CyrusOne Reports Fourth Quarter and Full Year 2013 Earnings

  CyrusOne Reports Fourth Quarter and Full Year 2013 Earnings

     Revenue Growth of 25% for fourth quarter and 19% for full year 2013

Business Wire

DALLAS -- February 19, 2014

Global data center service provider CyrusOne Inc. (NASDAQ:CONE), which
specializes in providing highly reliable enterprise-class, carrier-neutral
data center properties to the Fortune 1000, today announced fourth quarter and
full year 2013 earnings.

Highlights

  *Fourth quarter revenue of $72.3 million increased 25% over the fourth
    quarter of 2012
  *2013 full year revenue of $263.5 million increased 19% over 2012
  *Fourth quarter Normalized FFO of $23.6 million and AFFO of $20.8 million ^
    increased 40% and 54%, respectively, over the fourth quarter of 2012
  *2013 full year Normalized FFO of $78.7 million and AFFO of $72.4 million
    increased 17% and 36%, respectively, over 2012
  *Fourth quarter Adjusted EBITDA of $39.9 million and full year Adjusted
    EBITDA of $138.7 million increased 40% and 20%, respectively, over fourth
    quarter and full year 2012
  *Announcing a 31% increase in the quarterly dividend for the first quarter
    of 2014 to $0.21 per share on common shares and common share equivalents,
    up from $0.16 per share in 2013
  *Purchased 14 acres of land in Northern Virginia, establishing a presence
    on the East Coast, and 22 acres in Austin for future data center expansion
  *Leased 47,000 colocation square feet in the fourth quarter, with
    utilization remaining high at 85%

“CyrusOne had a tremendous first year as a public company, with strong revenue
and Adjusted EBITDA growth, additions of more than 100 logos and the
successful rollout of our National IX platform” said Gary Wojtaszek, president
and chief executive officer of CyrusOne. “We are also excited to announce the
transaction in Northern Virginia, which supports our strategy of growing our
Fortune 1000 customer base by providing a presence on the East Coast and
enhancing the geographic diversity of our portfolio.”

Fourth Quarter 2013 Financial Results

Revenue was $72.3 million for the fourth quarter, compared to $58.0 million
for the same period in 2012, or an increase of 25%. Operating income improved
$5.8 million from the fourth quarter of 2012, as a $14.3 million increase in
revenue and a $1.4 million decrease in non-recurring costs were partially
offset by increases in depreciation and amortization of $6.2 million, and
property operating expenses of $3.7 million. Net loss was $3.8 million for the
fourth quarter, compared to a net loss of $6.9 million for the same period in
2012.

Net operating income (NOI)^1 was $48.0 million for the fourth quarter,
compared to $37.4 million in the same period in 2012, an increase of 28%. The
increase in NOI was driven by the increase in revenue, partially offset by
additional property operating costs from new facilities and expansions at
existing facilities. Adjusted EBITDA^2 was $39.9 million for the fourth
quarter, compared to $28.4 million in the same period in 2012, an increase of
40%. The Adjusted EBITDA margin of 55.2% in the fourth quarter improved from
49.0% in the same period in 2012 as Sales, General and Administrative expenses
were flat year-over-year.

Normalized Funds From Operations (Normalized FFO)^3 was $23.6 million for the
fourth quarter, compared to $16.8 million in the same period in 2012, an
increase of 40%. The increase in Normalized FFO was primarily due to growth in
Adjusted EBITDA. Normalized FFO per diluted common share or common share
equivalent^4 was $0.37 in the fourth quarter of 2013. Adjusted Funds From
Operations (AFFO)^5 was $20.8 million for the fourth quarter, compared to
$13.5 million in the same period in 2012, an increase of 54%.

Full Year 2013 Financial Results

Revenue for the full year was $263.5 million, compared to $220.8 million in
2012, an increase of 19%. Net loss for the full year was $35.8 million
compared to $20.3 million in 2012. The Company’s higher Adjusted EBITDA and
lower asset impairments were offset by higher depreciation and amortization,
transaction-related compensation and income tax expenses.

Adjusted EBITDA increased 20% to $138.7 million from $115.3 million in 2012.
Normalized FFO for the full year increased to $78.7 million in 2013 from $67.4
million in 2012, an increase of 17%. AFFO for the full year was $72.4 million,
an increase of 36% from $53.2 million in 2012.

Leasing Activity

CyrusOne leased approximately 47,000 colocation square feet (CSF) or 7.3 MW of
power in the fourth quarter. The company added one new Fortune 1000^6 customer
in the fourth quarter, bringing the total to 129 customers in the Fortune 1000
and 612 customers in total as of December 31, 2013. The weighted average lease
term of the new leases based on square footage was 43 months, and
approximately 74% of the CSF was leased to metered customers with the
remainder leased on a full service basis. Recurring rent churn^7 for the
fourth quarter of 2013 was 1.1%, compared to 0.6% for the fourth quarter of
2012. Approximately 85% of the new leases this quarter included CyrusOne
National IX services. CyrusOne is also pleased to announce that it is the
first data center provider to receive multi-site data center certification
from the Open-IX Association as six of its data centers in Cincinnati,
Houston, Dallas, Phoenix and Austin are now certified.

Portfolio Utilization and Development

As of December 31, 2013, CyrusOne had approximately 1,052,000 CSF across 25
facilities, an increase of approximately 120,000, or 13%, from a year ago. In
the fourth quarter of 2013, the company commissioned the second data hall at
its Carrollton facility near Dallas adding 60,000 CSF. CSF utilization^8 for
the fourth quarter was 85%, compared to 78% in the same period in 2012. During
the quarter, the Company purchased 14 acres of land in Northern Virginia and
plans to commence construction in early 2014 with completion expected in the
fourth quarter. This purchase is CyrusOne’s first expansion into the East
Coast, and represents the Company’s commitment to enhancing the geographic
diversity of its portfolio to support its strategy of being the preferred data
center provider for Fortune 1000 enterprises. The Company also purchased 22
acres of land in Austin during the quarter for future expansion within that
market, and started construction on the 22 acres of land in San Antonio that
was acquired in the third quarter. The first phase of construction for this
facility is expected to be completed in the fourth quarter of 2014.

