FORM 10-Q
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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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CyrusOne Inc.
(Exact name of registrant as specified in its charter)
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Maryland (CyrusOne Inc.)
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46-0691837
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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CyrusOne Inc.
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Large accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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Smaller reporting company
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¨
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Page
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PART I. FINANCIAL INFORMATION
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PART II. OTHER INFORMATION
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IN MILLIONS, except share and per share amounts
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As of
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March 31, 2016
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December 31, 2015
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||||
Assets
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Investment in real estate:
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Land
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$
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98.8
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$
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93.0
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Buildings and improvements
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942.0
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905.3
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Equipment
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715.6
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598.2
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Construction in progress
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327.7
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231.1
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Subtotal
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2,084.1
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1,827.6
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Accumulated depreciation
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(467.2
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)
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(435.6
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)
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Net investment in real estate
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1,616.9
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1,392.0
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Cash and cash equivalents
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87.7
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14.3
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Rent and other receivables
(net of allowance for doubtful accounts of $1.2 and $1.0 as of March 31, 2016 and December 31, 2015, respectively)
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67.1
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76.1
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Restricted cash
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0.7
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1.5
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Goodwill
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453.4
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453.4
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Intangible assets
(net of accumulated amortization of $95.5 and $90.6 as of March 31, 2016 and December 31, 2015, respectively)
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165.5
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170.3
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Other assets
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92.2
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88.0
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Total assets
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$
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2,483.5
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$
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2,195.6
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Liabilities and equity
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Accounts payable and accrued expenses
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$
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196.2
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$
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136.6
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Deferred revenue
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76.4
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78.7
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Capital lease obligations
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11.5
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12.2
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Long-term debt
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1,010.3
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996.5
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Lease financing arrangements
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147.0
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150.0
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Total liabilities
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1,441.4
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1,374.0
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Commitment and contingencies
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Equity
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Preferred stock, $.01 par value, 100,000,000 authorized; no shares issued or outstanding
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—
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—
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Common stock, $.01 par value, 500,000,000 shares authorized and 79,602,965 and 72,556,334 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively
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0.8
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0.7
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Additional paid in capital
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1,212.0
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967.2
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Accumulated deficit
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(170.3
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)
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(145.9
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)
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Accumulated other comprehensive income (loss)
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(0.4
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)
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(0.4
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)
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Total shareholders’ equity
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1,042.1
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821.6
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Total liabilities and equity
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$
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2,483.5
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$
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2,195.6
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IN MILLIONS, except share and per share data
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For the three months ended March 31,
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2016
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2015
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Revenue
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$
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117.8
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$
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85.7
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Costs and expenses:
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Property operating expenses
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40.3
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32.3
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Sales and marketing
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4.0
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2.9
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General and administrative
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14.0
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9.1
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Depreciation and amortization
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39.3
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31.1
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Transaction and acquisition integration costs
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2.3
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0.1
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Asset impairments and loss on disposal
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—
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8.6
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Total costs and expenses
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99.9
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84.1
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Operating income
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17.9
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1.6
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Interest expense
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12.1
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8.4
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Net income (loss) before income taxes
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5.8
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(6.8
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)
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Income tax expense
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(0.2
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)
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(0.4
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)
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Net income (loss)
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5.6
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(7.2
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)
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Noncontrolling interest in net loss
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—
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(2.9
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)
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Net income (loss) attributed to common shareholders
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$
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5.6
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$
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(4.3
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)
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Basic weighted average common shares outstanding
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72.1
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36.9
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Diluted weighted average common shares outstanding
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72.8
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36.9
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Income (loss) per share - basic and diluted
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$
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0.07
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$
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(0.12
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)
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Dividends declared per share
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$
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0.380
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$
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0.315
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IN MILLIONS
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For the three months ended March 31,
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2016
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2015
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Net income (loss)
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$
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5.6
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$
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(7.2
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)
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Other comprehensive income (loss):
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Foreign currency translation adjustments
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—
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(0.3
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)
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Comprehensive income (loss)
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5.6
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(7.5
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)
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Comprehensive loss attributable to noncontrolling interests
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—
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(3.0
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)
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Comprehensive income (loss) attributable to CyrusOne Inc.
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$
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5.6
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$
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(4.5
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)
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Shareholder's Equity/Parent's Net Investment
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Shares of Common Stock Outstanding
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Common Stock
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Additional
Paid In
Capital
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Accumulated
Deficit
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Accumulated Other Comprehensive Loss
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Total
Shareholders'
Equity/
Parent’s Net
Investment
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Non-
controlling
Interest
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Total
Equity
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|||||||||||||||
IN MILLIONS
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Balance January 1, 2015
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38.7
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$
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0.4
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$
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516.5
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$
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(55.9
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)
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$
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(0.3
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)
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$
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460.7
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$
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256.3
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$
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717.0
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Net loss
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—
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—
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—
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(7.2
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)
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—
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(7.2
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—
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(7.2
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)
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Noncontrolling interest allocated net loss
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—
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—
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—
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2.9
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—
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2.9
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(2.9
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)
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—
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|||||||
Stock based compensation
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0.4
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—
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3.0
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—
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—
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3.0
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—
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3.0
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Tax payment upon exercise of equity awards
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—
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—
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(0.6
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)
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—
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—
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(0.6
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)
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—
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(0.6
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)
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|||||||
Foreign currency translation adjustment
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—
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—
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—
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—
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(0.3
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)
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(0.3
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)
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—
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(0.3
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)
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Dividends and distributions, $0.315 per share
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—
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—
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—
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(12.3
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)
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—
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(12.3
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)
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(8.4
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)
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(20.7
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)
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|||||||
Balance at March 31, 2015
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39.1
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$
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0.4
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$
|
518.9
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$
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(72.5
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)
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$
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(0.6
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)
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$
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446.2
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$
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245.0
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$
|
691.2
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Balance January 1, 2016
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72.6
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$
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0.7
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$
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967.2
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$
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(145.9
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)
|
|
$
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(0.4
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)
|
|
$
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821.6
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|
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$
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—
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$
|
821.6
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Net income
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—
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|
—
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|
|
—
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5.6
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—
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5.6
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—
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5.6
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Stock issuance costs
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—
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—
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(0.5
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)
|
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—
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—
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(0.5
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)
|
|
—
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|
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(0.5
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)
|
|||||||
Stock based compensation
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0.6
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—
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3.0
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—
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—
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3.0
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—
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|
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3.0
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|||||||
Tax payment upon exercise of equity awards
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(0.5
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)
|
|
—
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|
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(13.6
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)
|
|
—
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|
—
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(13.6
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)
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—
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(13.6
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)
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|||||||
Issuance of common stock
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6.9
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|
0.1
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|
|
255.9
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|
|
—
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|
|
—
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|
256.0
|
|
|
—
|
|
|
256.0
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|
|||||||
Dividends, $0.38 per share
|
—
|
|
|
—
|
|
|
—
|
|
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(30.0
|
)
|
|
—
|
|
|
(30.0
|
)
|
|
—
|
|
|
(30.0
|
)
|
|||||||
Balance at March 31, 2016
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79.6
|
|
|
$
|
0.8
|
|
|
$
|
1,212.0
|
|
|
$
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(170.3
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)
|
|
$
|
(0.4
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)
|
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$
|
1,042.1
|
|
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$
|
—
|
|
|
$
|
1,042.1
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IN MILLIONS
|
|
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|
||||
For the three months ended March 31,
|
|
2016
|
|
2015
|
||||
Cash flows from operating activities:
|
|
|
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|
||||
Net income (loss)
|
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$
|
5.6
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|
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$
|
(7.2
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)
|
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
|
|
|
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|
||||
Depreciation and amortization
|
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39.3
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31.1
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|
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Non-cash interest expense
|
|
0.9
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|
|
0.7
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|
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Stock-based compensation expense
|
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3.0
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3.0
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|
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Provision for bad debt write off
|
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0.1
|
|
|
—
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|
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Asset impairments and loss on disposal
|
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—
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|
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8.6
|
|
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Change in operating assets and liabilities:
|
|
|
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|
||||
Rent receivables and other assets
|
|
6.2
|
|
|
1.8
|
|
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Accounts payable and accrued expenses
|
|
—
|
|
|
(2.9
|
)
|
||
Deferred revenues
|
|
(2.3
|
)
|
|
(0.2
|
)
|
||
Due to affiliates
|
|
—
|
|
|
(1.6
|
)
|
||
Net cash provided by operating activities
|
|
52.8
|
|
|
33.3
|
|
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Cash flows from investing activities:
|
|
|
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|
||||
Capital expenditures – purchase of fixed assets
|
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(131.1
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)
|
|
(17.3
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)
|
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Capital expenditures – other development
|
|
(78.5
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)
|
|
(31.9
|
)
|
||
Changes in restricted cash
|
|
0.8
|
|
|
—
|
|
||
Net cash used in investing activities
|
|
(208.8
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)
|
|
(49.2
|
)
|
||
Cash flows from financing activities:
|
|
|
|
|
||||
Issuance of common stock
|
|
256.0
|
|
|
—
|
|
||
Dividends paid
|
|
(22.8
|
)
|
|
(13.5
|
)
|
||
Borrowings from credit facility
|
|
320.0
|
|
|
20.0
|
|
||
Payments on credit facility
|
|
(305.0
|
)
|
|
—
|
|
||
Payments on capital leases and leasing financing arrangements
|
|
(3.1
|
)
|
|
(1.1
|
)
|
||
Debt issuance costs
|
|
(2.1
|
)
|
|
—
|
|
||
Tax payment upon exercise of equity awards
|
|
(13.6
|
)
|
|
—
|
|
||
Net cash provided by financing activities
|
|
229.4
|
|
|
5.4
|
|
||
Net increase (decrease) in cash and cash equivalents
|
|
73.4
|
|
|
(10.5
|
)
|
||
Cash and cash equivalents at beginning of period
|
|
14.3
|
|
|
36.5
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
87.7
|
|
|
$
|
26.0
|
|
Supplemental disclosures
|
|
|
|
|
||||
Cash paid for interest, net of amount capitalized
|
|
$
|
6.2
|
|
|
$
|
2.8
|
|
Cash paid for income taxes
|
|
0.1
|
|
|
1.1
|
|
||
Capitalized interest
|
|
2.1
|
|
|
1.3
|
|
||
Non-cash investing and financing activities
|
|
|
|
|
||||
Acquisition of property in accounts payable and other liabilities
|
|
111.9
|
|
|
21.5
|
|
||
Dividends payable
|
|
31.5
|
|
|
21.5
|
|
||
Taxes on vesting of shares
|
|
—
|
|
|
0.6
|
|
IN MILLIONS
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
As of
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
(
amounts in millions
)
|
Land
|
|
Building and
Improvements
|
|
Equipment
|
|
Land
|
|
Building and
Improvements
|
|
Equipment
|
||||||||||||
West Seventh St., Cincinnati, OH (7th Street)
|
$
|
0.9
|
|
|
$
|
110.6
|
|
|
$
|
20.5
|
|
|
$
|
0.9
|
|
|
$
|
110.6
|
|
|
$
|
19.6
|
|
Parkway Dr., Mason, OH (Mason)
|
—
|
|
|
20.2
|
|
|
1.2
|
|
|
—
|
|
|
20.2
|
|
|
1.0
|
|
||||||
Industrial Rd., Florence, KY (Florence)
|
2.2
|
|
|
41.5
|
|
|
3.9
|
|
|
2.2
|
|
|
41.5
|
|
|
3.3
|
|
||||||
Goldcoast Dr., Cincinnati, OH (Goldcoast)
|
0.6
|
|
|
6.7
|
|
|
0.1
|
|
|
0.6
|
|
|
6.7
|
|
|
0.1
|
|
||||||
Knightsbridge Dr., Hamilton, OH (Hamilton)
