Business Wire | Oct 27, 2021 04:04PM EDT

CyrusOne Reports Third Quarter 2021 Earnings

Oct. 27, 2021

DALLAS--(BUSINESS WIRE)--Oct. 27, 2021--CyrusOne Inc. (NASDAQ: CONE), a premier global data center REIT, today announced third quarter 2021 earnings.

Highlights

Category 3Q'21 vs. 3Q'20

Revenue $304.1 million 16%

Net income $6.7 million n/m

Adjusted EBITDA $149.2 million 13%

Normalized FFO $127.2 million 11%

Net income per diluted common share $0.05 n/m

Normalized FFO per diluted common share $1.02 6%

* Leased 20 megawatts ("MW") and 100,000 colocation square feet ("CSF") in the third quarter, totaling $37.8 million in annualized GAAP revenue Includes $26.8 million in annualized GAAP revenue signed across European locations, reflecting continued strong demand in these markets from hyperscale customers * Backlog of approximately $106 million in annualized GAAP revenue as of the end of the third quarter representing approximately $925 million in total contract value * Acquired a six-acre site in Frankfurt, providing an estimated 21 MW of power capacity to support the Company's continued growth in one of the strongest data center markets in Europe Also acquired ten acres of land in San Antonio, providing an estimated 21 MW of power capacity in a key U.S. market * Settled forward sale agreements entered into in 2020, resulting in net proceeds of approximately $213 million, which were used for general corporate purposes The Company has approximately $303 million in remaining available forward equity

"We had strong financial results and another good bookings quarter, including a significant contribution from our European markets and healthy pricing across the leases," said David Ferdman, interim president and chief executive officer of CyrusOne. "The demand environment remains strong, we continue to have productive discussions with our customers, and we are well positioned with capacity across the portfolio and more than $2 billion of available liquidity to support our growth."

Third Quarter 2021 Financial Results

Revenue was $304.1 million for the third quarter, compared to $262.8 million for the same period in 2020, an increase of 16%. The increase in revenue was driven primarily by a 13% increase in occupied CSF and higher metered power reimbursements.

Net income was $6.7 million for the third quarter, compared to net loss of $(37.3) million in the same period in 2020. Net income for the third quarter included a $14.4 million gain associated with a change in fair value on the undesignated portion of the Company's net investment hedge compared to a $(22.9) million loss in the third quarter of 2020. Additionally, in the third quarter of 2020, the Company had an $(8.8) million impairment loss as a result of damage to equipment held for use in inventory at our U.S. data centers and a ($3.1) million loss on early extinguishment of debt related to the repayment of $300 million of outstanding indebtedness under the unsecured term loan maturing in March 2023, partially offset by a $4.7 million gain on the Company's equity investment in GDS Holdings Limited. Additionally, General and administrative expenses for the third quarter included $8.9 million in cash severance and management transition costs and severance-related stock compensation costs compared to $9.0 million in the same period in 2020. Net income per diluted common share1 was $0.05 in the third quarter of 2021, compared to net loss per diluted common share of $(0.32) in the same period in 2020.

Net operating income ("NOI")2 was $170.7 million for the third quarter, compared to $153.1 million in the same period in 2020, an increase of 11%. Adjusted EBITDA3 was $149.2 million for the third quarter, compared to $132.2 million in the same period in 2020, an increase of 13%.

Normalized Funds From Operations ("Normalized FFO")4 was $127.2 million for the third quarter, compared to $114.4 million in the same period in 2020, an increase of 11%. Normalized FFO per diluted common share was $1.02 in the third quarter of 2021, compared to $0.96 in the same period in 2020, an increase of 6%.

Leasing Activity

CyrusOne leased approximately 20 MW of power and 100,000 CSF in the third quarter, representing approximately $3.2 million in monthly recurring rent, inclusive of the monthly impact of installation charges. The leasing for the quarter represents approximately $37.8 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 108 months (9.0 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 percentage6 for the third quarter was 0.5%, compared to 0.6% for the same period in 2020.

Portfolio Development and Percentage CSF Leased

In the third quarter, the Company completed construction on 161,000 CSF and 38 MW of power capacity across Phoenix, Northern Virginia, the New York Metro area, Cincinnati, Paris and Frankfurt. Percentage CSF leased7 as of the end of the third quarter was 86% for stabilized properties8 and 84% overall. In addition, the Company has development projects underway in London, Frankfurt, Northern Virginia and San Antonio that are expected to add approximately 211,000 CSF and 49 MW of power capacity plus 469,000 square feet of powered shell.

Balance Sheet and Liquidity

As of September 30, 2021, the Company had gross asset value9 totaling approximately $9.4 billion, an increase of approximately 12% over gross asset value as of September 30, 2020. CyrusOne had $3.56 billion of long-term debt10, $456 million of cash and cash equivalents, and approximately $1.39 billion available under its unsecured revolving credit facility as of September 30, 2021. Net debt10 was $3.26 billion as of September 30, 2021, representing approximately 25% of the Company's total enterprise value as of September 30, 2021 of $13.1 billion. This represented approximately 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 liquidity11 was $2.15 billion as of September 30, 2021.

During the third quarter of 2021, the Company settled forward sale agreements entered into in 2020, resulting in net proceeds of approximately $213 million, which were used for general corporate purposes. The Company has approximately $303 million in remaining available forward equity (no portion of these forward sale agreements has been settled as of October 27, 2021). As of September 30, 2021, there was approximately $513 million in remaining availability under the ATM equity program.

Dividend

On July 28, 2021, the Company announced a dividend of $0.52 per share of common stock for the third quarter of 2021. The dividend was paid on October 8, 2021, to stockholders of record at the close of business on September 24, 2021.

Additionally, today the Company is announcing a dividend of $0.52 per share of common stock for the fourth quarter of 2021. The dividend will be paid on January 7, 2022, to stockholders of record at the close of business on January 3, 2022.

Guidance

CyrusOne is updating its guidance for full year 2021, increasing the lower and upper ends of its guidance ranges for Total Revenue and Normalized FFO per diluted common share, increasing the lower end of its guidance range for Adjusted EBITDA, and narrowing the guidance range for Capital Expenditures. 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. While the impact on our business has not been significant to date, 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 Previous 2021 Revised 2021 Guidance Guidance

Total Revenue $1,155 - 1,185 $1,180 - 1,200 million million

Lease and Other Revenues from $930 - 950 million $940 - 950 millionCustomers

Metered Power Reimbursements $225 - 235 million $240 - 250 million

Adjusted EBITDA $575 - 590 million $585 - 590 million

Normalized FFO per diluted common $3.95 - 4.05 $4.03 - 4.08share

Capital Expenditures $875 - 975 million $900 - 950 million

Development^(1) $855 - 935 million $875 - 915 million

Recurring $20 - 40 million $25 - 35 million



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

Upcoming Conferences and Events (All Virtual)

* NAREIT's REITworld on November 9-11 * Morgan Stanley European Technology, Media & Telecom Conference on November 17-19 * Raymond James Technology Investors Conference on December 6-8

Conference Call Details

CyrusOne will host a conference call on October 28, 2021, at 11:00 AM Eastern Time (10:00 AM Central Time) to discuss its results for the third quarter 2021. 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 October 28, 2021, through November 11, 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 10160637.

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 financial measures. Detailed reconciliations of these non-GAAP financial measures to comparable GAAP financial measures have been included in the tables that accompany this release and are available in the Investor Relations section of www.cyrusone.com.

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

1Net 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 124.3 million for the third quarter of 2021 and 118.7 million for the third quarter of 2020.

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

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

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

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

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

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

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

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

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

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

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

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

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

11Liquidity is calculated as cash, cash equivalents, and temporary cash investments on hand, plus the undrawn capacity on CyrusOne's revolving credit facility, plus the pro forma impact of the net proceeds from the settlement of the forward sale agreements.

