CyrusOne (CONE) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2020	Jul. 24, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	001-35789
Entity Registrant Name	CyrusOne Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	46-0691837
Entity Address, Address Line One	2850 N. Harwood Street
Entity Address, Address Line Two	Suite 2200
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75201
City Area Code	972
Local Phone Number	350-0060
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		116,873,172
Entity Central Index Key	0001553023
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Common Stock, $0.01 par value
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	CONE
Security Exchange Name	NASDAQ
1.450% Senior Notes due 2027
Document Information [Line Items]
Title of 12(b) Security	1.450% Senior Notes due 2027
Trading Symbol	CONE27
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Investment in real estate:
Land	$ 175.5	$ 147.6
Buildings and improvements	1,857.9	1,761.4
Equipment	3,229.5	3,028.2
Gross operating real estate	5,262.9	4,937.2
Less accumulated depreciation	(1,562.7)	(1,379.2)
Net operating real estate	3,700.2	3,558
Construction in progress, including land under development	1,024.8	946.3
Land held for future development	217.2	206
Total investment in real estate, net	4,942.2	4,710.3
Cash and cash equivalents	70.7	76.4
Rent and other receivables (net of allowance for doubtful accounts of $1.6 and $1.8 as of June 30, 2020 and December 31, 2019, respectively)	307	291.9
Restricted cash	1.3	1.3
Operating lease right-of-use assets, net	204.7	161.9
Equity investments	184.9	135.1
Goodwill	455.1	455.1
Intangible assets (net of accumulated amortization of $225.9 and $207.5 as of June 30, 2020 and December 31, 2019, respectively)	174.9	196.1
Other assets	127.3	113.9
Total assets	6,468.1	6,142
Liabilities and equity
Debt	3,156.9	2,886.6
Finance lease liabilities	28.8	31.8
Operating lease liabilities	240.5	195.8
Construction costs payable	155.7	176.3
Accounts payable and accrued expenses	127	122.7
Dividends payable	59.7	58.6
Deferred revenue and prepaid rents	166.2	163.7
Deferred tax liability	55.8	60.5
Other liabilities	16.8	11.4
Total liabilities	4,007.4	3,707.4
Commitments and contingencies
Stockholders' equity
Preferred stock, $0.01 par value, 100,000,000 authorized; no shares issued or outstanding	0	0
Common stock, $0.01 par value, 500,000,000 shares authorized and 116,852,894 and 114,808,898 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	1.2	1.1
Additional paid in capital	3,305.9	3,202
Accumulated deficit	(824.7)	(767.3)
Accumulated other comprehensive loss	(21.7)	(1.2)
Total stockholders’ equity	2,460.7	2,434.6
Total liabilities and equity	$ 6,468.1	$ 6,142

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1.6	$ 1.8
Accumulated amortization for intangible assets	$ 225.9	$ 207.5
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock authorized (in shares)	100,000,000	100,000,000
Preferred stock issued (in shares)	0	0
Preferred stock outstanding (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	500,000,000	500,000,000
Common stock issued (in shares)	116,852,894	114,808,898
Common stock outstanding (in shares)	116,852,894	114,808,898

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenue	$ 256,400,000	$ 251,500,000	$ 502,300,000	$ 476,500,000
Operating expenses:
Property operating expenses	99,000,000	103,300,000	191,600,000	186,600,000
Sales and marketing	3,800,000	5,300,000	8,500,000	10,600,000
General and administrative	20,300,000	19,700,000	47,200,000	41,900,000
Depreciation and amortization	109,700,000	102,100,000	217,800,000	204,200,000
Transaction, acquisition, integration and other related expenses	100,000	1,400,000	500,000	1,700,000
Impairment losses	2,400,000	0	2,400,000	0
Total operating expenses	235,300,000	231,800,000	468,000,000	445,000,000
Operating income	21,100,000	19,700,000	34,300,000	31,500,000
Interest expense, net	(13,900,000)	(21,100,000)	(29,900,000)	(44,800,000)
Gain (loss) on marketable equity investment	50,400,000	(8,500,000)	65,100,000	92,700,000
Loss on early extinguishment of debt	0	0	(3,400,000)	0
Foreign currency and derivative losses, net	(13,900,000)	0	(8,800,000)	0
Other income (expense)	100,000	0	0	(100,000)
Net income (loss) before income taxes	43,800,000	(9,900,000)	57,300,000	79,300,000
Income tax benefit	1,200,000	1,400,000	2,400,000	1,600,000
Net income (loss)	$ 45,000,000	$ (8,500,000)	$ 59,700,000	$ 80,900,000
Weighted average common shares outstanding - basic (in shares)	115.3	113.1	115.1	110.7
Weighted average common shares outstanding - diluted (in shares)	115.7	113.1	115.4	111.1
Income (loss) per share - basic (in dollars per share)	$ 0.39	$ (0.08)	$ 0.52	$ 0.73
Income (loss) per share - diluted (in dollars per share)	$ 0.39	$ (0.08)	$ 0.52	$ 0.73

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income	$ 45	$ (8.5)	$ 59.7	$ 80.9
Other comprehensive income:
Foreign currency translation adjustment	14.1	(2.4)	(9.9)	(1.8)
Net loss on cash flow hedging instruments	(9.5)	(3.6)	(10.6)	(0.9)
Comprehensive income (loss)	$ 49.6	$ (14.5)	$ 39.2	$ 78.2

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity (Unaudited) - USD ($) shares in Millions, $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Accumulated DeficitCumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss)
Beginning Balance (in shares) at Dec. 31, 2018			108.3
Beginning Balance at Dec. 31, 2018	$ 2,226	$ 9.5	$ 1.1	$ 2,837.4	$ (600.2)	$ 9.5	$ (12.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	89.4				89.4
Issuance of common stock, net (in shares)			2
Issuance of common stock, net	105			105
Stock-based compensation expense	4.5			4.5
Tax payment upon exercise of equity awards	(8.7)			(8.7)
Foreign currency translation adjustment	0.6						0.6
Net gain (loss) on cash flow hedging instruments	2.7						2.7
Dividends declared	(50.9)				(50.9)
Ending Balance (in shares) at Mar. 31, 2019			110.3
Ending Balance at Mar. 31, 2019	$ 2,378.1		$ 1.1	2,938.2	(552.2)		(9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Accounting Standards Update [Extensible List]	us-gaap:AccountingStandardsUpdate201602Member
Beginning Balance (in shares) at Dec. 31, 2018			108.3
Beginning Balance at Dec. 31, 2018	$ 2,226	$ 9.5	$ 1.1	2,837.4	(600.2)	$ 9.5	(12.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	$ 80.9
Issuance of common stock, net (in shares)	4.9
Foreign currency translation adjustment	$ (1.8)
Net gain (loss) on cash flow hedging instruments	(0.9)
Ending Balance (in shares) at Jun. 30, 2019			113.2
Ending Balance at Jun. 30, 2019	2,462.6		$ 1.1	3,089.5	(613)		(15)
Beginning Balance (in shares) at Mar. 31, 2019			110.3
Beginning Balance at Mar. 31, 2019	2,378.1		$ 1.1	2,938.2	(552.2)		(9)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(8.5)				(8.5)
Issuance of common stock, net (in shares)			2.9
Issuance of common stock, net	147.6			147.6
Other	0.1			0.1
Stock-based compensation expense	3.7			3.7
Tax payment upon exercise of equity awards	(0.1)			(0.1)
Foreign currency translation adjustment	(2.4)						(2.4)
Net gain (loss) on cash flow hedging instruments	(3.6)						(3.6)
Dividends declared	(52.3)				(52.3)
Ending Balance (in shares) at Jun. 30, 2019			113.2
Ending Balance at Jun. 30, 2019	2,462.6		$ 1.1	3,089.5	(613)		(15)
Beginning Balance (in shares) at Dec. 31, 2019			114.8
Beginning Balance at Dec. 31, 2019	2,434.6		$ 1.1	3,202	(767.3)		(1.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	14.7				14.7
Issuance of common stock, net (in shares)			0.2
Issuance of common stock, net	0.6		$ 0.1	0.5
Stock-based compensation expense (in shares)			0
Stock-based compensation expense	3.7			3.7
Tax payment upon exercise of equity awards (in shares)			0
Tax payment upon exercise of equity awards	(6.3)			(6.3)
Foreign currency translation adjustment	(24)						(24)
Net gain (loss) on cash flow hedging instruments	(1.1)						(1.1)
Dividends declared	(58.4)				(58.4)
Ending Balance (in shares) at Mar. 31, 2020			115
Ending Balance at Mar. 31, 2020	2,363.8		$ 1.2	3,199.9	(811)		(26.3)
Beginning Balance (in shares) at Dec. 31, 2019			114.8
Beginning Balance at Dec. 31, 2019	2,434.6		$ 1.1	3,202	(767.3)		(1.2)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	59.7
Foreign currency translation adjustment	(9.9)
Net gain (loss) on cash flow hedging instruments	(10.6)
Ending Balance (in shares) at Jun. 30, 2020			116.9
Ending Balance at Jun. 30, 2020	2,460.7		$ 1.2	3,305.9	(824.7)		(21.7)
Beginning Balance (in shares) at Mar. 31, 2020			115
Beginning Balance at Mar. 31, 2020	2,363.8		$ 1.2	3,199.9	(811)		(26.3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	45				45
Issuance of common stock, net (in shares)			1.9
Issuance of common stock, net	102.8		$ 0	102.8
Stock-based compensation expense	3.3			3.3
Tax payment upon exercise of equity awards (in shares)			0
Tax payment upon exercise of equity awards	(0.1)			(0.1)
Foreign currency translation adjustment	14.1						14.1
Net gain (loss) on cash flow hedging instruments	(9.5)						(9.5)
Dividends declared	(58.7)				(58.7)
Ending Balance (in shares) at Jun. 30, 2020			116.9
Ending Balance at Jun. 30, 2020	$ 2,460.7		$ 1.2	$ 3,305.9	$ (824.7)		$ (21.7)

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Equity (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Statement of Stockholders' Equity [Abstract]
Dividends declared per share (in dollars per share)	$ 0.50	$ 0.50	$ 0.46	$ 0.46

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 59.7	$ 80.9
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	217.8	204.2
Provision for bad debt expense	0	(0.3)
Gain on marketable equity investment	(65.1)	(92.7)
Foreign currency and derivative losses, net	8.8	0
Proceeds from swap terminations	2.9	0
Impairment on land held for future development	2.2	0
Loss on early extinguishment of debt	3.4	0
Interest expense amortization, net	3.6	2.3
Stock-based compensation expense	7	8.2
Deferred income tax benefit	(4.2)	(3.4)
Operating lease cost	13	9.6
Other income (expense)	0.5	(0.2)
Change in operating assets and liabilities:
Rent and other receivables, net and other assets	(31)	(41.1)
Accounts payable and accrued expenses	4.7	(8.2)
Deferred revenue and prepaid rents	2	18
Operating lease liabilities	(11.1)	(9.8)
Net cash provided by operating activities	214.2	167.5
Cash flows from investing activities:
Investments in real estate	(458)	(514.8)
Proceeds from sale of equity investments	8.2	199.8
Equity investments	(4.7)	(0.3)
Proceeds from the sale of real estate assets	0.3	0
Net cash used in investing activities	(454.2)	(315.3)
Cash flows from financing activities:
Issuance of common stock, net	103.3	252.6
Dividends paid	(116.1)	(101.3)
Payment of deferred financing costs	(12.5)	0
Proceeds from revolving credit facility	438.8	287.8
Repayments of revolving credit facility	(723.1)	0
Proceeds from Euro bond	550.2	0
Proceeds from unsecured term loan	1,100	0
Repayments of unsecured term loan	(1,100)	(200)
Payments on finance lease liabilities	(1.3)	(1.2)
Tax payment upon exercise of equity awards	(6.4)	(8.8)
Net cash provided by financing activities	232.9	229.1
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1.4	(0.3)
Net (decrease) increase in cash, cash equivalents and restricted cash	(5.7)	81
Cash, cash equivalents and restricted cash at beginning of period	77.7	64.4
Cash, cash equivalents and restricted cash at end of period	72	145.4
Supplemental disclosure of cash flow information:
Cash paid for interest, including amounts capitalized of $11.4 million and $18.1 million in 2020 and 2019, respectively	30	62.7
Cash paid for income taxes	0.1	2.8
Non-cash investing and financing activities:
Construction costs payable	155.7	149.5
Dividends payable	$ 59.7	$ 53

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Statement of Cash Flows [Abstract]
Cash paid for interest, capitalized amount	$ 11.4	$ 18.1

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of BusinessCyrusOne Inc., together with CyrusOne GP (the "General Partner"), a wholly-owned subsidiary of CyrusOne Inc., through which CyrusOne Inc. wholly owns 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, multi-tenant and single-tenant data center properties. As of June 30, 2020, all of the issued and outstanding Operating Partnership units of CyrusOne LP are owned, directly or indirectly, by the Company. Our customers operate in a number of industries, including information technology, financial services, energy, oil and gas, mining, medical, research and consulting services, and consumer goods and services. We currently operate 53 data centers, including two recovery centers, located in the United States, United Kingdom, Germany and Singapore.On January 24, 2013, the Company completed its initial public offering (the "IPO") of common stock and its common stock currently trades on the NASDAQ Exchange under the ticker symbol "CONE".

