассчитывается путем деления CSF по подписанным договорам аренды пространства для совместного размещения (независимо от того, началось ли выставление счетов за аренду) на общую сумму CSF. Процентная доля арендованных CSF отличается от процентной доли занятых CSF, представленных в таблице «Портфель центров обработки данных», поскольку арендная ставка включает CSF для подписанных договоров аренды, по которым еще не начато выставление счетов.

8Стабилизированные объекты включают в себя информационные залы, которые находятся в эксплуатации не менее 24 месяцев или сданы в аренду не менее чем на 85%.

9Валовая стоимость активов определяется как общая сумма активов плюс накопленная амортизация.

10Долгосрочная задолженность и чистая задолженность не включают корректировки на расходы по отложенному финансированию и дисконты/премии по облигациям. Чистый долг, который не является финансовым показателем GAAP, обеспечивает полезную меру ликвидности и финансового здоровья. Компания определяет чистый долг как долгосрочную задолженность и обязательства по финансовой аренде, компенсируемые денежными средствами и их эквивалентами.

11 Ликвидность рассчитывается как денежные средства, их эквиваленты и временные денежные вложения в кассе, плюс неиспользованные возможности по возобновляемой кредитной линии CyrusOne, а также условное влияние чистых поступлений от расчетов по форвардным соглашениям о продаже. Кроме того, в соответствии с Соглашением о слиянии мы согласились с различными конкретными ограничениями, касающимися ведения нашего бизнеса в период между датой Соглашения о слиянии и моментом вступления в силу Слияния, включая, помимо прочего, согласие не (i) выпускать или продавать доли в нашем капитале, доли товарищества или другие акции или доли с правом голоса, (ii) выпускать или продавать любые долговые ценные бумаги или варранты или другие права на приобретение любых долговых ценных бумаг нас и наших дочерних компаний, находящихся в полной собственности, и (iii ) нести или принять на себя какую-либо задолженность, в каждом случае в соответствии с условиями Соглашений о слиянии и любых исключений, изложенных в них.

CyrusOne (NASDAQ: CONE) — ведущая глобальная REIT, специализирующаяся на проектировании, строительстве и эксплуатации более 50 высокопроизводительных центров обработки данных по всему миру. Компания предоставляет критически важные объекты, обеспечивающие непрерывную работу ИТ-инфраструктуры примерно 1000 клиентов, в том числе около 200 компаний из списка Fortune 1000.

CyrusOne, лидер в области развертывания гибридных и мультиоблачных сред, предлагает совместное размещение, гипермасштабирование и создание сред, которые помогают клиентам улучшить стратегическую связь их основной инфраструктуры данных и поддерживать достижение целей устойчивого развития. Центры обработки данных CyrusOne обеспечивают гибкость мирового класса, позволяя клиентам модернизировать, упрощать и быстро реагировать на меняющийся спрос. Сочетая исключительную финансовую устойчивость с широким глобальным присутствием, CyrusOne обеспечивает клиентам долгосрочную стабильность и стратегическое преимущество в масштабе.

Профиль компании

CyrusOne (NASDAQ: CONE) специализируется на высоконадежных центрах обработки данных корпоративного класса, не зависящих от операторов связи. Компания предоставляет критически важные центры обработки данных, которые защищают и обеспечивают непрерывную работу ИТ-инфраструктуры примерно для 1000 клиентов, включая около 200 компаний из списка Fortune 1000. Предложения CyrusOne для центров обработки данных обеспечивают гибкость, надежность и безопасность, которые требуются корпоративным клиентам, и предоставляются через специализированную платформу, ориентированную на обслуживание клиентов, предназначенную для укрепления долгосрочных отношений. CyrusOne стремится к полной прозрачности связи, управления и предоставления услуг в своих более чем 50 центрах обработки данных по всему миру.

  • Лучший в своем классе отдел продаж
  • Гибкие решения, масштабируемые по мере роста числа клиентов
  • Massively Modular® Engineering с Data Hall строится за 10-14 недель
  • Сосредоточьтесь на операционном совершенстве и превосходном обслуживании клиентов
  • Проверенная передовая технология, обеспечивающая удельную мощность до 900 Вт на квадратный фут
  • National IX повторяет архитектуру корпоративного центра обработки данных

Corporate Headquarters

   

Senior Management

2850 N. Harwood St., Ste. 2200

   

David Ferdman, Interim President & CEO

   

Brent Behrman, EVP of Sales

Dallas, Texas 75201

   

Katherine Motlagh, EVP & Chief Financial Officer

   

Matt Pullen, EVP & Managing Director, Europe

Phone: (972) 350-0060

   

John Hatem, EVP & Chief Operating Officer

   

Robert M. Jackson, EVP General Counsel & Secretary

Website: www.CyrusOne.com

   

 

   

 

CyrusOne Inc.

Summary of Financial Data

(Dollars in millions, except per share amounts)

 

 

Three Months

 

 

December 31,

September 30,

December 31,

Growth %

 

 

2021

 

 

2021

 

 

2020

 

Yr/Yr

Revenue

$

318.4

 

$

304.1

 

$

268.4

 

19

%

Net operating income

 

178.3

 

 

170.7

 

 

158.1

 

13

%

Net (loss) income

 

(7.0

)

 

6.7

 

 

19.0

 

n/m

 

Funds from Operations ("FFO") - Nareit defined

 

115.3

 

 

132.3

 

 

135.1

 

(15

) %

Normalized Funds from Operations ("Normalized FFO")

 

123.9

 

 

127.2

 

 

114.3

 

8

%

Weighted average number of common shares outstanding - diluted for Normalized FFO

 

127.9

 

 

124.3

 

 

120.6

 

6

%

Net (loss) income per share - basic

$

(0.06

)

$

0.05

 

$

0.15

 

n/m

 

Net (loss) income per share - diluted

$

(0.06

)

$

0.05

 

$

0.15

 

n/m

 

Normalized FFO per diluted common share

$

0.97

 

$

1.02

 

$

0.94

 

3

%

Adjusted EBITDA

$

148.4

 

$

149.2

 

$

135.9

 

9

%

Adjusted EBITDA as a % of Revenue

 

46.6

%

 

49.1

%

 

50.6

%

(4.0) pts

 

As of

 

 

December 31,

September 30,

December 31,

Growth %

 

 

2021

 

 

2021

 

 

2020

 

Yr/Yr

Balance Sheet Data

 

 

 

 

Gross investment in real estate

$

7,762.0

 

$

7,635.4

 

$

7,033.4

 

10

%

Accumulated depreciation

 

(2,184.1

)

 

(2,080.4

)

 

(1,767.9

)

24

%

Total investment in real estate, net

 

5,577.9

 

 

5,555.0

 

 

5,265.5

 

6

%

Cash and cash equivalents

 

346.3

 

 

456.4

 

 

271.4

 

28

%

Market value of common equity

 

11,623.6

 

 

9,824.4

 

 

8,810.4

 

32

%

Long-term debt

 

3,534.4

 

 

3,559.0

 

 

3,446.1

 

3

%

Net debt

 

3,345.0

 

 

3,259.8

 

 

3,203.8

 

4

%

Total enterprise value

 

14,968.6

 

 

13,084.2

 

 

12,014.2

 

25

%

Net debt to LQA Adjusted EBITDA(a)

5.4x

5.0x

5.0x

0.4x

 

 

 

 

 

Dividend Activity

 

 

 

 

Dividends per share

$

0.52

 

$

0.52

 

$

0.51

 

2

%

 

 

 

 

 

Portfolio Statistics

 

 

 

 

Data centers

 

55

 

 

56

 

 

53

 

4

%

Stabilized CSF (000)

 

4,833

 

 

4,789

 

 

4,398

 

10

%

Stabilized CSF % leased

 

86

%

 

86

%

 

87

%

(1) pts

Total CSF (000)

 

5,094

 

 

5,050

 

 

4,665

 

9

%

Total CSF % leased

 

83

%

 

84

%

 

84

%

(1) pts

Total GSF (000)

 

8,646

 

 

8,601

 

 

8,038

 

8

%

 

(a) Adjusted to reflect the pro forma impact of the net proceeds from the settlement of the forward sale agreements.

CyrusOne Inc.

