FORM 10-Q |
ý | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
CyrusOne Inc. CyrusOne LP (Exact name of registrant as specified in its charter) |
Maryland (CyrusOne Inc.) | 46-0691837 |
Maryland (CyrusOne LP) | 46-0982896 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
(Registrant’s telephone number, including area code) |
CyrusOne Inc. | |||
Large accelerated filer | ¨ | Accelerated filer | ¨ |
Non-accelerated filer | ý | Smaller reporting company | ¨ |
CyrusOne LP | |||
Large accelerated filer | ¨ | Accelerated filer | ¨ |
Non-accelerated filer | ý | Smaller reporting company | ¨ |
• | enhancing investors' understanding of our Company and our operating partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; |
• | eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the operating partnership; and |
• | creating time and cost efficiencies through the preparation of one combined report instead of two separate reports. |
• | Condensed consolidated financial statements; and |
• | Notes to the condensed consolidated financial statements |
Page | |
PART I. FINANCIAL INFORMATION | |
PART II. OTHER INFORMATION | |
Successor | Predecessor | ||||||
As of | As of | ||||||
June 30, 2013 | December 31, 2012 | ||||||
Assets | |||||||
Investment in real estate: | |||||||
Land | $ | 74.6 | $ | 44.5 | |||
Buildings and improvements | 778.5 | 722.5 | |||||
Equipment | 97.4 | 52.4 | |||||
Construction in progress | 48.2 | 64.2 | |||||
Subtotal | 998.7 | 883.6 | |||||
Accumulated depreciation | (208.7 | ) | (176.7 | ) | |||
Net investment in real estate | 790.0 | 706.9 | |||||
Cash and cash equivalents | 267.1 | 16.5 | |||||
Rent and other receivables, net of allowance for doubtful accounts of $0.3 as of June 30, 2013 and December 31, 2012 | 27.2 | 33.2 | |||||
Restricted cash | — | 6.3 | |||||
Goodwill | 276.2 | 276.2 | |||||
Intangible assets, net of accumulated amortization of $46.7 and $38.2 as of June 30, 2013 and December 31, 2012 | 94.1 | 102.6 | |||||
Due from affiliates | 1.6 | 2.2 | |||||
Other assets | 63.6 | 67.0 | |||||
Total assets | $ | 1,519.8 | $ | 1,210.9 | |||
Liabilities and equity | |||||||
Accounts payable and accrued expenses | $ | 30.5 | $ | 29.5 | |||
Deferred revenue | 52.8 | 52.8 | |||||
Due to affiliates | 7.7 | 2.9 | |||||
Capital lease obligations | 19.8 | 32.2 | |||||
Long-term debt | 525.0 | 525.0 | |||||
Other financing arrangements | 54.0 | 60.8 | |||||
Other liabilities | 28.8 | 7.6 | |||||
Total liabilities | 718.6 | 710.8 | |||||
Commitments and contingencies | |||||||
Equity | |||||||
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 22,120,237 shares issued and outstanding at June 30, 2013 | 0.2 | — | |||||
Common stock, $.01 par value, 1,000 shares authorized and 100 shares issued and outstanding at December 31, 2012 | — | — | |||||
Additional paid in capital | 337.5 | 7.1 | |||||
Accumulated deficit | (9.7 | ) | — | ||||
Partnership capital | — | 493.0 | |||||
Total shareholders’ equity/Parent’s net investments | 328.0 | 500.1 | |||||
Noncontrolling interest | 473.2 | — | |||||
Total equity | 801.2 | 500.1 | |||||
Total liabilities and equity | $ | 1,519.8 | $ | 1,210.9 |
Successor | Predecessor | Successor | Predecessor | Predecessor | ||||||||||||||||
Three Months Ended June 30, 2013 | Three Months Ended June 30, 2012 | January 24, 2013 to June 30, 2013 | January 1, 2013 to January 23, 2013 | Six Months Ended June 30, 2012 | ||||||||||||||||
Revenue | $ | 63.6 | $ | 54.0 | $ | 108.6 | $ | 15.1 | $ | 106.1 | ||||||||||
Costs and expenses: | ||||||||||||||||||||
Property operating expenses | 24.6 | 18.1 | 39.9 | 4.8 | 35.4 | |||||||||||||||
Sales and marketing | 2.9 | 1.8 | 5.0 | 0.7 | 3.6 | |||||||||||||||
General and administrative | 7.1 | 5.5 | 12.5 | 1.5 | 10.0 | |||||||||||||||
Transaction-related compensation | — | — | — | 20.0 | — | |||||||||||||||
Depreciation and amortization | 23.0 | 17.8 | 39.4 | 5.3 | 34.2 | |||||||||||||||
Transaction costs | 0.4 | 0.7 | 0.4 | 0.1 | 0.7 | |||||||||||||||
Management fees charged by CBI | — | 0.5 | — | — | 1.2 | |||||||||||||||
Loss on sale of receivables to an affiliate | — | 1.1 | — | — | 2.3 | |||||||||||||||
Asset impairments | — | 13.3 | — | — | 13.3 | |||||||||||||||
Total costs and expenses | 58.0 | 58.8 | 97.2 | 32.4 | 100.7 | |||||||||||||||
Operating income (loss) | 5.6 | (4.8 | ) | 11.4 | (17.3 | ) | 5.4 | |||||||||||||
Interest expense | 10.8 | 9.7 | 19.2 | 2.5 | 20.0 | |||||||||||||||
Loss on extinguishment of debt | 1.3 | — | 1.3 | — | — | |||||||||||||||
Net loss before income taxes | (6.5 | ) | (14.5 | ) | (9.1 | ) | (19.8 | ) | (14.6 | ) | ||||||||||
Income tax (expense) benefit | (0.3 | ) | 4.6 | (0.5 | ) | (0.4 | ) | 4.0 | ||||||||||||
Net loss | (6.8 | ) | (9.9 | ) | (9.6 | ) | $ | (20.2 | ) | $ | (10.6 | ) | ||||||||
Noncontrolling interest in net loss | 4.5 | 6.4 | ||||||||||||||||||
Net loss attributed to common stockholders | $ | (2.3 | ) | $ | (3.2 | ) | ||||||||||||||
Basic weighted average common shares outstanding | 20.9 | 20.9 | ||||||||||||||||||
Diluted weighted average common shares outstanding | 20.9 | 20.9 | ||||||||||||||||||
Loss per share - basic and diluted | $ | (0.12 | ) | $ | (0.17 | ) | ||||||||||||||
Dividend declared per share | $ | 0.16 | $ | 0.32 |
Common Stock Issued | Additional Paid In Capital | Accumulated Deficit | Partnership capital | Total Shareholder’s Equity/ Parent’s Net Investment | Non Controlling Interest | Total Equity | ||||||||||||||||||||||||
Shares | Amount | |||||||||||||||||||||||||||||
Balance December 31, 2012 | — | $ | — | $ | 7.1 | $ | — | $ | 493.0 | $ | 500.1 | $ | — | $ | 500.1 | |||||||||||||||
Net loss – January 1, 2013 to January 23, 2013 | — | — | — | — | (20.2 | ) | (20.2 | ) | — | (20.2 | ) | |||||||||||||||||||
Other contributions from Parent | — | — | — | — | 1.3 | 1.3 | — | 1.3 | ||||||||||||||||||||||
Contributions from Parent–transaction compensation expense reimbursement | — | — | — | — | 19.6 | 19.6 | — | 19.6 | ||||||||||||||||||||||
Noncontrolling interest effective January 24, 2013 | — | — | (7.1 | ) | — | (493.7 | ) | (500.8 | ) | 500.8 | — | |||||||||||||||||||
Common stock issued | 19.0 | 0.2 | 336.9 | — | — | 337.1 | — | 337.1 | ||||||||||||||||||||||
Common stock issued to CBI in exchange for operating partnership units | 1.5 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Common stock issued to CBI in exchange for settlement of IPO costs paid by CBI | 0.4 | — | 7.1 | — | — | 7.1 | (7.1 | ) | — | |||||||||||||||||||||
IPO costs | — | — | (9.5 | ) | — | — | (9.5 | ) | — | (9.5 | ) | |||||||||||||||||||
Restricted shares issued | 1.2 | — | — | — | — | — | — | — | ||||||||||||||||||||||
Net loss – January 24, 2013 to June 30, 2013 | — | — | — | (9.6 | ) | — | (9.6 | ) | — | (9.6 | ) | |||||||||||||||||||
Noncontrolling interest allocated net loss | — | — | — | 6.4 | — | 6.4 | (6.4 | ) | — | |||||||||||||||||||||
Stock based compensation | — | — | 3.0 | — | — | 3.0 | — | 3.0 | ||||||||||||||||||||||
Dividends declared, $0.32 per share | — | — | — | (6.5 | ) | — | (6.5 | ) | (14.1 | ) | (20.6 | ) | ||||||||||||||||||
Balance at June 30, 2013 | 22.1 | $ | 0.2 | $ | 337.5 | $ | (9.7 | ) | $ | — | $ | 328.0 | $ | 473.2 | $ | 801.2 |
Successor | Predecessor | Predecessor | |||||||||
January 24, 2013 to June 30, 2013 | January 1, 2013 to January 23, 2013 | Six Months Ended June 30, 2012 | |||||||||
Net cash provided by operating activities | $ | 39.5 | $ | 2.0 | $ | 31.8 | |||||
Cash flows from investing activities: | |||||||||||
Capital expenditures – acquisitions of real estate | (26.6 | ) | — | (23.4 | ) | ||||||
Capital expenditures – other development | (67.0 | ) | (7.7 | ) | (81.4 | ) | |||||
Release of restricted cash | 4.4 | 1.9 | — | ||||||||
Advances to affiliates | — | — | (3.8 | ) | |||||||
Net cash used in investing activities | (89.2 | ) | (5.8 | ) | (108.6 | ) | |||||
Cash flows from financing activities: | |||||||||||
Issuance of common stock | 360.5 | — | — | ||||||||
IPO costs | (23.4 | ) | — | — | |||||||
Borrowings from affiliates, net | — | — | 81.4 | ||||||||
Dividends paid | (10.3 | ) | — | — | |||||||
Payments on capital leases and other financing arrangements | (2.5 | ) | (0.6 | ) | (3.3 | ) | |||||
Payments to buyout capital leases | (9.6 | ) | — | — | |||||||
Payment to buyout other financing arrangement | (10.2 | ) | — | — | |||||||
Contributions (distributions) from (to) parent, net | — | 0.2 | (0.5 | ) | |||||||
Net cash provided by financing activities | 304.5 | (0.4 | ) | 77.6 | |||||||
Net increase (decrease) in cash and cash equivalents | 254.8 | (4.2 | ) | 0.8 | |||||||
Cash and cash equivalents at beginning of period | 12.3 | 16.5 | 0.6 | ||||||||
Cash and cash equivalents at end of period | $ | 267.1 | $ | 12.3 | $ | 1.4 | |||||
Supplemental disclosures | |||||||||||
Cash paid for interest | $ | 19.9 | $ | 0.3 | $ | 21.5 | |||||
Capitalized interest | 1.1 | — | 1.4 | ||||||||
Acquisition of property in accounts payable and other liabilities | 29.6 | 15.7 | 13.3 | ||||||||
Assumed liabilities in buyout of other financing obligation lease | 0.2 | — | — | ||||||||
Contribution receivable from Parent related to transaction-related compensation | — | 19.6 | — | ||||||||
Dividends payable | 10.3 | — | — | ||||||||
Deferred IPO costs | — | 1.7 | — | ||||||||
Deferred IPO costs reclassified to additional paid in capital | 9.5 | — | — |
Successor | Predecessor | ||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | ||||||||||||||||||||||
Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | ||||||||||||||||||
West Seventh St., Cincinnati, OH (7th Street) | 0.9 | 108.8 | 0.8 | 0.9 | 108.7 | 0.8 | |||||||||||||||||
Parkway Dr., Mason, OH (Mason) | — | 20.2 | 0.5 | — | 20.2 | 0.4 | |||||||||||||||||
Industrial Rd., Florence, KY (Florence) | 8.8 | 42.2 | 2.0 | — | 46.8 | 0.5 | |||||||||||||||||
Goldcoast Dr., Cincinnati, OH (Goldcoast) | 0.6 | 6.7 | — | 0.6 | 6.7 | — | |||||||||||||||||
Knightsbridge Dr., Hamilton, OH (Hamilton) | — | 49.2 | 3.5 | — | 49.9 | 2.1 | |||||||||||||||||
E. Monroe St., South Bend, IN (Monroe St.) | — | 2.5 | — | — | 3.2 | — | |||||||||||||||||
Springer St., Lombard, IL (Lombard) | 1.2 | 4.0 | 0.1 | — | 2.6 | — | |||||||||||||||||
Crescent Circle, South Bend, IN (Blackthorn) | — | 3.3 | 0.1 | — | 3.3 | 0.1 | |||||||||||||||||
Kingsview Dr., Lebanon, OH (Lebanon) | 4.0 | 71.0 | 1.2 | 4.0 | 71.0 | 1.1 | |||||||||||||||||
McAuley Place, Blue Ash, OH (Blue Ash) | — | 0.6 | — | — | 0.6 | — | |||||||||||||||||
Westway Park Blvd., Houston, TX (Houston West) | 1.4 | 88.4 | 19.2 | 3.3 | 87.8 | 12.0 | |||||||||||||||||
Westway Park Blvd., Houston, TX (Houston West 2) | 2.0 | 20.1 | 9.4 | — | — | — | |||||||||||||||||
N. Sam Houston Pky., Houston, TX (Houston-MetroNational) | 18.2 | — | — | — | — | — | |||||||||||||||||
Southwest Fwy., Houston, TX (Galleria) | — | 68.3 | 10.3 | — | 66.0 | 6.6 | |||||||||||||||||
E. Ben White Blvd., Austin, TX (Austin 1) | — | 22.5 | 1.0 | — | 22.6 | 0.8 | |||||||||||||||||
S. State Highway 121 Business Lewisville, TX (Lewisville) | — | 76.9 | 18.1 | — | 76.0 | 9.6 | |||||||||||||||||
Marsh Lane Carrollton, TX | — | 0.1 | 0.2 | — | 0.1 | 0.2 | |||||||||||||||||
Midway Rd., Carrollton, TX | — | 2.0 | 0.3 | — | 2.0 | 0.3 | |||||||||||||||||
Frankford Carrollton, TX | 16.1 | 38.8 | 10.8 | 16.1 | 34.6 | 5.0 | |||||||||||||||||
Bryan St., Dallas, TX | — | 0.1 | 0.1 | — | 0.1 | — | |||||||||||||||||
North Freeway, Houston, TX (Greenspoint) | — | 1.3 | 0.4 | — | 1.3 | 0.4 | |||||||||||||||||
South Ellis Street Chandler, AZ (Phoenix) | 14.8 | 55.4 | 9.2 | 15.0 | 38.7 | 6.8 | |||||||||||||||||
Westover Hills Blvd, San Antonio, TX (San Antonio) | 4.6 | 31.8 | 8.6 | 4.6 | 30.8 | 4.7 | |||||||||||||||||
Metropolis Dr., Austin, TX (Austin 2) | 2.0 | 22.8 | 1.1 | — | 22.7 | 0.6 | |||||||||||||||||
Kestral Way (London) | — | 32.1 | 0.4 | — | 17.1 | 0.3 | |||||||||||||||||
Jurong East (Singapore) | — | 9.4 | 0.1 | — | 9.7 | 0.1 | |||||||||||||||||
Total | $ | 74.6 | $ | 778.5 | $ | 97.4 | $ | 44.5 | $ | 722.5 | $ | 52.4 |
Successor | Predecessor | ||||||
(dollars in millions) | June 30, 2013 | December 31, 2012 | |||||
Revolving credit agreement | $ | — | $ | — | |||
Capital lease obligations | 19.8 | 32.2 | |||||
6 3/8% Senior Notes due 2022 | 525.0 | 525.0 | |||||
Other financing arrangements | 54.0 | 60.8 | |||||
Total | $ | 598.8 | $ | 618.0 |
Successor | Predecessor | ||||||||||||||
June 30, 2013 | December 31, 2012 | ||||||||||||||
(dollars in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||
6 3/8% Senior Notes due 2022 | $ | 525.0 | $ | 535.5 | $ | 525.0 | $ | 547.3 | |||||||
Other financing arrangements | 54.0 | 57.2 | 60.8 | 69.5 |
Three Months Ended | Period Ended | ||||||||||||||
June 30, 2013 | June 30, 2013 | ||||||||||||||
(dollars in millions, except per share amount) | Basic | Diluted | Basic | Diluted | |||||||||||
Numerator: | |||||||||||||||
Net loss attributed to common stockholders | $ | (2.3 | ) | $ | (2.3 | ) | $ | (3.2 | ) | $ | (3.2 | ) | |||
Less: Restricted stock dividends | (0.2 | ) | (0.2 | ) | (0.3 | ) | (0.3 | ) | |||||||
Net loss available to stockholders | $ | (2.5 | ) | $ | (2.5 | ) | $ | (3.5 | ) | $ | (3.5 | ) | |||
Denominator: | |||||||||||||||
Weighted average common outstanding - basic | 20.9 | 20.9 | 20.9 | 20.9 | |||||||||||
Performance-based restricted stock(1) | — | — | |||||||||||||
Convertible securities(1) | — | — | |||||||||||||
Weighted average shares outstanding- diluted | 20.9 | 20.9 | |||||||||||||
EPS: | |||||||||||||||
Net loss per share- basic | $ | (0.12 | ) | $ | (0.17 | ) | |||||||||
Effect of dilutive shares | |||||||||||||||
Net loss per share- diluted | $ | (0.12 | ) | $ | (0.17 | ) |
Successor | Predecessor | Successor | Predecessor | Predecessor | ||||||||||||||||
(dollars in millions) | Three Months Ended June 30, 2013 | Three Months Ended June 30, 2012 | January 24, 2013 to June 30, 2013 | January 1, 2013 to January 23, 2013 | Six Months Ended June 30, 2012 | |||||||||||||||
Revenue: | ||||||||||||||||||||
Data center colocation agreement provided to CBT and CBTS | $ | 1.0 | $ | 0.5 | $ | 2.0 | $ | 0.3 | $ | 1.0 | ||||||||||
229 West 7th street lease provided to CBT | 0.1 | — | 0.1 | — | — | |||||||||||||||
Parkway (Mason) lease provided to CBTS | 0.1 | — | 0.1 | — | — | |||||||||||||||
Transition services provided to CBTS (network interfaces) | 0.5 | 0.1 | 0.7 | 0.1 | 0.2 | |||||||||||||||
Data center leases provided to CBTS | 0.7 | 3.5 | 3.4 | 0.9 | 6.8 | |||||||||||||||
Total revenue | $ | 2.4 | $ | 4.1 | 6.3 | $ | 1.3 | $ | 8.0 | |||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Transition services provided by CBTS (storage & backup) | $ | — | $ | 0.4 | $ | — | $ | — | $ | 0.8 | ||||||||||
Charges for services provided by CBT (connectivity) | 0.5 | 0.1 | 0.7 | 0.1 | 0.3 | |||||||||||||||
Allocated employee benefit plans by CBI | — | 0.4 | — | 0.2 | 1.1 | |||||||||||||||
Allocated centralized insurance costs by CBI | — | 0.1 | — | 0.1 | 0.2 | |||||||||||||||
General & administrative services provided by CBI | — | 6.3 | — | 0.1 | 8.4 | |||||||||||||||
Management fees with CBI | — | 0.5 | — | — | 1.2 | |||||||||||||||
Accounts receivable securitization provided by CBI | — | 1.1 | — | — | 2.3 | |||||||||||||||
Interest expense on note with CBI | — | 7.2 | — | — | 14.4 | |||||||||||||||
Interest expense on line of credit with CBI | — | 1.7 | — | — | 3.6 | |||||||||||||||
Total operating costs and expenses | $ | 0.5 | $ | 17.8 | $ | 0.7 | $ | 0.5 | $ | 32.3 |
Successor | Predecessor | |||||||
As of | As of | |||||||
(dollars in millions) | June 30, 2013 | December 31, 2012 | ||||||
Accounts receivable from CBI | $ | 1.3 | $ | 2.2 | ||||
Accounts payable | $ | 0.4 | $ | 2.9 | ||||
Dividends payable | 7.2 | — | ||||||
Payable to CBI | $ | 7.6 | $ | 2.9 |
• | upon the sale or other disposition (including by way of consolidation or merger) of such Guarantor or of all of the capital stock of such Guarantor such that such Guarantor is no longer a restricted subsidiary under the indenture, |
• | upon the sale or disposition of all or substantially all of the assets of the Guarantor, |
• | upon the LP Co-issuer designating such Guarantor as an unrestricted subsidiary under the terms of the indenture, |
• | if such Guarantor is no longer a guarantor or other obligor of any other indebtedness of the LP Co-issuer or the Parent Guarantor, and |
• | upon the defeasance or discharge of the Senior Notes in accordance with the terms of the indenture. |
(dollars in millions) | As of June 30, 2013 | |||||||||||||||||||||||||||||||
Parent Guarantor | General Partner | LP Co-issuer | Finance Co-issuer | Guarantors | Non- Guarantors | Eliminations | Total | |||||||||||||||||||||||||
Land | $ | — | $ | — | $ | — | $ | — | $ | 74.6 | $ | — | $ | — | $ | 74.6 | ||||||||||||||||
Buildings and improvements | — | — | — | — | 737.0 | 41.5 | — | 778.5 | ||||||||||||||||||||||||
Equipment | — | — | — | — | 96.9 | 0.5 | — | 97.4 | ||||||||||||||||||||||||
Construction in progress | — | — | — | — | 48.1 | 0.1 | — | 48.2 | ||||||||||||||||||||||||
Subtotal | — | — | — | — | 956.6 | 42.1 | — | 998.7 | ||||||||||||||||||||||||
Accumulated depreciation | — | — | — | — | (205.5 | ) | (3.2 | ) | — | (208.7 | ) | |||||||||||||||||||||
Net investment in real estate | — | — | — | — | 751.1 | 38.9 | — | 790.0 | ||||||||||||||||||||||||
Cash and cash equivalents | — | — | — | — | 265.6 | 1.5 | — | 267.1 | ||||||||||||||||||||||||
Investment in subsidiary | 801.2 | 8.0 | 816.6 | — | 0.1 | — | (1,625.9 | ) | — | |||||||||||||||||||||||
Rent and other receivables | — | — | — | — | 27.0 | 0.2 | — | 27.2 | ||||||||||||||||||||||||
Intercompany and loan receivable | — | — | 508.1 | 508.2 | 0.3 | — | (1,016.6 | ) | — | |||||||||||||||||||||||
Restricted cash | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Goodwill | — | — | — | — | 276.2 | — | — | 276.2 | ||||||||||||||||||||||||
Intangible assets, net | — | — | — | — | 94.1 | — | — | 94.1 | ||||||||||||||||||||||||
Due from affiliates | — | — | — | — | 1.6 | — | — | 1.6 | ||||||||||||||||||||||||
Other assets | — | — | 16.0 | 16.0 | 46.3 | 1.3 | (16.0 | ) | 63.6 | |||||||||||||||||||||||
Total assets | $ | 801.2 | $ | 8.0 | $ | 1,340.7 | $ | 524.2 | $ | 1,462.3 | $ | 41.9 | $ | (2,658.5 | ) | $ | 1,519.8 | |||||||||||||||
Accounts payable and accrued expenses | $ | — | $ | — | $ | 7.7 | $ | 4.2 | $ | 22.3 | $ | 0.5 | $ | (4.2 | ) | $ | 30.5 | |||||||||||||||
Deferred revenue | — | — | — | — | 52.3 | 0.5 | — | 52.8 | ||||||||||||||||||||||||
Intercompany and loan payable | — | — | — | — | 508.1 | 0.3 | (508.4 | ) | — | |||||||||||||||||||||||
Due to affiliates | — | — | 6.8 | — | 0.9 | — | — | 7.7 | ||||||||||||||||||||||||
Capital lease obligations | — | — | — | — | 11.3 | 8.5 | — | 19.8 | ||||||||||||||||||||||||
Long-term debt | — | — | 525.0 | 525.0 | — | — | (525.0 | ) | 525.0 | |||||||||||||||||||||||
Other financing arrangements | — | — | — | — | 22.0 | 32.0 | — | 54.0 | ||||||||||||||||||||||||
Other liabilities | — | — | — | — | 28.8 | — | — | 28.8 | ||||||||||||||||||||||||
Total liabilities | — | — | 539.5 | 529.2 | 645.7 | 41.8 | (1,037.6 | ) | 718.6 | |||||||||||||||||||||||
Total equity | 801.2 | 8.0 | 801.2 | (5.0 | ) | 816.6 | 0.1 | (1,620.9 | ) | 801.2 | ||||||||||||||||||||||
Total liabilities and equity | $ | 801.2 | $ | 8.0 | $ | 1,340.7 | $ | 524.2 | $ | 1,462.3 | $ | 41.9 | $ | (2,658.5 | ) | $ | 1,519.8 |
(dollars in millions) | As of December 31, 2012 | |||||||||||||||||||||||||||||||
Parent Guarantor | General Partner | LP Co-issuer | Finance Co-issuer | Guarantors | Non- Guarantors | Eliminations | Total | |||||||||||||||||||||||||
Land | $ | — | $ | — | $ | — | $ | — | $ | 44.5 | $ | — | $ | — | $ | 44.5 | ||||||||||||||||
Buildings and improvements | — | — | — | — | 695.7 | 26.8 | — | 722.5 | ||||||||||||||||||||||||
Equipment | — | — | — | — | 52.0 | 0.4 | — | 52.4 | ||||||||||||||||||||||||
Construction in progress | — | — | — | — | 51.4 | 12.8 | — | 64.2 | ||||||||||||||||||||||||
Subtotal | — | — | — | — | 843.6 | 40.0 | — | 883.6 | ||||||||||||||||||||||||
Accumulated depreciation | — | — | — | — | (174.8 | ) | (1.9 | ) | — | (176.7 | ) | |||||||||||||||||||||
Net investment in real estate | — | — | — | — | 668.8 | 38.1 | — | 706.9 | ||||||||||||||||||||||||
Cash and cash equivalents | — | — | — | — | 15.6 | 0.9 | — | 16.5 | ||||||||||||||||||||||||
Investment in subsidiary | — | — | 497.2 | — | 0.4 | — | (497.6 | ) | — | |||||||||||||||||||||||
Rent and other receivables | — | — | — | — | 32.6 | 0.6 | — | 33.2 | ||||||||||||||||||||||||
Restricted cash | — | — | — | — | 6.3 | — | — | 6.3 | ||||||||||||||||||||||||
Goodwill | — | — | — | — | 276.2 | — | — | 276.2 | ||||||||||||||||||||||||
Intangible assets, net | — | — | — | — | 102.6 | — | — | 102.6 | ||||||||||||||||||||||||
Intercompany and loan receivable | — | — | 508.2 | 508.2 | — | — | (1,016.4 | ) | — | |||||||||||||||||||||||
Due from affiliates | — | — | — | — | 2.2 | — | 2.2 | |||||||||||||||||||||||||
Other assets | 7.9 | — | 17.0 | 17.0 | 41.6 | 0.5 | (17.0 | ) | 67.0 | |||||||||||||||||||||||
Total assets | $ | 7.9 | $ | — | $ | 1,022.4 | $ | 525.2 | $ | 1,146.3 | $ | 40.1 | $ | (1,531.0 | ) | $ | 1,210.9 | |||||||||||||||
Accounts payable and accrued expenses | $ | 0.8 | $ | — | $ | 4.4 | $ | 4.4 | $ | 24.2 | $ | 0.1 | $ | (4.4 | ) | $ | 29.5 | |||||||||||||||
Deferred revenue | — | — | — | — | 52.3 | 0.5 | — | 52.8 | ||||||||||||||||||||||||
Intercompany and loan payable | — | — | — | — | 508.0 | 0.2 | (508.2 | ) | — | |||||||||||||||||||||||
Due to affiliates | — | — | — | — | 2.9 | — | — | 2.9 | ||||||||||||||||||||||||
Capital lease obligations | — | — | — | — | 23.2 | 9.0 | — | 32.2 | ||||||||||||||||||||||||
Long-term debt | — | — | 525.0 | 525.0 | — | — | (525.0 | ) | 525.0 | |||||||||||||||||||||||
Other financing arrangements | — | — | — | — | 31.0 | 29.8 | — | 60.8 | ||||||||||||||||||||||||
Other liabilities | — | — | — | — | 7.5 | 0.1 | — | 7.6 | ||||||||||||||||||||||||
Total liabilities | 0.8 | — | 529.4 | 529.4 | 649.1 | 39.7 | (1,037.6 | ) | 710.8 | |||||||||||||||||||||||
Total parent’s net investment | 7.1 | — | 493.0 | (4.2 | ) | 497.2 | 0.4 | (493.4 | ) | 500.1 | ||||||||||||||||||||||
Total liabilities and parent’s net investment | $ | 7.9 | $ | — | $ | 1,022.4 | $ | 525.2 | $ | 1,146.3 | $ | 40.1 | $ | (1,531.0 | ) | $ | 1,210.9 |
(dollars in millions) | Three Months Ended June 30, 2013 | |||||||||||||||||||||||||||||||
Parent Guarantor | General Partner | LP Co-issuer | Finance Co-issuer | Guarantors | Non- Guarantors | Eliminations | Total | |||||||||||||||||||||||||
Revenue | $ | — | $ | — | $ | — | $ | — | $ | 62.5 | $ | 1.1 | $ | — | $ | 63.6 | ||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Property operating expenses | — | — | — | — | 23.8 | 0.8 | — | 24.6 | ||||||||||||||||||||||||
Sales and marketing | — | — | — | — | 2.8 | 0.1 | — | 2.9 | ||||||||||||||||||||||||
General and administrative | — | — | — | — | 7.1 | — | — | 7.1 | ||||||||||||||||||||||||
Depreciation and amortization | — | — | — | — | 22.3 | 0.7 | — | 23.0 | ||||||||||||||||||||||||
Transaction costs | — | — | — | — | 0.4 | — | — | 0.4 | ||||||||||||||||||||||||
Total costs and expenses | — | — | — | — | 56.4 | 1.6 | — | 58.0 | ||||||||||||||||||||||||
Operating income (loss) | — | — | — | — | 6.1 | (0.5 | ) | — | 5.6 | |||||||||||||||||||||||
Interest expense (income) | — | — | 10.1 | 10.1 | 0.2 | 0.5 | (10.1 | ) | 10.8 | |||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | 1.3 | — | — | 1.3 | ||||||||||||||||||||||||
Income (loss) before income taxes | — | — | (10.1 | ) | (10.1 | ) | 4.6 | (1.0 | ) | 10.1 | (6.5 | ) | ||||||||||||||||||||
Income tax expense | — | — | — | — | (0.3 | ) | — | — | (0.3 | ) | ||||||||||||||||||||||
Income (loss) from continuing operations | — | — | (10.1 | ) | (10.1 | ) | 4.3 | (1.0 | ) | 10.1 | (6.8 | ) | ||||||||||||||||||||
Equity earnings (loss) related to investment in subsidiaries | (6.8 | ) | (0.1 | ) | 3.3 | — | (1.0 | ) | — | 4.6 | — | |||||||||||||||||||||
Noncontrolling interest in net loss | 4.5 | — | — | — | — | — | — | 4.5 | ||||||||||||||||||||||||
Net income (loss) attributed to common stockholders | $ | (2.3 | ) | $ | (0.1 | ) | $ | (6.8 | ) | $ | (10.1 | ) | $ | 3.3 | $ | (1.0 | ) | $ | 14.7 | $ | (2.3 | ) |
(dollars in millions) | Three Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||
Parent Guarantor | General Partner | LP Co-issuer | Finance Co-issuer | Guarantors | Non- Guarantors | Eliminations | Total | |||||||||||||||||||||||||
Revenue | $ | — | $ | — | $ | — | $ | — | $ | 53.6 | $ | 0.4 | $ | — | $ | 54.0 | ||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Property operating expenses | — | — | — | — | 17.8 | 0.3 | — | 18.1 | ||||||||||||||||||||||||
Sales and marketing | — | — | — | — | 1.8 | — | — | 1.8 | ||||||||||||||||||||||||
General and administrative | — | — | — | — | 5.5 | — | — | 5.5 | ||||||||||||||||||||||||
Depreciation and amortization | — | — | — | — | 17.8 | — | — | 17.8 | ||||||||||||||||||||||||
Transaction costs | — | — | — | — | 0.7 | — | — | 0.7 | ||||||||||||||||||||||||
Management fees charged by CBI | — | — | — | — | 0.5 | — | — | 0.5 | ||||||||||||||||||||||||
Loss on sale of receivables to an affiliate | — | — | — | — | 1.1 | — | — | 1.1 | ||||||||||||||||||||||||
Asset impairment | — | — | — | — | 13.3 | — | — | 13.3 | ||||||||||||||||||||||||
Total costs and expenses | — | — | — | — | 58.5 | 0.3 | — | 58.8 | ||||||||||||||||||||||||
Operating income (loss) | — | — | — | — | (4.9 | ) | 0.1 | — | (4.8 | ) | ||||||||||||||||||||||
Interest expense | — | — | — | — | 9.4 | 0.3 | — | 9.7 | ||||||||||||||||||||||||
Loss before income taxes | — | — | — | — | (14.3 | ) | (0.2 | ) | — | (14.5 | ) | |||||||||||||||||||||
Income tax benefit | — | — | — | — | 4.6 | — | — | 4.6 | ||||||||||||||||||||||||
Loss from continuing operations | — | — | — | — | (9.7 | ) | (0.2 | ) | — | (9.9 | ) | |||||||||||||||||||||
Equity earnings (loss) related to investments in subsidiaries | — | — | — | — | (0.2 | ) | — | 0.2 | — | |||||||||||||||||||||||
Net loss | $ | — | $ | — | $ | — | $ | — | $ | (9.9 | ) | $ | (0.2 | ) | $ | 0.2 | $ | (9.9 | ) |
(dollars in millions) | Period Ended June 30, 2013 | |||||||||||||||||||||||||||||||
Parent Guarantor | General Partner | LP Co-issuer | Finance Co-issuer | Guarantors | Non- Guarantors | Eliminations | Total | |||||||||||||||||||||||||
Revenue | $ | — | $ | — | $ | — | $ | — | $ | 107.0 | $ | 1.6 | $ | — | $ | 108.6 | ||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Property operating expenses | — | — | — | — | 38.8 | 1.1 | — | 39.9 | ||||||||||||||||||||||||
Sales and marketing | — | — | — | — | 4.9 | 0.1 | — | 5.0 | ||||||||||||||||||||||||
General and administrative | — | — | — | — | 12.5 | — | — | 12.5 | ||||||||||||||||||||||||
Depreciation and amortization | — | — | — | — | 38.1 | 1.3 | — | 39.4 | ||||||||||||||||||||||||
Transaction costs | — | — | — | — | 0.4 | — | — | 0.4 | ||||||||||||||||||||||||
Total costs and expenses | — | — | — | — | 94.7 | 2.5 | — | 97.2 | ||||||||||||||||||||||||
Operating income (loss) | — | — | — | — | 12.3 | (0.9 | ) | — | 11.4 | |||||||||||||||||||||||
Interest expense (income) | — | — | 17.3 | 17.3 | 0.9 | 1.0 | (17.3 | ) | 19.2 | |||||||||||||||||||||||
Loss on extinguishment of debt | — | — | — | — | 1.3 | — | — | 1.3 | ||||||||||||||||||||||||
Income (loss) before income taxes | — | — | (17.3 | ) | (17.3 | ) | 10.1 | (1.9 | ) | 17.3 | (9.1 | ) | ||||||||||||||||||||
Income tax expense | — | — | — | (0.5 | ) | — | — | (0.5 | ) | |||||||||||||||||||||||
Income (loss) from continuing operations | — | — | (17.3 | ) | (17.3 | ) | 9.6 | (1.9 | ) | 17.3 | (9.6 | ) | ||||||||||||||||||||
Equity earnings (loss) related to investment in subsidiaries | (9.6 | ) | (0.1 | ) | 7.7 | — | (1.9 | ) | — | 3.9 | — | |||||||||||||||||||||
Noncontrolling interest in net loss | 6.4 | — | — | — | — | — | — | 6.4 | ||||||||||||||||||||||||
