Business Wire | Feb 17, 2021 04:07PM EST

CyrusOne Reports Fourth Quarter and Full Year 2020 Earnings

Feb. 17, 2021

DALLAS--(BUSINESS WIRE)--Feb. 17, 2021--CyrusOne Inc. (NASDAQ: CONE), a premier global data center REIT, today announced fourth quarter and full year 2020 earnings.

Highlights

Category 4Q'20 vs. FY'20 vs. 4Q'19 FY'19

Revenue $268.4 6% $1,033.5 5% million million

Net income (loss) $19.0 n/m $41.4 million -% million

Adjusted EBITDA $135.9 (1)% $537.1 5% million million

Normalized FFO $114.3 1% $459.4 12% million million

Net income (loss) per diluted $0.15 n/m $0.35 (3)%common share

Normalized FFO per diluted common $0.94 (5)% $3.90 7%share

* Leased 31 megawatts ("MW") and 162,000 colocation square feet ("CSF") in the fourth quarter, totaling $49.3 million in annualized GAAP revenue - For full year 2020, signed leases totaling 101 MW and 616,000 CSF, representing $156.8 million in annualized GAAP revenue(1), the highest annual leasing total in the Company's history * Backlog of approximately $101 million in annualized GAAP revenue as of the end of the fourth quarter representing approximately $830 million in total contract value * Expansion into Paris, France, one of the leading data center markets in Europe, with a 25-year lease on a 13-acre site and development of the first phase of a fully pre-leased data center * Entered into a forward sale agreement in the fourth quarter through the at-the-market ("ATM") equity program with respect to approximately 1.07 million shares of common stock, which will result in estimated net proceeds of approximately $75 million upon settlement by November 2021 - Combined with forward sale agreements entered into in the second and third quarters of 2020, which will result in estimated net proceeds of approximately $410 million upon settlement by September 2021, the Company has approximately $485 million in available forward equity * Raised approximately $177 million through the sale of approximately 1.9 million American depository shares ("ADSs") of GDS Holdings Limited ("GDS") in the fourth quarter of 2020 and January 2021

"The fourth quarter bookings included a significant contribution from our hyperscale customers and more than $30 million in annualized revenue signed across our U.S. markets, closing out a record leasing year for the company with nearly $160 million in annualized revenue signed," said Bruce W. Duncan, president and chief executive officer of CyrusOne. "The $101 million revenue backlog positions us well for continued growth, and we have a strong balance sheet with more than $1.7 billion in available liquidity, including nearly $500 million in available forward equity, to support this growth. We are also excited to expand into France with a fully pre-leased data center, extending our footprint into another key European market and further enhancing our offering for our customers."

Fourth Quarter 2020 Financial Results

Revenue was $268.4 million for the fourth quarter, compared to $253.9 million for the same period in 2019, an increase of 6%. The increase in revenue was driven primarily by a 10% increase in occupied CSF and additional interconnection services, partially offset by the Company's receipt of $4.7 million in lease termination fees in the fourth quarter of 2019.

Net income was $19.0 million for the fourth quarter, compared to net loss of $(52.1) million in the same period in 2019. Net income for the fourth quarter included a $4.1 million gain associated with a change in fair value on the undesignated portion of the Company's net investment hedge compared to a $(13.0) million loss in the fourth quarter of 2019. Net loss for the fourth quarter of 2019 also included a $(71.8) million loss on extinguishment of debt related to the repurchase or early redemption of the Company's 5.000% Senior Notes due 2024 and the 5.375% Senior Notes due 2027. The Company recognized a $19.7 million gain during the fourth quarter of 2020 on its marketable equity investment in GDS, compared to a $27.2 million gain in the fourth quarter of 2019. Net income per diluted common share2 was $0.15 in the fourth quarter of 2020, compared to net loss per diluted common share of $(0.46) in the same period in 2019.

Net operating income ("NOI")3 was $158.1 million for the fourth quarter, compared to $160.1 million in the same period in 2019, a decrease of (1)%. Adjusted EBITDA4 was $135.9 million for the fourth quarter, compared to $137.9 million in the same period in 2019, also a decrease of (1)%. As noted above, the Company received $4.7 million in lease termination fees in the fourth quarter of 2019.

Normalized Funds From Operations ("Normalized FFO")5 was $114.3 million for the fourth quarter, compared to $113.7 million in the same period in 2019, an increase of 1%. Normalized FFO per diluted common share was $0.94 in the fourth quarter of 2020, compared to $0.99 in the same period in 2019, a decrease of (5)%.

Leasing Activity

CyrusOne leased approximately 31 MW of power and 162,000 CSF in the fourth quarter, representing approximately $4.1 million in monthly recurring rent, inclusive of the monthly impact of installation charges. The leasing for the quarter represents approximately $49.3 million in annualized GAAP revenue6, excluding estimates for pass-through power. The weighted average lease term of the new leases, based on square footage, is 117 months (9.8 years), and the weighted average remaining lease term of CyrusOne's portfolio is 51 months (taking into consideration the impact of the backlog). Recurring rent churn percentage7 for the fourth quarter was 0.9%, compared to 0.7% for the same period in 2019.

Portfolio Development and Percentage CSF Leased

In the fourth quarter, the Company completed construction on 194,000 CSF, 48 MW of power capacity, and 209,000 square feet of powered shell in Frankfurt, San Antonio, Council Bluffs (IA), Phoenix, and Northern Virginia. Percentage CSF leased8 as of the end of the fourth quarter was 87% for stabilized properties9 and 84% overall. In addition, the Company has development projects underway in Frankfurt, Dublin, Paris, London, the New York Metro area, Cincinnati, San Antonio, and Northern Virginia that are expected to add approximately 289,000 CSF and 73 MW of power capacity plus 279,000 square feet of powered shell.

Balance Sheet and Liquidity

As of December 31, 2020, the Company had gross asset value10 totaling approximately $8.7 billion, an increase of approximately 15% over gross asset value as of December 31, 2019. CyrusOne had $3.45 billion of long-term debt11, $271 million of cash and cash equivalents, and nearly $960 million available under its unsecured revolving credit facility as of December 31, 2020. Net debt11 was $3.20 billion as of December 31, 2020, representing approximately 27% of the Company's total enterprise value as of December 31, 2020 of $12.0 billion, or 5.0x 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 liquidity12 was $1.71 billion as of December 31, 2020.

The Company entered into a forward sale agreement in the fourth quarter through the ATM equity program with respect to approximately 1.07 million shares of common stock, which will result in estimated net proceeds of approximately $75 million upon settlement by November 2021. Combined with forward sale agreements entered into in the second and third quarters of 2020, which will result in estimated net proceeds of approximately $410 million upon settlement by September 2021, the Company has approximately $485 million in available forward equity (no portion of these forward sale agreements has been settled as of February 17, 2021). As of December 31, 2020, there was approximately $151 million in remaining availability under the ATM equity program.

Additionally, the Company raised approximately $177 million through the sale of approximately 1.9 million ADSs of GDS in the fourth quarter of 2020 and January 2021. As of January 2021, the Company has liquidated its investment in GDS and no longer owns any ADSs.

Dividend

On October 28, 2020, the Company announced a dividend of $0.51 per share of common stock for the fourth quarter of 2020. The dividend was paid on January 8, 2021, to stockholders of record at the close of business on January 4, 2021.

Additionally, today the Company is announcing a dividend of $0.51 per share of common stock for the first quarter of 2021. The dividend will be paid on April 9, 2021, to stockholders of record at the close of business on March 26, 2021.

Guidance

CyrusOne is issuing guidance for full year 2021. The annual guidance provided below represents forward-looking statements, which are based on current economic conditions, internal assumptions about the Company's existing customer base, and the supply and demand dynamics of the markets in which CyrusOne operates. We continue to monitor the global outbreak of COVID-19 and to take steps to mitigate the potential risks to us posed by the pandemic, which continues to evolve rapidly. While the impact on our business has not been significant to date and vaccines have begun to be distributed, the length and severity of the effects of the pandemic remain uncertain and unpredictable and could be materially adverse to our business, financial condition, results of operations, cash flows and ability to pay dividends as well as the market price of our common stock.

CyrusOne does not provide forward-looking guidance for GAAP financial measures (other than Total Revenue and Capital Expenditures) or reconciliations for the non-GAAP financial measures included in the annual guidance provided below due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including Net income (loss) and adjustments that could be made for Transaction, acquisition, integration and other related expenses, Legal claim costs, Impairment losses and (gain) loss on asset disposals and other charges in its reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.

Category 2020 Results 2021 Guidance

Total Revenue $1,033 million $1,105 - 1,145 million

Lease and Other Revenues from Customers $872 million $920 - 950 million

Metered Power Reimbursements $161 million $185 - 195 million

Adjusted EBITDA $537 million $570 - 590 million

Normalized FFO per diluted common share $3.90 $3.90 - 4.00

Capital Expenditures $910 million $925 - 1,025 million

Development^(1) $896 million $905 - 985 million

Recurring $14 million $20 - 40 million

^(1)Development capital expenditures include the acquisition of land for futuredevelopment.

Upcoming Conferences and Events (All Virtual)

* Raymond James Institutional Investors Conference on March 1-3 * Morgan Stanley Technology, Media & Telecom Conference on March 1-4 * Citi Global Property CEO Conference on March 7-10 * Deutsche Bank Media, Internet & Telecom Conference on March 8-10

Conference Call Details

CyrusOne will host a conference call on February 18, 2021, at 11:00 AM Eastern Time (10:00 AM Central Time) to discuss its results for the fourth quarter and full year 2020. A live webcast of the conference call will be available in the "Investors / Events & Presentations" section of the Company's website at http://investor.cyrusone.com/events.cfm. The presentation to be made during the call is now available in this location. The U.S. conference call dial-in number is 1-844-492-3731, and the international dial-in number is 1-412-542-4121. A replay will be available one hour after the conclusion of the earnings call on February 18, 2021, through March 4, 2021. The U.S. toll-free replay dial-in number is 1-877-344-7529 and the international replay dial-in number is 1-412-317-0088. The replay access code is 10150988.

Safe Harbor

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) the potential widespread and highly uncertain impact of public health outbreaks, epidemics and pandemics, such as the COVID-19 pandemic; (ii) loss of key customers; (iii) 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, (iv) economic downturn, natural disaster or oversupply of data centers in the limited geographic areas that we serve; (v) 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; (vi) 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; (vii) loss of access to key third-party service providers and suppliers; (viii) risks of loss of power or cooling which may interrupt our services to our customers; (ix) inability to identify and complete acquisitions and operate acquired properties; (x) our failure to obtain necessary outside financing on favorable terms, or at all; (xi) restrictions in the instruments governing our indebtedness; (xii) risks related to environmental, social and governance matters; (xiii) unknown or contingent liabilities related to our acquisitions; (xiv) significant competition in our industry; (xv) recent turnover, or the further loss of, any of our key personnel; (xvi) risks associated with real estate assets and the industry; (xvii) 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; (xviii) REIT distribution requirements could adversely affect our ability to execute our business plan; (xix) insufficient cash available for distribution to stockholders; (xx) future offerings of debt may adversely affect the market price of our common stock; (xxi) 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; (xxii) market price and volume of stock could be volatile; (xxiii) risks related to regulatory changes impacting our customers and demand for colocation space in particular geographies; (xxiv) 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; (xxv) the continuing uncertainty about the future relationship between the United Kingdom and the European Union following the United Kingdom's withdrawal from the European Union; (xxvi) expanded and widened price increases in certain selective materials for data center development capital expenditures due to international trade negotiations; (xxvii) a failure to comply with anti-corruption laws and regulations; (xxviii) legislative or other actions relating to taxes; (xxix) any significant security breach or cyber-attack on us or our key partners or customers; (xxx) the ongoing trade conflict between the United States and the People's Republic of China; (xxxi) 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 (xxxii) 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 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 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 real estate investment trusts (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 income (loss) presented in accordance with GAAP as measures of our performance. FFO, Normalized FFO, NOI, and Adjusted EBITDA should not be used as measures of liquidity or as indicative of funds available to fund our cash needs, including our ability to 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.

1Includes exercise of previously disclosed (in 3Q'19) paid reservation for 4.5 MW and 30,000 CSF totaling approximately $5.5 million in annualized GAAP revenue in 2Q'20.

2Net income (loss) per diluted common share is defined as Net income (loss) divided by the weighted average diluted common shares outstanding for the period, which were 120.6 million for the fourth quarter of 2020 and 114.4 million for the fourth quarter of 2019.

3We 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 income (loss), adjusted for Sales and marketing expenses, General and administrative expenses, Depreciation and amortization expenses, Transaction, acquisition, integration, Interest expense, net, Gain on marketable equity investment, Loss on early extinguishment of debt, Impairment losses and (gain) loss on asset disposals, Foreign currency and derivative losses, net, Other (income) expense, Income tax expense (benefit) and other items as appropriate. 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 income (loss) 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 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.

4Adjusted EBITDA, which is a non-GAAP financial measure, is defined as Net income (loss) as defined by GAAP adjusted for Interest expense, net; Income tax (benefit) expense; Depreciation and amortization expenses; Impairment losses and (gain) 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; New accounting standards and regulatory compliance and the related system implementation costs; Gain on marketable equity investment; Foreign currency and derivative losses (gains), net; Other expense (income); and other items as appropriate. 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.

5We 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 income (loss) computed in accordance with GAAP before Real estate depreciation and amortization and Impairment losses and (gain) 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 losses (gains), 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; Legal claim costs; and other items as appropriate. 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 income (loss) 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 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.

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

7Recurring 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.

8Percentage 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.

9Stabilized properties include data halls that have been in service for at least 24 months or are at least 85% leased.

10Gross asset value is defined as total assets plus accumulated depreciation.

11Long-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.

12Liquidity 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.

