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CyrusOne Reports Fourth Quarter and Full Year 2012 Earnings

CyrusOne Reports Fourth Quarter and Full Year 2012 Earnings

Revenue Growth of 21% for Fourth Quarter and 22% for Full Year 2012

DALLAS, Feb. 26, 2013 (GLOBE NEWSWIRE) -- Global data center services
provider, CyrusOne Inc. (Nasdaq:CONE) announced financial results for the
fourth quarter and full year of 2012.

Highlights

  *Revenue increased 21% for the quarter and 22% for the year
  *Normalized FFO increased 17% for the quarter and 19% for the year
  *Adjusted EBITDA increased 4% for the quarter and 14% for the year
  *First phase of South Ellis Street (Phoenix) campus completed in seven
    months

"The strong financial results last year coupled with the success of our recent
IPO position us extremely well for continued growth over the next decade,"
said Gary Wojtaszek, President and Chief Executive Officer. "CyrusOne is well
positioned and qualified to meet the exploding data storage needs of
Enterprise companies who entrust the management of their mission-critical IT
infrastructure to us."

Financial Results

For the periods discussed, CyrusOne was a wholly owned subsidiary of
Cincinnati Bell Inc. (NYSE:CBB). Subsequent to year-end, the Company closed on
its initial public offering (IPO) and is now traded separately (Nasdaq:CONE).

Results for the fourth quarter and full year 2012 are reported on a
stand-alone basis.

Fourth Quarter

Revenue for the fourth quarter of 2012 was $58.0 million, up from $48.0
million in the fourth quarter of 2011, an increase of 21%. During the quarter,
CyrusOne signed an additional 30 new customers including seven of the Fortune
1000^1. CyrusOne also had its strongest leasing quarter of 2012, signing
leases for approximately 41,000 square feet of data center space despite the
uncertainty surrounding the government's fiscal cliff issue.

CyrusOne's net loss for the fourth quarter of 2012 was $6.9 million compared
to a net loss of $0.3 million for the fourth quarter of 2011. The increased
loss was due to transaction costs incurred related to the Company's IPO and
higher depreciation and amortization from the significant capital investment
made during the year.

Funds From Operations^2 (FFO) decreased to $12.4 million in the fourth quarter
of 2012 from $14.3 million in the fourth quarter of 2011, primarily as a
result of transaction costs from the IPO and certain non-recurring charges
recorded in 2011. Normalized Funds From Operations^3 (Normalized FFO), which
excludes transaction costs, was $16.8 million and increased 17% from the
fourth quarter of 2011. Adjusted EBITDA^4 increased to $27.8 million for the
fourth quarter of 2012, from $26.8 million for the fourth quarter of 2011, an
increase of 4%, which is less than the revenue growth as CyrusOne made
investments in sales and marketing to benefit 2013 and general and
administrative departments to support public company functions.

Full Year 2012

Revenue for the full year was $220.8 million as compared with $181.7 million
in 2011, an increase of 22%. Net loss for the full year was $20.3 million
compared to net income of $1.5 million in 2011. The Company's higher Adjusted
EBITDA was offset by an asset impairment charge of $13.3 million taken in the
second quarter, transaction costs related to the Company's IPO, and higher
depreciation and amortization.

FFO for the full year increased to $61.7 million in 2012 from $54.2 million in
2011, and Normalized FFO for the full year increased 19% to $67.4 million.
Adjusted EBITDA for the full year increased to $113.4 million from $99.6
million in 2011, an increase of 14%.

Portfolio Expansion and Utilization

CyrusOne's South Ellis St. (Phoenix) facility was commissioned in December
2012, providing 36,000 square feet of colocation square footage (CSF) to serve
the southwestern United States. This was the first phase of the Company's
Massively Modular data center facility, which has the potential to offer 110
megawatts of power capacity across one million square feet. This facility was
a greenfield construction project and was built within seven months from
excavation in May to commissioning of the facility in December. During 2012,
CyrusOne commissioned three other new data centers in Austin, Dallas and San
Antonio in addition to an expansion in Houston, developing over 195,000 CSF in
the year. The Company increased its total footprint of net rentable square
footage (NRSF) by 310,000 square feet from 2011 for over 1,700,000 NRSF as of
December 31, 2012. These new facilities and available powered shell will
provide inventory and ample opportunity for growth in 2013 without additional
significant investment. CyrusOne also has 803,000 NRSF of powered shell
available for future development and 140 acres of land for expansion as of
December 31, 2012.

CSF utilization^5 as of the fourth quarter of 2012 was 78% or 82% excluding
the Phoenix space that was commissioned in late December 2012. In the quarter,
we leased approximately 41,000 CSF across our portfolio, our highest leasing
quarter of 2012, and we expect most of these leases to begin billing in early
2013. Approximately 16,000 CSF leased during the fourth quarter of 2012 was in
the Westover Hills Blvd (San Antonio) facility which was commissioned in the
third quarter of 2012 and is now over 60% leased to customers. In the Kestral
Way (London) facility, CyrusOne leased approximately 2,000 CSF of existing
space, and construction commenced on an additional 5,000 CSF, which is
expected to be completed in the first quarter of 2013. This entire expansion
of 5,000 CSF was leased to a customer in the fourth quarter of 2012.The
remaining leasing activity for the quarter was primarily in CyrusOne's Houston
and Dallas markets.