Condensed Consolidated Statements of Operations

(Dollars in millions, except per share amounts)

(Unaudited)

         

 

Three Months

 

 

 

 

Twelve Months

 

 

 

 

 

Ended December 31,

 

Change

Ended December 31,

 

Change

 

 

2021

 

 

2020

 

 

$

 

%

 

2021

 

 

2020

 

 

$

 

%

Revenue(a)

$

318.4

 

$

268.4

 

 

$

50.0

 

 

19

%

$

1,205.7

 

$

1,033.5

 

 

$

172.2

 

 

17

%

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Property operating expenses

 

140.1

 

 

110.3

 

 

 

29.8

 

 

27

%

 

531.1

 

 

411.6

 

 

 

119.5

 

 

29

%

Sales and marketing

 

3.8

 

 

5.3

 

 

 

(1.5

)

 

(28

) %

 

14.9

 

 

18.3

 

 

 

(3.4

)

 

(19

) %

General and administrative

 

31.5

 

 

22.4

 

 

 

9.1

 

 

41

%

 

101.9

 

 

99.3

 

 

 

2.6

 

 

3

%

Depreciation and amortization

 

126.6

 

 

118.5

 

 

 

8.1

 

 

7

%

 

499.2

 

 

449.4

 

 

 

49.8

 

 

11

%

Transaction, acquisition, integration and other related expenses

 

20.9

 

 

1.5

 

 

 

19.4

 

 

n/m

 

 

21.3

 

 

3.7

 

 

 

17.6

 

 

n/m

 

Impairment losses and (gain) loss on asset disposals, net

 

(2.7

)

 

 

 

 

(2.7

)

 

n/m

 

 

(2.0

)

 

11.1

 

 

 

(13.1

)

 

n/m

 

Total operating expenses

 

320.2

 

 

258.0

 

 

 

258.0

 

 

24

%

 

1,166.4

 

 

993.4

 

 

 

173.0

 

 

17

%

Operating (loss) income

 

(1.8

)

 

10.4

 

 

 

(208.0

)

 

n/m

 

 

39.3

 

 

40.1

 

 

 

(0.8

)

 

(2

) %

Interest expense, net

 

(17.4

)

 

(14.5

)

 

 

(2.9

)

 

20

%

 

(64.6

)

 

(57.7

)

 

 

(6.9

)

 

12

%

Gain on marketable equity investment

 

 

 

19.7

 

 

 

(19.7

)

 

(100

) %

 

2.4

 

 

89.5

 

 

 

(87.1

)

 

(97

) %

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

n/m

 

 

 

 

(6.5

)

 

 

6.5

 

 

(100

) %

Foreign currency and derivative gains (losses), net

 

12.4

 

 

4.1

 

 

 

8.3

 

 

n/m

 

 

43.6

 

 

(27.6

)

 

 

71.2

 

 

n/m

 

Other expense

 

(0.2

)

 

 

 

 

(0.2

)

 

n/m

 

 

(0.3

)

 

 

 

 

(0.3

)

 

n/m

 

Net (loss) income before income taxes

 

(7.0

)

 

19.7

 

 

 

(222.5

)

 

n/m

 

 

20.4

 

 

37.8

 

 

 

(17.4

)

 

(46

) %

Income tax (expense) benefit

 

 

 

(0.7

)

 

 

0.7

 

 

(100

) %

 

4.9

 

 

3.6

 

 

 

1.3

 

 

36

%

Net (loss) income

$

(7.0

)

$

19.0

 

 

$

(26.0

)

 

n/m

 

$

25.3

 

$

41.4

 

 

$

(16.1

)

 

(39

) %

Net (loss) income per share - basic

$

(0.06

)

$

0.15

 

 

$

(0.21

)

 

n/m

 

$

0.20

 

$

0.35

 

 

$

(0.15

)

 

(43

) %

Net (loss) income per share - diluted

$

(0.06

)

$

0.15

 

 

$

(0.21

)

 

n/m

 

$

0.20

 

$

0.35

 

 

$

(0.15

)

 

(43

) %

(a)

 

Revenue includes metered power reimbursements of $70.4 million and $44.9 million for the three months ended December 31, 2021 and 2020, respectively, and includes metered power reimbursements of $259.0 million and $161.4 million for the twelve months ended December 31, 2021 and 2020, respectively.

CyrusOne Inc.

Condensed Consolidated Balance Sheets

(Dollars in millions)

(Unaudited)

 

 

December 31,

December 31,

Change

 

 

2021

 

 

2020

 

$

%

Assets

 

 

 

 

Investment in real estate:

 

 

 

 

Land

$

210.5

 

$

208.8

 

$

1.7

 

1

%

Buildings and improvements

 

2,344.0

 

 

2,035.2

 

 

308.8

 

15

%

Equipment

 

4,140.3

 

 

3,538.9

 

 

601.4

 

17

%

Gross operating real estate

 

6,694.8

 

 

5,782.9

 

 

911.9

 

16

%

Less accumulated depreciation

 

(2,184.1

)

 

(1,767.9

)

 

(416.2

)

24

%

Net operating real estate

 

4,510.7

 

 

4,015.0

 

 

495.7

 

12

%

Construction in progress, including land under development

 

765.9

 

 

982.2

 

 

(216.3

)

(22

) %

Land held for future development

 

301.3

 

 

268.3

 

 

33.0

 

12

%

Total investment in real estate, net

 

5,577.9

 

 

5,265.5

 

 

312.4

 

6

%

Cash and cash equivalents

 

346.3

 

 

271.4

 

 

74.9

 

28

%

Rent and other receivables (net of allowance for doubtful accounts of $1.4 and $3.5 as of December 31, 2021 and 2020, respectively)

 

420.4

 

 

334.2

 

 

86.2

 

26

%

Restricted cash

 

1.3

 

 

1.5

 

 

(0.2

)

(13

) %

Operating lease right-of-use assets, net

 

143.7

 

 

211.4

 

 

(67.7

)

(32

) %

Equity investments

 

30.3

 

 

67.1

 

 

(36.8

)

(55

) %

Goodwill

 

455.1

 

 

455.1

 

 

 

%

Intangible assets (net of accumulated amortization of $280.1 and $249.3 as of December 31, 2021 and 2020, respectively)

 

124.8

 

 

157.8

 

 

(33.0

)

(21

) %

Other assets

 

352.2

 

 

133.4

 

 

218.8

 

n/m

 

Total assets

$

7,452.0

 

$

6,897.4

 

$

554.6

 

8

%

Liabilities and equity

 

 

 

 

Debt

$

3,492.9

 

$

3,409.0

 

$

83.9

 

2

%

Finance lease liabilities

 

156.9

 

 

29.1

 

 

127.8

 

n/m

 

Operating lease liabilities

 

178.8

 

 

249.1

 

 

(70.3

)

(28

) %

Construction costs payable

 

129.7

 

 

133.0

 

 

(3.3

)

(2

) %

Accounts payable and accrued expenses

 

192.8

 

 

151.3

 

 

41.5

 

27

%

Dividends payable

 

68.1

 

 

63.3

 

 

4.8

 

8

%

Deferred revenue and prepaid rents

 

235.0

 

 

174.1

 

 

60.9

 

35

%

Deferred tax liability

 

39.8

 

 

53.0

 

 

(13.2

)

(25

) %

Other liabilities

 

34.3

 

 

77.3

 

 

(43.0

)

(56

) %

Total liabilities

 

4,528.3

 

 

4,339.2

 

 

189.1

 

4

%

Commitments and contingencies

 

 

 

 

Stockholders' equity

 

 

 

 

Preferred stock, $.01 par value, 100,000,000 authorized; no shares issued or outstanding

 

 

 

 

 

 

n/m

 

Common stock, $.01 par value, 500,000,000 shares authorized and 129,554,609 and 120,442,521 shares issued and outstanding at December 31, 2021 and 2020, respectively

 

1.3

 

 

1.2

 

 

0.1

 

8

%

Additional paid in capital

 

4,145.1

 

 

3,537.3

 

 

607.8

 

17

%

Accumulated deficit

 

(1,200.1

)

 

(966.6

)

 

(233.5

)

24

%

Accumulated other comprehensive loss

 

(22.6

)

 

(13.7

)

 

(8.9

)

65

%

Total stockholders’ equity

 

2,923.7

 

 

2,558.2

 

 

365.5

 

14

%

Total liabilities and equity

$

7,452.0

 

$

6,897.4

 

$

554.6

 

8

%

CyrusOne Inc.