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Risks and Uncertainties The novel strain of the coronavirus (COVID-19) identified in China in late 2019 has globally spread throughout Asia, Europe, the Middle East and the Americas and has resulted in authorities implementing numerous measures to attempt to contain the virus. This includes travel bans, shelter in place regulations and other restrictions and shutdowns. We continue to monitor the global outbreak and the potential risks to us posed by the pandemic. Our data centers have remained fully operational and to date we have experienced minimal disruptions in our business, including construction projects, however, we have modified our business practices by temporarily closing our corporate headquarters and regional locations, transitioned non-essential employees to working remotely from their homes, implemented restrictions on the physical participation in meetings and significantly limited business travel. The duration and extent of the impact from the COVID-19 pandemic depends on future developments that cannot be accurately predicted at this time. The effect of the pandemic and measures implemented by authorities could disrupt our supply chain, which currently remains fully functional, including the provision of services to us by our vendors and could result in restrictions on construction activities. There continues to be considerable uncertainty about the impact of these measures and restrictions on our Company and customers and the effects of these measures and how long they will remain in effect could adversely impact our business, financial condition, results of operations and liquidity. Interim Unaudited Financial Information The accompanying condensed consolidated 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, 2019, which was filed with the Securities and Exchange Commission ("SEC") on February 20, 2020. Certain information and footnote disclosures normally included in the consolidated 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. Results for the interim periods 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 condensed consolidated financial statements as of June 30, 2020 and December 31, 2019, and for the three and six months ended June 30, 2020 and 2019. These adjustments are of a normal recurring nature and consistent with the adjustments recorded to prepare the annual audited consolidated financial statements as of December 31, 2019. All amounts reflected are in millions except share and per share data. Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, as well as all wholly-owned subsidiaries and any consolidated variable interest entities. All intercompany balances and transactions have been eliminated in consolidation. Investment in Real Estate Acquisition of Properties Investment in real estate consist of land, buildings, improvements and integral equipment utilized in our data center operations. We expect most acquisitions to be an acquisition of assets rather than a business combination as our typical acquisitions consist of properties whereby substantially all the fair value of gross assets acquired is concentrated in a single asset set (land, building and in-place leases), which are treated as asset acquisitions. See Business Combinations and Asset Acquisitions herein. Business Combinations and Asset Acquisitions We evaluate whether an acquisition is a business combination or an asset acquisition by determining whether the set of assets is a business. Asset Acquisitions When substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, the transaction is accounted for as an asset acquisition. Asset acquisitions are recorded at the cumulative acquisition costs and allocated to the assets acquired and liabilities assumed on a relative fair value basis. The Company allocates the purchase price of real estate to identifiable tangible assets such as land, building, land improvements and tenant improvements acquired based on their fair value. In estimating the fair value of each component, management considers appraisals, replacement cost, its own analysis of recently acquired and existing comparable properties, market rental data and other related information. Transaction costs associated with asset acquisitions are capitalized. Business Combinations When substantially all of the fair value is not concentrated in a group of similar identifiable assets, the set of assets will generally be considered a business and the Company applies the purchase method for business combinations, where all tangible and identifiable intangible assets acquired and all liabilities assumed are recorded at fair value. Any excess purchase price is recorded as goodwill. Transaction costs associated with business combinations are expensed as incurred. The following discussion applies to our initial determination of fair value and the resulting subsequent accounting which is generally applicable to both asset acquisitions and business combinations. The fair value of any tangible real estate assets acquired is determined by valuing the building as if it were vacant, and the fair value is then allocated to land, buildings, equipment and improvements based on available information including replacement cost, appraisal or using net operating income capitalization rates, discounted cash flow analysis or similar fair value models. We determine in-place lease values based on our evaluation of the specific characteristics of each tenant’s lease agreement and by applying a fair value model. The estimates of fair value of in-place leases include an estimate of carrying costs during the expected lease up periods considering current market conditions. In estimating fair value of in-place leases, we consider items such as real estate taxes, insurance, leasing commissions, tenant improvements and other operating expenses to execute similar leases as well as projected rental revenue and carrying costs during the expected lease up period. We amortize the value of in-place leases acquired to expense over the approximate weighted average remaining term of the leases, adjusted for projected tenant turnover, on a composite basis. We determine the value of above-market and below-market in-place leases for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) estimates of current market lease rates for the corresponding in-place leases, measured over a period equal to (i) the remaining non-cancellable lease term for above-market leases, or (ii) the remaining non-cancellable lease term plus any renewal options that we consider are reasonably certain that a lessee will execute such renewal option when a lease commences. We record the fair value of above-market and below-market leases as intangible assets or liabilities, and amortize them as an adjustment to revenue over the lease term. We determine the fair value of assumed debt by calculating the net present value of the scheduled debt service payments using current market-based terms for interest rates for debt with similar terms that management believes we could obtain on similar structures and maturities. Any difference between the fair value and stated value of the assumed debt is recorded as a discount or premium and amortized over the remaining term of the loan. In a business combination, we retain the previous lease classification unless there is a lease modification and that modification is not accounted for as a separate new lease. We elected to apply the short-term lease measurement and recognition exemption available under the new accounting standard for leases (discussed below in Note 3. "Recently Adopted Accounting Standards") to leases that have a remaining lease term of 12 months or less at the acquisition date, and accordingly, do not recognize an intangible asset if the terms of an operating lease are favorable relative to market terms, or a liability if the terms are unfavorable relative to market terms. Leasehold improvements are amortized over the shorter of the useful life of the assets and the remaining lease term at the date of acquisition. Capitalization of Costs We capitalize costs directly related to the development, pre-development or improvement of our investment in real estate, referred to as capital projects and other activities included within this paragraph. Costs associated with our capital projects are capitalized as incurred. If the project is abandoned, these costs are expensed during the period in which the project is abandoned. Costs considered for capitalization include, but are not limited to, construction costs, interest, real estate taxes, insurance and utilities, if appropriate. We capitalize indirect costs such as personnel, office and administrative expenses that are directly related to our development projects based on an estimate of the time spent on the construction and development activities. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. We determine when the capitalization period begins and ends through communication with project and other managers responsible for the tracking and oversight of individual projects. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. In addition, we capitalize incremental initial direct costs incurred for successful origination of new leases which include internal and external leasing commissions. Interest expense is capitalized based on actual qualifying capital expenditures from the period when development commences until the asset is ready for its intended use, at the weighted average borrowing rate during the period. These costs are included in investment in real estate and depreciated over the estimated useful life of the related assets. Costs incurred for maintaining and repairing our properties, which do not extend their useful lives, are expensed as incurred. Impairment Losses When events or circumstances indicate that the carrying amount of a real estate investment may not be recoverable, we review the carrying value of the asset. When such impairment indicators exist, we review an estimate of the undiscounted future cash flows expected to result from the use of the real estate investment and proceeds from its eventual disposition and compare such amount to the carrying amount of the real estate investment. If our undiscounted cash flows indicate that we are unable to recover the carrying value of the real estate investment, an impairment loss is recognized. An impairment loss is measured as the amount by which the real estate investment's carrying value exceeds its estimated fair value. During the quarter ended June 30, 2020, we entered into a nonbinding offer to sell land to a third-party, which resulted in the recognition of an impairment loss of $2.4 million in the quarter related to our investment in land held in Atlanta for future development. There were no impairment losses for the quarter ended March 31, 2020 or three or six months ended June 30, 2019. Cash and Cash Equivalents and Restricted Cash 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 of three months or less. Restricted cash includes cash equivalents restricted by contract or regulation, including letters of credit. Equity Investments We hold investments in various joint ventures where the Company evaluates its ability to influence the operating or financial decisions of the investee in applying the appropriate method of accounting for such investments. Influence tends to be more effective as the investor's percent of ownership in the voting rights of the investee increases. Our equity investments represent less than 20% of the voting rights of the investees and we do not exercise influence over the investee's operating and financial decisions. Accordingly, we do not account for our equity investments using the equity method of accounting. For further information about our equity investments, see Note 7, Equity Investments. Our investment in GDS Holdings Limited ("GDS") is classified as "available for sale" and is carried at fair value. Changes in the fair value are reported as a component of net income in Gain on marketable equity investments. Revenue Recognition Our revenue consists of lease revenue and revenue from contracts with customers. Lease Revenue: Our leasing revenue primarily consists of colocation rent, metered power reimbursements and interconnection revenue and is accounted for under ASC 842, Leases. We generally are not entitled to reimbursements for rental expenses including real estate taxes, insurance or other common area operating expenses. a. Colocation Rent Revenue Colocation rent revenues, including interconnection revenue, are fixed minimum lease payments generally billed monthly in advance based on the contracted power or leased space. Some contracts may provide initial free rent periods and rents that escalate over the term of the contract. If rents escalate without the lessee gaining access to or control over additional leased power or space at the beginning of the lease term, the rental payments 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 power and or leased space, revenue is recognized in proportion to the additional power or space in the periods that the lessee has control over the use of the additional power or space. The excess of revenue recognized over amounts contractually due is recognized as a straight-line receivable, which is included in rent and other receivables in our Condensed Consolidated Balance Sheet. Some of our leases are structured on a gross basis in which the customer pays a fixed amount for colocation space and power. The revenue for these types of leases is recorded in colocation rent revenue. b. Metered Power Reimbursements Revenue Some of our leases provide that the customer is separately billed for power based upon actual or estimated metered usage at rates then in effect. Metered power reimbursement revenue is variable lease payments generally billed one month in arrears, and an estimate of this revenue is accrued in the month that the associated power is provided and recorded in metered power reimbursements revenue. Revenue from Contracts with Customers Revenue from our managed services, equipment sales, installations and other services are recognized under ASC 606, Revenue from Contracts with Customers. Equipment sold by us generally consists of servers, switches, networking equipment, cable infrastructure and cabinets. Revenue is recognized at a point-in-time when control of the equipment transfers to the customer from the Company, which generally occurs upon delivery to the customer. Managed services include providing of a full-service managed data center, monitoring customer computer equipment, managing backups and storage, utilization reporting and other related ancillary information technology services. Management service contracts generally range from one Installation services include mounting, wiring, and testing of customer owned equipment. The installation period is typically short term in duration, and accordingly, revenue from the installation of customer equipment is recognized at a point-in-time once the installation is complete and the performance obligation is satisfied. Other services generally include installation of customer equipment, performing customer system re-boots, server cabinet and cage management, power monitoring, shipping and receiving, resolving technical issues, and other services requested by the customer. Other service revenue is measured based on the consideration specified in the contract and recognized over time as we satisfy the performance obligation. Contract assets were $1.1 million as of June 30, 2020 and were not material as of December 31, 2019. Contract liabilities were not material as of both June 30, 2020 and December 31, 2019. Rent and Other Receivables Receivables consist principally of trade receivables from customers and straight-line rent receivables with expected credit losses recorded as an allowance for doubtful accounts. 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 exchange rates during the period. Gains or losses from translation of foreign operations where the local currency is the functional currency are included as components of Other comprehensive income (loss). Gains or losses from foreign currency transactions are included in determining net income. Stock-Based Compensation We have a stock-based incentive award plan for our employees and directors. Stock-based compensation expense associated with these awards is recognized in General and administrative expenses, Property operating expenses, and Sales and marketing expenses in our Condensed Consolidated Statements of Operations. We measure stock-based compensation at the estimated fair value on the grant date and recognize the amortization of stock-based compensation expense over the requisite service period. Fair value is determined based on assumptions related to stock volatility, risk-free rate of return, and estimates of market and company performance. Fair Value Measurements Fair value measurements are utilized in accounting for business combinations, asset acquisitions, testing of goodwill and other long-lived assets for impairment, recording unrealized gain on available-for-sale securities, derivatives and related disclosures. 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 that prioritizes certain inputs used in the methodologies of measuring fair value for asset 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. Derivative Instruments Derivative instruments are measured at fair value and recorded in Other assets and Other liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in the Condensed Consolidated Statement of Comprehensive Income (Loss) until the hedged item is recognized in earnings. Any ineffective portion of a derivative's change in fair value is immediately recognized in earnings. For interest rate derivatives, amounts recognized in earnings are reflected in Interest expense, net. For a derivative designated and that qualified as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative are reported in the Condensed Consolidated Statement of Comprehensive Income (Loss). Any ineffective portion of the change in fair value of the derivative is recognized directly in earnings. Amounts are reclassified out of other comprehensive income (loss) into earnings when the hedged investment is either sold or substantially liquidated.

Recently Adopted Accounting Sta

Recently Adopted Accounting Standards	6 Months Ended
	Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract]
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards Lease Modification Q&A Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, lessors may provide rent deferrals and other lease concessions to lessees. While the lease modification guidance in ASC 842, Leases, the new accounting standard for leases addresses changes to lease terms resulting from negotiations between the lessee and the lessor, this guidance did not contemplate concessions being so rapidly executed to address the impact from the COVID-19 pandemic on the lessor's business. In April 2020, the Financial Accounting Standards Board ("FASB") issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under the new accounting standard for leases, the Company must determine, on a lease by lease basis, if a lease concession resulted in a lease modification. The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and circumstances. The adoption of this guidance has not had a material impact on our financial statements. Guarantor Financial Information In March 2020, the SEC amended Rule 3-10 of Regulation S-X to reduce and simplify financial disclosure requirements for issuers and guarantors of registered debt offerings. The guidance is effective January 4, 2021, with early adoption permitted. This new guidance replaces the previous requirement to provide condensed consolidating financial information in the registrant’s financial statements with a requirement to provide alternative financial disclosures in Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations" or its financial statements. We adopted these amendments as of April 1, 2020, and the alternative disclosures are presented in Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the information previously included in the Notes to Condensed Consolidated Financial Statements has been removed. Intangibles-Goodwill and Other Internal-Use Software We adopted ASU 2018-15, Intangibles Goodwill and Other Internal Use Software on a prospective basis effective January 1, 2020. The adoption did not have a significant impact on the Company. Fair Value Measurement On January 1, 2020, we adopted ASU 2018-13, Fair Value Measurement, which changes the fair value measurement disclosure requirements of ASC 820, Fair Value Measurement. The amendments are part of the FASB’s disclosure framework project to improve the effectiveness of disclosures important to financial statement users including information about assets and liabilities measured at fair value in our Condensed Consolidated Balance Sheets. The adoption did not have a significant impact on the Company. Financial Instruments - Credit Losses On January 1, 2020, we adopted ASU 2016-13, Financial Instruments-Credit Losses (CECL), which requires certain financial assets to be presented at the net amount expected to be collected. CECL and its related amendments apply to our customer contract trade receivables, notes receivable and net investments in leases. Our Rent and other receivables are primarily comprised of rent receivables, which are not within the scope of this sub-topic. The adoption did not have a significant impact on the Company because of our limited exposure to financial instruments subject to this standard. New Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies various aspects related to the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes and clarifies certain aspects of the guidance to promote consistency among reporting entities. The guidance is effective for periods beginning after December 15, 2020, with early adoption permitted. The Company is evaluating the impact of the new standard.

Revenue Recognition

Revenue Recognition	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Revenue Recognition	Revenue Recognition Lease Revenue Lease revenue primarily consists of colocation rent and metered power reimbursements from the lease of our data centers. Colocation leases may include all or portions of a data center, where customers may also lease office space to support their colocation operations. Revenue is primarily based on power usage as well as square footage. Customer lease arrangements customarily contain provisions that allow for renewal or continuation on a month-to-month arrangement, and certain leases contain early termination rights. We do not include any of these extension or termination options in a customer’s lease term for lease classification purposes or for recognizing lease revenue unless we are reasonably certain the customer will exercise these extension or termination options at lease commencement. At lease commencement, early termination is generally not deemed probable due to the significant economic penalty incurred by the lessee to exercise its early termination right and to relocate their equipment installed in our facilities. Generally, our customer lease arrangements do not provide any option to purchase and are classified as operating leases. We have substantial revenue primarily related to lease revenue from one customer that represents approximately 19% and 22% of our total revenue for the six months ended June 30, 2020 and 2019, respectively. At June 30, 2020, the future minimum lease payments to be received under non-cancellable operating leases, excluding month-to-month arrangements and metered power reimbursements are shown below (in millions): As of June 30, 2020 Minimum Lease Payments 2020 $ 386.8 2021 685.4 2022 585.2 2023 471.1 2024 361.3 2025 294.4 Thereafter 822.3 Total $ 3,606.5 At June 30, 2019, the future minimum lease payments to be received under non-cancellable operating leases, excluding month-to-month arrangements and metered power reimbursements are shown below (in millions): As of June 30, 2019 Minimum Lease Payments 2019 $ 363.6 2020 679.7 2021 577.3 2022 486.0 2023 395.4 2024 307.3 Thereafter 953.8 Total $ 3,763.1 Revenue from Contracts with Customers Revenue from equipment sales and the installation of customer equipment is recognized at a point-in-time. Title to such assets are transferred to the customer, and the benefits of the installation service are typically consumed at the completion of the service. Disaggregation of Revenue For the three and six months ended June 30, 2020 and 2019, lease revenue disaggregated by primary revenue stream is as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, Lease revenue 2020 2019 2020 2019 Colocation (Minimum lease payments) $ 207.5 $ 197.3 $ 411.5 $ 385.6 Metered power reimbursements (Variable lease payments) 37.1 31.7 71.9 60.3 Total lease revenue $ 244.6 $ 229.0 $ 483.4 $ 445.9 For the three and six months ended June 30, 2020 and 2019, revenue from contracts with customers disaggregated by primary revenue stream is as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, Revenue from contracts with customers 2020 2019 2020 2019 Equipment sales and services $ 6.9 $ 17.1 $ 9.4 $ 21.1 Other revenue 4.9 5.4 9.5 9.5 Total revenue from contracts with customers $ 11.8 $ 22.5 $ 18.9 $ 30.6 Other revenue related to contracts with customers in the table above includes managed services and other services revenue of $3.8 million and $7.9 million for the three and six months ended June 30, 2020, respectively, and $4.3 million and $7.7 million for the three and six months ended June 30, 2019, respectively. Total revenues from contracts with customers generated from operations outside of the United States were $3.6 million and $4.2 million for the three and six months ended June 30, 2020, respectively, and were insignificant for the three and six months ended June 30, 2019, respectively. Accounts receivable associated with revenue from contracts with customers were $7.5 million and $6.4 million as of June 30, 2020 and December 31, 2019, respectively.