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 David Ferdman, Interim Brent Behrman, EVP of SalesSt., Ste. 2200 President & CEO

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

Phone: (972) John Hatem, EVP & Chief Robert M. Jackson, EVP General350-0060 Operating Officer Counsel & Secretary

Website: www.cyrusone.com

Analyst Coverage

Firm Analyst Phone Number

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

Barclays Brendan Lynch (212) 526 9428

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

Evercore ISI Irvin Liu (415) 800-0183

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

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

Wolfe Research Andrew Rosivach, CFA (646) 582-9250

CyrusOne Inc.

Summary of Financial Data

(Dollars in millions, except per share amounts)

Three Months

September June 30, September Growth 30, 30, %

2021 2021 2020 Yr/Yr

Revenue $ 304.1 $ 284.6 $ 262.8 16 %

Net operating income 170.7 162.8 153.1 11 %

Net income (loss) 6.7 7.4 (37.3 ) n/m

Funds from Operations ("FFO") - Nareit 132.3 129.0 82.2 61 %defined

Normalized Funds from Operations 127.2 123.1 114.4 11 %("Normalized FFO")

Weighted average number of common shares 124.3 122.7 119.2 4 %outstanding - diluted for Normalized FFO

Net income (loss) per share - basic $ 0.05 $ 0.06 $ (0.32 ) n/m

Net income (loss) per share - diluted $ 0.05 $ 0.06 $ (0.32 ) n/m

Normalized FFO per diluted common share $ 1.02 $ 1.00 $ 0.96 6 %

Adjusted EBITDA $ 149.2 $ 141.9 $ 132.2 13 %

Adjusted EBITDA as a % of Revenue 49.1 % 49.9 % 50.3 % (1.2) pts

As of

September 30,

June 30,

September 30,

Growth %

2021

2021

2020

Yr/Yr

Balance Sheet Data

Gross investment in real estate

$

7,635.4

$

7,518.8

$

6,791.6

12

%

Accumulated depreciation

(2,080.4

)

(1,977.8

)

(1,663.4

)

25

%

Total investment in real estate, net

5,555.0

5,541.0

5,128.2

8

%

Cash and cash equivalents

456.4

369.7

156.5

n/m

Market value of common equity

9,824.4

8,869.3

8,433.2

16

%

Long-term debt

3,559.0

3,587.8

3,236.3

10

%

Net debt

3,259.8

3,380.9

3,109.0

5

%

Total enterprise value

13,084.2

12,250.2

11,542.2

13

%

Net debt to LQA Adjusted EBITDA(a)

5.0x

5.0x

5.1x

(0.1)x

Dividend Activity

Dividends per share

$

0.52

$

0.51

$

0.51

2

%

Portfolio Statistics

Data centers

56

54

51

10

%

Stabilized CSF (000)

4,789

4,611

4,134

16

%

Stabilized CSF % leased

86

%

86

%

87

%

(1) pts

Total CSF (000)

5,050

4,889

4,471

13

%

Total CSF % leased

84

%

83

%

84

%

- pts

Total GSF (000)

8,601

8,346

7,710

12

%

As of

September June 30, September Growth 30, 30, %

2021 2021 2020 Yr/Yr

Balance Sheet Data

Gross investment in real estate $ 7,635.4 $ 7,518.8 $ 6,791.6 12 %

Accumulated depreciation (2,080.4 ) (1,977.8 ) (1,663.4 ) 25 %

Total investment in real estate, 5,555.0 5,541.0 5,128.2 8 %net

Cash and cash equivalents 456.4 369.7 156.5 n/m

Market value of common equity 9,824.4 8,869.3 8,433.2 16 %

Long-term debt 3,559.0 3,587.8 3,236.3 10 %

Net debt 3,259.8 3,380.9 3,109.0 5 %

Total enterprise value 13,084.2 12,250.2 11,542.2 13 %

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



Dividend Activity

Dividends per share $ 0.52 $ 0.51 $ 0.51 2 %



Portfolio Statistics

Data centers 56 54 51 10 %

Stabilized CSF (000) 4,789 4,611 4,134 16 %

Stabilized CSF % leased 86 % 86 % 87 % (1) pts

Total CSF (000) 5,050 4,889 4,471 13 %

Total CSF % leased 84 % 83 % 84 % - pts

Total GSF (000) 8,601 8,346 7,710 12 %

(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 Nine Months

Ended September 30, Change Ended September 30, Change

2021 2020 $ % 2021 2020 $ %

Revenue^(a) $ 304.1 $ 262.8 $ 41.3 16 % $ 887.3 $ 765.1 $ 122.2 16 %

Operating expenses:

Propertyoperating 133.4 109.7 23.7 22 % 391.0 301.3 89.7 30 %expenses

Sales and 3.6 4.5 (0.9 ) (20 ) 11.1 13.0 (1.9 ) (15 )marketing % %

General and 30.8 29.7 1.1 4 % 70.4 76.9 (6.5 ) (8 )administrative %

Depreciationand 127.5 113.1 14.4 13 % 372.6 330.9 41.7 13 %amortization

Transaction,acquisition,integration 0.2 1.6 (1.4 ) (88 ) 0.4 2.2 (1.8 ) (82 )and other % %relatedexpenses

Impairmentlosses and 0.1 8.8 (8.7 ) (99 ) 0.7 11.1 (10.4 ) (94 )loss on asset % %disposals

Totaloperating 295.6 267.4 267.4 11 % 846.2 735.4 110.8 15 %expenses

Operating 8.5 (4.6 ) (226.1 ) n/m 41.1 29.7 11.4 38 %income (loss)

Interest (17.3 ) (13.3 ) (4.0 ) 30 % (47.2 ) (43.2 ) (4.0 ) 9 %expense, net

Gain onmarketable - 4.7 (4.7 ) (100 ) 2.4 69.8 (67.4 ) (97 )equity % %investment

Loss on early ) )extinguishment - (3.1 ) 3.1 (100 % - (6.5 ) 6.5 (100 %of debt

Foreigncurrency andderivative 14.4 (22.9 ) 37.3 n/m 31.2 (31.7 ) 62.9 n/m gains(losses), net

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

Net income(loss) before 5.7 (39.2 ) (194.3 ) n/m 27.4 18.1 9.3 51 %income taxes

Income tax 1.0 1.9 (0.9 ) (47 ) 4.9 4.3 0.6 14 %benefit %

Net income $ 6.7 $ (37.3 ) $ 44.0 n/m $ 32.3 $ 22.4 $ 9.9 44 %(loss)

Net income(loss) per $ 0.05 $ (0.32 ) $ 0.37 n/m $ 0.26 $ 0.19 $ 0.07 37 %share - basic

Net income(loss) per $ 0.05 $ (0.32 ) $ 0.37 n/m $ 0.26 $ 0.19 $ 0.07 37 %share - diluted

(a)

Revenue includes metered power reimbursements of $62.5 million and $44.6 million for the three months ended September 30, 2021 and 2020, respectively, and includes metered power reimbursements of $188.6 million and $116.5 million for the nine months ended September 30, 2021 and 2020, respectively.

Revenue includes metered power reimbursements of $62.5 million and $44.6 million for the three months ended September 30, 2021 and 2020,(a) respectively, and includes metered power reimbursements of $188.6 million and $116.5 million for the nine months ended September 30, 2021 and 2020, respectively.

CyrusOne Inc.