|
—
|
|
|
49.2
|
|
|
4.8
|
|
|
—
|
|
|
49.2
|
|
|
4.4
|
|
||||||
E. Monroe St., South Bend, IN (Monroe St.)
|
—
|
|
|
2.5
|
|
|
0.3
|
|
|
—
|
|
|
2.5
|
|
|
0.3
|
|
||||||
Springer St., Lombard, IL (Lombard)
|
0.7
|
|
|
4.7
|
|
|
7.7
|
|
|
0.7
|
|
|
4.7
|
|
|
7.6
|
|
||||||
Crescent Circle, South Bend, IN (Blackthorn)
|
—
|
|
|
3.3
|
|
|
0.3
|
|
|
—
|
|
|
3.3
|
|
|
0.4
|
|
||||||
Kingsview Dr., Lebanon, OH (Lebanon)
|
4.0
|
|
|
77.3
|
|
|
8.1
|
|
|
4.0
|
|
|
77.3
|
|
|
7.6
|
|
||||||
McAuley Place, Blue Ash, OH (Blue Ash)
|
—
|
|
|
0.6
|
|
|
0.1
|
|
|
—
|
|
|
0.6
|
|
|
0.1
|
|
||||||
Westway Park Blvd., Houston, TX (Houston West 1)
|
1.4
|
|
|
84.8
|
|
|
46.4
|
|
|
1.4
|
|
|
84.8
|
|
|
46.4
|
|
||||||
Westway Park Blvd., Houston, TX (Houston West 2)
|
2.8
|
|
|
22.6
|
|
|
47.4
|
|
|
2.0
|
|
|
22.6
|
|
|
47.1
|
|
||||||
Westway Park Blvd., Houston, TX (Houston West 3)
|
18.4
|
|
|
8.6
|
|
|
11.1
|
|
|
18.4
|
|
|
4.0
|
|
|
0.8
|
|
||||||
Southwest Fwy., Houston, TX (Galleria)
|
—
|
|
|
68.6
|
|
|
16.1
|
|
|
—
|
|
|
68.6
|
|
|
16.0
|
|
||||||
E. Ben White Blvd., Austin, TX (Austin 1)
|
—
|
|
|
13.6
|
|
|
1.1
|
|
|
—
|
|
|
13.6
|
|
|
1.0
|
|
||||||
S. State Highway 121 Business, Lewisville, TX (Lewisville)
|
—
|
|
|
76.6
|
|
|
24.9
|
|
|
—
|
|
|
76.6
|
|
|
24.9
|
|
||||||
Marsh Lane, Carrollton, TX (Marsh Ln)
|
—
|
|
|
0.1
|
|
|
0.6
|
|
|
—
|
|
|
0.1
|
|
|
0.6
|
|
||||||
Midway Rd., Carrollton, TX (Midway)
|
—
|
|
|
2.0
|
|
|
0.4
|
|
|
—
|
|
|
2.0
|
|
|
0.4
|
|
||||||
W. Frankford Rd., Carrollton, TX (Carrollton)
|
16.1
|
|
|
57.8
|
|
|
117.1
|
|
|
16.1
|
|
|
52.7
|
|
|
116.5
|
|
||||||
South Ellis Street, Chandler, AZ (Phoenix 1)
|
14.8
|
|
|
56.7
|
|
|
45.1
|
|
|
14.8
|
|
|
56.7
|
|
|
39.8
|
|
||||||
South Ellis Street, Chandler, AZ (Phoenix 2)
|
—
|
|
|
16.0
|
|
|
38.8
|
|
|
—
|
|
|
16.0
|
|
|
39.5
|
|
||||||
South Ellis Street, Chandler, AZ (Phoenix 3)
|
—
|
|
|
0.9
|
|
|
2.4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Westover Hills Blvd., San Antonio, TX (San Antonio 1)
|
4.6
|
|
|
32.1
|
|
|
33.0
|
|
|
4.6
|
|
|
32.1
|
|
|
33.0
|
|
||||||
Westover Hills Blvd., San Antonio, TX (San Antonio 2)
|
7.0
|
|
|
—
|
|
|
0.1
|
|
|
7.0
|
|
|
—
|
|
|
0.1
|
|
||||||
Metropolis Dr., Austin, TX (Austin 2)
|
2.0
|
|
|
23.2
|
|
|
6.4
|
|
|
2.0
|
|
|
23.2
|
|
|
5.7
|
|
||||||
Myer Conners Rd (Wappinger Falls)
|
—
|
|
|
11.3
|
|
|
14.7
|
|
|
—
|
|
|
11.3
|
|
|
14.4
|
|
||||||
Madison Road (Totowa)
|
—
|
|
|
28.3
|
|
|
49.0
|
|
|
—
|
|
|
28.3
|
|
|
48.8
|
|
||||||
Commerce Road (Totowa)
|
—
|
|
|
4.1
|
|
|
1.4
|
|
|
—
|
|
|
4.1
|
|
|
1.0
|
|
||||||
Norden Place (Norwalk)
|
—
|
|
|
18.9
|
|
|
25.5
|
|
|
—
|
|
|
18.3
|
|
|
25.4
|
|
||||||
Riverbend Drive South (Stamford)
|
—
|
|
|
4.3
|
|
|
13.2
|
|
|
—
|
|
|
4.3
|
|
|
13.2
|
|
||||||
Omega Drive (Stamford)
|
—
|
|
|
3.2
|
|
|
1.5
|
|
|
—
|
|
|
3.2
|
|
|
1.5
|
|
||||||
Kestral Way (London)
|
—
|
|
|
30.3
|
|
|
0.8
|
|
|
—
|
|
|
31.2
|
|
|
0.8
|
|
||||||
Jurong East (Singapore)
|
—
|
|
|
8.8
|
|
|
0.1
|
|
|
—
|
|
|
8.4
|
|
|
0.1
|
|
||||||
Ridgetop Circle, Sterling, VA (Northern Virginia)
|
7.0
|
|
|
19.1
|
|
|
44.8
|
|
|
7.0
|
|
|
19.2
|
|
|
45.2
|
|
||||||
Metropolis Dr., Austin, TX (Austin 3)
|
8.0
|
|
|
—
|
|
|
0.2
|
|
|
8.0
|
|
|
—
|
|
|
0.1
|
|
||||||
Metropolis Dr. Austin, TX (Austin 4)
|
3.3
|
|
|
7.5
|
|
|
31.0
|
|
|
3.3
|
|
|
7.4
|
|
|
31.5
|
|
||||||
Diehl Rd., Aurora, Illinois (Aurora)
|
5.0
|
|
|
26.0
|
|
|
95.5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
$
|
98.8
|
|
|
$
|
942.0
|
|
|
$
|
715.6
|
|
|
$
|
93.0
|
|
|
$
|
905.3
|
|
|
$
|
598.2
|
|
IN MILLIONS
|
|
|
|
||||
As of
|
March 31, 2016
|
|
December 31, 2015
|
||||
Credit facilities:
|
|
|
|
||||
Revolving credit facility
|
$
|
—
|
|
|
$
|
235.0
|
|
Term loan
|
550.0
|
|
|
300.0
|
|
||
6.375% senior notes due 2022, including bond premium
|
477.6
|
|
|
477.6
|
|
||
Notes payable
|
1.5
|
|
|
1.5
|
|
||
Deferred financing costs
|
(18.8
|
)
|
|
(17.6
|
)
|
||
Long-term debt
|
1,010.3
|
|
|
996.5
|
|
||
Capital lease obligations
|
11.5
|
|
|
12.2
|
|
||
Lease financing arrangements
|
147.0
|
|
|
150.0
|
|
||
Total
|
$
|
1,168.8
|
|
|
$
|
1,158.7
|
|
•
|
A minimum fixed charge ratio;
|
•
|
Maximum total and secured leverage ratios;
|
•
|
A minimum tangible net worth ratio;
|
•
|
A maximum secured recourse indebtedness ratio;
|
•
|
A minimum unencumbered debt yield ratio; and
|
•
|
A maximum ratio of unsecured indebtedness to unencumbered asset value.