Leases - As a Lessee

Leases - As a Lessee	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Leases - As a Lessee	Leases - As a Lessee Right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. Variable lease payments consisting of non-lease components and services are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation is incurred. The new accounting standard for leases defines initial direct costs as only the incremental costs of signing a lease. Initial direct costs related to leasing that are not incremental are expensed as general and administrative expense in our Condensed Consolidated Statements of Operations. As a result of electing the package of practical expedients, initial direct costs incurred prior to the effective date have not been reassessed. Our operating lease agreements primarily consist of leased real estate and are included within Operating lease ROU assets and Operating lease liabilities on the Condensed Consolidated Balance Sheets. Many of our lease agreements include options to extend the lease, which are not included in our minimum lease payments unless they are reasonably certain to be exercised at lease commencement. Rental expense related to operating leases is recognized on a straight-line basis over the lease term. We operate five data center facilities and have a data center under development subject to finance leases. The remaining terms of our data center finance leases range from one twenty-one one The components of lease expense are as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating lease cost $ 6.8 $ 4.6 $ 13.0 $ 9.6 Finance lease cost: Amortization of assets 0.4 0.6 0.8 1.1 Interest on lease liabilities 0.3 0.4 0.7 0.9 Total net lease cost $ 7.5 $ 5.6 $ 14.5 $ 11.6 Supplemental balance sheet information related to leases is as follows (in millions, except lease term and discount rate): June 30, 2020 December 31, 2019 Operating leases: Operating lease right-of-use assets $ 204.7 $ 161.9 Operating lease liabilities $ 240.5 $ 195.8 Finance leases: Property and equipment, at cost $ 31.9 $ 34.9 Accumulated amortization (5.8) (5.0) Property and equipment, net $ 26.1 $ 29.9 Finance lease liabilities $ 28.8 $ 31.8 Weighted average remaining lease term (in years): Operating leases 17.3 15.8 Finance leases (a) 18.0 18.1 Weighted average discount rate: Operating leases 3.8 % 3.9 % Finance leases (a) 4.9 % 4.9 % (a) Excludes a 999-year ground lease in Dublin, The Republic of Ireland entered into during the third quarter of 2019. The Dublin finance lease was capitalized as land and included in Construction in progress, including land under development on the consolidated balance sheets. Supplemental cash flow and other information related to leases is as follows (in millions): Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11.1 $ 9.8 Operating cash flows from finance leases 0.7 0.9 Financing cash flows from finance leases 1.3 1.2 Non-cash right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 51.2 $ 85.7 Finance leases — — Maturities of lease liabilities were as follows as of June 30, 2020 (in millions): Operating Leases Finance Leases 2020 $ 11.4 $ 2.8 2021 25.2 4.0 2022 26.7 2.8 2023 23.0 1.8 2024 18.5 1.4 2025 17.0 1.4 Thereafter 206.5 27.5 Total lease payments $ 328.3 $ 41.7 Less: Imputed interest (87.8) (12.9) Total lease obligations $ 240.5 $ 28.8 Maturities of lease liabilities were as follows as of December 31, 2019 (in millions): Operating Leases Finance Leases 2020 $ 22.4 $ 5.0 2021 21.0 4.1 2022 22.4 2.9 2023 18.5 1.9 2024 13.9 1.4 Thereafter 165.4 31.1 Total lease payments $ 263.6 $ 46.4 Less: Imputed interest (67.8) (14.6) Total lease obligations $ 195.8 $ 31.8
Leases - As a Lessee	Leases - As a Lessee Right-of-use ("ROU") assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at the lease commencement date based on the estimated present value of lease payments over the lease term. Variable lease payments consisting of non-lease components and services are excluded from the ROU assets and lease liabilities and are recognized in the period in which the obligation is incurred. The new accounting standard for leases defines initial direct costs as only the incremental costs of signing a lease. Initial direct costs related to leasing that are not incremental are expensed as general and administrative expense in our Condensed Consolidated Statements of Operations. As a result of electing the package of practical expedients, initial direct costs incurred prior to the effective date have not been reassessed. Our operating lease agreements primarily consist of leased real estate and are included within Operating lease ROU assets and Operating lease liabilities on the Condensed Consolidated Balance Sheets. Many of our lease agreements include options to extend the lease, which are not included in our minimum lease payments unless they are reasonably certain to be exercised at lease commencement. Rental expense related to operating leases is recognized on a straight-line basis over the lease term. We operate five data center facilities and have a data center under development subject to finance leases. The remaining terms of our data center finance leases range from one twenty-one one The components of lease expense are as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating lease cost $ 6.8 $ 4.6 $ 13.0 $ 9.6 Finance lease cost: Amortization of assets 0.4 0.6 0.8 1.1 Interest on lease liabilities 0.3 0.4 0.7 0.9 Total net lease cost $ 7.5 $ 5.6 $ 14.5 $ 11.6 Supplemental balance sheet information related to leases is as follows (in millions, except lease term and discount rate): June 30, 2020 December 31, 2019 Operating leases: Operating lease right-of-use assets $ 204.7 $ 161.9 Operating lease liabilities $ 240.5 $ 195.8 Finance leases: Property and equipment, at cost $ 31.9 $ 34.9 Accumulated amortization (5.8) (5.0) Property and equipment, net $ 26.1 $ 29.9 Finance lease liabilities $ 28.8 $ 31.8 Weighted average remaining lease term (in years): Operating leases 17.3 15.8 Finance leases (a) 18.0 18.1 Weighted average discount rate: Operating leases 3.8 % 3.9 % Finance leases (a) 4.9 % 4.9 % (a) Excludes a 999-year ground lease in Dublin, The Republic of Ireland entered into during the third quarter of 2019. The Dublin finance lease was capitalized as land and included in Construction in progress, including land under development on the consolidated balance sheets. Supplemental cash flow and other information related to leases is as follows (in millions): Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11.1 $ 9.8 Operating cash flows from finance leases 0.7 0.9 Financing cash flows from finance leases 1.3 1.2 Non-cash right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 51.2 $ 85.7 Finance leases — — Maturities of lease liabilities were as follows as of June 30, 2020 (in millions): Operating Leases Finance Leases 2020 $ 11.4 $ 2.8 2021 25.2 4.0 2022 26.7 2.8 2023 23.0 1.8 2024 18.5 1.4 2025 17.0 1.4 Thereafter 206.5 27.5 Total lease payments $ 328.3 $ 41.7 Less: Imputed interest (87.8) (12.9) Total lease obligations $ 240.5 $ 28.8 Maturities of lease liabilities were as follows as of December 31, 2019 (in millions): Operating Leases Finance Leases 2020 $ 22.4 $ 5.0 2021 21.0 4.1 2022 22.4 2.9 2023 18.5 1.9 2024 13.9 1.4 Thereafter 165.4 31.1 Total lease payments $ 263.6 $ 46.4 Less: Imputed interest (67.8) (14.6) Total lease obligations $ 195.8 $ 31.8

Investment in Real Estate

Investment in Real Estate	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Investment in Real Estate	Investment in Real Estate Land for future development During the six months ended June 30, 2020, the Company purchased 2 acres of land for future development in Frankfurt, Germany for $12.4 million. During the six months ended June 30, 2019, the Company purchased approximately 30 acres of land for future development in San Antonio, Texas and Santa Clara, California for $40.1 million . Real Estate Investments and Intangible Assets and Related Depreciation and Amortization As of June 30, 2020 and December 31, 2019, major components of our real estate investments and intangibles and related accumulated depreciation and amortization are as follows (in millions): As of: June 30, 2020 December 31, 2019 Cost Accumulated Depreciation and Amortization Net book value Cost Accumulated Depreciation and Amortization Net book value Investment in real estate Building and improvements $ 1,857.9 $ (588.8) $ 1,269.1 $ 1,761.4 $ (545.1) $ 1,216.3 Equipment 3,229.5 (973.9) 2,255.6 3,028.2 (834.1) 2,194.1 Intangible assets Customer relationships $ 247.1 $ (157.1) $ 90.0 $ 247.1 $ (151.1) $ 96.0 In-place leases 134.5 (58.3) 76.2 137.1 (46.7) 90.4 Other contractual 19.2 (10.5) 8.7 19.4 (9.7) 9.7 Total intangible assets $ 400.8 $ (225.9) $ 174.9 $ 403.6 $ (207.5) $ 196.1 Depreciation and amortization are calculated using the straight-line method over the useful lives of the assets. The typical life of owned assets are as follows: Buildings 30 years Building improvements 30 years Equipment 20 years Leased real estate and leasehold improvements are depreciated over the shorter of the asset's useful life or the remaining lease term. Depreciation expense was $96.6 million and $191.5 million for the three and six months ended June 30, 2020, respectively, and $88.9 million and $177.8 million for the three and six months ended June 30, 2019, respectively. Other contract intangible assets include tradename, favorable leasehold interests and above market leases. Amortization expense related to intangibles was $13.1 million and $26.3 million for the three and six months ended June 30, 2020, respectively, and $13.2 million and $26.4 million for the three and six months ended June 30, 2019, respectively.

Equity Investments

Equity Investments	6 Months Ended
	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Equity Investments	Equity Investments The Company has the following equity investments where it has a noncontrolling interest in the investees (in millions). Equity Investments as of: Investees Equity Method June 30, 2020 December 31, 2019 GDS, Class A share equivalent Fair value $ 163.8 $ 118.7 ODATA Brasil S.A. Cost method 18.8 15.4 ODATA Colombia S.A.S Cost method 2.3 1.0 Equity investments $ 184.9 $ 135.1 The Company has an equity investment in GDS, a developer and operator of high-performance, large-scale data centers in China. As of June 30, 2020, the American Depositary Share ("ADS") Class A ordinary share equivalent was $79.66 per ADS based on its closing price. We account for our equity investment in GDS using the fair value method. In June 2020, we sold approximately 245,000 GDS ADSs for a total sales price of approximately $20.0 million. We continue to hold approximately 2.1 million GDS ADSs, with a total fair value of $163.8 million as of June 30, 2020. In April 2019, we sold approximately 5.7 million GDS ADSs for a total sales price of approximately $199.0 million. We recognized gains on GDS ADSs of $50.4 million and $65.1 million for the three and six months ended June 30, 2020, respectively, and a loss of $8.5 million and a gain of $92.7 million for the three and six months ended June 30, 2019, respectively. The Company recognized Gains (losses) on marketable equity investment in GDS ADSs held and sold as follows: Three Months Ended June 30, Six Months Ended June 30, IN MILLIONS 2020 2019 2020 2019 Net gain (loss) on marketable equity investments $ 50.4 $ (8.5) $ 65.1 $ 92.7 Less: Net gain (loss) recognized on marketable equity investments sold 5.8 (5.3) 7.4 66.9 Unrealized gain (loss) on marketable equity investments held $ 44.6 $ (3.2) $ 57.7 $ 25.8 As of June 30, 2020 and December 31, 2019, the Company had a total $21.1 million

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets As of June 30, 2020 and December 31, 2019, the components of Other assets are as follows (in millions): June 30, 2020 December 31, 2019 Deferred leasing and other contract costs $ 59.2 $ 53.2 Prepaid expenses 23.3 22.1 Non-real estate assets, net 15.1 16.3 Derivative assets — 3.5 Other assets 29.7 18.8 Total $ 127.3 $ 113.9 Non-real estate assets, net primarily consists of administrative related software and computers and office equipment, which are depreciated or amortized over the shorter of the assets useful life or the lease term. Other assets primarily includes land deposits, fuel inventory, notes receivable, deferred tax assets, net of allowance and other deferred costs.

Debt

Debt	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt As of June 30, 2020 and December 31, 2019, the components of Debt are as follows (unless otherwise noted, interest rate and maturity date information are as of June 30, 2020) (in millions): June 30, 2020 December 31, 2019 Interest Rate Maturity Date Amended Credit Agreement: Revolving Credit Facility: March 2024 (b) US Revolver (a) $ 203.0 $ — Monthly LIBOR + 1.00% EUR Revolver 89.8 — Monthly LIBOR + 1.00% GBP Revolver (a) 37.0 — Monthly LIBOR + 1.00% 2023 Term Loan Facility (c) 400.0 — Monthly LIBOR + 1.20% March 2023 2025 Term Loan Facility 700.0 — Monthly LIBOR + 1.20% March 2025 $3.0 Billion Credit Facility: $1.7 Billion Revolving Credit Facility: March 2022 US Revolver — 555.0 Monthly LIBOR + 1.20% EUR Revolver — 33.6 Monthly EURIBOR + 1.20% GBP Revolver — 26.4 Monthly LIBOR + 1.20% 2023 Term Loan — 800.0 Monthly LIBOR + 1.35% March 2023 2025 Term Loan — 300.0 Monthly LIBOR + 1.65% March 2025 2024 Notes, including bond discount of $0.8 million 599.2 599.2 2.900 % November 2024 2029 Notes, including bond discount of $1.6 million 598.4 598.2 3.450 % November 2029 2027 Notes, including bond discount of $0.7 million (d) 560.8 — 1.450 % January 2027 Deferred financing costs (31.3) (25.8) — — Total $ 3,156.9 $ 2,886.6 (a) - Monthly USD LIBOR and GBP LIBOR as of June 30, 2020 was 0.18% and 0.10%, respectively. (b) - The Company has an option to exercise a one (c) - The Company has an option to exercise two 1-year extension options, subject to certain conditions. (d) - The 2027 Notes represent €495.3 million, including bond discount of €0.7 million of Euro bonds. Credit facilities On March 31, 2020, CyrusOne LP, a Maryland limited partnership and subsidiary of CyrusOne Inc., entered into an amendment to its credit agreement, dated as of March 29, 2018 (as so amended, the “Amended Credit Agreement”), among the Operating Partnership, as borrower, the lenders party thereto (the “Lenders”) and JPMorgan Chase Bank, N.A., as administrative agent for the Lenders. Proceeds from the Amended Credit Agreement were used, among other things, to refinance and replace the credit facilities under the $3.0 Billion Credit Facility (as defined below). The Amended Credit Agreement provides for (i) a $1.4 billion senior unsecured multi-currency revolving credit facility (the “Revolving Credit Facility”), (ii) senior unsecured term loans due 2023 in a dollar equivalent principal amount of $400.0 million (the “2023 Term Loan Facility”), and (iii) senior unsecured term loans due 2025 in a principal amount of $700.0 million (the “2025 Term Loan Facility”). The Amended Credit Agreement also includes an accordion feature pursuant to which the Operating Partnership is permitted to obtain additional revolving or term loan commitments so long as the aggregate principal amount of commitments and/or term loans under the Amended Credit Agreement does not exceed $4.0 billion. The Revolving Credit Facility provides for borrowings in U.S. Dollars, Euros, Pounds Sterling, Canadian Dollars, Australian Dollars, Japanese Yen, Hong Kong Dollars, Singapore Dollars and Swiss Francs (subject to a sublimit of $750.0 million on borrowings in currencies other than U.S. Dollars). The Revolving Credit Facility matures on March 29, 2024 with one 12-month extension option. The 2023 Term Loan Facility matures on March 29, 2023 with two 1-year extension options, and the 2025 Term Loan Facility matures on March 28, 2025. The interest rates for borrowings under the Amended Credit Agreement are, at the option of the borrower, based on a floating rate or base rate, plus a margin determined by reference to a pricing grid based on the lower of (i) the rate corresponding to the then applicable credit rating for the Operating Partnership’s senior unsecured debt or (ii) the rate corresponding to the then applicable ratio of the Company’s consolidated total indebtedness to its gross asset value. The Amended Credit Agreement includes certain restricted covenants, requirements to maintain certain financial ratios, including with respect to unencumbered assets, and events of default. On March 31, 2020, borrowings of $1.3 billion under the Amended Credit Agreement were used to repay the $3.0 Billion Credit Facility, which consisted of a $1.7 billion revolving credit facility ("$1.7 Billion Revolving Credit Facility"), which included a $750.0 million multicurrency borrowing sublimit, a 5-year term loan with commitments totaling $1.0 billion and a $300.0 million 7-year term loan (collectively, the "$3.0 Billion Credit Facility"). The aggregate outstanding principal balance under the Amended Credit Agreement as of March 31, 2020, was $1.3 billion, and the Company recognized a loss on early extinguishment of debt of $3.4 million in connection with the repayment of the $3.0 Billion Credit Facility. It is not known whether LIBOR will continue after 2021 in a legally workable form. There is a risk that an adverse outcome of the LIBOR transition after 2021 could increase our interest and other costs relative to our outstanding subordinated debt. We may not be able to refinance those instruments on terms that reduce those costs to the level we would have expected if LIBOR were to continue indefinitely, unchanged. Also, a transition from LIBOR could impact or change our hedge accounting practices. Prior to obtaining an investment grade rating in September 2019 and shifting to a ratings-based pricing grid under the $1.7 Billion Revolving Credit Facility, we paid commitment fees for the unused amount of borrowings on the $1.7 Billion Revolving Credit Facility and fees on any outstanding letters of credit equal to 0.25% per annum of the actual daily amount by which the aggregate revolving commitments exceeded the sum of outstanding revolving loans and letter of credit obligations. Following the shift to a ratings-based pricing grid, we pay a facility fee calculated based on the aggregate revolving commitments. The facility fee rate varies based on ratings-based pricing levels, and is currently equal to 0.25% per annum of the aggregate revolving commitments. The facility fee or commitment fee, as applicable, was $0.7 million and $1.8 million for the three and six months ended June 30, 2020, respectively, and $0.5 million and $1.0 million for the three and six months ended June 30, 2019, respectively. As of June 30, 2020, we had $400.0 million, $700.0 million and $329.8 million outstanding under the 2023 Term Loan Facility, the 2025 Term Loan Facility and the Revolving Credit Facility, respectively, and additional borrowing capacity under the Amended Credit Agreement was approximately $1.1 billion ($1.1 billion under the Revolving Credit Facility and zero under the 2023 Term Loan Facility and 2025 Term Loan Facility), net of $10.6 million of outstanding letters of credit. Senior notes Euro bonds On January 22, 2020, the Operating Partnership and CyrusOne Finance Corp., a single-purpose finance subsidiary, both wholly-owned subsidiaries of the Company (together, the "Issuers"), completed a public offering of €500.0 million aggregate principal amount of 1.450% senior notes due 2027 (the “2027 Notes”). The Company received proceeds of €495.3 million, net of underwriting costs and other deferred financing costs. The Company used the proceeds to repay floating rate Euro denominated obligations and fund continued development in Europe. The 2027 Notes are senior unsecured obligations of the Issuers guaranteed by CyrusOne Inc., which rank equally in right of payment with all existing and future unsecured senior indebtedness of the Issuers. The 2027 Notes are effectively subordinated in right of payment to any future secured indebtedness, if any, to the extent of the value of the assets securing such indebtedness. The 2027 Notes may be redeemed at our option prior to their scheduled maturity dates at the prices and premiums and on the terms set forth in the respective indentures governing the notes. US bonds On December 5, 2019, the Issuers completed a public offering of $600.0 million aggregate principal amount of 2.900% senior notes due 2024 (the "2024 Notes") and $600.0 million aggregate principal amount of 3.450% senior notes due 2029 (the “2029 Notes”). The Company received proceeds of $1,197.4 million, net of underwriting costs and other deferred financing costs. The Company used the proceeds to finance the repurchase of all of its 5.000% senior notes due 2024 (the “Old 2024 Notes”) and all of its 5.375% senior notes due 2027 (the “Old 2027 Notes” and together with the Old 2024 Notes, the "Existing Notes"), including the payment of consent payments, for the redemption and discharge of Existing Notes that remained outstanding after the completion of the tender offers and consent solicitations, for the payment of related premiums, fees, discounts and expenses and for general corporate purposes. In connection with the repurchase of the Existing Notes, the Company recognized a loss on early extinguishment of debt of $71.8 million. The 2024 Notes and 2029 Notes are senior unsecured obligations of the Issuers guaranteed by CyrusOne Inc., which rank equally in right of payment with all existing and future unsecured senior indebtedness of the Issuers. The 2024 Notes and 2029 Notes are effectively subordinated in right of payment to any future secured indebtedness of the Issuers, if any, to the extent of the value of the assets securing such indebtedness. The 2024 Notes and 2029 Notes may be redeemed at our option prior to their scheduled maturity dates at the prices and premiums and on the terms set forth in the respective indentures governing the notes. Financial debt covenants Our debt agreements contain customary provisions with respect to events of default, affirmative and negative covenants and borrowing conditions. The most restrictive covenants are generally included in the Amended Credit Agreement. The Amended Credit Agreement requires us to maintain certain financial covenants including the following, in each case on a consolidated basis, a minimum fixed charge ratio, maximum total and secured leverage ratios, maximum net operating income to debt service ratio and a maximum ratio of unsecured indebtedness to unencumbered asset value. In order to continue to have access to amounts available under the Amended Credit Agreement, the Company must remain in compliance with all of that agreement's covenants. As of June 30, 2020, we are in compliance with the financial covenants of our debt agreements.

