CyrusOne (CONE) 8-K CyrusOne Reports First Quarter 2013 Earnings

First Quarter 2013 Financial Results

May 8, 2013

Exhibit 99.2

This presentation contains forward-looking statements regarding future events and our future results that are subject to the “safe

harbor”

provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are

statements that could be deemed forward-looking statements. These statements are based on current expectations, estimates,

forecasts, and projections about the industries in which we operate and the beliefs and assumptions of our management. Words such as

“expects,”

“anticipates,”

“predicts,”

“projects,”

“intends,”

“plans,”

“believes,”

“seeks,”

“estimates,”

“continues,”

“endeavors,”

“strives,”

“may,”

variations of such words and similar expressions are intended to identify such forward-looking statements. In addition, any

statements that refer to projections of our future financial performance, our anticipated growth and trends in our businesses, and other

characterizations of future events or circumstances are forward-looking statements. Readers are cautioned these forward-looking

statements are based on current expectations and assumptions that are subject to risks and uncertainties, which could cause our actual

results to differ materially and adversely from those reflected in the forward-looking statements. Factors that could cause or contribute

to such differences include, but are not limited to, those discussed in this release and those discussed in other documents we file with

the Securities and Exchange Commission (SEC). More information on potential risks and uncertainties is available in our recent filings

with the SEC, including CyrusOne’s Form 10-K and Form 8-Ks. Actual results may differ materially and adversely from those expressed in

any forward-looking statements. We undertake no obligation to revise or update any forward-looking

statements for any reason.

2

Highlights

•

Revenue of $60M an increase of 15% from Q1 2012

•

Signed leases for 31,000 CSF

(1)

in Q1 2013, compared to 15,000 CSF

(1)

in Q1 2012

•

Normalized FFO and AFFO increased 15% and 45% respectively from Q1 2012

•

Launch of CyrusOne Texas Internet Exchange (IX)

•

Purchased

an

additional

33

acres

of

land

adjacent

to

the

Houston

West

data

center

First Quarter 2013

3

Note:

1.

Colocation square feet (CSF) represents NRSF currently leased or available for lease as colocation space, where customers locate their servers and other IT equipment.

Net rentable square feet (NRSF) represent the total square feet of a building currently leased or available for lease based on engineers’ drawings and estimates but does not include space held for

development or space used by CyrusOne.

•

Acquired two previously leased data centers and under contract to acquire

a third leased data center

Pro forma for these acquisitions, owned facilities accounted for

70% of Q1 2013

NOI and 76% of CSF

(1)

as of March 31, 2013

•

76% of annualized rent

(1)

is from the Fortune 1000

(2)

•

56% of annualized rent

(1)

is from investment grade companies

(2)

•

9 of the Fortune 20 are customers and a total of 119 Fortune

1000

(2)

customers

•

Niche in large and growing energy vertical

-

5 of the 6 “Supermajor”

oil and gas companies

-

Need for data sharing = powerful network effects

Revenue Diversity with a Geographic Niche …

Other

Healthcare

IT

Full Service

Customers

Metered Power

Customers

% of Annualized Rent

(1)

…

And Equal Mix of Metered Power and Full Service

% of Annualized Rent

(1)

0.5%

1.8%

1.5%

0.6%

0.4%

1Q'12

2Q'12

3Q'12

4Q'12

1Q'13

Consistently Low Churn

Recurring Rent Quarterly Churn

(3)

4

Highlights

Telecommunications

Financial Services

Industrial

Energy

9%

8%

1.Annualized Rent represents monthly contractual rent (defined as cash rent including metered power reimbursements) under existing customer leases as of March 31, 2013, multiplied by 12.

2.Customer’s ultimate parent is a Fortune 1000 company or a foreign or private company of equivalent size.

3.Recurring Rent Quarterly Churn is defined as any reduction in recurring rent due to customer terminations, service reductions or net pricing decreases as a percentage of annualized rent

at the beginning of the quarter, excluding any impact from metered power reimbursements.