Net income (loss) attributed to common stockholders | $ | (3.2 | ) | $ | (0.1 | ) | $ | (9.6 | ) | $ | (17.3 | ) | $ | 7.7 | $ | (1.9 | ) | $ | 21.2 | $ | (3.2 | ) |
(dollars in millions) | Period Ended January 23, 2013 | |||||||||||||||||||||||||||||||
Parent Guarantor | General Partner | LP Co-issuer | Finance Co-issuer | Guarantors | Non- Guarantors | Eliminations | Total | |||||||||||||||||||||||||
Revenue | $ | — | $ | — | $ | — | $ | — | $ | 14.9 | $ | 0.2 | $ | — | $ | 15.1 | ||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Property operating expenses | — | — | — | — | 4.8 | — | — | 4.8 | ||||||||||||||||||||||||
Sales and marketing | — | — | — | — | 0.7 | — | — | 0.7 | ||||||||||||||||||||||||
General and administrative | — | — | — | — | 1.4 | 0.1 | — | 1.5 | ||||||||||||||||||||||||
Transaction-related compensation | — | — | — | — | 20.0 | — | — | 20.0 | ||||||||||||||||||||||||
Depreciation and amortization | — | — | — | — | 5.2 | 0.1 | — | 5.3 | ||||||||||||||||||||||||
Transaction costs | — | — | — | — | 0.1 | — | — | 0.1 | ||||||||||||||||||||||||
Total costs and expenses | — | — | — | — | 32.2 | 0.2 | — | 32.4 | ||||||||||||||||||||||||
Operating loss | — | — | — | — | (17.3 | ) | — | — | (17.3 | ) | ||||||||||||||||||||||
Interest expense | — | — | 2.3 | 2.3 | 0.1 | 0.1 | (2.3 | ) | 2.5 | |||||||||||||||||||||||
Loss before income taxes | — | — | (2.3 | ) | (2.3 | ) | (17.4 | ) | (0.1 | ) | 2.3 | (19.8 | ) | |||||||||||||||||||
Income tax expense | — | — | — | — | (0.4 | ) | — | — | (0.4 | ) | ||||||||||||||||||||||
Loss from continuing operations | — | — | (2.3 | ) | (2.3 | ) | (17.8 | ) | (0.1 | ) | 2.3 | (20.2 | ) | |||||||||||||||||||
Equity earnings (loss) related to investment in subsidiaries | — | — | (17.9 | ) | — | (0.1 | ) | — | 18.0 | — | ||||||||||||||||||||||
Net loss | $ | — | $ | — | $ | (20.2 | ) | $ | (2.3 | ) | $ | (17.9 | ) | $ | (0.1 | ) | $ | 20.3 | $ | (20.2 | ) |
(dollars in millions) | Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||
Parent Guarantor | General Partner | LP Co-issuer | Finance Co-issuer | Guarantors | Non- Guarantors | Eliminations | Total | |||||||||||||||||||||||||
Revenue | $ | — | $ | — | $ | — | $ | — | $ | 105.5 | $ | 0.6 | $ | — | $ | 106.1 | ||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||
Property operating expenses | — | — | — | — | 34.6 | 0.8 | — | 35.4 | ||||||||||||||||||||||||
Sales and marketing | — | — | — | — | 3.5 | 0.1 | — | 3.6 | ||||||||||||||||||||||||
General and administrative | — | — | — | — | 10.0 | — | — | 10.0 | ||||||||||||||||||||||||
Depreciation and amortization | — | — | — | — | 33.6 | 0.6 | — | 34.2 | ||||||||||||||||||||||||
Transaction costs | — | — | — | — | 0.7 | — | — | 0.7 | ||||||||||||||||||||||||
Management fees charged by CBI | — | — | — | — | 1.2 | — | — | 1.2 | ||||||||||||||||||||||||
Loss on sale of receivables to an affiliate | — | — | — | — | 2.3 | — | — | 2.3 | ||||||||||||||||||||||||
Asset impairment | — | — | — | — | 13.3 | — | — | 13.3 | ||||||||||||||||||||||||
Total costs and expenses | — | — | — | — | 99.2 | 1.5 | — | 100.7 | ||||||||||||||||||||||||
Operating income (loss) | — | — | — | — | 6.3 | (0.9 | ) | — | 5.4 | |||||||||||||||||||||||
Interest expense | — | — | — | — | 18.8 | 1.2 | — | 20.0 | ||||||||||||||||||||||||
Loss before income taxes | — | — | — | — | (12.5 | ) | (2.1 | ) | — | (14.6 | ) | |||||||||||||||||||||
Income tax benefit | — | — | — | — | 4.0 | — | — | 4.0 | ||||||||||||||||||||||||
Loss from continuing operations | — | — | — | — | (8.5 | ) | (2.1 | ) | — | (10.6 | ) | |||||||||||||||||||||
Equity earnings (loss) related to investments in subsidiaries | — | — | — | — | (2.1 | ) | — | 2.1 | — | |||||||||||||||||||||||
Net loss | $ | — | $ | — | $ | — | $ | — | $ | (10.6 | ) | $ | (2.1 | ) | $ | 2.1 | $ | (10.6 | ) |
(dollars in millions) | Period Ended June 30, 2013 | |||||||||||||||||||||||||||||||
Parent Guarantor | General Partner | LP Co-issuer | Finance Co-issuer | Guarantors | Non- Guarantors | Eliminations | Total | |||||||||||||||||||||||||
Net cash provided by (used in) operating activities | $ | — | $ | — | (18.6 | ) | $ | (18.5 | ) | $ | 59.1 | $ | (0.7 | ) | $ | 18.2 | $ | 39.5 | ||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Capital expenditures - acquisitions of real estate | — | — | — | — | (26.6 | ) | — | — | (26.6 | ) | ||||||||||||||||||||||
Capital expenditures - other | — | — | — | — | (66.9 | ) | (0.1 | ) | — | (67.0 | ) | |||||||||||||||||||||
Investment in subsidiaries | (337.1 | ) | — | (337.1 | ) | — | — | — | 674.2 | — | ||||||||||||||||||||||
Intercompany advances, net | — | — | — | — | (0.1 | ) | 0.1 | — | — | |||||||||||||||||||||||
Return of investment | 10.3 | — | 28.8 | 18.5 | — | — | (57.6 | ) | — | |||||||||||||||||||||||
Release of restricted cash | — | — | — | — | 4.4 | — | — | 4.4 | ||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (326.8 | ) | — | (308.3 | ) | 18.5 | (89.2 | ) | — | 616.6 | (89.2 | ) | ||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Issuance of common stock/partnership units | 360.5 | — | 337.1 | — | — | — | (337.1 | ) | 360.5 | |||||||||||||||||||||||
IPO costs | (23.4 | ) | — | — | — | — | — | — | (23.4 | ) | ||||||||||||||||||||||
Dividends paid | (10.3 | ) | — | (10.3 | ) | — | (10.3 | ) | — | 20.6 | (10.3 | ) | ||||||||||||||||||||
Payments on capital leases and other financing arrangements | — | — | — | — | (2.0 | ) | (0.5 | ) | — | (2.5 | ) | |||||||||||||||||||||
Payments to buyout capital leases | — | — | — | — | (9.6 | ) | — | — | (9.6 | ) | ||||||||||||||||||||||
Payment to buyout other financing arrangement | — | — | — | — | (10.2 | ) | — | — | (10.2 | ) | ||||||||||||||||||||||
Contributions (distributions) from parent guarantor | — | — | — | — | 316.6 | 1.7 | (318.3 | ) | — | |||||||||||||||||||||||
Net cash provided by (used in) financing activities | 326.8 | — | 326.8 | — | 284.5 | 1.2 | (634.8 | ) | 304.5 | |||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | — | — | (0.1 | ) | — | 254.4 | 0.5 | — | 254.8 | |||||||||||||||||||||||
Cash and cash equivalents at beginning of period | — | — | 0.1 | — | 11.2 | 1.0 | — | 12.3 | ||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | — | $ | — | $ | 265.6 | $ | 1.5 | $ | — | $ | 267.1 |
Period Ended January 23, 2013 | ||||||||||||||||||||||||||||||||
(dollars in millions) | Parent Guarantor | General Partner | LP Co-issuer | Finance Co-issuer | Guarantors | Non- Guarantors | Eliminations | Total | ||||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | — | $ | — | $ | — | $ | 1.9 | $ | 0.1 | $ | — | $ | 2.0 | ||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Capital expenditures - other | — | — | — | — | (7.7 | ) | — | — | (7.7 | ) | ||||||||||||||||||||||
Release of restricted cash | — | — | — | — | 1.9 | — | — | 1.9 | ||||||||||||||||||||||||
Intercompany advances, net | — | — | 0.1 | — | (0.1 | ) | — | — | — | |||||||||||||||||||||||
Net cash provided by (used in) investing activities | — | — | 0.1 | — | (5.9 | ) | — | — | (5.8 | ) | ||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Payments on capital lease obligations | — | — | — | — | (0.6 | ) | — | — | (0.6 | ) | ||||||||||||||||||||||
Contributions from parent, net | — | — | — | — | 0.2 | — | — | 0.2 | ||||||||||||||||||||||||
Net cash used in financing activities | — | — | — | — | (0.4 | ) | — | — | (0.4 | ) | ||||||||||||||||||||||
Net (decrease) increase in cash and cash equivalents | — | — | 0.1 | — | (4.4 | ) | 0.1 | — | (4.2 | ) | ||||||||||||||||||||||
Cash and cash equivalents at beginning of year | — | — | — | — | 15.6 | 0.9 | — | 16.5 | ||||||||||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 0.1 | $ | — | $ | 11.2 | $ | 1.0 | $ | — | $ | 12.3 |
(dollars in millions) | Six Months Ended June 30, 2012 | |||||||||||||||||||||||||||||||
Parent Guarantor | General Partner | LP Co-issuer | Finance Co-issuer | Guarantors | Non- Guarantors | Eliminations | Total | |||||||||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | — | $ | — | $ | — | 31.0 | $ | 0.8 | $ | — | $ | 31.8 | |||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||
Capital expenditures - acquisitions of real estate | — | — | — | — | (23.4 | ) | — | — | (23.4 | ) | ||||||||||||||||||||||
Capital expenditures - other | — | — | — | — | (80.7 | ) | (0.7 | ) | — | (81.4 | ) | |||||||||||||||||||||
Advance to affiliate | — | — | — | — | (3.8 | ) | — | — | (3.8 | ) | ||||||||||||||||||||||
Intercompany advances | — | — | — | — | (0.1 | ) | 0.1 | — | — | |||||||||||||||||||||||
Net cash used in investing activities | — | — | — | — | (108.0 | ) | (0.6 | ) | — | (108.6 | ) | |||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||
Borrowings from affiliates, net | — | — | — | — | 81.4 | — | — | 81.4 | ||||||||||||||||||||||||
Payment on capital leases | — | — | — | — | (3.3 | ) | — | — | (3.3 | ) | ||||||||||||||||||||||
Distributions to parent, net | — | — | — | — | (0.5 | ) | — | — | (0.5 | ) | ||||||||||||||||||||||
Net cash provided by financing activities | — | — | — | — | 77.6 | — | — | 77.6 | ||||||||||||||||||||||||
Net increase in cash and cash equivalents | — | — | — | — | 0.6 | 0.2 | — | 0.8 | ||||||||||||||||||||||||
Cash and cash equivalents at beginning of year | — | — | — | — | 0.4 | 0.2 | — | 0.6 | ||||||||||||||||||||||||
Cash and cash equivalents at end of year | $ | — | $ | — | $ | — | $ | — | $ | 1.0 | $ | 0.4 | $ | — | $ | 1.4 |
Successor | Predecessor | ||||||
As of | As of | ||||||
June 30, 2013 | December 31, 2012 | ||||||
Assets | |||||||
Investment in real estate: | |||||||
Land | $ | 74.6 | $ | 44.5 | |||
Buildings and improvements | 778.5 | 722.5 | |||||
Equipment | 97.4 | 52.4 | |||||
Construction in progress | 48.2 | 64.2 | |||||
Subtotal | 998.7 | 883.6 | |||||
Accumulated depreciation | (208.7 | ) | (176.7 | ) | |||
Net investment in real estate | 790.0 | 706.9 | |||||
Cash and cash equivalents | 267.1 | 16.5 | |||||
Rent and other receivables, net of allowance for doubtful accounts of $0.3 as of June 30, 2013 and December 31, 2012 | 27.2 | 33.2 | |||||
Restricted cash | — | 6.3 | |||||
Goodwill | 276.2 | 276.2 | |||||
Intangible assets, net of accumulated amortization of $46.7 and $38.2 as of June 30, 2013 and December 31, 2012 | 94.1 | 102.6 | |||||
Due from affiliates | 1.6 | 2.2 | |||||
Other assets | 63.6 | 59.1 | |||||
Total assets | $ | 1,519.8 | $ | 1,203.0 | |||
Liabilities and Equity | |||||||
Accounts payable and accrued expenses | $ | 30.5 | $ | 28.7 | |||
Deferred revenue | 52.8 | 52.8 | |||||
Due to affiliates | 7.7 | 2.9 | |||||
Capital lease obligations | 19.8 | 32.2 | |||||
Long-term debt | 525.0 | 525.0 | |||||
Other financing arrangements | 54.0 | 60.8 | |||||
Other liabilities | 28.8 | 7.6 | |||||
Total liabilities | 718.6 | 710.0 | |||||
Commitments and contingencies | |||||||
Partnership capital | 801.2 | 493.0 | |||||
Total liabilities and equity | $ | 1,519.8 | $ | 1,203.0 |
Successor | Predecessor | Successor | Predecessor | Predecessor | |||||||||||||||
Three Months Ended June 30, 2013 | Three Months Ended June 30, 2012 | January 24, 2013 to June 30, 2013 | January 1, 2013 to January 23, 2013 | Six Months Ended June 30, 2012 | |||||||||||||||
Revenue | $ | 63.6 | $ | 54.0 | $ | 108.6 | $ | 15.1 | $ | 106.1 | |||||||||
Costs and expenses: | |||||||||||||||||||
Property operating expenses | 24.6 | 18.1 | 39.9 | 4.8 | 35.4 | ||||||||||||||
Sales and marketing | 2.9 | 1.8 | 5.0 | 0.7 | 3.6 | ||||||||||||||
General and administrative | 7.1 | 5.5 | 12.5 | 1.5 | 10.0 | ||||||||||||||
Transaction-related compensation | — | — | — | 20.0 | — | ||||||||||||||
Depreciation and amortization | 23.0 | 17.8 | 39.4 | 5.3 | 34.2 | ||||||||||||||
Transaction costs | 0.4 | 0.7 | 0.4 | 0.1 | 0.7 | ||||||||||||||
Management fees charged by CBI | — | 0.5 | — | — | 1.2 | ||||||||||||||
Loss on sale of receivables to an affiliate | — | 1.1 | — | — | 2.3 | ||||||||||||||
Asset impairments | — | 13.3 | — | — | 13.3 | ||||||||||||||
Total costs and expenses | 58.0 | 58.8 | 97.2 | 32.4 | 100.7 | ||||||||||||||
Operating income (loss) | 5.6 | (4.8 | ) | 11.4 | (17.3 | ) | 5.4 | ||||||||||||
Interest expense | 10.8 | 9.7 | 19.2 | 2.5 | 20.0 | ||||||||||||||
Loss on extinguishment of debt | 1.3 | — | 1.3 | — | — | ||||||||||||||
Net loss before income taxes | (6.5 | ) | (14.5 | ) | (9.1 | ) | (19.8 | ) | (14.6 | ) | |||||||||
Income tax (expense) benefit | (0.3 | ) | 4.6 | (0.5 | ) | (0.4 | ) | 4.0 | |||||||||||
Net loss | (6.8 | ) | (9.9 | ) | (9.6 | ) | (20.2 | ) | (10.6 | ) |
Partnership Units | Partnership capital | |||||
Balance December 31, 2012 | 123.6 | $ | 493.0 | |||
Net loss—January 1, 2013 to January 23, 2013 | — | (20.2 | ) | |||
Contributions from Parent—Transaction compensation expense reimbursement | — | 19.6 | ||||
Other Contributions from Parent | — | 1.3 | ||||
Distribution to CyrusOne Inc. | — | (2.4 | ) | |||
Partnership reverse unit split 2.8 to 1 | (79.5 | ) | — | |||
Partnership units exchanged by CBI for common stock in CyrusOne Inc. | (1.5 | ) | — | |||
Partnership units issued to CyrusOne Inc. | 21.9 | 337.1 | ||||
Compensation expense of CyrusOne Inc. allocated to Partnership | — | 3.0 | ||||
Net loss—January 24, 2013 to June 30, 2013 | — | (9.6 | ) | |||
Partnership distributions | — | (20.6 | ) | |||
Balance at June 30, 2013 | 64.5 | $ | 801.2 |
Successor | Predecessor | Predecessor | |||||||||
January 24, 2013 to June 30, 2013 | January 1, 2013 to January 23, 2013 | Six Months Ended June 30, 2012 | |||||||||
Net cash provided by operating activities | $ | 39.5 | $ | 2.0 | $ | 31.8 | |||||
Cash flows from investing activities: | |||||||||||
Capital expenditures – acquisitions of real estate | (26.6 | ) | — | (23.4 | ) | ||||||
Capital expenditures – other development | (67.0 | ) | (7.7 | ) | (81.4 | ) | |||||
Release of restricted cash | 4.4 | 1.9 | — | ||||||||
Advances to affiliates | — | — | (3.8 | ) | |||||||
Net cash used in investing activities | (89.2 | ) | (5.8 | ) | (108.6 | ) | |||||
Cash flows from financing activities: | |||||||||||
Issuance of partnership units | 337.1 | — | — | ||||||||
Borrowings from affiliates, net | — | — | 81.4 | ||||||||
Distributions paid | (10.3 | ) | — | — | |||||||
Payments on capital leases and other financing arrangements | (2.5 | ) | (0.6 | ) | (3.3 | ) | |||||
Payments to buyout capital leases | (9.6 | ) | — | — | |||||||
Payment to buyout other financing arrangement | (10.2 | ) | — | — | |||||||
Contributions (distributions) from (to) parent, net | — | 0.2 | (0.5 | ) | |||||||
Net cash provided by financing activities | 304.5 | (0.4 | ) | 77.6 | |||||||
Net increase (decrease) in cash and cash equivalents | 254.8 | (4.2 | ) | 0.8 | |||||||
Cash and cash equivalents at beginning of period | 12.3 | 16.5 | 0.6 | ||||||||
Cash and cash equivalents at end of period | $ | 267.1 | $ | 12.3 | $ | 1.4 | |||||
Supplemental disclosures | |||||||||||
Cash paid for interest | $ | 19.9 | $ | 0.3 | $ | 21.5 | |||||
Capitalized interest | 1.1 | — | 1.4 | ||||||||
Acquisition of property in accounts payable and other liabilities | 29.6 | 15.7 | 13.3 | ||||||||
Assumed liabilities in buyout of other financing obligation lease | 0.2 | — | — | ||||||||
Contribution receivable from Parent related to transaction-related compensation | — | 19.6 | — | ||||||||
Distribution payable | 10.3 | — | — | ||||||||
Other contributions from Parent | 1.3 | 1.7 | — | ||||||||
Non cash distributions to CyrusOne Inc. | 2.4 | — | — |
Successor | Predecessor | ||||||||||||||||||||||
June 30, 2013 | December 31, 2012 | ||||||||||||||||||||||
Land | Building and Improvements | Equipment | Land | Building and Improvements | Equipment | ||||||||||||||||||
West Seventh St., Cincinnati, OH (7th Street) | 0.9 | 108.8 | 0.8 | 0.9 | 108.7 | 0.8 | |||||||||||||||||
Parkway Dr., Mason, OH (Mason) | — | 20.2 | 0.5 | — | 20.2 | 0.4 | |||||||||||||||||
Industrial Rd., Florence, KY (Florence) | 8.8 | 42.2 | 2.0 | — | 46.8 | 0.5 | |||||||||||||||||
Goldcoast Dr., Cincinnati, OH (Goldcoast) | 0.6 | 6.7 | — | 0.6 | 6.7 | — | |||||||||||||||||
Knightsbridge Dr., Hamilton, OH (Hamilton) | — | 49.2 | 3.5 | — | 49.9 | 2.1 | |||||||||||||||||
E. Monroe St., South Bend, IN (Monroe St.) | — | 2.5 | — | — | 3.2 | — | |||||||||||||||||
Springer St., Lombard, IL (Lombard) | 1.2 | 4.0 | 0.1 | — | 2.6 | — | |||||||||||||||||
Crescent Circle, South Bend, IN (Blackthorn) | — | 3.3 | 0.1 | — | 3.3 | 0.1 | |||||||||||||||||
Kingsview Dr., Lebanon, OH (Lebanon) | 4.0 | 71.0 | 1.2 | 4.0 | 71.0 | 1.1 | |||||||||||||||||
McAuley Place, Blue Ash, OH (Blue Ash) | — | 0.6 | — | — | 0.6 | — | |||||||||||||||||
Westway Park Blvd., Houston, TX (Houston West) | 1.4 | 88.4 | 19.2 | 3.3 | 87.8 | 12.0 | |||||||||||||||||
Westway Park Blvd., Houston, TX (Houston West 2) | 2.0 | 20.1 | 9.4 | — | — | — | |||||||||||||||||
N. Sam Houston Pky., Houston, TX (Houston-MetroNational) | 18.2 | — | — | — | — | — | |||||||||||||||||
Southwest Fwy., Houston, TX (Galleria) | — | 68.3 | 10.3 | — | 66.0 | 6.6 | |||||||||||||||||
E. Ben White Blvd., Austin, TX (Austin 1) | — | 22.5 | 1.0 | — | 22.6 | 0.8 | |||||||||||||||||
S. State Highway 121 Business Lewisville, TX (Lewisville) | — | 76.9 | 18.1 | — | 76.0 | 9.6 | |||||||||||||||||
Marsh Lane Carrollton, TX | — | 0.1 | 0.2 | — | 0.1 | 0.2 | |||||||||||||||||
Midway Rd., Carrollton, TX | — | 2.0 | 0.3 | — | 2.0 | 0.3 | |||||||||||||||||
Frankford Carrollton, TX | 16.1 | 38.8 | 10.8 | 16.1 | 34.6 | 5.0 | |||||||||||||||||
Bryan St., Dallas, TX | — | 0.1 | 0.1 | — | 0.1 | — | |||||||||||||||||
North Freeway, Houston, TX (Greenspoint) | — | 1.3 | 0.4 | — | 1.3 | 0.4 | |||||||||||||||||
South Ellis Street Chandler, AZ (Phoenix) | 14.8 | 55.4 | 9.2 | 15.0 | 38.7 | 6.8 | |||||||||||||||||
Westover Hills Blvd, San Antonio, TX (San Antonio) | 4.6 | 31.8 | 8.6 | 4.6 | 30.8 | 4.7 | |||||||||||||||||
Metropolis Dr., Austin, TX (Austin 2) | 2.0 | 22.8 | 1.1 | — | 22.7 | 0.6 | |||||||||||||||||
Kestral Way (London) | — | 32.1 | 0.4 | — | 17.1 | 0.3 | |||||||||||||||||
Jurong East (Singapore) | — | 9.4 | 0.1 | — | 9.7 | 0.1 | |||||||||||||||||
Total | $ | 74.6 | $ | 778.5 | $ | 97.4 | $ | 44.5 | $ | 722.5 | $ | 52.4 |
Successor | Predecessor | ||||||
(dollars in millions) | June 30, 2013 | December 31, 2012 | |||||
Revolving credit agreement | $ | — | $ | — | |||
Capital lease obligations | 19.8 | 32.2 | |||||
6 3/8% Senior Notes due 2022 | 525.0 | 525.0 | |||||
Other financing arrangements | 54.0 | 60.8 | |||||
Total | $ | 598.8 | $ | 618.0 |
Predecessor | |||||||||||||||
June 30, 2013 | December 31, 2012 | ||||||||||||||
(dollars in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||
6 3/8% Senior Notes due 2022 | $ | 525.0 | $ | 535.5 | $ | 525.0 | $ | 547.3 | |||||||
Other financing arrangements | 54.0 | 57.2 | 60.8 | 69.5 |
Successor | Predecessor | Successor | Predecessor | Predecessor | ||||||||||||||||
(dollars in millions) | Three Months Ended June 30, 2013 | Three Months Ended June 30, 2012 | January 24, 2013 to June 30, 2013 | January 1, 2013 to January 23, 2013 | Six Months Ended June 30, 2012 | |||||||||||||||
Revenue: | ||||||||||||||||||||
Data center colocation agreement provided to CBT and CBTS | $ | 1.0 | $ | 0.5 | $ | 2.0 | $ | 0.3 | $ | 1.0 | ||||||||||
229 West 7th street lease provided to CBT | 0.1 | — | 0.1 | — | — | |||||||||||||||
Parkway (Mason) lease provided to CBTS | 0.1 | — | 0.1 | — | — | |||||||||||||||
Transition services provided to CBTS (network interfaces) | 0.5 | 0.1 | 0.7 | 0.1 | 0.2 | |||||||||||||||
Data center leases provided to CBTS | 0.7 | 3.5 | 3.4 | 0.9 | 6.8 | |||||||||||||||
Total revenue | $ | 2.4 | $ | 4.1 | 6.3 | $ | 1.3 | $ | 8.0 | |||||||||||
Operating costs and expenses: | ||||||||||||||||||||
Transition services provided by CBTS (storage & backup) | $ | — | $ | 0.4 | $ | — | $ | — | $ | 0.8 | ||||||||||
Charges for services provided by CBT (connectivity) | 0.5 | 0.1 | 0.7 | 0.1 | 0.3 | |||||||||||||||
Allocated employee benefit plans by CBI | — | 0.4 | — | 0.2 | 1.1 | |||||||||||||||
Allocated centralized insurance costs by CBI | — | 0.1 | — | 0.1 | 0.2 | |||||||||||||||
General & administrative services provided by CBI | — | 6.3 | — | 0.1 | 8.4 | |||||||||||||||
Management fees with CBI | — | 0.5 | — | — | 1.2 | |||||||||||||||
Accounts receivable securitization provided by CBI | — | 1.1 | — | — | 2.3 | |||||||||||||||
Interest expense on note with CBI | — | 7.2 | — | — | 14.4 | |||||||||||||||
Interest expense on line of credit with CBI | — | 1.7 | — | — | 3.6 | |||||||||||||||
Total operating costs and expenses | $ | 0.5 | $ | 17.8 | $ | 0.7 | $ | 0.5 | $ | 32.3 |
Successor | Predecessor | |||||||
As of | As of | |||||||
(dollars in millions) | June 30, 2013 | December 31, 2012 | ||||||
Accounts receivable from CBI | $ | 1.3 | $ | 2.2 | ||||
Accounts payable | $ | 0.4 | $ | 2.9 | ||||
Dividends payable | 7.2 | — | ||||||
Payable to CBI | $ | 7.6 | $ | 2.9 |
• | upon the sale or other disposition (including by way of consolidation or merger) of such Guarantor or of all of the capital stock of such Guarantor such that such Guarantor is no longer a restricted subsidiary under the indenture, |
• | upon the sale or disposition of all or substantially all of the assets of the Guarantor, |
• | upon the LP Co-issuer designating such Guarantor as an unrestricted subsidiary under the terms of the indenture, |
• | if such Guarantor is no longer a guarantor or other obligor of any other indebtedness of the LP Co-issuer or the Parent Guarantor, and |
• | upon the defeasance or discharge of the Senior Notes in accordance with the terms of the indenture. |
(dollars in millions) | As of June 30, 2013 | |||||||||||||||||||||||
LP Co-issuer | Finance Co-issuer | Guarantors | Non- Guarantors | Eliminations | Total | |||||||||||||||||||
Land | $ | — | $ | — | $ | 74.6 | $ | — | $ | — | $ | 74.6 | ||||||||||||
Buildings and improvements | — | — | 737.0 | 41.5 | — | 778.5 | ||||||||||||||||||
Equipment | — | — | 96.9 | 0.5 | — | 97.4 | ||||||||||||||||||
Construction in progress | — | — | 48.1 | 0.1 | — | 48.2 | ||||||||||||||||||
Subtotal | — | — | 956.6 | 42.1 | — | 998.7 | ||||||||||||||||||
Accumulated depreciation | — | — | (205.5 | ) | (3.2 | ) | — | (208.7 | ) | |||||||||||||||
Net investment in real estate | — | — | 751.1 | 38.9 | — | 790.0 | ||||||||||||||||||
Cash and cash equivalents | — | — | 265.6 | 1.5 | — | 267.1 | ||||||||||||||||||
Investment in subsidiary | 816.6 | — | 0.1 | — | (816.7 | ) | — | |||||||||||||||||
Rent and other receivables | — | — | 27.0 | 0.2 | — | 27.2 | ||||||||||||||||||
Intercompany and loan receivable | 508.1 | 508.2 | 0.3 | — | (1,016.6 | ) | — | |||||||||||||||||
Restricted cash | — | — | — | — | — | — | ||||||||||||||||||
Goodwill | — | — | 276.2 | — | — | 276.2 | ||||||||||||||||||
Intangible assets, net | — | — | 94.1 | — | — | 94.1 | ||||||||||||||||||
Due from affiliates | — | — | 1.6 | — | — | 1.6 | ||||||||||||||||||
Other assets | 16.0 | 16.0 | 46.3 | 1.3 | (16.0 | ) | 63.6 | |||||||||||||||||
Total assets | $ | 1,340.7 | $ | 524.2 | $ | 1,462.3 | $ | 41.9 | $ | (1,849.3 | ) | $ | 1,519.8 | |||||||||||
Accounts payable and accrued expenses | $ | 7.7 | $ | 4.2 | $ | 22.3 | $ | 0.5 | $ | (4.2 | ) | $ | 30.5 | |||||||||||
Deferred revenue | — | — | 52.3 | 0.5 | — | 52.8 | ||||||||||||||||||
Intercompany and loan payable | — | — | 508.1 | 0.3 | (508.4 | ) | — | |||||||||||||||||
Due to affiliates | 6.8 | — | 0.9 | — | — | 7.7 | ||||||||||||||||||
Capital lease obligations | — | — | 11.3 | 8.5 | — | 19.8 | ||||||||||||||||||
Long-term debt | 525.0 | 525.0 | — | — | (525.0 | ) | 525.0 | |||||||||||||||||
Other financing arrangements | — | — | 22.0 | 32.0 | — | 54.0 | ||||||||||||||||||
Other liabilities | — | — | 28.8 | — | — | 28.8 | ||||||||||||||||||
Total liabilities | 539.5 | 529.2 | 645.7 | 41.8 | (1,037.6 | ) | 718.6 | |||||||||||||||||
Partnership capital | 801.2 | (5.0 | ) | 816.6 | 0.1 | (811.7 | ) | 801.2 | ||||||||||||||||
Total liabilities and equity | $ | 1,340.7 | $ | 524.2 | $ | 1,462.3 | $ | 41.9 | $ | (1,849.3 | ) | $ | 1,519.8 |
(dollars in millions) | As of December 31, 2012 | |||||||||||||||||||||||
LP Co-issuer | Finance Co-issuer | Guarantors | Non- Guarantors | Eliminations | Total | |||||||||||||||||||
Land | $ | — | $ | — | $ | 44.5 | $ | — | $ | — | 44.5 | |||||||||||||
Buildings and improvements | — | — | 695.7 | 26.8 | — | 722.5 | ||||||||||||||||||
Equipment | — | — | 52.0 | 0.4 | — | 52.4 | ||||||||||||||||||
Construction in progress | — | — | 51.4 | 12.8 | — | 64.2 | ||||||||||||||||||
Subtotal | — | — | 843.6 | 40.0 | — | 883.6 | ||||||||||||||||||
Accumulated depreciation | — | — | (174.8 | ) | (1.9 | ) | — | (176.7 | ) | |||||||||||||||
Net investment in real estate | — | — | 668.8 | 38.1 | — | 706.9 | ||||||||||||||||||
Cash and cash equivalents | — | — | 15.6 | 0.9 | — | 16.5 | ||||||||||||||||||
Investment in subsidiary | 497.2 | — | 0.4 | — | (497.6 | ) | — | |||||||||||||||||
Rent and other receivables | — | — | 32.6 | 0.6 | — | 33.2 | ||||||||||||||||||
Restricted cash | — | — | 6.3 | — | — | 6.3 | ||||||||||||||||||
Goodwill | — | — | 276.2 | — | — | 276.2 | ||||||||||||||||||
Intangible assets, net | — | — | 102.6 | — | — | 102.6 | ||||||||||||||||||
Intercompany and loan receivable | 508.2 | 508.2 | — | — | (1,016.4 | ) | — | |||||||||||||||||
Due from affiliates | — | — | 2.2 | — | 2.2 | |||||||||||||||||||
Other assets | 17.0 | 17.0 | 41.6 | 0.5 | (17.0 | ) | 59.1 | |||||||||||||||||
Total assets | $ | 1,022.4 | $ | 525.2 | $ | 1,146.3 | $ | 40.1 | $ | (1,531.0 | ) | $ | 1,203.0 | |||||||||||
Accounts payable and accrued expenses | $ | 4.4 | $ | 4.4 | $ | 24.2 | $ | 0.1 | $ | (4.4 | ) | 28.7 | ||||||||||||
Deferred revenue | — | — | 52.3 | 0.5 | — | 52.8 | ||||||||||||||||||
Intercompany and loan payable | — | — | 508.0 | 0.2 | (508.2 | ) | — | |||||||||||||||||
Due to affiliates | — | — | 2.9 | — | — | 2.9 | ||||||||||||||||||
Capital lease obligations | — | — | 23.2 | 9.0 | — | 32.2 | ||||||||||||||||||
Long-term debt | 525.0 | 525.0 | — | — | (525.0 | ) | 525.0 | |||||||||||||||||
Other financing arrangements | — | — | 31.0 | 29.8 | — | 60.8 | ||||||||||||||||||
Other liabilities | — | — | 7.5 | 0.1 | — | 7.6 | ||||||||||||||||||
Total liabilities | 529.4 | 529.4 | 649.1 | 39.7 | (1,037.6 | ) | 710.0 | |||||||||||||||||
Total parent’s net investment | 493.0 | (4.2 | ) | 497.2 | 0.4 | (493.4 | ) | 493.0 | ||||||||||||||||
Total liabilities and parent’s net investment | $ | 1,022.4 | $ | 525.2 | $ | 1,146.3 | $ | 40.1 | $ | (1,531.0 | ) | $ | 1,203.0 |
(dollars in millions) | Three Months Ended June 30, 2013 | |||||||||||||||||||||||
LP Co-issuer | Finance Co-issuer | Guarantors | Non- Guarantors | Eliminations | Total | |||||||||||||||||||
Revenue | $ | — | $ | — | $ | 62.5 | $ | 1.1 | $ | — | $ | 63.6 | ||||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Property operating expenses | — | — | 23.8 | 0.8 | — | 24.6 | ||||||||||||||||||
Sales and marketing | — | — | 2.8 | 0.1 | — | 2.9 | ||||||||||||||||||
General and administrative | — | — | 7.1 | — | — | 7.1 | ||||||||||||||||||
Depreciation and amortization | — | — | 22.3 | 0.7 | — | 23.0 | ||||||||||||||||||
Transaction costs | — | — | 0.4 | — | — | 0.4 | ||||||||||||||||||
Total costs and expenses | — | — | 56.4 | 1.6 | — | 58.0 | ||||||||||||||||||
Operating income (loss) | — | — | 6.1 | (0.5 | ) | — | 5.6 | |||||||||||||||||
Interest expense (income) | 10.1 | 10.1 | 0.2 | 0.5 | (10.1 | ) | 10.8 | |||||||||||||||||
Loss on extinguishment of debt | — | — | 1.3 | — | — | 1.3 | ||||||||||||||||||
Income (loss) before income taxes | (10.1 | ) | (10.1 | ) | 4.6 | (1.0 | ) | 10.1 | (6.5 | ) | ||||||||||||||
Income tax expense | — | — | (0.3 | ) | — | — | (0.3 | ) | ||||||||||||||||
Income (loss) from continuing operations | (10.1 | ) | (10.1 | ) | 4.3 | (1.0 | ) | 10.1 | (6.8 | ) | ||||||||||||||
Equity earnings (loss) related to investment in subsidiaries | 3.3 | — | (1.0 | ) | — | (2.3 | ) | — | ||||||||||||||||
Net income (loss) | $ | (6.8 | ) | $ | (10.1 | ) | $ | 3.3 | $ | (1.0 | ) | $ | 7.8 | $ | (6.8 | ) |
(dollars in millions) | Three Months Ended June 30, 2012 | |||||||||||||||||||||||