Balance Sheet and Liquidity

As of December 31, 2013, the company had $525.0 million of long term debt,
cash of $148.8 million, and an undrawn $225.0 million senior secured revolving
credit facility. Net debt^9 was $392.9 million as of December 31, 2013, or
approximately 21% of the company's total enterprise value or 2.5x Adjusted
EBITDA annualized. Available liquidity^10 was $373.8 million as of December
31, 2013.

Dividend

On December 11, 2013, the company announced a dividend of $0.16 per share of
common shares and common share equivalents for the fourth quarter of 2013. The
dividend was paid on January 10, 2014, to shareholders of record at the close
of business on December 27, 2013.

Additionally, today the company is announcing that its Board of Directors has
authorized a 31% increase in the cash dividend which will now be $0.21 per
share on the company’s common shares and common share equivalents. The
dividend will be paid on April 15, 2014, to shareholders of record at the
close of business on March 28, 2014.

Guidance

CyrusOne is issuing the following guidance for full year 2014:

Category                                2013 Results   2014 Guidance
Revenue                                   $263 million     $305 - $315 million
Adjusted EBITDA                           $139 million     $160 - $165 million
Normalized FFO per diluted common         $1.22            $1.55 - $1.65
share or common share equivalent
Capital Expenditures
Development*                              $216 million     $275 - $300 million
Recurring                                 $4 million       $5 - $10 million
Acquisition of leased facilities**        $28 million      -


*   Development capital is inclusive of capital used for the acquisition of
     land for future development.
     Of the $28.2 million paid for the acquisition of previously leased
**   properties, $8.4 million is presented as capital expenditures in the GAAP
     cash flow statement and $19.8 million is presented as repayment of debt.
     

The annual guidance provided above represents forward-looking statements,
which are based on current economic conditions, internal assumptions about the
company's existing customer base and the supply and demand dynamics of the
markets in which CyrusOne operates.

Upcoming Conferences and Events

  *Citi Global Property CEO Conference on March 2-5 in Palm Beach
  *Oppenheimer 7^th Annual Cloud Services 1-on-1 Conference on March 6 in New
    York City

Conference Call Details

CyrusOne will host a conference call on February 20, 2014, at 8:00 AM Eastern
Time (7:00 AM Central Time) to discuss its results for the fourth quarter and
full year of 2013. A live webcast of the conference call will also be
available on the investor relations page of the company's website at
http://investor.cyrusone.com/index.cfm. The U.S. conference call dial-in
number is 1-866-652-5200, and the international dial-in number is
1-412-317-6060. Passcode for the call is 10039875. A replay will be available
one hour after the conclusion of the earnings call on February 20, 2014, until
9:00 AM (ET) on February 28, 2014. The U.S. toll-free replay dial-in number is
1-877-344-7529 and the international replay dial-in number is 1-412-317-0088.
Replay passcode is 10039875. An archived version of the webcast will also be
available on the investor relations page of the company's website at
http://investor.cyrusone.com/index.cfm.

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 10K 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, Net Operating Income 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 that accompany this release and are available in
the Investor Relations section of www.cyrusone.com.

^1Net Operating Income (NOI) is defined 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.

^2Adjusted EBITDA is defined as net (loss) income as defined by U.S. GAAP
before noncontrolling interests plus interest expense, income tax (benefit)
expense, depreciation and amortization, non-cash compensation, transaction
costs and transaction-related compensation, including acquisition pursuit
costs, loss on sale of receivables to affiliate, restructuring costs, loss on
extinguishment of debt, asset impairments, (gain) loss on sale of real estate
improvements, and other special items. 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.

^3Normalized Funds From Operations (Normalized FFO) is defined as Funds From
Operations (FFO) plus transaction costs, including acquisition pursuit costs,
transaction-related compensation, (gain) loss on extinguishment of debt,
restructuring costs and other special items. FFO is net (loss) income computed
in accordance with U.S. GAAP before 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. 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. The company
believes its Normalized FFO calculation provides a comparable measure to
others in the industry.

^4Normalized FFO per diluted common share or common share equivalent is
defined as Normalized FFO divided by the average diluted common shares and
common share equivalents outstanding for the quarter, which were 64,594,155
for the fourth quarter of 2013.

^5Adjusted Funds From Operations (AFFO) is defined as Normalized FFO plus
amortization of deferred financing costs, non-cash compensation, and non-real
estate depreciation and amortization, 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, AFFO and Adjusted EBITDA should be considered only as supplements to
net income as measures of our performance. FFO, Normalized FFO, NOI, AFFO and
Adjusted EBITDA should not be used as measures of liquidity or 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.

^6Fortune 1000 customers include subsidiaries whose ultimate parent is a
Fortune 1000 company or a foreign or private company of equivalent size.

^7Recurring rent churn is calculated as any reduction in recurring rent due to
customer terminations, service reductions or net pricing decreases as a
percentage of annualized rent at the beginning of the period, excluding any
impact from metered power reimbursements or other usage-based billing.

^8Utilization 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.

^9Net 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.

^10Liquidity is calculated as cash, cash equivalents, and temporary cash
investments on hand plus the undrawn capacity on CyrusOne's revolving credit
facility.

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 more than 600 customers, including nine of the Fortune 20
and more than 125 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 25 data centers worldwide.


CyrusOne Inc.
Combined Statements of Operations
(Dollars and shares in millions, except per share amounts)
(Unaudited)