Notes:

Portfolio Update

14% increase in capacity provides inventory for growth

Powered

shell

of

820,000

NRSF

(1)

available

for

incremental

development

across all markets in addition to existing inventory and 170 acres of land

held for development

5

As of March 31, 2013

As of March 31, 2012

Market

CSF

Capacity

(1)

(Sq Ft)

% Utilized

(2)

CSF

Capacity

(1)

(Sq Ft)

% Utilized

(2)

Cincinnati

395,815

92%

438,830

91%

Dallas

171,100

76%

123,734

84%

Houston

188,602

94%

157,263

99%

Austin

57,078

35%

57,078

30%

Phoenix

36,222

37%

-

0%

San Antonio

35,765

62%

-

0%

Chicago

23,278

49%

23,278

59%

International

13,200

70%

8,200

23%

Total Footprint

921,060

81%

808,383

85%

Notes

1.

Colocation square feet (CSF) represents NRSF currently leased or available for lease as colocation space, where customers locate their servers and other IT equipment. 

Net rentable square feet (NRSF) represent the total square feet of a building currently leased or available for lease based on engineers’ drawings and estimates but does

not include space held for development or space used by CyrusOne.

2.   Utilization is calculated by dividing CSF under signed leases for available space (whether or not the contract has commenced billing) by total CSF.

Utilization

(2)

Highlights

•

14% increase in available CSF capacity

(1)

•

Total capacity (CSF)

(1)

expanded 21%

excluding decommissioned space at

West Seventh Street

•

Utilization

(2)

improved from December 31, 2012

to 81%

•

South Ellis Street (Phoenix) is 37% utilized and

has only been open for 3 months

•

Houston is 94% utilized; additional capacity of

42,000 CSF

(1)

added in a new building at

Houston West in April 2013

•

Doubled capacity in Kestral Way (London) in

Q1 2013 by adding 5,000 CSF

(1)

, pre-leased to

one customer in Q4 2012

Houston West

6

CyrusOne Interconnection

Enhancing Asset Value and Tenant Loyalty With Connectivity

Interconnection benefits current customers and drives new customers from underserved markets

7

•

Enterprise IT groups today are stretched -

explosion of big data, applications, and new

technology

•

Demands include highly-reliable data centers and

access to efficient global connectivity

•

CyrusOne Texas IX enables customers to mix and

match data centers AND get robust, low-latency

interconnectivity

•

Interconnection between all metro-enabled sites

within the CyrusOne facility footprint and beyond

•

Customers get reduced service costs, improved

speed, and incredible scalability

•

High margin revenue

First Quarter Review

Revenue

First Quarter

9

0.5%

1.8%

1.5%

0.6%

0.4%

1Q'12

2Q'12

3Q'12

4Q'12

1Q'13

Consistently Low Churn

Recurring Rent Quarterly Churn

(1)

Lowest churn in past 5 quarters

($MM)

Highlights

•

Revenue growth of 15% for the first quarter of 2013 was driven by:

•

Expansion of customer base to 554 customers, an increase of 66 from Q1 2012

•

Annualized

rent

(2)

increased

17%

from

Q1

2012

•

Existing customers drove 69% of growth

•

Leased 31,000 CSF

(3)

in the quarter as compared to 15,000 CSF

(3)

in Q1 2012

•

Leased

square

footage

increased

8%

from

Q1

2012

or

16%

excluding

the

decommissioned

West

Seventh Street facility

•

72% of the CSF

(3)

was leased to metered power customers

•

Weighted average lease term of 71 months

Notes:

1.

Recurring Rent Quarterly Churn is defined as any reduction in recurring rent due to customer terminations, service reductions or net pricing decreases as a percentage of annualized rent at

the beginning of the quarter, excluding any impact from metered power reimbursements.

2.

Annualized Rent represents monthly contractual rent (defined as cash rent including metered power reimbursements) under existing customer leases as of March 31, 2013, multiplied by 12.

3.

