Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 12, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 8.5 | ||
Entity Common Stock, Shares Outstanding | 120,460,690 | ||
Entity Central Index Key | 0001553023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Stock | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $.01 par value | ||
Trading Symbol | CONE | ||
Security Exchange Name | NASDAQ | ||
1.450% Senior Notes due 2027 | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 1.450% Senior Notes due 2027 | ||
Trading Symbol | CONE27 | ||
Security Exchange Name | NASDAQ |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Investment in real estate: | ||
Land | $ 208.8 | $ 147.6 |
Buildings and improvements | 2,035.2 | 1,761.4 |
Equipment | 3,538.9 | 3,028.2 |
Gross operating real estate | 5,782.9 | 4,937.2 |
Less accumulated depreciation | (1,767.9) | (1,379.2) |
Net operating real estate | 4,015 | 3,558 |
Construction in progress, including land under development | 982.2 | 946.3 |
Land held for future development | 268.3 | 206 |
Total investment in real estate, net | 5,265.5 | 4,710.3 |
Cash and cash equivalents | 271.4 | 76.4 |
Rent and other receivables (net of allowance for doubtful accounts of $3.5 and $1.8 as of December 31, 2020 and 2019, respectively) | 334.2 | 291.9 |
Restricted cash | 1.5 | 1.3 |
Operating lease right-of-use assets, net | 211.4 | 161.9 |
Equity investments | 67.1 | 135.1 |
Goodwill | 455.1 | 455.1 |
Intangible assets (net of accumulated amortization of $249.3 and $207.5 as of December 31, 2020 and 2019, respectively) | 157.8 | 196.1 |
Other assets | 133.4 | 113.9 |
Total assets | 6,897.4 | 6,142 |
Liabilities and equity | ||
Debt | 3,409 | 2,886.6 |
Finance lease liabilities | 29.1 | 31.8 |
Operating lease liabilities | 249.1 | 195.8 |
Construction costs payable | 133 | 176.3 |
Accounts payable and accrued expenses | 151.3 | 122.7 |
Dividends payable | 63.3 | 58.6 |
Deferred revenue and prepaid rents | 174.1 | 163.7 |
Deferred tax liability | 53 | 60.5 |
Other liabilities | 77.3 | 11.4 |
Total liabilities | 4,339.2 | 3,707.4 |
Commitment and contingencies | ||
Stockholders' equity | ||
Preferred stock, $.01 par value, 100,000,000 authorized; no shares issued or outstanding | 0 | 0 |
Common stock, $.01 par value, 500,000,000 shares authorized and 120,442,521 and 114,808,898 shares issued and outstanding at December 31, 2020 and 2019, respectively | 1.2 | 1.1 |
Additional paid in capital | 3,537.3 | 3,202 |
Accumulated deficit | (966.6) | (767.3) |
Accumulated other comprehensive income (loss) | (13.7) | (1.2) |
Total stockholders’ equity | 2,558.2 | 2,434.6 |
Total liabilities and equity | $ 6,897.4 | $ 6,142 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 3.5 | $ 1.8 |
Accumulated amortization | $ 249.3 | $ 207.5 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares 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, shares issued (in shares) | 120,442,521 | 114,808,898 |
Common stock, shares outstanding (in shares) | 120,442,521 | 114,808,898 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Revenue | $ 1,033.5 | $ 981.3 | $ 821.4 |
Operating expenses: | |||
Property operating expenses | 411.6 | 383.4 | 292.4 |
Sales and marketing | 18.3 | 20.2 | 19.6 |
General and administrative | 99.3 | 83.5 | 80.6 |
Depreciation and amortization | 449.4 | 417.7 | 334.1 |
Transaction, acquisition, integration and other related expenses | 3.7 | 8.4 | 5 |
Impairment losses and (gain) loss on asset disposals | 11.1 | 1.1 | 0 |
Total operating expenses | 993.4 | 914.3 | 731.7 |
Operating income | 40.1 | 67 | 89.7 |
Interest expense, net | (57.7) | (82) | (94.7) |
Net gain on marketable equity investment | 89.5 | 132.3 | 9.9 |
Loss on early extinguishment of debt | (6.5) | (71.8) | (3.1) |
Foreign currency and derivative losses, net | (27.6) | (7.5) | 0 |
Other expense | 0 | (0.3) | 0 |
Net income before income taxes | 37.8 | 37.7 | 1.8 |
Income tax benefit (expense) | 3.6 | 3.7 | (0.6) |
Net income | $ 41.4 | $ 41.4 | $ 1.2 |
Weighted average number of common shares outstanding - basic (in shares) | 117.3 | 112.1 | 99.8 |
Weighted average number of common shares outstanding - diluted (in shares) | 117.6 | 112.5 | 100.4 |
Income (loss) per share - basic (in dollars per share) | $ 0.35 | $ 0.36 | $ 0 |
Income (loss) per share - diluted (in dollars per share) | $ 0.35 | $ 0.36 | $ 0 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 41.4 | $ 41.4 | $ 1.2 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | 40.5 | 11.8 | (10.9) |
Net loss on cash flow hedging instruments | (53) | (0.7) | 0 |
Comprehensive income (loss) | $ 28.9 | $ 52.5 | $ (9.7) |
Consolidated Statements of Equi
Consolidated Statements of Equity - 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) | Accumulated Other Comprehensive Income (Loss)Cumulative Effect, Period of Adoption, Adjustment | Total Stockholders' Equity |
Beginning Balance (in shares) at Dec. 31, 2017 | 96.1 | ||||||||
Beginning Balance at Dec. 31, 2017 | $ 1 | $ 2,125.6 | $ (486.9) | $ 74.2 | $ 1,713.9 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income | $ 1.2 | 1.2 | 1.2 | ||||||
Issuance of common stock, net (in shares) | 12.3 | ||||||||
Issuance of common stock, net | $ 0.1 | 699.5 | 699.6 | ||||||
Stock-based compensation expense (in shares) | 0 | ||||||||
Stock-based compensation expense | 17.5 | 17.5 | |||||||
Tax payment upon exercise of equity awards (in shares) | (0.1) | ||||||||
Tax payment upon exercise of equity awards | (5.2) | (5.2) | |||||||
Foreign currency translation adjustment | (10.9) | (10.9) | (10.9) | ||||||
Net loss on cash flow hedging instruments | $ 0 | ||||||||
Dividends declared | (190.4) | (190.4) | |||||||
Ending Balance (in shares) at Dec. 31, 2018 | 108.3 | ||||||||
Ending Balance at Dec. 31, 2018 | $ 1.1 | 2,837.4 | (600.2) | (12.3) | 2,226 | ||||
Ending Balance (Revenue recognition, cumulative modified retrospective) at Dec. 31, 2018 | $ 0.3 | $ 0.3 | |||||||
Ending Balance (Financial instruments (equity investment), cumulative adjustment) at Dec. 31, 2018 | 0 | 75.6 | $ (75.6) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Accounting Standards Update [Extensible List] | Revenue recognition, cumulative modified retrospective | us-gaap:AccountingStandardsUpdate201409Member | ||||||||
Accounting Standards Update [Extensible List] | Financial instruments (equity investment), cumulative adjustment | us-gaap:AccountingStandardsUpdate201601Member | ||||||||
Net income | $ 41.4 | 41.4 | 41.4 | ||||||
Issuance of common stock, net (in shares) | 6.5 | ||||||||
Issuance of common stock, net | $ 0 | 357.2 | 357.2 | ||||||
Stock-based compensation expense | 16.7 | 16.7 | |||||||
Tax payment upon exercise of equity awards (in shares) | 0 | ||||||||
Tax payment upon exercise of equity awards | (9.3) | (9.3) | |||||||
Foreign currency translation adjustment | 11.8 | 11.8 | 11.8 | ||||||
Net loss on cash flow hedging instruments | (0.7) | (0.7) | |||||||
Dividends declared | (218) | (218) | |||||||
Ending Balance (in shares) at Dec. 31, 2019 | 114.8 | ||||||||
Ending Balance at Dec. 31, 2019 | $ 2,434.6 | $ 9.5 | $ 1.1 | 3,202 | (767.3) | $ 9.5 | (1.2) | 2,434.6 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | ||||||||
Net income | $ 41.4 | 41.4 | 41.4 | ||||||
Issuance of common stock, net (in shares) | 5.6 | ||||||||
Issuance of common stock, net | $ 0.1 | 325.6 | 325.7 | ||||||
Stock-based compensation expense | 18.4 | 18.4 | |||||||