|
IN MILLIONS
|
|
|
|
|
|
|
|
||||||||
As of
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
||||||||
6.375% senior notes due 2022
|
$
|
477.6
|
|
|
$
|
490.9
|
|
|
$
|
477.6
|
|
|
$
|
493.8
|
|
Revolving credit facility and term loan
|
550.0
|
|
|
550.0
|
|
|
535.0
|
|
|
535.0
|
|
||||
Note payable
|
1.5
|
|
|
1.1
|
|
|
1.5
|
|
|
1.2
|
|
As of
|
|
March 31, 2016
|
|
March 31, 2015
|
||||||||
(in millions, except unit amount)
|
|
The Company
|
|
CBI
|
|
The Company
|
|
CBI
|
||||
Operating partnership units
|
|
79.6
|
|
|
—
|
|
|
39.1
|
|
|
26.6
|
|
Ownership %
|
|
100.0
|
%
|
|
—
|
%
|
|
59.5
|
%
|
|
40.5
|
%
|
Portion of net income (loss)
|
|
5.6
|
|
|
—
|
|
|
(4.3
|
)
|
|
(2.9
|
)
|
Distributions
|
|
(30.0
|
)
|
|
—
|
|
|
(12.3
|
)
|
|
(8.4
|
)
|
For the three months ended March 31,
|
2016
|
2015
|
||||
Founders
|
$
|
0.3
|
|
$
|
1.3
|
|
2013 Grants
|
0.1
|
|
0.3
|
|
||
2014 Grants
|
0.3
|
|
0.7
|
|
||
2015 Grants
|
1.1
|
|
0.7
|
|
||
2016 Grants
|
1.2
|
|
—
|
|
||
Total
|
$
|
3.0
|
|
$
|
3.0
|
|
IN MILLIONS, except per share amounts
|
|
|
|
|
||||||||||
For the three months ended March 31,
|
|
2016
|
|
2015
|
||||||||||
|
|
Basic
|
Diluted
|
|
Basic
|
Diluted
|
||||||||
Numerator:
|
|
|
|
|
|
|
||||||||
Net income (loss) attributed to common shareholders
|
|
$
|
5.6
|
|
$
|
5.6
|
|
|
$
|
(4.3
|
)
|
$
|
(4.3
|
)
|
Less: Restricted stock dividends
|
|
(0.2
|
)
|
(0.2
|
)
|
|
(0.3
|
)
|
(0.3
|
)
|
||||
Net income (loss) available to shareholders
|
|
$
|
5.4
|
|
$
|
5.4
|
|
|
$
|
(4.6
|
)
|
$
|
(4.6
|
)
|
Denominator:
|
|
|
|
|
|
|
||||||||
Weighted average common outstanding-basic
|
|
72.1
|
|
72.1
|
|
|
36.9
|
|
36.9
|
|
||||
Performance-based restricted stock
(1)
|
|
|
0.6
|
|
|
|
—
|
|
||||||
Convertible securities
(1)
|
|
|
0.1
|
|
|
|
—
|
|
||||||
Weighted average shares outstanding-diluted
|
|
|
72.8
|
|
|
|
36.9
|
|
||||||
EPS:
|
|
|
|
|
|
|
||||||||
Net income (loss) per share-basic
|
|
$
|
0.07
|
|
|
|
$
|
(0.12
|
)
|
|
||||
Effect of dilutive shares:
|
|
|
|
|
|
|
||||||||
Net income (loss) per share-diluted
|
|
|
$
|
0.07
|
|
|
|
$
|
(0.12
|
)
|
•
|
upon the sale or other disposition (including by way of consolidation or merger) of such Guarantor or of all of the capital stock of such Guarantor such that such Guarantor is no longer a restricted subsidiary under the indenture,
|
•
|
upon the sale or disposition of all or substantially all of the assets of the Guarantor,
|
•
|
upon the LP Co-issuer designating such Guarantor as an unrestricted subsidiary under the terms of the indenture,
|
•
|
if such Guarantor is no longer a guarantor or other obligor of any other indebtedness of the LP Co-issuer or the Parent Guarantor, and
|
•
|
upon the defeasance or discharge of the
6.375%
senior notes in accordance with the terms of the indenture.
|
IN MILLIONS
|
|
As of March 31, 2016
|
||||||||||||||||||||||||||||||
|
|
Parent
Guarantor |
|
General
Partner |
|
LP
Co-issuer |
|
Finance
Co-issuer |
|
Guarantor Subsidiaries
|
|
Non-
Guarantor Subsidiaries |
|
Eliminations/Consolidations
|
|
Total
|
||||||||||||||||
Land
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
98.8
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
98.8
|
|
Buildings and improvements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
902.8
|
|
|
39.1
|
|
|
0.1
|
|
|
942.0
|
|
||||||||
Equipment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
711.7
|
|
|
0.9
|
|
|
3.0
|
|
|
715.6
|
|
||||||||
Construction in progress
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
326.5
|
|
|
—
|
|
|
1.2
|
|
|
327.7
|
|
||||||||
Subtotal
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,039.8
|
|
|
40.0
|
|
|
4.3
|
|
|
2,084.1
|
|
||||||||
Accumulated depreciation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(456.9
|
)
|
|
(10.3
|
)
|
|
—
|
|
|
(467.2
|
)
|
||||||||
Net investment in real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,582.9
|
|
|
29.7
|
|
|
4.3
|
|
|
1,616.9
|
|
||||||||
Cash and cash equivalents
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
84.6
|
|
|
2.9
|
|
|
—
|
|
|
87.7
|
|
||||||||
Investment in subsidiaries
|
|
1,051.6
|
|
|
10.5
|
|
|
1,126.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,188.3
|
)
|
|
—
|
|
||||||||
Restricted cash
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
||||||||
Rent and other receivables
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
65.5
|
|
|
1.6
|
|
|
—
|
|
|
67.1
|
|
||||||||
Intercompany receivable
|
|
16.0
|
|
|
—
|
|
|
963.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(979.7
|
)
|
|
—
|
|
||||||||
Goodwill
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
453.4
|
|
|
—
|
|
|
—
|
|
|
453.4
|
|
||||||||
Intangible assets, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
165.5
|
|
|
—
|
|
|
—
|
|
|
165.5
|
|
||||||||
Other assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
90.0
|
|
|
2.2
|
|
|
—
|
|
|
92.2
|
|
||||||||
Total assets
|
|
$
|
1,067.8
|
|
|
$
|
10.5
|
|
|
$
|
2,089.9
|
|
|
$
|
—
|
|
|
$
|
2,442.6
|
|
|
$
|
36.4
|
|
|
$
|
(3,163.7
|
)
|
|
$
|
2,483.5
|
|
Accounts payable and accrued expenses
|
|
$
|
30.0
|
|
|
$
|
—
|
|
|
$
|
13.5
|
|
|
$
|
—
|
|
|
$
|
152.1
|
|
|
$
|
0.6
|
|
|
$
|
—
|
|
|
$
|
196.2
|
|
Deferred revenue
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
75.8
|
|
|
0.6
|
|
|
—
|
|
|
76.4
|
|
||||||||
Intercompany payable
|
|
—
|
|
|
—
|
|
|
16.0
|
|
|
—
|
|
|
963.7
|
|
|
—
|
|
|
(979.7
|
)
|
|
—
|
|
||||||||
Capital lease obligations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5.4
|
|
|
6.1
|
|
|
—
|
|
|
11.5
|
|
||||||||
Long-term debt
|
|
—
|
|
|
—
|
|
|
1,008.8
|
|
|
—
|
|
|
1.5
|
|
|
—
|
|
|
—
|
|
|
1,010.3
|
|
||||||||
Lease financing arrangements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
117.9
|
|
|
29.1
|
|
|
—
|
|
|
147.0
|
|
||||||||
Total liabilities
|
|
30.0
|
|
|
—
|
|
|
1,038.3
|
|
|
—
|
|
|
1,316.4
|
|
|
36.4
|
|
|
(979.7
|
)
|
|
1,441.4
|
|
||||||||
Total shareholders' equity
|
|
1,037.8
|
|
|
10.5
|
|
|
1,051.6
|
|
|
—
|
|
|
1,126.2
|
|
|
—
|
|
|
(2,184.0
|
)
|
|
1,042.1
|
|
||||||||
Total liabilities and equity
|
|
$
|
1,067.8
|
|
|
$
|
10.5
|
|
|
$
|
2,089.9
|
|
|
$
|
—
|
|
|
$
|
2,442.6
|
|
|
$
|
36.4
|
|
|
$
|
(3,163.7
|
)
|
|
$
|
2,483.5
|
|
IN MILLIONS
|
|
As of December 31, 2015
|
||||||||||||||||||||||||||||||
|
|
Parent
Guarantor |
|
General
Partner |
|
LP
Co-issuer |
|
Finance
Co-issuer |
|
Guarantor Subsidiaries
|
|
Non-
Guarantor Subsidiaries |
|
Eliminations/Consolidations
|
|
Total
|
||||||||||||||||
Land
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
93.0
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
93.0
|
|
Buildings and improvements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
865.6
|
|
|
39.6
|
|
|
0.1
|
|
|
905.3
|
|
||||||||
Equipment
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
594.7
|
|
|
0.9
|
|
|
2.6
|
|
|
598.2
|
|
||||||||
Construction in progress
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
229.8
|
|
|
0.1
|
|
|
1.2
|
|
|
231.1
|
|
||||||||
Subtotal
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,783.1
|
|
|
40.6
|
|
|
3.9
|
|
|
1,827.6
|
|
||||||||
Accumulated depreciation
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(426.0
|
)
|
|
(9.6
|
)
|
|
—
|
|
|
(435.6
|
)
|
||||||||
Net investment in real estate
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,357.1
|
|
|
31.0
|
|
|
3.9
|
|
|
1,392.0
|
|
||||||||
Cash and cash equivalents
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10.4
|
|
|
3.9
|
|
|
—
|
|
|
14.3
|
|
||||||||
Investment in subsidiaries
|
|
817.7
|
|
|
8.2
|
|
|
850.6
|
|
|
—
|
|
|
0.7
|
|
|
—
|
|
|
(1,677.2
|
)
|
|
—
|
|
||||||||
Restricted cash
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.5
|
|
|
—
|
|
|
—
|
|
|
1.5
|
|
||||||||
Rent and other receivables
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
74.8
|
|
|
1.3
|
|
|
—
|
|
|
76.1
|
|
||||||||
Intercompany receivable
|
|
—
|
|
|
—
|
|
|
991.3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(991.3
|
)
|
|
—
|
|
||||||||
Goodwill
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
453.4
|
|
|
—
|
|
|
—
|
|
|
453.4
|
|
||||||||
Intangible assets, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
170.3
|
|
|
—
|
|
|
—
|
|
|
170.3
|
|
||||||||
Other assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
85.3
|
|
|
2.7
|
|
|
—
|
|
|
88.0
|
|
||||||||
Total assets
|
|
$
|
817.7
|
|
|
$
|
8.2
|
|
|
$
|
1,841.9
|
|
|
$
|
—
|
|
|
$
|
2,153.5
|
|
|
$
|
38.9
|
|
|
$
|
(2,664.6
|
)
|
|
$
|
2,195.6
|
|
Accounts payable and accrued expenses
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
29.2
|
|
|
$
|
—
|
|
|
$
|
106.8
|
|
|
$
|
0.6
|
|
|
$
|
—
|
|
|
$
|
136.6
|
|
Deferred revenue
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
78.0
|
|
|
0.7
|
|
|
—
|
|
|
78.7
|
|
||||||||
Intercompany payable
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
991.3
|
|
|
—
|
|
|
(991.3
|
)
|
|
—
|
|
||||||||
Capital lease obligations