Balance Sheet and Liquidity

As of December 31, 2012, CyrusOne had $557.2 million of debt.In November
2012, the Company issued $525 million of senior notes due 2022 at par with a
coupon of 6.375%.Proceeds from the issuance were used to repay $480 million
of intercompany debt to Cincinnati Bell Inc., fees, fund capital expenditures,
and for general corporate purposes.Contemporaneous with the bond issuance,
the Company also entered into a $225 million senior secured revolving credit
facility, maturing in November 2017, which was undrawn at December 31,
2012.Net debt^6 was $540.7 million at the end of the year.Proforma for the
proceeds from the IPO, net debt was $203.6 million.Proforma for the IPO
proceeds, Net debt leverage to Adjusted EBITDA was approximately 1.8x.

Interconnection Initiative

In the first quarter of 2013, CyrusOne's interconnection platform will be
fully implemented and will be the first state wide network that connects all
of the Company's data centers in the Texas region with diverse path fiber
routes. This provides a significant competitive advantage to CyrusOne, as it
offers customers a fully architected data center platform solution that solves
their challenges of deploying their mission critical applications across the
multiple Enterprise Class data centers needed to address a customer's primary
and redundant data center requirements.Additionally, the diverse fiber
connectivity will provide Enterprise customers with a means to obtain
unfettered "always on" access to their data.

Initial Public Offering

On January 18, 2013, the Company completed its previously announced
IPO.CyrusOne sold 18,975,000 common shares, including the underwriters'
overallotment option, at $19.00 per share (which was $2.00 or 12% above the
mid-point of the filing range) to raise net proceeds of $337.1 million, after
underwriter fees but before expenses. These proceeds will be used by CyrusOne
to fund future development of data center facilities and expand its geographic
reach.

Upcoming Conferences and Events

CyrusOne will present at the dbAccess Media, Internet & Telecom Conference in
Palm Beach on March 5 and the Raymond James Institutional Investors Conference
in Orlando on March 6. Additional details are available on the Company's
website.

Conference Call Details

CyrusOne will host a conference call on February 26, 2013 at 5:00 PM Eastern
Time (4:00 PM Central Time) to discuss its results for the fourth quarter and
full year of 2012.A live webcast of the call will be available via the
Investor Relations section of www.cyrusone.com. The conference call dial-in
number is 1-888-601-3874, and the international dial-in number is
1-913-312-1432. Passcode for the call is 111422.A taped replay of the
conference call will be available one hour after the conclusion of the call
until 10:00 AM on March 12, 2013. For U.S. callers, the replay will be
available at 1-888-203-1112, and the international replay dial-in number is
1-719-457-0820. The replay reference number is 4115150. An archived version of
the webcast will also be available in the Investor Relations section of
www.cyrusone.com.

Safe Harbor

This release and the documents incorporated by reference herein contain
forward-looking statements regarding future events and our future results that
are subject to the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995.All statements, other than statements of
historical facts, are statements that could be deemed forward-looking
statements.These statements are based on current expectations, estimates,
forecasts, and projections about the industries in which we operate and the
beliefs and assumptions of our management.Words such as "expects,"
"anticipates," "predicts," "projects," "intends," "plans," "believes,"
"seeks," "estimates," "continues," "endeavors," "strives," "may," variations
of such words and similar expressions are intended to identify such
forward-looking statements.In addition, any statements that refer to
projections of our future financial performance, our anticipated growth and
trends in our businesses, and other characterizations of future events or
circumstances are forward-looking statements.Readers are cautioned these
forward-looking statements are based on current expectations and assumptions
that are subject to risks and uncertainties, which could cause our actual
results to differ materially and adversely from those reflected in the
forward-looking statements.Factors that could cause or contribute to such
differences include, but are not limited to, those discussed in this release
and those discussed in other documents we file with the Securities and
Exchange Commission (SEC).More information on potential risks and
uncertainties is available in our recent filings with the SEC, including
CyrusOne's Form 424B4 report and Form 8-K reports.Actual results may differ
materially and adversely from those expressed in any forward-looking
statements. We undertake no obligation to revise or update any forward-looking
statements for any reason.
Use of Non-GAAP Financial Measures

This press release contains certain non-GAAP financial measures that
management believes are helpful in understanding the Company's business, as
further discussed within this press release.These financial measures, which
include Funds From Operations, Normalized Funds From Operations, Adjusted
EBITDA, and Net debt should not be construed as being more important than
comparable GAAP measures.Detailed reconciliations of these non-GAAP financial
measures to comparable GAAP financial measures have been included in the
tables distributed with this release and are available in the Investor
Relations section of www.cyrusone.com.

^1Fortune 1000 customers include subsidiaries whose ultimate parent is a
Fortune 1000 company or a foreign or private company of equivalent size.

^2Funds From Operations (FFO) is modeled after the standards established by
the National Association of Real Estate Investment Trusts (NAREIT).FFO
represents net (loss) income computed in accordance with U.S. GAAP excluding
noncontrolling interests, (gain) loss from sales of real estate improvements,
real estate-related depreciation and amortization, amortization of customer
relationship intangibles, and real estate and customer relationship intangible
impairments. Because the value of the customer relationship intangibles is
inextricably connected to the real estate acquired, CyrusOne believes the
amortization and impairments of such intangibles is analogous to real estate
depreciation and impairments; therefore, the Company adds the customer
relationship intangible amortization and impairments back for similar
treatment with real estate depreciation and impairments. The Company believes
its FFO calculation provides a comparable measure to others in the industry.
CyrusOne's customer relationship intangibles are primarily associated with the
acquisition of Cyrus Networks in 2010 and, at the time of acquisition,
represented 22% of the value of the assets acquired.

