FIRST QUARTER 2018 EARNINGS MAY 3, 2018

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1 FIRST QUARTER 2018 EARNINGS MAY 3, 2018

2 Safe Harbor This presentation contains 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 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 10-K report, Form 10-Q reports, and Form 8-K reports. Actual results may differ materially and adversely from those expressed in any forwardlooking statements. We undertake no obligation to revise or update any forward-looking statements for any reason. For additional information, including reconciliation of any non-gaap financial measures, please reference the supplemental report furnished by the Company on a Current Report on Form 8-K filed May 2, Unless otherwise noted, all data herein is as of March 31, First Quarter 2018 Earnings Presentation 2

3 COMPANY UPDATE

4 Highlights High Growth Rates Across Financial Metrics Category ($MM) 1Q 18 vs. 1Q 17 Revenue $ % Adjusted EBITDA $ % Normalized FFO per Share $ % Strong Leasing and Nearly $40MM Backlog Pro forma including Zenium, leased 32 MW and 240,000 CSF (1) in 1Q 18 totaling $45MM in annualized GAAP revenue (2)(3) CyrusOne: 29 MW / 226,000 CSF / $40.4MM Zenium: 3 MW / 14,000 CSF / $4.2MM Added three Fortune 1000 companies as new customers, increasing the total number of Fortune 1000 customers to 200 as of the end of the quarter Backlog of ~$39MM in annualized GAAP revenue Beginning International Expansion Zenium acquisition expected to close in May, pending final regulatory approval Establishes presence in Europe s two largest markets, London and Frankfurt Land & Expand Strategy Additional sites in London, Frankfurt, Dublin, and Amsterdam are in process with potential incremental capacity of 150+ MW, for a prospective European footprint of more than 200 MW Enhanced Liquidity and Strengthened Balance Sheet through Capital Markets Activity Increased size of credit facility by $1.0B, or 50%, to a total of $3.0B, consisting of $1.7B revolving credit facility and $1.3B in term loan commitments Agreement also provides for an extension of maturity dates, reduced interest rate margins, and enhanced flexibility in support of international expansion Raised ~$152MM in net proceeds through sale of common stock under at-the-market equity program Notes: 1. Colocation square feet (CSF) represents NRSF currently leased or available for lease as colocation space, where customers locate their servers and other IT equipment. 2. Annualized GAAP revenue is equal to monthly recurring rent, defined as average monthly contractual rent during the term of the lease plus the monthly impact of installation charges, multiplied by No additional references to leasing statistics or revenue contribution throughout the remainder of the presentation include Zenium. First Quarter 2018 Earnings Presentation 4

5 Ann. GAAP Rev. Signed MW Signed Leasing and Customer Diversification $40.4MM in annualized GAAP revenue signed in 1Q 18 by CyrusOne Annualized GAAP revenue signed 53% higher than prior four-quarter average 17 new logos, including three Fortune 1000 companies, signed across seven verticals and deploying in nine of our markets $40 $30 $20 $10 $0 $ Q 18 Leasing Highlights $ $ Prior 4-qtr. average: $26.4MM $17.6 $40.4 1Q'17 2Q'17 3Q'17 4Q'17 1Q' GAAP Revenue Signed 76% 500 kw 24% > 500 kw 24% of annualized GAAP revenue signed in 1Q 18 for leases 500 kw $114MM in annualized GAAP revenue signed over the last 12 months, equivalent to 18% of lease and other revenues from customers IT - Cloud vertical represents 32% of portfolio as of Mar 18 Annualized GAAP Revenue Signed as a % of Revenue - TTM ($MM) Annualized GAAP Revenue Signed $114 Lease and Other Revenues from Customers Bookings as a % of Lease and Other Revenues from Customers $643 18% Revenue (1) by Vertical Healthcare IT - Managed Services Industrials 4% 4% 7% 8% IT - Enterprise / Other Telecomm 7% Other 9% 32% IT - Cloud Energy 11% 18% Financial Services Note: 1. Based on March 2018 annualized rent. Annualized rent represents cash rent, including metered power reimbursements, for the month of March, multiplied by 12. First Quarter 2018 Earnings Presentation 5

