Business Wire | Jul 29, 2020 04:06PM EDT

CyrusOne Reports Second Quarter 2020 Earnings

Jul. 29, 2020

DALLAS--(BUSINESS WIRE)--Jul. 29, 2020--CyrusOne Inc. (NASDAQ: CONE), a premier global data center REIT, today announced second quarter 2020 earnings.

Highlights

Category 2Q'20 vs. 2Q'19

Revenue $256.4 million 2%

Net income / (loss) $45.0 million n/m

Adjusted EBITDA $136.8 million 7%

Normalized FFO $118.9 million 16%

Net income / (loss) per diluted share $0.39 n/m

Normalized FFO per diluted share $1.03 14%

* Leased 22 megawatts ("MW") and 150,000 colocation square feet ("CSF") in the second quarter, totaling $37 million in annualized GAAP revenue - Balanced geographical mix with 51% of annualized GAAP revenue totaling $19 million signed across European markets - Includes exercise of previously disclosed (in 3Q'19) paid reservation for 4.5 MW totaling approximately $5.5 million in annualized GAAP revenue * Backlog of $97 million in annualized GAAP revenue as of the end of the second quarter, the highest quarter-end backlog in the company's history, representing approximately $710 million in total contract value * Announcing a 2% increase in the quarterly dividend for the third quarter of 2020 to $0.51 per share, up from $0.50 per share in the second quarter of 2020 * Entered into forward sale agreements through the at-the-market ("ATM") equity program with respect to approximately 4.2 million shares of common stock, which will result in estimated net proceeds of approximately $292 million upon settlement by May 2021 - Combined with the forward sale agreement entered into in the first quarter of 2020, which will result in estimated net proceeds of approximately $121 million upon settlement by March 2021, the Company has approximately $413 million in available forward equity - Settled the forward sale agreement entered into in the fourth quarter of 2019, resulting in net proceeds of approximately $97 million, which were used to pay down a portion of amounts outstanding on the Company's unsecured revolving credit facility

"We had another very strong leasing quarter with broad demand across our markets in the U.S. and Europe, and the nearly $100 million revenue backlog positions us well for growth in 2021 and beyond," said Bruce Duncan, president and chief executive officer of CyrusOne. "We also continue to strengthen our balance sheet, and our $1.5 billion in available liquidity, including more than $400 million in forward equity, gives us significant capacity to fund our development pipeline while managing our leverage."

Second Quarter 2020 Financial Results

Revenue was $256.4 million for the second quarter, compared to $251.5 million for the same period in 2019, an increase of 2%. The increase in revenue was driven primarily by a 7% increase in occupied CSF, lease termination fees totaling $3.0 million, and additional interconnection services, partially offset by the impact of equipment sales and rent churn. Revenue in the second quarter of 2020 included $6.9 million of equipment sales, compared to $17.1 million of equipment sales for the same period in 2019.

Net income was $45.0 million for the second quarter, compared to net loss of $(8.5) million in the same period in 2019. Net income for the second quarter included a $50.4 million gain on the Company's equity investment in GDS Holdings Limited ("GDS"), a leading data center provider in China, compared to an $(8.5) million loss in the second quarter of 2019. Also in the second quarter, the Company recognized a $(13.9) million loss associated with a change in fair value on the undesignated portion of its net investment hedge. Net income per diluted common share1 was $0.39 in the second quarter of 2020, compared to net loss per diluted common share of $(0.08) in the same period in 2019.

Net operating income ("NOI")2 was $157.4 million for the second quarter, compared to $148.2 million in the same period in 2019, an increase of 6%. Adjusted EBITDA3 was $136.8 million for the second quarter, compared to $127.3 million in the same period in 2019, an increase of 7%.

Normalized Funds From Operations ("Normalized FFO")4 was $118.9 million for the second quarter, compared to $102.1 million in the same period in 2019, an increase of 16%. Normalized FFO per diluted common share was $1.03 in the second quarter of 2020, compared to $0.90 in the same period in 2019, an increase of 14%.

Leasing Activity

CyrusOne leased approximately 22 MW of power and 150,000 CSF in the second quarter, representing approximately $3.1 million in monthly recurring rent, inclusive of the monthly impact of installation charges. The leasing for the quarter represents approximately $36.8 million in annualized GAAP revenue5, excluding estimates for pass-through power. The weighted average lease term of the new leases, based on square footage, is 84 months (7.0 years), and the weighted average remaining lease term of CyrusOne's portfolio is 52 months (taking into consideration the impact of the backlog). Recurring rent churn percentage6 for the second quarter was 1.1%, compared to 0.6% for the same period in 2019.

Portfolio Development and Percentage CSF Leased

In the second quarter, the Company completed construction on 212,000 CSF and 27 MW of power capacity in San Antonio, Phoenix, Northern Virginia, and London. Percentage CSF leased7 as of the end of the second quarter was 88% for stabilized properties8 and 83% overall. In addition, the Company has development projects underway in Frankfurt, Dublin, London, Northern Virginia, San Antonio, the New York Metro area, and Council Bluffs (IA) that are expected to add approximately 336,000 CSF and 82 MW of power capacity plus 337,000 square feet of powered shell.

Balance Sheet and Liquidity

As of June 30, 2020, the Company had gross asset value9 totaling approximately $8.0 billion, an increase of approximately 13% over gross asset value as of June 30, 2019. CyrusOne had $3.19 billion of long-term debt10, $71 million of cash and cash equivalents, and $1.06 billion available under its unsecured revolving credit facility as of June 30, 2020. Net debt10 was $3.15 billion as of June 30, 2020, representing approximately 27% of the Company's total enterprise value as of June 30, 2020 of $11.7 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). After further adjusting Adjusted EBITDA to exclude the impact of the adoption of ASC 842 as of January 1, 2019, in order to present the leverage metric on a basis comparable to that of periods prior to 2019, net debt to Adjusted EBITDA for the last quarter annualized was 4.9x11. Available liquidity12 was $1.54 billion as of June 30, 2020.

During the second quarter of 2020, the Company entered into forward sale agreements through the ATM equity program with respect to approximately 4.2 million shares of common stock, which will result in estimated net proceeds of approximately $292 million upon settlement by May 2021. Combined with the forward sale agreement entered into in the first quarter of 2020, which will result in estimated net proceeds of approximately $121 million upon settlement by March 2021, the Company has $413 million in available forward equity (no portion of the forward sale agreements entered into during the first and second quarters of 2020 has been settled as of July 29, 2020). During the second quarter of 2020, the Company settled the forward sale agreement entered into in the fourth quarter of 2019, resulting in net proceeds of approximately $97 million, which were used to pay down a portion of amounts outstanding on the Company's unsecured revolving credit facility.

Also during the second quarter of 2020, the Company entered into sales agreements pursuant to which the Company may issue and sell from time to time shares of its common stock having an aggregate sales price of up to $750 million through its ATM equity program. This new ATM equity program replaced the prior ATM equity program. As of June 30, 2020, there was approximately $450 million in remaining availability under the new ATM equity program.

Additionally, the Company raised approximately $20 million through the sale of approximately 0.2 million American depository shares ("ADSs") of GDS. The settlement of a portion of the ADSs and receipt of the associated proceeds occurred in July 2020. After taking into account the impact of the sale of ADSs, CyrusOne owned approximately 2.1 million ADSs with a total value of approximately $164 million based on GDS's share price as of June 30, 2020.

Dividend

On April 29, 2020, the Company announced a dividend of $0.50 per share of common stock for the second quarter of 2020. The dividend was paid on July 10, 2020, to stockholders of record at the close of business on June 26, 2020.

Additionally, today the Company is announcing a dividend of $0.51 per share of common stock for the third quarter of 2020, a 2% increase in the quarterly dividend compared to the second quarter of 2020. The dividend will be paid on October 9, 2020, to stockholders of record at the close of business on September 25, 2020.

Guidance

CyrusOne is updating guidance for full year 2020, increasing the upper and lower ends of the guidance range for Capital Expenditures and Capital Expenditures - Development and reaffirming its other guidance ranges. 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. The COVID-19 pandemic continues to evolve rapidly and the potential impact on our business remains uncertain and unpredictable.

