CyrusOne reported revenue of $256.4 million for the second quarter, compared to $251.5 million for the same period in 2019, an increase of 2%. The increase in revenue was driven primarily by a 7% increase in occupied CSF, lease termination fees totaling $3.0 million, and additional interconnection services, partially offset by the impact of equipment sales and rent churn. Revenue in the second quarter of 2020 included $6.9 million of equipment sales, compared to $17.1 million of equipment sales for the same period in 2019. Net income was $45.0 million for the second quarter, compared to net loss of $(8.5) million in the same period in 2019.
Some highlights:
- Leased 22 megawatts and 150,000 colocation square feet (CSF) in the second quarter, totaling $37 million in annualized GAAP revenue
- Balanced geographical mix with 51% of annualized GAAP revenue totaling $19 million signed across European markets, includes exercise of previously disclosed (in 3Q’19) paid reservation for 4.5 MW totaling approximately $5.5 million in annualized GAAP revenue
- Backlog of $97 million in annualized GAAP revenue as of the end of the second quarter, the highest quarter-end backlog in the company’s history, representing approximately $710 million in total contract value
- During Q2, CyrusOne completed construction on 212,000 CSF and 27 MW of power capacity in San Antonio, Phoenix, Northern Virginia, and London.
- Percentage CSF leased as of the end of the second quarter was 88% for stabilized properties8 and 83% overall.
- CyrusOne has development projects underway in Frankfurt, Dublin, London, Northern Virginia, San Antonio, the New York Metro area, and Council Bluffs (IA) that are expected to add approximately 336,000 CSF and 82 MW of power capacity plus 337,000 square feet of powered shell.