^3Normalized Funds From Operations (Normalized FFO) is calculated as FFO plus
transaction costs and employee incentive compensation expense related to the
Company's initial public offering, including acquisition pursuit costs.

^4Adjusted EBITDA is calculated as net (loss) income as defined by U.S. GAAP
plus noncontrolling interests, interest expense, income tax (benefit) expense,
depreciation and amortization, transaction costs and employee incentive
compensation expense related to the initial public offering, including
acquisition pursuit costs, loss on sale of receivables to affiliate, mark to
market, restructuring costs, loss on extinguishment of debt, asset
impairments, stock-based compensation expense resulting from changes in
Cincinnati Bell Inc.'s stock price, and excluding (gain) loss on sale of real
estate improvements. Other companies may not calculate Adjusted EBITDA in the
same manner. Accordingly, the Company's Adjusted EBITDA as presented may not
be comparable to others.

Net Operating Income (NOI) is calculated as revenue less property operating
expenses.Amortization of deferred leasing costs is presented in depreciation
and amortization, which is excluded from NOI. CyrusOne has not historically
incurred any tenant improvement costs. Our sales and marketing costs consist
of salaries and benefits for our internal sales staff, travel and
entertainment, office supplies, marketing and advertising costs. General and
administrative costs include salaries and benefits of our senior management
and support functions, legal and consulting costs, and other administrative
costs. Marketing and advertising costs are not property specific, rather these
costs support our entire portfolio. As a result, we have excluded these
marketing and advertising costs from our NOI calculation, consistent with the
treatment of general and administrative costs, which also support our entire
portfolio.

Adjusted Funds From Operations (AFFO) is calculated as Normalized FFO plus
amortization of deferred financing costs, non-cash compensation, and non-real
estate depreciation, less deferred revenue and straight line rent adjustments,
leasing commissions, recurring capital expenditures, and non-cash corporate
income tax benefit and expense.

Management uses FFO, Normalized FFO, Adjusted EBITDA, NOI and AFFO as
supplemental performance measures because they provide performance measures
that, when compared year over year, capture trends in occupancy rates, rental
rates and operating costs. The Company also believes that, as widely
recognized measures of the performance of real estate investment trusts
(REITs) and other companies, these measures will be used by investors as a
basis to compare its operating performance with that of other companies.Other
companies may not calculate these measures in the same manner, and, as
presented, they may not be comparable to others. Therefore, FFO, Normalized
FFO, NOI and Adjusted EBITDA should be considered only as supplements to net
income as measures of our performance. FFO, Normalized FFO, NOI and Adjusted
EBITDA should not be used as measures of liquidity nor as indicative of funds
available to fund the Company's cash needs, including the ability to make
distributions. These measures also should not be used as supplements to or
substitutes for cash flow from operating activities computed in accordance
with U.S. GAAP.

^5Utilization is calculated by dividing CSF under signed leases for available
space (whether or not the contract has commenced billing) by total CSF.
Utilization rate differs from percent leased presented in the Data Center
Portfolio table because utilization rate excludes office space and supporting
infrastructure net rentable square footage and includes CSF for signed leases
that have not commenced billing.Management uses utilization rate as a measure
of CSF leased.

^6Net debt provides a useful measure of liquidity and financial health.The
Company defines net debt as long-term debt and capital lease obligations,
offset by cash, cash equivalents, and temporary cash investments.

About CyrusOne

CyrusOne (Nasdaq:CONE) specializes in highly reliable enterprise-class,
carrier-neutral data center properties.The Company provides mission-critical
data center facilities that protect and ensure the continued operation of IT
infrastructure for approximately 500 customers, including nine of the Fortune
20 and over 100 of the Fortune 1000 companies.

CyrusOne's data center offerings provide the flexibility, reliability, and
security that enterprise customers require and are delivered through a
tailored, customer service-focused platform designed to foster long-term
relationships. CyrusOne is committed to full transparency in communication,
management, and service delivery throughout its 24 data centers worldwide.

CyrusOne Inc.
Combined Statements of Operations
(Dollars in millions)
(Unaudited)
                                                                
              Three Months                     Twelve Months      
               Ended                             Ended
              December 31,      Change          December 31,      Change
              2012     2011     $        %      2012      2011     $         %
Revenue        $58.0  $48.0  $10.0  21%    $220.8  $181.7 $39.1   22%
Costs and                                                              
expenses:
Property
operating      20.6    14.9    5.7     38%    76.0     58.2    17.8     31%
expenses
Sales and      4.0     2.0     2.0     100%   9.7      9.1     0.6      7%
marketing
General and    5.4     4.0     1.4     35%    20.7     12.5    8.2      66%
administrative
Depreciation
and            20.4    15.5    4.9     32%    73.4     55.5    17.9     32%
amortization
Transaction    4.4     --     4.4     n/m    5.7      2.6     3.1      119%
costs
Management
fees charged   0.4     0.3     0.1     33%    2.5      2.3     0.2      9%
by CBI
(Gain) loss on
sale of        (0.4)   1.3     (1.7)   (131%) 3.2      3.5     (0.3)    (9%)
receivables to
affiliate
Asset          --     --     --     n/m    13.3     --     13.3     n/m
impairments
Total costs    54.8    38.0    16.8    44%    204.5    143.7   60.8     42%
and expenses
                                                                      