Fair Value of Financial Instrum

Fair Value of Financial Instruments and Hedging Activities	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments and Hedging Activities	Fair Value of Financial Instruments and Hedging Activities Fair value measurements are based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering assumptions in fair value measurements, a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity's own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy) has been established. Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets and liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability that are typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement requires judgment and considers factors specific to the asset or liability. The fair value of Cash and cash equivalents, Rent and other receivables, Construction costs payable, Dividends payable and Accounts payable and accrued expenses approximate their carrying value because of the short-term nature of these financial instruments. The carrying value, exclusive of deferred financing costs, for the revolving credit facilities and the floating rate term loans approximate estimated fair value as of June 30, 2020 and December 31, 2019, due to the floating rate nature of the interest rates and the stability of our credit ratings. We determine the fair value of our derivative financial instruments using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves, foreign exchange rates and implied volatilities. We determine the fair values of our interest rate swaps using the market standard methodology of netting the discounted future fixed cash receipts or payments and the discounted expected variable cash payments. We base the variable cash payments on an expectation of future interest rates, or forward curves, derived from observable market interest rate curves. We base the fair values of our net investment hedges on the change in the spot rate at the end of the period as compared with the strike price at inception. We incorporate credit valuation adjustments to appropriately reflect nonperformance risk for us and the respective counterparty in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we consider the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. We have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy. Although the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties, we assess the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. The carrying value and fair value of other financial instruments are as follows (in millions): June 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value 2024 Notes - 2.900% $ 599.2 $ 632.6 $ 599.2 $ 602.1 2029 Notes - 3.450% 598.4 624.6 598.2 603.1 2027 Notes - 1.450% 560.8 538.1 — — GDS equity investment 163.8 163.8 118.7 118.7 The fair values of our 2024 Notes, 2027 Notes and 2029 Notes as of June 30, 2020 were based on the quoted market prices for these notes, which is considered Level 1 of the fair value hierarchy. The fair value of the GDS equity investment as of June 30, 2020 was based on the quoted market price for the stock which is considered Level 1 of the fair value hierarchy. Hedging Activities When we use derivative instruments, it is generally to reduce our exposure to fluctuations in interest rates and foreign currency exchange rate movements. We have not entered into, and do not plan to enter into, financial instruments for trading or speculative purposes. To manage foreign currency exposure, we have entered into Euro denominated debt and cross-currency swaps to hedge the Company's net investment in its Euro functional currency consolidated subsidiaries and the variability in EUR-USD exchange rate. Accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the designation of the derivative, including whether we have elected to designate a derivative in a hedging relationship and apply hedge accounting and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. Derivatives designated and qualifying as a hedge of the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as foreign currency risk or interest rate risk, are considered fair value hedges. Derivatives designated and qualifying as a hedge of the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. Hedge accounting generally provides for the matching of the timing of gain or loss recognition on the hedging instrument with the recognition of the changes in the fair value of the hedged asset or liability that are attributable to the hedged risk in a fair value hedge or the earnings effect of the hedged forecasted transactions in a cash flow hedge. For derivatives designated as "cash flow" hedges, the change in the fair value of the derivative is initially reported in Other comprehensive income ("OCI") in our Condensed Consolidated Statements of Comprehensive Income (Loss) and subsequently reclassified into Gain (loss) when the hedged transaction affects earnings, or the hedging relationship is no longer highly effective. We assess the effectiveness of each hedging relationship whenever financial statements are issued, or earnings are reported and at least every three months. We also use derivatives, such as foreign currency swaps, that are not designated as hedges to manage foreign currency exchange rate risks. The changes in fair values of these derivatives that were not designated or did not qualify as hedging instruments are immediately, recognized in earnings within the line item Foreign currency and derivative losses, net in the Condensed Consolidated Statements of Operations. The following table summarizes the Company's derivative positions as of June 30, 2020 and December 31, 2019, (in millions): June 30, 2020 December 31, 2019 Maturity Date Notional Amount Hedged Risk Asset Liability Asset Liability Designated derivatives Cross Currency Swaps EUR - USD 3/29/2023 $ 250.0 Net investment hedge $ — $ 3.9 $ — $ 3.8 EUR - USD 3/29/2023 250.0 Net investment hedge — 4.1 — 3.9 EUR - USD 01/15/2020 155.9 Net investment hedge — — — 1.4 Interest Rate Swaps USD Libor 3/29/2023 300.0 Interest rate hedge - Float to fixed — 8.8 3.5 — Undesignated derivatives Cross Currency Swaps EUR - USD 01/15/2020 265.3 Foreign currency exchange — — — 2.1 EUR - USD 01/15/2020 25.6 Foreign currency exchange — — — 0.2 Total $ 1,246.8 $ — $ 16.8 $ 3.5 $ 11.4 Cross-Currency Swaps The Company has entered into cross-currency swaps whereby the Company pays floating interest rate and receives floating interest rate to hedge the variability of future cash flows attributable to changes in the 1-month USD LIBOR versus EUR LIBOR rates (a pay-floating, receive-floating interest rate swap). The pay-floating, receive-floating interest rate swap payments are recognized in Interest expense, net in the Condensed Consolidated Statements of Operations. As of June 30, 2020, the Company has two cross-currency EUR/USD contracts to sell $500.0 million and purchase €450.7 million maturing in March 2023 representing a fair value liability of $8.0 million reported in Other liabilities. As of December 31, 2019, our cross-currency swaps were a fair value liability of $11.4 million reported in Other liabilities. For the three and six months ended June 30, 2020 the cross-currency swaps were designated as net investment hedges and the $8.6 million loss and $1.7 million gain recognized during this period due to the change in fair value were recognized in OCI. The Company recognized gains on undesignated cross-currency contracts of $4.5 million for the six months ended June 30, 2020, which are recognized in Foreign currency and derivative losses, net in the Condensed Consolidated Statements of Operations. Interest Rate Swaps On September 3, 2019, the Company entered into a floating-fixed interest rate swap agreement to convert $300.0 million of variable interest rate debt of the 2023 Term Loan Facility to 1.19% fixed rate debt. For the three and six months ended June 30, 2020, the Company recognized a loss of $0.9 million and $12.3 million, respectively, related to the changes in fair value of the interest rate swap which were recognized in OCI. As of June 30, 2020, interest rate swaps were a liability of $8.8 million reported in Other liabilities. As of December 31, 2019, interest rate swaps were an asset of $3.5 million reported in Other assets. Net Investment Hedges Exchange rate variations impact our financial results because the financial results of our foreign subsidiaries are translated to U.S. dollars each period, with the effect of exchange rate variations being recorded in OCI as part of the cumulative foreign currency translation adjustment. As a result, changes in the value of our borrowings under the foreign currency denominated revolver under our Revolving Credit Facility, 2027 Notes and synthetically swapped debt will be reported in the same manner as foreign currency translation adjustments, which are recorded in OCI as part of the cumulative foreign currency translation adjustment. As of June 30, 2020, our cross-currency swaps were a liability of $8.0 million reported in Other liabilities, and interest rate swaps were a liability of $8.8 million reported in Other liabilities. As of December 31, 2019, our cross-currency swaps were a liability of $11.4 million reported in Other liabilities, and interest rate swaps were an asset of $3.5 million reported in Other assets. The following table presents the effect of our derivative financial instruments on our accompanying condensed consolidated financial statements (in millions): For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Derivatives in Cash Flow Hedging Relationships Cross-Currency and Interest Rate Swaps: Amount of gain (loss) recognized in OCI for derivatives $ (9.5) $ (3.6) $ (10.6) $ (0.9) Amount of gain (loss) reclassified from accumulated OCI for derivatives $ — $ — $ — $ — Amount of gain (loss) recognized in earnings $ — $ — $ — $ — During the next 12 months, we estimate that immaterial amounts will be reclassified from "Accumulated OCI" to Net income (loss).

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stockholders' Equity	Stockholders' Equity During the fourth quarter of 2018, the Company entered into sales agreements pursuant to which the Company may issue and sell from time to time shares of its common stock having an aggregate sales price of up to $750.0 million (the "New 2018 ATM Stock Offering Program"). During the second quarter of 2020, the Company entered into sales agreements pursuant to which the Company may issue and sell from time to time shares of its common stock having an aggregate sales price of up to $750.0 million (the "2020 ATM Stock Offering Program"). The 2020 ATM Stock Offering Program replaced the New 2018 ATM Stock Offering Program. As of June 30, 2020, there was approximately $450.0 million under the 2020 ATM Stock Offering Program available for future offerings. During the six months ended June 30, 2019, the Company sold 4.9 million common shares at an average price of $52.22. At June 30, 2020, the Company had approximately 116.9 million shares of common stock outstanding. Forward Sales In November 2019, CyrusOne Inc. entered into a forward equity sale agreement with a financial institution acting as forward purchaser under the New 2018 ATM Stock Offering Program with respect to 1.6 million shares of its common stock at an initial forward price of $61.67 per share. The Company fully physically settled this forward equity sale agreement in June 2020. Upon settlement, the Company issued all such shares to such financial institution in its capacity as forward purchaser, in exchange for proceeds of approximately $96.5 million in accordance with the provisions of the forward equity sale agreement. During the six months ended June 30, 2020, CyrusOne Inc. entered into forward equity sale agreements with financial institutions acting as forward purchasers under the New 2018 ATM Stock Offering Program and the 2020 ATM Stock Offering Program, as applicable, with respect to approximately 6.2 million shares of its common stock at a weighted average price of $68.17 per share, net of expenses. The Company did not receive any proceeds from the sale of its common shares by the forward purchasers in respect of forward equity sale agreements entered during the six months ended June 30, 2020. The Company currently expects to fully physically settle the forward equity sale agreements by May 2021 and receive cash proceeds upon one or more settlement dates at the Company’s discretion, prior to the final settlement dates under the forward equity sale agreements, in which case we expect to receive aggregate net cash proceeds at settlement equal to the number of shares specified in such forward equity sale agreements multiplied by the relevant forward price per share. The weighted average forward sale price that we expect to receive upon physical settlement of the agreements will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchasers’ stock borrowing costs and (iii) scheduled dividends during the terms of the agreements. We have not settled any portion of the forward equity sale agreements entered into during the first and second quarters of 2020 as of the date of this filing. The following table represents a summary of forward sale of equity of our common stock for the six-month period ended June 30, 2020 (in thousands): Offering Program Forward Shares Sold/(Settled) Net Proceeds Received Remaining Proceeds Available (1) Total as of December 31, 2019 1.6 $ — $ 96.5 March 9, 2020 Forward Offering - Sales 2.0 — 123.4 May 13, 2020 Forward Offering - Sales 1.4 — 98.7 May 26, 2020 Forward Offering - Sales 1.4 — 98.7 May 29, 2020 Forward Offering - Sales 1.4 — 98.7 November 29, 2019 Forward Offering settlement (1.6) 96.5 (96.5) Total as of June 30, 2020 6.2 $ 96.5 $ 419.5 (1) As of June 30, 2020, the total estimated proceeds, net of adjustments for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchasers’ stock borrowing costs and (iii) scheduled dividends adjustments is $413.2 million subject to further adjustment when the forward offerings are settled as described above. Dividends During the six months ended June 30, 2020 and 2019, regular dividends were paid to our stockholders of $1.00 and $0.92 per common share, respectively, totaling $116.1 million and $101.3 million, respectively. On July 29, 2020, the Company announced a cash dividend of $0.51 per common share payable on October 9, 2020, to stockholders of record at the close of business on September 25, 2020.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Stock-Based Compensation	Stock-Based Compensation Stock Plans The board of directors of CyrusOne Inc. adopted the 2012 Long-Term Incentive Plan ("LTIP"), prior to the IPO, which was amended and restated on May 2, 2016 and February 18, 2019. The LTIP is administered by the compensation committee of the board of directors. Awards issuable under the LTIP include common stock, restricted stock, restricted stock units, stock options and other incentive awards. CyrusOne Inc. has reserved a total of 8.9 million shares of CyrusOne Inc. common stock for issuance pursuant to the LTIP, which may be adjusted for changes in capitalization and certain corporate transactions. To the extent that an award, if forfeitable, expires, terminates or lapses, or an award is otherwise settled in cash without the delivery of shares of common stock to the participant, then any unpaid shares subject to the award will be available for future grant or issuance under the LTIP. 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. The related stock compensation expense incurred by CyrusOne Inc. is allocated to the operating partnership. Shares available under the LTIP as of June 30, 2020 were approximately 4.4 million . Shares vest according to each agreement and as long as the employee remains employed with the Company. The Company has granted awards with time-based vesting, performance-based vesting and market-based vesting features. Restricted stock units and restricted stock are issued as either time-based (where the award vests ratably over time and is not subject to future performance targets and, accordingly, is initially recorded at the current market price at the time of grant) or performance-based (where the award is recorded at fair value at the time of grant and vesting of the award, if any, is based on achieving certain financial targets, currently based on total shareholder return). The restricted stock units have the right to receive dividend equivalents in cash and holders of restricted stock have the right to receive dividends. The performance-based awards accrue dividends equivalents that are payable in cash upon the vesting of the award. Compensation expense is measured based on the estimated grant-date fair value. Expense for time-based grants is recognized under a straight-line method. For market-based grants, expense is recognized under a graded expense attribution method. For performance-based grants, expense is recognized under a graded expense attribution method if it is probable that the performance targets will be achieved. Total stock-based compensation expense was $3.3 million and $7.0 million for the three and six months ended June 30, 2020, respectively, and $3.7 million and $8.2 million for the three and six months ended June 30, 2019, respectively. The following tables summarize the unvested restricted stock units, restricted stock and stock options activity and the weighted average fair value of these shares at the date of grant for the six months ended June 30, 2020 and 2019 (performance-based awards are reflected at the target amount of the grant): Restricted Stock Units ("RSU") 2020 2019 Restricted Stock Units Weighted Average Grant Date Fair Value Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding January 1, 646,619 $ 55.80 511,409 $ 56.23 Granted 183,175 78.80 391,911 48.50 TSR and other adjustments (a) 164,071 91.32 — — Exercised (295,738) 84.56 (130,210) 45.37 Forfeited (91,321) 50.03 (71,625) 53.16 Outstanding June 30, 606,806 $ 59.20 701,485 $ 54.24 Time-based RSUs outstanding 285,534 $ 59.62 347,600 $ 53.38 Performance-based RSUs outstanding 321,272 $ 58.83 353,885 $ 55.08 (a) TSR adjustments represent the incremental shares earned for the total stockholder return (TSR) performance metric exceeding target and resulting in 200% payout for the 2017 LTIP Performance Awards. Restricted Stock ("RS") 2020 2019 Restricted Stock Weighted Average Grant Date Fair Value Restricted Stock Weighted Average Grant Date Fair Value Outstanding January 1, 16,681 $ 52.46 419,356 $ 35.73 Granted 14,973 70.15 16,681 52.46 Exercised (16,681) 52.46 (370,554) 35.38 Forfeited — — (34,603) 37.09 Outstanding June 30, 14,973 $ 70.15 30,880 $ 47.39 Time-based RSs outstanding 14,973 $ 70.15 30,880 $ 47.39 Performance-based RSs outstanding — $ — — $ — Stock Options 2020 2019 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding January 1, 375,086 $ 31.64 401,223 $ 31.96 Granted — — — — Exercised (218,064) 32.23 (25,586) 36.70 Forfeited — — (551) 23.58 Outstanding June 30, 157,022 $ 30.83 375,086 $ 31.64 Time-based stock options outstanding 133,691 $ 32.10 323,101 $ 32.94 Performance-based stock options outstanding 23,331 $ 23.58 51,985 $ 23.58