Condensed Consolidated Statements of Operations

(Dollars in millions, except per share amounts)

(Unaudited)

 

For the three months ended:

December 31

September 30,

June 30,

March 31,

December 31,

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

Revenue(a)

$

318.4

 

$

304.1

 

$

284.6

 

$

298.6

 

$

268.4

 

Operating expenses:

 

 

 

 

 

Property operating expenses

 

140.1

 

 

133.4

 

 

121.8

 

 

135.8

 

 

110.3

 

Sales and marketing

 

3.8

 

 

3.6

 

 

3.7

 

 

3.8

 

 

5.3

 

General and administrative

 

31.5

 

 

30.8

 

 

16.6

 

 

23.0

 

 

22.4

 

Depreciation and amortization

 

126.6

 

 

127.5

 

 

123.7

 

 

121.4

 

 

118.5

 

Transaction, acquisition, integration and other related expenses

 

20.9

 

 

0.2

 

 

0.1

 

 

0.1

 

 

1.5

 

Impairment losses and (gain) loss on asset disposals, net

 

(2.7

)

 

0.1

 

 

0.1

 

 

0.5

 

 

 

Total operating expenses

 

320.2

 

 

295.6

 

 

266.0

 

 

284.6

 

 

258.0

 

Operating (loss) income

 

(1.8

)

 

8.5

 

 

18.6

 

 

14.0

 

 

10.4

 

Interest expense, net

 

(17.4

)

 

(17.3

)

 

(14.8

)

 

(15.1

)

 

(14.5

)

Gain on marketable equity investment

 

 

 

 

 

 

 

2.4

 

 

19.7

 

Foreign currency and derivative gains, net

 

12.4

 

 

14.4

 

 

1.4

 

 

15.4

 

 

4.1

 

Other (expense) income

 

(0.2

)

 

0.1

 

 

(0.1

)

 

(0.1

)

 

 

Net (loss) income before income taxes

 

(7.0

)

 

5.7

 

 

5.1

 

 

16.6

 

 

19.7

 

Income tax benefit (expense)

 

 

 

1.0

 

 

2.3

 

 

1.6

 

 

(0.7

)

Net (loss) income

$

(7.0

)

$

6.7

 

$

7.4

 

$

18.2

 

$

19.0

 

Net (loss) income per share - basic

$

(0.06

)

$

0.05

 

$

0.06

 

$

0.15

 

$

0.15

 

Net (loss) income per share - diluted

$

(0.06

)

$

0.05

 

$

0.06

 

$

0.15

 

$

0.15

 

(a)

 

Revenue includes metered power reimbursements of $70.4 million, $62.5 million, $53.0 million, $73.1 million and $44.9 million for the three months ended December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021, and December 31, 2020, respectively.

CyrusOne Inc.

Condensed Consolidated Balance Sheets

(Dollars in millions)

(Unaudited)

 

 

December 31,

September 30,

June 30,

March 31,

December 31,

 

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

Assets

 

 

 

 

 

Investment in real estate:

 

 

 

 

 

Land

$

210.5

 

$

211.6

 

$

212.8

 

$

207.3

 

$

208.8

 

Buildings and improvements

 

2,344.0

 

 

2,336.3

 

 

2,253.8

 

 

2,046.6

 

 

2,035.2

 

Equipment

 

4,140.3

 

 

4,064.7

 

 

3,869.0

 

 

3,596.5

 

 

3,538.9

 

Gross operating real estate

 

6,694.8

 

 

6,612.6

 

 

6,335.6

 

 

5,850.4

 

 

5,782.9

 

Less accumulated depreciation

 

(2,184.1

)

 

(2,080.4

)

 

(1,977.8

)

 

(1,867.5

)

 

(1,767.9

)

Net operating real estate

 

4,510.7

 

 

4,532.2

 

 

4,357.8

 

 

3,982.9

 

 

4,015.0

 

Construction in progress, including land under development

 

765.9

 

 

729.8

 

 

917.3

 

 

1,053.3

 

 

982.2

 

Land held for future development

 

301.3

 

 

293.0

 

 

265.9

 

 

262.3

 

 

268.3

 

Total investment in real estate, net

 

5,577.9

 

 

5,555.0

 

 

5,541.0

 

 

5,298.5

 

 

5,265.5

 

Cash and cash equivalents

 

346.3

 

 

456.4

 

 

369.7

 

 

240.9

 

 

271.4

 

Rent and other receivables, net

 

420.4

 

 

409.2

 

 

409.4

 

 

389.8

 

 

334.2

 

Restricted cash

 

1.3

 

 

24.3

 

 

24.8

 

 

1.4

 

 

1.5

 

Operating lease right-of-use assets, net

 

143.7

 

 

148.5

 

 

155.0

 

 

239.7

 

 

211.4

 

Equity investments

 

30.3

 

 

30.3

 

 

30.0

 

 

22.9

 

 

67.1

 

Goodwill

 

455.1

 

 

455.1

 

 

455.1

 

 

455.1

 

 

455.1

 

Intangible assets, net

 

124.8

 

 

132.7

 

 

141.2

 

 

149.2

 

 

157.8

 

Other assets

 

352.2

 

 

128.0

 

 

115.0

 

 

114.3

 

 

133.4

 

Total assets

$

7,452.0

 

$

7,339.5

 

$

7,241.2

 

$

6,911.8

 

$

6,897.4

 

Liabilities and equity

 

 

 

 

 

Debt

$

3,492.9

 

$

3,515.1

 

$

3,541.6

 

$

3,337.4

 

$

3,409.0

 

Finance lease liabilities

 

156.9

 

 

157.2

 

 

162.8

 

 

28.6

 

 

29.1

 

Operating lease liabilities

 

178.8

 

 

183.9

 

 

190.5

 

 

277.9

 

 

249.1

 

Construction costs payable

 

129.7

 

 

104.6

 

 

157.7

 

 

137.5

 

 

133.0

 

Accounts payable and accrued expenses

 

192.8

 

 

192.1

 

 

147.7

 

 

168.9

 

 

151.3

 

Dividends payable

 

68.1

 

 

66.3

 

 

63.6

 

 

62.0

 

 

63.3

 

Deferred revenue and prepaid rents

 

235.0

 

 

227.9

 

 

217.1

 

 

183.2

 

 

174.1

 

Deferred tax liability

 

39.8

 

 

41.9

 

 

45.3

 

 

48.2

 

 

53.0

 

Other liabilities

 

34.3

 

 

45.0

 

 

58.3

 

 

53.3

 

 

77.3

 

Total liabilities

 

4,528.3

 

 

4,534.0

 

 

4,584.6

 

 

4,297.0

 

 

4,339.2

 

Commitments and contingencies

 

 

 

 

 

Stockholders' equity

 

 

 

 

 

Preferred stock, $.01 par value, 100,000,000 authorized; no shares issued or outstanding

 

 

 

 

 

 

 

 

 

 

Common stock, $.01 par value, 500,000,000 shares authorized and 129,554,609 and 120,442,521 shares issued and outstanding at December 31, 2021 and 2020, respectively

 

1.3

 

 

1.3

 

 

1.2

 

 

1.2

 

 

1.2

 

Additional paid in capital

 

4,145.1

 

 

3,952.7

 

 

3,731.3

 

 

3,628.6

 

 

3,537.3

 

Accumulated deficit

 

(1,200.1

)

 

(1,125.3

)

 

(1,066.1

)

 

(1,010.2

)

 

(966.6

)

Accumulated other comprehensive loss

 

(22.6

)

 

(23.2

)

 

(9.8

)

 

(4.8

)

 

(13.7

)

Total stockholders' equity

 

2,923.7

 

 

2,805.5

 

 

2,656.6

 

 

2,614.8

 

 

2,558.2

 

Total liabilities and equity

$

7,452.0

 

$

7,339.5

 

$

7,241.2

 

$

6,911.8

 

$

6,897.4

 

CyrusOne Inc.

Condensed Consolidated Statements of Cash Flows

(Dollars in millions)

(Unaudited)

 

 

Twelve Months Ended December 31, 2021

Twelve Months Ended December 31, 2020

Three Months Ended December 31, 2021

Three Months Ended December 31, 2020

Cash flows from operating activities:

 

 

 

 

Net income (loss)

$

25.3

 

$

41.4

 

$

(7.0

)

$

19.0

 

Adjustments to reconcile Net income (loss) to Net cash provided by operating activities

 

 

 

 

Depreciation and amortization

 

499.2

 

 

449.4

 

 

126.6

 

 

118.5

 

(Recovery)/provision for bad debt expense

 

(1.5

)

 

1.7

 

 

(0.5

)

 

1.4

 

Gain on marketable equity investment

 

(2.4

)

 

(89.5

)

 

 

 

(19.7

)

Foreign currency and derivative (gains) losses, net

 

(43.6

)

 

27.6

 

 

(12.4

)

 

(4.1

)

Proceeds from swap terminations

 

 

 

2.9

 

 

 

 

 

Impairment losses and (gain) loss on asset disposals, net

 

(2.0

)

 

11.1

 

 

(2.7

)

 

 

Loss on early extinguishment of debt

 

 

 

6.5

 

 

 

 

 

Interest expense amortization, net

 

7.8

 

 

6.8

 

 

2.1

 

 

1.6

 

Stock-based compensation expense

 

22.6

 

 

18.4

 

 

5.4

 

 

4.7

 

Deferred income tax (benefit) expense

 

(9.0

)

 

(6.9

)

 

(1.0

)

 

0.2

 

Operating lease cost

 

20.8

 

 

20.4

 

 

5.5

 

 

5.4

 

Other expense (income)

 

0.2

 

 

0.1

 

 

0.4

 

 

(0.5

)

 

 

 

 

 

Change in operating assets and liabilities:

 

 

 

 

Rent and other receivables, net and other assets

 

(111.8

)

 

(58.0

)

 