Tax payment upon exercise of equity awards | (8.7) | (8.7) | |||||||
Foreign currency translation adjustment | 40.5 | 40.5 | 40.5 | ||||||
Net loss on cash flow hedging instruments | (53) | (53) | (53) | ||||||
Dividends declared | (240.7) | (240.7) | |||||||
Ending Balance (in shares) at Dec. 31, 2020 | 120.4 | ||||||||
Ending Balance at Dec. 31, 2020 | $ 2,558.2 | $ 1.2 | $ 3,537.3 | $ (966.6) | $ (13.7) | $ 2,558.2 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared (in dollars per share) | $ 2.02 | $ 1.92 | $ 1.84 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income | $ 41,400,000 | $ 41,400,000 | $ 1,200,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 449,400,000 | 417,700,000 | 334,100,000 |
Provision for bad debt expense | 1,700,000 | 1,700,000 | 2,600,000 |
Gain on marketable equity investment | (89,500,000) | (132,300,000) | (9,900,000) |
Foreign currency and derivative losses, net | 27,600,000 | 7,500,000 | 0 |
Proceeds from swap terminations | 2,900,000 | 3,600,000 | 0 |
(Gain) loss on asset disposals | (100,000) | 400,000 | 0 |
Impairment losses | 11,200,000 | 700,000 | 0 |
Loss on early extinguishment of debt | 6,500,000 | 71,800,000 | 3,100,000 |
Interest expense amortization, net | 6,800,000 | 5,000,000 | 4,000,000 |
Stock-based compensation expense | 18,400,000 | 16,700,000 | 17,500,000 |
Deferred income tax benefit | (6,900,000) | (7,500,000) | 0 |
Operating lease cost | 20,300,000 | 0 | |
Other expense (income) | 100,000 | 200,000 | (600,000) |
Change in operating assets and liabilities: | |||
Rent and other receivables, net and other assets | (58,000,000) | (74,200,000) | (80,200,000) |
Accounts payable and accrued expenses | 39,000,000 | (800,000) | 3,000,000 |
Deferred revenue and prepaid rents | 8,800,000 | 15,600,000 | 34,500,000 |
Operating lease liabilities | (23,400,000) | (22,100,000) | 0 |
Net cash provided by operating activities | 456,300,000 | 365,700,000 | 309,300,000 |
Cash flows from investing activities: | |||
Investments in real estate | (910,500,000) | (876,400,000) | (865,700,000) |
Asset acquisitions, primarily real estate, net of cash acquired | 0 | 0 | (462,800,000) |
Proceeds from sale of equity investments | 144,100,000 | 199,000,000 | 0 |
Equity investments | (6,500,000) | (3,800,000) | (12,600,000) |
Proceeds from the sale of real estate assets | 500,000 | 1,300,000 | 0 |
Net cash used in investing activities | (772,400,000) | (679,900,000) | (1,341,100,000) |
Cash flows from financing activities: | |||
Issuance of common stock, net | 325,700,000 | 357,200,000 | 699,600,000 |
Dividends paid | (236,200,000) | (210,400,000) | (181,100,000) |
Proceeds from revolving credit facility | 763,700,000 | 656,700,000 | 688,300,000 |
Repayments of revolving credit facility | (966,100,000) | (182,500,000) | (647,400,000) |
Proceeds from Euro bond | 553,500,000 | 0 | 0 |
Proceeds from unsecured term loan | 1,100,000,000 | 0 | 1,300,000,000 |
Repayments of unsecured term loan | (1,400,000,000) | (200,000,000) | (900,000,000) |
Proceeds from issuance of senior notes | 395,200,000 | 1,197,400,000 | 0 |
Repayments of senior notes | 0 | (1,200,000,000) | 0 |
Payment of debt extinguishment costs | 0 | (72,000,000) | 0 |
Payment of deferred financing costs | (16,400,000) | (9,400,000) | 0 |
Payments on finance lease liabilities | (3,500,000) | (2,900,000) | (9,500,000) |
Tax payment upon exercise of equity awards | (8,700,000) | (9,300,000) | (5,200,000) |
Net cash provided by financing activities | 507,200,000 | 324,800,000 | 944,700,000 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 4,100,000 | 2,700,000 | (400,000) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 195,200,000 | 13,300,000 | (87,500,000) |
Cash, cash equivalents and restricted cash at beginning of period | 77,700,000 | 64,400,000 | 151,900,000 |
Cash, cash equivalents and restricted cash at end of period | 272,900,000 | 77,700,000 | 64,400,000 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, including amounts capitalized of $22.6 million, $32.9 million and $24.4 million in 2020, 2019 and 2018, respectively | 62,400,000 | 123,000,000 | 115,400,000 |
Cash paid for income taxes | 3,700,000 | 3,500,000 | 3,400,000 |
Non-cash investing and financing activities: | |||
Construction costs payable | 133,000,000 | 176,300,000 | 195,300,000 |
Dividends payable | $ 63,300,000 | $ 58,600,000 | $ 51,000,000 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Cash Flows [Abstract] | |||
Capitalized interest | $ 22.6 | $ 32.9 | $ 24.4 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 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 December 31, 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 55 data centers, including two recovery centers, located in the United States, United Kingdom, Germany, The Netherlands 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". |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of PresentationThe accompanying financial statements are prepared on a consolidated basis. In addition, the accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (GAAP) and include the accounts of the Company, as well as all wholly-owned subsidiaries and any consolidated variable interest entities. All intercompany transactions and balances have been eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 to take steps to mitigate the potential risks to us posed by the pandemic. To date, our data center portfolio remains fully operational and 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, all of which have disrupted how we operate our business and may remain in place for an indeterminate amount of time. The duration and extent of the impact from the COVID-19 pandemic depends on future developments that cannot be accurately predicted at this time, such as the severity and transmission rate of the virus, the extent and effectiveness of containment actions, the distribution and effectiveness of vaccines and the impact of these and other factors on our employees, customers, suppliers and vendors. 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 has been and 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, which could adversely impact our employees, customers, vendors and suppliers resulting in a material adverse effect on our business, financial condition, results of operations, cash flows and ability to pay dividends as well as the market price of our common stock. 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 4, Recently Issued 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 value 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. We recognized an impairment loss of $11.2 million for the year ended December 31, 2020 which includes an $8.8 million impairment loss based on our estimate of the decrease in the fair value of the equipment held for use in inventory at our U.S. data centers and a $2.4 million impairment loss based on the estimated fair value for our investment in land held in Atlanta for future development as the Company sold this land to a third-party in February 2021. We recognized an impairment loss of $0.7 million for the year ended December 31, 2019, primarily due to an impairment loss on our South Bend - Monroe facility, which was being actively marketed for sale. We did not record any impairment losses for the year ended December 31, 2018. These fair values were based on unobservable inputs and the determination of fair value of real estate assets to be held for use is derived using the discounted cash flow method and involves a number of management assumptions relating to future economic events that could materially affect the determination of the ultimate fair value. Such assumptions are Level 3 inputs and include, but are not limited to, projected vacancy rates, rental rates, property operating expenses and required capital expenditures. These factors require management's judgment of factors such as market knowledge, historical experience, lease terms, tenant financial strength, economy, demographics, environment, property location, age, physical condition and expected return requirements, among other things. The aforementioned factors are taken as a whole by management in the determination of fair value. See Fair Value Measurements below for further information on fair value. 