Income (Loss) per Share

Income (Loss) per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Income (Loss) per Share	Income (Loss) per ShareBasic income (loss) per share is calculated using the weighted average number of shares of common stock outstanding during the period. In addition, Net income (loss) applicable to participating securities and the participating securities are both excluded from the computation of basic income (loss) per share. Diluted income (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 (loss) during the period, the dilutive impact of common stock equivalents outstanding are also reflected. The following table reflects the computation of basic and diluted Net income (loss) per share for the three and six months ended June 30, 2020 and 2019: IN MILLIONS, except per share amounts Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Basic Diluted Basic Diluted Basic Diluted Basic Diluted Numerator: Net income (loss) $ 45.0 $ 45.0 $ (8.5) $ (8.5) $ 59.7 $ 59.7 $ 80.9 $ 80.9 Less: Restricted stock dividends (0.1) (0.1) (0.2) (0.2) (0.3) (0.3) (0.3) (0.3) Net income available to stockholders $ 44.9 $ 44.9 $ (8.7) $ (8.7) $ 59.4 $ 59.4 $ 80.6 $ 80.6 Denominator: Weighted average common outstanding - basic 115.3 115.3 113.1 113.1 115.1 115.1 110.7 110.7 Performance-based restricted stock and units 0.1 — 0.2 0.4 Dilutive forward shares 0.3 — 0.1 — Weighted average shares outstanding - diluted 115.7 113.1 115.4 111.1 EPS: Income (loss) per share - basic $ 0.39 $ (0.08) $ 0.52 $ 0.73 Effect of dilutive shares: Income (loss) per share - diluted $ 0.39 $ (0.08) $ 0.52 $ 0.73

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions The Company has a strategic partnership with GDS, a developer and operator of high-performance, large-scale data centers in the People's Republic of China. In connection with our investment in GDS, the Company entered into an agreement with GDS for the joint marketing of each company's data centers. For the six months ended June 30, 2020, the Company did not incur any commission and referral charges payable to GDS. For the six months ended June 30, 2019, the Company incurred $0.5 million of commissions and referral charges payable to GDS. The commission and referral charges were capitalized as deferred leasing costs and will be amortized over the terms of the respective customer leases. No significant referral expense was recognized by the Company for the six months ended June 30, 2020 or 2019. The Company has not recognized any referral revenue related to the agreement with GDS for the six months ended June 30, 2020 or 2019. See Note 7, Equity Investments for additional information related to our GDS investment.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesCyrusOne Inc. elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the "Code"), commencing with its taxable year ended December 31, 2013. To remain qualified as a REIT, the Company is required to distribute at least 90% of its taxable income to its stockholders and meet various other requirements imposed by the Code relating to such matters as operating results, asset holdings, distribution levels and diversity of stock ownership. Provided the Company continues to qualify for taxation as a REIT, the Company is generally not subject to corporate level federal income tax on the earnings distributed currently to its stockholders. It is the Company's policy and intent, subject to change, to distribute 100% of its taxable income and therefore no provision is required in the accompanying financial statements for federal income taxes with regards to activities of CyrusOne Inc. and its subsidiary pass-through entities.CyrusOne Inc. and certain of its subsidiaries are subject to state and local income taxes, franchise taxes, and gross receipts taxes. The Company has elected to treat certain of its subsidiaries as taxable REIT subsidiaries ("TRSs"). The Company's TRSs are subject to U.S. federal, state and local corporate income taxes. The Company's foreign subsidiaries are subject to corporate income taxes in the jurisdictions in which they operate.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies As of June 30, 2020, the Company had outstanding letters of credit of $10.6 million as security for obligations under the terms of its lessee agreements. The Company has entered into non-cancellable contracted commitments for construction of data center facilities and acquisition of equipment. As of June 30, 2020, these commitments were approximately $177.0 million and are expected to be incurred over the next one one The Company has entered into an Agreement to Lease contract that requires the Company to enter into a lease upon shell completion of a building in London, UK totaling 70,000 square feet with annual rent totaling £1.4 million for initial lease terms of 20 years. We expect construction of the shell building to be completed in 2020. During the normal course of business, the Company and its subsidiaries have made certain indemnities and commitments to customers, vendors and associated parties related to the use, protection and security of intellectual property and claims for negligence or willful misconduct. Further, customer contracts generally require specified levels of performance related to uninterrupted service and cooling temperatures. Also, in the normal course of our business, the Company is involved in legal, tax and regulatory proceedings arising from the conduct of its business activities. Management assesses the probability that these performance standards, credits, claims or indemnities have been incurred and liabilities or asset reserves are established for loss contingencies when the losses associated are deemed to be probable and the loss can be reasonably estimated. Based on information currently available, the Company believes that the outcome of such matters will not, individually or in the aggregate, have a material effect on its condensed consolidated financial statements.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Risks and Uncertainties	Risks and Uncertainties The novel strain of the coronavirus (COVID-19) identified in China in late 2019 has globally spread throughout Asia, Europe, the Middle East and the Americas and has resulted in authorities implementing numerous measures to attempt to contain the virus. This includes travel bans, shelter in place regulations and other restrictions and shutdowns. We continue to monitor the global outbreak and the potential risks to us posed by the pandemic. Our data centers have remained fully operational and to date we have experienced minimal disruptions in our business, including construction projects, however, we have modified our business practices by temporarily closing our corporate headquarters and regional locations, transitioned non-essential employees to working remotely from their homes, implemented restrictions on the physical participation in meetings and significantly limited business travel. The duration and extent of the impact from the COVID-19 pandemic depends on future developments that cannot be accurately predicted at this time. The effect of the pandemic and measures implemented by authorities could disrupt our supply chain, which currently remains fully functional, including the provision of services to us by our vendors and could result in restrictions on construction activities. There continues to be considerable uncertainty about the impact of these measures and restrictions on our Company and customers and the effects of these measures and how long they will remain in effect could adversely impact our business, financial condition, results of operations and liquidity.
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements include the accounts of the Company, as well as all wholly-owned subsidiaries and any consolidated variable interest entities. All intercompany balances and transactions have been eliminated in consolidation.
Investment in Real Estate	Investment in Real Estate Acquisition of Properties Investment in real estate consist of land, buildings, improvements and integral equipment utilized in our data center operations. We expect most acquisitions to be an acquisition of assets rather than a business combination as our typical acquisitions consist of properties whereby substantially all the fair value of gross assets acquired is concentrated in a single asset set (land, building and in-place leases), which are treated as asset acquisitions. See Business Combinations and Asset Acquisitions herein.
Business Combinations and Asset Acquisitions	Business Combinations and Asset Acquisitions We evaluate whether an acquisition is a business combination or an asset acquisition by determining whether the set of assets is a business. Asset Acquisitions When substantially all of the fair value of gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets, the transaction is accounted for as an asset acquisition. Asset acquisitions are recorded at the cumulative acquisition costs and allocated to the assets acquired and liabilities assumed on a relative fair value basis. The Company allocates the purchase price of real estate to identifiable tangible assets such as land, building, land improvements and tenant improvements acquired based on their fair value. In estimating the fair value of each component, management considers appraisals, replacement cost, its own analysis of recently acquired and existing comparable properties, market rental data and other related information. Transaction costs associated with asset acquisitions are capitalized. Business Combinations When substantially all of the fair value is not concentrated in a group of similar identifiable assets, the set of assets will generally be considered a business and the Company applies the purchase method for business combinations, where all tangible and identifiable intangible assets acquired and all liabilities assumed are recorded at fair value. Any excess purchase price is recorded as goodwill. Transaction costs associated with business combinations are expensed as incurred. The following discussion applies to our initial determination of fair value and the resulting subsequent accounting which is generally applicable to both asset acquisitions and business combinations. The fair value of any tangible real estate assets acquired is determined by valuing the building as if it were vacant, and the fair value is then allocated to land, buildings, equipment and improvements based on available information including replacement cost, appraisal or using net operating income capitalization rates, discounted cash flow analysis or similar fair value models. We determine in-place lease values based on our evaluation of the specific characteristics of each tenant’s lease agreement and by applying a fair value model. The estimates of fair value of in-place leases include an estimate of carrying costs during the expected lease up periods considering current market conditions. In estimating fair value of in-place leases, we consider items such as real estate taxes, insurance, leasing commissions, tenant improvements and other operating expenses to execute similar leases as well as projected rental revenue and carrying costs during the expected lease up period. We amortize the value of in-place leases acquired to expense over the approximate weighted average remaining term of the leases, adjusted for projected tenant turnover, on a composite basis. We determine the value of above-market and below-market in-place leases for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (1) the contractual amounts to be paid pursuant to the in-place leases and (2) estimates of current market lease rates for the corresponding in-place leases, measured over a period equal to (i) the remaining non-cancellable lease term for above-market leases, or (ii) the remaining non-cancellable lease term plus any renewal options that we consider are reasonably certain that a lessee will execute such renewal option when a lease commences. We record the fair value of above-market and below-market leases as intangible assets or liabilities, and amortize them as an adjustment to revenue over the lease term. We determine the fair value of assumed debt by calculating the net present value of the scheduled debt service payments using current market-based terms for interest rates for debt with similar terms that management believes we could obtain on similar structures and maturities. Any difference between the fair value and stated value of the assumed debt is recorded as a discount or premium and amortized over the remaining term of the loan.
Capitalization of Costs	Capitalization of Costs We capitalize costs directly related to the development, pre-development or improvement of our investment in real estate, referred to as capital projects and other activities included within this paragraph. Costs associated with our capital projects are capitalized as incurred. If the project is abandoned, these costs are expensed during the period in which the project is abandoned. Costs considered for capitalization include, but are not limited to, construction costs, interest, real estate taxes, insurance and utilities, if appropriate. We capitalize indirect costs such as personnel, office and administrative expenses that are directly related to our development projects based on an estimate of the time spent on the construction and development activities. These costs are capitalized only during the period in which activities necessary to ready an asset for its intended use are in progress and such costs are incremental and identifiable to a specific activity to get the asset ready for its intended use. We determine when the capitalization period begins and ends through communication with project and other managers responsible for the tracking and oversight of individual projects. In the event that the activities to ready the asset for its intended use are suspended, the capitalization period will cease until such activities are resumed. In addition, we capitalize incremental initial direct costs incurred for successful origination of new leases which include internal and external leasing commissions. Interest expense is capitalized based on actual qualifying capital expenditures from the period when development commences until the asset is ready for its intended use, at the weighted average borrowing rate during the period. These costs are included in investment in real estate and depreciated over the estimated useful life of the related assets. Costs incurred for maintaining and repairing our properties, which do not extend their useful lives, are expensed as incurred.
Impairment Losses	Impairment LossesWhen events or circumstances indicate that the carrying amount of a real estate investment may not be recoverable, we review the carrying value of the asset. When such impairment indicators exist, we review an estimate of the undiscounted future cash flows expected to result from the use of the real estate investment and proceeds from its eventual disposition and compare such amount to the carrying amount of the real estate investment. If our undiscounted cash flows indicate that we are unable to recover the carrying value of the real estate investment, an impairment loss is recognized. An impairment loss is measured as the amount by which the real estate investment's carrying value exceeds its estimated fair value
Cash and Cash Equivalents and Restricted Cash	Cash and Cash Equivalents and Restricted Cash 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 of three months or less. Restricted cash includes cash equivalents restricted by contract or regulation, including letters of credit.
Equity Investments	Equity Investments We hold investments in various joint ventures where the Company evaluates its ability to influence the operating or financial decisions of the investee in applying the appropriate method of accounting for such investments. Influence tends to be more effective as the investor's percent of ownership in the voting rights of the investee increases. Our equity investments represent less than 20% of the voting rights of the investees and we do not exercise influence over the investee's operating and financial decisions. Accordingly, we do not account for our equity investments using the equity method of accounting. For further information about our equity investments, see Note 7, Equity Investments. Our investment in GDS Holdings Limited ("GDS") is classified as "available for sale" and is carried at fair value. Changes in the fair value are reported as a component of net income in Gain on marketable equity investments.
Revenue Recognition	Revenue Recognition Our revenue consists of lease revenue and revenue from contracts with customers. Lease Revenue: Our leasing revenue primarily consists of colocation rent, metered power reimbursements and interconnection revenue and is accounted for under ASC 842, Leases. We generally are not entitled to reimbursements for rental expenses including real estate taxes, insurance or other common area operating expenses. a. Colocation Rent Revenue Colocation rent revenues, including interconnection revenue, are fixed minimum lease payments generally billed monthly in advance based on the contracted power or leased space. Some contracts may provide initial free rent periods and rents that escalate over the term of the contract. If rents escalate without the lessee gaining access to or control over additional leased power or space at the beginning of the lease term, the rental payments 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 power and or leased space, revenue is recognized in proportion to the additional power or space in the periods that the lessee has control over the use of the additional power or space. The excess of revenue recognized over amounts contractually due is recognized as a straight-line receivable, which is included in rent and other receivables in our Condensed Consolidated Balance Sheet. Some of our leases are structured on a gross basis in which the customer pays a fixed amount for colocation space and power. The revenue for these types of leases is recorded in colocation rent revenue. b. Metered Power Reimbursements Revenue Some of our leases provide that the customer is separately billed for power based upon actual or estimated metered usage at rates then in effect. Metered power reimbursement revenue is variable lease payments generally billed one month in arrears, and an estimate of this revenue is accrued in the month that the associated power is provided and recorded in metered power reimbursements revenue. Revenue from Contracts with Customers Revenue from our managed services, equipment sales, installations and other services are recognized under ASC 606, Revenue from Contracts with Customers. Equipment sold by us generally consists of servers, switches, networking equipment, cable infrastructure and cabinets. Revenue is recognized at a point-in-time when control of the equipment transfers to the customer from the Company, which generally occurs upon delivery to the customer. Managed services include providing of a full-service managed data center, monitoring customer computer equipment, managing backups and storage, utilization reporting and other related ancillary information technology services. Management service contracts generally range from one Installation services include mounting, wiring, and testing of customer owned equipment. The installation period is typically short term in duration, and accordingly, revenue from the installation of customer equipment is recognized at a point-in-time once the installation is complete and the performance obligation is satisfied. Other services generally include installation of customer equipment, performing customer system re-boots, server cabinet and cage management, power monitoring, shipping and receiving, resolving technical issues, and other services requested by the customer. Other service revenue is measured based on the consideration specified in the contract and recognized over time as we satisfy the performance obligation.
Rent and Other Receivables	Rent and Other Receivables Receivables consist principally of trade receivables from customers and straight-line rent receivables with expected credit losses recorded as an allowance for doubtful accounts.
Foreign Currency Translation and Transactions	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 exchange rates during the period. Gains or losses from translation of foreign operations
Stock-Based Compensation	Stock-Based Compensation We have a stock-based incentive award plan for our employees and directors. Stock-based compensation expense associated with these awards is recognized in General and administrative expenses, Property operating expenses, and Sales and marketing expenses in our Condensed Consolidated Statements of Operations. We measure stock-based compensation at the estimated fair value on the grant date and recognize the amortization of stock-based compensation expense over the requisite service period. Fair value is determined based on assumptions related to stock volatility, risk-free rate of return, and estimates of market and company performance.
Fair Value Measurements	Fair Value Measurements Fair value measurements are utilized in accounting for business combinations, asset acquisitions, testing of goodwill and other long-lived assets for impairment, recording unrealized gain on available-for-sale securities, derivatives and related disclosures. 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 that prioritizes certain inputs used in the methodologies of measuring fair value for asset 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.
Derivative Instruments	Derivative Instruments Derivative instruments are measured at fair value and recorded in Other assets and Other liabilities, depending on our rights or obligations under the applicable derivative contract. Derivatives that are not designated as hedges must be adjusted to fair value through earnings. For a derivative designated and that qualified as a cash flow hedge, the effective portion of the change in fair value of the derivative is recognized in the Condensed Consolidated Statement of Comprehensive Income (Loss) until the hedged item is recognized in earnings. Any ineffective portion of a derivative's change in fair value is immediately recognized in earnings. For interest rate derivatives, amounts recognized in earnings are reflected in Interest expense, net. For a derivative designated and that qualified as a net investment hedge, the effective portion of the change in the fair value and/or the net settlement of the derivative are reported in the Condensed Consolidated Statement of Comprehensive Income (Loss). Any ineffective portion of the change in fair value of the derivative is recognized directly in earnings. Amounts are reclassified out of other comprehensive income (loss) into earnings when the hedged investment is either sold or substantially liquidated.
Recently Adopted Accounting Pronouncements and New Accounting Pronouncements	Recently Adopted Accounting Standards Lease Modification Q&A Due to the business disruptions and challenges severely affecting the global economy caused by the COVID-19 pandemic, lessors may provide rent deferrals and other lease concessions to lessees. While the lease modification guidance in ASC 842, Leases, the new accounting standard for leases addresses changes to lease terms resulting from negotiations between the lessee and the lessor, this guidance did not contemplate concessions being so rapidly executed to address the impact from the COVID-19 pandemic on the lessor's business. In April 2020, the Financial Accounting Standards Board ("FASB") issued a question and answer document (the “Lease Modification Q&A”) focused on the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic. Under the new accounting standard for leases, the Company must determine, on a lease by lease basis, if a lease concession resulted in a lease modification. The Lease Modification Q&A allows the Company, if certain criteria have been met, to bypass the lease by lease analysis, and instead elect to either apply the lease modification accounting framework or not, with such election applied consistently to leases with similar characteristics and circumstances. The adoption of this guidance has not had a material impact on our financial statements. Guarantor Financial Information In March 2020, the SEC amended Rule 3-10 of Regulation S-X to reduce and simplify financial disclosure requirements for issuers and guarantors of registered debt offerings. The guidance is effective January 4, 2021, with early adoption permitted. This new guidance replaces the previous requirement to provide condensed consolidating financial information in the registrant’s financial statements with a requirement to provide alternative financial disclosures in Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations" or its financial statements. We adopted these amendments as of April 1, 2020, and the alternative disclosures are presented in Item 2 "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the information previously included in the Notes to Condensed Consolidated Financial Statements has been removed. Intangibles-Goodwill and Other Internal-Use Software We adopted ASU 2018-15, Intangibles Goodwill and Other Internal Use Software on a prospective basis effective January 1, 2020. The adoption did not have a significant impact on the Company. Fair Value Measurement On January 1, 2020, we adopted ASU 2018-13, Fair Value Measurement, which changes the fair value measurement disclosure requirements of ASC 820, Fair Value Measurement. The amendments are part of the FASB’s disclosure framework project to improve the effectiveness of disclosures important to financial statement users including information about assets and liabilities measured at fair value in our Condensed Consolidated Balance Sheets. The adoption did not have a significant impact on the Company. Financial Instruments - Credit Losses On January 1, 2020, we adopted ASU 2016-13, Financial Instruments-Credit Losses (CECL), which requires certain financial assets to be presented at the net amount expected to be collected. CECL and its related amendments apply to our customer contract trade receivables, notes receivable and net investments in leases. Our Rent and other receivables are primarily comprised of rent receivables, which are not within the scope of this sub-topic. The adoption did not have a significant impact on the Company because of our limited exposure to financial instruments subject to this standard. New Accounting Pronouncements Not Yet Adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies various aspects related to the accounting for income taxes, eliminates certain exceptions within ASC 740, Income Taxes and clarifies certain aspects of the guidance to promote consistency among reporting entities. The guidance is effective for periods beginning after December 15, 2020, with early adoption permitted. The Company is evaluating the impact of the new standard.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
Lessor, Operating Lease, Payments to be Received, Maturity	At June 30, 2020, the future minimum lease payments to be received under non-cancellable operating leases, excluding month-to-month arrangements and metered power reimbursements are shown below (in millions): As of June 30, 2020 Minimum Lease Payments 2020 $ 386.8 2021 685.4 2022 585.2 2023 471.1 2024 361.3 2025 294.4 Thereafter 822.3 Total $ 3,606.5 At June 30, 2019, the future minimum lease payments to be received under non-cancellable operating leases, excluding month-to-month arrangements and metered power reimbursements are shown below (in millions): As of June 30, 2019 Minimum Lease Payments 2019 $ 363.6 2020 679.7 2021 577.3 2022 486.0 2023 395.4 2024 307.3 Thereafter 953.8 Total $ 3,763.1
Disaggregation of Revenue	For the three and six months ended June 30, 2020 and 2019, lease revenue disaggregated by primary revenue stream is as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, Lease revenue 2020 2019 2020 2019 Colocation (Minimum lease payments) $ 207.5 $ 197.3 $ 411.5 $ 385.6 Metered power reimbursements (Variable lease payments) 37.1 31.7 71.9 60.3 Total lease revenue $ 244.6 $ 229.0 $ 483.4 $ 445.9 For the three and six months ended June 30, 2020 and 2019, revenue from contracts with customers disaggregated by primary revenue stream is as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, Revenue from contracts with customers 2020 2019 2020 2019 Equipment sales and services $ 6.9 $ 17.1 $ 9.4 $ 21.1 Other revenue 4.9 5.4 9.5 9.5 Total revenue from contracts with customers $ 11.8 $ 22.5 $ 18.9 $ 30.6