(21.2

)

 

(28.9

)

Accounts payable and accrued expenses

 

33.8

 

 

39.0

 

 

(9.1

)

 

17.0

 

Deferred revenue and prepaid rents

 

62.5

 

 

8.8

 

 

8.2

 

 

6.5

 

Operating lease liabilities

 

(24.3

)

 

(23.4

)

 

(6.1

)

 

(6.7

)

Net cash provided by operating activities

 

477.6

 

 

456.3

 

 

88.2

 

 

114.4

 

Cash flows from investing activities:

 

 

 

 

Investments in real estate

 

(727.0

)

 

(910.5

)

 

(146.8

)

 

(218.3

)

Deposits for contract obligations

 

(193.4

)

 

 

 

(193.4

)

 

 

Proceeds from sale of equity investments

 

46.6

 

 

144.1

 

 

 

 

112.3

 

Equity investments

 

(7.4

)

 

(6.5

)

 

 

 

 

Proceeds from the sale of real estate assets

 

5.6

 

 

0.5

 

 

1.2

 

 

0.2

 

Net cash used in investing activities

 

(875.6

)

 

(772.4

)

 

(339.0

)

 

(105.8

)

Cash flows from financing activities:

 

 

 

 

Issuance of common stock, net

 

597.7

 

 

325.7

 

 

189.8

 

 

(0.2

)

Dividends paid

 

(253.9

)

 

(236.2

)

 

(66.0

)

 

(61.5

)

Proceeds from revolving credit facility

 

173.4

 

 

763.7

 

 

 

 

168.2

 

Repayments of revolving credit facility

 

(610.5

)

 

(966.1

)

 

 

 

0.6

 

Proceeds from Euro bond

 

603.1

 

 

553.5

 

 

 

 

(7.7

)

Proceeds from unsecured term loan

 

 

 

1,100.0

 

 

 

 

 

Repayments of unsecured term loan

 

 

 

(1,400.0

)

 

 

 

 

Proceeds from issuance of senior notes

 

 

 

395.2

 

 

 

 

 

Payment of deferred financing costs

 

(5.1

)

 

(16.4

)

 

(0.1

)

 

(1.3

)

Payments on finance lease liabilities

 

(4.4

)

 

(3.5

)

 

(0.9

)

 

(1.5

)

Tax payment upon exercise of equity awards

 

(12.4

)

 

(8.7

)

 

(2.8

)

 

(0.1

)

Net cash provided by financing activities

 

487.9

 

 

507.2

 

 

120.0

 

 

96.5

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(15.2

)

 

4.1

 

 

(2.3

)

 

9.9

 

Net increase (decrease) in cash, cash equivalents and restricted cash

 

74.7

 

 

195.2

 

 

(133.1

)

 

115.0

 

Cash, cash equivalents and restricted cash at beginning of period

 

272.9

 

 

77.7

 

 

480.7

 

 

157.9

 

Cash, cash equivalents and restricted cash at end of period

$

347.6

 

$

272.9

 

$

347.6

 

$

272.9

 

 

 

 

 

 

Supplemental disclosure of cash flow information:

 

 

 

 

Cash paid for interest, including amounts capitalized of $20.0 million and $22.6 million in 2021 and 2020, respectively

$

73.6

 

$

62.4

 

$

27.8

 

$

26.1

 

Cash paid for income taxes

 

4.5

 

 

3.7

 

 

0.5

 

 

0.5

 

Non-cash investing and financing activities:

 

 

 

 

Construction costs payable

 

129.7

 

 

133.0

 

 

129.7

 

 

133.0

 

Dividends payable

 

68.1

 

 

63.3

 

 

68.1

 

 

63.3

 

CyrusOne Inc.

Reconciliation of Net Income (Loss) to Net Operating Income

(Dollars in millions)

(Unaudited)

         

 

Three Months Ended

 

 

 

 

Twelve Months Ended

 

 

 

 

 

December 31,

 

Change

December 31,

 

Change

 

2021

 

 

2020

 

 

$

 

%

 

2021

 

 

2020

 

 

$

 

%

Net (loss) income

$

(7.0

)

$

19.0

 

 

$

(26.0

)

 

n/m

 

$

25.3

 

$

41.4

 

 

$

(16.1

)

 

(39

) %

Sales and marketing expenses

 

3.8

 

 

5.3

 

 

 

(1.5

)

 

(28

) %

 

14.9

 

 

18.3

 

 

 

(3.4

)

 

(19

) %

General and administrative expenses

 

31.5

 

 

22.4

 

 

 

9.1

 

 

41

%

 

101.9

 

 

99.3

 

 

 

2.6

 

 

3

%

Depreciation and amortization expenses

 

126.6

 

 

118.5

 

 

 

8.1

 

 

7

%

 

499.2

 

 

449.4

 

 

 

49.8

 

 

11

%

Transaction, acquisition, integration and other related expenses

 

20.9

 

 

1.5

 

 

 

19.4

 

 

n/m

 

 

21.3

 

 

3.7

 

 

 

17.6

 

 

n/m

 

Interest expense, net

 

17.4

 

 

14.5

 

 

 

2.9

 

 

20

%

 

64.6

 

 

57.7

 

 

 

6.9

 

 

12

%

Gain on marketable equity investment

 

 

 

(19.7

)

 

 

19.7

 

 

(100

) %

 

(2.4

)

 

(89.5

)

 

 

87.1

 

 

(97

) %

Loss on early extinguishment of debt

 

 

 

 

 

 

 

 

n/m

 

 

 

 

6.5

 

 

 

(6.5

)

 

(100

) %

Impairment losses and (gain) loss on asset disposals, net

 

(2.7

)

 

 

 

 

(2.7

)

 

n/m

 

 

(2.0

)

 

11.1

 

 

 

(13.1

)

 

n/m

 

Foreign currency and derivative (gains) losses, net

 

(12.4

)

 

(4.1

)

 

 

(8.3

)

 

n/m

 

 

(43.6

)

 

27.6

 

 

 

(71.2

)

 

n/m

 

Other expense

 

0.2

 

 

 

 

 

0.2

 

 

n/m

 

 

0.3

 

 

 

 

 

0.3

 

 

n/m

 

Income tax expense (benefit)

 

 

 

0.7

 

 

 

(0.7

)

 

(100

) %

 

(4.9

)

 

(3.6

)

 

 

(1.3

)

 

36

%

Net Operating Income

$

178.3

 

$

158.1

 

 

$

20.2

 

 

13

%

$

674.6

 

$

621.9

 

 

$

52.7

 

 

8

%

CyrusOne Inc.

Net Operating Income and Reconciliation of Net Income (Loss) to Adjusted EBITDA

(Dollars in millions)

(Unaudited)

     

 

Twelve Months Ended

 

 

 

 

Three Months Ended

 

December 31,

 

Change

December 31,

September 30,

June 30,

March 31,

December 31,

 

 

2021

 

 

2020

 

 

$

 

%

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

Net Operating Income

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

1,205.7

 

$

1,033.5

 

 

$

172.2

 

 

17

%

$

318.4

 

$

304.1

 

$

284.6

 

$

298.6

 

$

268.4

 

Property operating expenses

 

531.1

 

 

411.6

 

 

 

119.5

 

 

29

%

 

140.1

 

 

133.4

 

 

121.8

 

 

135.8

 

 

110.3

 

Net Operating Income (NOI)

$

674.6

 

$

621.9

 

 

$

52.7

 

 

8

%

$

178.3

 

$

170.7

 

$

162.8

 

$

162.8

 

$

158.1

 

NOI as a % of Revenue

 

56.0

%

 

60.2

%

 

 

 

 

 

56.0

%

 

56.1

%

 

57.2

%

 

54.5

%

 

58.9

%

Reconciliation of Net income (loss) to Adjusted EBITDA:

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

25.3

 

$

41.4

 

 

$

(16.1

)

 

(39

)%

$

(7.0

)

$

6.7

 

$

7.4

 

$

18.2

 

$

19.0

 

Interest expense, net

 

64.6

 

 

57.7

 

 

 

6.9

 

 

12

%

 

17.4

 

 

17.3

 

 

14.8

 

 

15.1

 

 

14.5

 

Income tax (benefit) expense

 

(4.9

)

 

(3.6

)

 

 

(1.3

)

 

36

%

 

 

 

(1.0

)

 

(2.3

)

 

(1.6

)

 

0.7

 

Depreciation and amortization expenses

 

499.2

 

 

449.4

 

 

 

49.8

 

 

11

%

 

126.6

 

 

127.5

 

 

123.7

 

 

121.4

 

 

118.5

 

Impairment losses and (gain) loss on asset disposals

 

(2.0

)

 

11.1

 

 

 

(13.1

)

 

n/m

 

 

(2.7

)

 

0.1

 

 

0.1

 

 

0.5

 

 

 

EBITDA (Nareit definition)(a)