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 8, 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 investment. Our other equity investments are carried at cost because we do not exercise influence over the operating and financial decisions of the ventures and there is no readily determinable fair value and our investments are recorded at cost less impairment, if any. Dividends paid from operating profits are reported as a component of net income, while other dividends are reported as a return of capital. Goodwill We evaluate goodwill for possible impairment at least annually or upon the occurrence of events or circumstances that indicate that they would more likely than not reduce the fair value of a reporting unit below its carrying amount. For our annual impairment evaluation, we have the option of performing a qualitative or quantitative goodwill impairment analysis. A qualitative analysis, step zero, analyzes the macro-economic environment in which we operate for any significant changes such as deterioration in the market that the Company operates or overall financial performance such as declining cash flows. Also, entity specific changes are analyzed such as change in management, strategy or composition of reporting unit. This assessment of qualitative factors serves as a basis for determining whether it is necessary to perform the step one test. A quantitative analysis, step one, requires the Company to estimate the fair value of the reporting unit and compare the fair value to the carrying value to identify whether the value of the recorded goodwill is impaired. Changes in certain assumptions could have a significant impact on the impairment test for goodwill under step one. The most critical assumptions are projected future growth rates, operating margins, capital expenditures, tax rates, terminal values and discount rates. These assumptions are subject to change as our long-term plans and strategies are updated each year. During the fourth quarters of 2020, 2019 and 2018, we performed a qualitative evaluation and determined that the fair value of the reporting unit is substantially in excess of the carrying amount and therefore determined that further quantitative impairment testing was not necessary. Rent and Other Receivables Receivables consist principally of rent receivables including straight-line rent receivables. A general reserve may be recognized as an allowance for doubtful accounts when collectibility is not probable, after applying the overall collectibility constraint under the new accounting standard for leases. Straight-line rent receivable, net was $172.6 million and $156.8 million at December 31, 2020 and 2019, respectively. The allowance for doubtful accounts is estimated based upon historic patterns of credit losses for aged receivables as well as specific provisions for certain identifiable, potentially uncollectible balances. Deferred Revenue and Prepaid Rents Deferred revenue is recorded when a customer makes a contractual payment in excess of revenues recognized in accordance with GAAP. Prepaid rent liability is recorded when a customer makes an advance payment or they are contractually obligated to pay any amounts in advance of the associated lease or service period. 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 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 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. We adopted the practical expedient in ASC 606 that allows the Company to not disclose information about remaining performance obligations that have original expected durations of one year or less, the amount of the transaction price allocated to the remaining performance obligations and when we expect to recognize that amount as revenue for the year. We have also adopted the “as invoiced” practical expedient, whereby the Company recognizes revenue in the amount that directly corresponds to the amount of value transferred to the customer. Contract assets were $0.4 million as of December 31, 2020 and were not material as of December 31, 2019. Contract liabilities were not material as of both December 31, 2020 and December 31, 2019. Depreciation and Amortization Expense Depreciation expense is recognized over the estimated useful lives of real estate applying the straight-line method. The useful life of leased real estate and leasehold improvements is the lesser of the economic useful life of the asset or the term of the lease, including optional renewal periods if renewal is reasonably certain. Amortization expense is recognized over the estimated useful lives of finite-lived intangibles. Finite-lived intangibles include trademarks, customer relationships, favorable leasehold interests, in-place leases, trade names and deferred leasing costs. See Note 9, Goodwill, Intangible and Other Long-Lived Assets, for details. 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 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 We primarily hedge our foreign currency risk by borrowing in the currencies in which we invest. We may use derivative financial instruments, such as cross-currency swaps to manage foreign currency exchange rate risk related to both our foreign investments and the related earnings. In addition, we occasionally use interest rate swap contracts to manage interest rate risk and limit the impact of future interest rate changes on earnings and cash flows, primarily related to variable-rate debt. 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. Designated Derivatives. We may choose to designate our derivative financial instruments, generally cross-currency swaps as net investment hedges in foreign operations. At inception of the transaction, we designate the derivative financial instrument as a hedge of a specific underlying exposure, including the risk management objective and the strategy for undertaking the hedge transaction. We formally assess both at inception and at least quarterly thereafter, the effectiveness of our hedging transactions. Due to the high degree of effectiveness between the hedging instruments and the underlying exposures hedged, fluctuations in the value of the derivative financial instruments will generally be offset by changes in the cash flows or fair values of the underlying exposures being hedged. In addition to the net investment hedges described above, we may issue debt in a currency that is not the same functional currency of the borrowing entity to hedge our international investments. We designate the debt and related accrued interest as a net investment hedge to offset the translation and economic exposures related to our