Leases - As a Lessee (Tables)

Leases - As a Lessee (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Lease, Cost	The components of lease expense are as follows (in millions): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Operating lease cost $ 6.8 $ 4.6 $ 13.0 $ 9.6 Finance lease cost: Amortization of assets 0.4 0.6 0.8 1.1 Interest on lease liabilities 0.3 0.4 0.7 0.9 Total net lease cost $ 7.5 $ 5.6 $ 14.5 $ 11.6 Supplemental cash flow and other information related to leases is as follows (in millions): Six Months Ended June 30, 2020 Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 11.1 $ 9.8 Operating cash flows from finance leases 0.7 0.9 Financing cash flows from finance leases 1.3 1.2 Non-cash right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 51.2 $ 85.7 Finance leases — —
Assets And Liabilities, Lessee	Supplemental balance sheet information related to leases is as follows (in millions, except lease term and discount rate): June 30, 2020 December 31, 2019 Operating leases: Operating lease right-of-use assets $ 204.7 $ 161.9 Operating lease liabilities $ 240.5 $ 195.8 Finance leases: Property and equipment, at cost $ 31.9 $ 34.9 Accumulated amortization (5.8) (5.0) Property and equipment, net $ 26.1 $ 29.9 Finance lease liabilities $ 28.8 $ 31.8 Weighted average remaining lease term (in years): Operating leases 17.3 15.8 Finance leases (a) 18.0 18.1 Weighted average discount rate: Operating leases 3.8 % 3.9 % Finance leases (a) 4.9 % 4.9 % (a) Excludes a 999-year ground lease in Dublin, The Republic of Ireland entered into during the third quarter of 2019. The Dublin finance lease was capitalized as land and included in Construction in progress, including land under development on the consolidated balance sheets.
Lessee, Operating Lease, Liability, Maturity	Maturities of lease liabilities were as follows as of June 30, 2020 (in millions): Operating Leases Finance Leases 2020 $ 11.4 $ 2.8 2021 25.2 4.0 2022 26.7 2.8 2023 23.0 1.8 2024 18.5 1.4 2025 17.0 1.4 Thereafter 206.5 27.5 Total lease payments $ 328.3 $ 41.7 Less: Imputed interest (87.8) (12.9) Total lease obligations $ 240.5 $ 28.8 Maturities of lease liabilities were as follows as of December 31, 2019 (in millions): Operating Leases Finance Leases 2020 $ 22.4 $ 5.0 2021 21.0 4.1 2022 22.4 2.9 2023 18.5 1.9 2024 13.9 1.4 Thereafter 165.4 31.1 Total lease payments $ 263.6 $ 46.4 Less: Imputed interest (67.8) (14.6) Total lease obligations $ 195.8 $ 31.8
Finance Lease, Liability, Maturity	Maturities of lease liabilities were as follows as of June 30, 2020 (in millions): Operating Leases Finance Leases 2020 $ 11.4 $ 2.8 2021 25.2 4.0 2022 26.7 2.8 2023 23.0 1.8 2024 18.5 1.4 2025 17.0 1.4 Thereafter 206.5 27.5 Total lease payments $ 328.3 $ 41.7 Less: Imputed interest (87.8) (12.9) Total lease obligations $ 240.5 $ 28.8 Maturities of lease liabilities were as follows as of December 31, 2019 (in millions): Operating Leases Finance Leases 2020 $ 22.4 $ 5.0 2021 21.0 4.1 2022 22.4 2.9 2023 18.5 1.9 2024 13.9 1.4 Thereafter 165.4 31.1 Total lease payments $ 263.6 $ 46.4 Less: Imputed interest (67.8) (14.6) Total lease obligations $ 195.8 $ 31.8

Investment in Real Estate (Tabl

Investment in Real Estate (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Schedule of Major Components of Real Estate Investments and Intangibles	As of June 30, 2020 and December 31, 2019, major components of our real estate investments and intangibles and related accumulated depreciation and amortization are as follows (in millions): As of: June 30, 2020 December 31, 2019 Cost Accumulated Depreciation and Amortization Net book value Cost Accumulated Depreciation and Amortization Net book value Investment in real estate Building and improvements $ 1,857.9 $ (588.8) $ 1,269.1 $ 1,761.4 $ (545.1) $ 1,216.3 Equipment 3,229.5 (973.9) 2,255.6 3,028.2 (834.1) 2,194.1 Intangible assets Customer relationships $ 247.1 $ (157.1) $ 90.0 $ 247.1 $ (151.1) $ 96.0 In-place leases 134.5 (58.3) 76.2 137.1 (46.7) 90.4 Other contractual 19.2 (10.5) 8.7 19.4 (9.7) 9.7 Total intangible assets $ 400.8 $ (225.9) $ 174.9 $ 403.6 $ (207.5) $ 196.1
Schedule Of Useful Lives	Depreciation and amortization are calculated using the straight-line method over the useful lives of the assets. The typical life of owned assets are as follows: Buildings 30 years Building improvements 30 years Equipment 20 years

Equity Investments (Tables)

Equity Investments (Tables)	6 Months Ended
	Jun. 30, 2020
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	The Company has the following equity investments where it has a noncontrolling interest in the investees (in millions). Equity Investments as of: Investees Equity Method June 30, 2020 December 31, 2019 GDS, Class A share equivalent Fair value $ 163.8 $ 118.7 ODATA Brasil S.A. Cost method 18.8 15.4 ODATA Colombia S.A.S Cost method 2.3 1.0 Equity investments $ 184.9 $ 135.1
Schedule of Unrealized Loss on Investments	Three Months Ended June 30, Six Months Ended June 30, IN MILLIONS 2020 2019 2020 2019 Net gain (loss) on marketable equity investments $ 50.4 $ (8.5) $ 65.1 $ 92.7 Less: Net gain (loss) recognized on marketable equity investments sold 5.8 (5.3) 7.4 66.9 Unrealized gain (loss) on marketable equity investments held $ 44.6 $ (3.2) $ 57.7 $ 25.8

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	As of June 30, 2020 and December 31, 2019, the components of Other assets are as follows (in millions): June 30, 2020 December 31, 2019 Deferred leasing and other contract costs $ 59.2 $ 53.2 Prepaid expenses 23.3 22.1 Non-real estate assets, net 15.1 16.3 Derivative assets — 3.5 Other assets 29.7 18.8 Total $ 127.3 $ 113.9

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Debt	As of June 30, 2020 and December 31, 2019, the components of Debt are as follows (unless otherwise noted, interest rate and maturity date information are as of June 30, 2020) (in millions): June 30, 2020 December 31, 2019 Interest Rate Maturity Date Amended Credit Agreement: Revolving Credit Facility: March 2024 (b) US Revolver (a) $ 203.0 $ — Monthly LIBOR + 1.00% EUR Revolver 89.8 — Monthly LIBOR + 1.00% GBP Revolver (a) 37.0 — Monthly LIBOR + 1.00% 2023 Term Loan Facility (c) 400.0 — Monthly LIBOR + 1.20% March 2023 2025 Term Loan Facility 700.0 — Monthly LIBOR + 1.20% March 2025 $3.0 Billion Credit Facility: $1.7 Billion Revolving Credit Facility: March 2022 US Revolver — 555.0 Monthly LIBOR + 1.20% EUR Revolver — 33.6 Monthly EURIBOR + 1.20% GBP Revolver — 26.4 Monthly LIBOR + 1.20% 2023 Term Loan — 800.0 Monthly LIBOR + 1.35% March 2023 2025 Term Loan — 300.0 Monthly LIBOR + 1.65% March 2025 2024 Notes, including bond discount of $0.8 million 599.2 599.2 2.900 % November 2024 2029 Notes, including bond discount of $1.6 million 598.4 598.2 3.450 % November 2029 2027 Notes, including bond discount of $0.7 million (d) 560.8 — 1.450 % January 2027 Deferred financing costs (31.3) (25.8) — — Total $ 3,156.9 $ 2,886.6 (a) - Monthly USD LIBOR and GBP LIBOR as of June 30, 2020 was 0.18% and 0.10%, respectively. (b) - The Company has an option to exercise a one (c) - The Company has an option to exercise two 1-year extension options, subject to certain conditions. (d) - The 2027 Notes represent €495.3 million, including bond discount of €0.7 million of Euro bonds.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Carrying Value and Fair Value of Other Financial Instruments	The carrying value and fair value of other financial instruments are as follows (in millions): June 30, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value 2024 Notes - 2.900% $ 599.2 $ 632.6 $ 599.2 $ 602.1 2029 Notes - 3.450% 598.4 624.6 598.2 603.1 2027 Notes - 1.450% 560.8 538.1 — — GDS equity investment 163.8 163.8 118.7 118.7
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The following table summarizes the Company's derivative positions as of June 30, 2020 and December 31, 2019, (in millions): June 30, 2020 December 31, 2019 Maturity Date Notional Amount Hedged Risk Asset Liability Asset Liability Designated derivatives Cross Currency Swaps EUR - USD 3/29/2023 $ 250.0 Net investment hedge $ — $ 3.9 $ — $ 3.8 EUR - USD 3/29/2023 250.0 Net investment hedge — 4.1 — 3.9 EUR - USD 01/15/2020 155.9 Net investment hedge — — — 1.4 Interest Rate Swaps USD Libor 3/29/2023 300.0 Interest rate hedge - Float to fixed — 8.8 3.5 — Undesignated derivatives Cross Currency Swaps EUR - USD 01/15/2020 265.3 Foreign currency exchange — — — 2.1 EUR - USD 01/15/2020 25.6 Foreign currency exchange — — — 0.2 Total $ 1,246.8 $ — $ 16.8 $ 3.5 $ 11.4
Schedule of Derivative Instruments	The following table presents the effect of our derivative financial instruments on our accompanying condensed consolidated financial statements (in millions): For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Derivatives in Cash Flow Hedging Relationships Cross-Currency and Interest Rate Swaps: Amount of gain (loss) recognized in OCI for derivatives $ (9.5) $ (3.6) $ (10.6) $ (0.9) Amount of gain (loss) reclassified from accumulated OCI for derivatives $ — $ — $ — $ — Amount of gain (loss) recognized in earnings $ — $ — $ — $ —