$

582.2

 

$

556.0

 

 

$

26.2

 

 

5

%

$

134.3

 

$

150.6

 

$

143.7

 

$

153.6

 

$

152.7

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction, acquisition, integration and other related expenses

 

21.3

 

 

3.7

 

 

 

17.6

 

 

n/m

 

 

20.9

 

 

0.2

 

 

0.1

 

 

0.1

 

 

1.5

 

Legal claim (gain) costs

 

(4.9

)

 

0.3

 

 

 

(5.2

)

 

n/m

 

 

 

 

 

 

(4.9

)

 

 

 

 

Stock-based compensation expense

 

18.1

 

 

15.5

 

 

 

2.6

 

 

17

%

 

5.4

 

 

4.0

 

 

4.3

 

 

4.4

 

 

4.4

 

Cash severance and management transition costs

 

4.3

 

 

14.1

 

 

 

(9.8

)

 

(70

)%

 

 

 

4.4

 

 

 

 

(0.1

)

 

0.9

 

Severance-related stock compensation costs

 

4.5

 

 

2.9

 

 

 

1.6

 

 

55

%

 

 

 

4.5

 

 

 

 

 

 

0.2

 

Loss on early extinguishment of debt

 

 

 

6.5

 

 

 

(6.5

)

 

(100

)%

 

 

 

 

 

 

 

 

 

 

Gain on marketable equity investment

 

(2.4

)

 

(89.5

)

 

 

87.1

 

 

(97

)%

 

 

 

 

 

 

 

(2.4

)

 

(19.7

)

Foreign currency and derivative (gains) losses, net

 

(43.6

)

 

27.6

 

 

 

(71.2

)

 

n/m

 

 

(12.4

)

 

(14.4

)

 

(1.4

)

 

(15.4

)

 

(4.1

)

Other expense (income)

 

0.3

 

 

 

 

 

0.3

 

 

n/m

 

 

0.2

 

 

(0.1

)

 

0.1

 

 

0.1

 

 

 

Adjusted EBITDA

$

579.8

 

$

537.1

 

 

$

42.7

 

 

8

%

$

148.4

 

$

149.2

 

$

141.9

 

$

140.3

 

$

135.9

 

Adjusted EBITDA as a % of Revenue

 

48.1

%

 

52.0

%

 

 

 

 

 

46.6

%

 

49.1

%

 

49.9

%

 

47.0

%

 

50.6

%

(a)

 

We calculate Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre) as GAAP Net income (loss) plus Interest expense, net, Income tax (benefit) expense, Depreciation and amortization expenses and Impairment losses and loss (gain) on asset disposals. While it is consistent with the definition of EBITDAre promulgated by the National Association of Real Estate Investment Trusts ("Nareit"), our computation of EBITDAre may differ from the methodology for calculating EBITDAre used by other REITs. Accordingly, our EBITDAre may not be comparable to others.

CyrusOne Inc.

Reconciliation of Net Income (Loss) to FFO and Normalized FFO

(Dollars in millions)

(Unaudited)

     

 

Twelve Months Ended

 

 

 

 

Three Months Ended

 

December 31,

 

Change

December 31,

September 30,

June 30,

March 31,

December 31,

 

2021

 

 

2020

 

 

$

 

%

 

2021

 

 

2021

 

 

2021

 

 

2021

 

 

2020

 

Reconciliation of Net Income (Loss) to FFO and Normalized FFO:

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

$

25.3

 

$

41.4

 

 

$

(16.1

)

 

(39

) %

$

(7.0

)

$

6.7

 

$

7.4

 

$

18.2

 

$

19.0

 

Real estate depreciation and amortization

 

491.0

 

 

440.1

 

 

 

50.9

 

 

12

%

 

125.0

 

 

125.5

 

 

121.5

 

 

119.0

 

 

116.1

 

Impairment losses and (gain) loss on asset disposals, net

 

(2.0

)

 

11.1

 

 

 

(13.1

)

 

n/m

 

 

(2.7

)

 

0.1

 

 

0.1

 

 

0.5

 

 

 

Funds from Operations ("FFO") - Nareit defined

$

514.3

 

$

492.6

 

 

$

21.7

 

 

4

%

$

115.3

 

$

132.3

 

$

129.0

 

$

137.7

 

$

135.1

 

 

 

 

 

 

 

 

 

 

 

 

 

Loss on early extinguishment of debt

 

 

 

6.5

 

 

 

(6.5

)

 

(100

) %

 

 

 

 

 

 

 

 

 

 

Gain on marketable equity investment

 

(2.4

)

 

(89.5

)

 

 

87.1

 

 

(97

) %

 

 

 

 

 

 

 

(2.4

)

 

(19.7

)

Foreign currency and derivative (gains) losses, net

 

(43.6

)

 

27.6

 

 

 

(71.2

)

 

n/m

 

 

(12.4

)

 

(14.4

)

 

(1.4

)

 

(15.4

)

 

(4.1

)

Amortization of tradenames

 

0.9

 

 

1.2

 

 

 

(0.3

)

 

(25

) %

 

0.1

 

 

0.2

 

 

0.3

 

 

0.3

 

 

0.4

 

Transaction, acquisition, integration and other related expenses

 

21.3

 

 

3.7

 

 

 

17.6

 

 

n/m

 

 

20.9

 

 

0.2

 

 

0.1

 

 

0.1

 

 

1.5

 

Cash severance and management transition costs

 

4.3

 

 

14.1

 

 

 

(9.8

)

 

(70

) %

 

 

 

4.4

 

 

 

 

(0.1

)

 

0.9

 

Severance-related stock compensation costs

 

4.5

 

 

2.9

 

 

 

1.6

 

 

55

%

 

 

 

4.5

 

 

 

 

 

 

0.2

 

Legal claim (gain) costs

 

(4.9

)

 

0.3

 

 

 

(5.2

)

 

n/m

 

 

 

 

 

 

(4.9

)

 

 

 

 

Normalized Funds from Operations (Normalized FFO)

$

494.4

 

$

459.4

 

 

$

35.0

 

 

8

%

$

123.9

 

$

127.2

 

$

123.1

 

$

120.2

 

$

114.3

 

Normalized FFO per diluted common share

$

3.99

 

$

3.90

 

 

$

0.09

 

 

2

%

$

0.97

 

$

1.02

 

$

1.00

 

$

1.00

 

$

0.94

 

Weighted average diluted common shares outstanding

 

123.9

 

 

117.6

 

 

 

6.3

 

 

5

%

 

127.9

 

 

124.3

 

 

122.7

 

 

120.5

 

 

120.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional Information:

 

 

 

 

 

 

 

 

 

 

 

Amortization of deferred financing costs and bond premium / discount

 

7.8

 

 

6.8

 

 

 

1.0

 

 

15

%

 

2.1

 

 

2.2

 

 

1.9

 

 

1.6

 

 

1.6

 

Stock-based compensation expense

 

18.1

 

 

15.5

 

 

 

2.6

 

 

17

%

 

5.4

 

 

4.0

 

 

4.3

 

 

4.4

 

 

4.4

 

Non-real estate depreciation and amortization

 

7.3

 

 

8.1

 

 

 

(0.8

)

 

(10

) %

 

1.6

 

 

1.7

 

 

1.8

 

 

2.2

 

 

2.0

 

Straight line rent adjustments(a)

 

(5.4

)

 

(15.0

)

 

 

9.6

 

 

(64

) %

 

1.2

 

 

(4.6

)

 

(3.2

)

 

1.2

 

 

(8.0

)

Straight line rental expense adjustments

 

0.7

 

 

(0.5

)

 

 

1.2

 

 

n/m

 

 

 

 

(0.1

)

 

0.6

 

 

0.2

 

 

0.1

 

Above and below market rent amortization

 

(0.3

)

 

(0.3

)

 

 

 

 

%

 

(0.1

)

 

(0.1

)

 

 

 

(0.1

)

 

(0.1

)

Deferred tax benefit

 

(9.0

)

 

(7.1

)

 

 

(1.9

)

 

27

%

 

(1.0

)

 

(2.1

)

 

(3.3

)

 

(2.6

)

 

(0.2

)

Deferred revenue, primarily installation revenue(b)

 

59.2

 

 

2.6

 

 

 

56.6

 

 

n/m

 

 

5.9

 

 

29.4

 

 

15.1

 

 

8.8

 

 

2.3

 

Leasing commissions

 

(22.0

)

 

(15.2

)

 

 

(6.8

)

 

45

%

 

(8.5

)

 

(4.5

)

 

(5.1

)

 

(3.9

)

 

(4.3

)

Recurring capital expenditures

 

(24.4

)

 

(13.8

)

 

 

(10.6

)

 

77

%

 

(10.7

)

 

(7.2

)

 

(3.9

)

 

(2.6

)

 

(0.8

)

(a)

 

Straight line rent adjustments:

 

 

Represents the difference between revenue recognized on a straight line basis under GAAP over the term of the lease compared to the contractual rental payments. Lease agreements typically include payments that escalate over the term of the contract or, to a lesser extent, a ramp period.