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 loss on disposal of assets and other charges in its reconciliation of historic numbers, the amount of which, based on historical experience, could be significant.

Category Previous 2020 Current 2020 Guidance Guidance

Total Revenue $1,010 - 1,045 $1,010 - 1,045 million million

Lease and Other Revenues from $865 - 890 million $865 - 890 millionCustomers

Metered Power Reimbursements $145 - 155 million $145 - 155 million

Adjusted EBITDA $525 - 550 million $525 - 550 million

Normalized FFO per diluted common $3.75 - 3.90 $3.75 - 3.90share

Capital Expenditures $750 - 850 million $850 - 950 million

Development^(1) $735 - 830 million $835 - 930 million

Recurring $15 - 20 million $15 - 20 million

^(1) Development capital expenditures include the acquisition of land forfuture development.

Announcing Retirement of Diane Morefield, Executive Vice President & Chief Financial Officer

CyrusOne is also announcing today that following a successful 40 year career, including the last four years with the company, Diane Morefield plans to retire in early 2021. Ms. Morefield will continue in her role as Executive Vice President & Chief Financial Officer until her successor is appointed, which is targeted to be by December 31, 2020. She will remain with the company during a transition period until her retirement date on March 1, 2021. CyrusOne is conducting a search for its next CFO, which will include consideration of internal and external candidates.

"On behalf of the entire Board and the management team, we thank Diane for her many contributions to CyrusOne since she joined the company in 2016," said Duncan. "She has been instrumental in the company's growth, and her leadership will be missed. We are grateful that she has agreed to remain with the company to facilitate a smooth transition. We wish Diane nothing but the best in her retirement."

"It has been a privilege to be part of the success story at CyrusOne," said Morefield. "I'm proud of the team we have built and the financial foundation we have set to continue to support the future growth of the company. I look forward to ensuring a smooth transition."

Upcoming Conferences and Events

* Cowen Virtual Communications Infrastructure Summit on August 11-12 * BMO Capital Markets Virtual Real Assets Conference on September 2-3 * Deutsche Bank Technology Conference on September 14-15 in San Francisco, CA* * Bank of America Merrill Lynch 2020 Global Real Estate Conference on September 15-16 in New York City* * Raymond James Park City Summit on September 21-22 in Park City, UT

*Tentative as conference may be virtual

Conference Call Details

CyrusOne will host a conference call on July 30, 2020, at 11:00 AM Eastern Time (10:00 AM Central Time) to discuss its results for the second quarter 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 July 30, 2020, through August 13, 2020. 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 10145802.

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) economic downturn, natural disaster or oversupply of data centers in the limited geographic areas that we serve; (iv) 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; (v) weakening in the fundamentals for data center real estate, including but not limited to, decreases in or slowed growth of global data, e-commerce and demand for outsourcing of data storage and cloud-based applications; (vi) loss of access to key third-party service providers and suppliers; (vii) risks of loss of power or cooling which may interrupt our services to our customers; (viii) inability to identify and complete acquisitions and operate acquired properties, including those acquired in the acquisition of Zenium Topco Ltd. and certain other affiliated entities ("Zenium"); (ix) our failure to obtain necessary outside financing on favorable terms, or at all; (x) restrictions in the instruments governing our indebtedness; (xi) risks related to environmental matters; (xii) unknown or contingent liabilities related to our acquisitions; (xiii) significant competition in our industry; (xiv) loss of key personnel; (xv) risks associated with real estate assets and the industry; (xvi) 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; (xvii) REIT distribution requirements could adversely affect our ability to execute our business plan; (xviii) insufficient cash available for distribution to stockholders; (xix) future offerings of debt may adversely affect the market price of our common stock; (xx) increases in market interest rates will increase our borrowings costs and may drive potential investors to seek higher dividend yields and reduce demand for our common stock; (xxi) market price and volume of stock could be volatile; (xxii) risks related to regulatory changes impacting our customers and demand for colocation space in particular geographies; (xxiii) our international activities, including those now conducted as a result of the Zenium acquisition and land acquisitions, are subject to special risks different from those faced by us in the United States; (xxiv) the significant uncertainty that remains about the future relationship between the United Kingdom and the European Union as a result of the United Kingdom's withdrawal from the European Union; (xxv) expanded and widened price increases in certain selective materials for data center development capital expenditures due to international trade negotiations; (xxvi) a failure to comply with anti-corruption laws and regulations; (xxvii) legislative or other actions relating to taxes; and (xxviii) 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.

Adoption of New Accounting Standard and Use of Non-GAAP Financial Measures and Other Metrics

In February 2016, the Financial Accounting Standards Board issued ASU 2016-02 (codified in ASC 842, Leases ("ASC 842")) to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing transactions. The ASU requires that a liability be recorded on the balance sheet for all leases where the reporting entity is a lessee, based on the present value of future lease obligations. A corresponding right-of-use asset will also be recorded. Amortization of the lease obligation and the right-of-use asset for leases classified as operating leases are on a straight-line basis. Leases classified as financing leases are required to be accounted for as financing arrangements similar to the accounting treatment for capital leases under ASC 840, Leases (the former accounting standard for all leases).

We adopted ASU 2016-02 on January 1, 2019, applied the package of practical expedients included therein and utilized the modified retrospective transition method with the cumulative effect of transition recognized on the effective date. By applying the modified retrospective transition method, the presentation of financial information for periods prior to January 1, 2019 was not restated.

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 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.

1Net 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 115.7 million for the second quarter of 2020 and 113.1 million for the second quarter of 2019.

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

We calculate NOI as Net income (loss), adjusted for Sales and marketing expenses, General and administrative expenses, Depreciation and amortization expenses, Transaction, acquisition, integration and other related expenses, Interest expense, net, (Gain) loss on marketable equity investment, Loss on early extinguishment of debt, Impairment losses, Foreign currency and derivative losses, net, Other (income) expense, Income tax 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 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.

3Adjusted 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 ; Depreciation and amortization expenses; Impairment losses; 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) loss 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.

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

We calculate FFO as Net income (loss) computed in accordance with GAAP before Real estate depreciation and amortization and Impairment losses and gain on disposal of assets. 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) loss 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 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.

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

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

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

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

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

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

11The estimated impact of the adoption of ASC 842 on Adjusted EBITDA for the last quarter annualized is $15.8 million.

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 settlement of the forward sale agreements.

About CyrusOne

CyrusOne (NASDAQ: CONE) is a real estate investment trust (REIT) specializing 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. With a track record of meeting and surpassing the aggressive speed-to-market demands of hyperscale cloud providers, as well as the expanding IT infrastructure requirements of the enterprise, CyrusOne provides the flexibility, reliability, security, and connectivity that foster business growth. CyrusOne offers a tailored, customer service-focused platform and is committed to full transparency in communication, management, and service delivery throughout its more than 50 data centers worldwide. Additional information about CyrusOne can be found at www.CyrusOne.com.