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.1
|
|
|
6.1
|
|
|
—
|
|
|
12.2
|
|
||||||||
Long-term debt
|
|
—
|
|
|
—
|
|
|
995.0
|
|
|
—
|
|
|
1.5
|
|
|
—
|
|
|
—
|
|
|
996.5
|
|
||||||||
Lease financing arrangements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
119.2
|
|
|
30.8
|
|
|
—
|
|
|
150.0
|
|
||||||||
Total liabilities
|
|
—
|
|
|
—
|
|
|
1,024.2
|
|
|
—
|
|
|
1,302.9
|
|
|
38.2
|
|
|
(991.3
|
)
|
|
1,374.0
|
|
||||||||
Total shareholders' equity
|
|
817.7
|
|
|
8.2
|
|
|
817.7
|
|
|
—
|
|
|
850.6
|
|
|
0.7
|
|
|
(1,673.3
|
)
|
|
821.6
|
|
||||||||
Total liabilities and equity
|
|
$
|
817.7
|
|
|
$
|
8.2
|
|
|
$
|
1,841.9
|
|
|
$
|
—
|
|
|
$
|
2,153.5
|
|
|
$
|
38.9
|
|
|
$
|
(2,664.6
|
)
|
|
$
|
2,195.6
|
|
IN MILLIONS
|
Three Months Ended March 31, 2016
|
|||||||||||||||||||||||||||||||
|
|
Parent
Guarantor |
|
General
Partner |
|
LP
Co-issuer |
|
Finance
Co-issuer |
|
Guarantor Subsidiaries
|
|
Non-
Guarantor Subsidiaries |
|
Eliminations/ Consolidations
|
|
Total
|
||||||||||||||||
Revenue
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
116.4
|
|
|
$
|
1.4
|
|
|
$
|
—
|
|
|
$
|
117.8
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Property operating expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
39.7
|
|
|
0.6
|
|
|
—
|
|
|
40.3
|
|
||||||||
Sales and marketing
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4.0
|
|
|
—
|
|
|
—
|
|
|
4.0
|
|
||||||||
General and administrative
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14.0
|
|
|
—
|
|
|
—
|
|
|
14.0
|
|
||||||||
Depreciation and amortization
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38.6
|
|
|
0.7
|
|
|
—
|
|
|
39.3
|
|
||||||||
Transaction and acquisition integration costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.3
|
|
|
—
|
|
|
—
|
|
|
2.3
|
|
||||||||
Total costs and expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
98.6
|
|
|
1.3
|
|
|
—
|
|
|
99.9
|
|
||||||||
Operating income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17.8
|
|
|
0.1
|
|
|
—
|
|
|
17.9
|
|
||||||||
Interest expense
|
|
—
|
|
|
—
|
|
|
11.7
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|
(0.4
|
)
|
|
12.1
|
|
||||||||
Income (loss) before income taxes
|
|
—
|
|
|
—
|
|
|
(11.7
|
)
|
|
—
|
|
|
17.8
|
|
|
(0.7
|
)
|
|
0.4
|
|
|
5.8
|
|
||||||||
Income tax expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
||||||||
Equity earnings (loss) related to investment in subsidiaries
|
|
5.2
|
|
|
0.1
|
|
|
16.9
|
|
|
—
|
|
|
(0.7
|
)
|
|
—
|
|
|
(21.5
|
)
|
|
—
|
|
||||||||
Net income (loss)
|
|
5.2
|
|
|
0.1
|
|
|
5.2
|
|
|
—
|
|
|
16.9
|
|
|
(0.7
|
)
|
|
(21.1
|
)
|
|
5.6
|
|
||||||||
Noncontrolling interest in net income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Net income (loss) attributed to common shareholders
|
|
5.2
|
|
|
0.1
|
|
|
5.2
|
|
|
—
|
|
|
16.9
|
|
|
(0.7
|
)
|
|
(21.1
|
)
|
|
5.6
|
|
||||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Comprehensive income (loss) attributable to common shareholders
|
|
$
|
5.2
|
|
|
$
|
0.1
|
|
|
$
|
5.2
|
|
|
$
|
—
|
|
|
$
|
16.9
|
|
|
$
|
(0.7
|
)
|
|
$
|
(21.1
|
)
|
|
$
|
5.6
|
|
IN MILLIONS
|
Three Months Ended March 31, 2015
|
|||||||||||||||||||||||||||||||
|
|
Parent
Guarantor |
|
General
Partner |
|
LP
Co-issuer |
|
Finance
Co-issuer |
|
Guarantor Subsidiaries
|
|
Non-
Guarantor Subsidiaries |
|
Eliminations/Consolidations
|
|
Total
|
||||||||||||||||
Revenue
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
84.4
|
|
|
$
|
1.3
|
|
|
$
|
—
|
|
|
$
|
85.7
|
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Property operating expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31.7
|
|
|
0.6
|
|
|
—
|
|
|
32.3
|
|
||||||||
Sales and marketing
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2.9
|
|
|
—
|
|
|
—
|
|
|
2.9
|
|
||||||||
General and administrative
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9.0
|
|
|
0.1
|
|
|
—
|
|
|
9.1
|
|
||||||||
Depreciation and amortization
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30.5
|
|
|
0.6
|
|
|
—
|
|
|
31.1
|
|
||||||||
Transaction and acquisition integration costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||||||
Asset impairments and loss on disposal
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.6
|
|
|
—
|
|
|
—
|
|
|
8.6
|
|
||||||||
Total costs and expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
82.8
|
|
|
1.3
|
|
|
—
|
|
|
84.1
|
|
||||||||
Operating income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1.6
|
|
|
—
|
|
|
—
|
|
|
1.6
|
|
||||||||
Interest expense
|
|
—
|
|
|
—
|
|
|
8.3
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|
(0.7
|
)
|
|
8.4
|
|
||||||||
Income (loss) before income taxes
|
|
—
|
|
|
—
|
|
|
(8.3
|
)
|
|
—
|
|
|
1.6
|
|
|
(0.8
|
)
|
|
0.7
|
|
|
(6.8
|
)
|
||||||||
Income tax expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
|
—
|
|
|
—
|
|
|
(0.4
|
)
|
||||||||
Equity earnings (loss) related to investment in subsidiaries
|
|
(5.0
|
)
|
|
(0.1
|
)
|
|
0.4
|
|
|
—
|
|
|
(0.8
|
)
|
|
—
|
|
|
5.5
|
|
|
—
|
|
||||||||
Net income (loss)
|
|
(5.0
|
)
|
|
(0.1
|
)
|
|
(7.9
|
)
|
|
—
|
|
|
0.4
|
|
|
(0.8
|
)
|
|
6.2
|
|
|
(7.2
|
)
|
||||||||
Noncontrolling interest in net loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.9
|
)
|
|
(2.9
|
)
|
||||||||
Net income (loss) attributed to common shareholders
|
|
(5.0
|
)
|
|
(0.1
|
)
|
|
(7.9
|
)
|
|
—
|
|
|
0.4
|
|
|
(0.8
|
)
|
|
9.1
|
|
|
(4.3
|
)
|
||||||||
Other comprehensive loss
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.3
|
)
|
|
—
|
|
|
(0.3
|
)
|
||||||||
Comprehensive loss attributable to noncontrolling interests
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.1
|
)
|
|
(0.1
|
)
|
||||||||
Comprehensive loss attributable to common shareholders
|
|
$
|
(5.0
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(7.9
|
)
|
|
$
|
—
|
|
|
$
|
0.4
|
|
|
$
|
(1.1
|
)
|
|
$
|
9.2
|
|
|
$
|
(4.5
|
)
|
IN MILLIONS
|
|
Three Months Ended March 31, 2016
|
||||||||||||||||||||||||||||||
|
|
Parent
Guarantor
|
|
General
Partner
|
|
LP
Co-issuer
|
|
Finance
Co-issuer
|
|
Guarantor Subsidiaries
|
|
Non-
Guarantor Subsidiaries
|
|
Eliminations/Consolidations
|
|
Total
|
||||||||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income (loss)
|
|
$
|
5.2
|
|
|
$
|
0.1
|
|
|
5.2
|
|
|
$
|
—
|
|
|
$
|
16.9
|
|
|
$
|
(0.7
|
)
|
|
$
|
(21.1
|
)
|
|
$
|
5.6
|
|
|
Equity income (loss) related to investment in subsidiaries
|
|
(5.2
|
)
|
|
(0.1
|
)
|
|
(16.9
|
)
|
|
—
|
|
|
0.7
|
|
|
—
|
|
|
21.5
|
|
|
—
|
|
||||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Depreciation and amortization
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38.6
|
|
|
0.7
|
|
|
—
|
|
|
39.3
|
|
||||||||
Non-cash interest expense
|
|
—
|
|
|
—
|
|
|
0.9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.9
|
|
||||||||
Stock-based compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.0
|
|
|
—
|
|
|
—
|
|
|
3.0
|
|
||||||||
Provision for bad debt write off
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
||||||||
Change in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Rent receivables and other assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.0
|
|
|
0.2
|
|
|
—
|
|
|
6.2
|
|
||||||||
Accounts payable and accrued expenses
|
|
—
|
|
|
—
|
|
|
7.1
|
|
|
—
|
|
|
(7.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Deferred revenues
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.2
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
(2.3
|
)
|
||||||||
Net cash provided by (used in) operating activities
|
|
—
|
|
|
—
|
|
|
(3.7
|
)
|
|
—
|
|
|
56.0
|
|
|
0.1
|
|
|
0.4
|
|
|
52.8
|
|
||||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Capital expenditures - purchase of fixed assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(131.1
|
)
|
|
—
|
|
|
—
|
|
|
(131.1
|
)
|
||||||||
Capital expenditures - other development
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(78.5
|
)
|
|
—
|
|
|
—
|
|
|
(78.5
|
)
|
||||||||
Investment in subsidiaries
|
|
(255.7
|
)
|
|
(2.6
|
)
|
|
(255.7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
514.0
|
|
|
—
|
|
||||||||
Changes in restricted cash
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
|
—
|
|
|
—
|
|
|
0.8
|
|
||||||||
Return of investment
|
|
20.8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20.8
|
)
|
|
—
|
|
||||||||
Intercompany borrowings
|
|
13.5
|
|
|
—
|
|
|
27.1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(40.6
|
)
|
|
—
|
|
||||||||
Net cash provided by (used in) investing activities
|
|
(221.4
|
)
|
|
(2.6
|
)
|
|
(228.6
|
)
|
|
—
|
|
|
(208.8
|
)
|
|
—
|
|
|
452.6
|
|
|
(208.8
|
)
|
||||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Issuance of common stock
|
|
256.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
256.0
|
|
||||||||
Dividends paid
|
|
(20.8
|
)
|
|
—
|
|
|
(22.8
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20.8
|
|