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule Of Summary Of Forward Sales Of Equity	The following table represents a summary of forward sale of equity of our common stock for the six-month period ended June 30, 2020 (in thousands): Offering Program Forward Shares Sold/(Settled) Net Proceeds Received Remaining Proceeds Available (1) Total as of December 31, 2019 1.6 $ — $ 96.5 March 9, 2020 Forward Offering - Sales 2.0 — 123.4 May 13, 2020 Forward Offering - Sales 1.4 — 98.7 May 26, 2020 Forward Offering - Sales 1.4 — 98.7 May 29, 2020 Forward Offering - Sales 1.4 — 98.7 November 29, 2019 Forward Offering settlement (1.6) 96.5 (96.5) Total as of June 30, 2020 6.2 $ 96.5 $ 419.5 (1) As of June 30, 2020, the total estimated proceeds, net of adjustments for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchasers’ stock borrowing costs and (iii) scheduled dividends adjustments is $413.2 million subject to further adjustment when the forward offerings are settled as described above.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2020
Share-based Payment Arrangement [Abstract]
Schedule of Restricted Stock and Restricted Stock Units Activity	The following tables summarize the unvested restricted stock units, restricted stock and stock options activity and the weighted average fair value of these shares at the date of grant for the six months ended June 30, 2020 and 2019 (performance-based awards are reflected at the target amount of the grant): Restricted Stock Units ("RSU") 2020 2019 Restricted Stock Units Weighted Average Grant Date Fair Value Restricted Stock Units Weighted Average Grant Date Fair Value Outstanding January 1, 646,619 $ 55.80 511,409 $ 56.23 Granted 183,175 78.80 391,911 48.50 TSR and other adjustments (a) 164,071 91.32 — — Exercised (295,738) 84.56 (130,210) 45.37 Forfeited (91,321) 50.03 (71,625) 53.16 Outstanding June 30, 606,806 $ 59.20 701,485 $ 54.24 Time-based RSUs outstanding 285,534 $ 59.62 347,600 $ 53.38 Performance-based RSUs outstanding 321,272 $ 58.83 353,885 $ 55.08 (a) TSR adjustments represent the incremental shares earned for the total stockholder return (TSR) performance metric exceeding target and resulting in 200% payout for the 2017 LTIP Performance Awards. Restricted Stock ("RS") 2020 2019 Restricted Stock Weighted Average Grant Date Fair Value Restricted Stock Weighted Average Grant Date Fair Value Outstanding January 1, 16,681 $ 52.46 419,356 $ 35.73 Granted 14,973 70.15 16,681 52.46 Exercised (16,681) 52.46 (370,554) 35.38 Forfeited — — (34,603) 37.09 Outstanding June 30, 14,973 $ 70.15 30,880 $ 47.39 Time-based RSs outstanding 14,973 $ 70.15 30,880 $ 47.39 Performance-based RSs outstanding — $ — — $ —
Schedule of Stock Option Activity	Stock Options 2020 2019 Options Weighted Average Exercise Price Options Weighted Average Exercise Price Outstanding January 1, 375,086 $ 31.64 401,223 $ 31.96 Granted — — — — Exercised (218,064) 32.23 (25,586) 36.70 Forfeited — — (551) 23.58 Outstanding June 30, 157,022 $ 30.83 375,086 $ 31.64 Time-based stock options outstanding 133,691 $ 32.10 323,101 $ 32.94 Performance-based stock options outstanding 23,331 $ 23.58 51,985 $ 23.58

Income (Loss) per Share (Tables

Income (Loss) per Share (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Income (Loss) per Share	The following table reflects the computation of basic and diluted Net income (loss) per share for the three and six months ended June 30, 2020 and 2019: IN MILLIONS, except per share amounts Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Basic Diluted Basic Diluted Basic Diluted Basic Diluted Numerator: Net income (loss) $ 45.0 $ 45.0 $ (8.5) $ (8.5) $ 59.7 $ 59.7 $ 80.9 $ 80.9 Less: Restricted stock dividends (0.1) (0.1) (0.2) (0.2) (0.3) (0.3) (0.3) (0.3) Net income available to stockholders $ 44.9 $ 44.9 $ (8.7) $ (8.7) $ 59.4 $ 59.4 $ 80.6 $ 80.6 Denominator: Weighted average common outstanding - basic 115.3 115.3 113.1 113.1 115.1 115.1 110.7 110.7 Performance-based restricted stock and units 0.1 — 0.2 0.4 Dilutive forward shares 0.3 — 0.1 — Weighted average shares outstanding - diluted 115.7 113.1 115.4 111.1 EPS: Income (loss) per share - basic $ 0.39 $ (0.08) $ 0.52 $ 0.73 Effect of dilutive shares: Income (loss) per share - diluted $ 0.39 $ (0.08) $ 0.52 $ 0.73

Description of Business (Detail

Description of Business (Details)	6 Months Ended
	Jun. 30, 2020data_center
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of data operating centers	53
Number of data recovery centers	2

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Summary Of Significant Accounting Policies [Line Items]
Impairment losses	$ 2,400,000	$ 0	$ 0	$ 2,400,000	$ 0
Contract assets	$ 1,100,000			$ 1,100,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Management service contracts, term				1 year
Maximum
Summary Of Significant Accounting Policies [Line Items]
Management service contracts, term				5 years

Revenue Recognition - Minimum L

Revenue Recognition - Minimum Lease Payments to be Received (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
2020	$ 386.8	$ 363.6
2021	685.4	679.7
2022	585.2	577.3
2023	471.1	486
2024	361.3	395.4
2025	294.4	307.3
Thereafter	822.3	953.8
Total	$ 3,606.5	$ 3,763.1

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 256.4	$ 251.5	$ 502.3	$ 476.5
Total lease revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	244.6	229	483.4	445.9
Colocation (Minimum lease payments)
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	207.5	197.3	411.5	385.6
Metered power reimbursements (Variable lease payments)
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	37.1	31.7	71.9	60.3
Total revenue from contracts with customers
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	11.8	22.5	18.9	30.6
Equipment sales and services
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	6.9	17.1	9.4	21.1
Other revenue
Disaggregation of Revenue [Line Items]
Total revenue from contracts with customers	$ 4.9	$ 5.4	$ 9.5	$ 9.5

Revenue Recognition - Narrative

Revenue Recognition - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contract with customer	$ 256.4	$ 251.5	$ 502.3	$ 476.5
Accounts receivable	7.5		$ 7.5		$ 6.4
Revenue | Customer Concentration Risk | One Customer
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Concentration risk, percentage			19.00%	22.00%
Contracts With Customers
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contract with customer	3.8	$ 4.3	$ 7.9	$ 7.7
Non-US | Contracts With Customers
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenue from contract with customer	$ 3.6		$ 4.2

Leases - As a Lessee - Addition

Leases - As a Lessee - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)facility	Dec. 31, 2019USD ($)
Lessee, Lease, Description [Line Items]
Number of facilities, finance lease	5
Operating lease liabilities | $	$ 240.5	$ 195.8
Minimum
Lessee, Lease, Description [Line Items]
Finance lease, remaining term of contract	1 year
Operating lease, term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Finance lease, remaining term of contract	21 years
Operating lease, term of contract	25 years
Data Center
Lessee, Lease, Description [Line Items]
Number of facilities, operating lease	13
Office
Lessee, Lease, Description [Line Items]
Number of facilities, operating lease	4
Dublin, Ireland | Ground Lease For Future Development
Lessee, Lease, Description [Line Items]
Finance lease, term of contract	999 years

Leases - As a Lessee - Lease Co

Leases - As a Lessee - Lease Cost (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 6.8	$ 4.6	$ 13	$ 9.6
Amortization of assets	0.4	0.6	0.8	1.1
Interest on lease liabilities	0.3	0.4	0.7	0.9
Total net lease cost	$ 7.5	$ 5.6	$ 14.5	$ 11.6

Leases - As a Lessee - Suppleme

Leases - As a Lessee - Supplemental Balance Sheet (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Operating leases:
Operating lease right-of-use assets, net	$ 204.7	$ 161.9
Operating lease liabilities	240.5	195.8
Finance leases:
Property and equipment, at cost	31.9	34.9
Accumulated amortization	(5.8)	(5)
Property and equipment, net	26.1	29.9
Finance lease liabilities	$ 28.8	$ 31.8
Weighted average remaining lease term (in years):
Operating leases	17 years 3 months 18 days	15 years 9 months 18 days
Finance leases	18 years	18 years 1 month 6 days
Weighted average discount rate:
Operating leases	3.80%	3.90%
Finance leases	4.90%	4.90%

Leases - As a Lessee - Supple_2

Leases - As a Lessee - Supplemental Cash Flow (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 11.1	$ 9.8
Operating cash flows from finance leases		0.9
Financing cash flows from finance leases	1.3	1.2
Non-cash right-of-use assets obtained in exchange for lease liabilities:
Operating leases	51.2	85.7
Finance leases	$ 0	$ 0

Leases - As a Lessee - Maturiti

Leases - As a Lessee - Maturities of Operating and Financing Lease Liabilities (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Operating Leases
2020	$ 11.4
2021	25.2	$ 22.4
2022	26.7	21
2023	23	22.4
2024	18.5	18.5
2025	17	13.9
Thereafter	206.5	165.4
Total lease payments	328.3	263.6
Less: Imputed interest	(87.8)	(67.8)
Operating lease liabilities	240.5	195.8
Finance Leases
2020	2.8
2021	4	5
2022	2.8	4.1
2023	1.8	2.9
2024	1.4	1.9
2025	1.4	1.4
Thereafter	27.5	31.1
Total lease payments	41.7	46.4
Less: Imputed interest	(12.9)	(14.6)
Finance lease liabilities	$ 28.8	$ 31.8

Investment in Real Estate - Lan

Investment in Real Estate - Land for Future Development (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020USD ($)a	Jun. 30, 2019USD ($)a	Jun. 30, 2020USD ($)a	Jun. 30, 2019USD ($)a
Business Acquisition [Line Items]
Depreciation expense	$ 96.6	$ 88.9	$ 191.5	$ 177.8
Amortization expense	$ 13.1	$ 13.2	$ 26.3	$ 26.4
San Antonio and Santa Clara
Business Acquisition [Line Items]
Area of Land | a		30		30
Frankfurt, Germany
Business Acquisition [Line Items]
Area of Land | a	2		2
Land | San Antonio and Santa Clara
Business Acquisition [Line Items]
Payment to acquire land				$ 40.1
Land | Frankfurt, Germany
Business Acquisition [Line Items]
Payment to acquire land			$ 12.4

Investment in Real Estate - Rea

Investment in Real Estate - Real Estate Investments and Intangibles and Related Depreciation and Amortization (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Investment in real estate
Buildings and improvements, cost	$ 1,857.9	$ 1,761.4
Equipment, cost	3,229.5	3,028.2
Buildings and improvements, accumulated depreciation	(588.8)	(545.1)
Equipment, accumulated depreciation	(973.9)	(834.1)
Buildings and improvements, net	1,269.1	1,216.3
Equipment, net	2,255.6	2,194.1
Intangible assets
Cost	400.8	403.6
Accumulated Depreciation and Amortization	(225.9)	(207.5)
Net book value	174.9	196.1
Customer relationships
Intangible assets
Cost	247.1	247.1
Accumulated Depreciation and Amortization	(157.1)	(151.1)
Net book value	90	96
In-place leases
Intangible assets
Cost	134.5	137.1
Accumulated Depreciation and Amortization	(58.3)	(46.7)
Net book value	76.2	90.4
Other contractual
Intangible assets
Cost	19.2	19.4
Accumulated Depreciation and Amortization	(10.5)	(9.7)
Net book value	$ 8.7	$ 9.7
Buildings
Intangible assets
Useful life of asset	30 years
Building improvements
Intangible assets
Useful life of asset	30 years
Equipment
Intangible assets
Useful life of asset	20 years

Equity Investments - Shcedule o

Equity Investments - Shcedule of Investees (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Equity investments	$ 184.9	$ 135.1
GDS, Class A share equivalent
Schedule of Equity Method Investments [Line Items]
Fair value	163.8	118.7
ODATA Brasil S.A.
Schedule of Equity Method Investments [Line Items]
Cost method	18.8	15.4
ODATA Colombia S.A.S
Schedule of Equity Method Investments [Line Items]
Cost method	$ 2.3	$ 1

Equity Investments - Narrative

Equity Investments - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 30, 2020	Apr. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Net gain (loss) on marketable equity investments			$ 50.4	$ (8.5)	$ 65.1	$ 92.7
Less: Net gain (loss) recognized on marketable equity investments sold			5.8	(5.3)	7.4	66.9
Unrealized gain (loss) on marketable equity investments held			44.6	$ (3.2)	$ 57.7	$ 25.8
GDS
Schedule of Equity Method Investments [Line Items]
Price per ordinary share (in dollars per share)					$ 79.66
Equity method investment, share equivalent (shares)					2,100
Equity investments	$ 163.8		163.8		$ 163.8		$ 118.7
Number of GDS ADSs sold (in shares)	245	5,700
Proceeds from sale of equity investments	$ 20	$ 199
Affiliated Entity | ODATA
Schedule of Equity Method Investments [Line Items]
Cost method investments	$ 21.1		$ 21.1		$ 21.1		$ 16.4

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Deferred leasing and other contract costs	$ 59.2	$ 53.2
Prepaid expenses	23.3	22.1
Non-real estate assets, net	15.1	16.3
Derivative assets	0	3.5
Other assets	29.7	18.8
Total	$ 127.3	$ 113.9

Debt - Components of Debt (Deta

Debt - Components of Debt (Details)	6 Months Ended
	Jun. 30, 2020USD ($)extension	Mar. 31, 2020USD ($)	Jan. 22, 2020	Dec. 31, 2019USD ($)	Dec. 05, 2019	Mar. 29, 2018USD ($)
Debt Instrument [Line Items]
Deferred financing costs	$ (31,300,000)			$ (25,800,000)
Total	$ 3,156,900,000			2,886,600,000
LIBOR
Debt Instrument [Line Items]
Stated interest rate	0.18%
GPB LIBOR
Debt Instrument [Line Items]
Stated interest rate	0.10%
Term Loan | 2023 Term Loan
Debt Instrument [Line Items]
Credit facility	$ 0			800,000,000
Credit agreement amount						$ 1,000,000,000
Term Loan | 2025 Term Loan
Debt Instrument [Line Items]
Credit facility	$ 0			300,000,000
Credit agreement amount						300,000,000
Term Loan | LIBOR | 2023 Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%
Term Loan | LIBOR | 2025 Term Loan Facility
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%
Term Loan | LIBOR | 2023 Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.35%
Term Loan | LIBOR | 2025 Term Loan
Debt Instrument [Line Items]
Basis spread on variable rate	1.65%
Senior Notes | 2024 Notes, including bond discount of $0.8 million
Debt Instrument [Line Items]
Long-term debt	$ 599,200,000			599,200,000
Stated interest rate	2.90%				2.90%
Bond discount (premium)	$ 800,000
Senior Notes | 2029 Notes, including bond discount of $1.6 million
Debt Instrument [Line Items]
Long-term debt	$ 598,400,000			598,200,000
Stated interest rate	3.45%				3.45%
Bond discount (premium)	$ 1,600,000
Senior Notes | 2027 Notes, including bond discount of $0.7 million
Debt Instrument [Line Items]
Long-term debt	$ 560,800,000			0
Stated interest rate	1.45%		1.45%
Bond discount (premium)	$ 700,000
Revolving Credit Facility
Debt Instrument [Line Items]
Term of extension option	1 year
Revolving Credit Facility | 1.4 Billion Senior Multi Currency Revolving Credit Facility
Debt Instrument [Line Items]
Number of extension options | extension	1
Term of extension option	12 months
Credit agreement amount	$ 1,400,000,000
Revolving Credit Facility | 1.4 Billion US Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility	203,000,000
Revolving Credit Facility | 1.4 Billion EUR Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility	89,800,000
Revolving Credit Facility | 1.4 Billion GBP Revolving Credit Facility
Debt Instrument [Line Items]
Credit facility	37,000,000
Revolving Credit Facility | 2023 Term Loan Facility
Debt Instrument [Line Items]
Credit facility	$ 400,000,000
Number of extension options | extension	2
Term of extension option	1 year
Credit agreement amount	$ 400,000,000
Revolving Credit Facility | 2025 Term Loan Facility
Debt Instrument [Line Items]
Credit facility	700,000,000
Credit agreement amount	700,000,000
Revolving Credit Facility | $3 Billion Credit Facility
Debt Instrument [Line Items]
Credit facility		$ 1,300,000,000
Credit agreement amount						3,000,000,000
Revolving Credit Facility | $1.7 Billion Revolving Credit Facility:
Debt Instrument [Line Items]
Credit facility	329,800,000
Credit agreement amount						$ 1,700,000,000
Revolving Credit Facility | US Revolver
Debt Instrument [Line Items]
Credit facility	0			555,000,000
Revolving Credit Facility | EUR Revolver
Debt Instrument [Line Items]
Credit facility	0			33,600,000
Revolving Credit Facility | GBP Revolver
Debt Instrument [Line Items]
Credit facility	$ 0			$ 26,400,000
Revolving Credit Facility | LIBOR | 1.4 Billion US Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility | LIBOR | US Revolver
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%
Revolving Credit Facility | EURIBOR | 1.4 Billion US Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility | EURIBOR | EUR Revolver
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%
Revolving Credit Facility | GPB LIBOR | 1.4 Billion GBP Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate	1.00%
Revolving Credit Facility | GPB LIBOR | GBP Revolver
Debt Instrument [Line Items]
Basis spread on variable rate	1.20%