LP Co-issuer | Finance Co-issuer | Guarantors | Non- Guarantors | Eliminations | Total | |||||||||||||||||||
Revenue | $ | — | $ | — | $ | 53.6 | $ | 0.4 | $ | — | $ | 54.0 | ||||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Property operating expenses | — | — | 17.8 | 0.3 | — | 18.1 | ||||||||||||||||||
Sales and marketing | — | — | 1.8 | — | — | 1.8 | ||||||||||||||||||
General and administrative | — | — | 5.5 | — | — | 5.5 | ||||||||||||||||||
Depreciation and amortization | — | — | 17.8 | — | — | 17.8 | ||||||||||||||||||
Transaction costs | — | — | 0.7 | — | — | 0.7 | ||||||||||||||||||
Management fees charged by CBI | — | — | 0.5 | — | — | 0.5 | ||||||||||||||||||
Loss on sale of receivables to an affiliate | — | — | 1.1 | — | — | 1.1 | ||||||||||||||||||
Asset impairment | — | — | 13.3 | — | — | 13.3 | ||||||||||||||||||
Total costs and expenses | — | — | 58.5 | 0.3 | — | 58.8 | ||||||||||||||||||
Operating income (loss) | — | — | (4.9 | ) | 0.1 | — | (4.8 | ) | ||||||||||||||||
Interest expense | — | — | 9.4 | 0.3 | — | 9.7 | ||||||||||||||||||
Income (loss) before income taxes | — | — | (14.3 | ) | (0.2 | ) | — | (14.5 | ) | |||||||||||||||
Income tax benefit | — | — | 4.6 | — | — | 4.6 | ||||||||||||||||||
Loss from continuing operations | — | — | (9.7 | ) | (0.2 | ) | — | (9.9 | ) | |||||||||||||||
Equity earnings (loss) related to investments in subsidiaries | — | — | (0.2 | ) | — | 0.2 | — | |||||||||||||||||
Net loss | $ | — | $ | — | $ | (9.9 | ) | $ | (0.2 | ) | $ | 0.2 | $ | (9.9 | ) |
(dollars in millions) | Period Ended June 30, 2013 | |||||||||||||||||||||||
LP Co-issuer | Finance Co-issuer | Guarantors | Non- Guarantors | Eliminations | Total | |||||||||||||||||||
Revenue | $ | — | $ | — | $ | 107.0 | $ | 1.6 | $ | — | $ | 108.6 | ||||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Property operating expenses | — | — | 38.8 | 1.1 | — | 39.9 | ||||||||||||||||||
Sales and marketing | — | — | 4.9 | 0.1 | — | 5.0 | ||||||||||||||||||
General and administrative | — | — | 12.5 | — | — | 12.5 | ||||||||||||||||||
Depreciation and amortization | — | — | 38.1 | 1.3 | — | 39.4 | ||||||||||||||||||
Transaction costs | — | — | 0.4 | — | — | 0.4 | ||||||||||||||||||
Total costs and expenses | — | — | 94.7 | 2.5 | — | 97.2 | ||||||||||||||||||
Operating income (loss) | — | — | 12.3 | (0.9 | ) | — | 11.4 | |||||||||||||||||
Interest expense (income) | 17.3 | 17.3 | 0.9 | 1.0 | (17.3 | ) | 19.2 | |||||||||||||||||
Loss on extinguishment of debt | — | — | 1.3 | — | — | 1.3 | ||||||||||||||||||
Income (loss) before income taxes | (17.3 | ) | (17.3 | ) | 10.1 | (1.9 | ) | 17.3 | (9.1 | ) | ||||||||||||||
Income tax expense | — | — | (0.5 | ) | — | — | (0.5 | ) | ||||||||||||||||
Income (loss) from continuing operations | (17.3 | ) | (17.3 | ) | 9.6 | (1.9 | ) | 17.3 | (9.6 | ) | ||||||||||||||
Equity earnings (loss) related to investment in subsidiaries | 7.7 | — | (1.9 | ) | — | (5.8 | ) | — | ||||||||||||||||
Net income (loss) | $ | (9.6 | ) | $ | (17.3 | ) | $ | 7.7 | $ | (1.9 | ) | $ | 11.5 | $ | (9.6 | ) |
(dollars in millions) | Period Ended January 23, 2013 | |||||||||||||||||||||||
LP Co-issuer | Finance Co-issuer | Guarantors | Non- Guarantors | Eliminations | Total | |||||||||||||||||||
Revenue | $ | — | $ | — | $ | 14.9 | $ | 0.2 | $ | — | $ | 15.1 | ||||||||||||
Costs and expenses: | ||||||||||||||||||||||||
Property operating expenses | — | — | 4.8 | — | — | 4.8 | ||||||||||||||||||
Sales and marketing | — | — | 0.7 | — | — | 0.7 | ||||||||||||||||||
General and administrative | — | — | 1.4 | 0.1 | — | 1.5 | ||||||||||||||||||
Transaction-related compensation | — | — | 20.0 | — | — | 20.0 | ||||||||||||||||||
Depreciation and amortization | — | — | 5.2 | 0.1 | — | 5.3 | ||||||||||||||||||
Transaction costs | — | — | 0.1 | — | — | 0.1 | ||||||||||||||||||
Total costs and expenses | — | — | 32.2 | 0.2 | — | 32.4 | ||||||||||||||||||
Operating loss | — | — | (17.3 | ) | — | — | (17.3 | ) | ||||||||||||||||
Interest expense | 2.3 | 2.3 | 0.1 | 0.1 | (2.3 | ) | 2.5 | |||||||||||||||||
Loss before income taxes | (2.3 | ) | (2.3 | ) | (17.4 | ) | (0.1 | ) | 2.3 | (19.8 | ) | |||||||||||||
Income tax expense | — | — | (0.4 | ) | — | — | (0.4 | ) | ||||||||||||||||
Loss from continuing operations | (2.3 | ) | (2.3 | ) | (17.8 | ) | (0.1 | ) | 2.3 | (20.2 | ) | |||||||||||||
Equity earnings (loss) related to investment in subsidiaries | (17.9 | ) | — | (0.1 | ) | — | 18.0 | — | ||||||||||||||||
Net loss | $ | (20.2 | ) | $ | (2.3 | ) | $ | (17.9 | ) | $ | (0.1 | ) | $ | 20.3 | $ | (20.2 | ) |
(dollars in millions) | Six Months Ended June 30, 2012 | |||||||||||||||||||||||
LP Co-issuer | Finance Co-issuer | Guarantors | Non- Guarantors | Eliminations | Total | |||||||||||||||||||
Revenue | $ | — | $ | — | $ | 105.5 | $ | 0.6 | $ | — | $ | 106.1 | ||||||||||||
Costs and expenses | ||||||||||||||||||||||||
Property operating expenses | — | — | 34.6 | 0.8 | — | 35.4 | ||||||||||||||||||
Sales and marketing | — | — | 3.5 | 0.1 | — | 3.6 | ||||||||||||||||||
General and administrative | — | — | 10.0 | — | — | 10.0 | ||||||||||||||||||
Depreciation and amortization | — | — | 33.6 | 0.6 | — | 34.2 | ||||||||||||||||||
Transaction costs | — | — | 0.7 | — | — | 0.7 | ||||||||||||||||||
Management fees charged by CBI | — | — | 1.2 | — | — | 1.2 | ||||||||||||||||||
Loss on sale of receivables to an affiliate | — | — | 2.3 | — | — | 2.3 | ||||||||||||||||||
Asset impairment | — | — | 13.3 | — | — | 13.3 | ||||||||||||||||||
Total costs and expenses | — | — | 99.2 | 1.5 | — | 100.7 | ||||||||||||||||||
Operating income (loss) | — | — | 6.3 | (0.9 | ) | — | 5.4 | |||||||||||||||||
Interest expense | — | — | 18.8 | 1.2 | — | 20.0 | ||||||||||||||||||
Income (loss) before income taxes | — | — | (12.5 | ) | (2.1 | ) | — | (14.6 | ) | |||||||||||||||
Income tax benefit | — | — | 4.0 | — | — | 4.0 | ||||||||||||||||||
Loss from continuing operations | — | — | (8.5 | ) | (2.1 | ) | — | (10.6 | ) | |||||||||||||||
Equity earnings (loss) related to investments in subsidiaries | — | — | (2.1 | ) | — | 2.1 | — | |||||||||||||||||
Net loss | $ | — | $ | — | $ | (10.6 | ) | $ | (2.1 | ) | $ | 2.1 | $ | (10.6 | ) |
(dollars in millions) | Period Ended June 30, 2013 | |||||||||||||||||||||||
LP Co-issuer | Finance Co-issuer | Guarantors | Non- Guarantors | Eliminations | Total | |||||||||||||||||||
Net cash provided by (used in) operating activities | (18.6 | ) | $ | (18.5 | ) | $ | 59.1 | $ | (0.7 | ) | $ | 18.2 | $ | 39.5 | ||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures - acquisitions of real estate | — | — | (26.6 | ) | — | — | $ | (26.6 | ) | |||||||||||||||
Capital expenditures - other | — | — | (66.9 | ) | (0.1 | ) | — | $ | (67.0 | ) | ||||||||||||||
Investment in subsidiaries | (337.1 | ) | — | — | — | 337.1 | $ | — | ||||||||||||||||
Return of Investment | 28.8 | 18.5 | — | — | (47.3 | ) | $ | — | ||||||||||||||||
Intercompany advances, net | — | — | (0.1 | ) | 0.1 | — | $ | — | ||||||||||||||||
Release of restricted cash | — | — | 4.4 | — | — | $ | 4.4 | |||||||||||||||||
Net cash provided by (used in) investing activities | (308.3 | ) | 18.5 | (89.2 | ) | — | 289.8 | (89.2 | ) | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Issuance of partnership units | 337.1 | — | — | — | — | $ | 337.1 | |||||||||||||||||
Distributions paid | (10.3 | ) | — | (10.3 | ) | — | 10.3 | $ | (10.3 | ) | ||||||||||||||
Payments on capital leases and other financing arrangements | — | — | (2.0 | ) | (0.5 | ) | — | $ | (2.5 | ) | ||||||||||||||
Payments to buyout capital leases | — | — | (9.6 | ) | — | — | $ | (9.6 | ) | |||||||||||||||
Payment to buyout other financing arrangement | — | — | (10.2 | ) | — | — | $ | (10.2 | ) | |||||||||||||||
Contribution from parent, net | — | — | 316.6 | 1.7 | (318.3 | ) | $ | — | ||||||||||||||||
Net cash provided by (used in) financing activities | 326.8 | — | 284.5 | 1.2 | (308.0 | ) | 304.5 | |||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (0.1 | ) | — | 254.4 | 0.5 | — | 254.8 | |||||||||||||||||
Cash and cash equivalents at beginning of period | 0.1 | — | 11.2 | 1.0 | — | $ | 12.3 | |||||||||||||||||
Cash and cash equivalents at end of period | $ | — | $ | — | $ | 265.6 | $ | 1.5 | $ | — | $ | 267.1 |
Period Ended January 23, 2013 | ||||||||||||||||||||||||
(dollars in millions) | LP Co-issuer | Finance Co-issuer | Guarantors | Non- Guarantors | Eliminations | Total | ||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | — | $ | 1.9 | $ | 0.1 | $ | — | $ | 2.0 | ||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures - other | — | — | (7.7 | ) | — | — | (7.7 | ) | ||||||||||||||||
Release of restricted cash | — | — | 1.9 | — | — | 1.9 | ||||||||||||||||||
Intercompany advances, net | 0.1 | — | (0.1 | ) | — | — | — | |||||||||||||||||
Net cash provided by (used in) investing activities | 0.1 | — | (5.9 | ) | — | — | (5.8 | ) | ||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Payments on capital lease obligations | — | — | (0.6 | ) | — | — | (0.6 | ) | ||||||||||||||||
Contributions from parent, net | — | — | 0.2 | — | — | 0.2 | ||||||||||||||||||
Net cash used in financing activities | — | — | (0.4 | ) | — | — | (0.4 | ) | ||||||||||||||||
Net (decrease) increase in cash and cash equivalents | 0.1 | — | (4.4 | ) | 0.1 | — | (4.2 | ) | ||||||||||||||||
Cash and cash equivalents at beginning of year | — | — | 15.6 | 0.9 | — | 16.5 | ||||||||||||||||||
Cash and cash equivalents at end of period | $ | 0.1 | $ | — | $ | 11.2 | $ | 1.0 | $ | — | $ | 12.3 |
(dollars in millions) | Six Months Ended June 30, 2012 | |||||||||||||||||||||||
LP Co-issuer | Finance Co-issuer | Guarantors | Non- Guarantors | Eliminations | Total | |||||||||||||||||||
Net cash provided by operating activities | $ | — | $ | — | 31.0 | $ | 0.8 | $ | — | $ | 31.8 | |||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||
Capital expenditures - acquisitions of real estate | — | — | (23.4 | ) | — | — | (23.4 | ) | ||||||||||||||||
Capital expenditures - other | — | — | (80.7 | ) | (0.7 | ) | — | (81.4 | ) | |||||||||||||||
Advance to affiliate | — | — | (3.8 | ) | — | — | (3.8 | ) | ||||||||||||||||
Intercompany advances | — | — | (0.1 | ) | 0.1 | — | — | |||||||||||||||||
Net cash used in investing activities | — | — | (108.0 | ) | (0.6 | ) | — | (108.6 | ) | |||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||
Borrowings from affiliates, net | — | — | 81.4 | — | — | 81.4 | ||||||||||||||||||
Payments on financing obligations | — | — | — | — | — | — | ||||||||||||||||||
Payments on capital lease obligations | — | — | (3.3 | ) | — | — | (3.3 | ) | ||||||||||||||||
Distributions to parent, net | — | — | (0.5 | ) | — | — | (0.5 | ) | ||||||||||||||||
Net cash provided by financing activities | — | — | 77.6 | — | — | 77.6 | ||||||||||||||||||
Net increase in cash and cash equivalents | — | — | 0.6 | 0.2 | — | 0.8 | ||||||||||||||||||
Cash and cash equivalents at beginning of year | — | — | 0.4 | 0.2 | — | 0.6 | ||||||||||||||||||
Cash and cash equivalents at end of year | $ | — | $ | — | $ | 1.0 | $ | 0.4 | $ | — | $ | 1.4 |
Operating Net Rentable Square Feet (NRSF)(a) | Powered Shell Available for Future Development (NRSF)(h) | Available Utility Power (MW)(i) | ||||||||||||||||||||||||
Facilities | Metropolitan Area | Annualized Rent(b) | Colocation Space (CSF)(c) | Office & Other(d) | Supporting Infrastructure(e) | Total(f) | Percent Leased(g) | |||||||||||||||||||
Southwest Fwy (Galleria) | Houston | $ | 41,899,002 | 63,469 | 17,385 | 23,202 | 104,056 | 92 | % | — | 15 | |||||||||||||||
Westway Park Blvd (Houston West) | Houston | 37,328,844 | 112,133 | 12,735 | 37,626 | 162,494 | 93 | % | 3,000 | 28 | ||||||||||||||||
S. State Hwy 121 Business (Lewisville)* | Dallas | 36,478,512 | 108,687 | 11,399 | 59,333 | 179,419 | 91 | % | — | 20 | ||||||||||||||||
West Seventh Street (7th St.)*** | Cincinnati | 33,348,295 | 193,003 | 5,744 | 158,194 | 356,941 | 95 | % | 43,000 | 13 | ||||||||||||||||
Fujitec Drive (Lebanon) | Cincinnati | 19,066,358 | 65,303 | 32,484 | 44,584 | 142,371 | 78 | % | 85,000 | 12 | ||||||||||||||||
Industrial Road (Florence) | Cincinnati | 14,505,365 | 52,698 | 46,848 | 40,374 | 139,920 | 94 | % | — | 10 | ||||||||||||||||
Knightsbridge Drive (Hamilton)* | Cincinnati | 11,431,056 | 46,565 | 1,077 | 35,336 | 82,978 | 90 | % | — | 5 | ||||||||||||||||
Midway** | Dallas | 6,387,262 | 9,782 | — | — | 9,782 | 100 | % | — | 1 | ||||||||||||||||
E. Ben White Blvd (Austin 1)* | Austin | 6,281,584 | 16,223 | 21,376 | 7,516 | 45,115 | 95 | % | — | 5 | ||||||||||||||||
Parkway (Mason) | Cincinnati | 5,941,822 | 34,072 | 26,458 | 17,193 | 77,723 | 99 | % | — | 3 | ||||||||||||||||
Frankford Road (Carrollton) | Dallas | 4,156,811 | 47,366 | 24,330 | 36,522 | 108,218 | 29 | % | 441,000 | 20 | ||||||||||||||||
Metropolis Drive (Austin 2) | Austin | 3,409,965 | 40,855 | 4,128 | 18,563 | 63,546 | 19 | % | — | 10 | ||||||||||||||||
Springer Street (Lombard) | Chicago | 2,576,796 | 13,516 | 4,115 | 12,230 | 29,861 | 57 | % | 29,000 | 3 | ||||||||||||||||
Westover Hills Blvd (San Antonio) | San Antonio | 2,463,768 | 35,765 | 172 | 27,391 | 63,328 | 18 | % | 23,000 | 10 | ||||||||||||||||
Marsh Ln.** | Dallas | 1,904,247 | 4,245 | — | — | 4,245 | 100 | % | — | 1 | ||||||||||||||||
Kestral Way (London)** | London | 1,864,003 | 10,000 | — | — | 10,000 | 99 | % | — | 1 | ||||||||||||||||
Goldcoast Drive (Goldcoast) | Cincinnati | 1,498,254 | 2,728 | 5,280 | 16,481 | 24,489 | 100 | % | 14,000 | 1 | ||||||||||||||||
E. Monroe Street (Monroe St.) | South Bend | 1,199,855 | 6,350 | — | 6,478 | 12,828 | 77 | % | 4,000 | 1 | ||||||||||||||||
North Fwy (Greenspoint)** | Houston | 1,131,363 | 13,000 | 1,449 | — | 14,449 | 100 | % | — | 1 | ||||||||||||||||
Bryan St.** | Dallas | 1,004,818 | 3,020 | — | — | 3,020 | 58 | % | — | 1 | ||||||||||||||||
Crescent Circle (Blackthorn)* | South Bend | 869,070 | 3,432 | — | 5,125 | 8,557 | 41 | % | 11,000 | 1 | ||||||||||||||||
McAuley Place (Blue Ash)* | Cincinnati | 549,636 | 6,193 | 6,950 | 2,166 | 15,309 | 71 | % | — | 1 | ||||||||||||||||
Westway Park Blvd (Houston West#2) | Houston | 403,830 | 42,178 | 3,065 | 31,344 | 76,587 | 16 | % | 77,000 | 14 | ||||||||||||||||
South Ellis Street (Phoenix) | Phoenix | 399,720 | 36,222 | 36,135 | 38,411 | 110,768 | 20 | % | 76,000 | 100 | ||||||||||||||||
Jurong East (Singapore)** | Singapore | 309,490 | 3,200 | — | — | 3,200 | 12 | % | — | 1 | ||||||||||||||||
Total | $ | 236,409,726 | 970,005 | 261,130 | 618,069 | 1,849,204 | 75 | % | 806,000 | 278 |
* | Indicates properties in which we hold a leasehold interest in the building shell and land. All data center infrastructure has been constructed by us and owned by us. |
** | Indicates properties in which we hold a leasehold interest in the building shell, land, and all data center infrastructure. |
*** | The information provided for the West Seventh Street (7th St.) property includes data for two facilities, one of which we lease and one of which we own. |
(a) | Represents the total square feet of a building under lease or available for lease based on engineers’ drawings and estimates but does not include space held for development or space used by CyrusOne. |
(b) | Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of June 30, 2013, multiplied by 12. For the month of June 2013, customer reimbursements were $22.2 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers’ utilization of power and the suppliers’ pricing of power. From July 1, 2011 through June 30, 2013, customer reimbursements under leases with separately metered power constituted between 7.2% and 9.7% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of June 30, 2013 was $252,020,125. Our annualized effective rent was greater than our annualized rent as of June 30, 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. |
(c) | CSF represents the NRSF at an operating facility that is currently leased or readily available for lease as colocation space, where customers locate their servers and other IT equipment. |
(d) | Represents the NRSF at an operating facility that is currently leased or readily available for lease as space other than CSF, which is typically office and other space. |
(e) | Represents infrastructure support space, including mechanical, telecommunications and utility rooms, as well as building common areas. |
(f) | Represents the NRSF at an operating facility that is currently leased or readily available for lease. This excludes existing vacant space held for development. |
(g) | Percent leased is determined based on NRSF being billed to customers under signed leases as of June 30, 2013 divided by total NRSF. Leases signed but not commenced as of June 30, 2013 are not included. Supporting infrastructure has been allocated to leased NRSF on a proportionate basis for purposes of this calculation. |
(h) | Represents space that is under roof that could be developed in the future for operating NRSF, rounded to the nearest 1,000. |
(i) | Represents installed power capacity that can be delivered to the facility by the local utility provider. May not sum to total due to rounding. |
NRSF Under Development(a) | |||||||||||||||||||||||||||
Under Development | Under Development Costs(b) | ||||||||||||||||||||||||||
Facilities | Metropolitan Area | Colocation Space (CSF) | Office & Other | Supporting Infrastructure | Powered Shell(c) | Total | Actual to Date | Estimated Costs to Completion | Total | ||||||||||||||||||
Westover Hills Blvd. (San Antonio) | San Antonio | 7,000 | — | 9,000 | — | 16,000 | $ | 4 | $ | 15 | $ | 19 | |||||||||||||||
West Seventh Street (7th St.) | Cincinnati | 19,000 | — | 8,000 | — | 27,000 | 1 | 8 | 9 | ||||||||||||||||||
Frankford Road (Carrollton) | Dallas | 51,000 | — | 26,000 | — | 77,000 | 1 | 16 | 17 | ||||||||||||||||||
Total | 77,000 | — | 43,000 | — | 120,000 | $ | 6 | $ | 39 | $ | 45 |
(a) | Represents NRSF at a facility for which substantial activities have commenced to prepare the space for its intended use. |
(b) | Represents management’s estimate of the total costs required to complete the current NRSF under development. There may be an increase in costs if customers require greater power density. |
(c) | Represents NRSF under construction that, upon completion, will be powered shell available for future development into operating NRSF. |
Principal Customer Industry | Number of Locations | Annualized Rent(b) | Percentage of Portfolio Annualized Rent(c) | Weighted Average Remaining Lease Term in Months(d) | |||||||||
1 | Telecommunications (CBI)(e) | 7 | $ | 21,954,981 | 9.3 | % | 25.0 | ||||||
2 | Energy | 4 | 15,931,172 | 6.7 | % | 3.7 | |||||||
3 | Energy | 2 | 14,405,374 | 6.1 | % | 1.9 | |||||||
4 | Research and Consulting Services | 3 | 12,676,418 | 5.4 | % | 6.0 | |||||||
5 | Telecommunication Services | 1 | 7,800,326 | 3.3 | % | 49.2 | |||||||
6 | Information Technology | 2 | 7,181,800 | 3.0 | % | 46.0 | |||||||
7 | Financials | 1 | 6,000,225 | 2.5 | % | 83.0 | |||||||
8 | Information Technology | 1 | 4,873,542 | 2.1 | % | 30.0 | |||||||
9 | Telecommunication Services | 1 | 4,835,608 | 2.0 | % | 70.0 | |||||||
10 | Consumer Staples | 1 | 4,746,434 | 2.0 | % | 105.9 | |||||||
11 | Energy | 2 | 4,731,000 | 2.0 | % | 37.0 | |||||||
12 | Energy | 1 | 4,184,347 | 1.8 | % | 15.5 | |||||||
13 | Information Technology | 1 | 3,919,726 | 1.7 | % | 92.0 | |||||||
14 | Information Technology | 2 | 3,883,164 | 1.6 | % | 91.7 | |||||||
15 | Energy | 3 | 3,853,361 | 1.6 | % | 10.0 | |||||||
16 | Consumer Discretionary | 1 | 3,595,605 | 1.5 | % | 35.2 | |||||||
17 | Energy | 1 | 3,471,108 | 1.5 | % | 5.7 | |||||||
18 | Consumer Discretionary | 2 | 3,350,343 | 1.4 | % | 37.0 | |||||||
19 | Energy | 1 | 3,258,189 | 1.4 | % | 8.9 | |||||||
20 | Information Technology | 2 | 3,078,282 | 1.3 | % | 38.6 | |||||||
$ | 137,731,005 | 58.2 | % | 31.4 |
(a) | Includes affiliates. |
(b) | Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of June 30, 2013, multiplied by 12. For the month of June 2013, our total annualized rent was $236.4 million, and customer reimbursements were $22.2 million annualized, consisting of of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers’ utilization of power and the suppliers’ pricing of power. From July 1, 2011 through June 30, 2013, customer reimbursements under leases with separately metered power constituted between 7.2% and 9.7% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of June 30, 2013 was $252,020,125. Our annualized effective rent was greater than our annualized rent as of June 30, 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. |
(c) | Represents the customer’s total annualized rent divided by the total annualized rent in the portfolio as of June 30, 2013, which was approximately $236.4 million. |
(d) | Weighted average based on customer’s percentage of total annualized rent expiring and is as of June 30, 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 termination rights that require payment of 50% or more of the remaining lease payments are not assumed to be exercised because such payments approximate the profitability margin of leasing that space to the customer, such that we do not consider early termination to be economically detrimental to us. |
(e) | Includes information for both Cincinnati Bell Technology Solutions (CBTS) and Cincinnati Bell Telephone and two customers that have contracts with CBTS. We expect the contracts for these two customers to be assigned to us, but the consents for such assignments have not yet been obtained. Excluding these customers, Cincinnati Bell Inc. and subsidiaries represented 3.0% of our annualized rent as of June 30, 2013. |
NRSF Under Lease(a) | Number of Customers(b) | Percentage of All Customers | Total Leased NRSF(c) | Percentage of Portfolio Leased NRSF | Annualized Rent(d) | Percentage of Annualized Rent | |||||||||||||
0-999 | 447 | 81 | % | 81,009 | 6 | % | $ | 36,296,617 | 15 | % | |||||||||
1000-2499 | 34 | 6 | % | 57,471 | 4 | % | 14,164,595 | 6 | % | ||||||||||
2500-4999 | 25 | 5 | % | 85,379 | 6 | % | 17,445,771 | 7 | % | ||||||||||
5000-9999 | 19 | 3 | % | 134,577 | 10 | % | 33,972,913 | 15 | % | ||||||||||
10000+ | 30 | 5 | % | 1,024,706 | 74 | % | 134,529,830 | 57 | % | ||||||||||
Total | 555 | 100 | % | 1,383,142 | 100 | % | $ | 236,409,726 | 100 | % |
(a) | Represents all leases in our portfolio, including colocation, office and other leases. |
(b) | Represents the number of customers in our portfolio utilizing data center, office and other space. |
(c) | Represents the total square feet at a facility under lease and that has commenced billing, excluding space held for development or space used by CyrusOne. A customer’s leased NRSF is estimated based on such customer’s direct CSF or office and light-industrial space plus management’s estimate of infrastructure support space, including mechanical, telecommunications and utility rooms, as well as building common areas. |
(d) | Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of June 30, 2013, multiplied by 12. For the month of June 2013, customer reimbursements were $22.2 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers’ utilization of power and the suppliers’ pricing of power. From July 1, 2011 through June 30, 2013, customer reimbursements under leases with separately metered power constituted between 7.2% and 9.7% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of June 30, 2013 was $252,020,125. Our annualized effective rent was greater than our annualized rent as of June 30, 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. |
Year(a) | Number of Leases Expiring(b) | Total Operating NRSF Expiring | Percentage of Total NRSF | Annualized Rent(c) | Percentage of Annualized Rent | Annualized Rent at Expiration(d) | Percentage of Annualized Rent at Expiration | |||||||||||||||
Available | 466,063 | 25 | % | |||||||||||||||||||
Month-to-Month | 275 | 45,201 | 2 | % | $ | 11,754,290 | 5 | % | $ | 11,754,290 | 5 | % | ||||||||||
Remainder of 2013 | 399 | 324,080 | 18 | % | 71,500,815 | 29 | % | 71,559,076 | 27 | % | ||||||||||||
2014 | 516 | 143,552 | 8 | % | 34,602,908 | 15 | % | 34,905,308 | 14 | % | ||||||||||||
2015 | 484 | 217,149 | 12 | % | 34,437,895 | 15 | % | 36,334,960 | 14 | % | ||||||||||||
2016 | 202 | 53,990 | 3 | % | 22,671,666 | 10 | % | 22,801,968 | 9 | % | ||||||||||||
2017 | 98 | 207,630 | 11 | % | 26,648,870 | 11 | % | 30,615,067 | 11 | % | ||||||||||||
2018 | 47 | 43,087 | 2 | % | 8,814,111 | 4 | % | 13,158,665 | 5 | % | ||||||||||||
2019 | 3 | 93,876 | 5 | % | 4,863,256 | 2 | % | 4,867,659 | 2 | % | ||||||||||||
2020 | 9 | 111,096 | 6 | % | 7,229,637 | 3 | % | 9,112,019 | 4 | % | ||||||||||||
2021 | 8 | 30,617 | 2 | % | 4,019,520 | 2 | % | 4,576,160 | 2 | % | ||||||||||||
2022 | 8 | 52,289 | 3 | % | 5,895,072 | 2 | % | 12,796,090 | 5 | % | ||||||||||||
2023 - Thereafter | 14 | 60,574 | 3 | % | 3,971,686 | 2 | % | 4,435,430 | 2 | % | ||||||||||||
Total | 2,063 | 1,849,204 | 100 | % | $ | 236,409,726 | 100 | % | $ | 256,916,692 | 100 | % |
(a) | Leases that were auto-renewed prior to June 30, 2013 are shown in the calendar year in which their current auto-renewed term expires. Unless otherwise stated in the footnotes, the information set forth in the table assumes that customers exercise no renewal options and exercise all early termination rights that require payment of less than 50% of the remaining rents. Early termination rights that require payment of 50% or more of the remaining lease payments are not assumed to be exercised because such payments approximate the profitability margin of leasing that space to the customer, such that we do not consider early termination to be economically detrimental to us. |
(b) | Number of leases represents each agreement with a customer. A lease agreement could include multiple spaces and a customer could have multiple leases. |
(c) | Represents monthly contractual rent (defined as cash rent including customer reimbursements for metered power) under existing customer leases as of June 30, 2013, multiplied by 12. For the month of June 2013, customer reimbursements were $22.2 million annualized and consisted of reimbursements by customers across all facilities with separately metered power. Customer reimbursements under leases with separately metered power vary from month-to-month based on factors such as our customers’ utilization of power and the suppliers’ pricing of power. From July 1, 2011 through June 30, 2013, customer reimbursements under leases with separately metered power constituted between 7.2% and 9.7% of annualized rent. After giving effect to abatements, free rent and other straight-line adjustments, our annualized effective rent as of June 30, 2013 was $252,020,125. Our annualized effective rent was greater than our annualized rent as of June 30, 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. |
(d) | Represents the final monthly contractual rent under existing customer leases that had commenced as of June 30, 2013, multiplied by 12. |
Successor | Predecessor | ||||||||||||||||||||||||||
Three Months Ended June 30, | Successor | Predecessor | Predecessor | ||||||||||||||||||||||||
(dollars in millions) | 2013 | 2012 | Change | % Change | January 24 2013 to June 30, 2013 | January 1 2013 to January 23, 2013 | Six Months Ended June 30, 2012 | ||||||||||||||||||||
Revenue | $ | 63.6 | $ | 54.0 | $ | 9.6 | 18 | % | $ | 108.6 | $ | 15.1 | $ | 106.1 | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||
Property operating expenses | 24.6 | 18.1 | 6.5 | 36 | % | 39.9 | 4.8 | 35.4 | |||||||||||||||||||
Sales and marketing | 2.9 | 1.8 | 1.1 | 61 | % | 5.0 | 0.7 | 3.6 | |||||||||||||||||||
General and administrative | 7.1 | 5.5 | 1.6 | 29 | % | 12.5 | 1.5 | 10.0 | |||||||||||||||||||
Transaction-related compensation | — | — | — | n/m | — | 20.0 | — | ||||||||||||||||||||
Depreciation and amortization | 23.0 | 17.8 | 5.2 | 29 | % | 39.4 | 5.3 | 34.2 | |||||||||||||||||||
Transaction costs | 0.4 | 0.7 | (0.3 | ) | (43 | )% | 0.4 | 0.1 | 0.7 | ||||||||||||||||||