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 Management Headquarters

2850 N. Harwood Bruce Duncan, President and John Gould, EVP & ChiefStreet, Ste. 2200 CEO Commercial Officer

Dallas, Texas 75201 Diane Morefield, EVP & Chief Kellie Teal-Guess, EVP & Financial Officer Chief People Officer

Phone: (972) Kevin Timmons, EVP & Chief Robert Jackson, EVP General350-0060 Technology Officer Counsel & Secretary

Website: Jonathan Schildkraut, EVP & Matt Pullen, EVP & Managingwww.cyrusone.com Chief Strategy Officer Director, Europe

Analyst Coverage

Firm Analyst Phone Number

Bank of America Merrill Lynch 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 Advisors 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

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

SunTrust Robinson Humphrey 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

June 30, March 31, June 30, Growth %

2020 2020 2019 Yr/Yr

Revenue $ 256.4 $ 245.9 $ 251.5 2 %

Net operating income 157.4 153.3 148.2 6 %

Net income (loss) 45.0 14.7 (8.5 ) n/m

Funds from Operations 154.9 120.4 91.7 69 %("FFO") - Nareit defined

Normalized Funds fromOperations ("Normalized 118.9 111.8 102.1 16 %FFO")

Weighted average number ofcommon shares outstanding - 115.7 115.1 113.1 2 %diluted for Normalized FFO

Income (loss) per share - $ 0.39 $ 0.13 $ (0.08 ) n/m basic

Income (loss) per share - $ 0.39 $ 0.13 $ (0.08 ) n/m diluted

Normalized FFO per diluted $ 1.03 $ 0.97 $ 0.90 14 %common share

Adjusted EBITDA $ 136.8 $ 132.2 $ 127.3 7 %

Adjusted EBITDA as a % of 53.4 % 53.8 % 50.6 % 2.8Revenue pts

As of

June 30, March 31, June 30, Growth %

2020 2020 2019 Yr/Yr

Balance Sheet Data

Gross investment in real $ 6,504.9 $ 6,260.9 $ 5,707.0 14 %estate

Accumulated depreciation (1,562.7 ) (1,469.5 ) (1,207.4 ) 29 %

Total investment in real 4,942.2 4,791.4 4,499.6 10 %estate, net

Cash and cash equivalents 70.7 57.3 144.1 (51 )%

Market value of common 8,501.0 7,102.1 6,532.5 30 %equity

Long-term debt 3,191.3 3,084.0 2,729.9 17 %

Net debt 3,149.4 3,056.1 2,617.4 20 %

Total enterprise value 11,650.4 10,158.2 9,149.9 27 %

Net debt to LQA Adjusted 5.0x 5.4x 5.1x (0.1)xEBITDA^(a)

Dividend Activity

Dividends per share $ 0.50 $ 0.50 $ 0.46 9 %

Portfolio Statistics

Data centers 51 48 47 9 %

Stabilized CSF (000) 4,055 4,035 3,744 8 %

Stabilized CSF % leased 88 % 88 % 89 % (1) pts

Total CSF (000) 4,427 4,215 4,116 8 %

Total CSF % leased 83 % 86 % 84 % (1) pts

Total GSF (000) 7,605 7,243 7,085 7 %

(a) June 30, 2020 and March 31, 2020 periods adjusted to reflect the pro forma impact of settlement of the forward sale agreements.

CyrusOne Inc.

Condensed Consolidated Statements of Operations

(Dollars in millions, except per share amounts)

(Unaudited)

Three Months Six Months Ended June 30, Ended June 30, Change Change

2020 2019 $ % 2020 2019 $ %

Revenue^(a) $ 256.4 $ 251.5 $ 4.9 2 % $ 502.3 $ 476.5 $ 25.8 5 %

Operating expenses:

Property )operating 99.0 103.3 (4.3 ) (4 % 191.6 186.6 5.0 3 %expenses

Sales and 3.8 5.3 (1.5 ) (28 ) 8.5 10.6 (2.1 ) (20 )marketing % %

General and 20.3 19.7 0.6 3 % 47.2 41.9 5.3 13 %administrative

Depreciationand 109.7 102.1 7.6 7 % 217.8 204.2 13.6 7 %amortization

Transaction,acquisition,integration 0.1 1.4 (1.3 ) (93 ) 0.5 1.7 (1.2 ) (71 )and other % %relatedexpenses

Impairment 2.4 - 2.4 n/m 2.4 - 2.4 n/mlosses

Totaloperating 235.3 231.8 3.5 2 % 468.0 445.0 23.0 5 %expenses

Operating 21.1 19.7 1.4 7 % 34.3 31.5 2.8 9 %income

Interest (13.9 ) (21.1 ) 7.2 (34 ) (29.9 ) (44.8 ) 14.9 (33 )expense, net % %

Gain (loss) onmarketable 50.4 (8.5 ) 58.9 n/m 65.1 92.7 (27.6 ) (30 )equity %investment

Loss on earlyextinguishment - - - n/m (3.4 ) - (3.4 ) n/mof debt

Foreigncurrency and (13.9 ) - (13.9 ) n/m (8.8 ) - (8.8 ) n/mderivativelosses, net

Other income 0.1 - 0.1 n/m - (0.1 ) 0.1 (100 )(expense) %

Net income )(loss) before 43.8 (9.9 ) 53.7 n/m 57.3 79.3 (22.0 ) (28 %income taxes

Income tax 1.2 1.4 (0.2 ) (14 ) 2.4 1.6 0.8 50 %benefit %

Net income $ 45.0 $ (8.5 ) $ 53.5 n/m $ 59.7 $ 80.9 $ (21.2 ) (26 )(loss) %

Income (loss) )per share - $ 0.39 $ (0.08 ) $ 0.47 n/m $ 0.52 $ 0.73 $ (0.21 ) (29 %basic

Income (loss) )per share - $ 0.39 $ (0.08 ) $ 0.47 n/m $ 0.52 $ 0.73 $ (0.21 ) (29 %diluted

Revenue includes metered power reimbursements of $37.1 million and $31.7(a) million for the three months ended June 30, 2020 and 2019, respectively, and includes metered power reimbursements of $71.9 million and $60.3 million for the six months ended June 30, 2020 and 2019, respectively.

CyrusOne Inc.

Condensed Consolidated Balance Sheets

(Dollars in millions)

(Unaudited)

June 30, December 31, Change

2020 2019 $ %

Assets

Investment in real estate:

Land $ 175.5 $ 147.6 $ 27.9 19 %

Buildings and improvements 1,857.9 1,761.4 96.5 5 %

Equipment 3,229.5 3,028.2 201.3 7 %

Gross operating real estate 5,262.9 4,937.2 325.7 7 %

Less accumulated depreciation (1,562.7 ) (1,379.2 ) (183.5 ) 13 %

Net operating real estate 3,700.2 3,558.0 142.2 4 %

Construction in progress, 1,024.8 946.3 78.5 8 %including land under development

Land held for future development 217.2 206.0 11.2 5 %

Total investment in real estate, 4,942.2 4,710.3 231.9 5 %net

Cash and cash equivalents 70.7 76.4 (5.7 ) (7 ) %

Rent and other receivables, net 307.0 291.9 15.1 5 %

Restricted cash 1.3 1.3 - n/m

Operating lease right-of-use 204.7 161.9 42.8 26 %assets, net

Equity investments 184.9 135.1 49.8 37 %

Goodwill 455.1 455.1 - n/m

Intangible assets, net 174.9 196.1 (21.2 ) (11 ) %Other assets 127.3 113.9 13.4 12 %

Total assets $ 6,468.1 $ 6,142.0 $ 326.1 5 %

Liabilities and equity

Debt $ 3,156.9 $ 2,886.6 $ 270.3 9 %

Finance lease liabilities 28.8 31.8 (3.0 ) (9 ) %

Operating lease liabilities 240.5 195.8 44.7 23 %

Construction costs payable 155.7 176.3 (20.6 ) (12 ) %

Accounts payable and accrued 127.0 122.7 4.3 4 %expenses

Dividends payable 59.7 58.6 1.1 2 %

Deferred revenue and prepaid 166.2 163.7 2.5 2 %rents

Deferred tax liability 55.8 60.5 (4.7 ) (8 ) %

Other liabilities 16.8 11.4 5.4 47 %

Total liabilities 4,007.4 3,707.4 300.0 8 %

Stockholders' equity

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

Common stock, $0.01 par value,500,000,000 shares authorizedand 116,852,894 and 114,808,898 1.2 1.1 0.1 9.1 %shares issued and outstanding atJune 30, 2020 and December 31,2019, respectively

Additional paid in capital 3,305.9 3,202.0 103.9 3 %

Accumulated deficit (824.7 ) (767.3 ) (57.4 ) 7 %

Accumulated other comprehensive (21.7 ) (1.2 ) (20.5 ) n/mloss

Total stockholders' equity 2,460.7 2,434.6 26.1 1 %

Total liabilities and equity $ 6,468.1 $ 6,142.0 $ 326.1 5 %

CyrusOne Inc.