 

 

 

(b)

 

Deferred revenue, primarily installation revenue:

 

 

Represents payments received from customers in excess of revenue recognized under GAAP. This primarily relates to specific customer-requested buildouts that CyrusOne does not include in its basic data center design. The company charges customers up front for these buildouts rather than incorporating into rent and billing them over time. The cash payments for these buildouts are non-recurring, and may vary significantly from quarter to quarter, but revenue is amortized over the life of the lease.

CyrusOne Inc. Сводка по рыночной капитализации, сверка чистой задолженности и сводка по процентам (непроверено)

Market Capitalization (as of December 31, 2021)

(dollars in millions)

Shares or

Equivalents

Outstanding

Market Price

as of

December 31, 2021

Market Value

Equivalents

(in millions)

Common shares

129,554,609

$

89.72

$

11,623.6

Net Debt

 

 

 

3,345.0

Total Enterprise Value (TEV)

 

 

$

14,968.6

Reconciliation of Net Debt

 

December 31,

September 30,

December 31,

(dollars in millions)

 

2021

 

 

2021

 

 

2020

 

Long-term debt(a)

$

3,534.4

 

$

3,559.0

 

$

3,446.1

 

Finance lease liabilities

 

156.9

 

 

157.2

 

 

29.1

 

Less:

 

 

 

Cash and cash equivalents

 

(346.3

)

 

(456.4

)

 

(271.4

)

Net Debt

$

3,345.0

 

$

3,259.8

 

$

3,203.8

 

(a) Excludes adjustment for deferred financing costs and unamortized bond discounts.

Interest Summary

 

 

Three Months Ended

 

 

December 31,

September 30,

December 31,

% Change

(dollars in millions)

 

2021

 

 

2021

 

 

2020

 

Yr/Yr

Interest expense and fees, net

$

19.7

 

$

19.9

 

$

18.5

 

6

%

Amortization of deferred financing costs and bond premium / discount

 

2.1

 

 

2.2

 

 

1.6

 

31

%

Capitalized interest

 

(4.4

)

 

(4.8

)

 

(5.6

)

(21

) %

Total interest expense, net

$

17.4

 

$

17.3

 

$

14.5

 

20

%

CyrusOne Inc.

Debt Schedule and Debt Covenants

(Unaudited)

 

Debt Schedule (as of December 31, 2021)

(dollars in millions)

   

 

   

 

   

 

Long-term debt:

   

Amount

   

Interest Rate

   

Maturity Date

Revolving credit facility - USD(a)

   

   

USD LIBOR + 100 bps

 

 

March 2025(b)

Term loan(c)

   

800.0

   

USD LIBOR + 120 bps(d)

 

 

March 2025(e)

2.900% USD senior notes due 2024

   

600.0

   

2.900%

 

 

November 2024

1.450% EUR senior notes due 2027(f)

   

567.2

   

1.450%

 

 

January 2027

1.125% EUR senior notes due 2028(f)

   

567.2

   

1.125%

 

 

May 2028

3.450% USD senior notes due 2029

   

600.0

   

3.450%

 

 

November 2029

2.150% USD senior notes due 2030

   

400.0

   

2.150%

 

 

November 2030

Total long-term debt(g)

   

$ 3,534.4

   

2.04%(h)

 

 

 

 

   

 

   

 

   

 

Weighted average term of debt(b)(e):

   

5.4

  years    

 

(a)

 

Revolving credit facility includes 0.20% facility fee on entire revolving credit facility commitment of $1.4 billion.

 

(b)

 

Assuming exercise of 12-month extension option.

 

(c)

 

$500 million of $800 million synthetically converted into €451 million pursuant to a USD-EUR cross currency swap; $300 million swapped pursuant to USD floating to fixed interest rate swap.

 

(d)

 

Interest rate as of December 31, 2021: 1.31%; weighted average interest rate pursuant to swaps: 1.34%.

 

(e)

 

Assumes exercise of two 12-month extension options on $100 million tranche.

 

(f)

 

Amount outstanding is USD-equivalent of €500 million.

 

(g)

 

Excludes adjustment for deferred financing costs and unamortized bond discounts.

 

(h)

 

Weighted average interest rate calculated using interest rate on swapped amount.

 

Debt Covenants - Senior Notes (as of December 31, 2021)

Ratios

Requirement

   

December 31, 2021

Total Outstanding Indebtedness to Total Assets

≤ 60%

 

 

42%

Secured Indebtedness to Total Assets

≤ 40%

 

 

2%

Consolidated EBITDA to Interest Expense

≥ 1.50x

 

 

6.81x

Total Unencumbered Assets to Unsecured Indebtedness

≥ 150%

 

 

243%

CyrusOne Inc.

Colocation Square Footage (CSF) and CSF Leased

(Unaudited)

 

 

As of December 31, 2021

As of September 30, 2021

As of December 31, 2020

Market

Colocation
Space (CSF)(a)
(000)

CSF
Leased(b)

Colocation
Space (CSF)(a)
(000)

CSF
Leased(b)

Colocation
Space (CSF)(a)
(000)

CSF
Leased(b)

Northern Virginia

1,308

89 %

1,268

92 %

1,166

93 %

Phoenix

643

97 %

643

97 %

581

95 %

Dallas

621

70 %

621

70 %

621

70 %

San Antonio

434

97 %

434

97 %

434

97 %

Cincinnati

405

69 %

405

68 %

402

71 %

New York Metro

349

68 %

349

68 %

290

79 %

Houston

308

51 %

308

51 %

308

62 %

Chicago

203

81 %

203

81 %

203

79 %

Austin

106

68 %

106

68 %

106

76 %

Raleigh-Durham

94

100 %

94

100 %

94

94 %

Council Bluffs, Iowa

42

15 %

42

15 %

42

15 %

Total - Domestic

4,512

81 %

4,472

82 %

4,246

83 %

Frankfurt

268

99 %

268

99 %

229

99 %

London

175

100 %

167

99 %

148

83 %

Dublin

76

100 %

76

100 %

— %

Amsterdam

39

100 %

39

100 %

39

100 %

Paris

26

100 %

26

100 %

— %

Singapore

— %

3

20 %

3

20 %

Total - International

582

100 %

578

99 %

419

93 %

Total - Portfolio

5,094

83 %

5,050

84 %

4,665

84 %

Stabilized Properties(c)

4,833

86 %

4,789

86 %

4,398

87 %

(a)

 

CSF represents the GSF 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. May not sum to total due to rounding.

(b)

 

CSF Leased is calculated by dividing CSF under signed leases for colocation space (whether or not the lease has commenced billing) by total CSF.

(c)

 

Stabilized properties include data halls that have been in service for at least 24 months or are at least 85% leased.

CyrusOne Inc. - Data Center Portfolio

As of December 31, 2021 (Unaudited)

 

 

 

 

Gross Square Feet (GSF)(a)

Powered Shell Avail. for Future Development (GSF)(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

$

97,792

428

77

%

77

%

83

47

%

133

644

60

Northern Virginia - Sterling V

Northern Virginia

 

73,518

383

99

%

99

%

11

100

%

145

539

231

69

Northern Virginia - Sterling VI

Northern Virginia

 

66,641

272

100

%

100

%

35

%

307

57

Frankfurt II

Frankfurt

 

52,169

90

100

%

100

%

9

100

%

72

171

10

35

Frankfurt III

Frankfurt

 

48,541

124

100

%

100

%

19

100

%

115

258

44

Somerset I

New York Metro

 

43,880

169

91

%

91

%

27

100

%

149

344

28

25

Northern Virginia - Sterling II

Northern Virginia

 

43,520

159

100

%

100

%

9

100

%

55

223

30

San Antonio III

San Antonio

 

34,707

132

100

%

100

%

9

100

%

43

184

24

London II*

London

 

30,796

81

100

%

100

%

10

100

%

94

184

28

Phoenix - Chandler VI

Phoenix

 

30,170

148

100

%

100

%

7

100

%

32

187

59

24

Chicago - Aurora I

Chicago

 

29,515

113

98

%

98

%

34

100

%

223

371

27

52

Frankfurt I

Frankfurt

 

27,937

53

97

%

97

%

8

91

%

57

118

18

Dallas - Lewisville*

Dallas

 

27,127

114

74

%

79

%

11

57

%

54

180

21

Cincinnati - North Cincinnati

Cincinnati

 

26,980

68

100

%

100

%

45

80

%

53

166

59

14

Phoenix - Chandler V

Phoenix

 

26,018

143

95

%

99

%

2

97

%

25

170

13

27

Cincinnati - 7th Street***

Cincinnati

 