6 Revenue Cross Connects Bookings Continued Strong Interconnection Performance 1Q 18 Interconnection Summary Continued strong bookings with $2.1MM in annualized GAAP revenue signed 88% of leases signed in 1Q 18 included interconnection Number of Cross Connects >14,900 >16,100 National & Metro IX 3 8% Dec'17 Mar'18 $8.0 Revenue ($MM) $9.7 21% Average cross connects per customer has grown from ~3 in 2011 to ~16 as of Mar 18 1Q'17 1Q'18 First Quarter 2018 Earnings Presentation 6

7 Capacity for Continued U.S. Growth As of 3/31/18 CSF Available for Lease Highlights Online ~450K Under Development ~80K Total ~530K Powered Shell (NRSF) Avail. For Future Development ~1,500K Under Construction ~750K Total ~2,250K Land (Acres) Avail. For Future Development ~330 We have CSF online or under development to cover another 6-12 months of leasing Based on 1Q 18 leasing of 226K CSF and the 2Q 17-1Q 18 avg. of 150K CSF Consistent with strategy of building out data halls to track late-stage sales funnel Represents $95 - $135MM in new annualized revenue upon full lease-up Powered shell can generally be developed at an incremental build cost of less than $5.5MM per MW Land can generally be developed at an incremental build cost of less than $6.5MM per MW Ability to triple size of domestic portfolio with development of powered shell and land First Quarter 2018 Earnings Presentation 7

8 European Expansion Update European Demand Remains Robust 2017 take-up of nearly 120 MW across London, Frankfurt, Amsterdam and Paris Demand growth driven by hyperscale companies with multi-mw deployments, as well as by Fortune 1000 companies Zenium Acquisition Expected to Close in May Provides entry into Europe s two largest markets; London and Frankfurt 49 MW of critical load across existing sites, with ~40% available for lease Continued Operating and Leasing Momentum at Zenium ~3 MW leased in 1Q 18; strong sales funnel Frankfurt II scheduled to be delivered in mid-2018 Significant revenue backlog, with expected 2019 Adjusted EBITDA growth of 80+% Pursuing Numerous Opportunities for Further Expansion Additional Zenium Frankfurt site expected to close in May 18, with capacity for 22 MW Other sites in process in London, Dublin, and Amsterdam Potential incremental capacity of 150+ MW, for a total prospective European footprint of more than 200 MW Executing on Land & Expand strategy to create robust European footprint to complement U.S. portfolio and support our customers as they expand globally First Quarter 2018 Earnings Presentation 8

9 GDS Update Strong Interest from Customers Sales & Marketing Initiatives In discussions with each other s respective customers on ~15 deals for deployments within U.S. or China as a result of the agreement Mix of larger cloud deals, as well as enterprise deals across multiple verticals Program-level joint marketing campaign reaching out to targeted accounts Joint sales efforts with collaboration across teams to better understand and serve customers needs in both U.S. and China Design & Construction / Operations Exploring sourcing alternatives to further reduce build costs and sharing best practices for data center construction Reviewing operating and customer facing systems to deliver consistent information to customers Continued Strong GDS Performance 4Q 17 Revenue and Adjusted EBITDA growth of 62% and 68%, respectively (1) Record revenue backlog of ~$190MM as of 12/31/17 Value of investment in GDS has more than doubled to $216MM as of 3/31/18 Strategic partnership between leading data center providers in two major global hyperscale markets Note: 1. Source: GDS SEC filings First Quarter 2018 Earnings Presentation 9