Condensed Consolidated Statements of Operations

(Dollars in millions, except per share amounts)

(Unaudited)

June 30, March 31, December September June 30,For the three months 2020 2020 31, 30, 2019ended: 2019 2019

Revenue^(a) $ 256.4 $ 245.9 $ 253.9 $ 250.9 $ 251.5

Operating expenses:

Property operating 99.0 92.6 93.8 103.0 103.3 expenses

Sales and marketing 3.8 4.7 4.5 5.1 5.3

General and 20.3 26.9 21.8 19.8 19.7 administrative

Depreciation and 109.7 108.1 108.1 105.4 102.1 amortization

Transaction,acquisition, integration 0.1 0.4 2.7 4.4 1.4 and other relatedexpenses

Impairment losses 2.4 - 0.7 - -

Total operating expenses 235.3 232.7 231.6 237.7 231.8

Operating income 21.1 13.2 22.3 13.2 19.7

Interest expense, net (13.9 ) (16.0 ) (17.6 ) (19.6 ) (21.1 )

Gain (loss) onmarketable equity 50.4 14.7 27.2 12.4 (8.5 )investment

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

Foreign currency andderivative (losses) (13.9 ) 5.1 (13.0 ) 5.5 - gains, net

Other income (expense) 0.1 (0.1 ) 0.7 (0.9 ) -

Net income (loss) before 43.8 13.5 (52.2 ) 10.6 (9.9 )income taxes

Income tax benefit 1.2 1.2 0.1 2.0 1.4

Net income (loss) $ 45.0 $ 14.7 $ (52.1 ) $ 12.6 $ (8.5 )

Income (loss) per share $ 0.39 $ 0.13 $ (0.46 ) $ 0.11 $ (0.08 )- basic

Income (loss) per share $ 0.39 $ 0.13 $ (0.46 ) $ 0.11 $ (0.08 )- diluted

Revenue includes metered power reimbursements of $37.1 million, $34.8(a) million, $37.5 million, $41.1 million and $31.7 million for the three months ended June 30, 2020, March 31, 2020, December 31, 2019, September 30, 2019 and June 30, 2019, respectively.

CyrusOne Inc.

Condensed Consolidated Balance Sheets

(Dollars in millions)

(Unaudited)

June 30, March 31, December 31, September June 30, 2020 2020 2019 30, 2019 2019

Assets

Investment in real estate:

Land $ 175.5 $ 172.2 $ 147.6 $ 147.3 $ 148.0

Buildings and 1,857.9 1,786.3 1,761.4 1,732.0 1,689.7 improvements

Equipment 3,229.5 3,106.4 3,028.2 2,950.3 2,869.7

Grossoperating 5,262.9 5,064.9 4,937.2 4,829.6 4,707.4 real estate

Lessaccumulated (1,562.7 ) (1,469.5 ) (1,379.2 ) (1,292.7 ) (1,207.4 )depreciation

Net operating 3,700.2 3,595.4 3,558.0 3,536.9 3,500.0 real estate

Constructionin progress,including 1,024.8 990.6 946.3 836.9 799.2 land underdevelopment

Land held forfuture 217.2 205.4 206.0 204.3 200.4 development

Totalinvestment in 4,942.2 4,791.4 4,710.3 4,578.1 4,499.6 real estate,net

Cash and cash 70.7 57.3 76.4 51.7 144.1 equivalents

Rent andother 307.0 305.3 291.9 279.3 268.4 receivables,net

Restricted 1.3 1.3 1.3 1.3 1.3 cash

Operatinglease 204.7 208.6 161.9 90.7 78.5 right-of-useassets, net

Equity 184.9 153.1 135.1 104.3 91.9 investments

Goodwill 455.1 455.1 455.1 455.1 455.1

Intangible 174.9 184.5 196.1 203.7 215.3 assets, net

Other assets 127.3 121.9 113.9 128.7 115.5

Total assets $ 6,468.1 $ 6,278.5 $ 6,142.0 $ 5,892.9 $ 5,869.7

Liabilities and equity

Debt $ 3,156.9 $ 3,047.0 $ 2,886.6 $ 2,776.1 $ 2,713.8

Finance lease 28.8 29.4 31.8 30.7 31.6 liabilities

Operatinglease 240.5 243.0 195.8 124.3 114.1 liabilities

Construction 155.7 183.4 176.3 131.2 149.5 costs payable

Accountspayable and 127.0 121.0 122.7 132.4 112.8 accruedexpenses

Dividends 59.7 58.7 58.6 57.7 53.0 payable

Deferredrevenue and 166.2 167.3 163.7 164.0 166.8 prepaid rents

Deferred tax 55.8 57.0 60.5 59.6 65.5 liability

Other 16.8 7.9 11.4 - - liabilities

Total 4,007.4 3,914.7 3,707.4 3,476.0 3,407.1 liabilities

Stockholders' equity

Preferredstock, $.01par value,100,000,000 - - - - - authorized;no sharesissued oroutstanding

Common stock,$0.01 parvalue,500,000,000sharesauthorizedand116,852,894 and114,808,898 1.2 1.2 1.1 1.1 1.1 shares issuedandoutstandingat June 30,2020 andDecember 31,2019,respectively

Additionalpaid in 3,305.9 3,199.9 3,202.0 3,094.2 3,089.5 capital

Accumulated (824.7 ) (811.0 ) (767.3 ) (657.4 ) (613.0 )deficit

Accumulatedother (21.7 ) (26.3 ) (1.2 ) (21.0 ) (15.0 )comprehensiveloss

Totalstockholders' 2,460.7 2,363.8 2,434.6 2,416.9 2,462.6 equity

Totalliabilities $ 6,468.1 $ 6,278.5 $ 6,142.0 $ 5,892.9 $ 5,869.7 and equity

CyrusOne Inc.

Condensed Consolidated Statements of Cash Flow

(Dollars in millions)

(Unaudited)

Six Months Six Months Three Three Months Months

Ended June Ended June Ended June Ended June 30, 30, 30, 30,

2020 2019 2020 2019

Cash flows from operating activities:

Net income (loss) $ 59.7 $ 80.9 $ 45.0 $ (8.5 )

Adjustments to reconcilenet income (loss) to net cash provided by operatingactivities:

Depreciation and 217.8 204.2 109.7 102.1 amortization

Provision for bad debt - (0.3 ) 0.1 (0.3 )expense

(Gain) loss on marketable (65.1 ) (92.7 ) (50.4 ) 8.5 equity investment

Foreign currency and 8.8 - 13.9 - derivative losses, net

Proceeds from swap 2.9 - - - terminations

Impairment on land held 2.2 - 2.2 - for future development

Loss on early 3.4 - - - extinguishment of debt

Interest expense 3.6 2.3 1.6 1.1 amortization, net

Stock-based compensation 7.0 8.2 3.3 3.7 expense

Deferred income tax (4.2 ) (3.4 ) (2.2 ) (2.6 )benefit

Operating lease cost 13.0 9.6 6.8 4.6

Other income (expense) 0.5 (0.2 ) 0.3 0.3

Change in operating assets and liabilities:

Rent and otherreceivables, net and other (31.0 ) (41.1 ) (1.6 ) (23.1 )assets

Accounts payable and 4.7 (8.2 ) 5.9 31.6 accrued expenses

Deferred revenue and 2.0 18.0 (1.2 ) 10.9 prepaid rents

Operating lease (11.1 ) (9.8 ) (5.5 ) (4.7 )liabilities

Net cash provided by 214.2 167.5 127.9 123.6 operating activities

Cash flows from investing activities:

Investments in real estate (458.0 ) (514.8 ) (261.5 ) (212.9 )

Proceeds from sale of 8.2 199.8 8.2 199.8 equity investments

Equity investments (4.7 ) (0.3 ) (1.4 ) (0.3 )

Proceeds from the sale of 0.3 - 0.3 - real estate assets

Net cash used in investing (454.2 ) (315.3 ) (254.4 ) (13.4 )activities

Cash flows from financing activities:

Issuance of common stock, 103.3 252.6 102.7 147.6 net

Dividends paid (116.1 ) (101.3 ) (57.7 ) (50.9 )