international investments. If the debt and related accrued interest exceeds the designated amount of our international investment, the foreign currency remeasurement on the unhedged portion of the debt during the period is recognized in Foreign currency and derivative losses, net. For cash flow hedges, such as interest rate swaps, we report the effective portion of the gain or loss as a component of other comprehensive income (loss) and reclassify it to the applicable line item in the Consolidated Statements of Operations, generally Interest expense, net over the corresponding period of the underlying hedged item. The ineffective portion of a derivative financial instrument’s change in fair value is recognized in earnings, generally Interest expense, net at the time the ineffectiveness occurred. To the extent the hedged debt related to our interest rate swaps and forwards is paid off early, we write off the remaining balance in other comprehensive income (loss) and recognize the amount in Interest expense, net in the Consolidated Statements of Operations. Undesignated Derivatives . Derivative instruments, such as cross-currency swaps, for which hedge accounting is not applied are recorded at fair value in Other assets and Other liabilities and gains and losses resulting from changes in the fair value are reported in Foreign currency and derivative losses, net in the Consolidated Statements of Operations. In addition, we may choose to not designate our interest rate swap and forward contracts. If a swap or forward contract is not designated as a hedge, the changes in fair value of these instruments is immediately recognized in earnings in Interest expense, net in the Consolidated Statements of Operations. Segment Information Our data centers have similar revenues and operating expenses across all geographic locations. The service offerings and delivery of services are provided in a similar manner, using the same types of facilities and similar technologies. Our chief operating decision maker, the Company's Chief Executive Officer, reviews our financial information on an aggregate basis and makes decisions about the allocations of Company resources and as a result, we have one reportable business segment. Revenues from properties were $1,033.5 million, $981.3 million and $821.4 million for the years ended December 31, 2020, 2019 and 2018, respectively. We had Investment in real estate, net of $5.3 billion and $4.7 billion, at December 31, 2020 and 2019, respectively. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to use judgment in the application of accounting policies, including making estimates and assumptions. If our judgment or interpretation of the facts and circumstances relating to various transactions had been different or different assumptions were made, it is possible that different accounting policies would have been applied, resulting in different financial results or a different presentation of our financial statements. Estimates, judgments and assumptions are based on historical experiences that we believe to be reasonable under the circumstances. From time to time we re-evaluate those estimates and assumptions. Our discussion and analysis of financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with GAAP. Our management evaluates these estimates on an ongoing basis, based upon information currently available and on various assumptions management believes are reasonable as of the date of the financial statements. Significant estimates include and are related to determining lease terms and revenue recognition, the fair value for purchase price allocations for business combinations and asset acquisitions, capitalization of costs and the useful lives of real estate and other long-lived assets. Our actual results may differ from these estimates. Reclassifications Certain financial information has been revised to conform to the current year presentation due to changes in the significance of the particular activity. The following items have been reclassified: Statement of Cash Flows for the year ended December 31, 2019 • Unrealized gain on marketable equity investment ($65.6 million) and Realized gain on marketable equity investment ($66.7 million) are combined in the current presentation. These items were previously disclosed on separate lines in the comparable prior year period. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Recently Adopted Accounting Pronouncements 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, 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 7 "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 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the information previously included in the Notes to Consolidated Financial Statements has been removed. Intangibles-Goodwill and Other Internal-Use Software On January 1, 2020, we adopted ASU 2018-15, Intangibles Goodwill and Other Internal Use Software on a prospective basis. 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. Leases We adopted ASU 2016-02 (codified in ASC 842, Leases ) on January 1, 2019, applied the package of practical expedients included therein and utilized the modified retrospective transition method with the cumulative effect of transition recorded as an adjustment to retained earnings on the effective date. By applying the modified retrospective transition method, the presentation of financial information for periods prior to January 1, 2019 was not restated. We elected the package of practical expedients, which permits us to not reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) the treatment of any initial direct costs for any existing leases as of the effective date. We did not elect the hindsight practical expedient, which permits entities to use hindsight in determining the lease term and assessing impairment. As a Lessee The ASU requires that a liability be recorded on the balance sheet for all leases where the reporting entity is a lessee, based on the present value of future lease obligations discounted based on the implicit rate or alternatively our incremental borrowing rate. The implicit rate is generally not determinable and, as a result, we use our incremental borrowing rate at the lease commencement date to determine the present value. We determine our incremental borrowing rate based on an estimate of our existing yield curve at the lease commencement. The rates are then adjusted for various factors to estimate the company’s secured rate, including the lease term and collateralization. The determination of our incremental borrowing rate requires judgment. A corresponding right-of-use ("ROU") asset will also be recorded. Amortization of the lease obligation and the ROU asset for leases classified as operating leases are on a straight-line basis. Leases classified as financing leases are required to be accounted for as financing arrangements similar to the accounting treatment for capital leases under ASC 840, Leases (the former accounting standard for all leases, ("ASC 840")). We elected the practical expedient to combine our lease and related non-lease components by asset class for our leases. We elected the practical expedient to not evaluate land easements not previously accounted for as leases prior to the entity’s adoption of the new accounting standard for leases. We elected to apply the short-term lease measurement and recognition exemption available for leases under the new accounting standard for