About CyrusOne

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(r) 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 Senior ManagementHeadquarters

2850 N. Harwood Bruce W. Duncan, President & Brent Behrman, EVP of SalesStreet, Ste. 2200 Chief Executive Officer

Dallas, Texas Katherine Motlagh, EVP & Matt Pullen, EVP & Managing75201 Chief Financial Officer Director, Europe

Phone: (972) John Hatem, EVP & Chief Robert M. Jackson, EVP350-0060 Operating Officer General Counsel & Secretary

Website: www.cyrusone.com

Analyst Coverage

Firm

Analyst

Phone Number

BofA Securities

Michael J. Funk

(646) 855-5664

Barclays

Tim Long

(212) 526 4043

Berenberg Capital Markets

Nate Crossett

(646) 949-9030

BMO Capital Markets

Ari Klein

(212) 885-4103

Citi

Mike Rollins

(212) 816-1116

Cowen and Company

Colby Synesael

(646) 562-1355

Credit Suisse

Sami Badri

(212) 538-1727

Deutsche Bank

Matthew Niknam

(212) 250-4711

Green Street

David Guarino

(949) 640-8780

Jefferies

Jonathan Petersen

(212) 284-1705

J.P. Morgan

Richard Choe

(212) 622-6708

KeyBanc Capital Markets

Jordan Sadler

(917) 368-2280

Mizuho Securities

Omotayo Okusanya, CFA

(646) 949-9672

MoffettNathanson

Nick Del Deo, CFA

(212) 519-0025

Morgan Stanley

Simon Flannery

(212) 761-6432

RBC Capital Markets

Jonathan Atkin

(415) 633-8589

Raymond James

Frank G. Louthan IV

(404) 442-5867

Stifel

Erik Rasmussen

(212) 271-3461

TD Securities Inc.

Jonathan Kelcher, CFA

(416) 307-9931

Truist

Greg Miller

(212) 303-4169

UBS

John C. Hodulik, CFA

(212) 713-4226

Wells Fargo

Eric Luebchow

(312) 630-2386

William Blair

Jim Breen, CFA

(617) 235-7513

Analyst Coverage

Firm Analyst Phone Number

BofA Securities Michael J. Funk (646) 855-5664

Barclays Tim Long (212) 526 4043

Berenberg Capital Markets Nate Crossett (646) 949-9030

BMO Capital Markets Ari Klein (212) 885-4103

Citi Mike Rollins (212) 816-1116

Cowen and Company Colby Synesael (646) 562-1355

Credit Suisse Sami Badri (212) 538-1727

Deutsche Bank Matthew Niknam (212) 250-4711

Green Street David Guarino (949) 640-8780

Jefferies Jonathan Petersen (212) 284-1705

J.P. Morgan Richard Choe (212) 622-6708

KeyBanc Capital Markets Jordan Sadler (917) 368-2280

Mizuho Securities Omotayo Okusanya, CFA (646) 949-9672

MoffettNathanson Nick Del Deo, CFA (212) 519-0025

Morgan Stanley Simon Flannery (212) 761-6432

RBC Capital Markets Jonathan Atkin (415) 633-8589

Raymond James Frank G. Louthan IV (404) 442-5867

Stifel Erik Rasmussen (212) 271-3461

TD Securities Inc. Jonathan Kelcher, CFA (416) 307-9931

Truist Greg Miller (212) 303-4169

UBS John C. Hodulik, CFA (212) 713-4226

Wells Fargo Eric Luebchow (312) 630-2386

William Blair Jim Breen, CFA (617) 235-7513

CyrusOne Inc.

Summary of Financial Data

(Dollars in millions, except per share amounts)

Three Months

December 31,

September 30,

December 31,

Growth %

2020

2020

2019

Yr/Yr

Revenue

$

268.4

$

262.8

$

253.9

6

%

Net operating income

158.1

153.1

160.1

(1

)%

Net income (loss)

19.0

(37.3

)

(52.1

)

n/m

Funds from Operations ("FFO") - Nareit defined

135.1

82.2

53.6

n/m

Normalized Funds from Operations ("Normalized FFO")

114.3

114.4

113.7

1

%

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

120.6

119.2

114.4

5

%

Net income (loss) per share - basic

$

0.15

$

(0.32

)

$

(0.46

)

n/m

Net income (loss) per share - diluted

$

0.15

$

(0.32

)

$

(0.46

)

n/m

Normalized FFO per diluted common share

$

0.94

$

0.96

$

0.99

(5

)%

Adjusted EBITDA

$

135.9

$

132.2

$

137.9

(1

)%

Adjusted EBITDA as a % of Revenue

50.6

%

50.3

%

54.3

%

(3.7) pts

CyrusOne Inc.

Summary of Financial Data

(Dollars in millions, except per share amounts)

Three Months

December September December Growth 31, 30, 31, %

2020 2020 2019 Yr/Yr

Revenue $ 268.4 $ 262.8 $ 253.9 6 %

Net operating income 158.1 153.1 160.1 (1 )%

Net income (loss) 19.0 (37.3 ) (52.1 ) n/m

Funds from Operations ("FFO") - Nareit 135.1 82.2 53.6 n/mdefined

Normalized Funds from Operations 114.3 114.4 113.7 1 %("Normalized FFO")

Weighted average number of commonshares outstanding - diluted for 120.6 119.2 114.4 5 %Normalized FFO

Net income (loss) per share - basic $ 0.15 $ (0.32 ) $ (0.46 ) n/m

Net income (loss) per share - diluted $ 0.15 $ (0.32 ) $ (0.46 ) n/m

Normalized FFO per diluted common $ 0.94 $ 0.96 $ 0.99 (5 )%share

Adjusted EBITDA $ 135.9 $ 132.2 $ 137.9 (1 )%

Adjusted EBITDA as a % of Revenue 50.6 % 50.3 % 54.3 % (3.7) pts

As of

December 31,

September 30,

December 31,

Growth %

2020

2020

2019

Yr/Yr

Balance Sheet Data

Gross investment in real estate

$

7,033.4

$

6,791.6

$

6,089.5

16

%

Accumulated depreciation

(1,767.9

)

(1,663.4

)

(1,379.2

)

28

%

Total investment in real estate, net

5,265.5

5,128.2

4,710.3

12

%

Cash and cash equivalents

271.4

156.5

76.4

n/m

Market value of common equity

8,810.4

8,433.2

7,511.9

17

%

Long-term debt

3,446.1

3,236.3

2,915.0

18

%

Net debt

3,203.8

3,109.0

2,870.4

12

%

Total enterprise value

12,014.2

11,542.2

10,382.3

16

%

Net debt to LQA Adjusted EBITDA(a)

5.0x

5.1x

5.0x

-x

Dividend Activity

Dividends per share

$

0.51

$

0.51

$

0.50

2

%

Portfolio Statistics

Data centers

53

51

47

13

%

Stabilized CSF (000)

4,398

4,134

3,937

12

%

Stabilized CSF % leased

87

%

87

%

88

%

(1) pts

Total CSF (000)

4,665

4,471

4,165

12

%

Total CSF % leased

84

%

84

%

85

%

(1) pts

Total GSF (000)

8,038

7,710

7,135

13

%

As of

December September December Growth 31, 30, 31, %

2020 2020 2019 Yr/Yr

Balance Sheet Data

Gross investment in real estate $ 7,033.4 $ 6,791.6 $ 6,089.5 16 %

Accumulated depreciation (1,767.9 ) (1,663.4 ) (1,379.2 ) 28 %

Total investment in real 5,265.5 5,128.2 4,710.3 12 %estate, net

Cash and cash equivalents 271.4 156.5 76.4 n/m

Market value of common equity 8,810.4 8,433.2 7,511.9 17 %

Long-term debt 3,446.1 3,236.3 2,915.0 18 %

Net debt 3,203.8 3,109.0 2,870.4 12 %

Total enterprise value 12,014.2 11,542.2 10,382.3 16 %

Net debt to LQA Adjusted EBITDA 5.0x 5.1x 5.0x -x^(a)



Dividend Activity

Dividends per share $ 0.51 $ 0.51 $ 0.50 2 %



Portfolio Statistics

Data centers 53 51 47 13 %

Stabilized CSF (000) 4,398 4,134 3,937 12 %

Stabilized CSF % leased 87 % 87 % 88 % (1) pts

Total CSF (000) 4,665 4,471 4,165 12 %

Total CSF % leased 84 % 84 % 85 % (1) pts

Total GSF (000) 8,038 7,710 7,135 13 %

(a)

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

(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

2020

2019

$

%

2020

2019

$

%

Revenue(a)

$

268.4

$

253.9

$

14.5

6

%

$

1,033.5

$

981.3

$

52.2

5

%

Operating expenses:

Property operating expenses

110.3

93.8

16.5

18

%

411.6

383.4

28.2

7

%

Sales and marketing

5.3

4.5

0.8

18

%

18.3

20.2

(1.9

)

(9

)%

General and administrative

22.4

21.8

0.6

3

%

99.3

83.5

15.8

19

%

Depreciation and amortization

118.5

108.1

10.4

10

%

449.4

417.7

31.7

8

%

Transaction, acquisition, integration and other related expenses

1.5

3.3

(1.8

)

(55

)%

3.7

8.4

(4.7

)

(56

)%

Impairment losses and (gain) loss on asset disposals

-

0.1

(0.1

)

(100

)%

11.1

1.1

10.0

n/m

Total operating expenses

258.0

231.6

26.4

11

%

993.4

914.3

79.1

9

%

Operating income

10.4

22.3

(11.9

)

(53

)%

40.1

67.0

(26.9

)

(40

)%

Interest expense, net

(14.5

)

(17.6

)

3.1

(18

)%

(57.7

)

(82.0

)

24.3

(30

)%

Gain on marketable equity investment

19.7

27.2

(7.5

)

(28

)%

89.5

132.3

(42.8

)

(32

)%

Loss on early extinguishment of debt

-

(71.8

)

71.8

(100

)%

(6.5

)

(71.8

)

65.3

(91

)%

Foreign currency and derivative gains (losses), net

4.1

(13.0

)

17.1

n/m

(27.6

)

(7.5

)

(20.1

)

n/m

Other income (expense)

-

0.7

(0.7

)

(100

)%

-

(0.3

)

0.3

(100

)%

Net income (loss) before income taxes

19.7

(52.2

)

71.9

n/m

37.8

37.7

0.1

-

%

Income tax (expense) benefit

(0.7

)

0.1

(0.8

)

n/m

3.6

3.7

(0.1

)

(3

)%

Net income (loss)

$

19.0

$

(52.1

)

$

71.1

n/m

$

41.4

$

41.4

$

-

-

%

Income (loss) per share - basic

$

0.15

$

(0.46

)

$

0.61

n/m

$

0.35

$

0.36

$

(0.01

)

(3

)%

Income (loss) per share - diluted

$

0.15

$

(0.46

)

$

0.61

n/m

$

0.35

$

0.36

$

(0.01

)

(3

)%

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

2020 2019 $ % 2020 2019 $ %

Revenue^(a) $ 268.4 $ 253.9 $ 14.5 6 % $ 1,033.5 $ 981.3 $ 52.2 5 %

Operating expenses:

Propertyoperating 110.3 93.8 16.5 18 % 411.6 383.4 28.2 7 %expenses

Sales and 5.3 4.5 0.8 18 % 18.3 20.2 (1.9 ) (9 )marketing %

General and 22.4 21.8 0.6 3 % 99.3 83.5 15.8 19 %administrative

Depreciationand 118.5 108.1 10.4 10 % 449.4 417.7 31.7 8 %amortization

Transaction,acquisition,integration 1.5 3.3 (1.8 ) (55 ) 3.7 8.4 (4.7 ) (56 )and other % %relatedexpenses

Impairmentlosses and )(gain) loss on - 0.1 (0.1 ) (100 % 11.1 1.1 10.0 n/massetdisposals

Totaloperating 258.0 231.6 26.4 11 % 993.4 914.3 79.1 9 %expenses

Operating 10.4 22.3 (11.9 ) (53 ) 40.1 67.0 (26.9 ) (40 )income % %

Interest (14.5 ) (17.6 ) 3.1 (18 ) (57.7 ) (82.0 ) 24.3 (30 )expense, net % %

Gain onmarketable 19.7 27.2 (7.5 ) (28 ) 89.5 132.3 (42.8 ) (32 )equity % %investment

Loss on early ) )extinguishment - (71.8 ) 71.8 (100 % (6.5 ) (71.8 ) 65.3 (91 %of debt

Foreigncurrency andderivative 4.1 (13.0 ) 17.1 n/m (27.6 ) (7.5 ) (20.1 ) n/mgains(losses), net

Other income - 0.7 (0.7 ) (100 ) - (0.3 ) 0.3 (100 )(expense) % %

Net income(loss) before 19.7 (52.2 ) 71.9 n/m 37.8 37.7 0.1 - %income taxes

Income tax )(expense) (0.7 ) 0.1 (0.8 ) n/m 3.6 3.7 (0.1 ) (3 %benefit

Net income $ 19.0 $ (52.1 ) $ 71.1 n/m $ 41.4 $ 41.4 $ - - %(loss)

Income (loss) )per share - $ 0.15 $ (0.46 ) $ 0.61 n/m $ 0.35 $ 0.36 $ (0.01 ) (3 %basic

Income (loss) )per share - $ 0.15 $ (0.46 ) $ 0.61 n/m $ 0.35 $ 0.36 $ (0.01 ) (3 %diluted

(a)

Revenue includes metered power reimbursements of $44.9 million and $37.5 million for the three months ended December 31, 2020 and 2019, respectively, and includes metered power reimbursements of $161.4 million and $138.8 million for the years ended December 31, 2020 and 2019, respectively.

Revenue includes metered power reimbursements of $44.9 million and $37.5 million for the three months ended December 31, 2020 and 2019,(a) respectively, and includes metered power reimbursements of $161.4 million and $138.8 million for the years ended December 31, 2020 and 2019, respectively.

CyrusOne Inc.

