Stock Monitor: Colony NorthStar Post Earnings Reporting

LONDON, UK / ACCESSWIRE / December 07, 2017 / Active-Investors free earnings report on CyrusOne Inc. (NASDAQ: CONE) has freshly been issued to its members, and you can also sign up to view this report at www.active-investors.com/registration-sg/?symbol=CONE. CyrusOne reported its third quarter fiscal 2017 operating results on October 30, 2017. The data center operator, based in Dallas topped funds from operations (FFO) expectations. Register today and get free access to our complimentary member's area where many more reports are available:

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Active-Investors.com is currently working on the research report for Colony NorthStar, Inc. (NYSE: CLNS), which also belongs to the Financial sector as the Company CyrusOne. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, CyrusOne most recent news is on our radar and we have decided to include it on our blog post. Today's free coverage is available at:

www.active-investors.com/registration-sg/?symbol=CONE

Earnings Highlights and Summary

CyrusOne's revenue was $175.3 million for Q3 2017, up 22% compared to revenue of $143.8 million for Q3 2016, driven primarily by a 45% increase in leased colocation square feet (CSF) and additional interconnection services. The Company's revenue numbers fell short of analysts' estimates of $176.4 million.

For Q3 2017, CyrusOne reported net loss of $55.1 million compared to net income of $4.4 million in Q3 2016, primarily driven by a $54.4 million impairment for facilities in the Connecticut area. The Company's net loss per diluted common share was $0.61 in the reported quarter compared to net income of $0.05 per diluted common share in the year-earlier corresponding quarter.

CyrusOne's net operating income (NOI) was $112.3 million for Q3 2017 compared to $89.2 million in Q3 2016, reflecting an increase of 26%. The Company's adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) for the reported quarter totaled $95.9 million compared to $73.1 million in the prior year's same quarter, representing an increase of 31%.

During Q3 2017, CyrusOne's normalized FFO was $71.4 million compared to $54.8 million in Q3 2016, reflecting growth of 30%. The Company's normalized FFO per basic and diluted common share was $0.79 in the reported quarter, up 18% on a y-o-y basis, and came in ahead of Wall Street's estimates of $0.76 per share.

Leasing Activity

CyrusOne leased approximately 15 MW of power and 151,000 CSF in Q3 2017, representing $2.2 million in monthly recurring rent, inclusive of the monthly impact of installation charges, or approximately $26.7 million in annualized GAAP revenue excluding estimates for pass-through power.

CyrusOne's weighted average lease term of the new leases, based on square footage, was 68 months, and the weighted average remaining lease term of CyrusOne's portfolio was 56 months, an increase of 22 months compared to December 31, 2015. The Company's recurring rent churn was 0.6% for Q3 2017 compared to 3.8% for Q3 2016.

Portfolio Utilization and Development

In Q3 2017, CyrusOne completed construction on a record 555,000 CSF and 76 MW of power capacity across a total of eight projects in Phoenix, Northern Virginia, Chicago, Dallas, and San Antonio, increasing total CSF across 44 data centers to approximately 3.13 million CSF. This represents an increase of approximately 1.08 million CSF, or 52%, from September 30, 2016. The Company's CSF utilization as of the end of the reported quarter was 93% for stabilized properties and 82% overall.

Balance Sheet and Liquidity

As of September 30, 2017, CyrusOne had gross assets totaling approximately $4.6 billion, reflecting an increase of approximately 42% over gross assets as of September 30, 2016. The Company had $2.04 billion of long-term debt, cash, and cash equivalents of $24.6 million, and it also $753.8 million available under its unsecured revolving credit facility as of September 30, 2017.

CyrusOne's net debt was $2.02 billion as of September 30, 2017, representing approximately 27% of the Company's total enterprise value of $7.4 billion, or 5.3x of adjusted EBITDA for the last quarter annualized. CyrusOne's available liquidity was $778.4 million as of September 30, 2017.

For nine months ended September 30, 2017, CyrusOne sold approximately 3.6 million shares of its common stock through its at-the-market equity program at an average price of $56.03, raising $197.5 million in net equity proceeds. As of September 30, 2017, CyrusOne has approximately $93 million in remaining capacity under the original program authorization of $320 million. During Q3 2017, the Board authorized a new program authorization of $500 million to replace the original program.

Additionally, CyrusOne announced a dividend of $0.42 per share of common stock for Q4 2017. The dividend will be paid on January 12, 2018, to stockholders of record at the close of business on December 29, 2017.

Stock Performance Snapshot

December 06, 2017 - At Wednesday's closing bell, CyrusOne's stock slightly fell 0.67%, ending the trading session at $58.12.

Volume traded for the day: 695.54 thousand shares.

Stock performance in the last six-month period ? up 1.93%; past twelve-month period ? up 38.81%; and year-to-date ? up 29.94%

After yesterday's close, CyrusOne's market cap was at $5.24 billion.

The stock has a dividend yield of 2.89%.

The stock is part of the Financial sector, categorized under the REIT - Diversified industry.

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