10 FIRST QUARTER 2018 FINANCIAL REVIEW & 2018 GUIDANCE

11 2Q'16 3Q'16 4Q'16 1Q'17 2Q'17 3Q'17 4Q'17 1Q'18 Revenue, Adjusted EBITDA, Normalized FFO, Churn Revenue ($MM) Adjusted EBITDA ($MM) $196.6 $109.5 $149.3 $ % 36% 1Q'17 1Q'18 1Q'17 1Q'18 Revenue growth driven by: Expansion of customer base 29% increase in occupied CSF Additional interconnection services Norm. FFO per Share Normalized FFO ($MM) $ % $82.2 1Q'17 1Q'18 $0.72 $0.85 Recurring Rent Quarterly Churn (1) 2.7% 1.2% 1.5% 3.8% 1.4% 2.4% 2.2% 1.4% 0.8% 0.6% 1.1% 0.5% Strong Adjusted EBITDA and Normalized FFO growth Driven primarily by strong growth in revenue Churn 1Q 18 churn of 0.5%,the lowest quarterly result since 4Q 15 Note: 1. Recurring rent quarterly churn is defined as any reduction in recurring rent due to customer terminations, service reductions or net pricing decreases as a percentage of rent at the beginning of the quarter, excluding any impact from metered power reimbursements or other usage-based or variable billing. 2Q 16 and 3Q 16 churn includes company-initiated churn. First Quarter 2018 Earnings Presentation 11

12 Year Over Year P&L Analysis ($MM) Three Months Ended Fav/(Unfav) 1Q 18 1Q 17 $ % Revenue $196.6 $149.3 $ % Property operating expenses (15.5) (30%) Net Operating Income (NOI) $128.8 $97.0 $ % NOI Margin 65.5% 65.0% Selling, general & administrative (1) (3.2) (16%) Less: Stock-based compensation (3.9) (3.7) 0.2 (5%) Adjusted EBITDA $109.5 $80.7 $ % Adjusted EBITDA Margin 55.7% 54.1% Normalized FFO $82.2 $61.2 $ % Normalized FFO per share (2) $0.85 $0.72 $ % ($MM) Three Months Ended 2Q'17 3Q'17 4Q'17 1Q 18 Normalized FFO $67.9 $71.4 $78.4 $82.2 Adjustments to Normalized FFO (0.3) 6.7 (3.1) (3.2) AFFO $67.6 $78.1 $75.3 $79.0 Revenue growth of 32% compared to 1Q 17 NOI up 33% over 1Q 17 driven by revenue growth Adjusted EBITDA up 36% over 1Q 17 driven primarily by higher NOI Increase in Normalized FFO due primarily to growth in Adjusted EBITDA, partially offset by higher interest expense Notes: 1. Severance and management transition costs of $0.7 million, new accounting standards and system implementation costs of $0.5 million, and legal claim costs of $0.2 million in 1Q 18 are omitted from this presentation as they are excluded from Adjusted EBITDA. Severance and management transition costs of $0.5 million and legal claim costs of $0.2 million in 1Q 17 are omitted from this presentation as they are excluded from Adjusted EBITDA. 2. Weighted average diluted common shares for 1Q 18 and 1Q 17 were 96.6 million and 84.5 million, respectively. First Quarter 2018 Earnings Presentation 12

13 Market Diversification / Portfolio Overview Portfolio Overview San Antonio 10% Cincinnati Revenue (1) by Market Raleigh-Durham International 2% 1% Austin Chicago 4% 4% Dallas 17% 11% Phoenix 12% 12% Houston 12% 15% NY Metro Northern Virginia Market As of March 31, 2018 As of March 31, 2017 CSF Capacity Sq Ft (000) % Leased (2) CSF Capacity Sq Ft (000) % Leased (2) Northern Virginia % % Dallas % % Phoenix % % Cincinnati % % Houston % % San Antonio % % New York Metro % % Chicago % % Austin % % Raleigh-Durham 76 88% 65 80% International 13 76% 13 74% Total 3,348 86% 2,477 88% Stabilized Properties (3) 3,024 92% 2,293 92% Stabilized % Leased flat and Total % Leased down just 2 percentage points even with 35% increase in CSF capacity Notes: 1. Based on March 2018 annualized rent, adjusted to include impact of March 31, 2018 backlog. Annualized rent represents cash rent, including metered power reimbursements, for the month of March, multiplied by Leased percentage is calculated by dividing CSF under signed leases (whether or not the lease has commenced billing) by total CSF. 3. Stabilized properties include data halls that have been in service for at least 24 months or are at least 85% leased. First Quarter 2018 Earnings Presentation 13