Condensed Consolidated Balance Sheets

(Dollars in millions)

(Unaudited)

December 31,

December 31,

Change

2020

2019

$

%

Assets

Investment in real estate:

Land

$

208.8

$

147.6

$

61.2

41

%

Buildings and improvements

2,035.2

1,761.4

273.8

16

%

Equipment

3,538.9

3,028.2

510.7

17

%

Gross operating real estate

5,782.9

4,937.2

845.7

17

%

Less accumulated depreciation

(1,767.9

)

(1,379.2

)

(388.7

)

28

%

Net operating real estate

4,015.0

3,558.0

457.0

13

%

Construction in progress, including land under development

982.2

946.3

35.9

4

%

Land held for future development

268.3

206.0

62.3

30

%

Total investment in real estate, net

5,265.5

4,710.3

555.2

12

%

Cash and cash equivalents

271.4

76.4

195.0

n/m

Rent and other receivables (net of allowance for doubtful accounts of $3.5 and $1.8 as of December 31, 2020 and 2019, respectively)

334.2

291.9

42.3

14

%

Restricted cash

1.5

1.3

0.2

15

%

Operating lease right-of-use assets, net

211.4

161.9

49.5

31

%

Equity investments

67.1

135.1

(68.0

)

(50

)%

Goodwill

455.1

455.1

-

-

%

Intangible assets (net of accumulated amortization of $249.3 and $207.5 as of December 31, 2020 and 2019, respectively)

157.8

196.1

(38.3

)

(20

)%

Other assets

133.4

113.9

19.5

17

%

Total assets

$

6,897.4

$

6,142.0

$

755.4

12

%

Liabilities and equity

Debt

$

3,409.0

$

2,886.6

$

522.4

18

%

Finance lease liabilities

29.1

31.8

(2.7

)

(8

)%

Operating lease liabilities

249.1

195.8

53.3

27

%

Construction costs payable

133.0

176.3

(43.3

)

(25

)%

Accounts payable and accrued expenses

151.3

122.7

28.6

23

%

Dividends payable

63.3

58.6

4.7

8

%

Deferred revenue and prepaid rents

174.1

163.7

10.4

6

%

Deferred tax liability

53.0

60.5

(7.5

)

(12

)%

Other liabilities

77.3

11.4

65.9

n/m

Total liabilities

4,339.2

3,707.4

631.8

17

%

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 120,442,521 and 114,808,898 shares issued and outstanding at December 31, 2020 and 2019, respectively

1.2

1.1

0.1

9

%

Additional paid in capital

3,537.3

3,202.0

335.3

10

%

Accumulated deficit

(966.6

)

(767.3

)

(199.3

)

26

%

Accumulated other comprehensive loss

(13.7

)

(1.2

)

(12.5

)

n/m

Total stockholders' equity

2,558.2

2,434.6

123.6

5

%

Total liabilities and equity

$

6,897.4

$

6,142.0

$

755.4

12

%

CyrusOne Inc.

Condensed Consolidated Balance Sheets

(Dollars in millions)

(Unaudited)

December December Change 31, 31,

2020 2019 $ %

Assets

Investment in real estate:

Land $ 208.8 $ 147.6 $ 61.2 41 %

Buildings and improvements 2,035.2 1,761.4 273.8 16 %

Equipment 3,538.9 3,028.2 510.7 17 %

Gross operating real estate 5,782.9 4,937.2 845.7 17 %

Less accumulated depreciation (1,767.9 ) (1,379.2 ) (388.7 ) 28 %

Net operating real estate 4,015.0 3,558.0 457.0 13 %

Construction in progress, including 982.2 946.3 35.9 4 %land under development

Land held for future development 268.3 206.0 62.3 30 %

Total investment in real estate, net 5,265.5 4,710.3 555.2 12 %

Cash and cash equivalents 271.4 76.4 195.0 n/m

Rent and other receivables (net ofallowance for doubtful accounts of 334.2 291.9 42.3 14 %$3.5 and $1.8 as of December 31,2020 and 2019, respectively)

Restricted cash 1.5 1.3 0.2 15 %

Operating lease right-of-use assets, 211.4 161.9 49.5 31 %net

Equity investments 67.1 135.1 (68.0 ) (50 ) %

Goodwill 455.1 455.1 - - %

Intangible assets (net ofaccumulated amortization of $249.3 157.8 196.1 (38.3 ) (20 )and $207.5 as of December 31, 2020 %and 2019, respectively)

Other assets 133.4 113.9 19.5 17 %

Total assets $ 6,897.4 $ 6,142.0 $ 755.4 12 %

Liabilities and equity

Debt $ 3,409.0 $ 2,886.6 $ 522.4 18 %

Finance lease liabilities 29.1 31.8 (2.7 ) (8 ) %

Operating lease liabilities 249.1 195.8 53.3 27 %

Construction costs payable 133.0 176.3 (43.3 ) (25 ) %

Accounts payable and accrued 151.3 122.7 28.6 23 %expenses

Dividends payable 63.3 58.6 4.7 8 %

Deferred revenue and prepaid rents 174.1 163.7 10.4 6 %

Deferred tax liability 53.0 60.5 (7.5 ) (12 ) %

Other liabilities 77.3 11.4 65.9 n/m

Total liabilities 4,339.2 3,707.4 631.8 17 %

Stockholders' equity

Preferred stock, $.01 par value,100,000,000 authorized; no shares - - - n/missued or outstanding

Common stock, $.01 par value,500,000,000 shares authorized and120,442,521 and 114,808,898 shares 1.2 1.1 0.1 9 %issued and outstanding at December31, 2020 and 2019, respectively

Additional paid in capital 3,537.3 3,202.0 335.3 10 %

Accumulated deficit (966.6 ) (767.3 ) (199.3 ) 26 %

Accumulated other comprehensive loss (13.7 ) (1.2 ) (12.5 ) n/m

Total stockholders' equity 2,558.2 2,434.6 123.6 5 %

Total liabilities and equity $ 6,897.4 $ 6,142.0 $ 755.4 12 %

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,

2020

2020

2020

2020

2019

Revenue(a)

$

268.4

$

262.8

$

256.4

$

245.9

$

253.9

Operating expenses:

Property operating expenses

110.3

109.7

99.0

92.6

93.8

Sales and marketing

5.3

4.5

3.8

4.7

4.5

General and administrative

22.4

29.7

20.3

26.9

21.8

Depreciation and amortization

118.5

113.1

109.7

108.1

108.1

Transaction, acquisition, integration and other related expenses

1.5

1.6

0.1

0.5

3.3

Impairment losses and (gain) loss on asset disposals

-

8.8

2.4

(0.1

)

0.1

Total operating expenses

258.0

267.4

235.3

232.7

231.6

Operating income (loss)

10.4

(4.6

)

21.1

13.2

22.3

Interest expense, net

(14.5

)

(13.3

)

(13.9

)

(16.0

)

(17.6

)

Gain on marketable equity investment

19.7

4.7

50.4

14.7

27.2

Loss on early extinguishment of debt

-

(3.1

)

-

(3.4

)

(71.8

)

Foreign currency and derivative gains (losses), net

4.1

(22.9

)

(13.9

)

5.1

(13.0

)

Other income (expense)

-

-

0.1

(0.1

)

0.7

Net income (loss) before income taxes

19.7

(39.2

)

43.8

13.5

(52.2

)

Income tax (expense) benefit

(0.7

)

1.9

1.2

1.2

0.1

Net income (loss)

$

19.0

$

(37.3

)

$

45.0

$

14.7

$

(52.1

)

Income (loss) per share - basic

$

0.15

$

(0.32

)

$

0.39

$

0.13

$

(0.46

)

Income (loss) per share - diluted

$

0.15

$

(0.32

)

$

0.39

$

0.13

$

(0.46

)

CyrusOne Inc.

Condensed Consolidated Statements of Operations

(Dollars in millions, except per share amounts)

(Unaudited)

For the three months December September June 30, March 31, Decemberended: 31, 30, 31,

2020 2020 2020 2020 2019

Revenue^(a) $ 268.4 $ 262.8 $ 256.4 $ 245.9 $ 253.9

Operating expenses:

Property operating 110.3 109.7 99.0 92.6 93.8 expenses

Sales and marketing 5.3 4.5 3.8 4.7 4.5

General and administrative 22.4 29.7 20.3 26.9 21.8

Depreciation and 118.5 113.1 109.7 108.1 108.1 amortization

Transaction, acquisition,integration and other 1.5 1.6 0.1 0.5 3.3 related expenses

Impairment losses and(gain) loss on asset - 8.8 2.4 (0.1 ) 0.1 disposals

Total operating expenses 258.0 267.4 235.3 232.7 231.6

Operating income (loss) 10.4 (4.6 ) 21.1 13.2 22.3

Interest expense, net (14.5 ) (13.3 ) (13.9 ) (16.0 ) (17.6 )

Gain on marketable equity 19.7 4.7 50.4 14.7 27.2 investment

Loss on early - (3.1 ) - (3.4 ) (71.8 )extinguishment of debt

Foreign currency andderivative gains (losses), 4.1 (22.9 ) (13.9 ) 5.1 (13.0 )net

Other income (expense) - - 0.1 (0.1 ) 0.7

Net income (loss) before 19.7 (39.2 ) 43.8 13.5 (52.2 )income taxes

Income tax (expense) (0.7 ) 1.9 1.2 1.2 0.1 benefit

Net income (loss) $ 19.0 $ (37.3 ) $ 45.0 $ 14.7 $ (52.1 )

Income (loss) per share - $ 0.15 $ (0.32 ) $ 0.39 $ 0.13 $ (0.46 )basic

Income (loss) per share - $ 0.15 $ (0.32 ) $ 0.39 $ 0.13 $ (0.46 )diluted

(a)

Revenue includes metered power reimbursements of $44.9 million, $44.6 million, $37.1 million, $34.8 million, and $37.5 million for the three months ended December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively.

Revenue includes metered power reimbursements of $44.9 million, $44.6(a) million, $37.1 million, $34.8 million, and $37.5 million for the three months ended December 31, 2020, September 30, 2020, June 30, 2020, March 31, 2020, and December 31, 2019, respectively.

CyrusOne Inc.

Condensed Consolidated Balance Sheets

(Dollars in millions)

(Unaudited)

December 31,

September 30,

June 30,

March 31,

December 31,

2020

2020

2020

2020

2019

Assets

Investment in real estate:

Land

$

208.8

$

181.2

$

175.5

$

172.2

$

147.6

Buildings and improvements

2,035.2

1,918.4

1,857.9

1,786.3

1,761.4

Equipment

3,538.9

3,341.7

3,229.5

3,106.4

3,028.2

Gross operating real estate

5,782.9

5,441.3

5,262.9

5,064.9

4,937.2

Less accumulated depreciation

(1,767.9

)

(1,663.4

)

(1,562.7

)

(1,469.5

)

(1,379.2

)

Net operating real estate

4,015.0

3,777.9

3,700.2

3,595.4

3,558.0

Construction in progress, including land under development

982.2

1,085.9

1,024.8

990.6

946.3

Land held for future development

268.3

264.4

217.2

205.4

206.0

Total investment in real estate, net

5,265.5

5,128.2

4,942.2

4,791.4

4,710.3

Cash and cash equivalents

271.4

156.5

70.7

57.3

76.4

Rent and other receivables, net

334.2

306.9

307.0

305.3

291.9

Restricted cash

1.5

1.4

1.3

1.3

1.3

Operating lease right-of-use assets, net

211.4

206.9

204.7

208.6

161.9

Equity investments

67.1

178.1

184.9

153.1

135.1

Goodwill

455.1

455.1

455.1

455.1

455.1

Intangible assets, net

157.8

166.4

174.9

184.5

196.1

Other assets

133.4

112.8

127.3

121.9

113.9

Total assets

$

6,897.4

$

6,712.3

$

6,468.1

$

6,278.5

$

6,142.0

Liabilities and equity

Debt

$

3,409.0

$

3,197.8

$

3,156.9

$

3,047.0

$

2,886.6

Finance lease liabilities

29.1

29.2

28.8

29.4

31.8

Operating lease liabilities

249.1

244.3

240.5

243.0

195.8

Construction costs payable

133.0

168.2

155.7

183.4

176.3

Accounts payable and accrued expenses

151.3

145.3

127.0

121.0

122.7

Dividends payable

63.3

63.1

59.7

58.7

58.6

Deferred revenue and prepaid rents

174.1

166.8

166.2

167.3

163.7

Deferred tax liability

53.0

55.4

55.8

57.0

60.5

Other liabilities

77.3

37.8

16.8

7.9

11.4

Total liabilities

4,339.2

4,107.9

4,007.4

3,914.7

3,707.4

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 120,442,521 and 114,808,898 shares issued and outstanding at December 31, 2020 and 2019, respectively

1.2

1.2

1.2

1.2

1.1

Additional paid in capital

3,537.3

3,532.9

3,305.9

3,199.9

3,202.0

Accumulated deficit

(966.6

)

(923.9

)

(824.7

)

(811.0

)

(767.3

)

Accumulated other comprehensive loss

(13.7

)

(5.8

)

(21.7

)

(26.3

)

(1.2

)

Total stockholders' equity

2,558.2

2,604.4

2,460.7

2,363.8

2,434.6

Total liabilities and equity

$

6,897.4

$

6,712.3

$

6,468.1

$

6,278.5

$

6,142.0

CyrusOne Inc.

Condensed Consolidated Balance Sheets

(Dollars in millions)

(Unaudited)

December September June 30, March 31, December 31, 30, 31,

2020 2020 2020 2020 2019

Assets

Investment in real estate:

Land $ 208.8 $ 181.2 $ 175.5 $ 172.2 $ 147.6

Buildings and 2,035.2 1,918.4 1,857.9 1,786.3 1,761.4 improvements

Equipment 3,538.9 3,341.7 3,229.5 3,106.4 3,028.2

Grossoperating real 5,782.9 5,441.3 5,262.9 5,064.9 4,937.2 estate

Lessaccumulated (1,767.9 ) (1,663.4 ) (1,562.7 ) (1,469.5 ) (1,379.2 )depreciation

Net operating 4,015.0 3,777.9 3,700.2 3,595.4 3,558.0 real estate

Constructionin progress,including land 982.2 1,085.9 1,024.8 990.6 946.3 underdevelopment

Land held forfuture 268.3 264.4 217.2 205.4 206.0 development

Totalinvestment in 5,265.5 5,128.2 4,942.2 4,791.4 4,710.3 real estate,net

Cash and cash 271.4 156.5 70.7 57.3 76.4 equivalents

Rent and otherreceivables, 334.2 306.9 307.0 305.3 291.9 net

Restricted 1.5 1.4 1.3 1.3 1.3 cash

Operatinglease 211.4 206.9 204.7 208.6 161.9 right-of-useassets, net

Equity 67.1 178.1 184.9 153.1 135.1 investments

Goodwill 455.1 455.1 455.1 455.1 455.1

Intangible 157.8 166.4 174.9 184.5 196.1 assets, net

Other assets 133.4 112.8 127.3 121.9 113.9

Total assets $ 6,897.4 $ 6,712.3 $ 6,468.1 $ 6,278.5 $ 6,142.0

Liabilities and equity

Debt $ 3,409.0 $ 3,197.8 $ 3,156.9 $ 3,047.0 $ 2,886.6

Finance lease 29.1 29.2 28.8 29.4 31.8 liabilities

Operatinglease 249.1 244.3 240.5 243.0 195.8 liabilities

Construction 133.0 168.2 155.7 183.4 176.3 costs payable

Accountspayable and 151.3 145.3 127.0 121.0 122.7 accruedexpenses

Dividends 63.3 63.1 59.7 58.7 58.6 payable

Deferredrevenue and 174.1 166.8 166.2 167.3 163.7 prepaid rents

Deferred tax 53.0 55.4 55.8 57.0 60.5 liability

Other 77.3 37.8 16.8 7.9 11.4 liabilities

Total 4,339.2 4,107.9 4,007.4 3,914.7 3,707.4 liabilities

Stockholders' equity

Preferredstock, $.01par value,100,000,000 - - - - - authorized; noshares issuedor outstanding

Common stock,$.01 parvalue,500,000,000sharesauthorized and120,442,521and 1.2 1.2 1.2 1.2 1.1 114,808,898shares issuedandoutstanding atDecember 31,2020 and 2019,respectively

Additionalpaid in 3,537.3 3,532.9 3,305.9 3,199.9 3,202.0 capital

Accumulated (966.6 ) (923.9 ) (824.7 ) (811.0 ) (767.3 )deficit

Accumulatedother (13.7 ) (5.8 ) (21.7 ) (26.3 ) (1.2 )comprehensiveloss

Totalstockholders' 2,558.2 2,604.4 2,460.7 2,363.8 2,434.6 equity

Totalliabilities $ 6,897.4 $ 6,712.3 $ 6,468.1 $ 6,278.5 $ 6,142.0 and equity

CyrusOne Inc.