Management fees charged by CBI | — | 0.5 | (0.5 | ) | n/m | — | — | 1.2 | |||||||||||||||||||
Loss on sale of receivables to CBF | — | 1.1 | (1.1 | ) | n/m | — | — | 2.3 | |||||||||||||||||||
Asset impairments | — | 13.3 | (13.3 | ) | n/m | — | — | 13.3 | |||||||||||||||||||
Total costs and expenses | 58.0 | 58.8 | (0.8 | ) | (1 | )% | 97.2 | 32.4 | 100.7 | ||||||||||||||||||
Operating income (loss) | 5.6 | (4.8 | ) | 10.4 | n/m | 11.4 | (17.3 | ) | 5.4 | ||||||||||||||||||
Interest expense | 10.8 | 9.7 | 1.1 | 11 | % | 19.2 | 2.5 | 20.0 | |||||||||||||||||||
Loss on extinguishment of debt | 1.3 | — | 1.3 | n/m | 1.3 | — | — | ||||||||||||||||||||
Loss before income taxes | (6.5 | ) | (14.5 | ) | 8.0 | (55 | )% | (9.1 | ) | (19.8 | ) | (14.6 | ) | ||||||||||||||
Income tax (expense) benefit | (0.3 | ) | 4.6 | (4.9 | ) | (107 | )% | (0.5 | ) | (0.4 | ) | 4.0 | |||||||||||||||
Net loss | (6.8 | ) | (9.9 | ) | 3.1 | (31 | )% | (9.6 | ) | (20.2 | ) | (10.6 | ) | ||||||||||||||
Noncontrolling interest in net loss | 4.5 | 6.4 | |||||||||||||||||||||||||
Net loss attributed to common stockholders | $ | (2.3 | ) | $ | (3.2 | ) | |||||||||||||||||||||
Operating margin | 8.8 | % | (8.9 | )% | 10.5 | % | (114.6 | )% | 5.1 | % | |||||||||||||||||
Capital expenditures *: | |||||||||||||||||||||||||||
Acquisitions of real estate | 8.4 | — | 8.4 | n/m | 26.6 | — | 23.4 | ||||||||||||||||||||
Development of real estate | 39.9 | 50.6 | (10.7 | ) | (21.1 | )% | 66.4 | 7.6 | 78.6 | ||||||||||||||||||
Recurring real estate | 0.4 | 0.3 | 0.1 | 33.3 | % | 0.6 | 0.1 | 0.6 | |||||||||||||||||||
All other non-real estate | — | 0.9 | (0.9 | ) | (100.0 | )% | — | — | 2.2 | ||||||||||||||||||
Total | $ | 48.7 | $ | 51.8 | $ | (3.1 | ) | (6.0 | )% | $ | 93.6 | $ | 7.7 | $ | 104.8 | ||||||||||||
Metrics information: | |||||||||||||||||||||||||||
Colocation square feet* | 970,000 | 801,000 | 169,000 | 21 | % | 970,000 | 921,000 | 801,000 | |||||||||||||||||||
Utilization rate* | 81 | % | 85 | % | (4 | )% | (5 | )% | 81 | % | 81 | % | 85 | % | |||||||||||||
Loss per share - basic and diluted | (0.12 | ) | (0.17 | ) | |||||||||||||||||||||||
Dividend declared per share | $ | 0.16 | 0.32 |
* | See “Key Operating Metrics” set forth in our Annual Report on Form 10-K for the year ended December 31, 2012 for a definition of capital expenditures, CSF and utilization rate. |
(dollars in millions) | 2013 | 2014 | 2015 | 2016 | Thereafter | Total Carrying Value | Total Fair Value | ||||||||||||||||
Fixed-rate debt | — | — | — | — | $ | 525.0 | $ | 525.0 | $ | 535.5 | |||||||||||||
Average interest rate on fixed-rate debt | — | — | — | — | 6.375 | % | 6.375 | % | — |
ITEM 6. EXHIBITS | |
Exhibit No. | Exhibit Description |
3.1 | Articles of Amendment and Restatement of CyrusOne Inc. (Incorporated by reference to Exhibit 3.1 of Form 8-K, filed by the Registrant on January 25, 2013 (Registration No. 001-35789).) |
3.2 | Amended and Restated Bylaws of CyrusOne Inc. (Incorporated by reference to Exhibit 3.2 of Form 8-K, filed by the Registrant on January 25, 2013 (Registration No. 001-35789).) |
3.3 | Amended and Restated Agreement of Limited Partnership of CyrusOne LP. (Incorporated by reference to Exhibit 10.1 of Form 8-K, filed by the Registrant on January 25, 2013 (Registration No. 001-35789).) |
10.1 | Form of Executive Non-Statutory Performance Stock Option Award under the provisions of the CyrusOne 2012 Long Term Incentive Plan (Incorporated by reference to Exhibit 10.1 of Form 8-K, filed by the Registrant on April 17, 2013 (Registration No. 001-35789).) |
10.2 | Form of Employee Non-Statutory Performance Stock Option Award under the provisions of the CyrusOne 2012 Long Term Incentive Plan (Incorporated by reference to Exhibit 10.2 of Form 8-K, filed by the Registrant on April 17, 2013 (Registration No. 001-35789).) |
10.3 | Form of Executive Performance Restricted Stock Award under the provisions of the CyrusOne 2012 Long Term Incentive Plan (Incorporated by reference to Exhibit 10.3 of Form 8-K, filed by the Registrant on April 17, 2013 (Registration No. 001-35789).) |
10.4 | Form of Employee Performance Restricted Stock Award under the provisions of the CyrusOne 2012 Long Term Incentive Plan (Incorporated by reference to Exhibit 10.4 of Form 8-K, filed by the Registrant on April 17, 2013 (Registration No. 001-35789).) |
31.1+ | Certification pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (CyrusOne Inc.) |
31.2+ | Certification pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (CyrusOne Inc.) |
31.3+ | Certification pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (CyrusOne LP) |
31.4+ | Certification pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (CyrusOne LP) |
32.1+ | Certification pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (CyrusOne Inc.) |
32.2+ | Certification pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (CyrusOne Inc.) |
32.3+ | Certification pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (CyrusOne LP) |
32.4+ | Certification pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. (CyrusOne LP) |
(101.INS)* | XBRL Instance Document. |
(101.SCH)* | XBRL Taxonomy Extension Schema Document. |
(101.CAL)* | XBRL Taxonomy Extension Calculation Linkbase Document. |
(101.DEF)* | XBRL Taxonomy Extension Definition Linkbase Document. |
(101.LAB)* | XBRL Taxonomy Extension Label Linkbase Document. |
(101.PRE)* | XBRL Taxonomy Extension Presentation Linkbase Document. |
+ | Filed herewith. |
* | Submitted electronically with this report. |
CyrusOne Inc. | |||
By: | /s/ Gary J. Wojtaszek | ||
Gary J. Wojtaszek | |||
President, Chief Executive Officer, and Director | |||
By: | /s/ Kimberly H. Sheehy | ||
Kimberly H. Sheehy | |||
Chief Financial and Administrative Officer | |||
By: | /s/ Patricia M. McBratney | ||
Patricia M. McBratney | |||
Vice President and Controller (Chief Accounting Officer) |
CyrusOne LP | |||
By: CyrusOne Inc., as sole trustee of CyrusOne GP, as sole general partner of CyrusOne LP | |||
/s/ Gary J. Wojtaszek | |||
Gary J. Wojtaszek | |||
President, Chief Executive Officer, and Director of CyrusOne Inc. | |||
/s/ Kimberly H. Sheehy | |||
Kimberly H. Sheehy | |||
Chief Financial and Administrative Officer of CyrusOne Inc. | |||
/s/ Patricia M. McBratney | |||
Patricia M. McBratney | |||
Vice President and Controller (Chief Accounting Officer) of CyrusOne Inc. |
1. | I have reviewed this quarterly report on Form 10-Q of CyrusOne Inc. (“registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 13, 2013 | /s/ Gary J. Wojtaszek |
Gary J. Wojtaszek | |
President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of CyrusOne Inc. (“registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 13, 2013 | /s/ Kimberly H. Sheehy |
Kimberly H. Sheehy | |
Chief Financial Officer |
1. | I have reviewed this quarterly report on Form 10-Q of CyrusOne LP (“registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 13, 2013 | /s/ Gary J. Wojtaszek |
Gary J. Wojtaszek | |
President and Chief Executive Officer | |
CyrusOne Inc., sole trustee of | |
CyrusOne GP, sole general partner of | |
CyrusOne LP |
1. | I have reviewed this quarterly report on Form 10-Q of CyrusOne LP (“registrant”); |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
5. | The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: August 13, 2013 | /s/ Kimberly H. Sheehy |
Kimberly H. Sheehy | |
Chief Financial Officer | |
CyrusOne Inc., sole trustee of | |
CyrusOne GP, sole general partner of | |
CyrusOne LP |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Gary J. Wojtaszek |
Gary J. Wojtaszek |
President and Chief Executive Officer |
August 13, 2013 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Kimberly H. Sheehy |
Kimberly H. Sheehy |
Chief Financial Officer |
August 13, 2013 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Gary J. Wojtaszek |
Gary J. Wojtaszek |
President and Chief Executive Officer |
CyrusOne Inc., sole trustee of |
CyrusOne GP, sole general partner of |
CyrusOne LP |
August 13, 2013 |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(2) | The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Kimberly H. Sheehy |
Kimberly H. Sheehy |
Chief Financial Officer |
CyrusOne Inc., sole trustee of |
CyrusOne GP, sole general partner of |
CyrusOne LP |
August 13, 2013 |
Equity Incentive Plan
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6 Months Ended |
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Jun. 30, 2013
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity Incentive Plan | Equity Incentive Plan In conjunction with the IPO, our Board of Directors adopted the 2012 LTIP Plan. The LTIP Plan is administered by the Board of Directors, or the plan administrator. Awards issuable under the LTIP Plan include common stock, restricted stock, stock options and other incentive awards. We have reserved a total of 4 million shares of our common stock for issuance pursuant to the LTIP Plan, which may be adjusted for changes in our capitalization and certain corporate transactions. To the extent that an award expires, terminates or lapses, or an award is settled in cash without the delivery of shares of common stock to the participant, then any unexercised shares subject to the award will be available for future grant or sale under the LTIP Plan. Shares of restricted stock which are forfeited or repurchased by us pursuant to the LTIP Plan may again be optioned, granted or awarded under the LTIP Plan. The payment of dividend equivalents in cash in conjunction with any outstanding awards will not be counted against the shares available for issuance under the LTIP Plan. Restricted Shares The Company issued approximately 1 million restricted shares to its employees, officers and board of director members in conjunction with the IPO. These restricted shares will generally vest over three years with a per share price of $19 and have been issued in the form of common stock. These restricted shares also earn non-forfeitable dividends throughout the vesting period. The Company recognized stock-based compensation expense of approximately $1.5 million and $2.7 million for the three months ended June 30, 2013, and the period ended June 30, 2013. In addition, we had unrecognized compensation expense of approximately $16.4 million as of June 30, 2013. Performance Based Awards On April 17, 2013, the Company approved grants of performance-based options and performance-based restricted stock under the Company’s 2012 Long Term Incentive Plan.These awards generally vest over three years and upon the achievement of certain performance-based objectives. These awards are expensed based on the grant date fair value if it is probable that the performance conditions will be achieved. The Company recognized stock-based compensation expense of approximately $0.3 million for the three months and period ended June 30, 2013, respectively. In addition, we had unrecognized compensation expense of approximately $3.5 million as of June 30, 2013. The performance criteria is based on achieving both an EBITDA and a market share price target by the end of the three year period. We are accounting for a compensation charge based on achieving 100% of both targets. |
CyrusOne L.P. [Member]
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Equity Incentive Plan | Equity Incentive Plan In conjunction with the CyrusOne Inc. IPO, the Board of Directors of CyrusOne Inc. adopted the 2012 LTIP Plan. The LTIP Plan is administered by the Board of Directors, or the plan administrator. Awards issuable under the LTIP Plan include common stock, restricted stock, stock options and other incentive awards. CyrusOne Inc. has reserved a total of 4 million shares of CyrusOne Inc. common stock for issuance pursuant to the LTIP Plan, which may be adjusted for changes in capitalization and certain corporate transactions. To the extent that an award expires, terminates or lapses, or an award is settled in cash without the delivery of shares of common stock to the participant, then any unexercised shares subject to the award will be available for future grant or sale under the LTIP Plan. Shares of restricted stock which are forfeited or repurchased by CyrusOne Inc. pursuant to the LTIP Plan may again be optioned, granted or awarded under the LTIP Plan. The payment of dividend equivalents in cash in conjunction with any outstanding awards will not be counted against the shares available for issuance under the LTIP Plan. The related stock compensation expense incurred by CyrusOne Inc. will be allocated to the Operating Partnership. Restricted Shares CyrusOne Inc. issued approximately 1 million restricted shares to its employees, officers and board of director members in conjunction with CyrusOne Inc.'s IPO. These restricted shares will generally vest over three years with a per share price of $19 and have been issued in the form of common stock. These restricted shares also earn non-forfeitable dividends throughout the vesting period. CyrusOne Inc. recognized stock-based compensation expense of approximately $1.5 million and $2.7 million for the three months ended June 30, 2013 and the period ended June 30, 2013. In addition, CyrusOne Inc. had unrecognized compensation expense of approximately $16.4 million as of June 30, 2013. The related stock compensation expense incurred by CyrusOne Inc. was allocated to the Operating Partnership for all relative periods. Performance Based Awards On April 17, 2013, the Company approved grants of performance-based options and performance-based restricted stock under the Company’s 2012 Long Term Incentive Plan. These awards generally vest over three years and upon the achievement of certain performance-based objectives. These awards are expensed based on the grant date fair value if it is probable that the performance conditions will be achieved. CyrusOne Inc. recognized stock-based compensation expense of approximately $0.3 million for the three months and period ended June 30, 2013, respectively. In addition, CyrusOne Inc. had unrecognized compensation expense of approximately $3.5 million as of June 30, 2013. The related stock compensation expense incurred by CyrusOne Inc. was allocated to the Operating Partnership for all respective periods. The performance criteria is based on achieving both an EBITDA and a market share price target by the end of the three year period. We are accounting for a compensation charge based on achieving 100% of both targets. |
Condensed Consolidated Statements of Operations (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended |
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Jun. 30, 2013
Successor [Member]
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Jun. 30, 2013
Successor [Member]
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Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
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Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
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Jan. 23, 2013
Predecessor [Member]
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Jun. 30, 2012
Predecessor [Member]
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Jun. 30, 2012
Predecessor [Member]
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Jan. 23, 2013
Predecessor [Member]
CyrusOne L.P. [Member]
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Jun. 30, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
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Jun. 30, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
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Revenue | $ 63.6 | $ 108.6 | $ 63.6 | $ 108.6 | $ 15.1 | $ 54.0 | $ 106.1 | $ 15.1 | $ 54.0 | $ 106.1 |
Costs and expenses: | ||||||||||
Property operating expenses | 24.6 | 39.9 | 24.6 | 39.9 | 4.8 | 18.1 | 35.4 | 4.8 | 18.1 | 35.4 |
Sales and marketing | 2.9 | 5.0 | 2.9 | 5.0 | 0.7 | 1.8 | 3.6 | 0.7 | 1.8 | 3.6 |
General and administrative | 7.1 | 12.5 | 7.1 | 12.5 | 1.5 | 5.5 | 10.0 | 1.5 | 5.5 | 10.0 |
Transaction-related compensation | 0 | 0 | 0 | 0 | 20.0 | 0 | 0 | 20.0 | 0 | 0 |
Depreciation and amortization | 23.0 | 39.4 | 23.0 | 39.4 | 5.3 | 17.8 | 34.2 | 5.3 | 17.8 | 34.2 |
Transaction costs | 0.4 | 0.4 | 0.4 | 0.4 | 0.1 | 0.7 | 0.7 | 0.1 | 0.7 | 0.7 |
Management fees charged by CBI | 0 | 0 | 0 | 0 | 0 | 0.5 | 1.2 | 0 | 0.5 | 1.2 |
Loss on sale of receivables to an affiliate | 0 | 0 | 0 | 0 | 0 | 1.1 | 2.3 | 0 | 1.1 | 2.3 |
Asset impairments | 0 | 0 | 0 | 0 | 0 | 13.3 | 13.3 | 0 | 13.3 | 13.3 |
Total costs and expenses | 58.0 | 97.2 | 58.0 | 97.2 | 32.4 | 58.8 | 100.7 | 32.4 | 58.8 | 100.7 |
Operating income (loss) | 5.6 | 11.4 | 5.6 | 11.4 | (17.3) | (4.8) | 5.4 | (17.3) | (4.8) | 5.4 |
Interest expense | 10.8 | 19.2 | 10.8 | 19.2 | 2.5 | 9.7 | 20.0 | 2.5 | 9.7 | 20.0 |
Loss on extinguishment of debt | 1.3 | 1.3 | 1.3 | 1.3 | 0 | 0 | 0 | 0 | 0 | 0 |
Income (loss) before income taxes | (6.5) | (9.1) | (6.5) | (9.1) | (19.8) | (14.5) | (14.6) | (19.8) | (14.5) | (14.6) |
Income tax (expense) benefit | (0.3) | (0.5) | (0.3) | (0.5) | (0.4) | 4.6 | 4.0 | (0.4) | 4.6 | 4.0 |
Net income (loss) attributed to common stockholders | (6.8) | (9.6) | (6.8) | (9.6) | (20.2) | (9.9) | (10.6) | (20.2) | (9.9) | (10.6) |
Noncontrolling interest in net loss | 4.5 | 6.4 | ||||||||
Net loss attributed to common stockholders | $ (2.3) | $ (3.2) | ||||||||
Basic weighted average common shares outstanding (in shares) | 20.9 | 20.9 | ||||||||
Diluted weighted average common shares outstanding (in shares) | 20.9 | 20.9 | ||||||||
Loss per share - basic and diluted (in dollars per share) | $ (0.12) | $ (0.17) | ||||||||
Dividend declared per share (in dollars per share) | $ 0.16 | $ 0.32 |
Basis of Presentation
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6 Months Ended |
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Jun. 30, 2013
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Basis of Presentation [Line Items] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements as of December 31, 2012 and for the periods ended January 23, 2013 and June 30, 2012, were prepared using CBI’s historical basis in the assets and liabilities of its data center business. The condensed consolidated financial statements include all revenues, costs, assets and liabilities directly attributable to the data center business. In addition, certain expenses reflected in the consolidated financial statements include allocations of corporate expenses from CBI, which in the opinion of management are reasonable (see further discussion at Note 12). Such condensed consolidated financial statements do not fully reflect what CyrusOne’s financial position, results of operations and cash flows would have been had CyrusOne been a stand-alone company during these respective periods. As a result, historical financial information is not necessarily indicative of CyrusOne’s future results of operations, financial position and cash flows. The financial statements for the period prior to the effective date of the IPO, January 24, 2013, are deemed to be the financial statements of the “Predecessor” company and the periods subsequent to January 24, 2013 are deemed to be the financial statements of the “Successor” company. The financial statements for the Predecessor periods are considered combined and the financial statements for the Successor periods are considered consolidated. In addition, the accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012, which was filed with the Securities and Exchange Commission (“SEC”) on March 29, 2013. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted from this report on Form 10-Q pursuant to the rules and regulations of the SEC. It should also be noted that the results for the interim periods shown in this report are not necessarily indicative of future financial results and have not been audited by our independent registered public accounting firm. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments necessary to present fairly our financial position as of June 30, 2013 and our results of operations and our cash flows for the three months ended June 30, 2013, the periods ended June 30, 2013 (January 24, 2013 to June 30, 2013), January 23, 2013 (January 1, 2013 to January 23, 2013) and the three and six months ended June 30, 2012. These adjustments are of a normal recurring nature and consistent with the adjustments recorded to prepare the annual audited financial statements as of December 31, 2012. |
CyrusOne L.P. [Member]
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Basis of Presentation [Line Items] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements as of December 31, 2012 and for the periods ended January 23, 2013 and June 30, 2012, were prepared using CBI’s historical basis in the assets and liabilities of its data center business. The condensed consolidated financial statements include all revenues, costs, assets and liabilities directly attributable to the data center business. In addition, certain expenses reflected in the consolidated financial statements include allocations of corporate expenses from CBI, which in the opinion of management are reasonable (see further discussion at Note 10). Such condensed consolidated financial statements do not fully reflect what the Operating Partnership's financial position, results of operations and cash flows would have been had the Operating Partnership's been a stand-alone company during these respective periods. As a result, historical financial information is not necessarily indicative of the Operating Partnership's future results of operations, financial position and cash flows. The financial statements for the period prior to the effective date of CyrusOne Inc.'s IPO, January 24, 2013, are deemed to be the financial statements of the “Predecessor” company and the periods subsequent to January 24, 2013 are deemed to be the financial statements of the “Successor” company. The financial statements for the Predecessor periods are considered combined and the financial statements for the Successor periods are considered consolidated. In addition, the accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and should be read in conjunction with the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012, which was filed with the Securities and Exchange Commission (“SEC”) on March 29, 2013. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been omitted from this report on Form 10-Q pursuant to the rules and regulations of the SEC. It should also be noted that the results for the interim periods shown in this report are not necessarily indicative of future financial results and have not been audited by our independent registered public accounting firm. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all adjustments necessary to present fairly our financial position as of June 30, 2013 and our results of operations and our cash flows for the three months ended June 30, 2013, the periods ended June 30, 2013 (January 24, 2013 to June 30, 2013), January 23, 2013 (January 1, 2013 to January 23, 2013) and the three and six months ended June 30, 2012. These adjustments are of a normal recurring nature and consistent with the adjustments recorded to prepare the annual audited financial statements as of December 31, 2012. |
Investment in Real Estate (Tables)
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Jun. 30, 2013
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Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Gross Investment in Real Estate | A schedule of our gross investment in real estate follows:
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CyrusOne L.P. [Member]
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Real Estate Properties [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Gross Investment in Real Estate | A schedule of our gross investment in real estate follows:
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Loss per Share
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6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings (Loss) per Share | Loss per Share Basic loss per share is calculated using the weighted average number of shares of common stock outstanding during the period. In addition, net loss applicable to participating securities and the related participating securities are excluded from the computation of basic loss per share. Diluted loss per share is calculated using the weighted average number of shares of common stock outstanding during the period, including restricted stock outstanding. If there is net income during the period, the dilutive impact of common stock equivalents outstanding would also be reflected. The following tables reflect a reconciliation of the shares used in the basic and diluted net loss per share computation for the period ended June 30, 2013:
(1) We have excluded 0.2 million of restricted stock, and 42.6 million of Operating Partnership units which are convertible securities into common stock in January 2014, from our diluted earnings per share as of June 30, 2013. These amounts were deemed anti-dilutive. |
Shareholders' Equity / Partnership Capital - Additional Information (Detail) (USD $)
In Millions, except Per Share data, unless otherwise specified |
0 Months Ended |
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Jun. 04, 2013
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Schedule Of Stockholders Equity [Line Items] | |
Cash dividend payable to stockholders (in dollars per share) | $ 0.16 |
Distribution received (in dollars per share) | $ 0.16 |
CyrusOne L.P. [Member]
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Schedule Of Stockholders Equity [Line Items] | |
Dividends payable | $ 10.3 |
Cash dividend payable to stockholders (in dollars per share) | $ 0.16 |
Loss per Share (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
|
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Computation of Basic and Diluted Net Income (Loss) Per Share | The following tables reflect a reconciliation of the shares used in the basic and diluted net loss per share computation for the period ended June 30, 2013:
(1) We have excluded 0.2 million of restricted stock, and 42.6 million of Operating Partnership units which are convertible securities into common stock in January 2014, from our diluted earnings per share as of June 30, 2013. These amounts were deemed anti-dilutive. |
Fair Value of Financial Instruments (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
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Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value and Fair Value of Other Financial Instruments | The carrying value and fair value of other financial instruments are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CyrusOne L.P. [Member]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Value and Fair Value of Other Financial Instruments | The carrying value and fair value of other financial instruments are as follows:
|
Debt and Other Financing Arrangements - Debt and Capital Lease Obligations (Detail) (USD $)
In Millions, unless otherwise specified |
6 Months Ended | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
Successor [Member]
|
Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
|
Dec. 31, 2012
Predecessor [Member]
|
Dec. 31, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Capital Lease Obligations [Member]
Successor [Member]
CyrusOne L.P. [Member]
|
Dec. 31, 2012
Capital Lease Obligations [Member]
Predecessor [Member]
CyrusOne L.P. [Member]
|
Nov. 20, 2012
6.375% Senior Notes Due 2022 [Member]
|
Jun. 30, 2013
6.375% Senior Notes Due 2022 [Member]
CyrusOne L.P. [Member]
|
Nov. 20, 2012
6.375% Senior Notes Due 2022 [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2013
6.375% Senior Notes Due 2022 [Member]
Successor [Member]
|
Jun. 30, 2013
6.375% Senior Notes Due 2022 [Member]
Successor [Member]
CyrusOne L.P. [Member]
|
Dec. 31, 2012
6.375% Senior Notes Due 2022 [Member]
Predecessor [Member]
|