Condensed Consolidated Balance Sheets

(Dollars in millions)

(Unaudited)

September December Change 30, 31,

2021 2020 $ %

Assets

Investment in real estate:

Land $ 211.6 $ 208.8 $ 2.8 1 %

Buildings and improvements 2,336.3 2,035.2 301.1 15 %

Equipment 4,064.7 3,538.9 525.8 15 %

Gross operating real estate 6,612.6 5,782.9 829.7 14 %

Less accumulated depreciation (2,080.4 ) (1,767.9 ) (312.5 ) 18 %

Net operating real estate 4,532.2 4,015.0 517.2 13 %

Construction in progress, including 729.8 982.2 (252.4 ) (26 )land under development %

Land held for future development 293.0 268.3 24.7 9 %

Total investment in real estate, net 5,555.0 5,265.5 289.5 5 %

Cash and cash equivalents 456.4 271.4 185.0 68 %

Rent and other receivables (net ofallowance for doubtful accounts of $2.1 409.2 334.2 75.0 22 %and $3.5 as of September 30, 2021 andDecember 31, 2020, respectively)

Restricted cash 24.3 1.5 22.8 n/m

Operating lease right-of-use assets, 148.5 211.4 (62.9 ) (30 )net %

Equity investments 30.3 67.1 (36.8 ) (55 ) %

Goodwill 455.1 455.1 - - %

Intangible assets (net of accumulatedamortization of $272.5 and $249.3 as of 132.7 157.8 (25.1 ) (16 )September 30, 2021 and December 31, %2020, respectively)

Other assets 128.0 133.4 (5.4 ) (4 ) %

Total assets $ 7,339.5 $ 6,897.4 $ 442.1 6 %

Liabilities and equity

Debt $ 3,515.1 $ 3,409.0 $ 106.1 3 %

Finance lease liabilities 157.2 29.1 128.1 n/m

Operating lease liabilities 183.9 249.1 (65.2 ) (26 ) %

Construction costs payable 104.6 133.0 (28.4 ) (21 ) %

Accounts payable and accrued expenses 192.1 151.3 40.8 27 %

Dividends payable 66.3 63.3 3.0 5 %

Deferred revenue and prepaid rents 227.9 174.1 53.8 31 %

Deferred tax liability 41.9 53.0 (11.1 ) (21 ) %

Other liabilities 45.0 77.3 (32.3 ) (42 ) %

Total liabilities 4,534.0 4,339.2 194.8 4 %

Commitments and contingencies

Stockholders' equity

Preferred stock, $0.01 par value,100,000,000 authorized; no shares - - - n/m issued or outstanding

Common stock, $0.01 par value,500,000,000 shares authorized and126,913,710 and 120,442,521 shares 1.3 1.2 0.1 8 %issued and outstanding at September 30,2021 and December 31, 2020,respectively

Additional paid in capital 3,952.7 3,537.3 415.4 12 %

Accumulated deficit (1,125.3 ) (966.6 ) (158.7 ) 16 %

Accumulated other comprehensive loss (23.2 ) (13.7 ) (9.5 ) 69 %

Total stockholders' equity 2,805.5 2,558.2 247.3 10 %

Total liabilities and equity $ 7,339.5 $ 6,897.4 $ 442.1 6 %

CyrusOne Inc.

Condensed Consolidated Statements of Operations

(Dollars in millions, except per share amounts)

(Unaudited)

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

2021 2021 2021 2020 2020

Revenue^(a) $ 304.1 $ 284.6 $ 298.6 $ 268.4 $ 262.8

Operating expenses:

Property operating expenses 133.4 121.8 135.8 110.3 109.7

Sales and marketing 3.6 3.7 3.8 5.3 4.5

General and administrative 30.8 16.6 23.0 22.4 29.7

Depreciation and amortization 127.5 123.7 121.4 118.5 113.1

Transaction, acquisition,integration and other related 0.2 0.1 0.1 1.5 1.6 expenses

Impairment losses and loss on 0.1 0.1 0.5 - 8.8 asset disposals

Total operating expenses 295.6 266.0 284.6 258.0 267.4

Operating income (loss) 8.5 18.6 14.0 10.4 (4.6 )

Interest expense, net (17.3 ) (14.8 ) (15.1 ) (14.5 ) (13.3 )

Gain on marketable equity - - 2.4 19.7 4.7 investment

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

Foreign currency andderivative gains (losses), 14.4 1.4 15.4 4.1 (22.9 )net

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

Net income (loss) before 5.7 5.1 16.6 19.7 (39.2 )income taxes

Income tax benefit (expense) 1.0 2.3 1.6 (0.7 ) 1.9

Net income (loss) $ 6.7 $ 7.4 $ 18.2 $ 19.0 $ (37.3 )

Net income (loss) per share - $ 0.05 $ 0.06 $ 0.15 $ 0.15 $ (0.32 )basic

Net income (loss) per share - $ 0.05 $ 0.06 $ 0.15 $ 0.15 $ (0.32 )diluted

(a)

Revenue includes metered power reimbursements of $62.5 million, $53.0 million, $73.1 million, $44.9 million and $44.6 million for the three months ended September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively.

Revenue includes metered power reimbursements of $62.5 million, $53.0(a) million, $73.1 million, $44.9 million and $44.6 million for the three months ended September 30, 2021, June 30, 2021, March 31, 2021, December 31, 2020 and September 30, 2020, respectively.

CyrusOne Inc.

Condensed Consolidated Balance Sheets

(Dollars in millions)

(Unaudited)

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

2021 2021 2021 2020 2020

Assets

Investment in real estate:

Land $ 211.6 $ 212.8 $ 207.3 $ 208.8 $ 181.2

Buildings and 2,336.3 2,253.8 2,046.6 2,035.2 1,918.4 improvements

Equipment 4,064.7 3,869.0 3,596.5 3,538.9 3,341.7

Gross operating 6,612.6 6,335.6 5,850.4 5,782.9 5,441.3 real estate

Less accumulated (2,080.4 ) (1,977.8 ) (1,867.5 ) (1,767.9 ) (1,663.4 )depreciation

Net operating real 4,532.2 4,357.8 3,982.9 4,015.0 3,777.9 estate

Construction inprogress, including 729.8 917.3 1,053.3 982.2 1,085.9 land underdevelopment

Land held for 293.0 265.9 262.3 268.3 264.4 future development

Total investment in 5,555.0 5,541.0 5,298.5 5,265.5 5,128.2 real estate, net

Cash and cash 456.4 369.7 240.9 271.4 156.5 equivalents

Rent and other 409.2 409.4 389.8 334.2 306.9 receivables, net

Restricted cash 24.3 24.8 1.4 1.5 1.4

Operating leaseright-of-use 148.5 155.0 239.7 211.4 206.9 assets, net

Equity investments 30.3 30.0 22.9 67.1 178.1

Goodwill 455.1 455.1 455.1 455.1 455.1

Intangible assets, 132.7 141.2 149.2 157.8 166.4 net

Other assets 128.0 115.0 114.3 133.4 112.8

Total assets $ 7,339.5 $ 7,241.2 $ 6,911.8 $ 6,897.4 $ 6,712.3

Liabilities and equity

Debt $ 3,515.1 $ 3,541.6 $ 3,337.4 $ 3,409.0 $ 3,197.8

Finance lease 157.2 162.8 28.6 29.1 29.2 liabilities

Operating lease 183.9 190.5 277.9 249.1 244.3 liabilities

Construction costs 104.6 157.7 137.5 133.0 168.2 payable

Accounts payableand accrued 192.1 147.7 168.9 151.3 145.3 expenses

Dividends payable 66.3 63.6 62.0 63.3 63.1

Deferred revenue 227.9 217.1 183.2 174.1 166.8 and prepaid rents

Deferred tax 41.9 45.3 48.2 53.0 55.4 liability

Other liabilities 45.0 58.3 53.3 77.3 37.8

Total liabilities 4,534.0 4,584.6 4,297.0 4,339.2 4,107.9

Commitments and contingencies

Stockholders' equity

Preferred stock,$0.01 par value,100,000,000 - - - - - authorized; noshares issued oroutstanding

Common stock, $0.01par value,500,000,000 sharesauthorized and126,913,710 and120,442,521 shares 1.3 1.2 1.2 1.2 1.2 issued andoutstanding atSeptember 30, 2021and December 31,2020, respectively

Additional paid in 3,952.7 3,731.3 3,628.6 3,537.3 3,532.9 capital

Accumulated deficit (1,125.3 ) (1,066.1 ) (1,010.2 ) (966.6 ) (923.9 )

Accumulated other (23.2 ) (9.8 ) (4.8 ) (13.7 ) (5.8 )comprehensive loss

Total stockholders' 2,805.5 2,656.6 2,614.8 2,558.2 2,604.4 equity

Total liabilities $ 7,339.5 $ 7,241.2 $ 6,911.8 $ 6,897.4 $ 6,712.3 and equity

CyrusOne Inc.