|
(22.8
|
)
|
||||||||
Intercompany borrowings
|
|
—
|
|
|
—
|
|
|
(13.5
|
)
|
|
—
|
|
|
(26.7
|
)
|
|
—
|
|
|
40.2
|
|
|
—
|
|
||||||||
Borrowings from credit facility
|
|
—
|
|
|
—
|
|
|
320.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
320.0
|
|
||||||||
Payments on credit facility
|
|
—
|
|
|
—
|
|
|
(305.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(305.0
|
)
|
||||||||
Payments on capital leases and lease financing arrangements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.0
|
)
|
|
(1.1
|
)
|
|
—
|
|
|
(3.1
|
)
|
||||||||
Tax payment upon exercise of equity awards
|
|
(13.6
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(13.6
|
)
|
||||||||
Contributions/distributions from parent
|
|
—
|
|
|
2.6
|
|
|
255.7
|
|
|
—
|
|
|
255.7
|
|
|
—
|
|
|
(514.0
|
)
|
|
—
|
|
||||||||
Debt issuance costs
|
|
—
|
|
|
—
|
|
|
(2.1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2.1
|
)
|
||||||||
Net cash provided by (used in) financing activities
|
|
221.6
|
|
|
2.6
|
|
|
232.3
|
|
|
—
|
|
|
227.0
|
|
|
(1.1
|
)
|
|
(453.0
|
)
|
|
229.4
|
|
||||||||
Net increase in cash and cash equivalents
|
|
0.2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
74.2
|
|
|
(1.0
|
)
|
|
—
|
|
|
73.4
|
|
||||||||
Cash and cash equivalents at beginning of period
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10.4
|
|
|
3.9
|
|
|
—
|
|
|
14.3
|
|
||||||||
Cash and cash equivalents at end of period
|
|
$
|
0.2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
84.6
|
|
|
$
|
2.9
|
|
|
$
|
—
|
|
|
$
|
87.7
|
|
IN MILLIONS
|
|
Three Months Ended March 31, 2015
|
||||||||||||||||||||||||||||||
|
|
Parent
Guarantor |
|
General
Partner |
|
LP
Co-issuer |
|
Finance
Co-issuer |
|
Guarantor Subsidiaries
|
|
Non-
Guarantor Subsidiaries |
|
Eliminations/Consolidations
|
|
Total
|
||||||||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Net income (loss)
|
|
$
|
(5.0
|
)
|
|
$
|
(0.1
|
)
|
|
$
|
(7.9
|
)
|
|
$
|
—
|
|
|
$
|
0.4
|
|
|
$
|
(0.8
|
)
|
|
$
|
6.2
|
|
|
$
|
(7.2
|
)
|
Equity earnings (loss) related to investment in subsidiaries
|
|
5.0
|
|
|
0.1
|
|
|
(0.4
|
)
|
|
—
|
|
|
0.8
|
|
|
—
|
|
|
(5.5
|
)
|
|
—
|
|
||||||||
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Depreciation and amortization
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30.5
|
|
|
0.6
|
|
|
—
|
|
|
31.1
|
|
||||||||
Non-cash interest expense
|
|
—
|
|
|
—
|
|
|
0.7
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.7
|
|
||||||||
Stock-based compensation expense
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3.0
|
|
|
—
|
|
|
—
|
|
|
3.0
|
|
||||||||
Asset impairments
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8.6
|
|
|
—
|
|
|
—
|
|
|
8.6
|
|
||||||||
Change in operating assets and liabilities, net of effects of acquisitions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Rent receivables and other assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
0.1
|
|
|
1.7
|
|
|
—
|
|
|
1.8
|
|
||||||||
Accounts payable and accrued expenses
|
|
—
|
|
|
—
|
|
|
10.4
|
|
|
—
|
|
|
(13.3
|
)
|
|
—
|
|
|
—
|
|
|
(2.9
|
)
|
||||||||
Deferred revenues
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
|
—
|
|
|
—
|
|
|
(0.2
|
)
|
||||||||
Due to affiliates
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1.6
|
)
|
|
—
|
|
|
—
|
|
|
(1.6
|
)
|
||||||||
Net cash provided by operating activities
|
|
—
|
|
|
—
|
|
|
2.8
|
|
|
—
|
|
|
28.3
|
|
|
1.5
|
|
|
0.7
|
|
|
33.3
|
|
||||||||
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Capital expenditures - purchase of fixed assets
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17.3
|
)
|
|
—
|
|
|
—
|
|
|
(17.3
|
)
|
||||||||
Capital expenditures - other development
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31.8
|
)
|
|
(0.1
|
)
|
|
—
|
|
|
(31.9
|
)
|
||||||||
Intercompany borrowings
|
|
—
|
|
|
—
|
|
|
(20.0
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20.0
|
|
|
—
|
|
||||||||
Return of investment
|
|
7.9
|
|
|
—
|
|
|
10.7
|
|
|
—
|
|
|
3.7
|
|
|
(0.2
|
)
|
|
(22.1
|
)
|
|
—
|
|
||||||||
Net cash provided by (used in) investing activities
|
|
7.9
|
|
|
—
|
|
|
(9.3
|
)
|
|
—
|
|
|
(45.4
|
)
|
|
(0.3
|
)
|
|
(2.1
|
)
|
|
(49.2
|
)
|
||||||||
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Dividends paid
|
|
(7.9
|
)
|
|
—
|
|
|
(13.5
|
)
|
|
—
|
|
|
(13.5
|
)
|
|
—
|
|
|
21.4
|
|
|
(13.5
|
)
|
||||||||
Intercompany borrowings
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20.0
|
|
|
—
|
|
|
(20.0
|
)
|
|
—
|
|
||||||||
Borrowings from credit facility
|
|
—
|
|
|
—
|
|
|
20.0
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20.0
|
|
||||||||
Payments on capital leases and lease financing arrangements
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.9
|
)
|
|
(0.2
|
)
|
|
—
|
|
|
(1.1
|
)
|
||||||||
Net cash provided by (used in) financing activities
|
|
(7.9
|
)
|
|
—
|
|
|
6.5
|
|
|
—
|
|
|
5.6
|
|
|
(0.2
|
)
|
|
1.4
|
|
|
5.4
|
|
||||||||
Net increase (decrease) in cash and cash equivalents
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(11.5
|
)
|
|
1.0
|
|
|
—
|
|
|
(10.5
|
)
|
||||||||
Cash and cash equivalents at beginning of period
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33.5
|
|
|
3.0
|
|
|
—
|
|
|
36.5
|
|
||||||||
Cash and cash equivalents at end of period
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
22.0
|
|
|
$
|
4.0
|
|
|
$
|
—
|
|
|
$
|
26.0
|
|
|
|
|
|
|
Operating Net Rentable Square Feet (NRSF)
(a)
|
Powered
Shell
Available
for Future
Development
(NRSF)
(j)
|
|
Available Critical Load Capacity
(MW) (k) |
||||||||||||||||||||||||
Facilities
|
Metro
Area
|
|
Annualized
Rent
(b)
|
|
Colocation
Space
(CSF)
(c)
|
|
CSF Leased
(d)
|
|
CSF
Utilized (e) |
|
Office &
Other
(f)
|
|
Office & Other Leased
(g)
|
|
Supporting
Infrastructure
(h)
|
|
Total
(i)
|
|
||||||||||||||
Westway Park Blvd., Houston, TX (Houston West 1)
|
Houston
|
|
$
|
50,460,175
|
|
|
112,133
|
|
|
96
|
%
|
|
96
|
%
|
|
11,163
|
|
|
99
|
%
|
|
37,243
|
|
|
160,539
|
|
|
3,000
|
|
|
28
|
|
W. Frankford, Carrollton, TX (Frankford)
|
Dallas
|
|
46,869,210
|
|
|
226,604
|
|
|
89
|
%
|
|
89
|
%
|
|
33,011
|
|
|
96
|
%
|
|
90,314
|
|
|
349,929
|
|
|
159,000
|
|
|
24
|
|
|
S. State Highway 121 Business Lewisville, TX (Lewisville)*
|
Dallas
|
|
38,253,083
|
|
|
108,687
|
|
|
96
|
%
|
|
100
|
%
|
|
11,374
|
|
|
97
|
%
|
|
59,346
|
|
|
179,407
|
|
|
—
|
|
|
18
|
|
|
West Seventh St., Cincinnati, OH (7th Street)***
|
Cincinnati
|
|
35,934,601
|
|
|
178,925
|
|
|
93
|
%
|
|
93
|
%
|
|
5,744
|
|
|
100
|
%
|
|
167,241
|
|
|
351,910
|
|
|
74,000
|
|
|
13
|
|
|
Madison Road (Totowa)**
|
New York
|
|
27,403,672
|
|
|
51,242
|
|
|
84
|
%
|
|
84
|
%
|
|
22,477
|
|
|
100
|
%
|
|
58,964
|
|
|
132,683
|
|
|
—
|
|
|
6
|
|
|
Myer Conners Rd (Wappingers Falls)**
|
New York
|
|
26,256,310
|
|
|
37,000
|
|
|
96
|
%
|
|
96
|
%
|
|
20,167
|
|
|
97
|
%
|
|
15,077
|
|
|
72,244
|
|
|
—
|
|
|
3
|
|
|
Southwest Fwy., Houston, TX (Galleria)
|
Houston
|
|
25,521,821
|
|
|
63,469
|
|
|
73
|
%
|
|
73
|
%
|
|
23,259
|
|
|
51
|
%
|
|
24,927
|
|
|
111,655
|
|
|
—
|
|
|
14
|
|
|
Kingsview Dr., Lebanon, OH (Lebanon)
|
Cincinnati
|
|
23,147,229
|
|
|
65,303
|
|
|
92
|
%
|
|
93
|
%
|
|
44,886
|
|
|
72
|
%
|
|
52,950
|
|
|
163,139
|
|
|
65,000
|
|
|
14
|
|
|
Westover Hills Blvd, San Antonio, TX (San Antonio 1)
|
San Antonio
|
|
20,643,788
|
|
|
43,843
|
|
|
100
|
%
|
|
100
|
%
|
|
5,989
|
|
|
83
|
%
|
|
45,650
|
|
|
95,482
|
|
|
11,000
|
|
|
12
|
|
|
Westway Park Blvd., Houston, TX (Houston West 2)
|
Houston
|
|
19,641,348
|
|
|
79,540
|
|
|
87
|
%
|
|
87
|
%
|
|
3,355
|
|
|
62
|
%
|
|
55,023
|
|
|
137,918
|
|
|
12,000
|
|
|
12
|
|
|
Industrial Rd., Florence, KY (Florence)
|
Cincinnati
|
|
15,957,234
|
|
|
52,698
|
|
|
100
|
%
|
|
100
|
%
|
|
46,848
|
|
|
87
|
%
|
|
40,374
|
|
|
139,920
|
|
|
—
|
|
|
9
|
|
|
Metropolis Dr., Austin, TX (Austin 2)
|
Austin
|
|
14,285,407
|
|
|
43,772
|
|
|
92
|
%
|
|
93
|
%
|
|
1,821
|
|
|
100
|
%
|
|
22,433
|
|
|
68,026
|
|
|
—
|
|
|
5
|
|
|
South Ellis Street Chandler, AZ (Phoenix 2)
|
Phoenix
|
|
12,023,350
|
|
|
74,010
|
|
|
100
|
%
|
|
100
|
%
|
|
5,639
|
|
|
38
|
%
|
|
25,519
|
|
|
105,168
|
|
|
—
|
|
|
12
|
|
|
Riverbend Drive South (Stamford)**
|
New York
|
|
11,964,272
|
|
|
20,000
|
|
|
92
|
%
|
|
93
|
%
|
|
—
|
|
|
—
|
%
|
|
8,484
|
|
|
28,484
|
|
|
—
|
|
|
2
|
|
|
Knightsbridge Dr., Hamilton, OH (Hamilton)*
|
Cincinnati
|
|
9,230,102
|
|
|
46,565
|
|
|
79
|
%
|
|
79
|
%
|
|
1,077
|
|
|
100
|
%
|
|
35,336
|
|
|
82,978
|
|
|
—
|
|
|
10
|
|
|
South Ellis Street Chandler, AZ (Phoenix 1)
|
Phoenix
|
|
8,902,290
|
|
|
73,921
|
|
|
100
|
%
|
|
100
|
%
|
|
34,582
|
|
|
12
|
%
|
|
38,572
|
|
|
147,075
|
|
|
31,000
|
|
|
16
|
|
|
E. Ben White Blvd., Austin, TX (Austin 1)*
|
Austin
|
|
8,775,200
|
|
|
16,223
|
|
|
57
|
%
|
|
57
|
%
|
|
21,476
|
|
|
—
|
%
|
|
7,517
|
|
|
45,216
|
|
|
—
|
|
|
2
|
|
|
Ridgetop Circle, Sterling, VA (Northern VA)
|
Washington, D.C.