                      Three Months                                Twelve Months Ended                 
                        Ended December 31,         Change                 December 31,                Change
                        2013        2012         $            %         2013        2012          $            %
Revenue                 $ 72.3        $ 58.0       $ 14.3       25%       $ 263.5       $ 220.8       $ 42.7       19%
Costs and expenses:
Property operating      24.3          20.6         3.7          18%       93.2          76.0          17.2         23%
expenses
Sales and marketing     2.6           4.0          (1.4   )     (35)%     10.6          9.7           0.9          9%
General and             6.8           5.4          1.4          26%       28.0          20.7          7.3          35%
administrative
Transaction-related     —             —            —            n/m       20.0          —             20.0         n/m
compensation
Depreciation and        26.6          20.4         6.2          30%       95.2          73.4          21.8         30%
amortization
Restructuring           —             —            —            n/m       0.7           —             0.7          n/m
charges
Transaction costs       0.2           4.4          (4.2   )     (95)%     1.4           5.7           (4.3   )     (75)%
Management fees         —             0.4          (0.4   )     n/m       —             2.5           (2.5   )     n/m
charged by CBI
(Gain) loss on sale
of receivables to       —             (0.4   )     0.4          n/m       —             3.2           (3.2   )     n/m
affiliate
Asset impairments       2.8          —           2.8         n/m       2.8          13.3         (10.5  )     (79)%
Total costs and         63.3         54.8        8.5         16%       251.9        204.5        47.4        23%
expenses
Operating income        9.0           3.2          5.8          181%      11.6          16.3          (4.7   )     (29)%
Interest expense        11.5          10.5         1.0          10%       43.7          41.8          1.9          5%
Other income            —             —            —            n/m       (0.1    )     —             (0.1   )     n/m
Loss on
extinguishment of       —            —           —           n/m       1.3          —            1.3         n/m
debt
Loss before income      (2.5    )     (7.3   )     4.8          (66)%     (33.3   )     (25.5   )     (7.8   )     31%
taxes
Income tax              (1.1    )     0.4         (1.5   )     n/m       (2.3    )     5.1          (7.4   )     n/m
(expense) benefit
Loss from
continuing              (3.6    )     (6.9   )     3.3         (48)%     (35.6   )     (20.4   )     (15.2  )     75%
operations
(Loss) gain on sale
of real estate          (0.2    )     —            (0.2   )     n/m       (0.2    )     0.1           (0.3   )     n/m
improvements
Net loss attributed     —             (6.9   )     6.9          n/m       (20.2   )     —             (20.2  )     n/m
to Predecessor
Noncontrolling
interest in net         2.5          —           2.5         n/m       10.3         —            10.3        n/m
loss
Net loss attributed
to common               $ (1.3  )     $ —         $ (1.3 )     n/m       $ (5.3  )     $ (20.3 )     $ 15.0      (74)%
stockholders
Loss per common
share - basic and       $ (0.06 )     n/a                                 $ (0.28 )     n/a
diluted
Basic weighted
average common          20.9                                              20.9
shares
Diluted weighted
average common          20.9                                              20.9
shares



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

                      December 31,   December 31,   Change
                        2013             2012             $           %
Assets
Investment in real
estate:
Land                    $  89.3          $  44.5          $ 44.8        101 %
Buildings and           783.7            722.5            61.2          8   %
improvements
Equipment               190.2            52.4             137.8         n/m
Construction in         57.3            64.2            (6.9    )     (11 )%
progress
Subtotal                1,120.5          883.6            236.9         27  %
Accumulated             (236.7     )     (176.7     )     (60.0   )     34  %
depreciation
Net investment in       883.8           706.9           176.9        25  %
real estate
Cash and cash           148.8            16.5             132.3         n/m
equivalents
Rent and other          41.2             33.2             8.0           24  %
receivables
Restricted cash         —                6.3              (6.3    )     n/m
Goodwill                276.2            276.2            —             0%
Intangible assets,      85.9             102.6            (16.7   )     (16 )%
net
Due from affiliates     0.6              2.2              (1.6    )     (73 )%
Other assets            70.3            67.0            3.3          5   %
Total assets            $  1,506.8      $  1,210.9      $ 295.9      24  %
Liabilities and
Equity
Accounts payable
and accrued             $  66.8          $  37.1          $ 29.7        80  %
expenses
Deferred revenue        55.9             52.8             3.1           6   %
Due to affiliates       8.5              2.9              5.6           n/m
Capital lease           16.7             32.2             (15.5   )     (48 )%
obligations
Long-term debt          525.0            525.0            —             0%
Other financing         56.3            60.8            (4.5    )     (7  )%
arrangements
Total liabilities       729.2           710.8           18.4         3   %
Shareholders’
Equity / Parent’s
net investment:
Preferred stock,
$.01 par value,
100,000,000             —                —                —             n/m
authorized; no
shares issued or
outstanding
Common stock, $.01
par value,
500,000,000 shares
authorized and          0.2              —                0.2           n/m
21,991,669 shares
issued and
outstanding at
December 31, 2013
Common stock, $.01
par value, 1,000
shares authorized
and 100 shares          —                —                —             n/m
issued and
outstanding at
December 31, 2012
Paid in capital         340.7            7.1              333.6         n/m
Accumulated deficit     (18.9      )     —                (18.9   )     n/m
Partnership capital     —               493.0           (493.0  )     n/m
Total shareholders’
equity / parent’s       322.0            500.1            (178.1  )     (36 )%
net investment
Noncontrolling          455.6           —               455.6        n/m
interests
Total Equity            777.6           500.1           277.5        55  %
Total liabilities
and shareholders’       $  1,506.8      $  1,210.9      $ 295.9      24  %
equity / parent’s
net investment



CyrusOne Inc.
Combined Statements of Operations
(Dollars and shares in millions, except per share amounts)
(Unaudited)

For the three         December    September   June 30,    March 31,   December
months ended:           31,           30,                                       31,
                        2013          2013          2013          2013          2012
Revenue                 $ 72.3        $ 67.5        $ 63.6        $ 60.1        $ 58.0
Costs and expenses:
Property operating      24.3          24.2          24.6          20.1          20.6
expenses
Sales and marketing     2.6           2.3           2.9           2.8           4.0
General and             6.8           7.2           7.1           6.9           5.4
administrative
Transaction-related     —             —             —             20.0          —
compensation
Depreciation and        26.6          23.9          23.0          21.7          20.4
amortization
Restructuring           —             0.7           —             —             —
charges
Transaction costs       0.2           0.7           0.4           0.1           4.4
Management fees         —             —             —             —             0.4
charged by CBI
Gain on sale of
receivables to          —             —             —             —             (0.4   )
affiliate
Asset impairments       2.8          —            —            —            —      
Total costs and         63.3         59.0         58.0         71.6         54.8   
expenses
Operating income        9.0           8.5           5.6           (11.5   )     3.2
(loss)
Interest expense        11.5          10.5          10.8          10.9          10.5
Other income            —             (0.1    )     —             —             —
Loss on
extinguishment of       —            —            1.3          —            —      
debt
Loss before income      (2.5    )     (1.9    )     (6.5    )     (22.4   )     (7.3   )
taxes
Income tax              (1.1    )     (0.3    )     (0.3    )     (0.6    )     0.4    
(expense) benefit
Loss from
continuing              (3.6    )     (2.2    )     (6.8    )     (23.0   )     (6.9   )
operations
Loss on sale of
real estate             (0.2    )     —             —             —             —
improvements
Net loss attributed     —             —             —             (20.2   )     (6.9   )
to Predecessor
Noncontrolling
interest in net         2.5          1.4          4.5          1.9          —      
loss
Net loss attributed
to common               $ (1.3  )     $ (0.8  )     $ (2.3  )     $ (0.9  )     $ —    
stockholders
Loss per common
share - basic           $ (0.06 )     $ (0.05 )     $ (0.12 )     $ (0.05 )     n/a
diluted
Basic weighted
average common          20.9          20.9          20.9          20.9
shares
Diluted weighted
average common          20.9          20.9          20.9          20.9
shares