Dec. 31, 2012
6.375% Senior Notes Due 2022 [Member]
Predecessor [Member]
CyrusOne L.P. [Member]
|
|
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument Period For Redemption After Closing Of Equity Offering Before Specified Date Five | 90 days | ||||||||||||
Revolving credit agreement | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
Capital lease obligations | 19.8 | 19.8 | 32.2 | 32.2 | 19.8 | 32.2 | |||||||
6 3/8% Senior Notes due 2022 | 525.0 | 525.0 | 525.0 | 525.0 | 525.0 | 525.0 | 525.0 | 525.0 | 525.0 | ||||
Other financing arrangements | 54.0 | 54.0 | 60.8 | 60.8 | |||||||||
Total | $ 598.8 | $ 598.8 | $ 618.0 | $ 618.0 | |||||||||
Senior Notes interest rate | 6.375% | 6.375% | 6.375% | 6.375% | 6.375% | 6.375% |
Loss per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Detail) (USD $)
In Millions, except Per Share data, unless otherwise specified |
3 Months Ended | 5 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2013
|
|||||
Successor [Member]
|
||||||
Numerator: | ||||||
Net loss attributed to common stockholders | $ (2.3) | $ (3.2) | ||||
Less: Restricted stock dividends | (0.2) | (0.3) | ||||
Net loss available to stockholders | $ (2.5) | $ (3.5) | ||||
Denominator: | ||||||
Weighted average common outstanding - basic (in shares) | 20.9 | 20.9 | ||||
Time-based restricted stock (in shares) | 0 | [1] | 0 | [1] | ||
Convertible securities (in shares) | 0 | [1] | 0 | [1] | ||
Weighted average shares outstanding- diluted (in shares) | 20.9 | 20.9 | ||||
EPS: | ||||||
Net loss per share- basic (in dollars per share) | $ (0.12) | $ (0.17) | ||||
Loss per share - diluted (in dollars per share) | $ (0.12) | $ (0.17) | ||||
Restricted Shares [Member]
|
||||||
Earnings Per Share [Line Items] | ||||||
Anti-dilutive securities excluded from diluted earning per share | 0.2 | |||||
Operating Partnership Units [Member]
|
||||||
Earnings Per Share [Line Items] | ||||||
Anti-dilutive securities excluded from diluted earning per share | 42.6 | |||||
|
Significant Accounting Policies - Additional Information (Detail) (USD $)
|
6 Months Ended | 1 Months Ended | 6 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2013
|
Jun. 30, 2013
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Cincinnati Bell Inc. [Member]
|
Jun. 30, 2013
Minimum [Member]
Trademarks and Customer Relationships [Member]
|
Jun. 30, 2013
Minimum [Member]
Trademarks and Customer Relationships [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Maximum [Member]
Trademarks and Customer Relationships [Member]
|
Jun. 30, 2013
Maximum [Member]
Trademarks and Customer Relationships [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
|
Jun. 30, 2013
Successor [Member]
|
Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Predecessor [Member]
|
Jun. 30, 2012
Predecessor [Member]
|
Jun. 30, 2012
Predecessor [Member]
|
Jan. 23, 2013
Predecessor [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
|
Jan. 23, 2013
CyrusOne L.P. [Member]
Cincinnati Bell Inc. [Member]
|
Jan. 23, 2013
CyrusOne L.P. [Member]
Predecessor [Member]
|
Jun. 30, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
|
Jun. 30, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
|
|
Summary Of Significant Accounting Policies [Line Items] | |||||||||||||||||||||
Percentage of lease term | 75.00% | 75.00% | |||||||||||||||||||
Percentage of lease payment | 90.00% | 90.00% | |||||||||||||||||||
Impairments amount recognized | $ 0 | $ 0 | |||||||||||||||||||
Useful life of finite-lived intangible assets | 8 years | 8 years | 15 years | 15 years | |||||||||||||||||
Lease term of favorable leasehold interest which being amortized | 56 years | 56 years | |||||||||||||||||||
Transaction-related compensation | 20,000,000 | 0 | 0 | 0 | 0 | 20,000,000 | 0 | 0 | 20,000,000 | 0 | 0 | 20,000,000 | 20,000,000 | ||||||||
Asset impairments | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 13,300,000 | $ 13,300,000 | $ 0 | $ 13,300,000 | $ 13,300,000 | $ 13,300,000 | $ 13,300,000 |
Guarantors (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jan. 23, 2013
Parent Company [Member]
|
Jun. 30, 2013
CyrusOne GP [Member]
|
Jun. 30, 2013
Non-Guarantor [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
|
Jan. 23, 2013
CyrusOne L.P. [Member]
Parent Company [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
CyrusOne GP [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Non-Guarantor [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
|
Jun. 30, 2013
Successor [Member]
|
Jan. 23, 2013
Successor [Member]
|
Jun. 30, 2013
Successor [Member]
Parent Company [Member]
|
Jun. 30, 2013
Successor [Member]
Parent Company [Member]
|
Jan. 23, 2013
Successor [Member]
Parent Company [Member]
|
Jun. 30, 2013
Successor [Member]
General Partner [Member]
|
Jun. 30, 2013
Successor [Member]
General Partner [Member]
|
Jan. 23, 2013
Successor [Member]
General Partner [Member]
|
Jun. 30, 2013
Successor [Member]
LP Co-Issuer [Member]
|
Jun. 30, 2013
Successor [Member]
LP Co-Issuer [Member]
|
Jan. 23, 2013
Successor [Member]
LP Co-Issuer [Member]
|
Jun. 30, 2013
Successor [Member]
Finance Co-Issuer [Member]
|
Jun. 30, 2013
Successor [Member]
Finance Co-Issuer [Member]
|
Jan. 23, 2013
Successor [Member]
Finance Co-Issuer [Member]
|
Jun. 30, 2013
Successor [Member]
Guarantors [Member]
|
Jun. 30, 2013
Successor [Member]
Guarantors [Member]
|
Jan. 23, 2013
Successor [Member]
Guarantors [Member]
|
Jun. 30, 2013
Successor [Member]
Non-Guarantor [Member]
|
Jun. 30, 2013
Successor [Member]
Non-Guarantor [Member]
|
Jan. 23, 2013
Successor [Member]
Non-Guarantor [Member]
|
Jun. 30, 2013
Successor [Member]
Eliminations [Member]
|
Jun. 30, 2013
Successor [Member]
Eliminations [Member]
|
Jan. 23, 2013
Successor [Member]
Eliminations [Member]
|
Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Successor [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Successor [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
LP Co-Issuer [Member]
|
Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
LP Co-Issuer [Member]
|
Jan. 23, 2013
Successor [Member]
CyrusOne L.P. [Member]
LP Co-Issuer [Member]
|
Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
Finance Co-Issuer [Member]
|
Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
Finance Co-Issuer [Member]
|
Jan. 23, 2013
Successor [Member]
CyrusOne L.P. [Member]
Finance Co-Issuer [Member]
|
Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
Guarantors [Member]
|
Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
Guarantors [Member]
|
Jan. 23, 2013
Successor [Member]
CyrusOne L.P. [Member]
Guarantors [Member]
|
Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
Non-Guarantor [Member]
|
Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
Non-Guarantor [Member]
|
Jan. 23, 2013
Successor [Member]
CyrusOne L.P. [Member]
Non-Guarantor [Member]
|
Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
Eliminations [Member]
|
Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
Eliminations [Member]
|
Jan. 23, 2013
Successor [Member]
CyrusOne L.P. [Member]
Eliminations [Member]
|
Jan. 23, 2013
Predecessor [Member]
|
Jun. 30, 2012
Predecessor [Member]
|
Jun. 30, 2012
Predecessor [Member]
|
Dec. 31, 2012
Predecessor [Member]
|
Dec. 31, 2011
Predecessor [Member]
|
Jan. 23, 2013
Predecessor [Member]
Parent Company [Member]
|
Jun. 30, 2012
Predecessor [Member]
Parent Company [Member]
|
Jun. 30, 2012
Predecessor [Member]
Parent Company [Member]
|
Dec. 31, 2012
Predecessor [Member]
Parent Company [Member]
|
Dec. 31, 2011
Predecessor [Member]
Parent Company [Member]
|
Jan. 23, 2013
Predecessor [Member]
General Partner [Member]
|
Jun. 30, 2012
Predecessor [Member]
General Partner [Member]
|
Jun. 30, 2012
Predecessor [Member]
General Partner [Member]
|
Dec. 31, 2012
Predecessor [Member]
General Partner [Member]
|
Dec. 31, 2011
Predecessor [Member]
General Partner [Member]
|
Jan. 23, 2013
Predecessor [Member]
LP Co-Issuer [Member]
|
Jun. 30, 2012
Predecessor [Member]
LP Co-Issuer [Member]
|
Jun. 30, 2012
Predecessor [Member]
LP Co-Issuer [Member]
|
Dec. 31, 2012
Predecessor [Member]
LP Co-Issuer [Member]
|
Dec. 31, 2011
Predecessor [Member]
LP Co-Issuer [Member]
|
Jan. 23, 2013
Predecessor [Member]
Finance Co-Issuer [Member]
|
Jun. 30, 2012
Predecessor [Member]
Finance Co-Issuer [Member]
|
Jun. 30, 2012
Predecessor [Member]
Finance Co-Issuer [Member]
|
Dec. 31, 2012
Predecessor [Member]
Finance Co-Issuer [Member]
|
Dec. 31, 2011
Predecessor [Member]
Finance Co-Issuer [Member]
|
Jan. 23, 2013
Predecessor [Member]
Guarantors [Member]
|
Jun. 30, 2012
Predecessor [Member]
Guarantors [Member]
|
Jun. 30, 2012
Predecessor [Member]
Guarantors [Member]
|
Dec. 31, 2012
Predecessor [Member]
Guarantors [Member]
|
Dec. 31, 2011
Predecessor [Member]
Guarantors [Member]
|
Jan. 23, 2013
Predecessor [Member]
Non-Guarantor [Member]
|
Jun. 30, 2012
Predecessor [Member]
Non-Guarantor [Member]
|
Jun. 30, 2012
Predecessor [Member]
Non-Guarantor [Member]
|
Dec. 31, 2012
Predecessor [Member]
Non-Guarantor [Member]
|
Dec. 31, 2011
Predecessor [Member]
Non-Guarantor [Member]
|
Jan. 23, 2013
Predecessor [Member]
Eliminations [Member]
|
Jun. 30, 2012
Predecessor [Member]
Eliminations [Member]
|
Jun. 30, 2012
Predecessor [Member]
Eliminations [Member]
|
Dec. 31, 2012
Predecessor [Member]
Eliminations [Member]
|
Dec. 31, 2011
Predecessor [Member]
Eliminations [Member]
|
Jan. 23, 2013
Predecessor [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
|
Dec. 31, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
|
Dec. 31, 2011
Predecessor [Member]
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Predecessor [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
|
Dec. 31, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
|
Dec. 31, 2011
Predecessor [Member]
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Predecessor [Member]
CyrusOne L.P. [Member]
LP Co-Issuer [Member]
|
Jun. 30, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
LP Co-Issuer [Member]
|
Jun. 30, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
LP Co-Issuer [Member]
|
Dec. 31, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
LP Co-Issuer [Member]
|
Dec. 31, 2011
Predecessor [Member]
CyrusOne L.P. [Member]
LP Co-Issuer [Member]
|
Jan. 23, 2013
Predecessor [Member]
CyrusOne L.P. [Member]
Finance Co-Issuer [Member]
|
Jun. 30, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
Finance Co-Issuer [Member]
|
Jun. 30, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
Finance Co-Issuer [Member]
|
Dec. 31, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
Finance Co-Issuer [Member]
|
Dec. 31, 2011
Predecessor [Member]
CyrusOne L.P. [Member]
Finance Co-Issuer [Member]
|
Jan. 23, 2013
Predecessor [Member]
CyrusOne L.P. [Member]
Guarantors [Member]
|
Jun. 30, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
Guarantors [Member]
|
Jun. 30, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
Guarantors [Member]
|
Dec. 31, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
Guarantors [Member]
|
Dec. 31, 2011
Predecessor [Member]
CyrusOne L.P. [Member]
Guarantors [Member]
|
Jan. 23, 2013
Predecessor [Member]
CyrusOne L.P. [Member]
Non-Guarantor [Member]
|
Jun. 30, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
Non-Guarantor [Member]
|
Jun. 30, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
Non-Guarantor [Member]
|
Dec. 31, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
Non-Guarantor [Member]
|
Dec. 31, 2011
Predecessor [Member]
CyrusOne L.P. [Member]
Non-Guarantor [Member]
|
Jan. 23, 2013
Predecessor [Member]
CyrusOne L.P. [Member]
Eliminations [Member]
|
Jun. 30, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
Eliminations [Member]
|
Jun. 30, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
Eliminations [Member]
|
Dec. 31, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
Eliminations [Member]
|
Dec. 31, 2011
Predecessor [Member]
CyrusOne L.P. [Member]
Eliminations [Member]
|
Dec. 31, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
|
Jan. 25, 2013
IPO [Member]
|
Jan. 25, 2013
IPO [Member]
Parent Company [Member]
|
Jan. 25, 2013
IPO [Member]
CyrusOne L.P. [Member]
Parent Company [Member]
|
Jan. 25, 2013
IPO [Member]
CyrusOne L.P. [Member]
|
Nov. 20, 2012
6.375% Senior Notes Due 2022 [Member]
|
Jun. 30, 2013
6.375% Senior Notes Due 2022 [Member]
LP Co-Issuer and Finance Co-Issuer [Member]
|
Jun. 30, 2013
6.375% Senior Notes Due 2022 [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2013
6.375% Senior Notes Due 2022 [Member]
CyrusOne L.P. [Member]
LP Co-Issuer and Finance Co-Issuer [Member]
|
Jun. 30, 2013
6.375% Senior Notes Due 2022 [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2013
6.375% Senior Notes Due 2022 [Member]
Successor [Member]
|
Jun. 30, 2013
6.375% Senior Notes Due 2022 [Member]
Successor [Member]
CyrusOne L.P. [Member]
|
Dec. 31, 2012
6.375% Senior Notes Due 2022 [Member]
Predecessor [Member]
|
Dec. 31, 2012
6.375% Senior Notes Due 2022 [Member]
Predecessor [Member]
CyrusOne L.P. [Member]
|
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Condensed Financial Statements, Captions [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount received from initial public offering of common stock, net of underwriter's discount | $ 337.1 | $ 337.1 | $ 337.1 | $ 337.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Combined interest held on completion of transactions | 33.90% | 1.00% | 33.90% | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage of senior notes | 100.00% | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership percentage of non-gurantors/subsidiaries | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | 74.6 | 74.6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 74.6 | 74.6 | 0 | 0 | 0 | 0 | 74.6 | 74.6 | 74.6 | 74.6 | 0 | 0 | 0 | 0 | 74.6 | 74.6 | 0 | 0 | 0 | 0 | 44.5 | 0 | 0 | 0 | 0 | 44.5 | 0 | 0 | 44.5 | 0 | 0 | 44.5 | 0 | 0 | 44.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Buildings and improvements | 778.5 | 778.5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 737.0 | 737.0 | 41.5 | 41.5 | 0 | 0 | 778.5 | 778.5 | 778.5 | 778.5 | 0 | 0 | 0 | 0 | 737.0 | 737.0 | 41.5 | 41.5 | 0 | 0 | 722.5 | 0 | 0 | 0 | 0 | 695.7 | 26.8 | 0 | 722.5 | 0 | 0 | 695.7 | 26.8 | 0 | 722.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equipment | 97.4 | 97.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 96.9 | 96.9 | 0.5 | 0.5 | 0 | 0 | 97.4 | 97.4 | 97.4 | 97.4 | 0 | 0 | 0 | 0 | 96.9 | 96.9 | 0.5 | 0.5 | 0 | 0 | 52.4 | 0 | 0 | 0 | 0 | 52.0 | 0.4 | 0 | 52.4 | 0 | 0 | 52.0 | 0.4 | 0 | 52.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Construction in progress | 48.2 | 48.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 48.1 | 48.1 | 0.1 | 0.1 | 0 | 0 | 48.2 | 48.2 | 48.2 | 48.2 | 0 | 0 | 0 | 0 | 48.1 | 48.1 | 0.1 | 0.1 | 0 | 0 | 64.2 | 0 | 0 | 0 | 0 | 51.4 | 12.8 | 0 | 64.2 | 0 | 0 | 51.4 | 12.8 | 0 | 64.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Subtotal | 998.7 | 998.7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 956.6 | 956.6 | 42.1 | 42.1 | 0 | 0 | 998.7 | 998.7 | 998.7 | 998.7 | 0 | 0 | 0 | 0 | 956.6 | 956.6 | 42.1 | 42.1 | 0 | 0 | 883.6 | 0 | 0 | 0 | 0 | 843.6 | 40.0 | 0 | 883.6 | 0 | 0 | 843.6 | 40.0 | 0 | 883.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated depreciation | (208.7) | (208.7) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (205.5) | (205.5) | (3.2) | (3.2) | 0 | 0 | (208.7) | (208.7) | (208.7) | (208.7) | 0 | 0 | 0 | 0 | (205.5) | (205.5) | (3.2) | (3.2) | 0 | 0 | (176.7) | 0 | 0 | 0 | 0 | (174.8) | (1.9) | 0 | (176.7) | 0 | 0 | (174.8) | (1.9) | 0 | (176.7) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net investment in real estate | 790.0 | 790.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 751.1 | 751.1 | 38.9 | 38.9 | 0 | 0 | 790.0 | 790.0 | 790.0 | 790.0 | 0 | 0 | 0 | 0 | 751.1 | 751.1 | 38.9 | 38.9 | 0 | 0 | 706.9 | 0 | 0 | 0 | 0 | 668.8 | 38.1 | 0 | 706.9 | 0 | 0 | 668.8 | 38.1 | 0 | 706.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 267.1 | 267.1 | 12.3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0 | 0 | 0 | 265.6 | 265.6 | 11.2 | 1.5 | 1.5 | 1.0 | 0 | 0 | 0 | 267.1 | 267.1 | 12.3 | 267.1 | 267.1 | 12.3 | 0 | 0 | 0.1 | 0 | 0 | 0 | 265.6 | 265.6 | 11.2 | 1.5 | 1.5 | 1.0 | 0 | 0 | 0 | 12.3 | 1.4 | 1.4 | 16.5 | 0.6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.2 | 1.0 | 1.0 | 15.6 | 0.4 | 1.0 | 0.4 | 0.4 | 0.9 | 0.2 | 0 | 0 | 0 | 0 | 0 | 12.3 | 1.4 | 1.4 | 16.5 | 0.6 | 12.3 | 1.4 | 1.4 | 16.5 | 0.6 | 0.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.2 | 1.0 | 1.0 | 15.6 | 0.4 | 1.0 | 0.4 | 0.4 | 0.9 | 0.2 | 0 | 0 | 0 | 0 | 0 | 16.5 | |||||||||||||||||||||
Investment in subsidiary | 0 | 0 | 801.2 | 801.2 | 8.0 | 8.0 | 816.6 | 816.6 | 0 | 0 | 0.1 | 0.1 | 0 | 0 | (1,625.9) | (1,625.9) | 0 | 0 | 816.6 | 816.6 | 0 | 0 | 0.1 | 0.1 | 0 | 0 | (816.7) | (816.7) | 0 | 0 | 0 | 497.2 | 0 | 0.4 | 0 | (497.6) | 497.2 | 0 | 0.4 | 0 | (497.6) | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rent and other receivables | 27.2 | 27.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27.0 | 27.0 | 0.2 | 0.2 | 0 | 0 | 27.2 | 27.2 | 27.2 | 27.2 | 0 | 0 | 0 | 0 | 27.0 | 27.0 | 0.2 | 0.2 | 0 | 0 | 33.2 | 0 | 0 | 0 | 0 | 32.6 | 0.6 | 0 | 33.2 | 0 | 0 | 32.6 | 0.6 | 0 | 33.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Restricted cash | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.3 | 0 | 0 | 0 | 0 | 6.3 | 0 | 0 | 6.3 | 0 | 0 | 6.3 | 0 | 0 | 6.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill | 276.2 | 276.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 276.2 | 276.2 | 0 | 0 | 0 | 0 | 276.2 | 276.2 | 276.2 | 276.2 | 0 | 0 | 0 | 0 | 276.2 | 276.2 | 0 | 0 | 0 | 0 | 276.2 | 0 | 0 | 0 | 0 | 276.2 | 0 | 0 | 276.2 | 0 | 0 | 276.2 | 0 | 0 | 276.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets, net | 94.1 | 94.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 94.1 | 94.1 | 0 | 0 | 0 | 0 | 94.1 | 94.1 | 94.1 | 94.1 | 0 | 0 | 0 | 0 | 94.1 | 94.1 | 0 | 0 | 0 | 0 | 102.6 | 0 | 0 | 0 | 0 | 102.6 | 0 | 0 | 102.6 | 0 | 0 | 102.6 | 0 | 0 | 102.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany and loan receivable | 0 | 0 | 0 | 0 | 0 | 0 | 508.1 | 508.1 | 508.2 | 508.2 | 0.3 | 0.3 | 0 | 0 | (1,016.6) | (1,016.6) | 0 | 0 | 508.1 | 508.1 | 508.2 | 508.2 | 0.3 | 0.3 | 0 | 0 | (1,016.6) | (1,016.6) | 0 | 0 | 0 | 508.2 | 508.2 | 0 | 0 | (1,016.4) | 508.2 | 508.2 | 0 | 0 | (1,016.4) | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due from affiliates | 1.6 | 1.6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.6 | 1.6 | 0 | 0 | 0 | 0 | 1.6 | 1.6 | 1.6 | 1.6 | 0 | 0 | 0 | 0 | 1.6 | 1.6 | 0 | 0 | 0 | 0 | 2.2 | 0 | 0 | 0 | 0 | 2.2 | 0 | 2.2 | 0 | 0 | 2.2 | 0 | 2.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other assets | 63.6 | 63.6 | 0 | 0 | 0 | 0 | 16.0 | 16.0 | 16.0 | 16.0 | 46.3 | 46.3 | 1.3 | 1.3 | (16.0) | (16.0) | 63.6 | 63.6 | 63.6 | 63.6 | 16.0 | 16.0 | 16.0 | 16.0 | 46.3 | 46.3 | 1.3 | 1.3 | (16.0) | (16.0) | 67.0 | 7.9 | 0 | 17.0 | 17.0 | 41.6 | 0.5 | (17.0) | 59.1 | 17.0 | 17.0 | 41.6 | 0.5 | (17.0) | 59.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | 1,519.8 | 1,519.8 | 801.2 | 801.2 | 8.0 | 8.0 | 1,340.7 | 1,340.7 | 524.2 | 524.2 | 1,462.3 | 1,462.3 | 41.9 | 41.9 | (2,658.5) | (2,658.5) | 1,519.8 | 1,519.8 | 1,519.8 | 1,519.8 | 1,340.7 | 1,340.7 | 524.2 | 524.2 | 1,462.3 | 1,462.3 | 41.9 | 41.9 | (1,849.3) | (1,849.3) | 1,210.9 | 7.9 | 0 | 1,022.4 | 525.2 | 1,146.3 | 40.1 | (1,531.0) | 1,203.0 | 1,022.4 | 525.2 | 1,146.3 | 40.1 | (1,531.0) | 1,203.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued expenses | 30.5 | 30.5 | 0 | 0 | 0 | 0 | 7.7 | 7.7 | 4.2 | 4.2 | 22.3 | 22.3 | 0.5 | 0.5 | (4.2) | (4.2) | 30.5 | 30.5 | 30.5 | 30.5 | 7.7 | 7.7 | 4.2 | 4.2 | 22.3 | 22.3 | 0.5 | 0.5 | (4.2) | (4.2) | 29.5 | 0.8 | 0 | 4.4 | 4.4 | 24.2 | 0.1 | (4.4) | 28.7 | 4.4 | 4.4 | 24.2 | 0.1 | (4.4) | 28.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred revenue | 52.8 | 52.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 52.3 | 52.3 | 0.5 | 0.5 | 0 | 0 | 52.8 | 52.8 | 52.8 | 52.8 | 0 | 0 | 0 | 0 | 52.3 | 52.3 | 0.5 | 0.5 | 0 | 0 | 52.8 | 0 | 0 | 0 | 0 | 52.3 | 0.5 | 0 | 52.8 | 0 | 0 | 52.3 | 0.5 | 0 | 52.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany and loan payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 508.1 | 508.1 | 0.3 | 0.3 | (508.4) | (508.4) | 0 | 0 | 0 | 0 | 0 | 0 | 508.1 | 508.1 | 0.3 | 0.3 | (508.4) | (508.4) | 0 | 0 | 0 | 0 | 0 | 508.0 | 0.2 | (508.2) | 0 | 0 | 508.0 | 0.2 | (508.2) | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Due to affiliates | 7.7 | 7.7 | 0 | 0 | 0 | 0 | 6.8 | 6.8 | 0 | 0 | 0.9 | 0.9 | 0 | 0 | 0 | 0 | 7.7 | 7.7 | 7.7 | 7.7 | 6.8 | 6.8 | 0 | 0 | 0.9 | 0.9 | 0 | 0 | 0 | 0 | 2.9 | 0 | 0 | 0 | 0 | 2.9 | 0 | 0 | 2.9 | 0 | 0 | 2.9 | 0 | 0 | 2.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital lease obligations | 19.8 | 19.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.3 | 11.3 | 8.5 | 8.5 | 0 | 0 | 19.8 | 19.8 | 19.8 | 19.8 | 0 | 0 | 0 | 0 | 11.3 | 11.3 | 8.5 | 8.5 | 0 | 0 | 32.2 | 0 | 0 | 0 | 0 | 23.2 | 9.0 | 0 | 32.2 | 0 | 0 | 23.2 | 9.0 | 0 | 32.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
6 3/8% Senior Notes due 2022 | 525.0 | 525.0 | 0 | 0 | 0 | 0 | 525.0 | 525.0 | 525.0 | 525.0 | 0 | 0 | 0 | 0 | (525.0) | (525.0) | 525.0 | 525.0 | 525.0 | 525.0 | 525.0 | 525.0 | 525.0 | 525.0 | 0 | 0 | 0 | 0 | (525.0) | (525.0) | 525.0 | 0 | 0 | 525.0 | 525.0 | 0 | 0 | (525.0) | 525.0 | 525.0 | 525.0 | 0 | 0 | (525.0) | 525.0 | 525.0 | 525.0 | 525.0 | 525.0 | 525.0 | 525.0 | 525.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other financing arrangements | 54.0 | 54.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.0 | 22.0 | 32.0 | 32.0 | 0 | 0 | 54.0 | 54.0 | 54.0 | 54.0 | 0 | 0 | 0 | 0 | 22.0 | 22.0 | 32.0 | 32.0 | 0 | 0 | 60.8 | 0 | 0 | 0 | 0 | 31.0 | 29.8 | 0 | 60.8 | 0 | 0 | 31.0 | 29.8 | 0 | 60.8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 28.8 | 28.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 28.8 | 28.8 | 0 | 0 | 0 | 0 | 28.8 | 28.8 | 28.8 | 28.8 | 0 | 0 | 0 | 0 | 28.8 | 28.8 | 0 | 0 | 0 | 0 | 7.6 | 0 | 0 | 0 | 0 | 7.5 | 0.1 | 0 | 7.6 | 0 | 0 | 7.5 | 0.1 | 0 | 7.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 718.6 | 718.6 | 0 | 0 | 0 | 0 | 539.5 | 539.5 | 529.2 | 529.2 | 645.7 | 645.7 | 41.8 | 41.8 | (1,037.6) | (1,037.6) | 718.6 | 718.6 | 718.6 | 718.6 | 539.5 | 539.5 | 529.2 | 529.2 | 645.7 | 645.7 | 41.8 | 41.8 | (1,037.6) | (1,037.6) | 710.8 | 0.8 | 0 | 529.4 | 529.4 | 649.1 | 39.7 | (1,037.6) | 710.0 | 529.4 | 529.4 | 649.1 | 39.7 | (1,037.6) | 710.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total shareholders’ equity/Parent’s net investments | 328.0 | 328.0 | 500.1 | 7.1 | 0 | 493.0 | (4.2) | 497.2 | 0.4 | (493.4) | 493.0 | (4.2) | 497.2 | 0.4 | (493.4) | 493.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total equity | 801.2 | 801.2 | 801.2 | 801.2 | 8.0 | 8.0 | 801.2 | 801.2 | (5.0) | (5.0) | 816.6 | 816.6 | 0.1 | 0.1 | (1,620.9) | (1,620.9) | 801.2 | 801.2 | 801.2 | 801.2 | 801.2 | 801.2 | (5.0) | (5.0) | 816.6 | 816.6 | 0.1 | 0.1 | (811.7) | (811.7) | 500.1 | 493.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and parent’s net investment | 1,210.9 | 7.9 | 0 | 1,022.4 | 525.2 | 1,146.3 | 40.1 | (1,531.0) | 1,022.4 | 525.2 | 1,146.3 | 40.1 | (1,531.0) | 1,203.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and equity | 1,519.8 | 1,519.8 | 801.2 | 801.2 | 8.0 | 8.0 | 1,340.7 | 1,340.7 | 524.2 | 524.2 | 1,462.3 | 1,462.3 | 41.9 | 41.9 | (2,658.5) | (2,658.5) | 1,519.8 | 1,519.8 | 1,519.8 | 1,519.8 | 1,340.7 | 1,340.7 | 524.2 | 524.2 | 1,462.3 | 1,462.3 | 41.9 | 41.9 | (1,849.3) | (1,849.3) | 1,210.9 | 1,203.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | 63.6 | 108.6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 62.5 | 107.0 | 1.1 | 1.6 | 0 | 0 | 63.6 | 108.6 | 63.6 | 108.6 | 0 | 0 | 0 | 0 | 62.5 | 107.0 | 1.1 | 1.6 | 0 | 0 | 15.1 | 54.0 | 106.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 14.9 | 53.6 | 105.5 | 0.2 | 0.4 | 0.6 | 0 | 0 | 0 | 15.1 | 54.0 | 106.1 | 15.1 | 54.0 | 106.1 | 0 | 0 | 0 | 0 | 0 | 0 | 14.9 | 53.6 | 105.5 | 0.2 | 0.4 | 0.6 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Property operating expenses | 24.6 | 39.9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 23.8 | 38.8 | 0.8 | 1.1 | 0 | 0 | 24.6 | 39.9 | 24.6 | 39.9 | 0 | 0 | 0 | 0 | 23.8 | 38.8 | 0.8 | 1.1 | 0 | 0 | 4.8 | 18.1 | 35.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.8 | 17.8 | 34.6 | 0 | 0.3 | 0.8 | 0 | 0 | 0 | 4.8 | 18.1 | 35.4 | 4.8 | 18.1 | 35.4 | 0 | 0 | 0 | 0 | 0 | 0 | 4.8 | 17.8 | 34.6 | 0 | 0.3 | 0.8 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales and marketing | 2.9 | 5.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.8 | 4.9 | 0.1 | 0.1 | 0 | 0 | 2.9 | 5.0 | 2.9 | 5.0 | 0 | 0 | 0 | 0 | 2.8 | 4.9 | 0.1 | 0.1 | 0 | 0 | 0.7 | 1.8 | 3.6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.7 | 1.8 | 3.5 | 0 | 0 | 0.1 | 0 | 0 | 0 | 0.7 | 1.8 | 3.6 | 0.7 | 1.8 | 3.6 | 0 | 0 | 0 | 0 | 0 | 0 | 0.7 | 1.8 | 3.5 | 0 | 0 | 0.1 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 7.1 | 12.5 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 7.1 | 12.5 | 0 | 0 | 0 | 0 | 7.1 | 12.5 | 7.1 | 12.5 | 0 | 0 | 0 | 0 | 7.1 | 12.5 | 0 | 0 | 0 | 0 | 1.5 | 5.5 | 10.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.4 | 5.5 | 10.0 | 0.1 | 0 | 0 | 0 | 0 | 0 | 1.5 | 5.5 | 10.0 | 1.5 | 5.5 | 10.0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.4 | 5.5 | 10.0 | 0.1 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 23.0 | 39.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 22.3 | 38.1 | 0.7 | 1.3 | 0 | 0 | 23.0 | 39.4 | 23.0 | 39.4 | 0 | 0 | 0 | 0 | 22.3 | 38.1 | 0.7 | 1.3 | 0 | 0 | 5.3 | 17.8 | 34.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.2 | 17.8 | 33.6 | 0.1 | 0 | 0.6 | 0 | 0 | 0 | 5.3 | 17.8 | 34.2 | 5.3 | 17.8 | 34.2 | 0 | 0 | 0 | 0 | 0 | 0 | 5.2 | 17.8 | 33.6 | 0.1 | 0 | 0.6 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Management fees charged by CBI | 0 | 0 | 0 | 0 | 0 | 0.5 | 1.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.5 | 1.2 | 0 | 0 | 0 | 0 | 0 | 0.5 | 1.2 | 0.5 | 1.2 | 0 | 0 | 0 | 0 | 0.5 | 1.2 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on sale of receivables to an affiliate | 0 | 0 | 0 | 0 | 0 | 1.1 | 2.3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.1 | 2.3 | 0 | 0 | 0 | 0 | 0 | 1.1 | 2.3 | 1.1 | 2.3 | 0 | 0 | 0 | 0 | 1.1 | 2.3 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset impairments | 0 | 0 | 0 | 0 | 0 | 13.3 | 13.3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 13.3 | 13.3 | 0 | 0 | 0 | 0 | 0 | 13.3 | 13.3 | 13.3 | 13.3 | 0 | 0 | 0 | 0 | 13.3 | 13.3 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction-related compensation | 0 | 0 | 0 | 0 | 20.0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.0 | 0 | 0 | 20.0 | 0 | 0 | 20.0 | 0 | 0 | 20.0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction costs | 0.4 | 0.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.4 | 0.4 | 0 | 0 | 0 | 0 | 0.4 | 0.4 | 0.4 | 0.4 | 0 | 0 | 0 | 0 | 0.4 | 0.4 | 0 | 0 | 0 | 0 | 0.1 | 0.7 | 0.7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0.7 | 0.7 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0.7 | 0.7 | 0.1 | 0.7 | 0.7 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0.7 | 0.7 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total costs and expenses | 58.0 | 97.2 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 56.4 | 94.7 | 1.6 | 2.5 | 0 | 0 | 58.0 | 97.2 | 58.0 | 97.2 | 0 | 0 | 0 | 0 | 56.4 | 94.7 | 1.6 | 2.5 | 0 | 0 | 32.4 | 58.8 | 100.7 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 32.2 | 58.5 | 99.2 | 0.2 | 0.3 | 1.5 | 0 | 0 | 0 | 32.4 | 58.8 | 100.7 | 32.4 | 58.8 | 100.7 | 0 | 0 | 0 | 0 | 0 | 0 | 32.2 | 58.5 | 99.2 | 0.2 | 0.3 | 1.5 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | 5.6 | 11.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 6.1 | 12.3 | (0.5) | (0.9) | 0 | 0 | 5.6 | 11.4 | 5.6 | 11.4 | 0 | 0 | 0 | 0 | 6.1 | 12.3 | (0.5) | (0.9) | 0 | 0 | (17.3) | (4.8) | 5.