Payment of deferred (12.5 ) - 1.1 - financing costs

Proceeds from revolving 438.8 287.8 194.4 12.1 credit facility

Repayments of revolving (723.1 ) - (100.0 ) - credit facility

Proceeds from Euro bond 550.2 - (0.4 ) -

Proceeds from unsecured 1,100.0 - - - term loan

Repayments of unsecured (1,100.0 ) (200.0 ) - (200.0 )term loan

Payments on finance lease (1.3 ) (1.2 ) (0.6 ) (0.6 )liabilities

Tax payment upon exercise (6.4 ) (8.8 ) (0.1 ) (0.1 )of equity awards

Net cash provided by (used 232.9 229.1 139.4 (91.9 )in) financing activities

Effect of exchange ratechanges on cash, cash 1.4 (0.3 ) 0.5 (0.2 )equivalents and restrictedcash

Net (decrease) increase incash, cash equivalents and (5.7 ) 81.0 13.4 18.1 restricted cash

Cash, cash equivalents andrestricted cash at 77.7 64.4 58.6 127.3 beginning of period

Cash, cash equivalents andrestricted cash at end of $ 72.0 $ 145.4 $ 72.0 $ 145.4 period

Supplemental disclosure ofcash flow information:

Cash paid for interest,including amountscapitalized of $11.4 $ 30.0 $ 62.7 $ 21.7 $ 16.0 million and $18.1 millionin 2020 and 2019,respectively

Cash paid for income taxes 0.1 2.8 0.1 2.8

Non-cash investing and financing activities:

Construction costs payable 155.7 149.5 155.7 149.5

Dividends payable 59.7 53.0 59.7 53.0

CyrusOne Inc.

Reconciliation of Net Income (Loss) to Net Operating Income

(Dollars in millions)

(Unaudited)

Three Months Ended Six Months Ended

June 30, Change June 30, Change

2020 2019 $ % 2020 2019 $ %

Net income $ 45.0 $ (8.5 ) $ 53.5 n/m $ 59.7 $ 80.9 $ (21.2 ) (26 )(loss) %

Sales and ) )marketing 3.8 5.3 (1.5 ) (28 % 8.5 10.6 (2.1 ) (20 %expenses

General andadministrative 20.3 19.7 0.6 3 % 47.2 41.9 5.3 13 %expenses

Depreciationand 109.7 102.1 7.6 7 % 217.8 204.2 13.6 7 %amortizationexpenses

Transaction,acquisition,integration 0.1 1.4 (1.3 ) (93 ) 0.5 1.7 (1.2 ) (71 )and other % %relatedexpenses

Interest 13.9 21.1 (7.2 ) (34 ) 29.9 44.8 (14.9 ) (33 )expense, net % %

(Gain) loss onmarketable (50.4 ) 8.5 (58.9 ) n/m (65.1 ) (92.7 ) 27.6 (30 )equity %investment

Loss on earlyextinguishment - - - n/m 3.4 - 3.4 n/mof debt

Impairment 2.4 - 2.4 n/m 2.4 - 2.4 n/mlosses

Foreigncurrency and 13.9 - 13.9 n/m 8.8 - 8.8 n/mderivativelosses, net

Other (income) (0.1 ) - (0.1 ) n/m - 0.1 (0.1 ) n/mexpense

Income tax (1.2 ) (1.4 ) 0.2 (14 ) (2.4 ) (1.6 ) (0.8 ) 50 %benefit %

Net Operating $ 157.4 $ 148.2 $ 9.2 6 % $ 310.7 $ 289.9 $ 20.8 7 %Income

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

(Dollars in millions)

(Unaudited)



Six Months Ended Three Months Ended

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

2020 2019 $ % 2020 2020 2019 2019 2019

Net Operating Income

Revenue $ 502.3 $ 476.5 $ 25.8 5 % $ 256.4 $ 245.9 $ 253.9 $ 250.9 $ 251.5

Propertyoperating 191.6 186.6 5.0 3 % 99.0 92.6 93.8 103.0 103.3 expenses

Net Operating $ 310.7 $ 289.9 $ 20.8 7 % $ 157.4 $ 153.3 $ 160.1 $ 147.9 $ 148.2 Income (NOI)

NOI as a % of 61.9 % 60.8 % 61.4 % 62.3 % 63.1 % 58.9 % 58.9 %Revenue

Reconciliation ofNet Income (Loss) to AdjustedEBITDA:

Net income (loss) $ 59.7 $ 80.9 $ (21.2 ) (26 ) $ 45.0 $ 14.7 $ (52.1 ) $ 12.6 $ (8.5 ) %

Interest expense, 29.9 44.8 (14.9 ) (33 ) 13.9 16.0 17.6 19.6 21.1 net %

Income tax (2.4 ) (1.6 ) (0.8 ) 50 (1.2 ) (1.2 ) (0.1 ) (2.0 ) (1.4 )benefit

Depreciation andamortization 217.8 204.2 13.6 7 % 109.7 108.1 108.1 105.4 102.1 expenses

Impairment losses 2.4 - 2.4 n/m 2.4 - 0.7 - -

EBITDA (Nareit $ 307.4 $ 328.3 $ (20.9 ) (6 ) $ 169.8 $ 137.6 $ 74.2 $ 135.6 $ 113.3 definition)^(a) %

Transaction,acquisition, )integration and 0.5 1.7 (1.2 ) (71 % 0.1 0.4 2.7 4.4 1.4 other relatedexpenses

Legal claim costs 0.2 0.2 - n/m 0.1 0.1 0.5 0.4 0.1

Stock-based )compensation 6.9 8.2 (1.3 ) (16 % 3.4 3.5 4.3 4.2 3.7 expense

Cash severanceand management 6.8 0.1 6.7 n/m - 6.8 (0.7 ) - - transition costs

Severance-relatedstock 0.1 - 0.1 n/m - 0.1 - - - compensationcosts

Loss on earlyextinguishment of 3.4 - 3.4 n/m - 3.4 71.8 - - debt

New accountingstandards andregulatorycompliance and - 0.6 (0.6 ) n/m - - - 0.2 0.3 the relatedsystemimplementationcosts

(Gain) loss on )marketable equity (65.1 ) (92.7 ) 27.6 (30 % (50.4 ) (14.7 ) (27.2 ) (12.4 ) 8.5 investment

Foreign currencyand derivative 8.8 - 8.8 n/m 13.9 (5.1 ) 13.0 (5.5 ) - losses (gains),net

Other expense - 0.1 (0.1 ) n/m (0.1 ) 0.1 (0.7 ) 0.9 - (income)

Adjusted EBITDA $ 269.0 $ 246.5 $ 22.5 9 % $ 136.8 $ 132.2 $ 137.9 $ 127.8 $ 127.3

Adjusted EBITDA 53.6 % 51.7 % 53.4 % 53.8 % 54.3 % 50.9 % 50.6 %as a % of Revenue

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. While it is consistent with the definition of EBITDAre(a) 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)

Six Months Ended Three Months Ended

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

2020 2019 $ % 2020 2020 2019 2019 2019

Reconciliation ofNet Income (Loss)to FFO andNormalized FFO:

Net income (loss) $ 59.7 $ 80.9 $ (21.2 ) (26) $ 45.0 $ 14.7 $ (52.1 ) $ 12.6 $ (8.5 ) %

Real estatedepreciation and 213.3 200.3 13.0 6% 107.5 105.8 105.6 102.6 100.2 amortization

Impairment lossesand gain on 2.3 - 2.3 n/m 2.4 (0.1 ) 0.1 1.0 - disposal ofassets

Funds fromOperations $ 275.3 $ 281.2 $ (5.9 ) (2)% $ 154.9 $ 120.4 $ 53.6 $ 116.2 $ 91.7 ("FFO") - Nareitdefined



Loss on earlyextinguishment of 3.4 - 3.4 n/m - 3.4 71.8 - - debt

(Gain) loss on (30)marketable equity (65.1 ) (92.7 ) 27.6 % (50.4 ) (14.7 ) (27.2 ) (12.4 ) 8.5 investment

Foreign currencyand derivative 8.8 - 8.8 n/m 13.9 (5.1 ) 13.0 (5.5 ) - losses (gains),net

New accountingstandards andregulatorycompliance and - 0.6 (0.6 ) n/m - - - 0.2 0.3 the relatedsystemimplementationcosts