24,546

197

47

%

47

%

6

68

%

175

378

46

17

Totowa - Madison**

New York Metro

 

23,612

51

74

%

74

%

22

89

%

59

133

12

Phoenix - Chandler I

Phoenix

 

22,312

74

99

%

99

%

35

11

%

39

147

31

12

Austin III

Austin

 

21,809

62

59

%

59

%

15

96

%

21

98

67

11

Raleigh-Durham I

Raleigh-Durham

 

21,223

94

100

%

100

%

16

100

%

82

192

235

14

Phoenix - Chandler II

Phoenix

 

21,078

74

100

%

100

%

6

53

%

26

105

12

Houston - Houston West II

Houston

 

20,743

80

67

%

67

%

4

97

%

55

139

11

12

London I*

London

 

20,117

46

100

%

100

%

12

56

%

58

115

17

Northern Virginia - Sterling III

Northern Virginia

 

19,913

79

100

%

100

%

7

100

%

34

120

15

San Antonio I

San Antonio

 

19,665

44

98

%

98

%

6

83

%

46

96

11

12

Phoenix - Chandler III

Phoenix

 

19,400

68

100

%

100

%

2

%

30

101

18

Northern Virginia - Sterling IV

Northern Virginia

 

18,713

81

100

%

100

%

7

100

%

34

122

15

Houston - Houston West I

Houston

 

18,478

112

48

%

48

%

11

100

%

37

161

3

32

Northern Virginia - Sterling I

Northern Virginia

 

17,694

78

89

%

89

%

6

63

%

49

132

12

San Antonio II

San Antonio

 

17,339

64

100

%

100

%

11

100

%

41

117

12

San Antonio V

San Antonio

 

17,097

134

90

%

90

%

14

100

%

38

187

1

21

Wappingers Falls I**

New York Metro

 

16,833

37

62

%

62

%

20

86

%

15

72

7

London III*

London

 

16,255

39

100

%

100

%

4

100

%

49

91

12

Austin II

Austin

 

14,815

44

81

%

81

%

2

81

%

22

68

6

Northern Virginia - Sterling IX

Northern Virginia

 

13,313

91

100

%

100

%

8

100

%

2

101

12

San Antonio IV

San Antonio

 

13,059

60

100

%

100

%

12

100

%

27

99

12

Phoenix - Chandler IV

Phoenix

 

12,978

73

100

%

100

%

3

100

%

27

103

12

Florence

Cincinnati

 

11,445

53

99

%

99

%

47

87

%

40

140

9

Dublin

Dublin

 

9,703

76

100

%

100

%

10

100

%

33

119

76

12

Chicago - Aurora II (DH #1)

Chicago

 

9,655

77

60

%

60

%

45

2

%

14

136

27

16

Houston - Galleria

Houston

 

9,250

63

37

%

37

%

23

21

%

25

112

11

Cincinnati - Hamilton*

Cincinnati

 

9,196

47

65

%

65

%

1

100

%

35

83

9

Houston - Houston West III

Houston

 

8,851

53

50

%

50

%

10

13

%

32

95

2

6

Norwalk I**

New York Metro

 

7,337

17

100

%

100

%

10

100

%

41

68

83

6

London - Great Bridgewater**

London

 

6,357

10

91

%

91

%

%

1

11

1

Paris I

Paris

 

5,706

26

100

%

100

%

4

100

%

15

45

201

6

Dallas - Allen (DH #1)

Dallas

 

5,365

79

24

%

24

%

%

58

137

204

6

Stamford - Riverbend**

New York Metro

 

4,961

20

22

%

22

%

%

8

28

5

Cincinnati - Mason

Cincinnati

 

4,701

34

100

%

100

%

26

98

%

17

78

4

Amsterdam I

Amsterdam

 

4,253

39

100

%

100

%

15

100

%

40

94

207

4

Phoenix - Chandler VII

Phoenix

 

3,703

62

71

%

71

%

10

21

%

38

110

15

Chicago - Lombard

Chicago

 

2,381

14

50

%

50

%

4

79

%

12

30

29

2

Totowa - Commerce**

New York Metro

 

811

%

%

20

45

%

6

26

Cincinnati - Blue Ash*

Cincinnati

 

435

6

36

%

36

%

7

100

%

2

15

1

Stabilized Properties - Total

 

$

1,174,411

4,833

86

%

86

%

780

69

%

2,632

8,246

1,661

941

CyrusOne Inc.

Data Center Portfolio

As of December 31, 2021

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross Square Feet (GSF)(a)

Powered Shell Available for Future Development (GSF)(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)

Stabilized Properties - Total

 

$

1,174,411

4,833

86

%

86

%

780

69

%

2,632

8,246

1,661

941

 

 

 

 

 

 

 

 

 

 

 

 

Pre-Stabilized Properties(b)

 

 

 

 

 

 

 

 

 

 

 

Northern Virginia - Sterling VIII

Northern Virginia

 

13,453

61

59

%

59

%

4

%

25

90

12

Northern Virginia - Sterling IX

Northern Virginia

 

6,380

104

43

%

44

%

1

%

68

173

32

21

Council Bluffs I

Iowa

 

2,085

42

12

%

15

%

14

%

18

73

42

5

Somerset (DH #12 and #13)

New York Metro

 

54

%

%

9

%

63

5

All Properties - Total

 

$

1,196,329

5,094

83

%

83

%

809

67

%

2,743

8,646

1,736

984

*

 

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, 2021 multiplied by 12. For the month of December 2021, customer reimbursements were $268.8 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, 2020 through December 31, 2021, customer reimbursements under leases with separately metered power constituted between 14.9% and 22.5% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of December 31, 2021 was $1,195.9 million. Our annualized effective rent was lower than our annualized rent as of December 31, 2021 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 GSF 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, 2021 divided by total CSF. Leases signed but that have not commenced billing as of December 31, 2021 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 GSF 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, 2021 divided by total Office & Other space. Leases signed but not commenced as of December 31, 2021 are not included.

(i)

 

Represents infrastructure support space, including mechanical, telecommunications and utility rooms, as well as building common areas.

(j)

 

Represents the GSF 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 GSF, rounded to the nearest 1,000.

(l)

 

Critical power capacity represents the gross aggregate of UPS power installed and available to provide multiple redundancy levels for lease and exclusive use by customers. Capacity is stated in megawatts as represented by UPS manufacturer nameplate ratings and does not include ancillary UPS capacity not configured for the direct support of leased customer critical IT load (e.g. dedicated office power, office disaster recovery UPS, or UPS utilized by CyrusOne for infrastructure control circuits). Does not sum to total due to rounding.

 CyrusOne Inc.
Land Available for Future Development (Acres)
As of December 31, 2021 (Unaudited)

 

 

As of

Market

December 31, 2021

Amsterdam

8

Austin

22

Chicago

23

Cincinnati

98

Council Bluffs, Iowa

10

Dallas

57

Dublin

15

Frankfurt

18

Houston

20

London

33

Madrid

5

Northern Virginia

8

Phoenix

96

Quincy, Washington

48

San Antonio

22

Santa Clara

23

Total Available(a)

505

Book Value of Total Available

$ 301.3 million

(a) Does not sum to total due to rounding.

CyrusOne Inc.

Leasing Statistics - Lease Signings

As of December 31, 2021

(Unaudited)

 

Period

Number

of Leases(a)

Total CSF Signed(b)

Total kW Signed(c)

Total MRR

Signed (000)(d)

Weighted Average

Lease Term(e)

4Q'21

310

530,000

101,121

$8,693

83

Prior 4Q Avg.

379

190,750

25,132

$3,425

110

3Q'21

349

100,000

19,860

$3,152

108

2Q'21

370

345,000

20,855

$3,487

99

1Q'21

414

156,000

28,493

$2,947

116

4Q'20

383

162,000

31,321

$4,112

117

(a)

 

Number of leases represents each agreement with a customer. A lease agreement could include multiple spaces, and a customer could have multiple leases.

(b)

 

CSF represents the GSF at an operating facility that is leased as colocation space, where customers locate their servers and other IT equipment.

(c)

 

Represents maximum contracted kW that customers may draw during lease period, and subject to full build out of projects subject to additional conditions. Additionally, we can develop flexible solutions for our customers at multiple resiliency levels, and the kW signed is unadjusted for this factor.

(d)

 

Monthly recurring rent is defined as the average monthly contractual rent during the term of the lease. It includes the monthly impact of installation charges of approximately $0.7 million in 2Q'21, $0.3 million in 3Q'21, and $0.2 million in 4Q'20, 1Q'21 and 4Q'21.

(e)

 

Calculated on a CSF-weighted basis.

CyrusOne Inc.