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (17.3) | (4.9) | 6.3 | 0 | 0.1 | (0.9) | 0 | 0 | 0 | (17.3) | (4.8) | 5.4 | (17.3) | (4.8) | 5.4 | 0 | 0 | 0 | 0 | 0 | 0 | (17.3) | (4.9) | 6.3 | 0 | 0.1 | (0.9) | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 10.8 | 19.2 | 0 | 0 | 0 | 0 | 10.1 | 17.3 | 10.1 | 17.3 | 0.2 | 0.9 | 0.5 | 1.0 | (10.1) | (17.3) | 10.8 | 19.2 | 10.8 | 19.2 | 10.1 | 17.3 | 10.1 | 17.3 | 0.2 | 0.9 | 0.5 | 1.0 | (10.1) | (17.3) | 2.5 | 9.7 | 20.0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.3 | 0 | 0 | 2.3 | 0 | 0 | 0.1 | 9.4 | 18.8 | 0.1 | 0.3 | 1.2 | (2.3) | 0 | 0 | 2.5 | 9.7 | 20.0 | 2.5 | 9.7 | 20.0 | 2.3 | 0 | 0 | 2.3 | 0 | 0 | 0.1 | 9.4 | 18.8 | 0.1 | 0.3 | 1.2 | (2.3) | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on extinguishment of debt | 1.3 | 1.3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.3 | 1.3 | 0 | 0 | 0 | 0 | 1.3 | 1.3 | 1.3 | 1.3 | 0 | 0 | 0 | 0 | 1.3 | 1.3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | (6.5) | (9.1) | 0 | 0 | 0 | 0 | (10.1) | (17.3) | (10.1) | (17.3) | 4.6 | 10.1 | (1.0) | (1.9) | 10.1 | 17.3 | (6.5) | (9.1) | (6.5) | (9.1) | (10.1) | (17.3) | (10.1) | (17.3) | 4.6 | 10.1 | (1.0) | (1.9) | 10.1 | 17.3 | (19.8) | (14.5) | (14.6) | 0 | 0 | 0 | 0 | 0 | 0 | (2.3) | 0 | 0 | (2.3) | 0 | 0 | (17.4) | (14.3) | (12.5) | (0.1) | (0.2) | (2.1) | 2.3 | 0 | 0 | (19.8) | (14.5) | (14.6) | (19.8) | (14.5) | (14.6) | (2.3) | 0 | 0 | (2.3) | 0 | 0 | (17.4) | (14.3) | (12.5) | (0.1) | (0.2) | (2.1) | 2.3 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax (expense) benefit | (0.3) | (0.5) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.3) | (0.5) | 0 | 0 | 0 | 0 | (0.3) | (0.5) | (0.3) | (0.5) | 0 | 0 | 0 | 0 | (0.3) | (0.5) | 0 | 0 | 0 | 0 | (0.4) | 4.6 | 4.0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.4) | 4.6 | 4.0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.4) | 4.6 | 4.0 | (0.4) | 4.6 | 4.0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.4) | 4.6 | 4.0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | (6.8) | (9.6) | 0 | 0 | 0 | 0 | (10.1) | (17.3) | (10.1) | (17.3) | 4.3 | 9.6 | (1.0) | (1.9) | 10.1 | 17.3 | (6.8) | (9.6) | (10.1) | (17.3) | (10.1) | (17.3) | 4.3 | 9.6 | (1.0) | (1.9) | 10.1 | 17.3 | (20.2) | (9.9) | (10.6) | 0 | 0 | 0 | 0 | 0 | 0 | (2.3) | 0 | 0 | (2.3) | 0 | 0 | (17.8) | (9.7) | (8.5) | (0.1) | (0.2) | (2.1) | 2.3 | 0 | 0 | (20.2) | (9.9) | (10.6) | (2.3) | 0 | 0 | (2.3) | 0 | 0 | (17.8) | (9.7) | (8.5) | (0.1) | (0.2) | (2.1) | 2.3 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity earnings (loss) related to investment in subsidiaries | 0 | 0 | (6.8) | (9.6) | (0.1) | (0.1) | 3.3 | 7.7 | 0 | 0 | (1.0) | (1.9) | 0 | 0 | 4.6 | 3.9 | 0 | 0 | 3.3 | 7.7 | 0 | 0 | (1.0) | (1.9) | 0 | 0 | (2.3) | (5.8) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (17.9) | 0 | 0 | 0 | 0 | 0 | (0.1) | (0.2) | (2.1) | 0 | 0 | 0 | 18.0 | 0.2 | 2.1 | 0 | 0 | 0 | (17.9) | 0 | 0 | 0 | 0 | 0 | (0.1) | (0.2) | (2.1) | 0 | 0 | 0 | 18.0 | 0.2 | 2.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interest in net loss | 4.5 | 6.4 | 4.5 | 6.4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) attributed to common stockholders | (6.8) | (9.6) | (6.8) | (9.6) | (6.8) | (9.6) | (6.8) | (9.6) | (10.1) | (17.3) | 3.3 | 7.7 | (1.0) | (1.9) | 7.8 | 11.5 | (20.2) | (9.9) | (10.6) | 0 | 0 | 0 | 0 | 0 | 0 | (20.2) | 0 | 0 | (2.3) | 0 | 0 | (17.9) | (9.9) | (10.6) | (0.1) | (0.2) | (2.1) | 20.3 | 0.2 | 2.1 | (20.2) | (9.9) | (10.6) | (20.2) | (9.9) | (10.6) | (20.2) | 0 | 0 | (2.3) | 0 | 0 | (17.9) | (9.9) | (10.6) | (0.1) | (0.2) | (2.1) | 20.3 | 0.2 | 2.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributed to common stockholders | (2.3) | (3.2) | (2.3) | (3.2) | (0.1) | (0.1) | (6.8) | (9.6) | (10.1) | (17.3) | 3.3 | 7.7 | (1.0) | (1.9) | 14.7 | 21.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Condensed Consolidating Statements of Cash Flows | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) operating activities | 39.5 | 0 | 0 | (18.6) | (18.5) | 59.1 | (0.7) | 18.2 | 39.5 | 39.5 | (18.6) | (18.5) | 59.1 | (0.7) | 18.2 | 2.0 | 31.8 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.9 | 31.0 | 0.1 | 0.8 | 0 | 0 | 2.0 | 31.8 | 2.0 | 31.8 | 0 | 0 | 0 | 0 | 1.9 | 31.0 | 0.1 | 0.8 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from investing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures – acquisitions of real estate | (26.6) | 0 | 0 | 0 | 0 | (26.6) | 0 | 0 | (26.6) | (26.6) | 0 | 0 | (26.6) | 0 | 0 | 0 | (23.4) | 0 | 0 | 0 | 0 | (23.4) | 0 | 0 | 0 | (23.4) | (23.4) | 0 | 0 | (23.4) | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures – other development | (67.0) | 0 | 0 | 0 | 0 | (66.9) | (0.1) | 0 | (67.0) | (67.0) | 0 | 0 | (66.9) | (0.1) | 0 | (7.7) | (81.4) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (7.7) | (80.7) | 0 | (0.7) | 0 | 0 | (7.7) | (81.4) | (7.7) | (81.4) | 0 | 0 | 0 | 0 | (7.7) | (80.7) | 0 | (0.7) | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment in subsidiaries | 0 | (337.1) | 0 | (337.1) | 0 | 0 | 0 | 674.2 | 0 | (337.1) | 0 | 0 | 0 | 337.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intercompany advances, net | 0 | 0 | 0 | 0 | 0 | (0.1) | 0.1 | 0 | 0 | 0 | 0 | (0.1) | 0.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0 | 0 | 0 | (0.1) | (0.1) | 0 | 0.1 | 0 | 0 | 0 | 0 | 0.1 | 0 | 0 | 0 | (0.1) | (0.1) | 0 | 0.1 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Return of investment | 0 | 10.3 | 0 | 28.8 | 18.5 | 0 | 0 | (57.6) | 0 | 28.8 | 18.5 | 0 | 0 | (47.3) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Release of restricted cash | 4.4 | 0 | 0 | 0 | 0 | 4.4 | 0 | 0 | 4.4 | 4.4 | 0 | 0 | 4.4 | 0 | 0 | 1.9 | 0 | 0 | 0 | 0 | 1.9 | 0 | 0 | 1.9 | 0 | 1.9 | 0 | 0 | 1.9 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Advances to affiliates | 0 | 0 | 0 | (3.8) | 0 | 0 | 0 | 0 | (3.8) | 0 | 0 | 0 | (3.8) | (3.8) | 0 | 0 | (3.8) | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) investing activities | (89.2) | (326.8) | 0 | (308.3) | 18.5 | (89.2) | 0 | 616.6 | (89.2) | (89.2) | (308.3) | 18.5 | (89.2) | 0 | 289.8 | (5.8) | (108.6) | 0 | 0 | 0 | 0 | 0.1 | 0 | 0 | 0 | (5.9) | (108.0) | 0 | (0.6) | 0 | 0 | (5.8) | (108.6) | (5.8) | (108.6) | 0.1 | 0 | 0 | 0 | (5.9) | (108.0) | 0 | (0.6) | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash flows from financing activities: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock/partnership units | 360.5 | 360.5 | 0 | 337.1 | 0 | 0 | 0 | (337.1) | 337.1 | 337.1 | 337.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
IPO costs | (23.4) | (23.4) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends paid | (10.3) | (10.3) | 0 | (10.3) | 0 | (10.3) | 0 | 20.6 | (10.3) | (10.3) | (10.3) | 0 | (10.3) | 0 | 10.3 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on financing obligations | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments on capital leases and other financing arrangements | (2.5) | 0 | 0 | 0 | 0 | (2.0) | (0.5) | 0 | (2.5) | (2.5) | 0 | 0 | (2.0) | (0.5) | 0 | (0.6) | (3.3) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.6) | (3.3) | 0 | 0 | 0 | 0 | (0.6) | (3.3) | (0.6) | (3.3) | 0 | 0 | 0 | 0 | (0.6) | (3.3) | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments to buyout capital leases | (9.6) | 0 | 0 | 0 | 0 | (9.6) | 0 | 0 | (9.6) | (9.6) | 0 | 0 | (9.6) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Borrowings from affiliates, net | 0 | 0 | 0 | 81.4 | 0 | 0 | 0 | 0 | 81.4 | 0 | 0 | 0 | 81.4 | 81.4 | 0 | 0 | 81.4 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payment to buyout other financing arrangement | (10.2) | 0 | 0 | 0 | 0 | (10.2) | 0 | 0 | (10.2) | (10.2) | 0 | 0 | (10.2) | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions (distributions) from (to) parent, net | 0 | 0 | 0 | 0 | 0 | 316.6 | 1.7 | (318.3) | 0 | 0 | 0 | 0 | 316.6 | 1.7 | (318.3) | 0.2 | (0.5) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.2 | (0.5) | 0 | 0 | 0 | 0 | 0.2 | (0.5) | 0.2 | (0.5) | 0 | 0 | 0 | 0 | 0.2 | (0.5) | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | 304.5 | 326.8 | 0 | 326.8 | 0 | 284.5 | 1.2 | (634.8) | 304.5 | 304.5 | 326.8 | 0 | 284.5 | 1.2 | (308.0) | (0.4) | 77.6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (0.4) | 77.6 | 0 | 0 | 0 | 0 | (0.4) | 77.6 | (0.4) | 77.6 | 0 | 0 | 0 | 0 | (0.4) | 77.6 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 254.8 | 0 | 0 | (0.1) | 0 | 254.4 | 0.5 | 0 | 254.8 | 254.8 | (0.1) | 0 | 254.4 | 0.5 | 0 | (4.2) | 0.8 | 0 | 0 | 0 | 0 | 0.1 | 0 | 0 | 0 | (4.4) | 0.6 | 0.1 | 0.2 | 0 | 0 | (4.2) | 0.8 | (4.2) | 0.8 | 0.1 | 0 | 0 | 0 | (4.4) | 0.6 | 0.1 | 0.2 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 267.1 | 267.1 | 12.3 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0 | 0 | 0 | 265.6 | 265.6 | 11.2 | 1.5 | 1.5 | 1.0 | 0 | 0 | 0 | 267.1 | 267.1 | 12.3 | 267.1 | 267.1 | 12.3 | 0 | 0 | 0.1 | 0 | 0 | 0 | 265.6 | 265.6 | 11.2 | 1.5 | 1.5 | 1.0 | 0 | 0 | 0 | 12.3 | 1.4 | 1.4 | 16.5 | 0.6 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.2 | 1.0 | 1.0 | 15.6 | 0.4 | 1.0 | 0.4 | 0.4 | 0.9 | 0.2 | 0 | 0 | 0 | 0 | 0 | 12.3 | 1.4 | 1.4 | 16.5 | 0.6 | 12.3 | 1.4 | 1.4 | 16.5 | 0.6 | 0.1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.2 | 1.0 | 1.0 | 15.6 | 0.4 | 1.0 | 0.4 | 0.4 | 0.9 | 0.2 | 0 | 0 | 0 | 0 | 0 | 16.5 | |||||||||||||||||||||
Cash and cash equivalents at end of period | $ 267.1 | $ 267.1 | $ 12.3 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0.1 | $ 0 | $ 0 | $ 0 | $ 265.6 | $ 265.6 | $ 11.2 | $ 1.5 | $ 1.5 | $ 1.0 | $ 0 | $ 0 | $ 0 | $ 267.1 | $ 267.1 | $ 12.3 | $ 267.1 | $ 267.1 | $ 12.3 | $ 0 | $ 0 | $ 0.1 | $ 0 | $ 0 | $ 0 | $ 265.6 | $ 265.6 | $ 11.2 | $ 1.5 | $ 1.5 | $ 1.0 | $ 0 | $ 0 | $ 0 | $ 12.3 | $ 1.4 | $ 1.4 | $ 16.5 | $ 0.6 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0.1 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 11.2 | $ 1.0 | $ 1.0 | $ 15.6 | $ 0.4 | $ 1.0 | $ 0.4 | $ 0.4 | $ 0.9 | $ 0.2 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 12.3 | $ 1.4 | $ 1.4 | $ 16.5 | $ 0.6 | $ 12.3 | $ 1.4 | $ 1.4 | $ 16.5 | $ 0.6 | $ 0.1 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 11.2 | $ 1.0 | $ 1.0 | $ 15.6 | $ 0.4 | $ 1.0 | $ 0.4 | $ 0.4 | $ 0.9 | $ 0.2 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 16.5 |
Debt and Other Financing Arrangements (Tables)
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Jun. 30, 2013
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Debt and Capital Lease Obligations | The Company’s outstanding debt and other financing arrangements consists of the following:
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CyrusOne L.P. [Member]
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Debt and Capital Lease Obligations | The Company’s outstanding debt and other financing arrangements consists of the following:
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Condensed Consolidated Statement Of Equity (Parenthetical) (USD $)
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5 Months Ended | 1 Months Ended | ||
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Jun. 30, 2013
Successor [Member]
Accumulated Deficit
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Jun. 30, 2013
Successor [Member]
Total Shareholder’s Equity/ Parent’s Net Investment
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Jun. 30, 2013
Successor [Member]
Non Controlling Interest
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Jan. 23, 2013
CyrusOne L.P. [Member]
Predecessor [Member]
Partnership Units
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Dividends declared per share (in dollars per share) | $ 0.32 | $ 0.32 | $ 0.32 | |
Partnership reverse unit split, conversion ratio | 2.8 |
Description of Business
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6 Months Ended |
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Jun. 30, 2013
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Description Of Business [Line Items] | |
Description of Business | Description of Business CyrusOne Inc., together with CyrusOne GP, a wholly-owned subsidiary of CyrusOne Inc., through which CyrusOne Inc. holds a controlling interest in CyrusOne LP (the “Operating Partnership”) and the subsidiaries of the Operating Partnership (collectively, “CyrusOne”, “we”, “us”, “our”, and the “Company”) is an owner, operator and developer of enterprise-class, carrier neutral data centers. Our customers operate in a number of industries, including energy, oil and gas, mining, medical, technology, finance and consumer goods and services. We currently operate 25 data centers located in the United States, United Kingdom and Singapore. CyrusOne’s operations are primarily conducted through the Operating Partnership. CyrusOne intends to elect the status of and qualify as a REIT under the Internal Revenue Code of 1986 (“the Code”), as amended, for the taxable year ended December 31, 2013. |
CyrusOne L.P. [Member]
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Description Of Business [Line Items] | |
Description of Business | Description of Business CyrusOne Inc., together with CyrusOne GP, a wholly-owned subsidiary of CyrusOne Inc., holds a controlling interest in CyrusOne LP (the “Operating Partnership”) and the subsidiaries of the Operating Partnership (collectively, “CyrusOne”, “we”, “us”, “our”, and the “Company”) and is an owner, operator and developer of enterprise-class, carrier neutral data centers. Our customers operate in a number of industries, including energy, oil and gas, mining, medical, technology, finance and consumer goods and services. We currently operate 25 data centers located in the United States, United Kingdom and Singapore. CyrusOne’s operations are primarily conducted through the Operating Partnership. |
Significant Accounting Policies
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6 Months Ended |
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Jun. 30, 2013
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Summary Of Significant Accounting Policies [Line Items] | |
Significant Accounting Policies | Significant Accounting Policies Use of Estimates—Preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. These estimates and assumptions are based on management’s knowledge of current events and actions that we may undertake in the future. Estimates are used in determining the fair value of leased real estate, the useful lives of real estate and other long-lived assets, future cash flows associated with goodwill and other long-lived asset impairment testing, deferred tax assets and liabilities and loss contingencies. Estimates were also utilized in the determination of historical allocations of shared employees’ payroll, benefits and incentives and management fees. Actual results may differ from these estimates and assumptions. Investments in Real Estate—Investments in real estate consist of land, buildings, improvements and integral equipment utilized in our data center operations. Real estate acquired from third parties has been recorded at its acquisition cost. Real estate acquired from CBI and its affiliates has been recorded at its historical cost basis. Additions and improvements which extend an asset’s useful life or increase its functionality are capitalized and depreciated over the asset’s remaining life. Maintenance and repairs are expensed as incurred. When we are involved in the construction of structural improvements to leased property, we are deemed the accounting owner of the leased real estate. In these instances, we bear substantially all the construction period risk, including managing or funding construction. These transactions generally do not qualify for sale-leaseback accounting due to our continued involvement in these data center operations. At inception, the fair value of the real estate, which generally consists of a building shell, and our associated obligation is recorded as construction in progress. As construction progresses, the value of the asset and obligation increases by the fair value of the structural improvements. When construction is complete, the asset is placed in service and depreciation commences. Leased real estate is depreciated to the lesser of (i) its estimated fair value at the end of the term or (ii) the expected amount of the unamortized obligation at the end of the term. The associated obligation is presented as other financing arrangements in the accompanying condensed consolidated balance sheets. When we are not deemed the accounting owner, we further evaluate leased real estate to determine whether the lease should be classified as a capital or operating lease. One of the following four characteristics must be present to classify a lease as a capital lease: (i) the lease transfers ownership of the property to the lessee by the end of the lease term, (ii) the lease contains a bargain purchase option, (iii) the lease term is equal to 75% or more of the estimated economic life of the leased property or (iv) the net present value of the lease payments are at least 90% of the fair value of the leased property. Construction in progress includes direct and indirect expenditures for the construction and expansion of our data centers and is stated at its acquisition cost. Independent contractors perform substantially all of the construction and expansion efforts of our data centers. Construction in progress includes costs incurred under construction contracts including project management services, engineering and schematic design services, design development, construction services and other construction-related fees and services. Interest, property taxes and certain labor costs are also capitalized during the construction of an asset. Cash and Cash Equivalents—Cash and cash equivalents include all non-restricted cash held in financial institutions and other non-restricted highly liquid short-term investments with original maturities at acquisition of three months or less. Restricted Cash—Restricted cash consists of funds held in escrow to fund construction. Goodwill—Goodwill represents the excess of the purchase price over the fair value of net assets acquired in connection with business acquisitions. We perform impairment testing of goodwill, at the reporting unit level, on an annual basis or more frequently if indicators of potential impairment exist. The fair value of our reporting unit was determined using a combination of market-based valuation multiples for comparable businesses and discounted cash flow analysis based on internal financial forecasts incorporating market participant assumptions. There were no impairments recognized for any of the periods presented. Long-Lived and Intangible Assets—Intangible assets represent purchased assets that lack physical substance, but can be separately distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged, either on its own or in combinations with a related contract, asset, or liability. Intangible assets with finite lives consist of trademarks, customer relationships, and a favorable leasehold interest. Management reviews the carrying value of long-lived assets, including intangible assets with definite lives, when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Examples of such indicators may include a significant adverse change in the extent to which or manner in which the property is being used, an accumulation of costs significantly in excess of the amount originally expected for acquisition or development, or a history of operating or cash flow losses. When such indicators exist, we review an estimate of the undiscounted future cash flows expected to result from the use of an asset (or group of assets) and its eventual disposition and compare such amount to its carrying amount. We consider factors such as future operating income, leasing demand, competition and other factors. If our undiscounted net cash flows indicate that we are unable to recover the carrying value of the asset, an impairment loss is recognized. An impairment loss is measured as the amount by which the asset’s carrying value exceeds its estimated fair value. There was an impairment of $13.3 million recognized during the three and six months ended June 30, 2012, with no impairments recognized for any of the periods presented in 2013. Deferred Costs—Deferred costs include both deferred leasing costs and deferred financing costs. Leasing commissions incurred at the commencement of a new lease are capitalized and amortized over the term of the customer lease. Amortization of deferred leasing costs is presented with depreciation and amortization in the accompanying condensed consolidated statements of operations. If a lease terminates prior to the expected term of the lease, the remaining unamortized cost is written off to amortization expense. Deferred costs are presented with other assets in the accompanying condensed consolidated balance sheets. Deferred financing costs include costs incurred in connection with issuance of debt and the revolving credit agreement. These financing costs are capitalized and amortized over the term of the debt or revolving credit agreement and are included as a component of interest expense. Deferred financing costs are also presented with other assets in the accompanying condensed consolidated balance sheets. Other Financing Arrangements—Other financing arrangements represent leases of real estate where we are involved in the construction of structural improvements to develop buildings into data centers. When we bear substantially all the construction period risk, such as managing or funding construction, we are deemed to be the accounting owner of the leased property and, at the lease inception date, we are required to record at fair value the property and associated liability on our condensed consolidated balance sheet. These transactions generally do not qualify for sale-leaseback accounting due to our continued involvement in these data center operations. Revenue Recognition—Colocation rentals are generally billed monthly in advance, and some contracts have escalating payments over the term of the contract. If rents escalate without the lessee gaining access to or control over additional leased space or power, and the lessee takes possession of, or controls the physical use of the property (including all contractually committed power) at the beginning of the lease term, the rental payments by the lessee are recognized as revenue on a straight-line basis over the term of the lease. If rents escalate because the lessee gains access to and control over additional leased space or power, revenue is recognized in proportion to the additional space or power in the years that the lessee has control over the use of the additional space or power. The excess of revenue recognized over amounts contractually due is recognized in other assets in the accompanying condensed consolidated balance sheets. Some of our leases are structured on a full-service gross basis in which the customer pays a fixed amount for both colocation rental and power. Other leases provide that the customer will be billed for power based upon actual usage which is separately metered. In both cases, this revenue is presented on a gross basis in the accompanying condensed consolidated statements of operations. Power is generally billed one month in arrears, and an estimate of this revenue is accrued in the month that the associated costs are incurred. We generally are not entitled to reimbursements for real estate taxes, insurance or other operating expenses. Revenue is recognized for services or products that are deemed separate units of accounting. When a customer makes an advance payment which is not deemed a separate unit of accounting, deferred revenue is recorded. This revenue is recognized ratably over the expected term of the lease, unless the pattern of service suggests otherwise. Certain customer contracts require specified levels of service or performance. If we fail to meet these service levels, our customers may be eligible to receive credits on their contractual billings. These credits are recognized against revenue when an event occurs that gives rise to such credits. Property Operating Expenses—Property operating expenses generally consist of electricity, salaries and benefits of data center operations personnel, real estate taxes, security, rent, insurance and other site operating and maintenance costs. Sales and Marketing Expense—Sales and marketing expense is comprised of compensation and benefits associated with sales and marketing personnel as well as advertising and marketing costs. General and Administrative Expense—General and administrative expense is comprised of salaries and benefits of senior employees and support functions, such as legal, accounting, and professional service fees. Depreciation and Amortization Expense—Depreciation expense is recognized over the estimated useful lives of real estate applying the straight-line method. The useful life of leased real estate and leasehold improvements is the lesser of the economic useful life of the asset or the term of the lease, including optional renewal periods if renewal of the lease is reasonably assured. The residual value of leased real estate is estimated as the lesser of (i) the expected fair value of the asset at the end of the lease term or (ii) the expected amount of the unamortized liability at the end of the lease term. Estimated useful lives are periodically reviewed. Amortization expense is recognized over the estimated useful lives of finite-lived intangibles. An accelerated method of amortization is utilized to amortize our customer relationship intangible, consistent with the benefit expected to be derived from this asset. We amortize trademarks, favorable leasehold interests, deferred leasing costs and deferred leasing commissions, over their estimated useful lives. The estimated useful life of trademarks and customer relationships is eight to 15 years. In addition, we have a favorable leasehold interest related to a land lease that is being amortized over the remaining lease term of 56 years. Transaction-related compensation – During the period ended January 23, 2013, the Company received an allocated compensation charge from CBI of $20.0 million for the settlement of its long-term incentive plan associated with the completion of the IPO. The amount was determined by CBI and allocated to CyrusOne Inc. on January 23, 2013 and reflected as expense and contributed capital in the respective period. Transaction Costs—Transaction costs represent legal, accounting and professional fees incurred in connection with the formation transactions, our qualification as a REIT, completed and potential business combinations, and costs incurred to pursue additional property purchases. Transaction costs are expensed as incurred. Income Taxes—The Company was included in CBI’s consolidated tax returns in various jurisdictions for all Predecessor periods. In the accompanying financial statements, the Predecessor periods reflect income taxes as if the Company was a separate stand-alone company. The income tax provision consists of an amount for taxes currently payable and an amount for tax consequences deferred to future periods. CyrusOne Inc. will elect to be taxed as a REIT under the Code, as amended, commencing with our taxable year ended December 31, 2013. Provided we qualify for taxation as a REIT and continue to meet the various qualification tests mandated under the Code, we are generally not subject to corporate level federal income tax on the earnings distributed currently to our stockholders. If we fail to qualify as a REIT in any taxable year, our taxable income will be subject to federal income tax at regular corporate rates and any applicable alternative minimum tax. While CyrusOne Inc. and the Operating Partnership do not pay federal income taxes, we are still subject to foreign, state and local income taxes in the locations in which it conducts business. Our taxable REIT subsidiaries (each a “TRS”) are also subject to federal and state income taxes to the extent there is taxable income. Deferred income taxes are recognized in certain entities. Deferred income taxes are provided for temporary differences in the bases between financial statement and income tax assets and liabilities. Deferred income taxes are recalculated annually at rates then in effect. Valuation allowances are recorded to reduce deferred tax assets to amounts that are more likely than not to be realized. The ultimate realization of the deferred income tax assets depends upon our ability to generate future taxable income during the periods in which basis differences and other deductions become deductible and prior to the expiration of the net operating loss carryforwards. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction as well as various foreign, state and local jurisdictions. The Company's previous tax filings are subject to normal reviews by regulatory agencies until the related statute of limitations expires. With a few exceptions, the Company is no longer subject to U. S. federal, state or local examinations for years prior to 2009. Foreign Currency Translation and Transactions—The financial position of foreign subsidiaries is translated at the exchange rates in effect at the end of the period, while revenues and expenses are translated at average rates of exchange during the period. Gains or losses from translation of foreign operations where the local currency is the functional currency are included as components of accumulated other comprehensive income (loss). Gains and losses from translation and foreign currency transactions were immaterial for all periods presented. Comprehensive Income (Loss)—Comprehensive income (loss) equaled our net income (loss) for all periods presented. Stock-Based Compensation—For all the Predecessor periods presented, some of our employees participated in CBI’s stock-based compensation plans. CBI values all share-based payments to employees at fair value on the date of grant and expenses this amount over the applicable vesting period. The fair value of stock options and stock appreciation rights was determined using the Black-Scholes option-pricing model using assumptions such as volatility, risk-free interest rate, holding period and expected dividends. The fair value of stock awards was based upon the closing market price of CBI’s common stock on the date of grant. For all share-based awards, a forfeiture rate is estimated based upon historical forfeiture patterns. The forfeiture rate reduces the total fair value of the awards that was recognized as compensation expense. For graded vesting awards, CBI’s policy is to recognize compensation expense on a straight-line basis over the vesting period. Certain employees were granted awards, which were indexed to the change in CBI’s common stock price. The accompanying condensed consolidated financial statements include an allocation of stock-based compensation costs for awards granted to our employees. Upon completion of the IPO, all awards were either terminated and settled by CBI with each respective employee or vesting was accelerated. In conjunction with the IPO, our Board of Directors adopted the 2012 Long-Term Incentive Plan (“LTIP Plan”). See further discussion in Note 10. Fair Value Measurements—Fair value measurements are utilized in accounting for business combinations and testing of goodwill and other long-lived assets for impairment. Fair value of financial and non-financial assets and liabilities is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows: Level 1—Observable inputs for identical instruments such as quoted market prices; Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs); and Level 3—Unobservable inputs that reflect our determination of assumptions that market participants would use in pricing the asset or liability. These inputs are developed based on the best information available, including our own data. Business Segments—Business segments are components of an enterprise for which separate financial information is available and regularly viewed by the chief operating decision maker to assess performance and allocate resources. Our chief operating decision maker reviews our financial information on an aggregate basis. Furthermore, our data centers have similar economic characteristics and customers across all geographic locations, our service offerings have similar production processes, deliver services in a similar manner and use the same types of facilities and similar technologies. As a result, we have concluded that we have one reportable business segment. Earnings per share—For all periods subsequent to January 23, 2013, we will present Earnings Per Share (“EPS”) data. Basic EPS includes only the weighted average number of common shares outstanding during the period. Diluted EPS includes the weighted average number of common shares and the dilutive effect of stock options, restricted stock and share unit awards and convertible subordinated notes outstanding during the period, when such instruments are dilutive. All outstanding unvested share-based payment awards that contain rights to nonforfeitable dividends are treated as participating in undistributed earnings with common shareholders. Awards of this nature are considered participating securities and the two-class method of computing basic and diluted EPS must be applied. |
CyrusOne L.P. [Member]
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Summary Of Significant Accounting Policies [Line Items] | |
Significant Accounting Policies | Significant Accounting Policies Use of Estimates—Preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. These estimates and assumptions are based on management’s knowledge of current events and actions that we may undertake in the future. Estimates are used in determining the fair value of leased real estate, the useful lives of real estate and other long-lived assets, future cash flows associated with goodwill and other long-lived asset impairment testing, deferred tax assets and liabilities and loss contingencies. Estimates were also utilized in the determination of historical allocations of shared employees’ payroll, benefits and incentives and management fees. Actual results may differ from these estimates and assumptions. Investments in Real Estate—Investments in real estate consist of land, buildings, improvements and integral equipment utilized in our data center operations. Real estate acquired from third parties has been recorded at its acquisition cost. Real estate acquired from CBI and its affiliates has been recorded at its historical cost basis. Additions and improvements which extend an asset’s useful life or increase its functionality are capitalized and depreciated over the asset’s remaining life. Maintenance and repairs are expensed as incurred. When we are involved in the construction of structural improvements to leased property, we are deemed the accounting owner of the leased real estate. In these instances, we bear substantially all the construction period risk, including managing or funding construction. These transactions generally do not qualify for sale-leaseback accounting due to our continued involvement in these data center operations. At inception, the fair value of the real estate, which generally consists of a building shell, and our associated obligation is recorded as construction in progress. As construction progresses, the value of the asset and obligation increases by the fair value of the structural improvements. When construction is complete, the asset is placed in service and depreciation commences. Leased real estate is depreciated to the lesser of (i) its estimated fair value at the end of the term or (ii) the expected amount of the unamortized obligation at the end of the term. The associated obligation is presented as other financing arrangements in the accompanying condensed consolidated balance sheets. When we are not deemed the accounting owner, we further evaluate leased real estate to determine whether the lease should be classified as a capital or operating lease. One of the following four characteristics must be present to classify a lease as a capital lease: (i) the lease transfers ownership of the property to the lessee by the end of the lease term, (ii) the lease contains a bargain purchase option, (iii) the lease term is equal to 75% or more of the estimated economic life of the leased property or (iv) the net present value of the lease payments are at least 90% of the fair value of the leased property. Construction in progress includes direct and indirect expenditures for the construction and expansion of our data centers and is stated at its acquisition cost. Independent contractors perform substantially all of the construction and expansion efforts of our data centers. Construction in progress includes costs incurred under construction contracts including project management services, engineering and schematic design services, design development, construction services and other construction-related fees and services. Interest, property taxes and certain labor costs are also capitalized during the construction of an asset. Cash and Cash Equivalents—Cash and cash equivalents include all non-restricted cash held in financial institutions and other non-restricted highly liquid short-term investments with original maturities at acquisition of three months or less. Restricted Cash—Restricted cash consists of funds held in escrow to fund construction. Goodwill—Goodwill represents the excess of the purchase price over the fair value of net assets acquired in connection with business acquisitions. We perform impairment testing of goodwill, at the reporting unit level, on an annual basis or more frequently if indicators of potential impairment exist. The fair value of our reporting unit was determined using a combination of market-based valuation multiples for comparable businesses and discounted cash flow analysis based on internal financial forecasts incorporating market participant assumptions. There were no impairments recognized for any of the periods presented. Long-Lived and Intangible Assets—Intangible assets represent purchased assets that lack physical substance, but can be separately distinguished from goodwill because of contractual or other legal rights or because the asset is capable of being sold or exchanged, either on its own or in combinations with a related contract, asset, or liability. Intangible assets with finite lives consist of trademarks, customer relationships, and a favorable leasehold interest. Management reviews the carrying value of long-lived assets, including intangible assets with definite lives, when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Examples of such indicators may include a significant adverse change in the extent to which or manner in which the property is being used, an accumulation of costs significantly in excess of the amount originally expected for acquisition or development, or a history of operating or cash flow losses. When such indicators exist, we review an estimate of the undiscounted future cash flows expected to result from the use of an asset (or group of assets) and its eventual disposition and compare such amount to its carrying amount. We consider factors such as future operating income, leasing demand, competition and other factors. If our undiscounted net cash flows indicate that we are unable to recover the carrying value of the asset, an impairment loss is recognized. An impairment loss is measured as the amount by which the asset’s carrying value exceeds its estimated fair value. There was an impairment of $13.3 million recognized during the three and six months ended June 30, 2012, with no impairments recognized for any of the periods presented in 2013. Deferred Costs – Deferred costs include both deferred leasing costs and deferred financing costs. Leasing commissions incurred at the commencement of a new lease are capitalized and amortized over the term of the customer lease. Amortization of deferred leasing costs is presented with depreciation and amortization in the accompanying condensed consolidated statements of operations. If a lease terminates prior to the expected term of the lease, the remaining unamortized cost is written off to amortization expense. Deferred costs are presented with other assets in the accompanying condensed consolidated balance sheets. Deferred financing costs include costs incurred in connection with issuance of debt and the revolving credit agreement. These financing costs are capitalized and amortized over the term of the debt or revolving credit agreement and are included as a component of interest expense. Deferred financing costs are also presented with other assets in the accompanying condensed consolidated balance sheets Other Financing Arrangements—Other financing arrangements represent leases of real estate where we are involved in the construction of structural improvements to develop buildings into data centers. When we bear substantially all the construction period risk, such as managing or funding construction, we are deemed to be the accounting owner of the leased property and, at the lease inception date, we are required to record at fair value the property and associated liability on our condensed consolidated balance sheet. These transactions generally do not qualify for sale-leaseback accounting due to our continued involvement in these data center operations. Revenue Recognition—Colocation rentals are generally billed monthly in advance, and some contracts have escalating payments over the term of the contract. If rents escalate without the lessee gaining access to or control over additional leased space or power, and the lessee takes possession of, or controls the physical use of the property (including all contractually committed power) at the beginning of the lease term, the rental payments by the lessee are recognized as revenue on a straight-line basis over the term of the lease. If rents escalate because the lessee gains access to and control over additional leased space or power, revenue is recognized in proportion to the additional space or power in the years that the lessee has control over the use of the additional space or power. The excess of revenue recognized over amounts contractually due is recognized in other assets in the accompanying condensed consolidated balance sheets. Some of our leases are structured on a full-service gross basis in which the customer pays a fixed amount for both colocation rental and power. Other leases provide that the customer will be billed for power based upon actual usage which is separately metered. In both cases, this revenue is presented on a gross basis in the accompanying condensed consolidated statements of operations. Power is generally billed one month in arrears, and an estimate of this revenue is accrued in the month that the associated costs are incurred. We generally are not entitled to reimbursements for real estate taxes, insurance or other operating expenses. Revenue is recognized for services or products that are deemed separate units of accounting. When a customer makes an advance payment which is not deemed a separate unit of accounting, deferred revenue is recorded. This revenue is recognized ratably over the expected term of the lease, unless the pattern of service suggests otherwise. Certain customer contracts require specified levels of service or performance. If we fail to meet these service levels, our customers may be eligible to receive credits on their contractual billings. These credits are recognized against revenue when an event occurs that gives rise to such credits. Property Operating Expenses—Property operating expenses generally consist of electricity, salaries and benefits of data center operations personnel, real estate taxes, security, rent, insurance and other site operating and maintenance costs. Sales and Marketing Expense—Sales and marketing expense is comprised of compensation and benefits associated with sales and marketing personnel as well as advertising and marketing costs. General and Administrative Expense—General and administrative expense is comprised of salaries and benefits of senior employees and support functions, such as legal, accounting, and professional service fees. Depreciation and Amortization Expense—Depreciation expense is recognized over the estimated useful lives of real estate applying the straight-line method. The useful life of leased real estate and leasehold improvements is the lesser of the economic useful life of the asset or the term of the lease, including optional renewal periods if renewal of the lease is reasonably assured. The residual value of leased real estate is estimated as the lesser of (i) the expected fair value of the asset at the end of the lease term or (ii) the expected amount of the unamortized liability at the end of the lease term. Estimated useful lives are periodically reviewed. Amortization expense is recognized over the estimated useful lives of finite-lived intangibles. An accelerated method of amortization is utilized to amortize our customer relationship intangible, consistent with the benefit expected to be derived from this asset. We amortize trademarks, favorable leasehold interests, deferred leasing costs and deferred leasing commissions, over their estimated useful lives. The estimated useful life of trademarks and customer relationships is eight to 15 years. In addition, we have a favorable leasehold interest related to a land lease that is being amortized over the remaining lease term of 56 years. Transaction-related compensation – During the period ended January 23, 2013, the Company received an allocated compensation charge from CBI of $20.0 million for the settlement of its long-term incentive plan associated with the completion of the IPO. The amount was determined by CBI and allocated to the Operating Partnership on January 23, 2013 and reflected as expense and contributed capital in the respective period. Transaction Costs—Transaction costs represent legal, accounting and professional fees incurred in connection with the formation transactions, potential business combinations, and costs incurred to pursue additional property purchases. Transaction costs are expensed as incurred. Income Taxes—Various wholly-owned subsidiaries of the Company were included in CBI’s consolidated tax returns in various jurisdictions for all Predecessor periods. In the accompanying financial statements, the Predecessor periods reflect income taxes as if the Company was a separate stand-alone company. The income tax provision consists of an amount for taxes currently payable and an amount for tax consequences deferred to future periods. Deferred income taxes are recognized in certain entities. Deferred income taxes are provided for temporary differences in the bases between financial statement and income tax assets and liabilities. Deferred income taxes are recalculated annually at rates then in effect. Valuation allowances are recorded to reduce deferred tax assets to amounts that are more likely than not to be realized. The ultimate realization of the deferred income tax assets depends upon our ability to generate future taxable income during the periods in which basis differences and other deductions become deductible and prior to the expiration of the net operating loss carryforwards. The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction as well as various foreign, state and local jurisdictions. The Company's previous tax filings are subject to normal reviews by regulatory agencies until the related statute of limitations expires. With a few exceptions, the Company is no longer subject to U. S. federal, state or local examinations for years prior to 2009. Foreign Currency Translation and Transactions—The financial position of foreign subsidiaries is translated at the exchange rates in effect at the end of the period, while revenues and expenses are translated at average rates of exchange during the period. Gains or losses from translation of foreign operations where the local currency is the functional currency are included as components of accumulated other comprehensive income (loss). Gains and losses from translation and foreign currency transactions were immaterial for all periods presented. Comprehensive Income (Loss)—Comprehensive income (loss) equaled our net income (loss) for all periods presented. Stock-Based Compensation—For all the Predecessor periods presented, some of our employees participated in CBI’s stock-based compensation plans. CBI values all share-based payments to employees at fair value on the date of grant and expenses this amount over the applicable vesting period. The fair value of stock options and stock appreciation rights was determined using the Black-Scholes option-pricing model using assumptions such as volatility, risk-free interest rate, holding period and expected dividends. The fair value of stock awards was based upon the closing market price of CBI’s common stock on the date of grant. For all share-based awards, a forfeiture rate is estimated based upon historical forfeiture patterns. The forfeiture rate reduces the total fair value of the awards that was recognized as compensation expense. For graded vesting awards, CBI’s policy is to recognize compensation expense on a straight-line basis over the vesting period. Certain employees were granted awards, which were indexed to the change in CBI’s common stock price. The accompanying condensed consolidated financial statements include an allocation of stock-based compensation costs for awards granted to our employees. Upon completion of CyrusOne Inc.'s IPO, all awards were either terminated and settled by CBI with each respective employee or vesting was accelerated. In conjunction with CyrusOne Inc.'s IPO, the Board of Directors of CyrusOne Inc. adopted the 2012 Long-Term Incentive Plan (“LTIP Plan”). See further discussion in Note 9. Fair Value Measurements—Fair value measurements are utilized in accounting for business combinations and testing of goodwill and other long-lived assets for impairment. Fair value of financial and non-financial assets and liabilities is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. The three-tier hierarchy for inputs used in measuring fair value, which prioritizes the inputs used in the methodologies of measuring fair value for assets and liabilities, is as follows: Level 1—Observable inputs for identical instruments such as quoted market prices; Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.), and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs); and Level 3—Unobservable inputs that reflect our determination of assumptions that market participants would use in pricing the asset or liability. These inputs are developed based on the best information available, including our own data. Business Segments—Business segments are components of an enterprise for which separate financial information is available and regularly viewed by the chief operating decision maker to assess performance and allocate resources. Our chief operating decision maker reviews our financial information on an aggregate basis. Furthermore, our data centers have similar economic characteristics and customers across all geographic locations, our service offerings have similar production processes, deliver services in a similar manner and use the same types of facilities and similar technologies. As a result, we have concluded that we have one reportable business segment. |
Formation
|
6 Months Ended |
---|---|
Jun. 30, 2013
|
|
Business Formation [Line Items] | |
Formation | Formation Prior to November 20, 2012, the Company was a wholly-owned subsidiary of Cincinnati Bell Inc. (“CBI”). In anticipation of the initial public offering of CyrusOne Inc., CBI created CyrusOne Inc., CyrusOne GP and the Operating Partnership as legal entities and wholly-owned subsidiaries of CBI. On November 20, 2012, the Operating Partnership received a contribution of interests in real estate properties and the assumption of debt and other specified liabilities from CBI in exchange for the issuance of 123,688,687 operating partnership units to CBI. On January 24, 2013, CyrusOne Inc. completed its initial public offering (“IPO”) of common stock, issuing approximately 19.0 million shares for $337.1 million, net of underwriters' discounts. At which time the Operating Partnership executed a 2.8 to 1.0 reverse unit split, resulting in CBI owning 44.1 million Operating Partnership units. In addition, CBI exchanged approximately 1.5 million of its Operating Partnership’s units for 1.5 million shares of CyrusOne Inc. common stock, and CBI was issued 0.4 million shares of CyrusOne Inc. common stock in repayment for transaction costs paid by CBI. CyrusOne Inc. also issued approximately 1.0 million shares of restricted stock to its directors and employees. In addition, on January 24, 2013, CyrusOne Inc., together with CyrusOne GP, purchased approximately 21.9 million or 33.9% of the Operating Partnership’s units for $337.1 million and through CyrusOne GP assumed the controlling interest in the Operating Partnership. CBI retained a non-controlling interest in the Operating Partnership of 66.1%. As of June 30, 2013 the total number of outstanding partnership units was 64.5 million and CBI holds a 65.8% ownership in the Operating Partnership. |
CyrusOne L.P. [Member]
|
|
Business Formation [Line Items] | |
Formation | Formation Prior to November 20, 2012, the Company was a wholly-owned subsidiary of Cincinnati Bell Inc. (“CBI”). In anticipation of the initial public offering of CyrusOne Inc., CBI created CyrusOne Inc., CyrusOne GP and the Operating Partnership as legal entities and wholly-owned subsidiaries of CBI. On November 20, 2012, the Operating Partnership received a contribution of interests in real estate properties and the assumption of debt and other specified liabilities from CBI in exchange for the issuance of 123,688,687 operating partnership units to CBI. On January 24, 2013, CyrusOne Inc. completed its initial public offering (“IPO”) of common stock, issuing approximately 19.0 million shares for $337.1 million, net of underwriters' discounts. At which time the Operating Partnership executed a 2.8 to 1.0 reverse unit split, resulting in CBI owning 44.1 million Operating Partnership units. In addition, CBI exchanged approximately 1.5 million of its Operating Partnership’s units for 1.5 million shares of CyrusOne Inc. common stock, and CBI was issued 0.4 million shares of CyrusOne Inc. common stock in repayment for transaction costs paid by CBI. CyrusOne Inc. also issued approximately 1.0 million shares of restricted stock to its directors and employees. In addition, on January 24, 2013, CyrusOne Inc., together with CyrusOne GP, purchased approximately 21.9 million or 33.9% of the Operating Partnership’s units for $337.1 million and through CyrusOne GP assumed the controlling interest in the Operating Partnership. CBI retained a non-controlling interest in the Operating Partnership of 66.1%. As of June 30, 2013 the total number of outstanding partnership units was 64.5 million and CBI holds a 65.8% ownership in the Operating Partnership. |
Related Party Transactions - Schedule of Related Party Transactions (Details) (USD $)
|
3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 3 Months Ended | 5 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
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Jun. 04, 2013
|
Jun. 04, 2013
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
|
Jun. 30, 2013
Successor [Member]
|
Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Cincinnati Bell Inc. [Member]
|
Jun. 30, 2013
Successor [Member]
Cincinnati Bell Inc. [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Data center colocation agreement provided to CBT and CBTS
|
Jun. 30, 2013
Successor [Member]
Data center colocation agreement provided to CBT and CBTS
|
Jun. 30, 2013
Successor [Member]
Data center colocation agreement provided to CBT and CBTS