leases that have an original lease term of 12 months or less. The adoption of ASC 842 had a significant impact on our Consolidated Balance Sheets due to the recognition of approximately $87.0 million of ROU assets and $123.2 million of lease liabilities for operating leases. We recognized a $9.5 million cumulative effect adjustment to retained earnings. The adjustment to retained earnings was driven principally by measurement of operating lease liabilities at the present value of the remaining lease payments at the adoption date of January 1, 2019. The increase was offset in part by impairment of ROU assets associated with one build-to-suit ("BTS") arrangement recognized as an operating lease under the new accounting standard for leases. Additionally, we de-recognized certain previously recognized BTS lease assets and liabilities which under the new accounting standard for leases are recognized as operating lease ROU assets and lease liabilities. Prior to the adoption of the new accounting standard for leases, these leases were accounted as financing arrangements or BTS leases assets and liabilities and recorded as buildings and improvement and lease financing arrangements. Prior to the adoption of the new accounting standard for leases, BTS lease assets were amortized over the useful life of the asset and recorded as amortization expense and accretion of BTS lease liability was recorded as an interest expense in the Consolidated Statements of Operations. Upon adoption of the new accounting standard for leases, BTS leases are accounted as operating leases and amortization and accretion of lease liabilities of these operating leases are recorded as lease expenses in property operating expenses in our Consolidated Statements of Operations. As a Lessor The accounting for lessors remained largely unchanged from ASC 840. However, the new accounting standard for leases requires that lessors expense certain costs to obtain a lease that are not incremental to origination of a lease. Upon adoption, initial direct costs that are not incremental are expensed as general and administrative expense in our Consolidated Statements of Operations. Prior to the adoption of the new standard, these costs were capitalizable. As a result of electing the package of practical expedients, initial direct costs have not been reassessed prior to the effective date and therefore adoption of the lease standard did not have an impact on our previously reported Consolidated Statements of Operations with respect to initial direct costs. In addition, under the new accounting standard for leases, certain exceptions under the previous standard for real estate no longer are applicable in the evaluation of the lease classification as an operating, sales type or direct financing lease. In the event that a real estate lease is classified as a sales-type lease, subject to certain conditions, a gain or loss is recognized based on the present value of the lease payments and residual value. We elected the practical expedient to combine all of our lease and nonlease revenue components into a single combined lease component as nonlease components have the same pattern of transfer as the related predominant operating lease components. Our customer leases include options to extend or terminate the lease agreements. We do not generally include 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. New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London interbank offered rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is evaluating the impact of this ASU. 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 current 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 | 12 Months Ended |
Dec. 31, 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 represented approximately 19%, 21% and 18% of our total revenue for the years ended December 31, 2020, 2019 and 2018, respectively. At December 31, 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 December 31, 2020 Minimum Lease Payments 2021 $ 771.1 2022 658.5 2023 527.5 2024 409.3 2025 339.1 Thereafter 922.9 Total $ 3,628.4 At December 31, 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 December 31, 2019 Minimum Lease Payments 2020 $ 736.2 2021 620.2 2022 528.2 2023 426.5 2024 328.7 Thereafter 973.9 Total $ 3,613.7 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 years ended December 31, 2020 and 2019, lease revenue disaggregated by primary revenue stream is as follows (in millions): Lease revenue Year Ended December 31, 2020 Year Ended December 31, 2019 Colocation (Minimum lease payments) $ 842.1 $ 793.5 Metered power reimbursements (Variable lease payments) 161.4 138.8 Total lease revenue $ 1,003.5 $ 932.3 For the years ended December 31, 2020, 2019 and 2018 revenue from contracts with customers disaggregated by primary revenue stream is as follows (in millions): Revenue from contracts with customers Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Equipment sales and services $ 10.6 $ 29.7 $ 15.3 Other revenue 19.4 19.3 17.4 Total revenue from contracts with customers $ 30.0 $ 49.0 $ 32.7 Other revenue related to contracts with customers in the table above includes managed services and other services revenue of $15.9 million, $15.9 million and $13.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. Total revenues from contracts with customers generated from operations outside of the United States were $4.7 million, $2.9 million and insignificant for the years ended December 31, 2020, 2019 and 2018, respectively. Accounts receivable associated with revenue from contracts with customers were $2.3 million and $6.4 million as of December 31, 2020 and 2019, respectively. |
Leases - As a Lessee
Leases - As a Lessee | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases - As a Lessee | Leases - As a Lessee 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 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 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. During the third quarter of 2019, the Company entered into one ground lease in Dublin, The Republic of Ireland for a term of 999 years (see Note 7, Investment in Real Estate, for more information). The Dublin finance lease was capitalized as land and included in Construction in progress, including land under development on the Consolidated Balance Sheets. The remaining terms of our data center finance leases range from one The components of lease expense are as follows (in millions): Year Ended December 31, 2020 Year Ended December 31, 2019 Operating lease cost $ 20.4 $ 20.3 Finance lease cost: Amortization of assets 2.1 2.3 Interest on lease liabilities 1.5 1.7 Total net lease cost $ 24.0 $ 24.3 Supplemental balance sheet information related to leases is as follows (in millions, except lease term and discount rate): December 31, 2020 December 31, 2019 Operating leases: Operating lease right-of-use assets $ 211.4 $ 161.9 Operating lease liabilities $ 249.1 $ 195.8 Finance leases: Property and equipment, at cost $ 34.7 $ 34.9 Accumulated amortization (7.1) (5.0) Property and equipment, net $ 27.6 $ 29.9 Finance lease liabilities $ 29.1 $ 31.8 Weighted average remaining lease term (in years): Operating leases 14.3 15.8 Finance leases (a) 18.2 18.1 Weighted average discount rate: Operating leases 3.7 % 3.9 % Finance leases (a) 4.7 % 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 property is under active development and the finance lease is 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): Year Ended December 31, 2020 Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 23.4 $ 22.1 Operating cash flows from finance leases 1.5 1.7 Financing cash flows from finance leases 3.5 2.9 Non-cash right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 65.2 $ 175.1 Finance leases — 0.8 Maturities of lease liabilities were as follows (in millions): As of December 31, 2020 Operating Leases Finance Leases 2021 $ 27.8 $ 4.2 2022 27.9 3.0 2023 23.9 2.0 2024 19.4 1.4 2025 17.8 1.5 Thereafter 221.6 30.5 Total lease payments $ 338.4 $ 42.6 Less: Imputed interest (89.3) (13.5) Total lease obligations $ 249.1 $ 29.1 Maturities of lease liabilities were as follows (in millions): As of December 31, 2019 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 payments $ 195.8 $ 31.8 |