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

                 December      September     June 30,      March 31,     December
                   31,             30,                                             31,
                   2013            2013            2013            2013            2012
Assets
Investment in
real estate:
Land               $ 89.3          $ 81.5          $ 74.6          $ 44.4          $ 44.5
Buildings and      783.7           778.2           778.5           740.7           722.5
improvements
Equipment          190.2           134.3           97.4            68.7            52.4
Construction       57.3           63.2           48.2           92.6           64.2      
in progress
Subtotal           1,120.5         1,057.2         998.7           946.4           883.6
Accumulated        (236.7    )     (218.6    )     (208.7    )     (192.1    )     (176.7    )
depreciation
Net investment     883.8          838.6          790.0          754.3          706.9     
in real estate
Cash and cash      148.8           213.2           267.1           328.6           16.5
equivalents
Rent and other     41.2            33.9            27.2            30.0            33.2
receivables
Restricted         —               —               —               2.6             6.3
cash
Goodwill           276.2           276.2           276.2           276.2           276.2
Intangible         85.9            89.9            94.1            98.4            102.6
assets, net
Due from           0.6             0.9             1.6             23.2            2.2
affiliates
Other assets       70.3           67.2           63.6           60.7           67.0      
Total assets       $ 1,506.8      $ 1,519.9      $ 1,519.8      $ 1,574.0      $ 1,210.9 
Liabilities
and Equity
Accounts
payable and        $ 66.8          $ 67.8          $ 59.3          $ 78.7          $ 37.1
accrued
expenses
Deferred           55.9            55.1            52.8            51.7            52.8
revenue
Due to             8.5             7.0             7.7             8.2             2.9
affiliates
Capital lease      16.7            18.8            19.8            31.0            32.2
obligations
Long-term debt     525.0           525.0           525.0           525.0           525.0
Other
financing          56.3           55.8           54.0           62.9           60.8      
arrangements
Total              729.2          729.5          718.6          757.5          710.8     
liabilities
Shareholders’
Equity /
Parent’s net
investment:
Preferred
stock, $.01
par value,
100,000,000        —               —               —               —               —
authorized; no
shares issued
or outstanding
Common stock,
$.01 par
value,
500,000,000
shares
authorized and     0.2             0.2             0.2             0.2             —
21,991,669
shares issued
and
outstanding at
December 31,
2013
Common stock,
$.01 par
value, 1,000
shares
authorized and     —               —               —               —               —
100 shares
issued and
outstanding at
December 31,
2012
Paid in            340.7           339.4           337.5           335.7           7.1
capital
Accumulated        (18.9     )     (14.2     )     (9.7      )     (3.9      )     —
deficit
Partnership        —              —              —              —              493.0     
capital
Total
shareholders’
equity /           322.0           325.4           328.0           332.0           500.1
parent’s net
investment
Noncontrolling     455.6          465.0          473.2          484.5          —         
interests
Total Equity       777.6          790.4          801.2          816.5          500.1     
Total
liabilities
and
shareholders’      $ 1,506.8      $ 1,519.9      $ 1,519.8      $ 1,574.0      $ 1,210.9 
equity /
parent’s net
investment



CyrusOne Inc.
Reconciliation of Statement of Operations for the Three Months Ended March 31,
2013
(Dollars and shares in millions, except per share amounts)
(Unaudited)

                          Predecessor        Successor      Combined
                            January 1, 2013      January 24,      Three Months
                            to January 23,       2013             Ended
                            2013                 to March 31,     March 31,
                                                 2013             2013
Revenue                     $     15.1           $  45.0          $  60.1
Costs and expenses:
Property operating          4.8                  15.3             20.1
expenses
Sales and marketing         0.7                  2.1              2.8
General and                 1.5                  5.4              6.9
administrative
Transaction-related         20.0                 —                20.0
compensation
Depreciation and            5.3                  16.4             21.7
amortization
Transaction costs           0.1                 —               0.1       
Total costs and             32.4                 39.2             71.6
expenses
Operating income (loss)     (17.3        )       5.8              (11.5     )
Interest expense            2.5                 8.4             10.9      
Loss before income          (19.8        )       (2.6      )      (22.4     )
taxes
Income tax (expense)        (0.4         )       (0.2      )      (0.6      )
benefit
Loss from continuing        (20.2        )       (2.8      )      (23.0     )
operations
Net loss attributed to      (20.2        )       —                (20.2     )
Predecessor
Noncontrolling interest     —                   1.9             1.9       
in net loss
Net loss attributed to      $     —             $  (0.9   )      $  (0.9   )
common stockholders
Loss per common share -     n/a                  $  (0.05  )      $  (0.05  )
basic and diluted
Basic weighted average                                            20.9
common shares
Diluted weighted                                                  20.9
average common shares



CyrusOne Inc.
Reconciliation of Statement of Operations for the Twelve Months Ended December
31, 2013
(Dollars and shares in millions, except per share amounts)
(Unaudited)