Operating      $3.2   $10.0  $(6.8) (68%)  $16.3   $38.0  $(21.7) (57%)
income
                                                                      
Interest       10.5    8.8     1.7     19%    41.8     32.9    8.9      27%
expense
Loss on
extinguishment --     1.4     (1.4)   (100%) --      1.4     (1.4)    (100%)
of debt
(Loss) income
before income  (7.3)   (0.2)   (7.1)   n/m    (25.5)   3.7     (29.2)   n/m
taxes
Income tax
(benefit)      (0.4)   0.1     (0.5)   n/m    (5.1)    2.2     (7.3)    n/m
expense
(Loss) income
from           (6.9)   (0.3)   (6.6)   n/m    (20.4)   1.5     (21.9)   n/m
continuing
operations
                                                                      
Gain on sale
of real estate --     --     --     n/m    (0.1)    --     (0.1)    n/m
improvements
Net (loss)     $(6.9) $(0.3) $(6.6) n/m    $(20.3) $1.5   $(21.8) n/m
income

                                                                    
CyrusOne Inc.
Combined Balance Sheets
(Dollars in millions)
(Unaudited)

                                          December 31,        Change
                                          2012       2011     $        %
Assets                                                               
                                                                    
Investment in real estate:                                           
Land                                       $44.5    $26.5  $18.0  68%
Buildings and improvements                 722.5     568.6   153.9   27%
Equipment                                  52.4      16.1    36.3    n/m
Construction in progress                   64.2      49.0    15.2    31%
Subtotal                                   883.6     660.2   223.4   34%
Accumulated depreciation                   (176.7)   (131.2) (45.5)  35%
Net investment in real estate              706.9     529.0   177.9   34%
Cash and cash equivalents                  16.5      0.6     15.9    n/m
Rent and other receivables                 33.2      --     33.2    n/m
Restricted cash                            6.3       --     6.3     n/m
Goodwill                                   276.2     276.2   --     0%
Intangible assets, net                     102.6     120.7   (18.1)  (15%)
Due from affiliates                        2.2       --     2.2     n/m
Other assets                               67.0      28.2    38.8    138%
Total assets                              $1,210.9 $954.7 $256.2 27%
                                                                    
Liabilities and Parent's net investment                              
Accounts payable and accrued expenses      $29.5    $22.2  $7.3   33%
Deferred revenue                           52.8      49.0    3.8     8%
Due to affiliates                          2.9       --     2.9     n/m
Capital lease obligations                  32.2      42.9    (10.7)  (25%)
Long-term debt                             525.0     --     525.0   n/m
Related party notes payable                --       480.2   (480.2) (100%)
Other financing arrangements               60.8      48.2    12.6    26%
Other liabilities                          7.6       0.7     6.9     n/m
Total liabilities                          710.8     643.2   67.6    11%
Parent's net investment                    500.1     311.5   188.6   61%
Total liabilities and Parent's net         $1,210.9 $954.7 $256.2 27%
investment


CyrusOne Inc.
Combined Statements of Operations
(Dollars in millions)
(Unaudited)

For the three months ended: December 31, September June 30, March 31, December
                                         30,                          31,
                           2012         2012      2012     2012      2011
Revenue                     $58.0      $56.7   $54.0  $52.1   $48.0
Costs and expenses:                                               
Property operating expenses 20.6        20.0     18.1    17.3     14.9
Sales and marketing         4.0         2.1      1.8     1.8      2.0
General and administrative  5.4         5.3      5.5     4.5      4.0
Depreciation and            20.4        18.8     17.8    16.4     15.5
amortization
Transaction costs           4.4         0.6      0.7     --      --
Management fees charged by  0.4         0.9      0.5     0.7      0.3
CBI
(Gain) loss on sale of      (0.4)       1.3      1.1     1.2      1.3
receivables to affiliate
Asset impairments           --         --      13.3    --      --
Total costs and expenses    54.8        49.0     58.8    41.9     38.0
                                                                 
Operating income (loss)     $3.2       $7.7    $(4.8) $10.2   $10.0
                                                                 
Interest expense            10.5        11.3     9.7     10.3     8.8
Loss on extinguishment of   --         --      --     --      1.4
debt
(Loss) income before income (7.3)       (3.6)    (14.5)  (0.1)    (0.2)
taxes
Income tax (benefit)        (0.4)       (0.7)    (4.6)   0.6      0.1
expense
Loss from continuing        (6.9)       (2.9)    (9.9)   (0.7)    (0.3)
operations
                                                                 
Gain on sale of real estate --         (0.1)    --     --      --
improvements
Net (loss) income           $(6.9)     $(2.8)  $(9.9) $(0.7)  $(0.3)

                                                                 
CyrusOne Inc.
Combined Balance Sheets
(Dollars in millions)
(Unaudited)

                    December 31, September 30, June 30,  March 31, December
                                                                      31,
                    2012         2012          2012      2012      2011
Assets                                                            
                                                                 