New MRR Signed - Existing vs. New Customers

As of December 31, 2021

(Dollars in thousands)

(Unaudited)

 
  New MRR Signed(a)
               
  1Q'20   2Q'20   3Q'20   4Q'20   1Q'21   2Q'21   3Q'21   4Q'21
Existing Customers  

$4,756

 

$2,872

 

$841

 

$3,881

 

$2,827

 

$3,332

 

$3,039

 

$8,244

New Customers  

$238

 

$198

 

$53

 

$231

 

$120

 

$155

 

$113

 

$449

Total  

$4,994

 

$3,070

 

$894

 

$4,112

 

$2,947

 

$3,487

 

$3,152

 

$8,693

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

% from Existing Customers  

95%

 

94%

 

94%

 

94%

 

96%

 

96%

 

96%

 

95%

               

(a) Monthly recurring rent is defined as the average monthly contractual rent during the term of the lease. It includes the monthly impact of installation charges of approximately $0.7 million in 2Q'21, $0.3 million in 1Q'20 and 3Q'21, and $0.2 million in 2Q'20, 3Q'20, 4Q'20, 1Q'21 and 4Q'21.

CyrusOne Inc.

Customer Sector Diversification(a)

As of December 31, 2021

(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

13

$

238,726

20.0

%

84.2

2

 

Information Technology

8

 

118,620

9.9

%

45.4

3

 

Information Technology

14

 

87,138

7.3

%

27.9

4

 

Information Technology

5

 

60,353

5.0

%

30.9

5

 

Information Technology

10

 

50,374

4.2

%

39.4

6

 

Information Technology

4

 

45,179

3.8

%

43.9

7

 

Information Technology

3

 

22,508

1.9

%

23.3

8

 

Financial Services

1

 

20,837

1.7

%

111.0

9

 

Healthcare

2

 

16,431

1.4

%

72.0

10

 

Information Technology

7

 

16,383

1.4

%

26.8

11

 

Research and Consulting Services

3

 

14,634

1.2

%

10.0

12

 

Financial Services

2

 

12,048

1.0

%

30.7

13

 

Financial Services

4

 

11,697

1.0

%

75.4

14

 

Financial Services

4

 

11,568

1.0

%

77.7

15

 

Information Technology

1

 

9,931

0.8

%

26.6

16

 

Telecommunication Services

2

 

9,369

0.8

%

41.0

17

 

Telecommunication Services

1

 

8,279

0.7

%

71.0

18

 

Industrials

2

 

8,086

0.7

%

69.4

19

 

Information Technology

3

 

7,376

0.6

%

29.5

20

 

Telecommunication Services

7

 

7,183

0.6

%

18.0

 

 

 

 

$

776,719

64.9

%

54.9

(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, 2021, multiplied by 12. For the month of December 2021, customer reimbursements were $268.8 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, 2020 through December 31, 2021, customer reimbursements under leases with separately metered power constituted between 14.9% and 22.5% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of December 31, 2021 was $1,195.9 million. Our annualized effective rent was lower than our annualized rent as of December 31, 2021 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.

(c)

 

Represents the customer’s total annualized rent divided by the total annualized rent in the portfolio as of December 31, 2021, which was approximately $1,196.3 million.

(d)

 

Weighted average based on customer’s percentage of total annualized rent expiring and is as of December 31, 2021, 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.

CyrusOne Inc.

Lease Distribution

As of December 31, 2021

(Unaudited)

 

GSF Under Lease(a)

Number of

Customers(b)

Percentage of

All Customers

Total Leased
GSF(c) (000)

Percentage of

Portfolio

Leased GSF

Annualized

Rent(d) (000)

Percentage of

Annualized Rent

0-999

596

65

%

124

2

%

$

88,723

7

%

1000-2499

117

13

%

185

3

%

 

47,792

4

%

2500-4999

60

6

%

216

3

%

 

41,567

3

%

5000-9999

45

5

%

309

4

%

 

55,016

5

%

10000+

102

11

%

6,249

88

%

 

963,232

81

%

Total

920

100

%

7,083

100

%

$

1,196,329

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, 2021. 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 GSF 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, 2021, multiplied by 12. For the month of December 2021, customer reimbursements were $268.8 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, 2020 through December 31, 2021, customer reimbursements under leases with separately metered power constituted between 14.9% and 22.5% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of December 31, 2021 was $1,195.9 million. Our annualized effective rent was lower than our annualized rent as of December 31, 2021 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.

CyrusOne Inc.

Lease Expirations

As of December 31, 2021

(Unaudited)

 

 

Year(a)

Number of
Leases Expiring(b)

Total

GSF Expiring (000)

Percentage of

Total GSF

Annualized
Rent(c) (000)

Percentage of

Annualized Rent

Annualized Rent
at Expiration(d) (000)

Percentage of

Annualized Rent

at Expiration

Available

 

1,563

18

%

 

 

 

 

Month-to-Month

2,037

421

5

%

$

83,809

7

%

$

83,809

6

%

2022

3,628

940

11

%

 

185,338

15

%

 

193,604

15

%

2023

1,611

1,220

14

%

 

196,278

16

%

 

206,870

16

%

2024

1,268

763

9

%

 

170,177

14

%

 

176,667

14

%

2025

216

416

5

%

 

83,635

7

%

 

89,950

7

%

2026

183

965

11

%

 

164,455

14

%

 

180,950

14

%

2027

57

651

7

%

 

106,539

9

%

 

117,862

9

%

2028

32

347

4

%

 

48,550

4

%

 

55,551

4

%

2029

8

83

1

%

 

7,225

1

%

 

8,819

1

%

2030

10

308

4

%

 

30,211

3

%

 

41,879

3

%

2031

13

522

6

%

 

45,387

4

%

 

62,318

5

%

2032 - Thereafter

27

447

5

%

 

74,725

6

%

 

83,374

6

%

Total

9,090

8,646

100

%

$

1,196,329

100

%

$

1,301,653

100

%

(a)

 

Leases that were auto-renewed prior to December 31, 2021 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, 2021, multiplied by 12. For the month of December 2021, customer reimbursements were $268.8 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, 2020 through December 31, 2021, customer reimbursements under leases with separately metered power constituted between 14.9% and 22.5% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of December 31, 2021 was $1,195.9 million. Our annualized effective rent was lower than our annualized rent as of December 31, 2021 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)

 

Represents the final monthly contractual rent under existing customer leases that had commenced as of December 31, 2021, multiplied by 12.

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25.03.2022, 23:11 МСК KKR and GIP Complete Acquisition of CyrusOne DALLAS--(BUSINESS WIRE)--CyrusOne Inc. (NASDAQ: CONE) (the “Company” or “CyrusOne”) today announced the completion of its acquisition by funds managed by KKR, a leading global investment firm, and Global Infrastructure Partners (“GIP”), one of the world’s leading infrastructure investors, in an all-cash transaction valued at approximately $15 billion, including the assumption of debt (the “Transaction”). The Company also announced, effective today, that trading of its shares of common stock has been suspended on the NASDAQ Global Select Market (“Nasdaq”), and that CyrusOne has requested that its common stock be delisted from Nasdaq.KKR и GIP завершили приобретение CyrusOne ДАЛЛАС — (BUSINESS WIRE) — CyrusOne Inc. (NASDAQ: CONE) («Компания» или «CyrusOne») сегодня объявила о завершении сделки по приобретению фондами, управляемыми KKR, ведущей глобальной инвестиционной фирмой, и Global Infrastructure Partners. («GIP»), одного из ведущих мировых инвесторов в инфраструктуру, в полностью денежной сделке на сумму около 15 миллиардов долларов, включая принятие долга («Сделка»). Компания также объявила, начиная с сегодняшнего дня, что торговля ее обыкновенными акциями была приостановлена на рынке NASDAQ Global Select Market («Nasdaq»), и что CyrusOne потребовал исключить свои обыкновенные акции из листинга Nasdaq.

03.03.2022, 18:02 МСК CyrusOne Closes Houston Asset Divestiture DALLAS--(BUSINESS WIRE)--CyrusOne Inc. (NASDAQ: CONE) (“CyrusOne”), a premier global data center REIT, today announced it has closed the previously announced sale of its four Houston data center assets to DataBank Holdings Ltd. (“DataBank”). Additionally, CyrusOne will lease the Houston West III shell to support a lease signed with a hyperscale customer. Total consideration for the transaction is approximately $670 million, subject to a net working capital adjustment.CyrusOne закрывает сделку по продаже активов в Хьюстоне ДАЛЛАС – (BUSINESS WIRE) – CyrusOne Inc. (NASDAQ: CONE) («CyrusOne»), ведущий глобальный центр обработки данных REIT, сегодня объявила о закрытии ранее объявленной продажи своих четырех активов центров обработки данных в Хьюстоне компании DataBank Holdings Ltd. . ("Банк данных"). Кроме того, CyrusOne будет арендовать оболочку Houston West III для поддержки аренды, подписанной с гипермасштабируемым клиентом. Общая стоимость сделки составляет около 670 миллионов долларов США с учетом корректировки чистого оборотного капитала.

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