Amortization of 0.6 0.3 0.3 n/m 0.3 0.3 0.4 0.6 0.1 tradenames

Transaction,acquisition, (65)integration and 0.6 1.7 (1.1 ) % 0.1 0.5 2.3 4.4 1.4 other relatedexpenses

Cash severanceand management 6.8 0.1 6.7 n/m - 6.8 (0.7 ) - - transition costs

Severance-relatedstock 0.1 - 0.1 n/m - 0.1 - - - compensationcosts

Legal claim costs 0.2 0.2 - n/m 0.1 0.1 0.5 0.4 0.1

Normalized Fundsfrom Operations $ 230.7 $ 191.4 $ 39.3 21% $ 118.9 $ 111.8 $ 113.7 $ 103.9 $ 102.1 (Normalized FFO)

Normalized FFOper diluted $ 2.00 $ 1.72 $ 0.28 16% $ 1.03 $ 0.97 $ 0.99 $ 0.91 $ 0.90 common share

Weighted averagediluted common 115.4 111.1 4.3 4% 115.7 115.1 114.4 113.5 113.1 sharesoutstanding



Additional Information:

Amortization ofdeferredfinancing costs 3.6 2.4 1.2 50% 1.6 2.0 1.4 1.2 1.2 and bond premium/ discount

Stock-based (16)compensation 6.9 8.2 (1.3 ) % 3.4 3.5 4.3 4.2 3.7 expense

Non-real estatedepreciation and 4.0 3.8 0.2 5% 2.0 2.0 2.1 2.0 1.9 amortization

Straight line (98)rent adjustments^ (0.4 ) (16.9 ) 16.5 % (2.1 ) 1.7 (3.8 ) (5.9 ) (6.8 )(a)

Deferred revenue,primarily 0.1 10.6 (10.5 ) n/m 2.3 (2.2 ) (2.3 ) (1.7 ) 4.7 installationrevenue^(b)

Leasing (5.6 ) (6.8 ) 1.2 (18) (3.2 ) (2.4 ) (4.8 ) (2.8 ) (3.1 )commissions %

Recurring capital (9.9 ) (4.3 ) (5.6 ) n/m (6.4 ) (3.5 ) (1.1 ) (4.5 ) (1.6 )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.

CyrusOne Inc.

Market Capitalization Summary, Reconciliation of Net Debt and Interest Summary

(Unaudited)

Market Capitalization (as of June 30, 2020)

Shares or Market Price Market Value(dollars in millions) Equivalents as of Equivalents Outstanding June 30, (in millions) 2020



Common shares 116,852,894 $ 72.75 $ 8,501.0

Net Debt 3,149.4

Total Enterprise Value (TEV) $ 11,650.4

Reconciliation of Net Debt

June 30, March 31, June 30, 2020 2020 2019(dollars in millions)

Long-term debt^(a) $ 3,191.3 $ 3,084.0 $ 2,729.9

Finance lease liabilities 28.8 29.4 31.6

Less:

Cash and cash equivalents (70.7 ) (57.3 ) (144.1 )

Net Debt $ 3,149.4 $ 3,056.1 $ 2,617.4

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

Interest Summary

Three Months Ended

June 30, March 31, June 30, % 2020 2020 2019 Change(dollars in millions) Yr/Yr

Interest expense and fees, net $ 17.7 $ 20.0 $ 28.8 (39 )%

Amortization of deferred financing 1.6 2.0 1.2 33 %costs and bond premium / discount

Capitalized interest (5.4 ) (6.0 ) (8.9 ) (39 )%

Total interest expense, net $ 13.9 $ 16.0 $ 21.1 (34 )%

CyrusOne Inc.

Debt Schedule and Debt Covenants

(Unaudited)

Debt Schedule (as of June 30,2020)

(dollars in millions)

Long-term debt: Amount Interest Rate Maturity Date

Revolving credit facility - EUR^ 89.8 EURIBOR + 100 bps^ March 2025^(a)(b) (c) (d)

Revolving credit facility - GBP^ 37.0 GBP LIBOR + 100 bps March 2025^(a)(e) ^(f) (d)

Revolving credit facility - USD^ 203.0 USD LIBOR + 100 bps March 2025^(a) ^(g) (d)

Term loan^(h) 1,100.0 USD LIBOR + 120 bps March 2025^ ^(i) (j)

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

1.450% EUR senior notes due 2027 561.5 1.450% January 2027^(k)

3.450% USD senior notes due 2029 600.0 3.450% November 2029

Total long-term debt^(l) $ 3,191.3 2.05%^(m)

Weighted average term of debt: 5.9 years

(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)80 million.

(c) Interest rate as of June 30, 2020: 1.00%.

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

(e) Amount outstanding is USD equivalent of lb30 million.

(f) Interest rate as of June 30, 2020: 1.10%.

(g) Interest rate as of June 30, 2020: 1.18%.

$500 million of $1,100 million synthetically converted into (eu)451 million(h) pursuant to a USD-EUR cross currency swap; $300 million swapped pursuant to USD floating to fixed interest rate swap.

(i) Interest rate as of June 30, 2020: 1.38%; weighted average interest rate pursuant to swaps: 1.40%.

(j) Assumes exercise of two 12-month extension options on $400 million tranche.

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

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

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

Debt Covenants - Senior Notes (as of June 30, 2020)

Ratios Requirement June 30, 2020

Total Outstanding Indebtedness to Total Assets ? 60% 39%

Secured Indebtedness to Total Assets ? 40% 0%

Consolidated EBITDA to Interest Expense ? 1.50x 7.09x

Total Unencumbered Assets to Unsecured Indebtedness ? 150% 253%

CyrusOne Inc.Colocation Square Footage (CSF) and CSF Leased

(Unaudited)

As of June 30, 2020 As of March 31, As of June 30, 2019 2020

Colocation Colocation Colocation Space CSF Space CSF Space CSF (CSF)^(a) (CSF)^(a) (CSF)^(a)

Market (000) Leased (000) Leased (000) Leased ^(b) ^(b) ^(b)

Northern 1,166 92 % 1,113 96 % 1,113 91 %Virginia

Dallas 621 71 % 621 71 % 621 70 %

Phoenix 581 92 % 509 100 % 509 100 %

Cincinnati 402 73 % 402 75 % 402 79 %

San Antonio 367 96 % 300 100 % 300 100 %

Houston 308 62 % 308 63 % 308 68 %

New York Metro 245 76 % 245 73 % 228 77 %

Chicago 203 78 % 203 78 % 203 72 %

Austin 106 76 % 106 78 % 106 81 %

Raleigh-Durham 94 96 % 94 96 % 83 100 %

Total - 4,093 83 % 3,901 85 % 3,872 84 %Domestic

London 148 70 % 128 81 % 116 72 %

Frankfurt 144 99 % 144 99 % 125 99 %

Amsterdam 39 100 % 39 100 % - - %

Singapore 3 20 % 3 20 % 3 22 %

Total - 334 85 % 314 91 % 244 85 %International

Total - 4,427 83 % 4,215 86 % 4,116 84 %Portfolio

Stabilized 4,055 88 % 4,035 88 % 3,744 89 %Properties^(c)

CSF represents the GSF at an operating facility that is currently leased or(a) readily available for lease as colocation space, where customers 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 colocation(b) space (whether or not the lease has commenced billing) by total CSF.

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

CyrusOne Inc.

2020 Guidance

Previous Current 2020 Guidance 2020 Guidance

Category

Total Revenue $1,010 - 1,045 $1,010 - 1,045 million million

Lease and Other Revenues from $865 - 890 million $865 - 890 millionCustomers

Metered Power Reimbursements $145 - 155 million $145 - 155 million

Adjusted EBITDA $525 - 550 million $525 - 550 million

Normalized FFO per diluted common $3.75 - 3.90 $3.75 - 3.90share

Capital Expenditures $750 - 850 million $850 - 950 million

Development^(1) $735 - 830 million $835 - 930 million

Recurring $15 - 20 million $15 - 20 million

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

CyrusOne is updating guidance for full year 2020, increasing the upper and lower ends of the guidance range for Capital Expenditures and Capital Expenditures - Development and reaffirming its other guidance ranges. The annual guidance provided above represents forward-looking statements, which are based on current economic conditions, internal assumptions about the Company's existing customer base, and the supply and demand dynamics of the markets in which CyrusOne operates. The COVID-19 pandemic continues to evolve rapidly and the potential impact on our business remains uncertain and unpredictable.