14 Development As of 3/31/18 Market CSF Under Development (1) Critical Load Capacity (2) Under Development Dallas 79K 12 MW Northern Virginia 26K 12 MW San Antonio 27K 6 MW Development Projects Development projects expected to deliver 132K CSF and 36 MW of power For projects currently under development, 40% of CSF is contractually committed to customers Estimated $210 - $233MM cost to complete Phoenix - 6 MW Total 132K 36 MW ~3.5 million CSF online upon completion of projects in current development pipeline, up 1.0 million CSF, or 41%, from the first quarter of 2017 Zenium properties to add additional 260K CSF upon full build-out Notes: 1. Represents square footage at a facility for which activities have commenced or are expected to commence in the next 2 quarters to prepare the space for its intended use. Estimates and timing are subject to change. 2. Represents aggregate power available for lease to and exclusive use by customers expressed in terms of megawatts. The capacity presented is for non-redundant megawatts, as CyrusOne can develop flexible solutions to our customers at multiple resiliency levels. First Quarter 2018 Earnings Presentation 14

15 New Credit Facility and Debt Maturity Schedule Closed new $3B senior unsecured credit facility near end of March $1.7B revolving credit facility, which includes a $750MM multicurrency borrowing sublimit $1.3B in term loan commitments $1.0B five-year term loan, which includes a delayed draw feature allowing the company to draw $300MM in up to three tranches over a six-month period in multiple currencies $300MM seven-year term loan Extended weighted average debt term to ~6.5 years ($MM) $1,000 $800 $600 $400 $200 $- Debt Maturity Schedule (1) As of 12/31/17 $250 $650 $700 $ ($MM) $1,000 $800 $600 $400 $200 $- Debt Maturity Schedule (1) As of 3/31/18 $700 $700 $300 $ Note: 1. Excludes bond premiums, lease financings and capital lease obligations. First Quarter 2018 Earnings Presentation 15

16 Capital Structure Gross asset value (1) of $5.3B Credit Highlights Net Debt (1) to LQA Adj. EBITDA of 4.5x as of 3/31/18 No debt maturities until 2023 Available liquidity (3) on 3/31/18 of $2.22B Weighted average remaining debt term of ~6.5 years 100% unsecured (4) S&P recently upgraded outlook to Positive; issue-level rating one notch below investment grade Long-Term Debt Amount ($MM) Interest Rate Maturity Date Revolving credit facility $ L+145 bps Mar 2023 (5) Term loan % Mar 2023 Term loan % Mar 2025 Senior notes excl. bond premium % Mar 2024 Senior notes excl. bond premium % Mar 2027 Total long-term debt $2, % Capital Structure March 31, 2018 Fixed / Floating Interest Rate Mix March 31, 2018 Equity (2) 71% Net Debt (1) 27% Lease Financings 2% Fixed 55% Floating 45% Raised $152MM in net proceeds through at-the-market equity program in 1Q 18 Fixed / floating interest rate mix of 55% fixed / 45% floating as of 3/31/18 Notes: 1. Gross asset value is defined as total assets plus accumulated depreciation. Net debt is defined as long-term debt and capital lease obligations, offset by cash and cash equivalents. 2. Based on 3/29/18 closing price of $ Includes cash and cash equivalents, available capacity on revolving credit facility and undrawn balance on delayed draw term loan. 4. Excludes $15.9 million in capital lease obligations. 5. Assuming exercise of one-year extension option. First Quarter 2018 Earnings Presentation 16