Condensed Consolidated Statements of Cash Flows

(Dollars in millions)

(Unaudited)

Nine Nine Months Three Three Months Ended Months Months Ended September Ended Ended September 30, 2020 September September 30, 2021 30, 2021 30, 2020

Cash flows from operating activities:

Net income (loss) $ 32.3 $ 22.4 $ 6.7 $ (37.3 )

Adjustments to reconcile Netincome (loss) to Net cash provided by operatingactivities

Depreciation and amortization 372.6 330.9 127.5 113.1

Provision for bad debt expense (1.0 ) 0.3 (0.1 ) 0.3

Gain on marketable equity (2.4 ) (69.8 ) - (4.7 )investment

Foreign currency and derivative (31.2 ) 31.7 (14.4 ) 22.9 (gains) losses, net

Proceeds from swap terminations - 2.9 - -

Impairment losses and loss on 0.7 11.1 0.1 8.9 asset disposals

Loss on early extinguishment of - 6.5 - 3.1 debt

Interest expense amortization, 5.7 5.2 2.2 1.6 net

Stock-based compensation 17.2 13.7 8.5 6.7 expense

Deferred income tax benefit (8.0 ) (7.1 ) (2.0 ) (2.9 )

Operating lease cost 15.3 15.0 5.0 2.0

Other (expense) income (0.2 ) 0.6 (0.1 ) 0.1



Change in operating assets and liabilities:

Rent and other receivables, net (90.6 ) (29.1 ) (22.1 ) 1.9 and other assets

Accounts payable and accrued 42.9 22.0 46.2 17.3 expenses

Deferred revenue and prepaid 54.3 2.3 11.8 0.3 rents

Operating lease liabilities (18.2 ) (16.7 ) (6.0 ) (5.6 )

Net cash provided by operating 389.4 341.9 163.3 127.7 activities

Cash flows from investing activities:

Investments in real estate (580.2 ) (692.2 ) (218.5 ) (234.2 )

Proceeds from sale of equity 46.6 31.8 - 23.6 investments

Equity investments (7.4 ) (6.5 ) (0.3 ) (1.8 )

Proceeds from the sale of real 4.4 0.3 - - estate assets

Net cash used in investing (536.6 ) (666.6 ) (218.8 ) (212.4 )activities

Cash flows from financing activities:

Issuance of common stock, net 407.9 325.9 213.7 222.6

Dividends paid (187.9 ) (174.7 ) (63.2 ) (58.6 )

Proceeds from revolving credit 173.4 595.5 - 156.7 facility

Repayments of revolving credit (610.5 ) (966.7 ) - (243.6 )facility

Proceeds from Euro bond 603.1 561.2 - 11.0

Proceeds from unsecured term - 1,100.0 - - loan

Repayments of unsecured term - (1,400.0 ) - (300.0 )loan

Proceeds from issuance of - 395.2 - 395.2 senior notes

Payment of deferred financing (5.0 ) (15.1 ) - (2.6 )costs

Payments on finance lease (3.5 ) (2.0 ) (1.3 ) (0.7 )liabilities

Tax payment upon exercise of (9.6 ) (8.6 ) (0.7 ) (2.2 )equity awards

Net cash provided by financing 367.9 410.7 148.5 177.8 activities

Effect of exchange rate changeson cash, cash equivalents and (12.9 ) (5.8 ) (6.8 ) (7.2 )restricted cash

Net increase in cash, cash 207.8 80.2 86.2 85.9 equivalents and restricted cash

Cash, cash equivalents andrestricted cash at beginning of 272.9 77.7 394.5 72.0 period

Cash, cash equivalents andrestricted cash at end of $ 480.7 $ 157.9 $ 480.7 $ 157.9 period



Supplemental disclosure of cash flow information:

Cash paid for interest,including amounts capitalizedof $15.6 million and $17.0 $ 45.8 $ 36.3 $ 3.6 $ 6.3 million in 2021 and 2020,respectively

Cash paid for income taxes 4.0 3.2 0.8 3.1

Non-cash investing and financing activities:

Construction costs payable 104.6 168.2 104.6 168.2

Dividends payable 66.3 63.1 66.3 63.1

CyrusOne Inc.

Reconciliation of Net income (loss) to Net Operating Income

(Dollars in millions)

(Unaudited)

Three Months Ended Nine Months Ended

September 30, Change September 30, Change 2021 2020 $ % 2021 2020 $ %

Net income $ 6.7 $ (37.3 ) $ 44.0 n/m $ 32.3 $ 22.4 $ 9.9 44 %(loss)

Sales and ) )marketing 3.6 4.5 (0.9 ) (20 % 11.1 13.0 (1.9 ) (15 %expenses

General and )administrative 30.8 29.7 1.1 4 % 70.4 76.9 (6.5 ) (8 %expenses

Depreciationand 127.5 113.1 14.4 13 % 372.6 330.9 41.7 13 %amortizationexpenses

Transaction,acquisition,integration 0.2 1.6 (1.4 ) (88 ) 0.4 2.2 (1.8 ) (82 )and other % %relatedexpenses

Interest 17.3 13.3 4.0 30 % 47.2 43.2 4.0 9 %expense, net

Gain onmarketable - (4.7 ) 4.7 (100 ) (2.4 ) (69.8 ) 67.4 (97 )equity % %investment

Loss on early ) )extinguishment - 3.1 (3.1 ) (100 % - 6.5 (6.5 ) (100 %of debt

Impairmentlosses and 0.1 8.8 (8.7 ) (99 ) 0.7 11.1 (10.4 ) (94 )loss on asset % %disposals

Foreigncurrency andderivative (14.4 ) 22.9 (37.3 ) n/m (31.2 ) 31.7 (62.9 ) n/m (gains)losses, net

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

Income tax (1.0 ) (1.9 ) 0.9 (47 ) (4.9 ) (4.3 ) (0.6 ) 14 %benefit %

Net Operating $ 170.7 $ 153.1 $ 17.6 11 % $ 496.3 $ 463.8 $ 32.5 7 %Income

CyrusOne Inc.

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

(Dollars in millions)

(Unaudited)

Nine Months Ended Three Months Ended

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

2021 2020 $ % 2021 2021 2021 2020 2020

Net Operating Income

Revenue $ 887.3 $ 765.1 $ 122.2 16 % $ 304.1 $ 284.6 $ 298.6 $ 268.4 $ 262.8

Propertyoperating 391.0 301.3 89.7 30 % 133.4 121.8 135.8 110.3 109.7 expenses

Net Operating $ 496.3 $ 463.8 $ 32.5 7 % $ 170.7 $ 162.8 $ 162.8 $ 158.1 $ 153.1 Income (NOI)

NOI as a % of 55.9 % 60.6 % 56.1 % 57.2 % 54.5 % 58.9 % 58.3 %Revenue

Reconciliation ofNet Income (Loss) to AdjustedEBITDA:

Net income (loss) $ 32.3 $ 22.4 $ 9.9 44 % $ 6.7 $ 7.4 $ 18.2 $ 19.0 $ (37.3 )

Interest expense, 47.2 43.2 4.0 9 % 17.3 14.8 15.1 14.5 13.3 net

Income tax (4.9 ) (4.3 ) (0.6 ) 14 % (1.0 ) (2.3 ) (1.6 ) 0.7 (1.9 )(benefit) expense

Depreciation andamortization 372.6 330.9 41.7 13 % 127.5 123.7 121.4 118.5 113.1 expenses

Impairment losses )and loss on asset 0.7 11.1 (10.4 ) (94 % 0.1 0.1 0.5 - 8.8 disposals