Investment in real                                                
estate:
Land                 $44.5      $41.2       $39.0    $38.5    $26.5
Buildings and        722.5       666.5        613.6     619.9     568.6
improvements
Equipment            52.4        43.2         27.3      16.9      16.1
Construction in      64.2        56.6         72.7      30.3      49.0
progress
Subtotal             883.6       807.5        752.6     705.6     660.2
Accumulated          (176.7)     (162.9)      (149.6)   (142.5)   (131.2)
depreciation
Net investment in    706.9       644.6        603.0     563.1     529.0
real estate
Cash and cash        16.5        3.2          1.4       1.9       0.6
equivalents
Rent and other       33.2        --          --       --       --
receivables
Restricted cash      6.3         10.4         --       --       --
Goodwill             276.2       276.2        276.2     276.2     276.2
Intangible assets,   102.6       106.7        110.8     116.5     120.7
net
Due from affiliates  2.2         9.6          3.8       --       --
Other assets         67.0        40.1         36.4      29.1      28.2
Total assets        $1,210.9   $1,090.8    $1,031.6 $986.8   $954.7
                                                                 
Liabilities and
Parent's net                                                      
investment
Accounts payable and $29.5      $41.2       $29.2    $13.0    $22.2
accrued expenses
Deferred revenue     52.8        52.1         51.1      48.8      49.0
Due to affiliates    2.9         --          --       --       --
Capital lease        32.2        38.0         39.3      41.4      42.9
obligations
Long-term debt       525.0       --          --       --       --
Related party notes  --         612.1        561.5     524.2     480.2
payable
Other financing      60.8        49.2         48.4      48.5      48.2
arrangements
Other liabilities    7.6         0.7          1.6       0.5       0.7
Total liabilities    710.8       793.3        731.1     676.4     643.2
Parent's net         500.1       297.5        300.5     310.4     311.5
investment
Total liabilities
and Parent's net     $1,210.9   $1,090.8    $1,031.6 $986.8   $954.7
investment

                                                                               
CyrusOne Inc.
Net Operating Income and Reconciliation of Net Income (Loss)to Adjusted EBITDA
(Dollars in millions)
(Unaudited)

              Twelve Months                     Three Months Ended
               Ended
              December 31,       Change           December September June 30, March    December  
                                                   31,      30,                31,      31,
              2012      2011     $         %      2012     2012      2012     2012     2011
Net Operating                                                                   
Income
Revenue        $220.8  $181.7 $39.1   22%    $58.0  $56.7   $54.0  $52.1  $48.0
Property
operating      76.0     58.2    17.8     31%    20.6    20.0     18.1    17.3    14.9
expenses
                                                                               
Net Operating  $144.8  $123.5 $21.3   17%    $37.4  $36.7   $35.9  $34.8  $33.1
Income (NOI)
NOI as a % of  65.6%     68.0%                   64.5%    64.7%     66.5%    66.8%    69.0%
Revenue
                                                                               
                                                                               
                                                                               
Reconciliation of Net
Income (Loss)to                                                                 
Adjusted EBITDA:
                                                                               
Net Income     $(20.3) $1.5   $(21.8) n/m    $(6.9) $(2.8)  $(9.9) $(0.7) $(0.3)
(Loss)
                                                                               
Adjustments:                                                                    
Interest       41.8     32.9    8.9      27%    10.5    11.3     9.7     10.3    8.8
expense
Income tax
(benefit)      (5.1)    2.2     (7.3)    n/m    (0.4)   (0.7)    (4.6)   0.6     0.1
expense
Depreciation
and            73.4     55.5    17.9     32%    20.4    18.8     17.8    16.4    15.5
amortization
Transactions   5.7      2.6     3.1      119%   4.4     0.6      0.7     --     --
costs
Loss on sale
of receivables 3.2      3.5     (0.3)    (9%)   (0.4)   1.3      1.1     1.2     1.3
to affiliate
Stock-based
compensation   1.5      --     1.5      n/m    0.2     1.1      (0.1)   0.3     --
mark-to-market
Asset          13.3     --     13.3     n/m    --     --      13.3    --     --
impairments
Gain on sale
of real estate (0.1)    --     (0.1)    n/m    --     (0.1)    --     --     --
improvements
Loss on
extinguishment --      1.4     (1.4)    (100%) --     --      --     --     1.4
of debt
Adjusted       $113.4  $99.6  $13.8   14%    $27.8  $29.5   $28.0  $28.1  $26.8
EBITDA
Adjusted
EBITDA as a %  51.4%     54.8%                   47.9%    52.0%     51.9%    53.9%    55.8%
of Revenue

                                                                                
CyrusOne Inc.
Reconciliation of Net Income (Loss)to FFO, Normalized FFO, and AFFO
(Dollars in millions)
(Unaudited)

                 Twelve Months                   Three Months Ended
                  Ended
                 December 31,      Change          December September June 30, March    December  
                                                    31,      30,                31,      31,
                 2012      2011    $         %     2012     2012      2012     2012     2011
Reconciliation of
Net Income                                                                       
(Loss)to FFO and
Normalized FFO:
Net Income (Loss) $(20.3) $1.5  $(21.8) n/m $(6.9) $(2.8)  $(9.9) $(0.7) $(0.3)
                                                                                
Adjustments:                                                                     
Real estate
depreciation and  52.9     37.7   15.2     40%   15.4    13.6     12.4    11.5    10.9
amortization
Amortization of
customer          16.0     15.0   1.0      7%    3.9     4.0      4.0     4.1     3.7
relationship
intangibles
Real estate       11.7     --    11.7     n/m   --     (0.1)    11.8    --     --
impairments
Customer
relationship      1.5      --    1.5      n/m   --     --      1.5     --     --
intangible
impairments
Gain on sale of
real estate       (0.1)    --    (0.1)    n/m   --     (0.1)    --     --     --
improvements
Funds from        $61.7   $54.2 7.5      14%   $12.4  $14.6   $19.8  $14.9  $14.3
Operations (FFO)
                                                                                