Condensed Consolidated Statements of Cash Flows

(Dollars in millions)

(Unaudited)

Twelve Months Ended December 31, 2020

Twelve Months Ended December 31, 2019

Three Months Ended December 31, 2020

Three Months Ended December 31, 2019

Cash flows from operating activities:

Net income (loss)

$

41.4

$

41.4

$

19.0

$

(52.1

)

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

Depreciation and amortization

449.4

417.7

118.5

108.1

Provision for bad debt expense

1.7

1.7

1.4

1.9

Gain on marketable equity investment

(89.5

)

(132.3

)

(19.7

)

(27.2

)

Foreign currency and derivative losses (gains), net

27.6

7.5

(4.1

)

13.0

Proceeds from swap terminations

2.9

3.6

-

3.6

(Gain) loss on asset disposals

(0.1

)

0.4

-

0.2

Impairment losses

11.2

0.7

-

-

Loss on early extinguishment of debt

6.5

71.8

-

71.8

Interest expense amortization, net

6.8

5.0

1.6

1.5

Stock-based compensation expense

18.4

16.7

4.7

4.3

Deferred income tax (benefit) expense

(6.9

)

(7.5

)

0.2

(1.1

)

Operating lease cost

20.4

20.3

5.4

5.7

Other expense (income)

0.1

0.2

(0.5

)

0.2

Change in operating assets and liabilities:

Rent and other receivables, net and other assets

(58.0

)

(74.2

)

(28.9

)

(22.7

)

Accounts payable and accrued expenses

39.0

(0.8

)

17.0

(12.6

)

Deferred revenue and prepaid rents

8.8

15.6

6.5

(0.5

)

Operating lease liabilities

(23.4

)

(22.1

)

(6.7

)

(5.4

)

Net cash provided by operating activities

456.3

365.7

114.4

88.7

Cash flows from investing activities:

Investments in real estate

(910.5

)

(876.4

)

(218.3

)

(149.1

)

Proceeds from sale of equity investments

144.1

199.0

112.3

(0.8

)

Equity investments

(6.5

)

(3.8

)

-

(3.5

)

Proceeds from the sale of real estate assets

0.5

1.3

0.2

0.4

Net cash used in investing activities

(772.4

)

(679.9

)

(105.8

)

(153.0

)

Cash flows from financing activities:

Issuance of common stock, net

325.7

357.2

(0.2

)

103.9

Dividends paid

(236.2

)

(210.4

)

(61.5

)

(56.9

)

Proceeds from revolving credit facility

763.7

656.7

168.2

122.4

Repayments of revolving credit facility

(966.1

)

(182.5

)

0.6

0.7

Proceeds from Euro bond

553.5

-

(7.7

)

-

Proceeds from unsecured term loan

1,100.0

-

-

-

Repayments of unsecured term loan

(1,400.0

)

(200.0

)

-

-

Proceeds from issuance of senior notes

395.2

1,197.4

-

1,197.4

Repayments of senior notes

-

(1,200.0

)

-

(1,200.0

)

Payment of debt extinguishment costs

-

(72.0

)

-

(72.0

)

Payment of deferred financing costs

(16.4

)

(9.4

)

(1.3

)

(9.4

)

Payments on finance lease liabilities

(3.5

)

(2.9

)

(1.5

)

(0.8

)

Tax payment upon exercise of equity awards

(8.7

)

(9.3

)

(0.1

)

(0.3

)

Net cash provided by financing activities

507.2

324.8

96.5

85.0

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

4.1

2.7

9.9

4.0

Net increase in cash, cash equivalents and restricted cash

195.2

13.3

115.0

24.7

Cash, cash equivalents and restricted cash at beginning of period

77.7

64.4

157.9

53.0

Cash, cash equivalents and restricted cash at end of period

$

272.9

$

77.7

$

272.9

$

77.7

Supplemental disclosure of cash flow information:

Cash paid for interest, including amounts capitalized of $22.6 million and $32.9 million in 2020 and 2019, respectively

$

62.4

$

123.0

$

26.1

$

14.0

Cash paid for income taxes

3.7

3.5

0.5

0.5

Non-cash investing and financing activities:

Construction costs payable

133.0

176.3

133.0

176.3

Dividends payable

63.3

58.6

63.3

58.6

CyrusOne Inc.

Condensed Consolidated Statements of Cash Flows

(Dollars in millions)

(Unaudited)

Twelve Twelve Three Three Months Ended Months Ended Months Months December 31, December 31, Ended Ended 2020 2019 December December 31, 2020 31, 2019

Cash flows from operating activities:

Net income (loss) $ 41.4 $ 41.4 $ 19.0 $ (52.1 )

Adjustments to reconcile netincome (loss) to net cash provided by operatingactivities:

Depreciation and amortization 449.4 417.7 118.5 108.1

Provision for bad debt 1.7 1.7 1.4 1.9 expense

Gain on marketable equity (89.5 ) (132.3 ) (19.7 ) (27.2 )investment

Foreign currency andderivative losses (gains), 27.6 7.5 (4.1 ) 13.0 net

Proceeds from swap 2.9 3.6 - 3.6 terminations

(Gain) loss on asset (0.1 ) 0.4 - 0.2 disposals

Impairment losses 11.2 0.7 - -

Loss on early extinguishment 6.5 71.8 - 71.8 of debt

Interest expense 6.8 5.0 1.6 1.5 amortization, net

Stock-based compensation 18.4 16.7 4.7 4.3 expense

Deferred income tax (benefit) (6.9 ) (7.5 ) 0.2 (1.1 )expense

Operating lease cost 20.4 20.3 5.4 5.7

Other expense (income) 0.1 0.2 (0.5 ) 0.2



Change in operating assets and liabilities:

Rent and other receivables, (58.0 ) (74.2 ) (28.9 ) (22.7 )net and other assets

Accounts payable and accrued 39.0 (0.8 ) 17.0 (12.6 )expenses

Deferred revenue and prepaid 8.8 15.6 6.5 (0.5 )rents

Operating lease liabilities (23.4 ) (22.1 ) (6.7 ) (5.4 )

Net cash provided by 456.3 365.7 114.4 88.7 operating activities

Cash flows from investing activities:

Investments in real estate (910.5 ) (876.4 ) (218.3 ) (149.1 )

Proceeds from sale of equity 144.1 199.0 112.3 (0.8 )investments

Equity investments (6.5 ) (3.8 ) - (3.5 )

Proceeds from the sale of 0.5 1.3 0.2 0.4 real estate assets

Net cash used in investing (772.4 ) (679.9 ) (105.8 ) (153.0 )activities

Cash flows from financing activities:

Issuance of common stock, net 325.7 357.2 (0.2 ) 103.9

Dividends paid (236.2 ) (210.4 ) (61.5 ) (56.9 )

Proceeds from revolving 763.7 656.7 168.2 122.4 credit facility

Repayments of revolving (966.1 ) (182.5 ) 0.6 0.7 credit facility

Proceeds from Euro bond 553.5 - (7.7 ) -

Proceeds from unsecured term 1,100.0 - - - loan

Repayments of unsecured term (1,400.0 ) (200.0 ) - - loan

Proceeds from issuance of 395.2 1,197.4 - 1,197.4 senior notes

Repayments of senior notes - (1,200.0 ) - (1,200.0 )

Payment of debt - (72.0 ) - (72.0 )extinguishment costs

Payment of deferred financing (16.4 ) (9.4 ) (1.3 ) (9.4 )costs

Payments on finance lease (3.5 ) (2.9 ) (1.5 ) (0.8 )liabilities

Tax payment upon exercise of (8.7 ) (9.3 ) (0.1 ) (0.3 )equity awards

Net cash provided by 507.2 324.8 96.5 85.0 financing activities

Effect of exchange ratechanges on cash, cash 4.1 2.7 9.9 4.0 equivalents and restrictedcash

Net increase in cash, cashequivalents and restricted 195.2 13.3 115.0 24.7 cash

Cash, cash equivalents andrestricted cash at beginning 77.7 64.4 157.9 53.0 of period

Cash, cash equivalents andrestricted cash at end of $ 272.9 $ 77.7 $ 272.9 $ 77.7 period



Supplemental disclosure of cash flow information:

Cash paid for interest,including amounts capitalizedof $22.6 million and $32.9 $ 62.4 $ 123.0 $ 26.1 $ 14.0 million in 2020 and 2019,respectively

Cash paid for income taxes 3.7 3.5 0.5 0.5

Non-cash investing and financing activities:

Construction costs payable 133.0 176.3 133.0 176.3

Dividends payable 63.3 58.6 63.3 58.6

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

2020

2019

$

%

2020

2019

$

%

Net income (loss)

$

19.0

$

(52.1

)

$

71.1

n/m

$

41.4

$

41.4

$

-

-

%

Sales and marketing expenses

5.3

4.5

0.8

18

%

18.3

20.2

(1.9

)

(9

)%

General and administrative expenses

22.4

21.8

0.6

3

%

99.3

83.5

15.8

19

%

Depreciation and amortization expenses

118.5

108.1

10.4

10

%

449.4

417.7

31.7

8

%

Transaction, acquisition, integration and other related expenses

1.5

3.3

(1.8

)

(55

)%

3.7

8.4

(4.7

)

(56

)%

Interest expense, net

14.5

17.6

(3.1

)

(18

)%

57.7

82.0

(24.3

)

(30

)%

Gain on marketable equity investment

(19.7

)

(27.2

)

7.5

(28

)%

(89.5

)

(132.3

)

42.8

(32

)%

Loss on early extinguishment of debt

-

71.8

(71.8

)

(100

)%

6.5

71.8

(65.3

)

(91

)%

Impairment losses and (gain) loss on asset disposals

-

0.1

(0.1

)

(100

)%

11.1

1.1

10.0

n/m

Foreign currency and derivative losses, net

(4.1

)

13.0

(17.1

)

n/m

27.6

7.5

20.1

n/m

Other (income) expense

-

(0.7

)

0.7

(100

)%

-

0.3

(0.3

)

(100

)%

Income tax expense (benefit)

0.7

(0.1

)

0.8

n/m

(3.6

)

(3.7

)

0.1

(3

)%

Net Operating Income

$

158.1

$

160.1

$

(2.0

)

(1

)%

$

621.9

$

597.9

$

24.0

4

%

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 2020 2019 $ % 2020 2019 $ %

Net income $ 19.0 $ (52.1 ) $ 71.1 n/m $ 41.4 $ 41.4 $ - - %(loss)

Sales and )marketing 5.3 4.5 0.8 18 % 18.3 20.2 (1.9 ) (9 %expenses

General andadministrative 22.4 21.8 0.6 3 % 99.3 83.5 15.8 19 %expenses

Depreciationand 118.5 108.1 10.4 10 % 449.4 417.7 31.7 8 %amortizationexpenses

Transaction,acquisition,integration 1.5 3.3 (1.8 ) (55 ) 3.7 8.4 (4.7 ) (56 )and other % %relatedexpenses

Interest 14.5 17.6 (3.1 ) (18 ) 57.7 82.0 (24.3 ) (30 )expense, net % %

Gain onmarketable (19.7 ) (27.2 ) 7.5 (28 ) (89.5 ) (132.3 ) 42.8 (32 )equity % %investment

Loss on early ) )extinguishment - 71.8 (71.8 ) (100 % 6.5 71.8 (65.3 ) (91 %of debt

Impairmentlosses and )(gain) loss on - 0.1 (0.1 ) (100 % 11.1 1.1 10.0 n/massetdisposals

Foreigncurrency and (4.1 ) 13.0 (17.1 ) n/m 27.6 7.5 20.1 n/mderivativelosses, net

Other (income) - (0.7 ) 0.7 (100 ) - 0.3 (0.3 ) (100 )expense % %

Income tax )expense 0.7 (0.1 ) 0.8 n/m (3.6 ) (3.7 ) 0.1 (3 %(benefit)

Net Operating $ 158.1 $ 160.1 $ (2.0 ) (1 ) $ 621.9 $ 597.9 $ 24.0 4 %Income %

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,

2020

2019

$

%

2020

2020

2020

2020

2019

Net Operating Income

Revenue

$

1,033.5

$

981.3

$

52.2

5

%

$

268.4

$

262.8

$

256.4

$

245.9

$

253.9

Property operating expenses

411.6

383.4

28.2

7

%

110.3

109.7

99.0

92.6

93.8

Net Operating Income (NOI)

$

621.9

$

597.9

$

24.0

4

%

$

158.1

$

153.1

$

157.4

$

153.3

$

160.1

NOI as a % of Revenue

60.2

%

60.9

%

58.9

%

58.3

%

61.4

%

62.3

%

63.1

%

Reconciliation of Net Income (Loss) to Adjusted EBITDA:

Net income (loss)

$

41.4

$

41.4

$

-

-

%

$

19.0

$

(37.3

)

$

45.0

$

14.7

$

(52.1

)

Interest expense, net

57.7

82.0

(24.3

)

(30

)%

14.5

13.3

13.9

16.0

17.6

Income tax (benefit) expense

(3.6

)

(3.7

)

0.1

(3

)%

0.7

(1.9

)

(1.2

)

(1.2

)

(0.1

)

Depreciation and amortization expenses

449.4

417.7

31.7

8

%

118.5

113.1

109.7

108.1

108.1

Impairment losses and (gain) loss on asset disposals

11.1

1.1

10.0

n/m

-

8.8

2.4

(0.1

)

0.1

EBITDA (Nareit definition)(a)

$

556.0

$

538.5

$

17.5

3

%

$

152.7

$

96.0

$

169.8

$

137.5

$

73.6

Transaction, acquisition, integration and other related expenses

3.7

8.4

(4.7

)