Leases - As a Lessee | Leases - As a Lessee 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 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 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. During the third quarter of 2019, the Company entered into one ground lease in Dublin, The Republic of Ireland for a term of 999 years (see Note 7, Investment in Real Estate, for more information). The Dublin finance lease was capitalized as land and included in Construction in progress, including land under development on the Consolidated Balance Sheets. The remaining terms of our data center finance leases range from one The components of lease expense are as follows (in millions): Year Ended December 31, 2020 Year Ended December 31, 2019 Operating lease cost $ 20.4 $ 20.3 Finance lease cost: Amortization of assets 2.1 2.3 Interest on lease liabilities 1.5 1.7 Total net lease cost $ 24.0 $ 24.3 Supplemental balance sheet information related to leases is as follows (in millions, except lease term and discount rate): December 31, 2020 December 31, 2019 Operating leases: Operating lease right-of-use assets $ 211.4 $ 161.9 Operating lease liabilities $ 249.1 $ 195.8 Finance leases: Property and equipment, at cost $ 34.7 $ 34.9 Accumulated amortization (7.1) (5.0) Property and equipment, net $ 27.6 $ 29.9 Finance lease liabilities $ 29.1 $ 31.8 Weighted average remaining lease term (in years): Operating leases 14.3 15.8 Finance leases (a) 18.2 18.1 Weighted average discount rate: Operating leases 3.7 % 3.9 % Finance leases (a) 4.7 % 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 property is under active development and the finance lease is 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): Year Ended December 31, 2020 Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 23.4 $ 22.1 Operating cash flows from finance leases 1.5 1.7 Financing cash flows from finance leases 3.5 2.9 Non-cash right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 65.2 $ 175.1 Finance leases — 0.8 Maturities of lease liabilities were as follows (in millions): As of December 31, 2020 Operating Leases Finance Leases 2021 $ 27.8 $ 4.2 2022 27.9 3.0 2023 23.9 2.0 2024 19.4 1.4 2025 17.8 1.5 Thereafter 221.6 30.5 Total lease payments $ 338.4 $ 42.6 Less: Imputed interest (89.3) (13.5) Total lease obligations $ 249.1 $ 29.1 Maturities of lease liabilities were as follows (in millions): As of December 31, 2019 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 payments $ 195.8 $ 31.8 |
Investment in Real Estate
Investment in Real Estate | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Investment in Real Estate | Investment in Real Estate Land for future development During the year ended December 31, 2020, the Company purchased approximately 35 acres of land for $58.0 million in Frankfurt, Germany and London, United Kingdom. During the year ended December 31, 2019, the Company purchased approximately 74 acres of land for $54.7 million in Dublin, the Republic of Ireland, San Antonio, Santa Clara and Council Bluffs, Iowa. Leases of real estate In March 2020, the Company entered into a 25-year lease comprising a 45,000 square feet building and commenced development of a 27 MW data center in Paris, France, which was preleased to a customer. We have one renewal option for 25 years which was not reasonably certain at commencement and the lease was classified as an operating lease. In September 2019, the Company entered into a 999-year ground lease for 16 acres in Dublin, The Republic of Ireland, and purchased 9 acres of land totaling 24 acres for future development of a 6 MW data center. Construction commenced in July 2019. The Company prepaid $6.3 million of the lease payments and concluded that the present value of lease payments was equal to substantially all of the fair value of the land and classified the lease as a finance lease. In August 2019, the Company entered into a lease for land comprising 3 acres and a building shell of approximately 51,000 square feet in London, UK for 25 years, including an option to extend for an additional 25 years. The Company immediately began development and construction of a 6 MW data center in London. We determined that the option to renew was not reasonably certain to be exercised. The fixed lease payments are £0.9 million per year and we classified the lease as an operating lease because the lease term was not for a major part of the remaining economic life of the building shell; nor did the lease qualify as a finance lease based on the other criteria under ASC 842. In November 2019, the Company entered into a lease for land comprising 6.5 acres and a building shell of approximately 105,000 square feet in London, UK for 20 years, including an option to extend for an additional 15 years. We determined that the option to renew was not reasonably certain to be exercised. The fixed lease payments are £2.1 million per year and we classified the lease as an operating lease because the lease term was not for a major part of the remaining economic life of the building shell; nor did the lease qualify as a finance lease based on the other criteria under ASC 842. Real estate related capital expenditures Construction in progress was $982.2 million and $946.3 million, including land which was under active development of $5.1 million and $61.8 million as of December 31, 2020 and December 31, 2019, respectively. For the year ended December 31, 2020, our capital expenditures were $910.5 million, as shown on the statement of cash flows. Substantially all of our investing activity related to our development activities. Our capital expenditures for 2020 primarily related to the acquisition of land for future development and continued development in key markets, primarily in Dallas, Dublin, Frankfurt, Iowa, London, the New York Metro area, Northern Virginia, Paris, Phoenix, San Antonio and Santa Clara. Included in capital expenditures are land purchases of $58.0 million in Frankfurt, Germany and London, United Kingdom for future development. For the year ended December 31, 2019, our capital expenditures were $876.4 million, as shown on the statement of cash flows. Substantially all of our investing activity related to our development activities. Our capital expenditures for 2019 primarily related to the acquisition of land for future development and continued development in key markets, primarily in Amsterdam, Austin, Dallas, Frankfurt, London, Northern Virginia, Phoenix and Raleigh-Durham. Included in capital expenditures are land purchases of $54.7 million in Santa Clara, San Antonio, Dublin and Council Bluffs for future development. For the year ended December 31, 2020, impairment charges of $11.2 million were recognized which includes an $8.8 million impairment loss based on our estimate of the decrease in the fair value of the equipment held for use in inventory at our U.S. data centers and a $2.4 million impairment loss based on the estimated fair value for our investment in land held in Atlanta for future development as the Company entered into a non-binding contract to sell this land to a third-party. For the year ended December 31, 2019, impairment charges of $0.7 million were recognized primarily due to an impairment on the South Bend - Monroe facility, which was being actively marketed for sale. |