|
|
8,447,615
|
|
|
74,653
|
|
|
75
|
%
|
|
100
|
%
|
|
1,901
|
|
|
100
|
%
|
|
52,605
|
|
|
129,159
|
|
|
3,000
|
|
|
12
|
|
|
Parkway Dr., Mason, OH (Mason)
|
Cincinnati
|
|
5,620,619
|
|
|
34,072
|
|
|
100
|
%
|
|
100
|
%
|
|
26,458
|
|
|
98
|
%
|
|
17,193
|
|
|
77,723
|
|
|
—
|
|
|
4
|
|
|
Kestral Way (London)**
|
London
|
|
5,594,799
|
|
|
10,000
|
|
|
99
|
%
|
|
99
|
%
|
|
—
|
|
|
—
|
%
|
|
514
|
|
|
10,514
|
|
|
—
|
|
|
1
|
|
|
Midway Rd., Carrollton, TX (Midway)**
|
Dallas
|
|
5,408,662
|
|
|
8,390
|
|
|
100
|
%
|
|
100
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
8,390
|
|
|
—
|
|
|
1
|
|
|
Norden Place (Norwalk)**
|
New York
|
|
3,275,252
|
|
|
13,192
|
|
|
67
|
%
|
|
68
|
%
|
|
4,085
|
|
|
72
|
%
|
|
40,610
|
|
|
57,887
|
|
|
87,000
|
|
|
2
|
|
|
Marsh Lane, Carrollton, TX (Marsh Ln)**
|
Dallas
|
|
2,421,474
|
|
|
4,245
|
|
|
100
|
%
|
|
100
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
4,245
|
|
|
—
|
|
|
1
|
|
|
Springer St., Lombard, IL (Lombard)
|
Chicago
|
|
2,289,361
|
|
|
13,516
|
|
|
71
|
%
|
|
72
|
%
|
|
4,115
|
|
|
100
|
%
|
|
12,230
|
|
|
29,861
|
|
|
29,000
|
|
|
3
|
|
|
Metropolis Dr., Austin, TX (Austin 3)
|
Austin
|
|
2,116,474
|
|
|
61,838
|
|
|
12
|
%
|
|
12
|
%
|
|
15,055
|
|
|
30
|
%
|
|
20,629
|
|
|
97,522
|
|
|
67,000
|
|
|
3
|
|
|
Omega Drive (Stamford)**
|
New York
|
|
1,559,573
|
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
18,552
|
|
|
87
|
%
|
|
3,796
|
|
|
22,348
|
|
|
—
|
|
|
—
|
|
|
Commerce Road (Totowa)**
|
New York
|
|
676,322
|
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
20,460
|
|
|
40
|
%
|
|
5,540
|
|
|
26,000
|
|
|
—
|
|
|
—
|
|
|
Crescent Circle, South Bend, IN (Blackthorn)*
|
South Bend
|
|
550,175
|
|
|
3,432
|
|
|
41
|
%
|
|
41
|
%
|
|
—
|
|
|
—
|
%
|
|
5,125
|
|
|
8,557
|
|
|
11,000
|
|
|
1
|
|
|
McAuley Place, Blue Ash, OH (Blue Ash)*
|
Cincinnati
|
|
539,893
|
|
|
6,193
|
|
|
36
|
%
|
|
36
|
%
|
|
6,821
|
|
|
100
|
%
|
|
2,165
|
|
|
15,179
|
|
|
—
|
|
|
1
|
|
|
E. Monroe St., South Bend, IN (Monroe St.)
|
South Bend
|
|
427,683
|
|
|
6,350
|
|
|
22
|
%
|
|
22
|
%
|
|
—
|
|
|
—
|
%
|
|
6,478
|
|
|
12,828
|
|
|
4,000
|
|
|
1
|
|
|
Westway Park Blvd., Houston, TX (Houston West 3)
|
Houston
|
|
423,850
|
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
8,495
|
|
|
100
|
%
|
|
5,304
|
|
|
13,799
|
|
|
—
|
|
|
—
|
|
|
Jurong East (Singapore)**
|
Singapore
|
|
291,073
|
|
|
3,200
|
|
|
19
|
%
|
|
19
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
3,200
|
|
|
—
|
|
|
1
|
|
|
Goldcoast Dr., Cincinnati, OH (Goldcoast)
|
Cincinnati
|
|
95,700
|
|
|
2,728
|
|
|
—
|
%
|
|
—
|
%
|
|
5,280
|
|
|
100
|
%
|
|
16,481
|
|
|
24,489
|
|
|
14,000
|
|
|
1
|
|
|
Diehl Rd., Aurora, IL (Aurora)
|
Chicago
|
|
—
|
|
|
71,726
|
|
|
100
|
%
|
|
100
|
%
|
|
34,008
|
|
|
100
|
%
|
|
205,034
|
|
|
310,768
|
|
|
67,000
|
|
|
60
|
|
|
Total
|
|
|
$
|
435,007,617
|
|
|
1,607,470
|
|
|
87
|
%
|
|
89
|
%
|
|
438,098
|
|
|
73
|
%
|
|
1,178,674
|
|
|
3,224,242
|
|
|
637,000
|
|
|
287
|
|
*
|
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 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 West Seventh Street (7th St.) 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)
|
Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of
March 31, 2016
, multiplied by 12. For the month of
March 2016
, customer reimbursements were $
46.0 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
April 1, 2014
through
March 31, 2016
, customer reimbursements under leases with separately metered power constituted between
10.6%
and
14.2%
of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of
March 31, 2016
was
$449.7 million
. Our annualized effective rent was greater than our annualized rent as of
March 31, 2016
because our positive straight-line and other adjustments and amortization of deferred revenue exceeded our negative straight-line adjustments due to factors such as the timing of contractual rent escalations and customer prepayments for services.
|
(c)
|
CSF represents the NRSF at an operating facility that is currently leased or readily available for lease as colocation space, where customers locate their servers and other IT equipment.
|
(d)
|
Percent leased is determined based on CSF being billed to customers under signed leases as of
March 31, 2016
divided by total CSF. Leases signed but not commenced as of
March 31, 2016
are not included.
|
(e)
|
Utilization is calculated by dividing CSF under signed leases for colocation space (whether or not the lease has commenced billing) by total CSF.
|
(f)
|
Represents the NRSF at an operating facility that is currently leased or readily available for lease as space other than CSF, which is typically office and other space.
|
(g)
|
Percent leased is determined based on Office & Other space being billed to customers under signed leases as of
March 31, 2016
divided by total Office & Other space. Leases signed but not commenced as of
March 31, 2016
are not included.
|
(h)
|
Represents infrastructure support space, including mechanical, telecommunications and utility rooms, as well as building common areas.
|
(i)
|
Represents the NRSF at an operating facility that is currently leased or readily available for lease. This excludes existing vacant space held for development.
|
(j)
|
Represents space that is under roof that could be developed in the future for operating NRSF, rounded to the nearest 1,000.
|
(k)
|
Critical load capacity represents the aggregate power available for lease and exclusive use by customers expressed in terms of megawatts. The capacity reported is for non-redundant megawatts, as we can develop flexible solutions to our customers at multiple resiliency levels. Does not sum to total due to rounding.
|
|
|
|
|
|
NRSF Under Development
(a)
|
|
|
|
Under Development Costs
(b)
|
||||||||||||||||||||
Facilities
|
|
Metropolitan
Area
|
|
Estimated Completion Date
|
Colocation Space
(CSF)
|
|
Office & Other
|
|
Supporting
Infrastructure
|
|
Powered Shell
(b)
|
|
Total
|
|
Critical Load MW Capacity(c)
|
|
Actual to
Date
(d)
|
Estimated
Costs to
Completion
(e)
|
Total
|
||||||||||
W. Frankford (Carrollton)
|
|
Dallas
|
|
2Q'16
|
4,000
|
|
|
—
|
|
|
1,000
|
|
|
—
|
|
|
5,000
|
|
|
2.0
|
|
|
$
|
—
|
|
$6-7
|
|
$6-7
|
|
W. Frankford (Carrollton)
|
|
Dallas
|
|
2Q'16
|
69,000
|
|
|
—
|
|
|
2,000
|
|
|
—
|
|
|
71,000
|
|
|
6.0
|
|
|
24
|
|
3-6
|
|
27-30
|
|
|
S. State Highway 121 Business Lewisville, TX (Lewisville)
|
|
Dallas
|
|
2Q'16
|
4,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,000
|
|
|
3.0
|
|
|
1
|
|
12-14
|
|
13-15
|
|
|
Westover Hills Blvd. (San Antonio 2)
|
|
San Antonio
|
|
3Q'16
|
64,000
|
|
|
18,000
|
|
|
36,000
|
|
|
—
|
|
|
118,000
|
|
|
12.0
|
|
|
47
|
|
30-37
|
|
77-84
|
|
|
Ridgetop Circle, Sterling, VA (Northern Virginia 2)
|
|
Washington, D.C.