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 above 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 loss on disposal of assets 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 June 30, 2020

(Unaudited)

Gross Square Feet (GSF)^(a)

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

Dallas - Dallas $ 90,153 428 79 % 79 % 83 46 % 133 644 - 62Carrollton

Northern NorthernVirginia - Virginia 66,202 383 99 % 99 % 11 100 % 145 539 64 66Sterling V

Northern NorthernVirginia - Virginia 50,843 272 100 % 100 % 35 - % - 307 - 57Sterling VI

Somerset I New York Metro 34,156 108 81 % 81 % 27 99 % 89 224 138 16

Northern NorthernVirginia - Virginia 33,944 159 100 % 100 % 9 100 % 55 223 - 30Sterling II

Chicago - Chicago 32,412 113 98 % 98 % 34 100 % 223 371 27 71Aurora I

San Antonio San Antonio 32,330 132 100 % 100 % 9 100 % 43 184 - 24III

Houston - Houston 27,731 112 75 % 75 % 11 100 % 37 161 3 28Houston West I

Cincinnati - Cincinnati 27,710 197 54 % 54 % 6 61 % 175 378 46 167th Street***

Phoenix - Phoenix 27,236 148 100 % 100 % 6 100 % 32 187 279 24Chandler VI

Totowa - New York Metro 26,515 51 87 % 87 % 22 89 % 59 133 - 6Madison**

Dallas - Dallas 26,475 114 82 % 82 % 11 63 % 54 180 - 21Lewisville*

Cincinnati -North Cincinnati 25,723 65 99 % 99 % 45 79 % 53 163 65 14Cincinnati

Frankfurt I Frankfurt 24,038 53 97 % 97 % 8 91 % 57 118 - 18

Frankfurt II Frankfurt 23,895 90 100 % 100 % 9 100 % 72 171 10 35

Phoenix - Phoenix 21,892 74 100 % 100 % 35 12 % 39 147 31 16Chandler I

Phoenix - Phoenix 21,877 74 100 % 100 % 6 53 % 26 105 - 12Chandler II

Houston -Houston West Houston 21,444 80 73 % 73 % 4 97 % 55 139 11 12II

Austin III Austin 20,779 62 69 % 69 % 15 81 % 21 98 67 9

Phoenix - Phoenix 20,669 68 100 % 100 % 2 - % 30 101 - 14Chandler III

Raleigh-Durham Raleigh-Durham 19,737 94 89 % 96 % 16 95 % 82 192 235 17I

Northern NorthernVirginia - Virginia 19,222 79 100 % 100 % 7 100 % 34 120 - 15Sterling III

San Antonio I San Antonio 19,140 44 99 % 99 % 6 83 % 46 96 11 12

Wappingers New York Metro 18,329 37 63 % 63 % 20 87 % 15 72 - 3Falls I**

Northern NorthernVirginia - Virginia 17,712 78 100 % 100 % 6 69 % 49 132 - 12Sterling I

Northern NorthernVirginia - Virginia 17,012 81 100 % 100 % 7 100 % 34 122 - 15Sterling IV

San Antonio II San Antonio 15,485 64 100 % 100 % 11 100 % 41 117 - 12

Phoenix - Phoenix 15,381 72 100 % 100 % 1 95 % 16 89 13 12Chandler V

Austin II Austin 14,867 44 86 % 86 % 2 100 % 22 68 - 5

London I* London 12,698 30 100 % 100 % 12 56 % 58 100 9 12

Phoenix - Phoenix 12,551 73 100 % 100 % 3 100 % 27 103 - 12Chandler IV

San Antonio IV San Antonio 11,584 60 100 % 100 % 12 100 % 27 99 - 12

Cincinnati - Cincinnati 11,218 47 73 % 73 % 1 100 % 35 83 - 10Hamilton*

Houston - Houston 11,019 63 39 % 39 % 23 24 % 25 112 - 14Galleria

London II* London 10,862 64 100 % 100 % 10 100 % 93 166 4 21

Florence Cincinnati 9,638 53 99 % 99 % 47 87 % 40 140 - 9

Houston -Houston West Houston 7,030 53 42 % 44 % 10 15 % 32 95 209 6III

London - Great London 6,428 10 96 % 96 % - - % 1 11 - 1Bridgewater**

Stamford - New York Metro 5,812 20 23 % 23 % - - % 8 28 - 2Riverbend**

Chicago -Aurora II (DH Chicago 5,686 77 51 % 51 % 45 1 % 14 136 272 16#1)

Norwalk I** New York Metro 5,284 13 100 % 100 % 4 65 % 41 58 87 2

Cincinnati - Cincinnati 4,184 34 100 % 100 % 26 98 % 17 78 - 4Mason

Chicago - Chicago 2,479 14 64 % 64 % 4 45 % 12 30 29 3Lombard

Stamford - New York Metro 1,354 - - % - % 19 72 % 4 22 - -Omega**

Totowa - New York Metro 658 - - % - % 20 44 % 6 26 - -Commerce**

Cincinnati - Cincinnati 632 6 36 % 36 % 7 100 % 2 15 - 1Blue Ash*

Singapore -Inter Business Singapore 359 3 20 % 20 % - - % - 3 - 1Park**

London III* London - 20 - % 100 % 2 - % 45 67 1 6

Amsterdam I Amsterdam - 39 100 % 100 % 15 100 % 40 94 207 4

StabilizedProperties - $ 932,387 4,055 88 % 88 % 725 64 % 2,263 7,043 1,818 785Total

CyrusOne Inc.

Data Center Portfolio

As of June 30, 2020

(Unaudited)

Gross Square Feet (GSF)^(a) Powered Shell Available Available Office for Future Critical Annualized Colocation CSF CSF & Office & Supporting Total 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)

Stabilized $ 932,387 4,055 88 % 88 % 725 64 % 2,263 7,043 1,818 785Properties - Total

Pre-Stabilized Properties^(b)

Northern Virginia Northern 8,642 61 37 % 37 % 4 - % 25 90 - 6- Sterling VIII Virginia

Dallas - Allen (DH Dallas 1,756 79 12 % 12 % - - % 58 137 204 6#1)

Northern Virginia Northern 305 53 10 % 10 % 1 - % 66 120 187 6- Sterling IX Virginia

Somerset I (DH # New York 296 16 71 % 79 % - - % - 16 - 214) Metro

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

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

San Antonio V San - 67 79 % 79 % 7 100 % 21 94 9 9 Antonio

Phoenix - Chandler Phoenix - 71 35 % 35 % 1 100 % 8 81 - 6V (DH#2)

All Properties - $ 943,386 4,427 83 % 83 % 738 64 % 2,441 7,605 2,218 830Total

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 for(a) 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(b) 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.

Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of June 30, 2020 multiplied by 12. For the month of June 2020, customer reimbursements were $154.4 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From July 1, 2018(c) through June 30, 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 June 30, 2020 was $938.9 million. Our annualized effective rent was lower than our annualized rent as of June 30, 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 or(d) 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(e) signed leases as of June 30, 2020 divided by total CSF. Leases signed but that have not commenced billing as of June 30, 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(h) to customers under signed leases as of June 30, 2020 divided by total Office & Other space. Leases signed but not commenced as of June 30, 2020 are not included.

(i) Represents infrastructure support space, including mechanical, 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.

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

Critical load capacity represents the aggregate power available for lease and exclusive use by customers expressed in terms of megawatts. The(l) capacity reported is for non-redundant megawatts, as we can develop flexible solutions to our customers at multiple resiliency levels. Does not sum to total due to rounding.

CyrusOne Inc.