Equity Investments
Equity Investments | 12 Months Ended |
Dec. 31, 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 December 31, 2020 December 31, 2019 GDS, Class A share equivalent Fair value $ 44.2 $ 118.7 ODATA investments Cost method 22.9 16.4 Equity investments $ 67.1 $ 135.1 The Company has an equity investment in GDS, a developer and operator of high-performance, large-scale data centers in China. We account for our equity investment in GDS using the fair value method. On October 18, 2017, the Company purchased newly issued unregistered ordinary shares equivalent to 8.0 million American depository shares (ADS) at a price per Class A ordinary share equivalent to $12.45 per ADS, a 4% discount to the October 17, 2017 closing price, for a total investment of $100.0 million. Each ADS is equivalent to eight ordinary shares. For the year ended December 31, 2020, we sold approximately 1.8 million GDS ADSs for total net proceeds of approximately $164.1 million with $19.9 million of the proceeds settled after year end. For the year ended December 31, 2019, we sold approximately 5.7 million GDS ADSs for total net proceeds of approximately $199.0 million. As of December 31, 2020, our investment includes approximately 0.5 million GDS ADSs at the ADS Class A ordinary share equivalent of $93.64 for a total fair value of $44.2 million. During January 2021, we disposed of our remaining investment of approximately 0.5 million GDS ADSs for net proceeds of $46.6 million. The Company recognized Gains on marketable equity investment in GDS ADSs held and sold as follows: IN MILLIONS Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Net gain on marketable equity investment $ 89.5 $ 132.3 $ 9.9 Less: Net gain recognized on marketable equity investment sold 69.6 66.7 — Unrealized gain on marketable equity investment $ 19.9 $ 65.6 $ 9.9 The gain on investment is recognized in the Consolidated Statements of Operations in Gain on marketable equity investment. As of December 31, 2020 and December 31, 2019, the Company had a total investment of $22.9 million and $16.4 million, respectively, in four unconsolidated ventures in Brazil, Chile, Colombia and Mexico, with ODATA, a Brazilian headquartered company, specializing in providing colocation services to customers across multiple industries. In evaluating the appropriate accounting method for its ventures with ODATA, we considered our voting interests and ability to exercise significant influence over the operating and financial policies of each venture and concluded that the Company does not exercise significant influence and our investments are accounted for using the cost method. During the years ended December 31, 2020 and 2019, the Company made additional investments totaling $6.5 million and $3.8 million in ODATA, respectively. |
Goodwill, Intangible and Other
Goodwill, Intangible and Other Long-Lived Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Intangible and Other Long-Lived Assets | Goodwill, Intangible and Other Long-Lived Assets The carrying amount of goodwill was $455.1 million as of December 31, 2020 and 2019. Summarized below are the carrying values for the major classes of intangible assets: IN MILLIONS For the year ended December 31, 2020 2019 Weighted- Gross Accumulated Total Gross Accumulated Total Customer relationships 9 $ 247.1 $ (163.1) $ 84.0 $ 247.1 $ (151.1) $ 96.0 Trademark/tradename 4 11.6 (9.0) 2.6 11.5 (7.8) 3.7 Favorable leasehold interest 36 5.7 (1.6) 4.1 5.6 (1.2) 4.4 In-place customer leases 4 140.4 (74.6) 65.8 137.1 (46.7) 90.4 Above and below market leases 5 2.3 (1.0) 1.3 2.3 (0.7) 1.6 Total $ 407.1 $ (249.3) $ 157.8 $ 403.6 $ (207.5) $ 196.1 There were no goodwill or intangible asset impairments for the years ended December 31, 2020, 2019 or 2018. The fair value of goodwill and other intangibles is substantially in excess of carrying value for the years ended December 31, 2020, 2019 and 2018. Amortization expense for acquired intangible assets was $38.9 million, $39.9 million and $30.6 million for the years ended December 31, 2020, 2019 and 2018, respectively. The following table presents estimated amortization expense for each of the next five years and thereafter, commencing January 1, 2021: IN MILLIONS Total 2021 $ 32.6 2022 29.3 2023 20.4 2024 18.6 2025 17.3 Thereafter 39.6 Total $ 157.8 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets As of December 31, 2020 and 2019, the components of Other assets are as follows (in millions): December 31, 2020 December 31, 2019 Deferred leasing and other contract costs $ 62.4 $ 53.2 Prepaid expenses 19.1 22.1 Non-real estate assets, net 13.8 16.3 Derivative assets — 3.5 Other assets 38.1 18.8 Total $ 133.4 $ 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, other receivables, deferred tax assets, net of allowance and other deferred costs. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt As of December 31, 2020 and 2019, the components of Debt are as follows (unless otherwise noted, interest rate and maturity date information are as of December 31, 2020) (in millions): December 31, 2020 December 31, 2019 Interest Rate Maturity Date Amended Credit Agreement: Revolving Credit Facility: March 2024 (b) EUR Revolver $ 275.9 $ — Monthly EURIBOR + 1.00% GBP Revolver (a) 157.0 — Monthly LIBOR + 1.00% 2023 Term Loan Facility (c) 100.0 — 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 $0.7 million and $0.8 million, respectively 599.3 599.2 2.900 % November 2024 2029 Notes, including bond discount of $1.6 million and $1.8 million, respectively 598.4 598.2 3.450 % November 2029 2027 Notes, including bond discount of $0.6 million (d) 612.6 — 1.450 % January 2027 2030 Notes, including bond discount of $4.7 million 395.3 — 2.150 % November 2030 Deferred financing costs (29.5) (25.8) — — Total $ 3,409.0 $ 2,886.6 (a) - Monthly USD LIBOR and GBP LIBOR as of December 31, 2020 was 0.15% and 0.03%, 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. On March 29, 2018, the Company entered into a new $3.0 billion unsecured credit facility. The new credit facility consists of a $1.7 billion revolving credit facility ("$1.7 Billion Revolving Credit Facility"), which includes a $750.0 million multicurrency borrowing sublimit, a 5-year term loan with commitments totaling $1.0 billion ("2023 Term Loan") and a $300.0 million 7-year term loan ("2025 Term Loan") (collectively, the "$3.0 Billion Credit Facility"). In April 2019, the Company used the proceeds from the sale of GDS shares to pay down $200.0 million of the 2023 Term Loan. On March 29, 2018, borrowings of $1.0 billion under the $3.0 Billion Credit Facility were used to fully retire a previous $2.0 billion credit facility. The aggregate outstanding principal balance of the $2.0 billion credit facility at the date of the prepayment was $900.0 million and we recognized a loss on early extinguishment of debt of $3.1 million. It is not known whether the current administrator of LIBOR will continue to publish one-month LIBOR after 2021 or extend the cessation until a later date as global regulators have publicly supported. 