Debt - Credit Facilities (Detai

Debt - Credit Facilities (Details)	Mar. 31, 2020USD ($)	Mar. 29, 2018USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2020USD ($)extension	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Line of Credit Facility [Line Items]
Gain (loss) on early extinguishment of debt			$ 0		$ 0	$ (3,400,000)	$ 0
Letters of credit outstanding			10,600,000			$ 10,600,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Option to extend maturity						1 year
$3 Billion Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit agreement amount		$ 3,000,000,000
Repayments of long-term debt	$ 1,300,000,000
Line of credit	$ 1,300,000,000			$ 1,300,000,000
Gain (loss) on early extinguishment of debt				$ (3,400,000)
Available capacity			1,100,000,000			$ 1,100,000,000
$1.7 Billion Revolving Credit Facility: | Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit agreement amount		1,700,000,000
Multicurrency borrowing sublimit		$ 750,000,000
Line of credit			329,800,000			$ 329,800,000
Commitment fee percent						0.25%
Commitment fee rate per annum upon 50% or greater utilization						0.25%
Commitment fee amount			700,000		$ 500,000	$ 1,800,000	$ 1,000,000
Available capacity			1,100,000,000			1,100,000,000
2023 Term Loan
Line of Credit Facility [Line Items]
Debt instrument, term		5 years
2023 Term Loan | Revolving Credit Facility
Line of Credit Facility [Line Items]
Available capacity			0			0
2023 Term Loan | Term Loan
Line of Credit Facility [Line Items]
Credit agreement amount		$ 1,000,000,000
Line of credit			0			0		$ 800,000,000
2025 Term Loan
Line of Credit Facility [Line Items]
Debt instrument, term		7 years
2025 Term Loan | Term Loan
Line of Credit Facility [Line Items]
Credit agreement amount		$ 300,000,000
Line of credit			0			0		$ 300,000,000
1.4 Billion Senior Multi Currency Revolving Credit Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit agreement amount			1,400,000,000			1,400,000,000
Additional maximum borrowing capacity			4,000,000,000			4,000,000,000
Multicurrency borrowing sublimit			750,000,000			$ 750,000,000
Number of extension options | extension						1
Option to extend maturity						12 months
2023 Term Loan Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit agreement amount			400,000,000			$ 400,000,000
Number of extension options | extension						2
Option to extend maturity						1 year
Line of credit			400,000,000			$ 400,000,000
2025 Term Loan Facility | Revolving Credit Facility
Line of Credit Facility [Line Items]
Credit agreement amount			700,000,000			700,000,000
Line of credit			$ 700,000,000			$ 700,000,000

Debt - Senior Notes (Details)

Debt - Senior Notes (Details) - Senior Notes	Jan. 22, 2020EUR (€)	Dec. 05, 2019USD ($)	Jun. 30, 2020
1.450% Senior Notes due 2027
Debt Instrument [Line Items]
Debt principal amount | €	€ 500,000,000
Stated interest rate	1.45%		1.45%
Proceeds from debt issuance, net of underwriting and other deferred financing cost | €	€ 495,300,000
2.900% Senior Notes Due 2024
Debt Instrument [Line Items]
Debt principal amount		$ 600,000,000
Stated interest rate		2.90%	2.90%
3.450% Senior Notes Due 2029
Debt Instrument [Line Items]
Debt principal amount		$ 600,000,000
Stated interest rate		3.45%	3.45%
5.000% Senior Notes Due 2024
Debt Instrument [Line Items]
Stated interest rate		5.00%
5.375% Senior Notes Due 2027
Debt Instrument [Line Items]
Stated interest rate		5.375%
2.900% Senior Notes Due 2024 And 3.450% Senior Notes Due 2029
Debt Instrument [Line Items]
Proceeds from debt issuance, net of underwriting and other deferred financing cost		$ 1,197,400,000
5.000% senior notes due 2024 and 5.375% senior notes due 2027
Debt Instrument [Line Items]
Loss on early extinguishment of debt		$ 71,800,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments and Hedging Activities - Carrying Value and Fair Value of Other Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jan. 22, 2020	Dec. 31, 2019	Dec. 05, 2019
Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity investments	$ 163.8		$ 118.7
Senior Notes | 2.900% Senior Notes Due 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 599.2		599.2
Stated interest rate	2.90%			2.90%
Senior Notes | 2.900% Senior Notes Due 2024 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 599.2		599.2
Senior Notes | 3.450% Senior Notes Due 2029
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 598.4		598.2
Stated interest rate	3.45%			3.45%
Senior Notes | 3.450% Senior Notes Due 2029 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 598.4		598.2
Senior Notes | 1.450% Senior Notes due 2027
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 560.8		0
Stated interest rate	1.45%	1.45%
Senior Notes | 1.450% Senior Notes due 2027 | Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	$ 560.8		0
Level 1 | Senior Notes | 2.900% Senior Notes Due 2024 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	632.6		602.1
Level 1 | Senior Notes | 3.450% Senior Notes Due 2029 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	624.6		603.1
Level 1 | Senior Notes | 1.450% Senior Notes due 2027 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term debt	538.1		0
Level 2 | Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity investments	163.8		118.7
GDS
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Equity investments	$ 163.8		$ 118.7

Fair Value of Financial Instr_4

Fair Value of Financial Instruments and Hedging Activities - Derivative Positions (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	$ 1,246.8
Asset	0	$ 3.5
Liability	16.8	11.4
3/29/2023 | Net investment hedge | Cross Currency Swaps | Designated derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	250
Asset	0	0
Liability	3.9	3.8
3/29/2023 | Net investment hedge | Cross Currency Swaps | Designated derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	250
Asset	0	0
Liability	4.1	3.9
01/15/2020 | Net investment hedge | Cross Currency Swaps | Designated derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	155.9
Asset	0	0
Liability	0	1.4
3/29/2023 | Interest rate hedge - Float to fixed | Interest Rate Swaps | Designated derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	300
Asset	0	3.5
Liability	8.8	0
01/15/2020 | Cross Currency Swaps | Undesignated derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	265.3
Asset	0	0
Liability	0	2.1
01/15/2020 | Cross Currency Swaps | Undesignated derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional Amount	25.6
Asset	0	0
Liability	$ 0	$ 0.2

Fair Value of Financial Instr_5

Fair Value of Financial Instruments and Hedging Activities - Derivative instruments (Details) € in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2020USD ($)instrument	Mar. 31, 2020USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Jun. 30, 2020USD ($)instrument	Jun. 30, 2019USD ($)	Jun. 30, 2020EUR (€)instrument	Dec. 31, 2019USD ($)	Sep. 03, 2019USD ($)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain (loss) recognized in OCI for derivatives	$ (9.5)	$ (1.1)	$ (3.6)	$ 2.7	$ (10.6)	$ (0.9)
Derivative asset	0				0			$ 3.5
Derivative liability	16.8				16.8			11.4
Cross Currency Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain (loss) recognized in OCI for derivatives	(9.5)		(3.6)		(10.6)	(0.9)
Amount of gain (loss) recognized in earnings	0		$ 0		0	$ 0
Cross Currency Swaps | Net investment hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Amount of gain (loss) recognized in OCI for derivatives	(8.6)				(1.7)
Term Loan | Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability, notional amount									$ 300
Amount of gain (loss) recognized in OCI for derivatives	$ 0.9				$ 12.3
Derivative, fixed interest rate									1.19%
Maturing March 2023 | Cross Currency Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of derivative instruments | instrument	2				2		2
Derivative asset, notional amount	$ 500				$ 500
Derivative liability, notional amount | €							€ 450.7
Liability, fair value disclosure	8				8
Amount of gain (loss) recognized in earnings					4.5
Other Assets
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset	0				0
Other Assets | Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative asset	3.5				3.5			3.5
Other Liabilities [Member] | Cross Currency Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability	8				8			$ 11.4
Other Liabilities [Member] | Interest Rate Swaps
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Derivative liability	$ 8.8				$ 8.8

Fair Value of Financial Instr_6

Fair Value of Financial Instruments and Hedging Activities - Derivative Instruments Gain (Loss) (Details) - USD ($) $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in OCI for derivatives	$ (9.5)	$ (1.1)	$ (3.6)	$ 2.7	$ (10.6)	$ (0.9)
Cross Currency Swaps
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain (loss) recognized in OCI for derivatives	(9.5)		(3.6)		(10.6)	(0.9)
Amount of gain (loss) reclassified from accumulated OCI for derivatives	0		0		0	0
Amount of gain (loss) recognized in earnings	$ 0		$ 0		$ 0	$ 0

Stockholders' Equity - Narrativ

Stockholders' Equity - Narrative (Details) - USD ($)	Jul. 29, 2020	May 29, 2020	May 26, 2020	May 13, 2020	Mar. 09, 2020	Jun. 30, 2020	Nov. 30, 2019	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock (in shares)													4,900,000
Stock issued during period, average price per share (in dollars per share)										$ 52.22			$ 52.22
Common stock outstanding (in shares)						116,852,894		116,852,894				116,852,894		114,808,898
Dividends paid per share (in dollars per share)												$ 1	$ 0.92
Payments of dividends												$ 116,100,000	$ 101,300,000
Dividends declared per share (in dollars per share)								$ 0.50	$ 0.50	$ 0.46	$ 0.46
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividends declared per share (in dollars per share)	$ 0.51
New 2018 ATM Stock Offering Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of shares authorized															$ 750,000,000
2020 ATM Stock Offering Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Value of shares authorized						$ 750,000,000		$ 750,000,000				750,000,000
Value of shares available to grant						$ 450,000,000		$ 450,000,000				$ 450,000,000
Forward Sale Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forward offering sales (in shares)		1,400,000	1,400,000	1,400,000	2,000,000
Sale Of Stock, Number Of Shares						6,200,000		6,200,000				6,200,000		1,600,000
Initial forward price (in dollars per share)						$ 68.17		$ 68.17				$ 68.17
Proceeds from settlement of forward equity sale agreement		$ 0	$ 0	$ 0	$ 0
Forward Sale Agreement | New 2018 ATM Stock Offering Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Forward offering sales (in shares)							1,600,000
Initial forward price (in dollars per share)							$ 61.67
Proceeds from settlement of forward equity sale agreement						$ 96,500,000

Stockholders' Equity - Forward

Stockholders' Equity - Forward Sale of Equity (Details) - Forward Sale Agreement - USD ($) shares in Thousands, $ in Millions	May 29, 2020	May 26, 2020	May 13, 2020	Mar. 09, 2020	Jun. 30, 2020
Forward Sale Of Equity Of Common Stock [Roll Forward]
Beginning balance (in shares)					1,600
Forward offering sales (in shares)	1,400	1,400	1,400	2,000
Ending balance (in shares)					6,200
Forward Sales Of Equity Of Common Stock, Net Proceeds Received [Roll Forward]
Net proceeds received, beginning balance					$ 0
Proceeds from settlement of forward equity sale agreement	$ 0	$ 0	$ 0	$ 0
Net proceeds received, ending balance					96.5
Forward Sales Of Equity Of Common Stock, Remaining Expected Proceeds Available [Roll Forward]
Remaining proceeds available, beginning balance					96.5
Remaining proceeds available, additions	$ 98.7	$ 98.7	$ 98.7	$ 123.4
Remaining proceeds available, ending balance					419.5
Estimated proceeds, net of adjustments					$ 413.2
November 29, 2019 Forward Offering Settlement
Forward Sale Of Equity Of Common Stock [Roll Forward]
Forward offering settlement (in shares)					(1,600)
Forward Sales Of Equity Of Common Stock, Net Proceeds Received [Roll Forward]
Proceeds from settlement of forward equity sale agreement					$ 96.5
Forward Sales Of Equity Of Common Stock, Remaining Expected Proceeds Available [Roll Forward]
Remaining proceeds available, settlements					$ (96.5)

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 3.3	$ 3.7	$ 7	$ 8.2
LTIP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized (in shares)	8,900,000		8,900,000
Shares available for grant (in shares)	4,400,000		4,400,000

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Awards Activity (Details) - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
TSR performance metric, payout percent	200.00%
Shares
Non-vested beginning balance (in shares)	646,619	511,409
Granted (in shares)	183,175	391,911
TSR and other adjustments (in shares)	164,071	0
Vested (in shares)	(295,738)	(130,210)
Forfeited (in shares)	(91,321)	(71,625)
Non-vested ending balance (in shares)	606,806	701,485
Weighted Average Grant Date Fair Value
Non-vested beginning balance (in dollars per share)	$ 55.80	$ 56.23
Granted (in dollars per share)	78.80	48.50
TSR and other adjustments (in dollars per share)	91.32	0
Vested (in dollars per share)	84.56	45.37
Forfeited (in dollars per share)	50.03	53.16
Non-vested ending balance (in dollars per share)	$ 59.20	$ 54.24
Restricted Stock
Shares
Non-vested beginning balance (in shares)	16,681	419,356
Granted (in shares)	14,973	16,681
Vested (in shares)	(16,681)	(370,554)
Forfeited (in shares)	0	(34,603)
Non-vested ending balance (in shares)	14,973	30,880
Weighted Average Grant Date Fair Value
Non-vested beginning balance (in dollars per share)	$ 52.46	$ 35.73
Granted (in dollars per share)	70.15	52.46
Vested (in dollars per share)	52.46	35.38
Forfeited (in dollars per share)	0	37.09
Non-vested ending balance (in dollars per share)	$ 70.15	$ 47.39
Restricted Stock Units, Time-Based
Shares
Non-vested ending balance (in shares)	285,534	347,600
Weighted Average Grant Date Fair Value
Non-vested ending balance (in dollars per share)	$ 59.62	$ 53.38
Restricted Stock Units, Performance-Based
Shares
Non-vested ending balance (in shares)	321,272	353,885
Weighted Average Grant Date Fair Value
Non-vested ending balance (in dollars per share)	$ 58.83	$ 55.08
Restricted Stock, Time-Based
Shares
Non-vested ending balance (in shares)	14,973	30,880
Weighted Average Grant Date Fair Value
Non-vested ending balance (in dollars per share)	$ 70.15	$ 47.39
Restricted Stock, Performance-Based
Shares
Non-vested ending balance (in shares)	0	0
Weighted Average Grant Date Fair Value
Non-vested ending balance (in dollars per share)	$ 0	$ 0

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Options (Details) - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Options
Beginning balance (in shares)	375,086	401,223
Granted (in shares)	0	0
Exercised (in shares)	(218,064)	(25,586)
Forfeited or expired (in shares)	0	(551)
Ending balance (in shares)	157,022	375,086
Weighted Average Exercise Price
Beginning balance (in dollars per share)	$ 31.64	$ 31.96
Granted (in dollars per share)	0	0
Exercised (in dollars per share)	32.23	36.70
Forfeited or expired (in dollars per share)	0	23.58
Ending balance (in dollars per share)	$ 30.83	$ 31.64
Stock Options, Time Based
Options
Ending balance (in shares)	133,691	323,101
Weighted Average Exercise Price
Ending balance (in dollars per share)	$ 32.10	$ 32.94
Stock Options, Performance Based
Options
Ending balance (in shares)	23,331	51,985
Weighted Average Exercise Price
Ending balance (in dollars per share)	$ 23.58	$ 23.58

Income (Loss) per Share - Compu

Income (Loss) per Share - Computation of Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended				6 Months Ended
	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2019
Numerator:
Net income (loss)	$ 45	$ 14.7	$ (8.5)	$ 89.4	$ 59.7	$ 80.9
Less: Restricted stock dividends, Basic	(0.1)		(0.2)		(0.3)	(0.3)
Less: Restricted stock dividends, Diluted	(0.1)		(0.2)		(0.3)	(0.3)
Net (loss) income available to stockholders, Basic	44.9		(8.7)		59.4	80.6
Net (loss) income available to stockholders, Diluted	$ 44.9		$ (8.7)		$ 59.4	$ 80.6
Denominator:
Weighted average shares outstanding - basic (in shares)	115.3		113.1		115.1	110.7
Performance-based restricted stock and units (in shares)	0.1		0		0.2	0.4
Dilutive forward shares (in shares)	0.3		0		0.1	0
Weighted average shares outstanding- diluted (in shares)	115.7		113.1		115.4	111.1
EPS:
Income (loss) per share - basic (in dollars per share)	$ 0.39		$ (0.08)		$ 0.52	$ 0.73
Effect of dilutive shares:
Income (loss) per share - diluted (in dollars per share)	$ 0.39		$ (0.08)		$ 0.52	$ 0.73

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
GDS | Investee
Related Party Transaction [Line Items]
Commission and referral charges and accrued expensed payable to GDS	$ 0	$ 500,000

Commitments and Contingencies -

Commitments and Contingencies - Narrative (Details) ft² in Thousands, £ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2020USD ($)ft²	Jun. 30, 2020GBP (£)
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Letters of credit outstanding	$ 10.6
Minimum
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Operating lease, term of contract	1 year
Maximum
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Operating lease, term of contract	25 years
Data center facilities and equipment
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Amount of minimum purchase commitment	$ 177
Data center facilities and equipment | Minimum
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Term of purchase commitment	1 year	1 year
Data center facilities and equipment | Maximum
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Term of purchase commitment	2 years	2 years
Services
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Amount of minimum purchase commitment	$ 73.4
Services | Minimum
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Term of purchase commitment	1 year	1 year
Services | Maximum
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Term of purchase commitment	2 years	2 years
London, UK
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Operating lease, area | ft²	70
Annual rent | £		£ 1.4
Land | London, UK
Purchase Commitment, Excluding Long-term Commitment [Line Items]
Operating lease, term of contract	20 years