GSF Under Development

As of June 30, 2020

(Dollars in millions)

(Unaudited)

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

Estimated Colocation Office Supporting Powered Critical Actual Estimated Metropolitan Completion Space & Infrastructure Shell^ Load MW to Costs to (CSF) Other (c)

Facilities Area Date (000) (000) (000) (000) Total Capacity Date^ Completion Total (000) ^(d) (e) ^(f)

Somerset I New York 3Q'20 45 - 2 - 47 6.0 $ 4 $ 19-27 $ 23-31

FrankfurtIII (DH # Frankfurt 3Q'20 101 9 109 16 235 35.0 123 56-75 179-1981)

NorthernVirginia - Northern 4Q'20 - - - 167 167 - 41 50-59 91-100Sterling VirginiaVII

NorthernVirginia - Northern 4Q'20 - - - - - 9.0 4 35-40 39-44Sterling VirginiaVIII

Council Iowa 4Q'20 42 14 18 42 115 5.0 12 48-54 60-66Bluffs I

Dublin I Dublin 4Q'20 39 10 33 113 195 6.0 39 28-35 67-74

FrankfurtIII (DH #2 Frankfurt 4Q'20 23 - - - 23 9.0 - 22-26 22-26and DH #3)

San San Antonio 4Q'20 67 - 18 - 85 6.0 - 35-39 35-39Antonio V

London III London 1Q'21 19 - - - 19 6.0 - 28-33 28-33

Total 336 33 180 337 886 82.0 $ 223 $ 321-388 $ 544-611

Represents GSF at a facility for which activities have commenced or are(a) 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) using exchange rate of 1.23. Dublin and Frankfurt development costs are EUR- denominated and shown as USD-equivalent using exchange rate of 1.12 as of June 30, 2020.

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

Critical load capacity represents the aggregate power available for lease(d) and exclusive use by customers expressed in terms of megawatts. The capacity reported is for non-redundant megawatts, as we can develop flexible solutions to our customers at multiple resiliency levels.

Actual to date is the cash investment as of June 30, 2020. There may be(e) 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.

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

(dollars in millions) June 30, 2020 June 30, 2020

Capital expenditures - investment in real $255.1 $448.1estate

(a) Excludes recurring capital expenditures.

CyrusOne Inc.

Land Available for Future Development (Acres)

As of June 30, 2020

(Unaudited)



Market As of June 30, 2020

Amsterdam 8

Atlanta 44

Austin 22

Chicago 23

Cincinnati 98

Council Bluffs, Iowa 10

Dallas 57

Dublin 15

Frankfurt 2

Houston 20

Northern Virginia 24

Phoenix 96

Quincy, Washington 48

San Antonio 12

Santa Clara 23

Total Available^(a) 501

Book Value of Total Available $217.2 million

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

CyrusOne Inc.

Leasing Statistics - Lease Signings

As of June 30, 2020

(Unaudited)

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

2Q'20 396 150,000 21,956 $3,070 84

Prior 4Q 465 149,750 21,251 $2,751 81Avg.

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

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

3Q'19^(f) 451 236,000 30,769 $3,856 104

2Q'19 500 46,000 5,946 $1,090 67

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, $0.2 million in 4Q'19 and 2Q'20, and $0.1 million in 2Q'19 and 3Q'19.

(e) Calculated on a CSF-weighted basis.

Leasing statistics updated from prior period reporting to remove the prior(f) 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).

CyrusOne Inc.

New MRR Signed - Existing vs. New Customers

As of June 30, 2020

(Dollars in thousands)

(Unaudited)

New MRR^(a) Signed ($000)

3Q'18 4Q'18 1Q'19 2Q'19 3Q'19^ 4Q'19 1Q'20 2Q'20 (b)Existing $2,072 $1,226 $2,102 $974 $2,849 $843 $4,756 $2,872CustomersNew $146 $452 $165 $116 $1,007 $220 $238 $198CustomersTotal $2,218 $1,678 $2,267 $1,090 $3,856 $1,063 $4,994 $3,070



% from 93% 73% 93% 89% 74% 79% 95% 94%ExistingCustomers

Monthly recurring rent is defined as the average monthly contractual rent(a) during the term of the lease. It includes the monthly impact of installation charges of approximately $0.3 million in 3Q'18 and 1Q'20, $0.2 million in 1Q'19, 4Q'19 and 2Q'20, and $0.1 million in 4Q'18, 2Q'19 and 3Q'19.

Leasing statistics updated from prior period reporting to remove the prior(b) 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).

CyrusOne Inc.

Customer Sector Diversification^(a)

As of June 30, 2020

(Unaudited)

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

1 Information Technology 11 $ 190,542 20.2 % 94.9

2 Information Technology 11 65,382 6.9 % 25.5

3 Information Technology 5 57,177 6.1 % 50.3

4 Information Technology 7 37,157 3.9 % 46.4

5 Information Technology 7 31,446 3.3 % 36.7

6 Information Technology 5 28,804 3.1 % 32.2

7 Financial Services 1 19,574 2.1 % 129.0

8 Information Technology 5 16,896 1.8 % 38.9

9 Healthcare 2 15,827 1.7 % 90.0

10 Research and Consulting 3 15,338 1.6 % 17.9 Services

11 Industrials 5 11,063 1.2 % 10.2

12 Financial Services 4 10,574 1.1 % 93.0

13 Telecommunication Services 2 9,923 1.1 % 15.6

14 Telecommunication Services 2 9,879 1.0 % 45.3

15 Information Technology 1 9,619 1.0 % 44.6

16 Telecommunication Services 8 9,559 1.0 % 9.3

17 Consumer Staples 3 9,212 1.0 % 8.0

18 Telecommunication Services 1 7,766 0.8 % 88.3

19 Information Technology 3 7,165 0.8 % 47.0

20 Information Technology 1 6,756 0.7 % 11.0

$ 569,658 60.4 % 60.9

(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 June 30, 2020, multiplied by 12. For the month of June 2020, customer reimbursements were $154.4 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From July 1,(b) 2018 through June 30, 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 June 30, 2020 was $938.9 million. Our annualized effective rent was lower than our annualized rent as of June 30, 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 June 30, 2020, which was approximately $943.4 million.

Weighted average based on customer's percentage of total annualized rent expiring and is as of June 30, 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 June 30, 2020

(Unaudited)

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

0-999 626 66% 131 2% $ 78,716 8%

1000-2499 116 12% 181 3% 44,378 5%

2500-4999 73 8% 258 5% 50,069 5%

5000-9999 48 5% 337 6% 54,323 6%

10000+ 81 9% 4,825 84% 715,899 76%

Total 944 100% 5,732 100% $ 943,386 100%

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

Represents the number of customers occupying data center, office and other(b) space as of June 30, 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 CyrusOne. A customer's leased GSF is estimated based on such customer's(c) 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 June 30, 2020, multiplied by 12. For the month of June 2020, customer reimbursements were $154.4 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From July 1, 2018(d) through June 30, 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 June 30, 2020 was $938.9 million. Our annualized effective rent was lower than our annualized rent as of June 30, 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 June 30, 2020

(Unaudited)

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

Available 1,873 25%

Month-to-Month 1,203 118 1% $ 28,755 3% $ 29,784 3%

2020 1,271 324 4% 66,959 7% 66,984 7%

2021 3,078 800 10% 168,801 18% 171,977 17%

2022 1,602 698 9% 119,970 13% 125,813 12%

2023 986 919 12% 137,327 14% 146,605 14%

2024 248 521 7% 97,736 10% 106,077 10%

2025 110 276 4% 37,420 4% 46,233 5%

2026 47 623 8% 93,980 10% 100,568 10%

2027 34 504 7% 85,383 9% 95,813 9%

2028 17 278 4% 35,129 4% 39,797 4%

2029 7 82 1% 6,601 1% 8,753 1%

2030 - 23 589 8% 65,324 7% 84,276 8%Thereafter

Total 8,626 7,605 100% $ 943,386 100% $ 1,022,680 100%

Leases that were auto-renewed prior to June 30, 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(a) 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.

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

Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of June 30, 2020, multiplied by 12. For the month of June 2020, customer reimbursements were $154.4 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From July 1, 2018(c) through June 30, 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 June 30, 2020 was $938.9 million. Our annualized effective rent was lower than our annualized rent as of June 30, 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 June 30, 2020, multiplied by 12.

View source version on businesswire.com: https://www.businesswire.com/news/home/20200729005989/en/

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