EBITDA (Nareit $ 447.9 $ 403.3 $ 44.6 11 % $ 150.6 $ 143.7 $ 153.6 $ 152.7 $ 96.0 definition)^(a)



Transaction,acquisition, )integration and 0.4 2.2 (1.8 ) (82 % 0.2 0.1 0.1 1.5 1.6 other relatedexpenses

Legal claim costs (4.9 ) 0.3 (5.2 ) n/m - (4.9 ) - - 0.1

Stock-basedcompensation 12.7 11.1 1.6 14 % 4.0 4.3 4.4 4.4 4.2 expense

Cash severance )and management 4.3 13.2 (8.9 ) (67 % 4.4 - (0.1 ) 0.9 6.4 transition costs

Severance-relatedstock 4.5 2.7 1.8 67 % 4.5 - - 0.2 2.6 compensationcosts

Loss on early )extinguishment of - 6.5 (6.5 ) (100 % - - - - 3.1 debt

Gain on )marketable equity (2.4 ) (69.8 ) 67.4 (97 % - - (2.4 ) (19.7 ) (4.7 )investment

Foreign currencyand derivative (31.2 ) 31.7 (62.9 ) n/m (14.4 ) (1.4 ) (15.4 ) (4.1 ) 22.9 (gains) losses,net

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

Adjusted EBITDA $ 431.4 $ 401.2 $ 30.2 8 % $ 149.2 $ 141.9 $ 140.3 $ 135.9 $ 132.2

Adjusted EBITDA 48.6 % 52.4 % 49.1 % 49.9 % 47.0 % 50.6 % 50.3 %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) expense, Depreciation and amortization expenses and Impairment losses and loss (gain) on asset disposals. While it is consistent with the definition of EBITDAre promulgated by the National Association of Real Estate Investment Trusts ("Nareit"), our computation of EBITDAre may differ from the methodology for calculating EBITDAre used by other REITs. Accordingly, our EBITDAre may not be comparable to others.

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

CyrusOne Inc.

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

(Dollars in millions)

(Unaudited)

Nine Months Ended Three Months Ended

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

2021 2020 $ % 2021 2021 2021 2020 2020

Reconciliation ofNet Income (Loss) to FFO andNormalized FFO:

Net income (loss) $ 32.3 $ 22.4 $ 9.9 44 % $ 6.7 $ 7.4 $ 18.2 $ 19.0 $ (37.3 )

Real estatedepreciation and 366.0 324.0 42.0 13 % 125.5 121.5 119.0 116.1 110.7 amortization

Impairment losses )and loss on asset 0.7 11.1 (10.4 ) (94 % 0.1 0.1 0.5 - 8.8 disposals

Funds fromOperations $ 399.0 $ 357.5 $ 41.5 12 % $ 132.3 $ 129.0 $ 137.7 $ 135.1 $ 82.2 ("FFO") - Nareitdefined



Loss on early )extinguishment of - 6.5 (6.5 ) (100 % - - - - 3.1 debt

Gain on )marketable equity (2.4 ) (69.8 ) 67.4 (97 % - - (2.4 ) (19.7 ) (4.7 )investment

Foreign currencyand derivative (31.2 ) 31.7 (62.9 ) n/m (14.4 ) (1.4 ) (15.4 ) (4.1 ) 22.9 (gains) losses,net

Amortization of 0.8 0.8 - - % 0.2 0.3 0.3 0.4 0.2 tradenames

Transaction,acquisition, )integration and 0.4 2.2 (1.8 ) (82 % 0.2 0.1 0.1 1.5 1.6 other relatedexpenses

Cash severance )and management 4.3 13.2 (8.9 ) (67 % 4.4 - (0.1 ) 0.9 6.4 transition costs

Severance-relatedstock 4.5 2.7 1.8 67 % 4.5 - - 0.2 2.6 compensationcosts

Legal claim costs (4.9 ) 0.3 (5.2 ) n/m - (4.9 ) - - 0.1

Normalized Fundsfrom Operations $ 370.5 $ 345.1 $ 25.4 7 % $ 127.2 $ 123.1 $ 120.2 $ 114.3 $ 114.4 (Normalized FFO)

Normalized FFOper diluted $ 3.02 $ 2.96 $ 0.06 2 % $ 1.02 $ 1.00 $ 1.00 $ 0.94 $ 0.96 common share

Weighted averagediluted common 122.5 116.7 5.8 5 % 124.3 122.7 120.5 120.6 119.2 sharesoutstanding



Additional Information:

Amortization ofdeferredfinancing costs 5.7 5.2 0.5 10 % 2.2 1.9 1.6 1.6 1.6 and bond premium/ discount

Stock-basedcompensation 12.7 11.1 1.6 14 % 4.0 4.3 4.4 4.4 4.2 expense

Non-real estate )depreciation and 5.7 6.1 (0.4 ) (7 % 1.7 1.8 2.2 2.0 2.1 amortization

Straight line )rent adjustments^ (6.6 ) (7.0 ) 0.4 (6 % (4.6 ) (3.2 ) 1.2 (8.0 ) (6.6 )(a)

Straight linerental expense 0.7 (0.6 ) 0.4 n/m (0.1 ) 0.6 0.2 0.1 (0.1 )adjustments

Above and below )market rent (0.2 ) (0.3 ) 10.7 (98 % (0.1 ) - (0.1 ) (0.1 ) (0.1 )amortization

Deferred tax (8.0 ) (6.9 ) 5.0 (38 ) (2.1 ) (3.3 ) (2.6 ) (0.2 ) (2.7 )benefit %

Deferred revenue,primarily 53.3 0.3 53.0 n/m 29.4 15.1 8.8 2.3 0.2 installationrevenue^(b)

Leasing (13.5 ) (10.9 ) (2.6 ) 24 % (4.5 ) (5.1 ) (3.9 ) (4.3 ) (5.3 )commissions

Recurring capital (13.7 ) (13.0 ) (0.7 ) 5 % (7.2 ) (3.9 ) (2.6 ) (0.8 ) (3.1 )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.

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

Market Capitalization (as of September 30, 2021)

(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 September 30, 2021)

Shares or Market Price Market Value(dollars in millions) Equivalents as of Equivalents Outstanding September 30, 2021 (in millions)

Common shares 126,913,710 $ 77.41 $ 9,824.4

Net Debt 3,259.8

Total Enterprise Value (TEV) $ 13,084.2

Reconciliation of Net Debt

September 30, June 30, September 30,

(dollars in millions) 2021 2021 2020

Long-term debt^(a) $ 3,559.0 $ 3,587.8 $ 3,236.3

Finance lease liabilities 157.2 162.8 29.2

Less:

Cash and cash equivalents (456.4 ) (369.7 ) (156.5 )

Net Debt $ 3,259.8 $ 3,380.9 $ 3,109.0

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

Three Months Ended

September June 30, September % 30, 30, Change

(dollars in millions) 2021 2021 2020 Yr/Yr

Interest expense and fees, net $ 19.9 $ 18.8 $ 17.3 15 %

Amortization of deferred financing costs 2.2 1.9 1.6 38 %and bond premium / discount

Capitalized interest (4.8 ) (5.9 ) (5.6 ) (14 )%

Total interest expense, net $ 17.3 $ 14.8 $ 13.3 30 %

CyrusOne Inc.

Debt Schedule and Debt Covenants

(Unaudited)

Debt Schedule (as of September 30, 2021)

(dollars in millions)

Long-term debt: Amount Interest Rate Maturity Date

Revolving credit facility - USD^ - USD LIBOR + 100 bps March 2025^(a) (b)

Term loan^(c) 800.0 USD LIBOR + 120 bps^ March 2025^ (d) (e)

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

1.450% EUR senior notes due 2027^ 579.5 1.450% January 2027(f)

1.125% EUR senior notes due 2028^ 579.5 1.125% May 2028(f)

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

2.150% USD senior notes due 2030 400.0 2.150% November 2030

Total long-term debt^(g) $ 3,559.0 2.04%^(h)



Weighted average term of debt^(b) 5.7 years (e):

(a)

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

(b)

Assuming exercise of 12-month extension option.