(56

)%

1.5

1.6

0.1

0.5

3.3

Legal claim costs

0.3

1.1

(0.8

)

(73

)%

-

0.1

0.1

0.1

0.5

Stock-based compensation expense

15.5

16.7

(1.2

)

(7

)%

4.4

4.2

3.4

3.5

4.3

Cash severance and management transition costs

14.1

(0.6

)

14.7

n/m

0.9

6.4

-

6.8

(0.7

)

Severance-related stock compensation costs

2.9

-

2.9

n/m

0.2

2.6

-

0.1

-

Loss on early extinguishment of debt

6.5

71.8

(65.3

)

(91

)%

-

3.1

-

3.4

71.8

New accounting standards and regulatory compliance and the related system implementation costs

-

0.8

(0.8

)

(100

)%

-

-

-

-

-

Gain on marketable equity investment

(89.5

)

(132.3

)

42.8

(32

)%

(19.7

)

(4.7

)

(50.4

)

(14.7

)

(27.2

)

Foreign currency and derivative losses (gains), net

27.6

7.5

20.1

n/m

(4.1

)

22.9

13.9

(5.1

)

13.0

Other expense (income)

-

0.3

(0.3

)

(100

)%

-

-

(0.1

)

0.1

(0.7

)

Adjusted EBITDA

$

537.1

$

512.2

$

24.9

5

%

$

135.9

$

132.2

$

136.8

$

132.2

$

137.9

Adjusted EBITDA as a % of Revenue

52.0

%

52.2

%

50.6

%

50.3

%

53.4

%

53.8

%

54.3

%

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 September June 30, March 31, December 31, 30, 31,

2020 2019 $ % 2020 2020 2020 2020 2019

Net Operating Income

Revenue $ 1,033.5 $ 981.3 $ 52.2 5 % $ 268.4 $ 262.8 $ 256.4 $ 245.9 $ 253.9

Propertyoperating 411.6 383.4 28.2 7 % 110.3 109.7 99.0 92.6 93.8 expenses

Net Operating $ 621.9 $ 597.9 $ 24.0 4 % $ 158.1 $ 153.1 $ 157.4 $ 153.3 $ 160.1 Income (NOI)

NOI as a % of 60.2 % 60.9 % 58.9 % 58.3 % 61.4 % 62.3 % 63.1 %Revenue

Reconciliation ofNet Income (Loss) to AdjustedEBITDA:

Net income (loss) $ 41.4 $ 41.4 $ - - % $ 19.0 $ (37.3 ) $ 45.0 $ 14.7 $ (52.1 )

Interest expense, 57.7 82.0 (24.3 ) (30 ) 14.5 13.3 13.9 16.0 17.6 net %

Income tax (3.6 ) (3.7 ) 0.1 (3 ) 0.7 (1.9 ) (1.2 ) (1.2 ) (0.1 )(benefit) expense %

Depreciation andamortization 449.4 417.7 31.7 8 % 118.5 113.1 109.7 108.1 108.1 expenses

Impairment lossesand (gain) loss 11.1 1.1 10.0 n/m - 8.8 2.4 (0.1 ) 0.1 on assetdisposals

EBITDA (Nareit $ 556.0 $ 538.5 $ 17.5 3 % $ 152.7 $ 96.0 $ 169.8 $ 137.5 $ 73.6 definition)^(a)



Transaction,acquisition, )integration and 3.7 8.4 (4.7 ) (56 % 1.5 1.6 0.1 0.5 3.3 other relatedexpenses

Legal claim costs 0.3 1.1 (0.8 ) (73 ) - 0.1 0.1 0.1 0.5 %

Stock-based )compensation 15.5 16.7 (1.2 ) (7 % 4.4 4.2 3.4 3.5 4.3 expense

Cash severanceand management 14.1 (0.6 ) 14.7 n/m 0.9 6.4 - 6.8 (0.7 )transition costs

Severance-relatedstock 2.9 - 2.9 n/m 0.2 2.6 - 0.1 - compensationcosts

Loss on early )extinguishment of 6.5 71.8 (65.3 ) (91 % - 3.1 - 3.4 71.8 debt

New accountingstandards andregulatorycompliance and - 0.8 (0.8 ) (100 ) - - - - - the related %systemimplementationcosts

Gain on )marketable equity (89.5 ) (132.3 ) 42.8 (32 % (19.7 ) (4.7 ) (50.4 ) (14.7 ) (27.2 )investment

Foreign currencyand derivative 27.6 7.5 20.1 n/m (4.1 ) 22.9 13.9 (5.1 ) 13.0 losses (gains),net

Other expense - 0.3 (0.3 ) (100 ) - - (0.1 ) 0.1 (0.7 )(income) %

Adjusted EBITDA $ 537.1 $ 512.2 $ 24.9 5 % $ 135.9 $ 132.2 $ 136.8 $ 132.2 $ 137.9

Adjusted EBITDA 52.0 % 52.2 % 50.6 % 50.3 % 53.4 % 53.8 % 54.3 %as a % of Revenue

(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, Depreciation and amortization expenses and Impairment losses and (gain) loss 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.

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, Depreciation and amortization expenses and Impairment losses and (gain) loss on asset disposals. While(a) 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,

2020

2019

$

%

2020

2020

2020

2020

2019

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

Net income (loss)

$

41.4

$

41.4

$

-

-

%

$

19.0

$

(37.3

)

$

45.0

$

14.7

$

(52.1

)

Real estate depreciation and amortization

440.1

408.5

31.6

8

%

116.1

110.7

107.5

105.8

105.6

Impairment losses and (gain) loss on asset disposals

11.1

1.1

10.0

n/m

-

8.8

2.4

(0.1

)

0.1

Funds from Operations ("FFO") - Nareit defined

$

492.6

$

451.0

$

41.6

9

%

$

135.1

$

82.2

$

154.9

$

120.4

$

53.6

Loss on early extinguishment of debt

6.5

71.8

(65.3

)

(91

)%

-

3.1

-

3.4

71.8

Gain on marketable equity investment

(89.5

)

(132.3

)

42.8

(32

)%

(19.7

)

(4.7

)

(50.4

)

(14.7

)

(27.2

)

Foreign currency and derivative losses (gains), net

27.6

7.5

20.1

n/m

(4.1

)

22.9

13.9

(5.1

)

13.0

New accounting standards and regulatory compliance and the related system implementation costs

-

0.8

(0.8

)

(100

)%

-

-

-

-

-

Amortization of tradenames

1.2

1.3

(0.1

)

(8

)%

0.4

0.2

0.3

0.3

0.4

Transaction, acquisition, integration and other related expenses

3.7

8.4

(4.7

)

(56

)%

1.5

1.6

0.1

0.5

2.3

Cash severance and management transition costs

14.1

(0.6

)

14.7

n/m

0.9

6.4

-

6.8

(0.7

)

Severance-related stock compensation costs

2.9

-

2.9

n/m

0.2

2.6

-

0.1

-

Legal claim costs

0.3

1.1

(0.8

)

(73

)%

-

0.1

0.1

0.1

0.5

Normalized Funds from Operations (Normalized FFO)

$

459.4

$

409.0

$

50.4

12

%

$

114.3

$

114.4

$

118.9

$

111.8

$

113.7

Normalized FFO per diluted common share

$

3.90

$

3.63

$

0.27

7

%

$

0.94

$

0.96

$

1.03

$

0.97

$

0.99

Weighted average diluted common shares outstanding

117.6

112.5

5.1

5

%

120.6

119.2

115.7

115.1

114.4

Additional Information:

Amortization of deferred financing costs and bond premium / discount

6.8

5.0

1.8

36

%

1.6

1.6

1.6

2.0

1.4

Stock-based compensation expense

15.5

16.7

(1.2

)

(7

)%

4.4

4.2

3.4

3.5

4.3

Non-real estate depreciation and amortization

8.1

7.9

0.2

3

%

2.0

2.1

2.0

2.0

2.1

Straight line rent adjustments(a)

(15.0

)

(26.6

)

11.6

(44

)%

(8.0

)

(6.6

)

(2.1

)

1.7

(3.8

)

Above and below market rent amortization

(0.3

)

(0.2

)

(0.1

)

50

%

(0.1

)

(0.1

)

(0.1

)

(0.1

)

(0.1

)

Deferred tax expense (benefit)

(7.1

)

(7.3

)

0.2

(3

)%

(0.2

)

(2.7

)

(2.2

)

(2.0

)

(1.0

)

Deferred revenue, primarily installation revenue(b)

2.6

7.8

(5.2

)

(67

)%

2.3

0.2

2.3

(2.2

)

(1.0

)

Leasing commissions

(15.2

)

(14.4

)

(0.8

)

6

%

(4.3

)

(5.3

)

(3.2

)

(2.4

)

(4.8

)

Recurring capital expenditures

(13.8

)

(9.9

)

(3.9

)

39

%

(0.8

)

(3.1

)

(6.4

)

(3.5

)

(1.1

)

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 September June 30, March 31, December 31, 30, 31,

2020 2019 $ % 2020 2020 2020 2020 2019

Reconciliation ofNet Income (Loss) to FFO andNormalized FFO:

Net income (loss) $ 41.4 $ 41.4 $ - - % $ 19.0 $ (37.3 ) $ 45.0 $ 14.7 $ (52.1 )

Real estatedepreciation and 440.1 408.5 31.6 8 % 116.1 110.7 107.5 105.8 105.6 amortization

Impairment lossesand (gain) loss 11.1 1.1 10.0 n/m - 8.8 2.4 (0.1 ) 0.1 on assetdisposals

Funds fromOperations $ 492.6 $ 451.0 $ 41.6 9 % $ 135.1 $ 82.2 $ 154.9 $ 120.4 $ 53.6 ("FFO") - Nareitdefined



Loss on early )extinguishment of 6.5 71.8 (65.3 ) (91 % - 3.1 - 3.4 71.8 debt

Gain on )marketable equity (89.5 ) (132.3 ) 42.8 (32 % (19.7 ) (4.7 ) (50.4 ) (14.7 ) (27.2 )investment

Foreign currencyand derivative 27.6 7.5 20.1 n/m (4.1 ) 22.9 13.9 (5.1 ) 13.0 losses (gains),net

New accountingstandards andregulatorycompliance and - 0.8 (0.8 ) (100 ) - - - - - the related %systemimplementationcosts

Amortization of 1.2 1.3 (0.1 ) (8 ) 0.4 0.2 0.3 0.3 0.4 tradenames %

Transaction,acquisition, )integration and 3.7 8.4 (4.7 ) (56 % 1.5 1.6 0.1 0.5 2.3 other relatedexpenses

Cash severanceand management 14.1 (0.6 ) 14.7 n/m 0.9 6.4 - 6.8 (0.7 )transition costs

Severance-relatedstock 2.9 - 2.9 n/m 0.2 2.6 - 0.1 - compensationcosts

Legal claim costs 0.3 1.1 (0.8 ) (73 ) - 0.1 0.1 0.1 0.5 %

Normalized Fundsfrom Operations $ 459.4 $ 409.0 $ 50.4 12 % $ 114.3 $ 114.4 $ 118.9 $ 111.8 $ 113.7 (Normalized FFO)

Normalized FFOper diluted $ 3.90 $ 3.63 $ 0.27 7 % $ 0.94 $ 0.96 $ 1.03 $ 0.97 $ 0.99 common share

Weighted averagediluted common 117.6 112.5 5.1 5 % 120.6 119.2 115.7 115.1 114.4 sharesoutstanding



Additional Information:

Amortization ofdeferredfinancing costs 6.8 5.0 1.8 36 % 1.6 1.6 1.6 2.0 1.4 and bond premium/ discount

Stock-based )compensation 15.5 16.7 (1.2 ) (7 % 4.4 4.2 3.4 3.5 4.3 expense

Non-real estatedepreciation and 8.1 7.9 0.2 3 % 2.0 2.1 2.0 2.0 2.1 amortization

Straight line )rent adjustments^ (15.0 ) (26.6 ) 11.6 (44 % (8.0 ) (6.6 ) (2.1 ) 1.7 (3.8 )(a)

Above and belowmarket rent (0.3 ) (0.2 ) (0.1 ) 50 % (0.1 ) (0.1 ) (0.1 ) (0.1 ) (0.1 )amortization

Deferred tax (7.1 ) (7.3 ) 0.2 (3 ) (0.2 ) (2.7 ) (2.2 ) (2.0 ) (1.0 )expense (benefit) %

Deferred revenue,primarily 2.6 7.8 (5.2 ) (67 ) 2.3 0.2 2.3 (2.2 ) (1.0 )installation %revenue^(b)

Leasing (15.2 ) (14.4 ) (0.8 ) 6 % (4.3 ) (5.3 ) (3.2 ) (2.4 ) (4.8 )commissions

Recurring capital (13.8 ) (9.9 ) (3.9 ) 39 % (0.8 ) (3.1 ) (6.4 ) (3.5 ) (1.1 )expenditures

(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.

(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, 2020)

(dollars in millions)

Shares orEquivalentsOutstanding

Market Priceas ofDecember 31, 2020

Market ValueEquivalents(in millions)

Common shares

120,442,521

$

73.15

$

8,810.4

Net Debt

3,203.8

Total Enterprise Value (TEV)

$

12,014.2

CyrusOne Inc.

Market Capitalization Summary, Reconciliation of Net Debt and Interest Summary

(Unaudited)

Market Capitalization (as of December 31, 2020)

Shares or Market Price Market Value(dollars in millions) Equivalents as of Equivalents Outstanding December 31, 2020 (in millions)

Common shares 120,442,521 $ 73.15 $ 8,810.4

Net Debt 3,203.8

Total Enterprise Value (TEV) $ 12,014.2

Reconciliation of Net Debt

December 31,

September 30,

December 31,

(dollars in millions)

2020

2020

2019

Long-term debt(a)

$

3,446.1

$

3,236.3

$

2,915.0

Finance lease liabilities

29.1

29.2

31.8

Less:

Cash and cash equivalents

(271.4

)

(156.5

)

(76.4

)

Net Debt

$

3,203.8

$

3,109.0

$

2,870.4

(a) Excludes adjustment for deferred financing costs and unamortized bond discounts.Reconciliation of Net Debt

December 31, September 30, December 31,

(dollars in millions) 2020 2020 2019

Long-term debt^(a) $ 3,446.1 $ 3,236.3 $ 2,915.0

Finance lease liabilities 29.1 29.2 31.8

Less:

Cash and cash equivalents (271.4 ) (156.5 ) (76.4 )

Net Debt $ 3,203.8 $ 3,109.0 $ 2,870.4

(a) Excludes adjustment for deferred financing costs and unamortized bonddiscounts.Interest Summary

Three Months Ended

December 31,

September 30,

December 31,

% Change

(dollars in millions)

2020

2020

2019

Yr/Yr

Interest expense and fees, net

$

18.5

$

17.3

$

22.9

(19

)%

Amortization of deferred financing costs and bond premium / discount

1.6

1.6

1.4

14

%

Capitalized interest

(5.6

)

(5.6

)

(6.7

)

(16

)%

Total interest expense, net

$

14.5

$

13.3

$

17.6

(18

)%

Interest Summary

Three Months Ended

December September December % 31, 30, 31, Change

(dollars in millions) 2020 2020 2019 Yr/Yr

Interest expense and fees, net $ 18.5 $ 17.3 $ 22.9 (19 )%

Amortization of deferred financing costs 1.6 1.6 1.4 14 %and bond premium / discount

Capitalized interest (5.6 ) (5.6 ) (6.7 ) (16 )%

Total interest expense, net $ 14.5 $ 13.3 $ 17.6 (18 )%

CyrusOne Inc.