Transaction Costs 5.7      2.6    3.1      119%  $4.4   0.6      0.7     --     --
Normalized Funds
from Operations   $67.4   $56.8 $10.6   19%   $16.8  $15.2   $20.5  $14.9  $14.3
(Normalized FFO)
                                                                                
Reconciliation of
Normalized FFO to                                                                
AFFO:
Normalized FFO    $67.4                        $16.8  $15.2   $20.5  $14.9  
                                                                                
Adjustments:                                                                     
Amortization of
deferred          0.3                           0.3     --      --     --     
financing costs
Non-cash          3.4                           0.8     1.7      0.4     0.5     
compensation
Non-real estate
depreciation and  4.5                           1.1     1.2      1.4      0.8     
amortization
Deferred revenue
and straight line (8.3)                         (2.3)   (2.0)    (1.7)   (2.3)   
rent adjustments
Leasing           (4.4)                         (1.1)   (1.0)    (0.7)   (1.6)   
commissions
Recurring capital (3.9)                         (1.6)   (1.0)    (0.7)   (0.6)   
expenditures
Corporate income
tax               (5.8)                         (0.5)   (0.9)    (4.8)   0.4     
(benefit)/expense
Adjusted Funds
from Operations   $53.2                        $13.5  $13.2   $14.4  $12.1  
(AFFO)

                                      
CyrusOne Inc.
Reconciliation of Net Debt
(Dollars in millions)
(Unaudited)

                                      December 31,
                                      2012
Long-term debt                         $525.0
Capital lease obligations              32.2
Less:                                  
Cash and cash equivalents              (16.5)
Net debt                               $540.7
                                      
IPO proceeds to CyrusOne               (337.1)
Proforma Net debt at December 31, 2012 $203.6

                                                 
CyrusOne Inc.
Colocation Square Footage (CSF) and Utilization
(Unaudited)

               As of December 31, 2012 As of December 31, 2011
               CSF Capacity           CSF Capacity 
Market          (Sq Ft)      % Utilized (Sq Ft)      % Utilized
Cincinnati      411,730     92%        436,613     91%
Dallas          171,100     69%        123,945     82%
Houston         188,602     93%        153,593     90%
Austin          57,078      32%        15,459      92%
Phoenix         36,222      0%         --         0%
San Antonio     35,765      61%        --         0%
Chicago         23,278      52%        25,485      77%
International   8,200       52%        8,200       17%
Total Footprint 931,975     78%        763,295     88%

                                                                                                            
CyrusOne Inc.
Data Center Portfolio
As of December 31, 2012
(Unaudited)

                                         Operating Net Rentable Square Feet (NRSF)^(a)                           
                                                                                                         Powered
                                            Colocation                                                   Shell       Available
Facilities      Metropolitan Annualized     Space      Office &  Supporting         Total^(f) Percent    Available  Utility
                Area         Rent^(b)       (CSF)^(c)  Other^(d) Infrastructure^(e)           Leased^(g) for Future  Power
                                                                                                         Development (MW)^(i)
                                                                                                         (NRSF)^(h)
South                                                                                                        
Southwest Fwy   Houston      $43,986,744  63,469    17,247   23,202            103,918  92%        --        16
(Galleria)
Westway Park
Blvd (Houston   Houston      $36,018,192  112,133   8,749    35,674            156,556  82%        3,000      12
West)
S. State Hwy
121 Business    Dallas       $34,042,101  108,687   9,316    59,333            177,336  88%        2,000      8
(Lewisville)*
Midway**        Dallas       $6,387,262   9,782     --      --               9,782    100%       --        1
E. Ben White
Blvd (Austin    Austin       $5,908,064   16,223    21,376   7,516             45,115   93%        --        5
1)*
Metropolis
Drive (Austin   Austin       $1,820,760   40,855    4,128    18,563            63,546   9%         --        10
2)*
Frankfort Road  Dallas       $1,068,981   47,366    24,330   36,522            108,218  11%        518,000    10
(Carrollton)
North Fwy       Houston      $1,038,086   13,000    1,449    --               14,449   100%       --        1
(Greenspoint)**
Marsh Ln.**     Dallas       $1,028,758   2,245     --      --               2,245    100%       --        1
Bryan St.**     Dallas       $993,646     3,020     --      --               3,020    58%        --        1
Westover Hills
Blvd. (San      San Antonio  $964,983     35,765    172      25,777            61,714   17%        35,000     10
Antonio)
South Ellis
Street          Arizona      $--         36,222    --      20,916            57,138   0%         45,000     10
(Phoenix)
                                                                                                            
South Total                 $133,257,577 488,767   86,767   227,503           803,037  62%        603,000    83
                                                                                                            