(c)

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

(d)

Interest rate as of September 30, 2021: 1.29%; weighted average interest rate pursuant to swaps: 1.36%.

(e)

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

(f)

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

(g)

Excludes adjustment for deferred financing costs and unamortized bond discounts.

(h)

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

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

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

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

(d) Interest rate as of September 30, 2021: 1.29%; weighted average interest rate pursuant to swaps: 1.36%.

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

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

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

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

Debt Covenants - Senior Notes (as of September 30,2021)

Ratios Requirement September 30, 2021

Total Outstanding Indebtedness to Total Assets ? 60% 42%

Secured Indebtedness to Total Assets ? 40% 2%

Consolidated EBITDA to Interest Expense ? 1.50x 6.75x

Total Unencumbered Assets to Unsecured ? 150% 245%Indebtedness

CyrusOne Inc.

Colocation Square Footage (CSF) and CSF Leased

(Unaudited)

As of September 30, As of June 30, As of September 30, 2021 2021 2020

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 1,268 92 % 1,217 91 % 1,166 93 %

Phoenix 643 97 % 581 99 % 581 92 %

Dallas 621 70 % 621 67 % 621 71 %

San Antonio 434 97 % 434 97 % 367 96 %

Cincinnati 405 68 % 402 68 % 402 73 %

New York Metro 349 68 % 345 72 % 290 79 %

Houston 308 51 % 308 53 % 308 62 %

Chicago 203 81 % 203 80 % 203 79 %

Austin 106 68 % 106 69 % 106 77 %

Raleigh-Durham 94 100 % 94 100 % 94 95 %

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

Total - Domestic 4,472 82 % 4,351 81 % 4,138 84 %

Frankfurt 268 99 % 252 100 % 144 99 %

London 167 99 % 167 90 % 148 83 %

Dublin 76 100 % 76 100 % - - %

Amsterdam 39 100 % 39 100 % 39 100 %

Paris 26 100 % - - % - - %

Singapore 3 20 % 3 20 % 3 20 %

Total - 578 99 % 537 96 % 334 91 %International

Total - Portfolio 5,050 84 % 4,889 83 % 4,471 84 %

Stabilized 4,789 86 % 4,611 86 % 4,134 87 %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(a) 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.

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 Previous Revised 2021 Guidance 2021 Guidance

Total Revenue $1,155 - 1,185 $1,180 - 1,200 million million

Lease and Other Revenues from $930 - 950 million $940 - 950 millionCustomers

Metered Power Reimbursements $225 - 235 million $240 - 250 million

Adjusted EBITDA $575 - 590 million $585 - 590 million

Normalized FFO per diluted common $3.95 - 4.05 $4.03 - 4.08share

Capital Expenditures $875 - 975 million $900 - 950 million

Development^(1) $855 - 935 million $875 - 915 million

Recurring $20 - 40 million $25 - 35 million

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

CyrusOne is updating its guidance for full year 2021, increasing the lower and upper ends of its guidance ranges for Total Revenue and Normalized FFO per diluted common share, increasing the lower end of its guidance range for Adjusted EBITDA, and narrowing the guidance range for Capital Expenditures. 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. 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. While the impact on our business has not been significant to date, 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 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 (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 September 30, 2021 (Unaudited)

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

Dallas - Carrollton Dallas $98,172 428 76 % 76 % 83 45 % 133 644 - 60

Northern Virginia - Northern 73,622 383 99 % 99 % 11 100 % 145 539 231 69 Sterling V Virginia

Northern Virginia - Northern 65,350 272 100 % 100 % 35 - % - 307 - 57 Sterling VI Virginia

Frankfurt II Frankfurt 45,978 90 100 % 100 % 9 100 % 72 171 10 35

Frankfurt III Frankfurt 42,120 124 100 % 100 % 19 100 % 115 258 - 44

Somerset I New York Metro 41,147 169 91 % 91 % 27 100 % 149 344 28 25

Northern Virginia - Northern 39,590 159 100 % 100 % 9 100 % 55 223 - 30 Sterling II Virginia

San Antonio III San Antonio 34,228 132 100 % 100 % 9 100 % 43 184 - 24

Phoenix - Chandler Phoenix 33,654 148 100 % 100 % 7 100 % 32 187 59 24 VI

Chicago - Aurora I Chicago 32,601 113 98 % 98 % 34 100 % 223 371 27 52

Dallas - Lewisville* Dallas 27,025 114 74 % 79 % 11 57 % 54 180 - 21

Frankfurt I Frankfurt 26,502 53 97 % 97 % 8 91 % 57 118 - 18

Cincinnati - North Cincinnati 26,102 68 98 % 100 % 45 79 % 53 166 59 14 Cincinnati

Phoenix - Chandler V Phoenix 25,911 143 95 % 99 % 2 97 % 25 170 13 27

Houston - Houston Houston 25,533 80 66 % 66 % 4 97 % 55 139 11 12 West II

Cincinnati - 7th Cincinnati 24,325 197 46 % 46 % 6 68 % 175 378 46 17 Street***

Phoenix - Chandler I Phoenix 24,163 74 99 % 99 % 35 11 % 39 147 31 12

Phoenix - Chandler Phoenix 23,864 74 100 % 100 % 6 53 % 26 105 - 12 II

Totowa - Madison** New York Metro 23,010 51 74 % 74 % 22 89 % 59 133 - 12

London II* London 22,531 81 78 % 100 % 10 100 % 94 184 3 28

Austin III Austin 22,112 62 59 % 59 % 15 81 % 21 98 67 11

Phoenix - Chandler Phoenix 21,801 68 100 % 100 % 2 - % 30 101 - 12 III

Raleigh-Durham I Raleigh-Durham 21,326 94 100 % 100 % 16 100 % 82 192 235 14

Northern Virginia - Northern 19,918 79 100 % 100 % 7 100 % 34 120 - 15 Sterling III Virginia

San Antonio I San Antonio 19,614 44 98 % 98 % 6 83 % 46 96 11 12

Houston - Houston Houston 18,387 112 48 % 48 % 11 100 % 37 161 3 32 West I

Northern Virginia - Northern 18,319 81 100 % 100 % 7 100 % 34 122 - 15 Sterling IV Virginia

Northern Virginia - Northern 18,160 78 90 % 90 % 6 63 % 49 132 - 12 Sterling I Virginia

Wappingers Falls I** New York Metro 17,323 37 62 % 62 % 20 86 % 15 72 - 7

San Antonio II San Antonio 17,276 64 100 % 100 % 11 100 % 41 117 - 12

San Antonio V San Antonio 16,121 134 90 % 90 % 14 100 % 38 187 1 21

London I* London 14,934 38 100 % 100 % 12 56 % 58 107 - 15

Austin II Austin 14,913 44 81 % 81 % 2 81 % 22 68 - 7

Phoenix - Chandler Phoenix 13,914 73 100 % 100 % 3 100 % 27 103 - 12 IV

San Antonio IV San Antonio 13,184 60 100 % 100 % 12 100 % 27 99 - 12

London III* London 10,992 39 100 % 100 % 4 100 % 49 91 - 12

Florence Cincinnati 10,855 53 99 % 99 % 47 87 % 40 140 - 9

Dublin Dublin 10,109 76 100 % 100 % 10 100 % 33 119 76 12

Chicago - Aurora II Chicago 9,457 77 60 % 60 % 45 2 % 14 136 272 16

Houston - Galleria Houston 9,325 63 37 % 37 % 23 21 % 25 112 - 11

Cincinnati - Cincinnati 9,105 47 64 % 64 % 1 100 % 35 83 - 9 Hamilton*

Houston - Houston Houston 8,348 53 50 % 50 % 10 13 % 32 95 209 6 West III

Norwalk I** New York Metro 6,920 17 100 % 100 % 10 95 % 41 68 83 5

London - Great London 6,861 10 91 % 91 % - - % 1 11 - 1 Bridgewater**

Stamford - New York Metro 5,078 20 22 % 22 % - - % 8 28 - 5 Riverbend**

Dallas - Allen Dallas 4,936 79 22 % 22 % - - % 58 137 204 6

Northern Virginia - Northern 4,829 51 100 % 100 % 8 100 % 2 61 - 6 Sterling IX Virginia