                          Predecessor        Successor      Combined
                            January 1, 2013      January 24,      Twelve
                            to January 23,       2013             Months Ended
                            2013                 to December      December 31,
                                                 31, 2013         2013
Revenue                     $     15.1           $  248.4         $  263.5
Costs and expenses:
Property operating          4.8                  88.4             93.2
expenses
Sales and marketing         0.7                  9.9              10.6
General and                 1.5                  26.5             28.0
administrative
Transaction-related         20.0                 —                20.0
compensation
Depreciation and            5.3                  89.9             95.2
amortization
Restructuring charges       —                    0.7              0.7
Transaction costs           0.1                  1.3              1.4
Impairment charges          —                   2.8             2.8       
Total costs and             32.4                219.5           251.9     
expenses
Operating income (loss)     (17.3        )       28.9             11.6
Interest expense            2.5                  41.2             43.7
Other income                —                    (0.1      )      (0.1      )
Loss on extinguishment      —                   1.3             1.3       
of debt
Loss before income          (19.8        )       (13.5     )      (33.3     )
taxes
Income tax (expense)        (0.4         )       (1.9      )      (2.3      )
benefit
Loss from continuing        (20.2        )       (15.4     )      (35.6     )
operations
Loss on sale of real        —                    (0.2      )      (0.2      )
estate improvement
Net loss attributed to      (20.2        )       —                (20.2     )
Predecessor
Noncontrolling interest     —                   10.3            10.3      
in net loss
Net loss attributed to      $     —             $  (5.3   )      $  (5.3   )
common stockholders
Loss per common share -     n/a                  $  (0.28  )      $  (0.28  )
basic and diluted
Basic weighted average                           20.9             20.9
common shares
Diluted weighted                                 20.9             20.9
average common shares



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

                      Twelve Months Ended                            Three Months Ended
                        December 31,                Change                   December   September   June 30,   March 31,   December
                                                                             31,          30,                                      31,
                        2013        2012          $             %          2013         2013          2013         2013          2012
Net Operating
Income
Revenue                 $ 263.5       $ 220.8       $ 42.7        19%        $ 72.3       $  67.5       $ 63.6       $ 60.1        $ 58.0
Property operating      93.2         76.0         17.2          23%        24.3        24.2         24.6        20.1         20.6   
expenses
Net Operating           $ 170.3      $ 144.8      $ 25.5        18%        $ 48.0      $  43.3      $ 39.0      $ 40.0       $ 37.4 
Income (NOI)
NOI as a % of           64.6%         65.6%                                  66.4%        64.1%         61.3%        66.6%         64.5%
Revenue
Reconciliation of
Net Loss to
Adjusted EBITDA:
Net loss                $ (35.8 )     $ (20.3 )     $ (15.5 )     76%        $ (3.8 )     $  (2.2 )     $ (6.8 )     $ (23.0 )     $ (6.9 )
Adjustments:
Interest expense        43.7          41.8          1.9           5%         11.5         10.5          10.8         10.9          10.5
Other income            (0.1    )     —             (0.1    )     n/m        —            (0.1    )     —            —             —
Income tax              2.3           (5.1    )     7.4           n/m        1.1          0.3           0.3          0.6           (0.4   )
(benefit) expense
Depreciation and        95.2          73.4          21.8          30%        26.6         23.9          23.0         21.7          20.4
amortization
Restructuring           0.7           —             0.7           n/m        —            0.7           —            —             —
charges
Legal claim costs       0.7           —             0.7           n/m        —            0.7           —            —             —
Transaction costs       1.4           5.7           (4.3    )     (75)%      0.2          0.7           0.4          0.1           4.4
(Gain) loss on sale
of receivables to       —             3.2           (3.2    )     (100)%     —            —             —            —             (0.4   )
affiliate
Non-cash                6.3           3.4           2.9           85%        1.3          2.0           1.8          1.2           0.8
compensation
Asset impairments       2.8           13.3          (10.5   )     n/m        2.8          —             —            —             —
Loss on
extinguishment of       1.3           —             1.3           n/m        —            —             1.3          —             —
debt
Loss (gain) on sale
of real estate          0.2           (0.1    )     0.3           n/m        0.2          —             —            —             —
improvements
Transaction-related     20.0         —            20.0          n/m        —           —            —           20.0         —      
compensation
Adjusted EBITDA         $ 138.7      $ 115.3      $ 23.4        20%        $ 39.9      $  36.5      $ 30.8      $ 31.5       $ 28.4 
Adjusted EBITDA as      52.6%         52.2%                                  55.2%        54.1%         48.4%        52.4%         49.0%
a % of Revenue



CyrusOne Inc.
Reconciliation of Net Loss to FFO, Normalized FFO, and AFFO
(Dollars in millions, except per share amounts)
(Unaudited)