Debt Schedule and Debt Covenants

(Unaudited)

Debt Schedule (as of December 31, 2020)

(dollars in millions)

Long-term debt:

Amount

Interest Rate

Maturity Date

Revolving credit facility - EUR(a)(b)

275.9

EURIBOR + 100 bps(c)

March 2025(d)

Revolving credit facility - GBP(a)(e)

157.0

GBP LIBOR + 100 bps(f)

March 2025(d)

Term loan(g)

800.0

USD LIBOR + 120 bps(h)

March 2025(i)

2.900% USD senior notes due 2024

600.0

2.900%

November 2024

1.450% EUR senior notes due 2027(j)

613.2

1.450%

January 2027

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(k)

$

3,446.1

2.06%(l)

Weighted average term of debt(d)(i):

6.0

years

CyrusOne Inc.

Debt Schedule and Debt Covenants

(Unaudited)

Debt Schedule (as of December 31, 2020)

(dollars in millions)

Long-term debt: Amount Interest Rate Maturity Date

Revolving credit facility - EUR^ 275.9 EURIBOR + 100 bps^ March 2025^(a)(b) (c) (d)

Revolving credit facility - GBP^ 157.0 GBP LIBOR + 100 bps March 2025^(a)(e) ^(f) (d)

Term loan^(g) 800.0 USD LIBOR + 120 bps March 2025^ ^(h) (i)

2.900% USD senior notes due 2024 600.0 2.900% November 2024

1.450% EUR senior notes due 2027 613.2 1.450% January 2027^(j)

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^(k) $ 3,446.1 2.06%^(l)



Weighted average term of debt^ 6.0 years (d)(i):



(a)

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

Amount outstanding is USD-equivalent of (eu)225 million.

(c)

Interest rate as of December 31, 2020: 1.00%.

(d)

Assuming exercise of 12-month extension option.

(e)

Amount outstanding is USD-equivalent of lb115 million.

(f)

Interest rate as of December 31, 2020: 1.03%.

(g)

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

(h)

Interest rate as of December 31, 2020: 1.35%; weighted average interest rate pursuant to swaps: 1.37%.

(i)

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

(j)

Amount outstanding is USD-equivalent of (eu)500 million.

(k)

Excludes adjustment for deferred financing costs and unamortized bond discounts.

(l)

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

(a) Revolving credit facility includes 0.20% facility fee on entire revolving credit facility commitment of $1.4 billion.(b) Amount outstanding is USD-equivalent of (eu)225 million.

(c) Interest rate as of December 31, 2020: 1.00%.

(d) Assuming exercise of 12-month extension option.

(e) Amount outstanding is USD-equivalent of lb115 million.

(f) Interest rate as of December 31, 2020: 1.03%.

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

(h) Interest rate as of December 31, 2020: 1.35%; weighted average interest rate pursuant to swaps: 1.37%.

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

(j) Amount outstanding is USD-equivalent of (eu)500 million.

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

(l) Weighted average interest rate calculated using lower interest rate on swapped amount.

Debt Covenants - Senior Notes (as of December 31, 2020)

Ratios

Requirement

December 31, 2020

Total Outstanding Indebtedness to Total Assets

? 60%

42%

Secured Indebtedness to Total Assets

? 40%

0%

Consolidated EBITDA to Interest Expense

? 1.50x

6.76x

Total Unencumbered Assets to Unsecured Indebtedness

? 150%

236%

Debt Covenants - Senior Notes (as of December 31, 2020)

Ratios Requirement December 31, 2020

Total Outstanding Indebtedness to Total Assets ? 60% 42%

Secured Indebtedness to Total Assets ? 40% 0%

Consolidated EBITDA to Interest Expense ? 1.50x 6.76x

Total Unencumbered Assets to Unsecured ? 150% 236%Indebtedness

CyrusOne Inc.

Colocation Square Footage (CSF) and CSF Leased

(Unaudited)

As of December 31, 2020

As of September 30, 2020

As of December 31, 2019

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

1,166

93

%

1,166

93

%

1,113

92

%

Dallas

621

70

%

621

71

%

621

70

%

Phoenix

581

95

%

581

92

%

509

100

%

San Antonio

434

97

%

367

96

%

300

100

%

Cincinnati

402

71

%

402

73

%

402

78

%

Houston

308

62

%

308

62

%

308

64

%

New York Metro

290

79

%

290

79

%

245

74

%

Chicago

203

79

%

203

79

%

203

77

%

Austin

106

76

%

106

77

%

106

79

%

Raleigh-Durham

94

94

%

94

95

%

83

95

%

Council Bluffs, Iowa

42

15

%

-

-

%

-

-

%

Total - Domestic

4,246

83

%

4,138

84

%

3,890

84

%

Frankfurt

229

99

%

144

99

%

144

99

%

London

148

83

%

148

83

%

128

81

%

Amsterdam

39

100

%

39

100

%

-

-

%

Singapore

3

20

%

3

20

%

3

20

%

Total - International

419

93

%

334

91

%

275

90

%

Total - Portfolio

4,665

84

%

4,471

84

%

4,165

85

%

Stabilized Properties(c)

4,398

87

%

4,134

87

%

3,937

88

%

CyrusOne Inc.

Colocation Square Footage (CSF) and CSF Leased

(Unaudited)

As of December 31, As of September 30, As of December 31, 2020 2020 2019

Colocation CSF Colocation CSF Colocation CSFMarket Space Leased^ Space Leased^ Space Leased^ (CSF)^(a) (b) (CSF)^(a) (b) (CSF)^(a) (b) (000) (000) (000)

Northern Virginia 1,166 93 % 1,166 93 % 1,113 92 %

Dallas 621 70 % 621 71 % 621 70 %

Phoenix 581 95 % 581 92 % 509 100 %

San Antonio 434 97 % 367 96 % 300 100 %

Cincinnati 402 71 % 402 73 % 402 78 %

Houston 308 62 % 308 62 % 308 64 %

New York Metro 290 79 % 290 79 % 245 74 %

Chicago 203 79 % 203 79 % 203 77 %

Austin 106 76 % 106 77 % 106 79 %

Raleigh-Durham 94 94 % 94 95 % 83 95 %

Council Bluffs, 42 15 % - - % - - %Iowa

Total - Domestic 4,246 83 % 4,138 84 % 3,890 84 %

Frankfurt 229 99 % 144 99 % 144 99 %

London 148 83 % 148 83 % 128 81 %

Amsterdam 39 100 % 39 100 % - - %

Singapore 3 20 % 3 20 % 3 20 %

Total - 419 93 % 334 91 % 275 90 %International

Total - Portfolio 4,665 84 % 4,471 84 % 4,165 85 %

Stabilized 4,398 87 % 4,134 87 % 3,937 88 %Properties^(c)

(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.

CSF represents the GSF at an operating facility that is currently leased or readily available for lease as colocation space, where customers(a) locate their servers and other IT equipment. May not sum to total due to rounding.

CSF Leased is calculated by dividing CSF under signed leases for(b) 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.

2021 Guidance

Category

2020 Results

2021 Guidance

Total Revenue

$1,033 million

$1,105 - 1,145 million

Lease and Other Revenues from Customers

$872 million

$920 - 950 million

Metered Power Reimbursements

$161 million

$185 - 195 million

Adjusted EBITDA

$537 million

$570 - 590 million

Normalized FFO per diluted common share

$3.90

$3.90 - 4.00

Capital Expenditures

$910 million

$925 - 1,025 million

Development(1)

$896 million

$905 - 985 million

Recurring

$14 million

$20 - 40 million

(1)Development capital expenditures include the acquisition of land for future development.

CyrusOne is issuing guidance for full year 2021. The annual guidance provided below represents forward-looking statements, which are based on current economic conditions, internal assumptions about the Company's existing customer base, and the supply and demand dynamics of the markets in which CyrusOne operates. We continue to monitor the global outbreak of COVID-19 and to take steps to mitigate the potential risks to us posed by the pandemic, which continues to evolve rapidly. While the impact on our business has not been significant to date and vaccines have begun to be distributed, the length and severity of the effects of the pandemic remain uncertain and unpredictable and could be materially adverse to our business, financial condition, results of operations, cash flows and ability to pay dividends as well as the market price of our common stock.

CyrusOne does not provide forward-looking guidance for GAAP financial measures (other than Total Revenue and Capital Expenditures) or reconciliations for the non-GAAP financial measures included in the annual guidance provided below due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including Net income (loss) and adjustments that could be made for Transaction, acquisition, integration and other related expenses, Legal claim costs, Impairment losses and (gain) loss on asset disposals and other charges in its reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.

CyrusOne Inc.

2021 Guidance

Category 2020 Results 2021 Guidance

Total Revenue $1,033 million $1,105 - 1,145 million

Lease and Other Revenues from Customers $872 million $920 - 950 million

Metered Power Reimbursements $161 million $185 - 195 million

Adjusted EBITDA $537 million $570 - 590 million

Normalized FFO per diluted common share $3.90 $3.90 - 4.00

Capital Expenditures $910 million $925 - 1,025 million

Development^(1) $896 million $905 - 985 million

Recurring $14 million $20 - 40 million



^(1)Development capital expenditures include the acquisition of land for futuredevelopment.

CyrusOne is issuing guidance for full year 2021. The annual guidance provided below represents forward-looking statements, which are based on current economic conditions, internal assumptions about the Company's existing customer base, and the supply and demand dynamics of the markets in which CyrusOne operates. We continue to monitor the global outbreak of COVID-19 and to take steps to mitigate the potential risks to us posed by the pandemic, which continues to evolve rapidly. While the impact on our business has not been significant to date and vaccines have begun to be distributed, the length and severity of the effects of the pandemic remain uncertain and unpredictable and could be materially adverse to our business, financial condition, results of operations, cash flows and ability to pay dividends as well as the market price of our common stock.

CyrusOne does not provide forward-looking guidance for GAAP financial measures (other than Total Revenue and Capital Expenditures) or reconciliations for the non-GAAP financial measures included in the annual guidance provided below due to the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including Net income (loss) and adjustments that could be made for Transaction, acquisition, integration and other related expenses, Legal claim costs, Impairment losses and (gain) loss on asset disposals and other charges in its reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.

CyrusOne Inc.

Data Center Portfolio

As of December 31, 2020 (Unaudited)

Gross Square Feet (GSF)^(a) Powered Shell Available Available Office for Critical Annualized Colocation CSF CSF & Office & Supporting Total^ Future LoadStabilized Metro Rent^(c) Space Occupied Leased Other^ Other Infrastructure (j) Development CapacityProperties^(b) Area ($000) (CSF)^(d) ^(e) ^(f) (g) Occupied ^(i) (000) (GSF)^(k) (MW)^(l) (000) (000) ^(h) (000) (000)

Dallas - Dallas $ 95,690 428 77 % 79 % 83 45 % 133 644 - 60 Carrollton

Northern NorthernVirginia - Virginia 68,889 383 99 % 99 % 11 100 % 145 539 231 69 Sterling V

Northern NorthernVirginia - Virginia 57,786 272 100 % 100 % 35 - % - 307 - 57 Sterling VI

Frankfurt II Frankfurt 40,140 90 100 % 100 % 9 100 % 72 171 10 35

Somerset I New York Metro 34,594 153 86 % 86 % 27 99 % 149 329 28 23

Northern NorthernVirginia - Virginia 34,575 159 100 % 100 % 9 100 % 55 223 - 30 Sterling II

San Antonio San Antonio 32,727 132 100 % 100 % 9 100 % 43 184 - 24 III

Chicago - Chicago 32,686 113 98 % 98 % 34 100 % 223 371 27 52 Aurora I

Houston - Houston 28,789 112 76 % 76 % 11 100 % 37 161 3 32 Houston West I

Dallas - Dallas 28,272 114 75 % 75 % 11 59 % 54 180 - 21 Lewisville*

Phoenix - Phoenix 27,460 148 100 % 100 % 6 100 % 32 187 279 24 Chandler VI

Cincinnati - Cincinnati 26,252 197 52 % 52 % 6 61 % 175 378 46 17 7th Street***

Totowa - New York Metro 26,023 51 87 % 87 % 22 86 % 59 133 - 12 Madison*

Frankfurt I Frankfurt 25,390 53 97 % 97 % 8 91 % 57 118 - 18

Cincinnati -North Cincinnati 22,914 65 99 % 99 % 45 79 % 53 163 62 12 Cincinnati

Austin III Austin 22,889 62 68 % 68 % 15 81 % 21 98 67 11

Houston -Houston West Houston 21,461 80 71 % 71 % 4 97 % 55 139 11 12 II

Phoenix - Phoenix 20,918 74 99 % 99 % 35 12 % 39 147 31 12 Chandler I

Northern NorthernVirginia - Virginia 20,533 78 100 % 100 % 6 69 % 49 132 - 12 Sterling I

Phoenix - Phoenix 20,389 74 100 % 100 % 6 53 % 26 105 - 12 Chandler II

Raleigh-Durham Raleigh-Durham 19,907 94 88 % 94 % 16 95 % 82 192 235 14 I

Phoenix - Phoenix 19,684 68 100 % 100 % 2 - % 30 101 - 12 Chandler III

San Antonio I San Antonio 19,498 44 99 % 99 % 6 83 % 46 96 11 12

Northern NorthernVirginia - Virginia 19,234 79 100 % 100 % 7 100 % 34 120 - 15 Sterling III

Wappingers New York Metro 18,591 37 62 % 62 % 20 86 % 15 72 - 7 Falls I*

Northern NorthernVirginia - Virginia 17,743 81 100 % 100 % 7 100 % 34 122 - 15 Sterling IV