Cincinnati - Mason Cincinnati 4,713 34 100 % 100 % 26 98 % 17 78 - 4

Amsterdam I Amsterdam 4,399 39 100 % 100 % 15 100 % 40 94 207 4

Paris I* Paris 3,707 26 100 % 100 % 4 100 % 15 45 201 6

Chicago - Lombard Chicago 2,366 14 50 % 50 % 4 79 % 12 30 29 2

Totowa - Commerce** New York Metro 754 - - % - % 20 44 % 6 26 - -

Cincinnati - Blue Cincinnati 558 6 36 % 36 % 7 100 % 2 15 - 1 Ash*

Singapore - Inter Singapore 378 3 20 % 20 % - - % - 3 - 1 Business Park**

Phoenix - Chandler Phoenix 246 62 71 % 71 % 10 14 % 38 110 - 15 VII

Stabilized $1,136,670 4,789 86 % 86 % 780 68 % 2,632 8,201 2,116 928 Properties - Total

CyrusOne Inc.

Data Center Portfolio

As of September 30, 2021

(Unaudited)



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

Stabilized $ 1,136,670 4,789 86 % 86 % 780 68 % 2,632 8,201 2,116 928 Properties - Total



Pre-Stabilized Properties^(b)

Northern Virginia - Northern 13,208 61 59 % 59 % 4 - % 25 90 - 12 Sterling VIII Virginia

Northern Virginia - Northern 5,191 104 43 % 44 % 1 - % 68 173 32 21 Sterling IX Virginia

Council Bluffs I Iowa 2,056 42 12 % 15 % 14 - % 18 73 42 5

Somerset (DH #12 Newand #13) York - 54 - % - % 9 - % - 63 - 5 Metro

All Properties - $ 1,157,124 5,050 83 % 84 % 809 67 % 2,743 8,601 2,190 971 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.

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 September 30, 2021 multiplied by 12. For the month of September 2021, customer reimbursements were $244.8 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From October 1, 2019 through September 30, 2021, customer reimbursements under leases with separately metered power constituted between 14.9% and 21.2% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of September 30, 2021 was $1,151.5 million. Our annualized effective rent was lower than our annualized rent as of September 30, 2021 because our negative straight-line and other adjustments and amortization of deferred revenue exceeded our positive straight-line adjustments due to factors such as the timing of contractual rent escalations and customer payments for services.

(d)

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

(e)

Percent occupied is determined based on CSF billed to customers under signed leases as of September 30, 2021 divided by total CSF. Leases signed but that have not commenced billing as of September 30, 2021 are not included.

(f)

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

(g)

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

(h)

Percent occupied is determined based on Office & Other space being billed to customers under signed leases as of September 30, 2021 divided by total Office & Other space. Leases signed but not commenced as of September 30, 2021 are not included.

(i)

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

(j)

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

(k)

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

(l)

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

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(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 September 30, 2021 multiplied by 12. For the month of September 2021, customer reimbursements were $244.8 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From(c) October 1, 2019 through September 30, 2021, customer reimbursements under leases with separately metered power constituted between 14.9% and 21.2% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of September 30, 2021 was $1,151.5 million. Our annualized effective rent was lower than our annualized rent as of September 30, 2021 because our negative straight-line and other adjustments and amortization of deferred revenue exceeded our positive straight-line adjustments due to factors such as the timing of contractual rent escalations and customer payments for services.

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(e) signed leases as of September 30, 2021 divided by total CSF. Leases signed but that have not commenced billing as of September 30, 2021 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 September 30, 2021 divided by total Office & Other space. Leases signed but not commenced as of September 30, 2021 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 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(l) represented by UPS manufacturer nameplate ratings and does not include ancillary UPS capacity not configured for the direct support of leased customer critical IT load (e.g. dedicated office power, office disaster recovery UPS, or UPS utilized by CyrusOne for infrastructure control circuits). Does not sum to total due to rounding.

CyrusOne Inc.

GSF Under Development

As of September 30, 2021

(Dollars in millions) (Unaudited)

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

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

London I London 4Q'21 8 - - - 8 3.0 $5 $5-10 $10-15

Sterling Northern 4Q'21 40 - - - 40 4.5 1 22-26 23-27IX (DH #4) Virginia

Sterling Northern 4Q'21 - - - - - 1.5 5 4-6 9-11IX (DH #3) Virginia

San Texas 2Q'22 - - - 125 125 - 1 20-23 21-24Antonio VI

Sterling X Northern 2Q'22 - - - 225 225 - 1 41-47 42-48 Virginia

London IV London 2Q'22 38 7 39 101 186 6.0 7 39-58 46-65

Frankfurt Frankfurt 4Q'22 73 11 39 - 122 17.0 9 112-131 121-140IV

London V London 3Q'23 52 12 49 17 130 16.5 - 83-89 83-89

Total 211 30 127 469 836 48.5 $29 $326-390 $355-419

(a)

Represents GSF at a facility for which, as of September 30, 2021, 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 1.35 as of September 30, 2021. Frankfurt development costs are EUR-denominated and shown as USD-equivalent based on an exchange rate of 1.16 as of September 30, 2021.

(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 September 30, 2021. 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.

Represents GSF at a facility for which, as of September 30, 2021,(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 1.35 as of September 30, 2021. Frankfurt development costs are EUR-denominated and shown as USD-equivalent based on an exchange rate of 1.16 as of September 30, 2021.

(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 September 30, 2021. 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.

Capital Expenditures - Investment in Real Estate(a)

Three Months Ended

Nine Months Ended

(dollars in millions)

September 30, 2021

September 30, 2021

Capital expenditures - investment in real estate

$211.3

$566.5

(a) Excludes recurring capital expenditures.

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

(dollars in millions) September 30, September 30, 2021 2021

Capital expenditures - investment in real $211.3 $566.5estate

(a) Excludes recurring capital expenditures.

CyrusOne Inc.

Land Available for Future Development (Acres)

As of September 30, 2021 (Unaudited)

As of

Market September 30, 2021

Amsterdam 8

Austin 22

Chicago 23

Cincinnati 98

Council Bluffs, Iowa 10

Dallas 57

Dublin 15

Frankfurt 6

Houston 20

London 33

Madrid 5

Northern Virginia 24

Phoenix 96

Quincy, Washington 48

San Antonio 22

Santa Clara 23

Total Available^(a) 508

Book Value of Total Available $ 293.0 million

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

Leasing Statistics - Lease Signings

As of September 30, 2021

(Unaudited)

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

3Q'21 349 100,000 19,860 $3,152 108

Prior 4Q 396 169,500 21,106 $2,860 97Avg.

2Q'21 370 345,000 20,855 $3,487 99

1Q'21 414 156,000 28,493 $2,947 116

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

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

(a)

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

(b)

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

(c)

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

(d)

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

(e)

Calculated on a CSF-weighted basis.

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 $0.7 million in 2Q'21, $0.3 million in 3Q'21, and $0.2 million in 3Q'20, 4Q'20 and 1Q'21.

(e) Calculated on a CSF-weighted basis.

CyrusOne Inc.

New MRR Signed - Existing vs. New Customers

As of September 30, 2021

(Dollars in thousands)

(Unaudited)

New MRR Signed^(a) 4Q'19 1Q'20 2Q'20 3Q'20 4Q'20 1Q'21 2Q'21 3Q'21Existing Customers $843 $4,756 $2,872 $841 $3,881 $2,827 $3,332 $3,039

New Customers $220 $238 $198 $53 $231 $120 $155 $113

Total $1,063 $4,994 $3,070 $894 $4,112 $2,947 $3,487 $3,152

% from Existing 79% 95% 94% 94% 94% 96% 96% 96%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 $0.7 million in 2Q'21, $0.3 million in 1Q'20 and 3Q'21, and $0.2 million in 4Q'19, 2Q'20, 3Q'20, 4Q'20, and 1Q'21.