|
|
3Q'16
|
159,000
|
|
|
9,000
|
|
|
64,000
|
|
|
—
|
|
|
232,000
|
|
|
30.0
|
|
|
32
|
|
103-123
|
|
135-155
|
|
|
Phoenix 3
|
|
Phoenix
|
|
2Q'16
|
36,000
|
|
|
5,000
|
|
|
24,000
|
|
|
40,000
|
|
|
105,000
|
|
|
2.0
|
|
|
13
|
|
3-5
|
|
16-18
|
|
|
Westway Park Blvd. (Houston West 3)
|
|
Houston
|
|
2Q'16
|
53,000
|
|
|
—
|
|
|
32,000
|
|
|
213,000
|
|
|
298,000
|
|
|
6.0
|
|
|
56
|
|
1
|
|
57
|
|
|
Diehl Rd., Aurora, IL (Aurora)
|
|
Chicago
|
|
3Q'16
|
16,000
|
|
|
—
|
|
|
3,000
|
|
|
—
|
|
|
19,000
|
|
|
5.0
|
|
|
—
|
|
7-8
|
|
7-8
|
|
|
Total
|
|
|
|
|
405,000
|
|
|
32,000
|
|
|
162,000
|
|
|
253,000
|
|
|
852,000
|
|
|
66.0
|
|
|
$
|
173
|
|
$165-201
|
|
$338-374
|
|
(a)
|
Represents NRSF at a facility for which activities have commenced or are expected to commence in the next two quarters to prepare the space for its intended use. Estimates and timing are subject to change.
|
(b)
|
Represents NRSF under construction that, upon completion, will be powered shell available for future development into operating NRSF.
|
(c)
|
Critical load capacity represents the aggregate power available for lease and exclusive use by customers expressed in terms of megawatts. The capacity reported is for non-redundant megawatts, as we can develop flexible solutions to our customers at multiple resiliency levels. Does not sum to total due to rounding.
|
(d)
|
Actual to date is the cash investment as of
March 31, 2016
. There may be accruals above this amount for work completed, for which cash has not yet been paid.
|
(e)
|
Represents management’s estimate of the total costs required to complete the current NRSF under development. There may be an increase in costs if customers require greater power density.
|
|
Principal Customer Industry
|
|
Number of
Locations |
|
Annualized
Rent (b) |
|
Percentage of
Portfolio Annualized Rent (c) |
|
Weighted
Average Remaining Lease Term in Months (d) |
||||
1
|
Information Technology
|
|
3
|
|
$
|
16,914,689
|
|
|
3.9
|
%
|
|
27.2
|
|
2
|
Telecommunication Services
|
|
2
|
|
15,310,474
|
|
|
3.5
|
%
|
|
30.1
|
|
|
3
|
Energy
|
|
1
|
|
15,268,495
|
|
|
3.5
|
%
|
|
26.2
|
|
|
4
|
Research and Consulting Services
|
|
3
|
|
14,257,821
|
|
|
3.3
|
%
|
|
21.0
|
|
|
5
|
Energy
|
|
5
|
|
12,908,595
|
|
|
3.0
|
%
|
|
27.7
|
|
|
6
|
Information Technology
|
|
2
|
|
12,047,563
|
|
|
2.8
|
%
|
|
106.9
|
|
|
7
|
Telecommunications (CBI)
(e)
|
|
7
|
|
11,293,517
|
|
|
2.6
|
%
|
|
24.2
|
|
|
8
|
Industrials
|
|
4
|
|
10,972,218
|
|
|
2.5
|
%
|
|
32.6
|
|
|
9
|
Information Technology
|
|
2
|
|
10,300,896
|
|
|
2.4
|
%
|
|
51.9
|
|
|
10
|
Information Technology
|
|
2
|
|
9,165,315
|
|
|
2.1
|
%
|
|
16.4
|
|
|
11
|
Financial Services
|
|
1
|
|
6,600,225
|
|
|
1.5
|
%
|
|
50.0
|
|
|
12
|
Financial Services
|
|
5
|
|
5,754,743
|
|
|
1.3
|
%
|
|
51.0
|
|
|
13
|
Energy
|
|
3
|
|
5,639,730
|
|
|
1.3
|
%
|
|
3.9
|
|
|
14
|
Energy
|
|
2
|
|
5,627,831
|
|
|
1.3
|
%
|
|
20.4
|
|
|
15
|
Energy
|
|
1
|
|
5,507,821
|
|
|
1.3
|
%
|
|
57.0
|
|
|
16
|
Telecommunication Services
|
|
5
|
|
5,502,786
|
|
|
1.3
|
%
|
|
37.1
|
|
|
17
|
Financial Services
|
|
3
|
|
5,371,137
|
|
|
1.2
|
%
|
|
3.2
|
|
|
18
|
Financial Services
|
|
2
|
|
4,966,558
|
|
|
1.1
|
%
|
|
24.0
|
|
|
19
|
Information Technology
|
|
1
|
|
4,954,564
|
|
|
1.1
|
%
|
|
59.0
|
|
|
20
|
Financial Services
|
|
1
|
|
4,947,530
|
|
|
1.1
|
%
|
|
68.0
|
|
|
|
|
|
|
|
$
|
183,312,508
|
|
|
42.1
|
%
|
|
36.1
|
|
(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
March 31, 2016
, multiplied by 12. For the month of
March 2016
, customer reimbursements were $
46.0 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
April 1, 2014
through
March 31, 2016
, customer reimbursements under leases with separately metered power constituted between
10.6%
and
14.2%
of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of
March 31, 2016
was
$449.7 million
. Our annualized effective rent was greater than our annualized rent as of
March 31, 2016
because our positive straight-line and other adjustments and amortization of deferred revenue exceeded our negative straight-line adjustments due to factors such as the timing of contractual rent escalations and customer prepayments for services.
|
(c)
|
Represents the customer’s total annualized rent divided by the total annualized rent in the portfolio as of
March 31, 2016
, which was approximately
$435.0 million
.
|
(d)
|
Weighted average based on customer’s percentage of total annualized rent expiring and is as of
March 31, 2016
, 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.
|
(e)
|
Includes information for both Cincinnati Bell Technology Solutions (CBTS) and Cincinnati Bell Telephone and two customers that have contracts with CBTS. We expect the contracts for these two customers to be assigned to us, but the consents for such assignments have not yet been obtained. Excluding these customers, Cincinnati Bell Inc. and subsidiaries represented 2.1% of our annualized rent as of
March 31, 2016
.
|
NRSF Under Lease
(a)
|
|
Number of
Customers (b) |
|
Percentage of
All Customers |
|
Total Leased
NRSF (c) |
|
Percentage of
Portfolio Leased NRSF |
|
Annualized
Rent (d) |
|
Percentage of
Annualized Rent |
|||||||
0-999
|
|
698
|
|
|
74
|
%
|
|
140,410
|
|
|
5
|
%
|
|
$
|
67,638,574
|
|
|
16
|
%
|
1,000-2,499
|
|
93
|
|
|
10
|
%
|
|
145,509
|
|
|
5
|
%
|
|
34,953,123
|
|
|
8
|
%
|
|
2,500-4,999
|
|
55
|
|
|
6
|
%
|
|
194,432
|
|
|
7
|
%
|
|
36,739,800
|
|
|
8
|
%
|
|
5,000-9,999
|
|
33
|
|
|
4
|
%
|
|
228,325
|
|
|
8
|
%
|
|
48,049,755
|
|
|
11
|
%
|
|
10,000+
|
|
59
|
|
|
6
|
%
|
|
2,046,582
|
|
|
75
|
%
|
|
247,626,365
|
|
|
57
|
%
|
|
Total
|
|
938
|
|
|
100
|
%
|
|
2,755,258
|
|
|
100
|
%
|
|
$
|
435,007,617
|
|
|
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
March 31, 2016
. This may vary from total customer count as some customers may be under contract, but have yet to occupy space.
|
(c)
|
Represents the total square feet at a facility under lease and that has commenced billing, excluding space held for development or space used by CyrusOne. A customer’s leased NRSF is estimated based on such customer’s direct CSF or office and light-industrial space plus management’s estimate of infrastructure support space, including mechanical, telecommunications and utility rooms, as well as building common areas.
|
(d)
|
Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of
March 31, 2016
, multiplied by 12. For the month of
March 2016
, customer reimbursements were $
46.0 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
April 1, 2014
through
March 31, 2016
, customer reimbursements under leases with separately metered power constituted between
10.6%
and
14.2%
of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of
March 31, 2016
was
$449.7 million
. Our annualized effective rent was greater than our annualized rent as of
March 31, 2016
because our positive straight-line and other adjustments and amortization of deferred revenue exceeded our negative straight-line adjustments due to factors such as the timing of contractual rent escalations and customer prepayments for services.
|
Year
(a)
|
|
Number of
Leases Expiring (b) |
|
Total Operating
NRSF Expiring |
|
Percentage of
Total NRSF |
|
Annualized
Rent (c) |
|
Percentage of
Annualized Rent |
|
Annualized Rent
at Expiration (d) |
|
Percentage of
Annualized Rent at Expiration |
|||||||||
Available
|
|
|
|
468,984
|
|
|
15
|
%
|
|
|
|
|
|
|
|
|
|||||||
Month-to-Month
|
|
199
|
|
|
19,856
|
|
|
1
|
%
|
|
$
|
5,747,575
|
|
|
1
|
%
|
|
$
|
6,014,896
|
|
|
1
|
%
|
2016
|
|
1,300
|
|
|
383,891
|
|
|
12
|
%
|
|
80,266,900
|
|
|
18
|
%
|
|
85,384,740
|
|
|
18
|
%
|
||
2017
|
|
1,324
|
|
|
393,528
|
|
|
12
|
%
|
|
72,992,360
|
|
|
17
|
%
|
|
74,714,625
|
|
|
16
|
%
|
||
2018
|
|
1,055
|
|
|
402,990
|
|
|
12
|
%
|
|
106,923,041
|
|
|
25
|
%
|
|
112,617,557
|
|
|
24
|
%
|
||
2019
|
|
474
|
|
|
361,850
|
|
|
11
|
%
|
|
51,749,762
|
|
|
12
|
%
|
|
55,834,622
|
|
|
12
|
%
|
||
2020
|
|
279
|
|
|
374,396
|
|
|
12
|
%
|
|
50,595,370
|
|
|
12
|
%
|
|
57,354,779
|
|
|
12
|
%
|
||
2021
|
|
259
|
|
|
152,043
|
|
|
5
|
%
|
|
29,785,883
|
|
|
7
|
%
|
|
31,824,626
|
|
|
7
|
%
|
||
2022
|
|
20
|
|
|
54,274
|
|
|
2
|
%
|
|
6,115,535
|
|
|
1
|
%
|
|
7,530,936
|
|
|
2
|
%
|
||
2023
|
|
51
|
|
|
59,900
|
|
|
2
|
%
|
|
6,627,120
|
|
|
2
|
%
|
|
8,996,743
|
|
|
2
|
%
|
||
2024
|
|
13
|
|
|
63,070
|
|
|
2
|
%
|
|
8,182,589
|
|
|
2
|
%
|
|
9,505,391
|
|
|
2
|
%
|
||
2025 - Thereafter
|
|
34
|
|
|
489,460
|
|
|
14
|
%
|
|
16,021,482
|
|
|
3
|
%
|
|
23,342,369
|
|
|
4
|
%
|
||
Total
|
|
5,008
|
|
|
3,224,242
|
|
|
100
|
%
|
|
$
|
435,007,617
|
|
|
100
|
%
|
|
$
|
473,121,284
|
|
|
100
|
%
|
(a)
|
Leases that were auto-renewed prior to
March 31, 2016
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
March 31, 2016
, multiplied by 12. For the month of
March 2016
, customer reimbursements were $
46.0 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
April 1, 2014
through
March 31, 2016
, customer reimbursements under leases with separately metered power constituted between
10.6%
and
14.2%
of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of
March 31, 2016
was
$449.7 million
. Our annualized effective rent was greater than our annualized rent as of
March 31, 2016
because our positive straight-line and other adjustments and amortization of deferred revenue exceeded our negative straight-line adjustments due to factors such as the timing of contractual rent escalations and customer prepayments for services.