Colocation square feet (CSF) represents NRSF currently leased or available for lease as colocation space, where customers locate their servers and other IT equipment. Net rentable square

feet (NRSF) represent the total square feet of a building currently leased or available for lease based on engineers’ drawings and estimates but does not include space held for development

or space used by CyrusOne. 

Profitability Metrics

($MM)

Three Months Ended

March 31,

2013

2012

$ Change

%  Change

Net Operating Income (NOI)

$40.0

$34.8

$5.2

15%

Adjusted EBITDA

$31.5

$28.3

$3.2

11%

Normalized Funds from

Operations (FFO)

$17.2

$14.9

$2.3

15%

Adjusted Funds from

Operations (AFFO)

$17.5

$12.1

$5.4

45%

Highlights:

10

NOI growth of 15% and strong NOI margin of 67%

Adjusted EBITDA growth of 11%, impacted by additional investment in sales and

marketing to support growth and an increase in general and administrative expenses

Normalized FFO and AFFO increased 15% and 45%, respectively, from Q1 2012 from Adjusted

EBITDA growth, lower leasing commissions and lower recurring capital expenditures

Capital Expenditures

First Quarter

11

•

NRSF

(1)

as of Q1 2013 = 1,709,470

•

NRSF

(1)

as of Q1 2012 = 1,482,054

May 2013 Update

•

Annualized Rent

(3)

for March 2013 of $18.7

million for these facilities

•

NOI from owned facilities improves from 62%

for Q1 2013 to pro forma 70% giving effect to

the acquisitions

Highlights

•

Acquired 33 acres of land adjacent to Houston West

facility for $18.2 million

•

New Houston West facility commissioned in April 2013

with 42,000 CSF

(2)

in first data hall

•

Power upgrade projects in Houston, San Antonio, and

Lewisville

•

Completion of office space in Phoenix

Purchased Industrial Road (Florence) and Springer

Street (Lombard) facilities for $16.0 million and under

contract to acquire Metropolis Drive (Austin 2)

($MM)

Recurring Capex

Notes:

1.  Net rentable square feet (NRSF) represent the total square feet of a building currently leased or available for lease based on engineers’ drawings and  estimates but does not include space

held for development or space used by CyrusOne. 

2.  Colocation square feet (CSF) represents NRSF currently leased or available for lease as colocation space, where customers locate their servers and other IT equipment.

3.  Annualized Rent represents monthly contractual rent (defined as cash rent including metered power reimbursements) under existing customer leases as of March 31, 2013, multiplied by 12.

Net Debt and Dividends

March 31, 2013

Long term debt

$525.0

Capital lease obligations

31.0

Less:

Cash and cash equivalents

(328.6)

Net debt

$227.4

Liquidity

$553.6

12

($MM)

•

No significant debt maturities until 2022

•

Net leverage of 1.8x

(1)

CyrusOne Inc. paid its first dividend of $0.16 per share and share equivalent on

April 15, 2013

Notes:

1.

Calculated as net debt as of March 31, 2013 divided by Adjusted EBITDA for the last quarter annualized.

Guidance

Category

2013 Guidance

Revenue

$260 -

$270

Adjusted EBITDA

$133 -

$137

Normalized FFO per diluted common share or

common share equivalent

(1)

$1.15 -

$1.25

Capital Expenditures

Development

$170 -

$180

Recurring

$5 -

$10

Acquisition of leased facilities

$20 -

$35

Acquisition of land for future development

$20 -

$25

13

Category

CyrusOne is introducing the following guidance for the full year

2013:

($MM) except per share amounts

Notes:

1.

Calculated as if all diluted common shares and common share equivalents were issued and outstanding on January 1, 2013.

The annual guidance provided above represents forward-looking projections, which are based on current economic conditions, internal

assumptions about our existing customer base and the supply and demand dynamics of the markets in which CyrusOne operates. Further, the

guidance does not include the impact of any future financing, investment or disposition activities.

See Earnings Release Supplement at

www.cyrusone.com for reconciliations of

Non-GAAP financial measures

www.cyrusone.com