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 $0.7 million in 2Q'21, $0.3 million in 1Q'20 and 3Q'21, and $0.2 million in 4Q'19, 2Q'20, 3Q'20, 4Q'20, and 1Q'21.

CyrusOne Inc.

Customer Sector Diversification^(a)

As of September 30, 2021

(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 13 $ 228,644 19.8 % 86.6

2 Information Technology 8 98,014 8.5 % 46.0

3 Information Technology 14 87,632 7.6 % 21.7

4 Information Technology 5 62,815 5.4 % 36.0

5 Information Technology 10 45,010 3.9 % 40.9

6 Information Technology 5 44,999 3.9 % 33.3

7 Information Technology 3 22,593 2.0 % 26.3

8 Financial Services 1 18,985 1.6 % 114.0

9 Healthcare 2 16,500 1.4 % 75.0

10 Information Technology 7 14,797 1.3 % 29.3

11 Research and Consulting 3 14,801 1.3 % 13.0 Services

12 Financial Services 4 11,960 1.0 % 78.3

13 Financial Services 2 11,905 1.0 % 33.7

14 Financial Services 4 10,574 0.9 % 78.8

15 Information Technology 1 9,874 0.9 % 29.6

16 Telecommunication Services 1 8,487 0.7 % 74.0

17 Telecommunication Services 2 8,300 0.7 % 42.0

18 Telecommunication Services 7 7,655 0.7 % 19.1

19 Financial Services 7 7,435 0.6 % 24.6

20 Industrials 2 7,080 0.6 % 66.7

$ 738,059 63.8 % 55.1

(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 September 30, 2021, multiplied by 12. For the month of September 2021, customer reimbursements were $244.8 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From October 1, 2019 through June 30, 2021, customer reimbursements under leases with separately metered power constituted between 14.9% and 21.2% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of September 30, 2021 was $1,151.5 million. Our annualized effective rent was lower than our annualized rent as of September 30, 2021 because our negative straight-line and other adjustments and amortization of deferred revenue exceeded our positive straight-line adjustments due to factors such as the timing of contractual rent escalations and customer payments for services.

(c)

Represents the customer's total annualized rent divided by the total annualized rent in the portfolio as of September 30, 2021, which was approximately $1,157.1 million.

(d)

Weighted average based on customer's percentage of total annualized rent expiring and is as of September 30, 2021, assuming that customers exercise no renewal options and exercise all early termination rights that require payment of less than 50% of the remaining rents. Early termination rights that require payment of 50% or more of the remaining lease payments are not assumed to be exercised because such payments approximate the profitability margin of leasing that space to the customer, such that we do not consider early termination to be economically detrimental to us.

(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 September 30, 2021, multiplied by 12. For the month of September 2021, customer reimbursements were $244.8 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From(b) October 1, 2019 through June 30, 2021, customer reimbursements under leases with separately metered power constituted between 14.9% and 21.2% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of September 30, 2021 was $1,151.5 million. Our annualized effective rent was lower than our annualized rent as of September 30, 2021 because our negative straight-line and other adjustments and amortization of deferred revenue exceeded our positive straight-line adjustments due to factors such as the timing of contractual rent escalations and customer payments for services.

Represents the customer's total annualized rent divided by the total(c) annualized rent in the portfolio as of September 30, 2021, which was approximately $1,157.1 million.

Weighted average based on customer's percentage of total annualized rent expiring and is as of September 30, 2021, 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 September 30, 2021

(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

0-999 606 65 % 128 2 % $ 88,771 8 %

1000-2499 117 13 % 184 2 % 47,943 4 %

2500-4999 59 6 % 211 3 % 47,853 4 %

5000-9999 48 5 % 332 5 % 57,707 5 %

10000+ 99 11 % 6,105 88 % 914,849 79 %

Total 929 100 % 6,959 100 % $ 1,157,124 100 %

(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 September 30, 2021. This may vary from total customer count as some customers may be under contract but have yet to occupy space.

(c)

Represents the total square feet at a facility under lease and that has commenced billing, excluding space held for development or space used by CyrusOne. A customer's leased GSF is estimated based on such customer's direct CSF or office and light-industrial space plus management's estimate of infrastructure support space, including mechanical, telecommunications and utility rooms, as well as building common areas.

(d)

Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of September 30, 2021, multiplied by 12. For the month of September 2021, customer reimbursements were $244.8 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From October 1, 2019 through September 30, 2021, customer reimbursements under leases with separately metered power constituted between 14.9% and 21.2% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of September 30, 2021 was $1,151.5 million. Our annualized effective rent was lower than our annualized rent as of September 30, 2021 because our negative straight-line and other adjustments and amortization of deferred revenue exceeded our positive straight-line adjustments due to factors such as the timing of contractual rent escalations and customer payments for services.

(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 September 30, 2021. 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 September 30, 2021, multiplied by 12. For the month of September 2021, customer reimbursements were $244.8 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From(d) October 1, 2019 through September 30, 2021, customer reimbursements under leases with separately metered power constituted between 14.9% and 21.2% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of September 30, 2021 was $1,151.5 million. Our annualized effective rent was lower than our annualized rent as of September 30, 2021 because our negative straight-line and other adjustments and amortization of deferred revenue exceeded our positive straight-line adjustments due to factors such as the timing of contractual rent escalations and customer payments for services.

CyrusOne Inc.

Lease Expirations

As of September 30, 2021

(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 1,643 19 %

Month-to-Month 1,874 152 2 % $ 48,740 4 % $ 48,740 4 %

2021 1,225 368 4 % 66,789 6 % 66,850 5 %

2022 3,253 909 11 % 188,790 16 % 190,993 15 %

2023 1,548 1,215 14 % 187,053 16 % 192,640 15 %

2024 1,090 705 8 % 147,992 13 % 155,743 12 %

2025 214 394 5 % 76,047 7 % 82,711 7 %

2026 155 953 11 % 153,100 13 % 167,933 13 %

2027 56 650 7 % 105,966 9 % 119,757 10 %

2028 28 306 4 % 41,938 4 % 47,673 4 %

2029 8 83 1 % 7,205 1 % 8,845 1 %

2030 10 291 3 % 27,908 2 % 42,513 3 %

2031 - 37 934 11 % 105,597 9 % 130,979 11 %Thereafter

Total 9,498 8,601 100 % $ 1,157,124 100 % $ 1,255,376 100 %

(a)

Leases that were auto-renewed prior to September 30, 2021 are shown in the calendar year in which their current auto-renewed term expires. Unless otherwise stated in the footnotes, the information set forth in the table assumes that customers exercise no renewal options and exercise all early termination rights that require payment of less than 50% of the remaining rents. Early termination rights that require payment of 50% or more of the remaining lease payments are not assumed to be exercised.

(b)

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

(c)

Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of September 30, 2021, multiplied by 12. For the month of September 2021, customer reimbursements were $244.8 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers' utilization of power and the suppliers' pricing of power. From October 1, 2019 through September 30, 2021, customer reimbursements under leases with separately metered power constituted between 14.9% and 21.2% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of September 30, 2021 was $1,151.5 million. Our annualized effective rent was lower than our annualized rent as of September 30, 2021 because our negative straight-line and other adjustments and amortization of deferred revenue exceeded our positive straight-line adjustments due to factors such as the timing of contractual rent escalations and customer payments for services.

(d)

Represents the final monthly contractual rent under existing customer leases that had commenced as of September 30, 2021, multiplied by 12.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211027006091/en/

CONTACT: Investor Relations Michael Schafer Senior Vice President, Finance 972-350-0060 investorrelations@cyrusone.com