San Antonio II San Antonio 15,917 64 100 % 100 % 11 100 % 41 117 - 12

Austin II Austin 15,719 44 88 % 88 % 2 100 % 22 68 - 7

Phoenix - Phoenix 15,629 72 100 % 100 % 1 95 % 16 89 13 12 Chandler V

London II* London 13,658 64 100 % 100 % 10 100 % 93 166 4 21

London I* London 13,615 30 100 % 100 % 12 56 % 58 100 9 12

Phoenix - Phoenix 12,245 73 100 % 100 % 3 100 % 27 103 - 12 Chandler IV

San Antonio IV San Antonio 12,014 60 100 % 100 % 12 100 % 27 99 - 12

Florence Cincinnati 10,822 53 99 % 99 % 47 87 % 40 140 - 9

Houston - Houston 9,835 63 39 % 39 % 23 24 % 25 112 - 11 Galleria

Cincinnati - Cincinnati 9,082 47 65 % 65 % 1 100 % 35 83 - 9 Hamilton*

Houston -Houston West Houston 7,271 53 45 % 48 % 10 13 % 32 95 209 6 III

Chicago -Aurora II (DH Chicago 6,678 77 53 % 53 % 45 1 % 14 136 272 16 #1)

London III* London 6,522 20 100 % 100 % 2 100 % 45 67 1 6

London - Great London 5,917 10 91 % 91 % - - % 1 11 - 1 Bridgewater**

Stamford - New York Metro 5,514 20 23 % 23 % - - % 8 28 - 5 Riverbend*

Norwalk I* New York Metro 5,157 13 99 % 99 % 4 67 % 41 58 87 3

Cincinnati - Cincinnati 4,932 34 100 % 100 % 26 98 % 17 78 - 4 Mason

Dallas - Allen Dallas 3,294 79 16 % 16 % - - % 58 137 204 6 (DH #1)

Chicago - Chicago 2,538 14 62 % 62 % 4 45 % 12 30 29 2 Lombard

Amsterdam I Amsterdam 2,338 39 100 % 100 % 15 100 % 40 94 207 4

Frankfurt III Frankfurt 1,606 85 100 % 100 % 13 100 % 72 170 - 31

San Antonio V San Antonio 892 134 40 % 89 % 7 100 % 38 179 1 15

Totowa - New York Metro 728 - - % - % 20 44 % 6 26 - - Commerce*

Cincinnati - Cincinnati 557 6 36 % 36 % 7 100 % 2 15 - 1 Blue Ash*

Singapore -Inter Business Singapore 388 3 20 % 20 % - - % - 3 - 1 Park**

Stamford - New York Metro 321 - - % - % 19 23 % 4 22 - - Omega*

StabilizedProperties - $ 986,224 4,398 85 % 87 % 745 63 % 2,491 7,634 2,077 833 Total

CyrusOne Inc.

Data Center Portfolio

As of December 31, 2020

(Unaudited)

Gross Square Feet (GSF)(a)

Powered Shell Available for Future Development (GSF)(k) (000)

Available Critical Load Capacity (MW)(l)

MetroArea

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

$

986,224

4,398

85

%

87

%

745

63

%

2,491

7,634

2,077

833

Pre-Stabilized Properties(b)

Northern Virginia - Sterling VIII

Northern Virginia

8,587

61

37

%

37

%

4

-

%

25

90

-

6

Phoenix - Chandler V (DH #2)

Phoenix

2,344

71

35

%

56

%

1

100

%

8

81

-

12

Somerset I (DH #14)

New York Metro

1,634

16

82

%

82

%

-

-

%

-

16

-

2

Northern Virginia - Sterling IX

Northern Virginia

1,049

53

27

%

40

%

1

-

%

66

120

187

6

Council Bluffs I

Iowa

263

42

9

%

15

%

14

-

%

18

73

42

5

London II* (DH #3)

London

-

17

-

%

-

%

-

-

%

-

17

-

7

London I* (DH #1)

London

-

8

-

%

-

%

-

-

%

-

8

-

3

All Properties - Total

$

1,000,101

4,665

82

%

84

%

766

61

%

2,607

8,038

2,305

874

CyrusOne Inc.

Data Center Portfolio

As of December 31, 2020

(Unaudited)



Gross Square Feet (GSF)^(a) Powered Shell Available Available Office for Critical Annualized Colocation CSF CSF & Office & Supporting Total^ Future Load Metro Rent^(c) Space Occupied Leased Other^ Other Infrastructure (j) Development Capacity Area ($000) (CSF)^(d) ^(e) ^(f) (g) Occupied ^(i) (000) (GSF)(k) (MW)^(l) (000) (000) ^(h) (000) (000)

StabilizedProperties - $ 986,224 4,398 85 % 87 % 745 63 % 2,491 7,634 2,077 833 Total



Pre-Stabilized Properties^(b)

Northern NorthernVirginia - Virginia 8,587 61 37 % 37 % 4 - % 25 90 - 6 Sterling VIII

Phoenix -Chandler V (DH Phoenix 2,344 71 35 % 56 % 1 100 % 8 81 - 12 #2)

Somerset I (DH New York 1,634 16 82 % 82 % - - % - 16 - 2 #14) Metro

Northern NorthernVirginia - Virginia 1,049 53 27 % 40 % 1 - % 66 120 187 6 Sterling IX

Council Bluffs Iowa 263 42 9 % 15 % 14 - % 18 73 42 5 I

London II* (DH London - 17 - % - % - - % - 17 - 7 #3)

London I* (DH # London - 8 - % - % - - % - 8 - 3 1)

All Properties $ 1,000,101 4,665 82 % 84 % 766 61 % 2,607 8,038 2,305 874 - Total

*

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, 2020 multiplied by 12. For the month of December 2020, customer reimbursements were $173.6 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From January 1, 2019 through December 31, 2020, customer reimbursements under leases with separately metered power constituted between 13.5% and 19.4% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of December 31, 2020 was $1,000.7 million. Our annualized effective rent was lower than our annualized rent as of December 31, 2020 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, 2020 divided by total CSF. Leases signed but that have not commenced billing as of December 31, 2020 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, 2020 divided by total Office & Other space. Leases signed but not commenced as of December 31, 2020 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). The available critical load capacity was restated for certain properties as compared to our September 30, 2020 disclosure based on a reconciliation performed for each property. Does not sum to total due to rounding.

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.

Represents the total square feet of a building under lease or available(a) for lease based on engineers' drawings and estimates but does not include space held for development or space used by CyrusOne.

Stabilized properties include data halls that have been in service for at least 24 months or are at least 85% leased. Pre-stabilized properties(b) include data halls that have been in service for less than 24 months and are less than 85% leased.

Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of December 31, 2020 multiplied by 12. For the month of December 2020, customer reimbursements were $173.6 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From January 1,(c) 2019 through December 31, 2020, customer reimbursements under leases with separately metered power constituted between 13.5% and 19.4% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of December 31, 2020 was $1,000.7 million. Our annualized effective rent was lower than our annualized rent as of December 31, 2020 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.

CSF represents the GSF at an operating facility that is currently leased(d) or readily available for lease as colocation space, where customers locate their servers and other IT equipment.

Percent occupied is determined based on CSF billed to customers under signed leases as of December 31, 2020 divided by total CSF. Leases signed(e) but that have not commenced billing as of December 31, 2020 are not included.

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

Represents the GSF at an operating facility that is currently leased or(g) readily available for lease as space other than CSF, which is typically office and other space.

Percent occupied is determined based on Office & Other space being billed to customers under signed leases as of December 31, 2020 divided by total(h) Office & Other space. Leases signed but not commenced as of December 31, 2020 are not included.

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

Represents the GSF at an operating facility that is currently leased or(j) readily available for lease. This excludes existing vacant space held for development.

Represents space that is under roof that could be developed in the future(k) for GSF, rounded to the nearest 1,000.

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(l) customer critical IT load (e.g. dedicated office power, office disaster recovery UPS, or UPS utilized by CyrusOne for infrastructure control circuits). The available critical load capacity was restated for certain properties as compared to our September 30, 2020 disclosure based on a reconciliation performed for each property. Does not sum to total due to rounding.

CyrusOne Inc.

GSF Under Development

As of December 31, 2020

(Dollars in millions) (Unaudited)

GSF Under Development(a)

Under Development Costs(b)

Facilities

MetroArea

Estimated Completion Date

Colocation Space(CSF) (000)

Office & Other (000)

SupportingInfrastructure (000)

Powered Shell(c (000)

Total (000)

Critical Load MW Capacity(d)

Actual to Date(e)

Estimated Costs to Completion(f)

Total

San Antonio V

San Antonio

1Q'21

-

8

-

-

8

6.0

$

-

$25-27

$25-27

Somerset I (DH #15 and #16)

New York

1Q'21

54

-

9

-

63

5.0

11

25-30

36-41

Cincinnati - North Cincinnati

Cincinnati

2Q'21

3

-

-

-

3

2.0

-

9-12

9-12

Dublin I

Dublin

2Q'21

76

19

32

78

204

12.0

64

47-64

111-128

London III

London

2Q'21

19

-

-

-

19

6.0

12

19-24

31-36

Northern Virginia - Sterling VIII

Northern Virginia

2Q'21

-

-

-

-

-

6.0

-

20-23

20-23

Frankfurt III (DH #2 and #3)

Frankfurt

2Q'21

23

3

29

-

55

9.0

14

9-13

23-27

Paris I(g)

Paris

2Q'21

26

4

15

201

246

6.0

21

34-47

55-68

Frankfurt III (DH #4)

Frankfurt

3Q'21

15

3

15

-

33

4.0

5

8-11

13-16

Frankfurt IV

Frankfurt

4Q'22

73

11

39

-

122

17.0

-

125-145

125-145

Total

289

47

137

279

753

73.0

$

127

$321-396

$448-523

CyrusOne Inc.

GSF Under Development

As of December 31, 2020

(Dollars in millions) (Unaudited)

GSF Under Development^(a) Under Development Costs^(b)

Estimated Colocation Office Supporting Powered Critical Actual EstimatedFacilities Metro Completion Space & Infrastructure Shell^(c Total Load MW to Costs to Total Area Date (CSF) Other (000) (000) (000) Capacity Date^ Completion (000) (000) ^(d) (e) ^(f)

San San 1Q'21 - 8 - - 8 6.0 $ - $25-27 $25-27Antonio V Antonio

Somerset I(DH #15 New York 1Q'21 54 - 9 - 63 5.0 11 25-30 36-41and #16)

Cincinnati- North Cincinnati 2Q'21 3 - - - 3 2.0 - 9-12 9-12Cincinnati

Dublin I Dublin 2Q'21 76 19 32 78 204 12.0 64 47-64 111-128

London III London 2Q'21 19 - - - 19 6.0 12 19-24 31-36

NorthernVirginia - Northern 2Q'21 - - - - - 6.0 - 20-23 20-23Sterling VirginiaVIII

FrankfurtIII (DH #2 Frankfurt 2Q'21 23 3 29 - 55 9.0 14 9-13 23-27and #3)

Paris I^ Paris 2Q'21 26 4 15 201 246 6.0 21 34-47 55-68(g)

FrankfurtIII (DH # Frankfurt 3Q'21 15 3 15 - 33 4.0 5 8-11 13-164)

Frankfurt Frankfurt 4Q'22 73 11 39 - 122 17.0 - 125-145 125-145IV

Total 289 47 137 279 753 73.0 $ 127 $321-396 $448-523

(a)

Represents GSF at a facility for which, as of December 31, 2020, activities have commenced or are expected to commence in the next 2 quarters to prepare the space for its intended use. Estimates and timing are subject to change. May not sum to total due to rounding.

(b)

London development costs are GBP-denominated and shown as USD-equivalent based on an exchange rate of 1.37 as of December 31, 2020. Dublin, Frankfurt and Paris development costs are EUR-denominated and shown as USD-equivalent based on an exchange rate of 1.23 as of December 31, 2020.

(c)

Represents GSF under construction that, upon completion, will be powered shell available for future development into GSF.

(d)

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)

Actual to date is the cash investment as of December 31, 2020. There may be accruals above this amount for work completed, for which cash has not yet been paid.

(f)

Represents management's estimate of the total costs required to complete the current GSF under development. There may be an increase in costs if customers require greater power density.

(g)

Paris I is 100% pre-leased, with development planned in phases through mid-2026 to align with customer commitments.

Represents GSF at a facility for which, as of December 31, 2020,(a) activities have commenced or are expected to commence in the next 2 quarters to prepare the space for its intended use. Estimates and timing are subject to change. May not sum to total due to rounding.

London development costs are GBP-denominated and shown as USD-equivalent(b) based on an exchange rate of 1.37 as of December 31, 2020. Dublin, Frankfurt and Paris development costs are EUR-denominated and shown as USD-equivalent based on an exchange rate of 1.23 as of December 31, 2020.

(c) Represents GSF under construction that, upon completion, will be powered shell available for future development into GSF.

Critical power capacity represents the gross aggregate of UPS power installed and available to provide multiple redundancy levels for lease(d) 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.

Actual to date is the cash investment as of December 31, 2020. There may(e) be accruals above this amount for work completed, for which cash has not yet been paid.

Represents management's estimate of the total costs required to complete(f) the current GSF under development. There may be an increase in costs if customers require greater power density.

(g) Paris I is 100% pre-leased, with development planned in phases through mid-2026 to align with customer commitments.

Capital Expenditures - Investment in Real Estate(a)

Three Months Ended

Twelve Months Ended

(dollars in millions)

December 31, 2020

December 31, 2020

Capital expenditures - investment in real estate

$217.5

$896.7

(a) Excludes recurring capital expenditures.

Capital Expenditures - Investment in Real Three Months Twelve MonthsEstate^(a) Ended Ended

(dollars in millions) December 31, December 31, 2020 2020

Capital expenditures - investment in real $217.5 $896.7estate

(a) Excludes recurring capital expenditures.

CyrusOne Inc.

Land Available for Future Development (Acres)

As of December 31, 2020

(Unaudited)

As of

Market

December 31, 2020

Amsterdam

8

Atlanta

44

Austin

22

Chicago

23

Cincinnati

98

Council Bluffs, Iowa

10

Dallas

57

Dublin

15

Frankfurt

2

Houston

20

London

33

Northern Virginia

24

Phoenix

96

Quincy, Washington

48

San Antonio

12

Santa Clara

23

Total Available(a)

534

Book Value of Total Available

$

268.3

million

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

Land Available for Future Development (Acres)

As of December 31, 2020

(Unaudited)

As of

Market December 31, 2020

Amsterdam 8

Atlanta 44

Austin 22

Chicago 23

Cincinnati 98

Council Bluffs, Iowa 10

Dallas 57

Dublin 15

Frankfurt 2

Houston 20

London 33

Northern Virginia 24

Phoenix 96

Quincy, Washington 48

San Antonio 12

Santa Clara 23

Total Available^(a) 534

Book Value of Total Available $ 268.3 million

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

Leasing Statistics - Lease Signings

As of December 31, 2020

(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'20

383

162,000

31,321

$4,112

117

Prior 4Q Avg.

