Subsequent Events

12 Months Ended

Dec. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

17. Subsequent Events

On January 5, 2018, the Company paid its regular quarterly cash dividend of $0.39 per common share and per unit in the Operating Partnership to stockholders and unit holders of record as of the close of business on December 5, 2017.

On February 20, 2018, the Company announced that its board of directors authorized payment of a regular quarterly cash dividend of $0.41 per common share and per unit in the Operating Partnership, payable on April 5, 2018, to stockholders and unit holders of record as of the close of business on March 22, 2018.

On February 20, 2018, the Company commenced a restructuring plan (the “Restructuring Plan”) regarding the organization of its business and product offerings. Under the Restructuring Plan, the Company intends to realign its product offerings around hyperscale and hybrid colocation (which generally includes what the Company formerly referred to as its C1 and C2 products, along with technology and services associated with the C3 products that directly support its C2 colocation customers), while narrowing its focus around certain of its Cloud and Managed Services offerings (which generally includes the remainder of what the Company formerly referred to as its C3 products) including some estimated colocation impact from customers using an integrated solution, and to implement a broader cost reduction initiative reflecting the Company’s simplified product set. The purpose of the restructuring plan is to increase growth, profitability and predictability in the Company’s business, while also reducing complexity and simplifying the Company’s cost structure.

In connection with the Restructuring Plan, the Company expects to incur costs as a result of cash payments for severance, stay bonuses and related benefits to affected employees. Additionally, the Company expects to incur other costs such as termination, disposition and impairment costs that will vary based on the timing and structure of the Company’s exit of its non-core business, including through a potential disposition.