                      Twelve Months Ended                            Three Months Ended
                        December 31,                Change                   December   September   June 30,   March 31,   December
                                                                             31,          30,                                      31,
                        2013        2012          $             %          2013         2013          2013         2013          2012
Reconciliation of
Net Loss to FFO and
Normalized FFO:
Net income (loss)       $ (35.8 )     $ (20.3 )     $ (15.5 )     76  %      $ (3.8 )     $  (2.2 )     $ (6.8 )     $ (23.0 )     $ (6.9 )
Adjustments:
Real estate
depreciation and        70.6          52.9          17.7          33  %      20.0         17.8          16.9         15.9          15.4
amortization
Amortization of
customer                16.8          16.0          0.8           5   %      4.2          4.2           4.2          4.2           3.9
relationship
intangibles
Real estate             2.8           11.7          (8.9    )     (76 )%     2.8          —             —            —             —
impairments
Customer
relationship            —             1.5           (1.5    )     n/m        —            —             —            —             —
intangible
impairments
Loss (gain) on sale
of real estate          0.2          (0.1    )     0.3           n/m        0.2         —            —           —            —      
improvements
Funds from              $ 54.6        $ 61.7        (7.1    )     (12 )%     $ 23.4       $  19.8       $ 14.3       $ (2.9  )     $ 12.4
Operations (FFO)
Transaction-related     20.0          —             20.0          n/m        —            —             —            20.0          —
compensation
Loss on
extinguishment of       1.3           —             1.3           n/m        —            —             1.3          —             —
debt
Restructuring           0.7           —             0.7           n/m        —            0.7           —            —             —
charges
Legal claim costs       0.7           —             0.7           n/m        —            0.7           —            —             —
Transaction costs       1.4          5.7          (4.3    )     (75 )%     $ 0.2       $  0.7       $ 0.4       $ 0.1        4.4    
Normalized Funds
from Operations         $ 78.7       $ 67.4       $ 11.3        17  %      $ 23.6      $  21.9      $ 16.0      $ 17.2       $ 16.8 
(Normalized FFO)
Normalized FFO per
diluted common          $ 1.22        n/a           $ —           n/m        $ 0.37       $  0.33       $ 0.25       $ 0.27        n/a
share or common
share equivalent*
Weighted Average
diluted common
share and common        64.6          n/a           —             n/m        64.6         64.7          64.7         64.5          —
share equivalent
outstanding*
Reconciliation of
Normalized FFO to
AFFO:
Normalized FFO          $ 78.7        $ 67.4        $ 11.3        17  %      $ 23.6       $  21.9       $ 16.0       $ 17.2        $ 16.8
Adjustments:
Amortization of
deferred financing      4.1           0.3           3.8           n/m        1.3          0.5           1.7          0.6           0.3
costs
Non-cash                6.3           3.4           2.9           85  %      1.3          2.0           1.8          1.2           0.8
compensation
Non-real estate
depreciation and        7.8           4.5           3.3           73  %      2.4          1.9           1.9          1.6           1.1
amortization
Deferred revenue
and straight line       (13.9   )     (8.3    )     (5.6    )     67  %      (4.2   )     (3.7    )     (3.7   )     (2.3    )     (2.3   )
rent adjustments
Leasing commissions     (6.8    )     (4.4    )     (2.4    )     55  %      (1.7   )     (1.7    )     (2.5   )     (0.9    )     (1.1   )
Recurring capital       (4.2    )     (3.9    )     (0.3    )     8   %      (1.9   )     (1.6    )     (0.4   )     (0.3    )     (1.6   )
expenditures
Corporate income
tax (benefit)           0.4          (5.8    )     6.2           n/m        —           —            —           0.4          (0.5   )
expense
Adjusted Funds from     $ 72.4       $ 53.2       $ 19.2        36  %      $ 20.8      $  19.3      $ 14.8      $ 17.5       $ 13.5 
Operations (AFFO)


          Assumes diluted common shares and common share equivalents were
*     outstanding as of January 1, 2013 for the Three Months Ended March
          31, 2013.



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

Market Capitalization                                     
                                                                 
                           Shares or       Market Price          Market Value
                           Equivalents     as of                 Equivalents
                           Outstanding     December 31, 2013     (in millions)
Common shares              21,991,669      $     22.33           $  491.1
Operating Partnership      42,586,835      $     22.33           951.0
units
Net Debt                                                         392.9       
Total Enterprise Value                                           $  1,835.0  
(TEV)
Net Debt as a % of TEV                                           21.4        %
Net Debt to LQA                                                  2.5x
Adjusted EBITDA



Reconciliation                                                  
of Net Debt

(Dollars in        December      September     June 30,      March 31,     December
millions)          31,           30,                                       31,
                   2013          2013          2013          2013          2012
Long-term debt     $ 525.0       $ 525.0       $ 525.0       $ 525.0       $ 525.0
Capital lease      16.7          18.8          19.8          31.0          32.2
obligations
Less:
Cash and cash      (148.8  )     (213.2  )     (267.1  )     (328.6  )     (16.5   )
equivalents
Net Debt           $ 392.9      $ 330.6      $ 277.7      $ 227.4      $ 540.7 



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

                  As of December 31, 2013       As of December 31, 2012
                    CSF Capacity                    CSF
Market              (Sq Ft)        % Utilized     Capacity      % Utilized
                                                    (Sq Ft)
Cincinnati          419,231          89%            411,730         92%
Dallas              231,598          80%            171,100         69%
Houston             230,718          91%            188,602         93%
Austin              54,003           69%            57,078          32%
Phoenix             36,654           67%            36,222          0%
San Antonio         43,487           100%           35,765          61%
Chicago             23,298           52%            23,278          52%
International       13,200          78%            8,200          52%
Total Footprint     1,052,189       85%            931,975        78%



CyrusOne Inc.
2014 Guidance
(Unaudited)

                                          2013 Results   Full Year 2014
Revenue                                     $263 million     $305 - $315
                                                             million
Adjusted EBITDA                             $139 million     $160 - $165
                                                             million
Normalized FFO per diluted common share     $1.22            $1.55 - $1.65
or common share equivalent
                                                             
Capital Expenditures
Development*                                $216 million     $275 - $300
                                                             million
Recurring                                   $4 million       $5 - $10 million
Acquisition of leased facilities**          $28 million      —


*   Development capital is inclusive of capital used for the acquisition of
     land for future development.
     Of the $28.2 million paid for the acquisition of previously leased
**   properties, $8.4 million is presented as capital expenditures in the GAAP
     cash flow statement and $19.8 million is presented as repayment of debt.



CyrusOne Inc.
Data Center Portfolio
As of December 31, 2013
(Unaudited)