17 Leverage vs. Comparably-Sized Investment Grade REITs Equity Market Cap (1) ($ in billions) $7.5 $7.0 $6.5 KRC (BBB Baa2) AMH (BBB- Baa3) VER (BBB- Baa3) WPC (BBB Baa2) AIV (BBB- Ba1) $6.0 $5.5 $5.0 $4.5 $4.0 $3.5 CONE CONE (BB+(BB Ba3) Ba3) NNN (BBB+ Baa1) DCT (BBB Baa2) CUBE (BBB Baa2) OHI (BBB- Baa3) HPP (BBB- Baa3) HIW (BBB Baa2) HPT (BBB- Baa2) FR (BBB Baa3) WRI (BBB+ Baa1) HR (BBB Baa2) LPT (BBB Baa1) KIM (BBB+ Baa1) HTA (BBB Baa2) STOR (BBB Baa2) BRX (BBB- Baa3) LSI (BBB Baa2) EPR (BBB- Baa2) GPT (BBB- N/A) SRC (BBB- Baa3) ACC (BBB Baa2) SNH (BBB- Baa3) $ x 4.5x 5.0x 5.5x 6.0x 6.5x 7.0x 7.5x 8.0x Net Debt / LQA EBITDA (1)(2) Of investment grade REITs between $3 - $7B in equity market capitalization, 96% or 26 have higher leverage than CyrusOne Notes: 1. Source: Company filings and market data as of April 20, The BB+ rating for CyrusOne is an issue-level rating. The corporate rating is BB. 2. PSB leverage is immaterial and not shown on chart. LTM EBITDA used for HPT. First Quarter 2018 Earnings Presentation 17

18 Consensus EBITDA Growth vs. Leverage EBITDA Growth (1) ( E) 25.0% CONE CONE (BB Ba3) (BB+ Ba3) 20.0% HTA (BBB Baa2) STOR (BBB Baa2) 15.0% 10.0% NNN (BBB+ Baa1) AMH (BBB- Baa3) HR (BBB Baa2) ACC (BBB Baa2) 5.0% CUBE (BBB Baa2) HPT (BBB- Baa2) AIV (BBB- Ba1) WPC (BBB Baa2) SNH (BBB- Baa3) HIW (BBB Baa2) FR (BBB Baa3) LPT (BBB Baa1) LSI (BBB Baa2) SRC (BBB- Baa3) 0.0% 4.0x 4.5x 5.0x 5.5x 6.0x 6.5x 7.0x 7.5x 8.0x KRC (BBB Baa2) VER (BBB- Baa3) (5.0%) HPP (BBB- Baa3) BRX (BBB- Baa3) KIM (BBB+ Baa1) OHI (BBB- Baa3) (10.0%) WRI (BBB+ Baa1) DCT (BBB Baa2) EPR (BBB- Baa2) GPT (BBB- N/A) Net Debt / LQA EBITDA (1)(2) Of investment grade REITs between $3 - $7B in equity market capitalization, none have greater estimated EBITDA growth than CyrusOne and 96% or 26 have higher leverage Notes: 1. Source: Company filings and market data as of April 20, The BB+ rating for CyrusOne is an issue-level rating. The corporate rating is BB. 2. PSB leverage is immaterial and not shown on chart. LTM EBITDA used for HPT. First Quarter 2018 Earnings Presentation 18

19 AMH (BBB- Baa3) CONE (BB+ Ba3) FR (BBB Baa3) HPT (BBB- Baa2) PSB (A- Baa2) STOR (BBB Baa2) KRC (BBB Baa2) DCT (BBB Baa2) BRX (BBB- Baa3) NNN (BBB+ Baa1) AIV (BBB- Ba1) WPC (BBB Baa2) VER (BBB- Baa3) CUBE (BBB Baa2) ACC (BBB Baa2) LPT (BBB Baa1) GPT (BBB- N/A) HIW (BBB Baa2) EPR (BBB- Baa2) HTA (BBB Baa2) WRI (BBB+ Baa1) HPP (BBB- Baa3) LSI (BBB Baa2) SRC (BBB- Baa3) HR (BBB Baa2) OHI (BBB- Baa3) KIM (BBB+ Baa1) SNH (BBB- Baa3) 2018E AFFO Payout Ratio 120.0% 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% Of investment grade REITs between $3 - $7B in equity market capitalization, only 1 has a lower 2018E AFFO payout ratio than CyrusOne Note: 1. Source: Company filings and market data as of April 20, The BB+ rating for CyrusOne is an issue-level rating. The corporate rating is BB. First Quarter 2018 Earnings Presentation 19