430

120,500

18,500

$2,505

73

3Q'20

415

15,000

3,756

$894

54

2Q'20(f)

396

150,000

21,956

$3,070

84

1Q'20

460

289,000

43,586

$4,994

98

4Q'19

450

28,000

4,703

$1,063

55

CyrusOne Inc.

Leasing Statistics - Lease Signings

As of December 31, 2020

(Unaudited)

Number Total CSF Total kW Total MRR WeightedPeriod of Leases^ Signed^(b) Signed^(c) Signed (000)^ Average (a) (d) Lease Term^(e)

4Q'20 383 162,000 31,321 $4,112 117

Prior 4Q 430 120,500 18,500 $2,505 73Avg.

3Q'20 415 15,000 3,756 $894 54

2Q'20^(f) 396 150,000 21,956 $3,070 84

1Q'20 460 289,000 43,586 $4,994 98

4Q'19 450 28,000 4,703 $1,063 55

(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 $0.3 million in 1Q'20 and $0.2 million in 4Q'19, 2Q'20, 3Q'20 and 4Q'20.

(e)

Calculated on a CSF-weighted basis.

(f)

Includes exercise of previously disclosed (in 3Q'19) paid reservation for 4.5 MW and 30,000 CSF totaling approximately $5.5 million in annualized GAAP revenue in 2Q'20.

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

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

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

Monthly recurring rent is defined as the average monthly contractual rent(d) during the term of the lease. It includes the monthly impact of installation charges of approximately $0.3 million in 1Q'20 and $0.2 million in 4Q'19, 2Q'20, 3Q'20 and 4Q'20.

(e) Calculated on a CSF-weighted basis.

Includes exercise of previously disclosed (in 3Q'19) paid reservation for(f) 4.5 MW and 30,000 CSF totaling approximately $5.5 million in annualized GAAP revenue in 2Q'20.

CyrusOne Inc.

New MRR Signed - Existing vs. New Customers

As of December 31, 2020

(Dollars in thousands)

(Unaudited)

1Q'192Q'193Q'19(b)4Q'191Q'202Q'203Q'204Q'20Existing Customers$2,102

$974

$2,849

$843

$4,756

$2,872

$841

$3,881

New Customers$165

$116

$1,007

$220

$238

$198

$53

$231

Total$2,267

$1,090

$3,856

$1,063

$4,994

$3,070

$894

$4,112

% from Existing Customers93%

89%

74%

79%

95%

94%

94%

94%

CyrusOne Inc.

New MRR Signed - Existing vs. New Customers

As of December 31, 2020

(Dollars in thousands)

(Unaudited)

1Q'19 2Q'19 3Q'19^ 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 (b)Existing Customers $2,102 $974 $2,849 $843 $4,756 $2,872 $841 $3,881

New Customers $165 $116 $1,007 $220 $238 $198 $53 $231

Total $2,267 $1,090 $3,856 $1,063 $4,994 $3,070 $894 $4,112

% from Existing 93% 89% 74% 79% 95% 94% 94% 94%Customers(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 $0.3 million in 1Q'20, $0.2 million in 1Q'19, 4Q'19, 2Q'20, 3Q'20 and 4Q'20, and $0.1 million in 2Q'19 and 3Q'19.

(b)

3Q'19 leasing statistics updated from those reported in 3Q'19-1Q'20 earnings materials to remove the prior inclusion of the paid reservation that was exercised in 2Q'20 and included in the 2Q'20 leasing results (30,000 CSF, 4.5 MW, and approximately $0.5 million in monthly recurring rent).

Monthly recurring rent is defined as the average monthly contractual rent during the term of the lease. It includes the monthly impact of(a) installation charges of approximately $0.3 million in 1Q'20, $0.2 million in 1Q'19, 4Q'19, 2Q'20, 3Q'20 and 4Q'20, and $0.1 million in 2Q'19 and 3Q'19.

3Q'19 leasing statistics updated from those reported in 3Q'19-1Q'20 earnings materials to remove the prior inclusion of the paid reservation(b) that was exercised in 2Q'20 and included in the 2Q'20 leasing results (30,000 CSF, 4.5 MW, and approximately $0.5 million in monthly recurring rent).

CyrusOne Inc.

Customer Sector Diversification(a)

As of December 31, 2020

(Unaudited)

Principal Customer Industry

Number ofLocations

Annualized Rent(b) (000)

Percentage of Portfolio Annualized Rent(c)

Weighted Average Remaining Lease Term in Months(d)

1

Information Technology

11

$

195,581

19.6

%

90.1

2

Information Technology

11

70,461

7.0

%

22.3

3

Information Technology

5

56,062

5.6

%

43.3

4

Information Technology

5

46,222

4.6

%

30.5

5

Information Technology

6

41,633

4.2

%

41.4

6

Information Technology

9

25,394

2.5

%

41.1

7

Information Technology

7

19,781

2.0

%

27.0

8

Financial Services

1

19,462

1.9

%

123.0

9

Information Technology

3

17,092

1.7

%

35.9

10

Healthcare

2

15,852

1.6

%

84.0

11

Research and Consulting Services

3

13,258

1.3

%

22.0

12

Financial Services

4

11,019

1.1

%

87.2

13

Telecommunication Services

2

10,191

1.0

%

10.5

14

Telecommunication Services

2

9,991

1.0

%

39.4

15

Information Technology

1

9,734

1.0

%

38.6

16

Consumer Staples

3

9,235

0.9

%

2.5

17

Telecommunication Services

1

8,330

0.8

%

82.4

18

Industrials

5

8,033

0.8

%

26.2

19

Information Technology

1

7,657

0.8

%

7.2

20

Telecommunication Services

8

7,589

0.8

%

25.0

$

602,578

60.3

%

56.4

CyrusOne Inc.

Customer Sector Diversification^(a)

As of December 31, 2020

(Unaudited)

Percentage Weighted Annualized of Average Principal Customer Number of Rent^(b) Portfolio Remaining Industry Locations (000) Annualized Lease Rent^(c) Term in Months ^(d)

1 Information Technology 11 $ 195,581 19.6 % 90.1

2 Information Technology 11 70,461 7.0 % 22.3

3 Information Technology 5 56,062 5.6 % 43.3

4 Information Technology 5 46,222 4.6 % 30.5

5 Information Technology 6 41,633 4.2 % 41.4

6 Information Technology 9 25,394 2.5 % 41.1

7 Information Technology 7 19,781 2.0 % 27.0

8 Financial Services 1 19,462 1.9 % 123.0

9 Information Technology 3 17,092 1.7 % 35.9

10 Healthcare 2 15,852 1.6 % 84.0

11 Research and Consulting 3 13,258 1.3 % 22.0 Services

12 Financial Services 4 11,019 1.1 % 87.2

13 Telecommunication 2 10,191 1.0 % 10.5 Services

14 Telecommunication 2 9,991 1.0 % 39.4 Services

15 Information Technology 1 9,734 1.0 % 38.6

16 Consumer Staples 3 9,235 0.9 % 2.5

17 Telecommunication 1 8,330 0.8 % 82.4 Services

18 Industrials 5 8,033 0.8 % 26.2

19 Information Technology 1 7,657 0.8 % 7.2

20 Telecommunication 8 7,589 0.8 % 25.0 Services

$ 602,578 60.3 % 56.4

(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, 2020, multiplied by 12. For the month of December 2020, customer reimbursements were $173.6 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From January 1, 2019 through December 31, 2020, customer reimbursements under leases with separately metered power constituted between 13.5% and 19.4% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of December 31, 2020 was $1,000.7 million. Our annualized effective rent was lower than our annualized rent as of December 31, 2020 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, 2020, which was approximately $1,000.1 million.

(d)

Weighted average based on customer's percentage of total annualized rent expiring and is as of December 31, 2020, 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.

(a) Customers and their affiliates are consolidated.

Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of December 31, 2020, multiplied by 12. For the month of December 2020, customer reimbursements were $173.6 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From January 1,(b) 2019 through December 31, 2020, customer reimbursements under leases with separately metered power constituted between 13.5% and 19.4% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of December 31, 2020 was $1,000.7 million. Our annualized effective rent was lower than our annualized rent as of December 31, 2020 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.

Represents the customer's total annualized rent divided by the total(c) annualized rent in the portfolio as of December 31, 2020, which was approximately $1,000.1 million.

Weighted average based on customer's percentage of total annualized rent expiring and is as of December 31, 2020, assuming that customers exercise no renewal options and exercise all early termination rights that require(d) 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, 2020

(Unaudited)

GSF Under Lease(a)

Number of Customers(b)

Percentage ofAll Customers

Total Leased GSF(c) (000)

Percentage ofPortfolioLeased GSF

Annualized Rent(d) (000)

Percentage ofAnnualized Rent

0-999

632

67

%

127

2

%

$

96,007

10

%

1000-2499

115

12

%

179

3

%

46,517

4

%

2500-4999

67

7

%

236

4

%

47,217

5

%

5000-9999

43

5

%

302

5

%

49,128

5

%

10000+

87

9

%

5,012

86

%

761,232

76

%

Total

944

100

%

5,856

100

%

$

1,000,101

100

%

CyrusOne Inc.

Lease Distribution

As of December 31, 2020

(Unaudited)

Number of Percentage Total Percentage Annualized PercentageGSF Under Customers of Leased of Rent^(d) ofLease^(a) ^(b) All GSF^(c) Portfolio (000) Annualized Customers (000) Leased GSF Rent

0-999 632 67 % 127 2 % $ 96,007 10 %

1000-2499 115 12 % 179 3 % 46,517 4 %

2500-4999 67 7 % 236 4 % 47,217 5 %

5000-9999 43 5 % 302 5 % 49,128 5 %

10000+ 87 9 % 5,012 86 % 761,232 76 %

Total 944 100 % 5,856 100 % $ 1,000,101 100 %

(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, 2020. 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, 2020, multiplied by 12. For the month of December 2020, customer reimbursements were $173.6 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From January 1, 2019 through December 31, 2020, customer reimbursements under leases with separately metered power constituted between 13.5% and 19.4% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of December 31, 2020 was $1,000.7 million. Our annualized effective rent was lower than our annualized rent as of December 31, 2020 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.

(a) Represents all leases in our portfolio, including colocation, office and other leases.

Represents the number of customers occupying data center, office and other(b) space as of December 31, 2020. This may vary from total customer count as some customers may be under contract but have yet to occupy space.

Represents the total square feet at a facility under lease and that has commenced billing, excluding space held for development or space used by(c) 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.

Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of December 31, 2020, multiplied by 12. For the month of December 2020, customer reimbursements were $173.6 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From January 1,(d) 2019 through December 31, 2020, customer reimbursements under leases with separately metered power constituted between 13.5% and 19.4% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of December 31, 2020 was $1,000.7 million. Our annualized effective rent was lower than our annualized rent as of December 31, 2020 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, 2020

(Unaudited)

Year(a)

Number of Leases Expiring(b)

TotalGSF Expiring (000)

Percentage ofTotal GSF

Annualized Rent(c) (000)

Percentage ofAnnualized Rent

Annualized Rent at Expiration(d) (000)

Percentage ofAnnualized Rentat Expiration

Available

2,178

27

%

Month-to-Month

1,484

208

3

%

$

39,394

4

%

$

42,355

4

%

2021

3,225

728

9

%

175,710

18

%

182,041

16

%

2022

2,062

830

10

%

148,330

15

%

155,371

14

%

2023

1,497

1,023

13

%

163,263

16

%

176,342

16

%

2024

351

501

6

%

111,226

11

%

123,231

11

%

2025

170

284

4

%

43,477

4

%

55,275

5

%

2026

64

670

8

%

104,585

10

%

111,564

10

%

2027

42

552

7

%

93,866

9

%

108,449

10

%

2028

18

278

3

%

35,779

4

%

40,340

4

%

2029

8

83

1

%

6,863

1

%

8,832

1

%

2030

8

160

2

%

7,432

1

%

20,003

2

%

2031 - Thereafter

23

542

7

%

70,173

7

%

83,180

7

%

Total

8,952

8,038

100

%

$

1,000,101

100

%

$

1,106,982

100

%

CyrusOne Inc.

Lease Expirations

As of December 31, 2020

(Unaudited)

Number Annualized Percentage of Total Percentage Annualized Percentage Rent ofYear^(a) Leases GSF of Rent^(c) of at Expiration Annualized Expiring Expiring Total GSF (000) Annualized ^(d) Rent ^(b) (000) Rent (000) at Expiration

Available 2,178 27 %

Month-to-Month 1,484 208 3 % $ 39,394 4 % $ 42,355 4 %

2021 3,225 728 9 % 175,710 18 % 182,041 16 %

2022 2,062 830 10 % 148,330 15 % 155,371 14 %

2023 1,497 1,023 13 % 163,263 16 % 176,342 16 %

2024 351 501 6 % 111,226 11 % 123,231 11 %

2025 170 284 4 % 43,477 4 % 55,275 5 %

2026 64 670 8 % 104,585 10 % 111,564 10 %

2027 42 552 7 % 93,866 9 % 108,449 10 %

2028 18 278 3 % 35,779 4 % 40,340 4 %

2029 8 83 1 % 6,863 1 % 8,832 1 %

2030 8 160 2 % 7,432 1 % 20,003 2 %

2031 - 23 542 7 % 70,173 7 % 83,180 7 %Thereafter

Total 8,952 8,038 100 % $ 1,000,101 100 % $ 1,106,982 100 %

(a)

Leases that were auto-renewed prior to December 31, 2020 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, 2020, multiplied by 12. For the month of December 2020, customer reimbursements were $173.6 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From January 1, 2019 through December 31, 2020, customer reimbursements under leases with separately metered power constituted between 13.5% and 19.4% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of December 31, 2020 was $1,000.7 million. Our annualized effective rent was lower than our annualized rent as of December 31, 2020 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, 2020, multiplied by 12.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210217005974/en/

CONTACT: Investor Relations Michael Schafer Vice President, Capital Markets & Investor Relations 972-350-0060 investorrelations@cyrusone.com