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Data center colocation agreement provided to CBT and CBTS
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
229 West 7th street lease provided to CBT
|
Jun. 30, 2013
Successor [Member]
229 West 7th street lease provided to CBT
|
Jun. 30, 2013
Successor [Member]
229 West 7th street lease provided to CBT
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
229 West 7th street lease provided to CBT
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Parkway (Mason) lease provided to CBTS
|
Jun. 30, 2013
Successor [Member]
Parkway (Mason) lease provided to CBTS
|
Jun. 30, 2013
Successor [Member]
Parkway (Mason) lease provided to CBTS
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Parkway (Mason) lease provided to CBTS
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Transition services provided to CBTS (network interfaces)
|
Jun. 30, 2013
Successor [Member]
Transition services provided to CBTS (network interfaces)
|
Jun. 30, 2013
Successor [Member]
Transition services provided to CBTS (network interfaces)
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Transition services provided to CBTS (network interfaces)
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Data center leases provided to CBTS
|
Jun. 30, 2013
Successor [Member]
Data center leases provided to CBTS
|
Jun. 30, 2013
Successor [Member]
Data center leases provided to CBTS
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Data center leases provided to CBTS
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Transition services provided by CBTS (storage & backup)
|
Jun. 30, 2013
Successor [Member]
Transition services provided by CBTS (storage & backup)
|
Jun. 30, 2013
Successor [Member]
Transition services provided by CBTS (storage & backup)
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Transition services provided by CBTS (storage & backup)
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Charges for services provided by CBT (connectivity)
|
Jun. 30, 2013
Successor [Member]
Charges for services provided by CBT (connectivity)
|
Jun. 30, 2013
Successor [Member]
Charges for services provided by CBT (connectivity)
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Charges for services provided by CBT (connectivity)
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Allocated employee benefit plans by CBI
|
Jun. 30, 2013
Successor [Member]
Allocated employee benefit plans by CBI
|
Jun. 30, 2013
Successor [Member]
Allocated employee benefit plans by CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Allocated employee benefit plans by CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Allocated centralized insurance costs by CBI
|
Jun. 30, 2013
Successor [Member]
Allocated centralized insurance costs by CBI
|
Jun. 30, 2013
Successor [Member]
Allocated centralized insurance costs by CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Allocated centralized insurance costs by CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
General & administrative services provided by CBI
|
Jun. 30, 2013
Successor [Member]
General & administrative services provided by CBI
|
Jun. 30, 2013
Successor [Member]
General & administrative services provided by CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
General & administrative services provided by CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Management fees with CBI
|
Jun. 30, 2013
Successor [Member]
Management fees with CBI
|
Jun. 30, 2013
Successor [Member]
Management fees with CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Management fees with CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Accounts receivable securitization provided by CBI
|
Jun. 30, 2013
Successor [Member]
Accounts receivable securitization provided by CBI
|
Jun. 30, 2013
Successor [Member]
Accounts receivable securitization provided by CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Accounts receivable securitization provided by CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Interest expense on note with CBI
|
Jun. 30, 2013
Successor [Member]
Interest expense on note with CBI
|
Jun. 30, 2013
Successor [Member]
Interest expense on note with CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Interest expense on note with CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Interest expense on line of credit with CBI
|
Jun. 30, 2013
Successor [Member]
Interest expense on line of credit with CBI
|
Jun. 30, 2013
Successor [Member]
Interest expense on line of credit with CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2013
Successor [Member]
Interest expense on line of credit with CBI
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Predecessor [Member]
|
Jun. 30, 2012
Predecessor [Member]
|
Jun. 30, 2012
Predecessor [Member]
|
Jan. 23, 2013
Predecessor [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
CyrusOne L.P. [Member]
|
Dec. 31, 2012
Predecessor [Member]
Cincinnati Bell Inc. [Member]
|
Dec. 31, 2012
Predecessor [Member]
Cincinnati Bell Inc. [Member]
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Predecessor [Member]
Data center colocation agreement provided to CBT and CBTS
|
Jun. 30, 2012
Predecessor [Member]
Data center colocation agreement provided to CBT and CBTS
|
Jun. 30, 2012
Predecessor [Member]
Data center colocation agreement provided to CBT and CBTS
|
Jan. 23, 2013
Predecessor [Member]
Data center colocation agreement provided to CBT and CBTS
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Data center colocation agreement provided to CBT and CBTS
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Data center colocation agreement provided to CBT and CBTS
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Predecessor [Member]
229 West 7th street lease provided to CBT
|
Jun. 30, 2012
Predecessor [Member]
229 West 7th street lease provided to CBT
|
Jun. 30, 2012
Predecessor [Member]
229 West 7th street lease provided to CBT
|
Jan. 23, 2013
Predecessor [Member]
229 West 7th street lease provided to CBT
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
229 West 7th street lease provided to CBT
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
229 West 7th street lease provided to CBT
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Predecessor [Member]
Parkway (Mason) lease provided to CBTS
|
Jun. 30, 2012
Predecessor [Member]
Parkway (Mason) lease provided to CBTS
|
Jun. 30, 2012
Predecessor [Member]
Parkway (Mason) lease provided to CBTS
|
Jan. 23, 2013
Predecessor [Member]
Parkway (Mason) lease provided to CBTS
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Parkway (Mason) lease provided to CBTS
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Parkway (Mason) lease provided to CBTS
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Predecessor [Member]
Transition services provided to CBTS (network interfaces)
|
Jun. 30, 2012
Predecessor [Member]
Transition services provided to CBTS (network interfaces)
|
Jun. 30, 2012
Predecessor [Member]
Transition services provided to CBTS (network interfaces)
|
Jan. 23, 2013
Predecessor [Member]
Transition services provided to CBTS (network interfaces)
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Transition services provided to CBTS (network interfaces)
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Transition services provided to CBTS (network interfaces)
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Predecessor [Member]
Data center leases provided to CBTS
|
Jun. 30, 2012
Predecessor [Member]
Data center leases provided to CBTS
|
Jun. 30, 2012
Predecessor [Member]
Data center leases provided to CBTS
|
Jan. 23, 2013
Predecessor [Member]
Data center leases provided to CBTS
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Data center leases provided to CBTS
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Data center leases provided to CBTS
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Predecessor [Member]
Transition services provided by CBTS (storage & backup)
|
Jun. 30, 2012
Predecessor [Member]
Transition services provided by CBTS (storage & backup)
|
Jun. 30, 2012
Predecessor [Member]
Transition services provided by CBTS (storage & backup)
|
Jan. 23, 2013
Predecessor [Member]
Transition services provided by CBTS (storage & backup)
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Transition services provided by CBTS (storage & backup)
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Transition services provided by CBTS (storage & backup)
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Predecessor [Member]
Charges for services provided by CBT (connectivity)
|
Jun. 30, 2012
Predecessor [Member]
Charges for services provided by CBT (connectivity)
|
Jun. 30, 2012
Predecessor [Member]
Charges for services provided by CBT (connectivity)
|
Jan. 23, 2013
Predecessor [Member]
Charges for services provided by CBT (connectivity)
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Charges for services provided by CBT (connectivity)
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Charges for services provided by CBT (connectivity)
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Predecessor [Member]
Allocated employee benefit plans by CBI
|
Jun. 30, 2012
Predecessor [Member]
Allocated employee benefit plans by CBI
|
Jun. 30, 2012
Predecessor [Member]
Allocated employee benefit plans by CBI
|
Jan. 23, 2013
Predecessor [Member]
Allocated employee benefit plans by CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Allocated employee benefit plans by CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Allocated employee benefit plans by CBI
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Predecessor [Member]
Allocated centralized insurance costs by CBI
|
Jun. 30, 2012
Predecessor [Member]
Allocated centralized insurance costs by CBI
|
Jun. 30, 2012
Predecessor [Member]
Allocated centralized insurance costs by CBI
|
Jan. 23, 2013
Predecessor [Member]
Allocated centralized insurance costs by CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Allocated centralized insurance costs by CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Allocated centralized insurance costs by CBI
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Predecessor [Member]
General & administrative services provided by CBI
|
Jun. 30, 2012
Predecessor [Member]
General & administrative services provided by CBI
|
Jun. 30, 2012
Predecessor [Member]
General & administrative services provided by CBI
|
Jan. 23, 2013
Predecessor [Member]
General & administrative services provided by CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
General & administrative services provided by CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
General & administrative services provided by CBI
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Predecessor [Member]
Management fees with CBI
|
Jun. 30, 2012
Predecessor [Member]
Management fees with CBI
|
Jun. 30, 2012
Predecessor [Member]
Management fees with CBI
|
Jan. 23, 2013
Predecessor [Member]
Management fees with CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Management fees with CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Management fees with CBI
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Predecessor [Member]
Accounts receivable securitization provided by CBI
|
Jun. 30, 2012
Predecessor [Member]
Accounts receivable securitization provided by CBI
|
Jun. 30, 2012
Predecessor [Member]
Accounts receivable securitization provided by CBI
|
Jan. 23, 2013
Predecessor [Member]
Accounts receivable securitization provided by CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Accounts receivable securitization provided by CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Accounts receivable securitization provided by CBI
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Predecessor [Member]
Interest expense on note with CBI
|
Jun. 30, 2012
Predecessor [Member]
Interest expense on note with CBI
|
Jun. 30, 2012
Predecessor [Member]
Interest expense on note with CBI
|
Jan. 23, 2013
Predecessor [Member]
Interest expense on note with CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Interest expense on note with CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Interest expense on note with CBI
CyrusOne L.P. [Member]
|
Jan. 23, 2013
Predecessor [Member]
Interest expense on line of credit with CBI
|
Jun. 30, 2012
Predecessor [Member]
Interest expense on line of credit with CBI
|
Jun. 30, 2012
Predecessor [Member]
Interest expense on line of credit with CBI
|
Jan. 23, 2013
Predecessor [Member]
Interest expense on line of credit with CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Interest expense on line of credit with CBI
CyrusOne L.P. [Member]
|
Jun. 30, 2012
Predecessor [Member]
Interest expense on line of credit with CBI
CyrusOne L.P. [Member]
|
|
Revenue: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total revenue | $ 2.4 | $ 6.3 | $ 2.4 | $ 6.3 | $ 1.0 | $ 2.0 | $ 1.0 | $ 2.0 | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.5 | $ 0.7 | $ 0.5 | $ 0.7 | $ 0.7 | $ 3.4 | $ 0.7 | $ 3.4 | $ 1.3 | $ 4.1 | $ 8.0 | $ 1.3 | $ 4.1 | $ 8.0 | $ 0.3 | $ 0.5 | $ 1.0 | $ 0.3 | $ 0.5 | $ 1.0 | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.0 | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.1 | $ 0.1 | $ 0.2 | $ 0.9 | $ 3.5 | $ 6.8 | $ 0.9 | $ 3.5 | $ 6.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating costs and expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating costs and expenses | 0.5 | 0.7 | 0.5 | 0.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.5 | 0.7 | 0.5 | 0.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.5 | 17.8 | 32.3 | 0.5 | 17.8 | 32.3 | 0.0 | 0.4 | 0.8 | 0.0 | 0.4 | 0.8 | 0.1 | 0.1 | 0.3 | 0.1 | 0.1 | 0.3 | 0.2 | 0.4 | 1.1 | 0.2 | 0.4 | 1.1 | 0.1 | 0.1 | 0.2 | 0.1 | 0.1 | 0.2 | 0.1 | 6.3 | 8.4 | 0.1 | 6.3 | 8.4 | 0.0 | 0.5 | 1.2 | 0.0 | 0.5 | 1.2 | 0.0 | 1.1 | 2.3 | 0.0 | 1.1 | 2.3 | 0.0 | 7.2 | 14.4 | 0.0 | 7.2 | 14.4 | 0.0 | 1.7 | 3.6 | 0.0 | 1.7 | 3.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable from CBI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable from CBI | 1.3 | 1.3 | 2.2 | 2.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payable to CBI | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable | 0.4 | 0.4 | 2.9 | 2.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends payable | 7.2 | 7.2 | 0.0 | 0.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payable to CBI | $ 7.6 | $ 7.6 | $ 2.9 | $ 2.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividend payable to stockholders (in dollars per share) | $ 0.16 | $ 0.16 |
Related Party Transactions (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | Revenues and expenses for the periods presented were as follows:
As of June 30, 2013, the amounts receivable and payable to CBI were as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CyrusOne L.P. [Member]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Related Party Transactions | Revenues and expenses for the periods presented were as follows:
As of June 30, 2013, the amounts receivable and payable to CBI were as follows:
|
Investment in Real Estate - Schedule of Gross Investment in Real Estate (Detail) (USD $)
In Millions, unless otherwise specified |
Jun. 30, 2013
Successor [Member]
|
Jun. 30, 2013
Successor [Member]
West Seventh St., Cincinnati, OH (7th Street) [Member]
|
Jun. 30, 2013
Successor [Member]
Parkway Dr., Mason, OH (Mason) [Member]
|
Jun. 30, 2013
Successor [Member]
Industrial Rd., Florence, KY (Florence) [Member]
|
Jun. 30, 2013
Successor [Member]
Goldcoast Dr., Cincinnati, OH (Goldcoast) [Member]
|
Jun. 30, 2013
Successor [Member]
Knightsbridge Dr., Hamilton, OH (Hamilton) [Member]
|
Jun. 30, 2013
Successor [Member]
E. Monroe St., South Bend, IN (Monroe St.) [Member]
|
Jun. 30, 2013
Successor [Member]
Springer St., Lombard, IL (Lombard) [Member]
|
Jun. 30, 2013
Successor [Member]
Crescent Circle, South Bend, IN (Blackthorn) [Member]
|
Jun. 30, 2013
Successor [Member]
Kingsview Dr., Lebanon, OH (Lebanon) [Member]
|
Jun. 30, 2013
Successor [Member]
McAuley Place, Blue Ash, OH (Blue Ash) [Member]
|
Jun. 30, 2013
Successor [Member]
Westway Park Blvd., Houston, TX (Houston West) [Member]
|
Jun. 30, 2013
Successor [Member]
Westway Park Blvd., Houston, TX (Houston West 2) [Member]
|
Jun. 30, 2013
Successor [Member]
Houston, TX (Houston-MetroNational) [Member]
|
Jun. 30, 2013
Successor [Member]
Southwest Fwy., Houston, TX (Galleria) [Member]
|
Jun. 30, 2013
Successor [Member]
E. Ben White Blvd., Austin, TX (Austin 1) [Member]
|
Jun. 30, 2013
Successor [Member]
S. State Highway 121 Business Lewisville, TX (Lewisville) [Member]
|
Jun. 30, 2013
Successor [Member]
Marsh Lane Carrollton, TX [Member]
|
Jun. 30, 2013
Successor [Member]
Midway Rd., Carrollton, TX [Member]
|
Jun. 30, 2013
Successor [Member]
Frankford Carrollton, TX [Member]
|
Jun. 30, 2013
Successor [Member]
Bryan St., Dallas, TX [Member]
|
Jun. 30, 2013
Successor [Member]
North Freeway, Houston, TX (Greenspoint) [Member]
|
Jun. 30, 2013
Successor [Member]
South Ellis Street Chandler, AZ (Phoenix) [Member]
|
Jun. 30, 2013
Successor [Member]
Westover Hills Blvd, San Antonio, TX (San Antonio) [Member]
|
Jun. 30, 2013
Successor [Member]
Metropolis Dr., Austin, TX (Austin 2) [Member]
|
Jun. 30, 2013
Successor [Member]
Kestral Way (London) [Member]
|
Jun. 30, 2013
Successor [Member]
Jurong East (Singapore) [Member]
|
Dec. 31, 2012
Predecessor [Member]
|
Dec. 31, 2012
Predecessor [Member]
West Seventh St., Cincinnati, OH (7th Street) [Member]
|
Dec. 31, 2012
Predecessor [Member]
Parkway Dr., Mason, OH (Mason) [Member]
|
Dec. 31, 2012
Predecessor [Member]
Industrial Rd., Florence, KY (Florence) [Member]
|
Dec. 31, 2012
Predecessor [Member]
Goldcoast Dr., Cincinnati, OH (Goldcoast) [Member]
|
Dec. 31, 2012
Predecessor [Member]
Knightsbridge Dr., Hamilton, OH (Hamilton) [Member]
|
Dec. 31, 2012
Predecessor [Member]
E. Monroe St., South Bend, IN (Monroe St.) [Member]
|
Dec. 31, 2012
Predecessor [Member]
Springer St., Lombard, IL (Lombard) [Member]
|
Dec. 31, 2012
Predecessor [Member]
Crescent Circle, South Bend, IN (Blackthorn) [Member]
|
Dec. 31, 2012
Predecessor [Member]
Kingsview Dr., Lebanon, OH (Lebanon) [Member]
|
Dec. 31, 2012
Predecessor [Member]
McAuley Place, Blue Ash, OH (Blue Ash) [Member]
|
Dec. 31, 2012
Predecessor [Member]
Westway Park Blvd., Houston, TX (Houston West) [Member]
|
Dec. 31, 2012
Predecessor [Member]
Westway Park Blvd., Houston, TX (Houston West 2) [Member]
|
Dec. 31, 2012
Predecessor [Member]
Houston, TX (Houston-MetroNational) [Member]
|
Dec. 31, 2012
Predecessor [Member]
Southwest Fwy., Houston, TX (Galleria) [Member]
|
Dec. 31, 2012
Predecessor [Member]
E. Ben White Blvd., Austin, TX (Austin 1) [Member]
|
Dec. 31, 2012
Predecessor [Member]
S. State Highway 121 Business Lewisville, TX (Lewisville) [Member]
|
Dec. 31, 2012
Predecessor [Member]
Marsh Lane Carrollton, TX [Member]
|
Dec. 31, 2012
Predecessor [Member]
Midway Rd., Carrollton, TX [Member]
|
Dec. 31, 2012
Predecessor [Member]
Frankford Carrollton, TX [Member]
|
Dec. 31, 2012
Predecessor [Member]
Bryan St., Dallas, TX [Member]
|
Dec. 31, 2012
Predecessor [Member]
North Freeway, Houston, TX (Greenspoint) [Member]
|
Dec. 31, 2012
Predecessor [Member]
South Ellis Street Chandler, AZ (Phoenix) [Member]
|
Dec. 31, 2012
Predecessor [Member]
Westover Hills Blvd, San Antonio, TX (San Antonio) [Member]
|
Dec. 31, 2012
Predecessor [Member]
Metropolis Dr., Austin, TX (Austin 2) [Member]
|
Dec. 31, 2012
Predecessor [Member]
Kestral Way (London) [Member]
|
Dec. 31, 2012
Predecessor [Member]
Jurong East (Singapore) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
West Seventh St., Cincinnati, OH (7th Street) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
Parkway Dr., Mason, OH (Mason) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
Industrial Rd., Florence, KY (Florence) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
Goldcoast Dr., Cincinnati, OH (Goldcoast) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
Knightsbridge Dr., Hamilton, OH (Hamilton) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
E. Monroe St., South Bend, IN (Monroe St.) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
Springer St., Lombard, IL (Lombard) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
Crescent Circle, South Bend, IN (Blackthorn) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
Kingsview Dr., Lebanon, OH (Lebanon) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
McAuley Place, Blue Ash, OH (Blue Ash) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
Westway Park Blvd., Houston, TX (Houston West) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
Westway Park Blvd., Houston, TX (Houston West 2) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
Houston, TX (Houston-MetroNational) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
Southwest Fwy., Houston, TX (Galleria) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
E. Ben White Blvd., Austin, TX (Austin 1) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
S. State Highway 121 Business Lewisville, TX (Lewisville) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
Marsh Lane Carrollton, TX [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
Midway Rd., Carrollton, TX [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
Frankford Carrollton, TX [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
Bryan St., Dallas, TX [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
North Freeway, Houston, TX (Greenspoint) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
South Ellis Street Chandler, AZ (Phoenix) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
Westover Hills Blvd, San Antonio, TX (San Antonio) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
Metropolis Dr., Austin, TX (Austin 2) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
Kestral Way (London) [Member]
|
Jun. 30, 2013
CyrusOne L.P. [Member]
Successor [Member]
Jurong East (Singapore) [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
West Seventh St., Cincinnati, OH (7th Street) [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
Parkway Dr., Mason, OH (Mason) [Member]
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Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
Industrial Rd., Florence, KY (Florence) [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
Goldcoast Dr., Cincinnati, OH (Goldcoast) [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
Knightsbridge Dr., Hamilton, OH (Hamilton) [Member]
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Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
E. Monroe St., South Bend, IN (Monroe St.) [Member]
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Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
Springer St., Lombard, IL (Lombard) [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
Crescent Circle, South Bend, IN (Blackthorn) [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
Kingsview Dr., Lebanon, OH (Lebanon) [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
McAuley Place, Blue Ash, OH (Blue Ash) [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
Westway Park Blvd., Houston, TX (Houston West) [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
Westway Park Blvd., Houston, TX (Houston West 2) [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
Houston, TX (Houston-MetroNational) [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
Southwest Fwy., Houston, TX (Galleria) [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
E. Ben White Blvd., Austin, TX (Austin 1) [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
S. State Highway 121 Business Lewisville, TX (Lewisville) [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
Marsh Lane Carrollton, TX [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
Midway Rd., Carrollton, TX [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
Frankford Carrollton, TX [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
Bryan St., Dallas, TX [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
North Freeway, Houston, TX (Greenspoint) [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
South Ellis Street Chandler, AZ (Phoenix) [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
Westover Hills Blvd, San Antonio, TX (San Antonio) [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
Metropolis Dr., Austin, TX (Austin 2) [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
Kestral Way (London) [Member]
|
Dec. 31, 2012
CyrusOne L.P. [Member]
Predecessor [Member]
Jurong East (Singapore) [Member]
|
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Real Estate Properties [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Land | $ 74.6 | $ 0.9 | $ 0 | $ 8.8 | $ 0.6 | $ 0 | $ 0 | $ 1.2 | $ 0 | $ 4.0 | $ 0 | $ 1.4 | $ 2.0 | $ 18.2 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 16.1 | $ 0 | $ 0 | $ 14.8 | $ 4.6 | $ 2.0 | $ 0 | $ 0 | $ 44.5 | $ 0.9 | $ 0 | $ 0 | $ 0.6 | $ 0 | $ 0 | $ 0 | $ 0 | $ 4.0 | $ 0 | $ 3.3 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 16.1 | $ 0 | $ 0 | $ 15.0 | $ 4.6 | $ 0 | $ 0 | $ 0 | $ 74.6 | $ 0.9 | $ 0 | $ 8.8 | $ 0.6 | $ 0 | $ 0 | $ 1.2 | $ 0 | $ 4.0 | $ 0 | $ 1.4 | $ 2.0 | $ 18.2 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 16.1 | $ 0 | $ 0 | $ 14.8 | $ 4.6 | $ 2.0 | $ 0 | $ 0 | $ 44.5 | $ 0.9 | $ 0 | $ 0 | $ 0.6 | $ 0 | $ 0 | $ 0 | $ 0 | $ 4.0 | $ 0 | $ 3.3 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 16.1 | $ 0 | $ 0 | $ 15.0 | $ 4.6 | $ 0 | $ 0 | $ 0 |
Building and Improvements | 778.5 | 108.8 | 20.2 | 42.2 | 6.7 | 49.2 | 2.5 | 4.0 | 3.3 | 71.0 | 0.6 | 88.4 | 20.1 | 0 | 68.3 | 22.5 | 76.9 | 0.1 | 2.0 | 38.8 | 0.1 | 1.3 | 55.4 | 31.8 | 22.8 | 32.1 | 9.4 | 722.5 | 108.7 | 20.2 | 46.8 | 6.7 | 49.9 | 3.2 | 2.6 | 3.3 | 71.0 | 0.6 | 87.8 | 0 | 0 | 66.0 | 22.6 | 76.0 | 0.1 | 2.0 | 34.6 | 0.1 | 1.3 | 38.7 | 30.8 | 22.7 | 17.1 | 9.7 | 778.5 | 108.8 | 20.2 | 42.2 | 6.7 | 49.2 | 2.5 | 4.0 | 3.3 | 71.0 | 0.6 | 88.4 | 20.1 | 0 | 68.3 | 22.5 | 76.9 | 0.1 | 2.0 | 38.8 | 0.1 | 1.3 | 55.4 | 31.8 | 22.8 | 32.1 | 9.4 | 722.5 | 108.7 | 20.2 | 46.8 | 6.7 | 49.9 | 3.2 | 2.6 | 3.3 | 71.0 | 0.6 | 87.8 | 0 | 0 | 66.0 | 22.6 | 76.0 | 0.1 | 2.0 | 34.6 | 0.1 | 1.3 | 38.7 | 30.8 | 22.7 | 17.1 | 9.7 |
Equipment | $ 97.4 | $ 0.8 | $ 0.5 | $ 2.0 | $ 0 | $ 3.5 | $ 0 | $ 0.1 | $ 0.1 | $ 1.2 | $ 0 | $ 19.2 | $ 9.4 | $ 0 | $ 10.3 | $ 1.0 | $ 18.1 | $ 0.2 | $ 0.3 | $ 10.8 | $ 0.1 | $ 0.4 | $ 9.2 | $ 8.6 | $ 1.1 | $ 0.4 | $ 0.1 | $ 52.4 | $ 0.8 | $ 0.4 | $ 0.5 | $ 0 | $ 2.1 | $ 0 | $ 0 | $ 0.1 | $ 1.1 | $ 0 | $ 12.0 | $ 0 | $ 0 | $ 6.6 | $ 0.8 | $ 9.6 | $ 0.2 | $ 0.3 | $ 5.0 | $ 0 | $ 0.4 | $ 6.8 | $ 4.7 | $ 0.6 | $ 0.3 | $ 0.1 | $ 97.4 | $ 0.8 | $ 0.5 | $ 2.0 | $ 0 | $ 3.5 | $ 0 | $ 0.1 | $ 0.1 | $ 1.2 | $ 0 | $ 19.2 | $ 9.4 | $ 0 | $ 10.3 | $ 1.0 | $ 18.1 | $ 0.2 | $ 0.3 | $ 10.8 | $ 0.1 | $ 0.4 | $ 9.2 | $ 8.6 | $ 1.1 | $ 0.4 | $ 0.1 | $ 52.4 | $ 0.8 | $ 0.4 | $ 0.5 | $ 0 | $ 2.1 | $ 0 | $ 0 | $ 0.1 | $ 1.1 | $ 0 | $ 12.0 | $ 0 | $ 0 | $ 6.6 | $ 0.8 | $ 9.6 | $ 0.2 | $ 0.3 | $ 5.0 | $ 0 | $ 0.4 | $ 6.8 | $ 4.7 | $ 0.6 | $ 0.3 | $ 0.1 |
Noncontrolling Interest - Additional Information (Detail) (USD $)
In Millions, except Share data, unless otherwise specified |
6 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Jun. 28, 2013
|
|
Noncontrolling Interest [Line Items] | ||
Partnership units, conversion basis into common stock (in shares) | 1 | |
Redemption value of noncontrolling interests | $ 883 | |
Redemption value of noncontrolling interests based on closing price (usd per share) | $ 20.74 | |
CyrusOne Inc. and CyrusOne GP [Member]
|
||
Noncontrolling Interest [Line Items] | ||
Number of outstanding partnership units purchased | 21,900,000 | |
Percentage of outstanding partnership units purchased | 33.90% | |
Cincinnati Bell Inc. [Member]
|
||
Noncontrolling Interest [Line Items] | ||
Percentage of retained ownership | 66.10% | |
Number of operating partnership units owned | 42,600,000 | |
Ownership percentage | 65.80% |