Midwest                                                                                                      
West Seventh
Street (7th     Cincinnati   $31,494,515  208,918   5,744    161,023           375,685  96%        52,000     13
St.)***
Fujitec Drive   Cincinnati   $17,281,558  60,556    32,484   44,506            137,546  81%        90,000     12
(Lebanon)
Industrial Road Cincinnati   $14,564,657  52,698    46,848   40,374            139,920  94%        --        10
(Florence)*
Knightsbridge
Drive           Cincinnati   $9,562,185   46,565    1,077    35,336            82,978   90%        --        5
(Hamilton)*
Parkway (Mason) Cincinnati   $5,891,008   34,072    26,458   17,193            77,723   99%        --        3
Springer Street Chicago      $2,146,900   13,560    4,115    12,231            29,906   54%        29,000     3
(Lombard)*
E. Monroe
Street (Monroe  South Bend   $1,363,289   6,350     --      6,478             12,828   81%        4,000      1
St.)
Goldcoast Drive Cincinnati   $1,390,140   2,728     5,280    16,481            24,489   100%       14,000     1
(Goldcoast)
Crescent Circle South Bend   $851,544     3,368     --      5,125             8,493    47%        11,000     1
(Blackthorn)*
McAuley Place   Cincinnati   $533,866     6,193     6,950    2,166             15,309   71%        --        1
(Blue Ash)*
Midwest Total               $85,079,662  435,008   128,956  340,913           904,877  91%        200,000    50
                                                                                                            
International                                                                                                
Kestral Way     London       $1,325,128   5,000     --      --               5,000    78%        --        1
(London)**
Jurong East     Singapore    $303,601     3,200     --      --               3,200    12%        --        1
(Singapore)**
International               $1,628,729   8,200     --      --               8,200    52%        --        2
Total
                                                                                                            
Total                       $219,965,968 931,975    215,723   568,416            1,716,114 76%        803,000     135
                                                                                                            
* 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 December 31, 2012, multiplied by 12. For the month of December 31, 2012, customer
reimbursements were $20.8 million annualized and consisted of reimbursements by customers across all facilities with
separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on
factors such as our customers' utilization of power and the suppliers' pricing of power. From January 1, 2011 through December
31, 2012, customer reimbursements under leases with separately metered power constituted between 7.2% and 9.7% of annualized
rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of
December 31, 2012 was $231,232,980. Our annualized effective rent was greater than our annualized rent as of December 31, 2012
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) 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.
(e) Represents infrastructure support space, including mechanical, telecommunications and utility rooms, as well as building
common areas.
(f) Represents the NRSF at an operating facility that is currently leased or readily available for lease. This excludes
existing vacant space held for development.
(g) Percent leased is determined based on NRSF being billed to customers under signed leases as of December 31, 2012 divided
by total NRSF. Leases signed but not commenced as of December 31, 2012 are not included. Supporting infrastructure has been
allocated to leased NRSF on a proportionate basis for purposes of this calculation.
(h) Represents space that is under roof that could be developed in the future for operating NRSF, rounded to the nearest
1,000.
(i) Represents installed power capacity that can be delivered to the facility by the local utility provider. Does not sum to
total due to rounding.

                                                                                       
CyrusOne Inc.
NRSF Under Development
As of December 31, 2012
(Dollars in millions)
(Unaudited)

                      NRSF Under Development^(a)
                      Under Development                                     Under Development
                                                                              Costs^(b)
           Metropolitan Colocation Office & Supporting     Powered            Actual Estimated
Facilities Area         Space      Other   Infrastructure Shell^(c) Total    to     Costs to   Total
                        (CSF)                                                 Date   Completion
South
Ellis      Arizona      --       21,000 --           60,000   81,000  $10  $3       $13
Street
(Phoenix)
Westway
Park Blvd  Houston      42,000    30,000  42,000        43,000   157,000 $9   $22      $31
(Houston
West)
                                                                                       
Total                  42,000    51,000  42,000        103,000  238,000 $19  $25      $44
                                                                                       
(a) Represents NRSF at a facility for which substantial activities have commenced to prepare the
space for its intended use.
(b) 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.
(c) Represents NRSF under construction that, upon completion, will be powered shell available for
future development into operating NRSF.


CyrusOne Inc.
Customer Diversification^(a)
As of December 31, 2012
(Unaudited)
                                                      Percentage   Weighted
                                                      of           Average
  Principal Customer    Number of    Annualized      Portfolio    Remaining
   Industry              Locations    Rent^(b)        Annualized   Lease
                                                      Rent^(c)     Term in
                                                                   Months^(d)
1  Telecommunications    9            $20,622,599   9.4%         17.3
   (CBI)^(e)
2  Energy                2            $16,016,330   7.3%         9.2
3  Energy                4            $15,694,772   7.1%         6.6
4  Research and          3            $12,324,241   5.6%         9.2
   Consulting Services
5  Information           2            $7,110,131    3.2%         52.0
   Technology
6  Telecommunication     1            $6,537,900    3.0%         52.6
   Services
7  Financials            1            $6,310,851    2.9%         89.1
8  Telecommunication     1            $4,924,557    2.2%         76.0
   Services
9  Energy                2            $4,731,000    2.2%         43.0
10 Consumer Staples      1            $3,952,253    1.8%         110.3
11 Energy                1            $3,858,120    1.8%         24.5
12 Information           2            $3,808,882    1.7%         96.9
   Technology
13 Energy                3            $3,695,172    1.7%         5.4
14 Information           1            $3,608,814    1.6%         96.8
   Technology
15 Energy                1            $3,571,203    1.6%         41.0
16 Consumer              1            $3,451,040    1.6%         11.7
   Discretionary
17 Energy                1            $3,152,567    1.4%         42.5
18 Energy                1            $3,042,430    1.4%         13.3
19 Energy                1            $3,018,000    1.4%         3.0
20 Information           1            $2,681,959    1.2%         30.0
   Technology
                                   $132,112,821  60.1%        32.5
                                                              
  (a) Includes affiliates.
  