                                                   Operating Net Rentable Square Feet (NRSF)^(a)                                                Powered      
                                                                                                                                                          Shell           Available
                                                         Colocation                                                                          CSF          Available       UPS
Facilities          Metropolitan     Annualized          Space         Office &    Supporting           Total^(f)     Percent        Utilized     for Future      Capacity
                    Area             Rent^(b)            (CSF)^(c)       Other^(d)     Infrastructure^(e)                     Leased^(g)     ^ (h)        Development     (MW)^(j)
                                                                                                                                                          (NRSF)^(i)
Westway Park
Blvd. (Houston      Houston          46,835,178          112,133         12,735        36,732                 161,600         97%            97%          3,000           28
West 1)
Southwest Fwy.      Houston          41,548,783          63,469          17,259        23,203                 103,931         91%            97%          —               14
(Galleria)
S. State Hwy
121 Business        Dallas           36,204,739          108,687         11,279        59,344                 179,310         94%            95%          —               18
(Lewisville)*
West Seventh
Street (7th         Cincinnati       33,236,556          211,672         5,744         171,561                388,977         90%            90%          37,000          13
St.)***
Kingsview Drive     Cincinnati       19,628,121          65,303          36,261        49,159                 150,723         82%            78%          72,000          14
(Lebanon)
Industrial Road     Cincinnati       15,240,711          52,698          46,848        40,374                 139,920         94%            100%         —               9
(Florence)
Westover Hills
Blvd. (San          San Antonio      12,113,780          43,487          2,351         35,955                 81,793          98%            100%         23,000          12
Antonio 1)
Knightsbridge
Drive               Cincinnati       11,052,761          46,565          1,077         35,336                 82,978          90%            90%          —               10
(Hamilton)*
W. Frankford
Road                Dallas           9,270,138           107,256         19,706        53,588                 180,550         54%            64%          345,000         9
(Carrollton)
E. Ben White
Blvd. (Austin       Austin           6,372,547           16,223          21,376        7,516                  45,115          94%            85%          —               2
1)*
Parkway Dr.         Cincinnati       5,943,770           34,072          26,458        17,193                 77,723          99%            100%         —               4
(Mason)
Midway Rd.**        Dallas           5,397,262           8,390           —             —                      8,390           100%           100%         —               1
Metropolis
Drive (Austin       Austin           4,863,285           37,780          4,128         18,444                 60,352          55%            61%          —               5
2)
Kestral Way         London           3,482,515           10,000          —             —                      10,000          99%            99%          —               1
(London)**
Westway Park
Blvd. (Houston      Houston          3,022,611           42,116          6,286         28,379                 76,781          49%            61%          12,000          6
West 2)
Springer Street     Chicago          2,318,443           13,516          4,115         12,230                 29,861          59%            47%          29,000          3
(Lombard)
South Ellis
Street              Phoenix          2,126,536           36,654          36,135        38,410                 111,199         34%            67%          76,000          6
(Phoenix)
Marsh Ln.**         Dallas           2,113,567           4,245           —             —                      4,245           100%           100%         —               1
Goldcoast Drive     Cincinnati       1,463,863           2,728           5,280         16,481                 24,489          100%           100%         14,000          1
(Goldcoast)
E. Monroe
Street (Monroe      South Bend       1,055,610           6,350           —             6,478                  12,828          64%            64%          4,000           1
St.)
North Fwy.          Houston          1,034,598           13,000          1,449         —                      14,449          100%           100%         —               1
(Greenspoint)**
Bryan St.**         Dallas           1,012,018           3,020           —             —                      3,020           57%            57%          —               1
Crescent Circle     South Bend       649,159             3,432           —             5,125                  8,557           49%            49%          11,000          1
(Blackthorn)*
McAuley Place       Cincinnati       592,804             6,193           6,950         2,166                  15,309          71%            39%          —               1
(Blue Ash)*
Jurong East         Singapore        332,772            3,200          —            —                     3,200          12%            12%          —              1
(Singapore)**
Total                                $ 266,912,127      1,052,189      265,437      657,674               1,975,300      82%            85%          626,000        158


      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.
      Represents the total square feet of a building under lease or available
(a)   for lease based on engineers’ drawings and estimates but does not
      include space held for development or space used by CyrusOne.
      Represents monthly contractual rent (defined as cash rent including
      customer reimbursements for metered power) under existing customer
      leases as of December 31, 2013, multiplied by 12. For the month of
      December 2013, customer reimbursements were $24.1 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
(b)   power. From January 1, 2012, through December 31, 2013, customer
      reimbursements under leases with separately metered power constituted
      between 7.3% 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, 2013, was $282,358,919. Our
      annualized effective rent was greater than our annualized rent as of
      December 31, 2013, 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.
      CSF represents the NRSF at an operating facility that is currently
(c)   leased or readily available for lease as colocation space, where
      customers locate their servers and other IT equipment.
      Represents the NRSF at an operating facility that is currently leased or
(d)   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.
      Represents the NRSF at an operating facility that is currently leased or
(f)   readily available for lease. This excludes existing vacant space held
      for development.
      Percent leased is determined based on NRSF being billed to customers
      under commenced leases as of December 31, 2013, divided by total NRSF.
(g)   Leases signed but not commenced as of December 31, 2013, are not
      included. Supporting infrastructure has been allocated to leased NRSF on
      a proportionate basis for purposes of this calculation.
      Utilization is calculated by dividing CSF under signed leases for
(h)   available space (whether or not the contract has commenced billing) by
      total CSF.
(i)   Represents space that is under roof that could be developed in the
      future for operating NRSF, rounded to the nearest 1,000.
      UPS Capacity (also referred to as critical load) represents the
      aggregate power available for lease to and exclusive use by customers
(j)   from the facility’s installed universal power supplies (UPS) expressed
      in terms of megawatts. The capacity presented is for non-redundant
      megawatts as we can develop flexible solutions to our customers at
      multiple resiliency levels. May not foot due to rounding.



CyrusOne Inc.
NRSF Under Development
As of December 31, 2013
(Dollars in millions)
(Unaudited)

                              NRSF Under Development^(a)                                                              Under Development Costs^(b)
                                  Colocation                                                                                  Actual     Estimated
Facilities       Metropolitan   Space        Office &   Supporting       Powered     Total         UPS MW           to       Costs          Total
                 Area             (CSF)          Other        Infrastructure     Shell^(c)                   Capacity^(d)     Date       to
                                                                                                                                         Completion
W. Frankford
Rd.              Dallas           60,000         8,000        28,000             —             96,000        9                $ 2        $24-29           $26-31
(Carrollton)
Westover
Hills Blvd.      San Antonio      30,000         20,000       25,000             40,000        115,000       3                —          32-38            32-38
(San Antonio
2)
Westway Park
Blvd.            Houston          38,000         —            22,000             —             60,000        6                4          17-21            21-25
(Houston
West 2)
Westway Park
Blvd.            Houston          —              —            —                  320,000       320,000       —                1          18-24            19-25
(Houston
West 3)
South Ellis
Street,          Phoenix          —              —            —                  —             —             3                3          4-5              7-8
Chandler, AZ
(Phoenix)
Ridgetop
Circle,          Northern
Sterling, VA     Virginia         30,000         5,000        30,000             50,000        115,000       3                —          26-30            26-30
(Northern
VA)
Metropolis
Dr., Austin,     Austin           5,000         —           —                 —            5,000        —               —         0.5-1.0          0.5-1.0
TX (Austin
2)
Total                             163,000       33,000      105,000           410,000      711,000      24              $ 10      $121.5-148.0     $131.5-158.0


      Represents NRSF at a facility for which activities have commenced or are
(a)  expected to commence in the next 2 quarters to prepare the space for its
      intended use. Estimates and timing are subject to change.
      Represents management’s estimate of the total costs required to complete
(b)   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.
      UPS Capacity (also referred to as critical load) represents the
      aggregate power available for lease to and exclusive use by customers
(d)   from the facility’s installed universal power supplies (UPS) expressed
      in terms of megawatts. The capacity presented is for non-redundant
      megawatts, as we can develop flexible solutions to our customers at
      multiple resiliency levels. May not foot due to rounding.



