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CyrusOne posts record quarter for leasing

Feb. 23, 2016 6:11 PM ETCyrusOne Inc. (CONE) StockBy: Jason Aycock, SA News Editor4 Comments
  • CyrusOne (NASDAQ:CONE -2.1%) noted a 30% increase of revenues in a Q4 earnings report in which it hit record leasing space.
  • Despite the growth, the revenue fell short of expectations, but the company beat on FFO and EBITDA of $60.5M (up 36%) beat consensus.
  • The company leased a record 205,000 co-location square feet and 30 megawatts in the quarter, totaling $44M in annualized revenue. Some $19M-$24M of that is expected to be recognized in 2016 with the full $44M recognized in 2017.
  • Net operating income was up 31% to $71.9M from a previous $54.9M.
  • At year's end, the company had about 1.574M CSF across 32 data centers (up 28%). CSF utilization was 86%. Long-term debt was $996.5M in long-term debt, and it had cash and equivalents of $14.3M along with $407.9M available in a revolving credit facility.
  • It's guiding to 2016 total revenue of $485M-$500M (vs. expected $498M), and adjusted EBITDA of $258M-$268M and normalized FFO/share of $2.45-$2.55 (both in line with expectations).
  • Conference call to come tomorrow at 11 a.m. ET.
  • Press Release

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