|
(d)
|
Represents the final monthly contractual rent under existing customer leases that had commenced as of
March 31, 2016
, multiplied by 12.
|
IN MILLIONS, except share and per share data
|
|
|
|
|
|
|
|
|
|||||||
For the three months ended March 31,
|
|
2016
|
|
2015
|
|
$ Change
2016 vs. 2015
|
|
% Change
2016 vs. 2015
|
|||||||
Revenue
|
|
$
|
117.8
|
|
|
$
|
85.7
|
|
|
$
|
32.1
|
|
|
37
|
%
|
Costs and expenses:
|
|
|
|
|
|
|
|
|
|
||||||
Property operating expenses
|
|
40.3
|
|
|
32.3
|
|
|
8.0
|
|
|
25
|
%
|
|||
Sales and marketing
|
|
4.0
|
|
|
2.9
|
|
|
1.1
|
|
|
38
|
%
|
|||
General and administrative
|
|
14.0
|
|
|
9.1
|
|
|
4.9
|
|
|
54
|
%
|
|||
Depreciation and amortization
|
|
39.3
|
|
|
31.1
|
|
|
8.2
|
|
|
26
|
%
|
|||
Transaction and acquisition integration costs
|
|
2.3
|
|
|
0.1
|
|
|
2.2
|
|
|
n/m
|
|
|||
Asset impairments and loss on disposal
|
|
—
|
|
|
8.6
|
|
|
(8.6
|
)
|
|
(100
|
)%
|
|||
Total costs and expenses
|
|
99.9
|
|
|
84.1
|
|
|
15.8
|
|
|
19
|
%
|
|||
Operating income
|
|
17.9
|
|
|
1.6
|
|
|
16.3
|
|
|
n/m
|
|
|||
Interest expense
|
|
12.1
|
|
|
8.4
|
|
|
3.7
|
|
|
44
|
%
|
|||
Net income (loss) before income taxes
|
|
5.8
|
|
|
(6.8
|
)
|
|
12.6
|
|
|
n/m
|
|
|||
Income tax expense
|
|
(0.2
|
)
|
|
(0.4
|
)
|
|
0.2
|
|
|
(50
|
)%
|
|||
Net income (loss)
|
|
5.6
|
|
|
(7.2
|
)
|
|
12.8
|
|
|
n/m
|
|
|||
Noncontrolling interest in net loss
|
|
—
|
|
|
(2.9
|
)
|
|
2.9
|
|
|
(100
|
)%
|
|||
Net income (loss) attributed to common shareholders
|
|
$
|
5.6
|
|
|
$
|
(4.3
|
)
|
|
$
|
9.9
|
|
|
n/m
|
|
Operating margin
|
|
15.2
|
%
|
|
1.9
|
%
|
|
|
|
|
|
||||
Capital expenditures*:
|
|
|
|
|
|
|
|
|
|
||||||
Purchase of fixed assets
|
|
$
|
131.1
|
|
|
$
|
17.3
|
|
|
$
|
113.8
|
|
|
n/m
|
|
Development of real estate
|
|
77.6
|
|
|
31.9
|
|
|
45.7
|
|
|
143
|
%
|
|||
Recurring real estate
|
|
0.9
|
|
|
—
|
|
|
0.9
|
|
|
n/m
|
|
|||
Total
|
|
$
|
209.6
|
|
|
$
|
49.2
|
|
|
$
|
160.4
|
|
|
n/m
|
|
Metrics information:
|
|
|
|
|
|
|
|
|
|
||||||
Colocation square feet*
|
|
1,607,000
|
|
|
1,262,000
|
|
|
345,000
|
|
|
27
|
%
|
|||
Utilization rate*
|
|
89
|
%
|
|
89
|
%
|
|
—
|
%
|
|
n/m
|
|
|||
Income (loss) per share - basic and diluted
|
|
$
|
0.07
|
|
|
$
|
(0.12
|
)
|
|
|
|
|
|
||
Dividend declared per share
|
|
$
|
0.380
|
|
|
$
|
0.315
|
|
|
|
|
|
|
*
|
See “Key Operating Metrics” set forth in our Annual Report on Form 10-K for the year ended
December 31, 2015
for a definition of capital expenditures, CSF and utilization rate.
|
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
|
March 31,
|
|
Change
|
|||||||||||
2016
|
|
2015
|
|
$
|
|
%
|
|||||||||
Net income (loss)
|
|
$
|
5.6
|
|
|
$
|
(7.2
|
)
|
|
$
|
12.8
|
|
|
n/m
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
|||||||
Real estate depreciation and amortization
|
|
33.0
|
|
|
26.0
|
|
|
7.0
|
|
|
27
|
%
|
|||
Asset impairments and loss on disposal
|
|
—
|
|
|
8.6
|
|
|
(8.6
|
)
|
|
(100
|
)%
|
|||
Funds from Operations (FFO)
|
|
$
|
38.6
|
|
|
$
|
27.4
|
|
|
$
|
11.2
|
|
|
41
|
%
|
Amortization of customer relationship intangibles
|
|
4.8
|
|
|
3.6
|
|
|
1.2
|
|
|
33
|
%
|
|||
Transaction and acquisition integration costs
|
|
2.3
|
|
|
0.1
|
|
|
2.2
|
|
|
n/m
|
|
|||
Severance and management transition costs
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|||
Legal claim costs
|
|
0.2
|
|
|
—
|
|
|
0.2
|
|
|
n/m
|
|
|||
Lease exit costs
|
|
—
|
|
|
0.8
|
|
|
(0.8
|
)
|
|
(100
|
)%
|
|||
Normalized Funds from Operations (Normalized FFO)
|
|
$
|
45.9
|
|
|
$
|
31.9
|
|
|
$
|
14.0
|
|
|
44
|
%
|
|
|
Three Months Ended
|
|
|
|
|
|||||||||
|
|
March 31,
|
|
Change
|
|||||||||||
2016
|
|
2015
|
|
$
|
|
%
|
|||||||||
Revenue
|
|
$
|
117.8
|
|
|
$
|
85.7
|
|
|
$
|
32.1
|
|
|
37
|
%
|
Property operating expenses
|
|
40.3
|
|
|
32.3
|
|
|
8.0
|
|
|
25
|
%
|
|||
Net Operating Income
|
|
$
|
77.5
|
|
|
$
|
53.4
|
|
|
$
|
24.1
|
|
|
45
|
%
|
Sales and marketing
|
|
4.0
|
|
|
2.9
|
|
|
1.1
|
|
|
38
|
%
|
|||
General and administrative
|
|
14.0
|
|
|
9.1
|
|
|
4.9
|
|
|
54
|
%
|
|||
Depreciation and amortization
|
|
39.3
|
|
|
31.1
|
|
|
8.2
|
|
|
26
|
%
|
|||
Transaction and acquisition integration costs
|
|
2.3
|
|
|
0.1
|
|
|
2.2
|
|
|
n/m
|
|
|||
Asset impairments and loss on disposal
|
|
—
|
|
|
8.6
|
|
|
(8.6
|
)
|
|
(100
|
)%
|
|||
Interest expense
|
|
12.1
|
|
|
8.4
|
|
|
3.7
|
|
|
44
|
%
|
|||
Income tax expense
|
|
0.2
|
|
|
0.4
|
|
|
(0.2
|
)
|
|
(50
|
)%
|
|||
Net Income (Loss)
|
|
$
|
5.6
|
|
|
$
|
(7.2
|
)
|
|
$
|
12.8
|
|
|
n/m
|
|
IN MILLION
|
2016
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
Thereafter
|
|
Total Carrying
Value
|
|
Total Fair
Value
|
||||||||||||
Fixed-rate debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
477.6
|
|
|
$
|
477.6
|
|
|
$
|
490.9
|
|
|
Average interest rate on fixed-rate debt
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6.375
|
%
|
|
|
|
|
||||||
Variable-rate debt (term loan)
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
550.0
|
|
|
—
|
|
|
—
|
|
|
$
|
550.0
|
|
|
$
|
550.0
|
|
|
Average interest rate on variable-rate debt
|
—
|
|
|
—
|
|
|
—
|
|
|
2.084
|
%
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
(101.LAB)*
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
(101.PRE)*
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
+
|
Filed herewith.
|
*
|
Submitted electronically with this report.
|
|
|
|
|
|
CyrusOne Inc.
|
||
|
|
|
|
|
By:
|
|
/s/ Gary J. Wojtaszek
|
|
|
|
Gary J. Wojtaszek
|
|
|
|
President, Chief Executive Officer, and Director
|
|
|
|
|
|
By:
|
|
/s/ Gregory R. Andrews
|
|
|
|
Gregory R. Andrews
|
|
|
|
Executive Vice President and Chief Financial Officer
|
|
|
|
|
|
By:
|
|
/s/ Amitabh Rai
|
|
|
|
Amitabh Rai
|
|
|
|
Senior Vice President and Chief Accounting Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of CyrusOne Inc. (“registrant”);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: May 6, 2016
|
/s/ Gary J. Wojtaszek
|
|
Gary J. Wojtaszek
|
|
President and Chief Executive Officer
|
1.
|
I have reviewed this quarterly report on Form 10-Q of CyrusOne Inc. (“registrant”);
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: May 6, 2016
|
/s/ Gregory R. Andrews
|
|
Gregory R. Andrews
|
|
Chief Financial Officer
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Gary J. Wojtaszek
|
Gary J. Wojtaszek
|
President and Chief Executive Officer
|
May 6, 2016
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
/s/ Gregory R. Andrews
|
Gregory R. Andrews
|
Chief Financial Officer
|
May 6, 2016
|