CyrusOne Inc.
Customer Diversification^(a)
As of December 31, 2013
(Unaudited)

                                                                Percentage     Weighted
                                                                of             Average
     Principal Customer   Number of   Annualized        Portfolio    Remaining
       Industry               Locations     Rent^(b)            Annualized     Lease Term
                                                                Rent^(c)       in
                                                                               Months^(d)
1      Telecommunications     7             $ 21,768,198        8.2%           27.1
       (CBI)^(e)
2      Energy                 2             19,710,295          7.4%           10.4
3      Energy                 4             14,946,572          5.6%           11.4
       Research and
4      Consulting             3             12,513,879          4.7%           7.1
       Services
5      Telecommunication      1             11,164,966          4.2%           48.4
       Services
6      Information            3             9,775,173           3.7%           54.3
       Technology
7      Information            3             8,271,195           3.1%           41.1
       Technology
8      Financials             1             6,000,225           2.2%           77.0
9      Telecommunication      3             5,005,493           1.9%           64.0
       Services
10     Energy                 2             4,737,000           1.8%           31.0
11     Information            1             4,732,856           1.8%           24.0
       Technology
12     Consumer Staples       1             4,523,035           1.7%           99.5
13     Energy                 1             4,152,405           1.6%           11.8
14     Information            1             4,055,016           1.5%           86.0
       Technology
15     Energy                 3             3,882,179           1.5%           4.1
16     Information            2             3,838,140           1.4%           86.0
       Technology
17     Energy                 1             3,612,639           1.4%           29.3
18     Energy                 4             3,446,913           1.3%           33.2
19     Energy                 1             3,299,383           1.2%           13.3
20     Consumer               1             3,290,127          1.2%           10.3
       Discretionary
                                            $ 152,725,689      57.4%          32.7


(a)  Includes customer affiliates.
      Represents monthly contractual rent (defined as cash rent including
      customer reimbursements for metered power) under existing customer
      leases as of December 31, 2013, multiplied by 12. For the month of
      December 2013, our total portfolio annualized rent was $266.9 million
      and customer reimbursements were $24.1 million annualized, consisting 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.
(b)   From January 1, 2012 through December 31, 2013, customer reimbursements
      under leases with separately metered power constituted between 7.3% and
      9.7% of annualized rent. After giving effect to abatements, free rent
      and other straight-line adjustments, our annualized effective rent for
      our total portfolio as of December 31, 2013 was $282,358,919. Our
      annualized effective rent was greater than our annualized rent as of
      December 31, 2013 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.
      Represents the customer’s total annualized rent divided by the total
(c)   annualized rent in the portfolio as of December 31, 2013, which was
      approximately $266.9 million.
      Weighted average based on customer’s percentage of total annualized rent
      expiring and is as of December 31, 2013, 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
(d)   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.
      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
(e)   be assigned to us, but the consents for such assignments have not yet
      been obtained. Excluding these customers, Cincinnati Bell Inc. and
      subsidiaries represented 2.9% of our annualized rent as of December 31,
      2013.



CyrusOne Inc.
Lease Distribution
As of December 31, 2013
(Unaudited)

                                  Percentage                     Percentage                         Percentage
NRSF Under      Number of         of             Total           of             Annualized          of
Lease^(a)     Customers^(b)   All          Leased        Portfolio    Rent^(d)          Annualized
                                  Customers      NRSF^(c)        Leased                             Rent
                                                                 NRSF
0-999           458               77%            86,801          5%             $ 34,407,299        13%
1,000-2,499     46                8%             73,656          5%             13,658,013          5%
2,500-4,999     31                5%             113,295         7%             24,489,702          9%
5,000-9,999     28                5%             195,001         12%            52,544,811          20%
10,000+         32               5%             1,141,957      71%            141,812,302        53%
Total           595              100%           1,610,710      100%           $ 266,912,127      100%


(a)  Represents all leases in our portfolio, including colocation, office and
      other leases.
(b)   Represents the number of customers in our portfolio leasing data center,
      office and other space.
      Represents the total square feet at a facility under lease and that has
      commenced billing, excluding space held for development or space used by
(c)   CyrusOne. A customer’s leased 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.
      Represents monthly contractual rent (defined as cash rent including
      customer reimbursements for metered power) under existing customer
      leases as of December 31, 2013, multiplied by 12. For the month of
      December 2013, customer reimbursements were $24.1 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
(d)   power. From January 1, 2012, through December 31, 2013, customer
      reimbursements under leases with separately metered power constituted
      between 7.3% 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, 2013, was $282,358,919. Our
      annualized effective rent was greater than our annualized rent as of
      December 31, 2013, 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.


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CyrusOne Inc.
Lease Expirations
As of December 31, 2013
(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                           364,590       18%
Month-to-Month     215              31,084        2%             $ 9,094,261      3%             $  9,094,261       2%
2014               881              434,697       22%            94,692,969       35%            96,525,370         33%
2015               505              271,436       14%            40,239,102       15%            42,876,722         15%
2016               441              116,316       6%             37,473,047       14%            40,496,601         14%
2017               127              244,624       12%            28,609,914       11%            29,889,056         10%
2018               130              145,591       7%             27,421,947       10%            30,791,401         11%
2019               16               99,205        5%             5,349,615        2%             5,786,692          2%
2020               36               124,259       6%             9,449,453        4%             12,429,996         4%
2021               13               32,010        2%             4,163,781        2%             4,607,532          2%
2022               6                39,734        2%             5,892,252

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