   (b) Represents monthly contractual rent (defined as cash rent including
   customer reimbursements for metered power) under existing customer leases
   as of December 31, 2012, multiplied by 12. For the month of December 31,
   2012, customer reimbursements were $20.8 million annualized and consisted
   of reimbursements by customers across all facilities with separately
   metered power. Customer reimbursements under leases with separately metered
   power vary from month-to-month based on factors such as our customers'
   utilization of power and the suppliers' pricing of power. From January 1,
  2011 through December 31, 2012, customer reimbursements under leases with
   separately metered power constituted between 7.2% and 9.7% of annualized
   rent. After giving effect to abatements, free rent and other straight-line
   adjustments, our annualized effective rent as of December 31, 2012 was
   $231,232,980. Our annualized effective rent was greater than our annualized
   rent as of December 31, 2012 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 December 31, 2012, which was
   approximately $220.0 million.
  
   (d) Weighted average based on customer's percentage of total annualized
   rent expiring and is as of December 31, 2012, 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 3% of our annualized rent as of December 31, 2012.

                                                                  
CyrusOne Inc.
Lease Distribution
As of December 31, 2012
(Unaudited)
                                                                  
                        Percentage            Percentage                Percentage
NRSF      Number of     of         Total      of         Annualized     of
Under     Customers^(b) All        Leased     Portfolio  Rent^(d)       Annualized
Lease^(a)               Customers  NRSF^(c)   Leased                    Rent
                                              NRSF
0-999     420           81%        71,462    5%         $31,476,839  14%
1000-2499 32            6%         51,737    4%         $13,290,121  6%
2500-4999 23            5%         80,741    6%         $20,788,080  10%
5000-9999 15            3%         111,933   9%         $29,404,658  13%
10000+    28            5%         987,116   76%        $125,006,270 57%
                                                                  
Total     518          100%       1,302,989 100%       $219,965,968 100%
                                                                  
(a) Represents all leases in our portfolio, including colocation, office and other
leases.

(b) Represents the number of customers in our portfolio utilizing data center,
office and other 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 December
31, 2012, multiplied by 12. For the month of December 31, 2012, customer
reimbursements were $20.8 million annualized and consisted of reimbursements by
customers across all facilities with separately metered power. Customer
reimbursements under leases with separately metered power vary from month-to-month
based on factors such as our customers' utilization of power and the suppliers'
pricing of power. From January 1, 2011 through December 31, 2012, customer
reimbursements under leases with separately metered power constituted between 7.2%
and 9.7% of annualized rent. After giving effect to abatements, free rent and
other straight-line adjustments, our annualized effective rent as of December 31,
2012 was $231,232,980. Our annualized effective rent was greater than our
annualized rent as of December 31, 2012 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.

                                                                                    
CyrusOne Inc.
Lease Expirations
As of December 31, 2012
(Unaudited)
                                                                                    
                                                                                           Percentage
               Number of    Total      Percentage                Percentage Annualized     of
Year^(a)       Leases       Operating  of         Annualized     of         Rent           Annualized
               Expiring^(b) NRSF       Total NRSF Rent^(c)       Annualized at             Rent
                            Expiring                             Rent       Expiration^(d) at
                                                                                           Expiration
Available                  413,127   24%                                              
Month-to-Month 161          136,101   8%         $17,519,124  8%         $17,519,124  7%
2013           648          302,160   18%        $80,406,353  36%        $80,549,393  35%
2014           362          116,956   7%         $31,277,379  14%        $31,418,476  13%
2015           437          226,540   13%        $27,924,410  13%        $35,425,158  15%
2016           28           21,400    1%         $10,688,746  5%         $11,591,325  5%
2017           55           192,179   11%        $23,604,623  11%        $23,763,457  10%
2018           19           32,012    2%         $5,860,490   3%         $5,870,458   3%
2019           3            91,455    5%         $5,108,571   2%         $5,108,571   2%
2020           2            81,997    5%         $6,310,851   3%         $6,310,851   3%
2021           3            31,403    2%         $4,461,960   2%         $6,597,960   3%
2022           4            34,460    2%         $4,468,911   2%         $7,047,828   3%
2023 -         2            36,324    2%         $2,334,550   1%         $2,834,539   1%
Thereafter
                                                                                    
Total          1,724       1,716,114 100%       $219,965,968 100%       $234,037,140 100%
                                                                                    
(a) Leases that were auto-renewed prior to December 31, 2012 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 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.

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

(c) Represents monthly contractual rent (defined as cash rent including customer reimbursements for
metered power) under existing customer leases as of December 31, 2012, multiplied by 12. For the
month of December 31, 2012, customer reimbursements were $20.8 million annualized and consisted of
reimbursements by customers across all facilities with separately metered power. Customer
reimbursements under leases with separately metered power vary from month-to-month based on factors
such as our customers' utilization of power and the suppliers' pricing of power. From January 1, 2011
through December 31, 2012, customer reimbursements under leases with separately metered power
constituted between 7.2% and 9.7% of annualized rent. After giving effect to abatements, free rent
and other straight-line adjustments, our annualized effective rent as of December 31, 2012 was
$231,232,980. Our annualized effective rent was greater than our annualized rent as of December 31,
2012 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 December 31, 2012, multiplied by 12.

CONTACT: Investor Relations:
         Idalia Rodriguez or Jamie Lillis
         972-350-0060
         investorrelations@cyrusone.com
 
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