20 Lease Commencements 1Q 18 Leases - Estimated Annualized GAAP Revenue Commenced by End of Period ($MM) (excl. estimates of pass-through power) $50 $25 $- $4.6 $12.1 $23.2 $0.5 $40.4 1Q'18 2Q'18 3Q'18 4Q'18 Total Total Backlog - Estimated Annualized GAAP Revenue Commenced by End of Period ($MM) (excl. estimates of pass-through power) $50 $23.5 $0.5 $39.1 In 1Q 18, leased 29 MW (1) and 226,000 CSF (1) ; weighted average lease term of 77 months Estimates on lease commencements for future quarters are based on current estimated installation timelines Excluding estimates for passthrough power charges, leases signed during 1Q 18 represent approximately $40.4MM (1) of annualized GAAP revenue $25 $- $15.1 2Q'18 3Q'18 4Q'18 Total Total annualized GAAP revenue backlog of approximately $39.1MM as of the end of 1Q 18 Note: 1. Does not include leases signed by Zenium during the quarter. First Quarter 2018 Earnings Presentation 20

21 2018 Guidance Category ($MM except for Normalized FFO) 2018 Guidance (1) Total Revenue $ Lease and Other Revenues from Customers $ Metered Power Reimbursements $75-80 Adjusted EBITDA $ Normalized FFO per diluted common share $ Capital Expenditures $ Development $ Recurring $5-10 Note: 1. Full year 2018 guidance includes the impact of the Zenium acquisition, which is expected to close in May Development capital expenditures include the acquisition of land for future development. First Quarter 2018 Earnings Presentation 21

22 APPENDIX (NON-GAAP RECONCILIATIONS)

23 Non-GAAP Reconciliations CyrusOne Inc. Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA (Dollars in millions) (Unaudited) Reconciliation of Net (Loss) Income to EBITDA and Adjusted EBITDA: LQA 1Q 2018 Three Months Ended Mar. 31, 2018 Mar. 31, 2017 Net (loss) income $ $ 43.5 $ (30.4) Interest expense Income tax expense Depreciation and amortization Asset Impairments and loss on disposals EBITDA Transaction, acquisition and other integration expenses Legal claim costs Stock-based compensation Severance and management transition costs Loss on extinguishment of debt New accounting standards and system implementation costs Unrealized gain on marketable equity investments (162.0) (40.5) - Adjusted EBITDA $ $ $ 80.7 First Quarter 2018 Earnings Presentation 23

24 Non-GAAP Reconciliations CyrusOne Inc. Reconciliation of Net (Loss) Income to FFO and Normalized FFO (Dollars in millions) (Unaudited) Three Months Ended Reconciliation of Net (Loss) Income to FFO and Normalized FFO: Mar. 31, 2018 Mar. 31, 2017 Net (loss) income $ 43.5 $ (30.4) Real estate depreciation and amortization Asset impairments - - Funds from Operations (FFO) $ $ 18.3 Loss on early extinguishment of debt Unrealized gain on marketable equity investments (40.5) - New accounting standards and system implementation costs Amortization of customer relationship intangibles Transaction, acquisition and other integration expenses Severance and management transition costs Legal claim costs Normalized Funds from Operations (Normalized FFO) $ 82.2 $ 61.2 Normalized FFO per diluted common share or common share equivalent $ 0.85 $ 0.72 Weighted average diluted common shares and common share equivalents o/s First Quarter 2018 Earnings Presentation 24

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