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 the administrator of LIBOR were to continue publishing indefinitely. 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. We also paid commitment fees on the revolving credit facility under a previous $2.0 billion credit facility through its retirement in March 2018. The facility fee or commitment fee, as applicable, was $2.9 million, $2.6 million and $3.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020, we had $100.0 million, $700.0 million and $432.9 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 $1.0 billion, net of $10.8 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 January 2027 (the “2027 Notes”). The Company received proceeds of €495.3 million, net of discount, 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 September 21, 2020, the Issuers completed a public offering of $400.0 million aggregate principal amount of 2.150% senior notes due November 2030 (the "2030 Notes"). The Company received proceeds of $392.6 million, net of discount, underwriting costs and other deferred financing costs. The Company used the proceeds to repay $300.0 million of the outstanding indebtedness under the Operating Partnership's 2023 Term Loan Facility, to repay the then outstanding balance of $20.0 million on the US Revolver balance under the Revolving Credit Facility and the remainder for general corporate purposes. In connection with the repayment of outstanding indebtedness of the senior unsecured term loans due March 2023, the Company recognized a loss on early extinguishment of debt of $3.1 million. On December 5, 2019, the Issuers completed a public offering of $600.0 million aggregate principal amount of 2.900% senior notes due November 2024 (the "2024 Notes") and $600.0 million aggregate principal amount of 3.450% senior notes due November 2029 (the “2029 Notes”). The Company received proceeds of $1,197.4 million, net of discounts, 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 "Old Notes"), including the payment of consent payments, for the redemption and discharge of Old 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 Old Notes, the Company recognized a loss on early extinguishment of debt of $71.8 million. The 2024 Notes, 2029 Notes and 2030 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, 2029 Notes and 2030 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, 2029 Notes and 2030 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. In September 2019, CyrusOne LP received an investment grade rating and the guarantees of the $3.0 Billion Credit Facility by CyrusOne LP’s existing domestic subsidiaries were released. In connection therewith, the guarantees of the Old 2024 Notes and the Old 2027 Notes by such guarantors were also released. 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 December 31, 2020, we are in compliance with the financial covenants of our debt agreements. Debt Maturities The following table summarizes aggregate maturities of the Amended Credit Agreement and 2024 Notes, 2027 Notes, 2029 Notes and 2030 Notes for the five years subsequent to December 31, 2020, and thereafter: IN MILLIONS Amended Credit Agreement (a)(b) Senior Notes Total 2021 $ — $ — $ — 2022 — — — 2023 100.0 — 100.0 2024 432.9 600.0 1,032.9 2025 700.0 — 700.0 Thereafter — 1,613.2 1,613.2 Total debt $ 1,232.9 $ 2,213.2 $ 3,446.1 (a) - The Company has an option to exercise a one (b) - The Company has an option to exercise two one |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 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 December 31, 2020 and 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): IN MILLIONS December 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Debt: Variable Rate Debt: Revolving Credit Facility $ 432.9 $ 432.9 $ 615.0 $ 615.0 2023 Term Loan Facility 100.0 100.0 — — 2025 Term Loan Facility 700.0 700.0 — — Fixed Rate Debt: 2024 Notes - 2.900% (1) 599.3 640.7 599.2 602.1 2029 Notes - 3.450% (1) 598.4 644.1 598.2 603.1 2027 Notes - 1.450% (1) 612.6 619.9 — — 2030 Notes - 2.150% (1) 395.3 388.6 — — Derivative Contracts: Cross Currency Swaps Liability (2) — 52.2 — 11.4 Interest Rate Swap Liability (2) — 7.0 — — Interest Rate Swap Asset (2) — — — 3.5 Equity Investments carried at Fair Value: GDS equity investment (3) 44.2 44.2 118.7 118.7 (1) - The fair value of notes are based on quoted market prices for these notes, which is considered Level 1 of the fair value hierarchy. (2) - The fair values of our cross currency and interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash flows and the discounted expected variable cash flows based on an expectation of future interest rates derived from Level 2 observable market interest rate curves. (3) - The fair value is based on quoted market prices for the GDS ADSs, which is considered Level 1 of the fair value hierarchy. For the years ended December 31, 2020 and 2019, we recognized impairment losses of $11.2 million and $0.7 million, respectfully, included in Impairment losses and (gain) loss on asset disposals in our Consolidated Statements of Operations. We utilize estimates of the fair value of assets to determine impairment losses. These estimates include Level 3 inputs including market rents, expected occupancy and estimates of additional capital expenditures, and cashflows from each investment. 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 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 Consolidated Statements of Operations. The following table summarizes the Company's derivative positions as of December 31, 2020 and 2019 (in millions): December 31, 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 $ — $ 26.0 $ — $ 3.8 EUR - USD 3/29/2023 250.0 Net investment hedge — 26.2 — 3.9 EUR - USD 1/15/2020 155.9 Net investment hedge — — — 1.4 Interest Rate Swaps USD Libor 3/29/2023 300.0 Interest rate hedge - Float to fixed — 7.0 3.5 — Undesignated derivatives Cross Currency Swaps EUR - USD 1/15/2020 265.3 Foreign currency exchange — — — 2.1 EUR - USD 1/15/2020 25.6 Foreign currency exchange — — — 0.2 Total $ — $ 59.2 $ 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 December 31, 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 $52.2 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. The Company recognized losses of $42.5 million for the year ended December 31, 2020 on cross-currency swaps that were designated as net investment hedges which were recognized in OCI. The Company recognized gains of $4.5 million for the year ended December 31, 2020 on undesignated cross-currency contracts which were recognized in Foreign currency and derivative losses, net in the Consolidated Statements of Operations. The Company recognized losses of $7.5 million on undesignated cross-currency contracts for the year ended December 31, 2019, which were recognized in Foreign currency and derivative losses, net in the 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 to hedge the risk of changes in cash flows attributable to USD-LIBOR interest payments. On September 21, 2020, the Company paid down $300.0 million of term loans under the 2023 Term Loan Facility. The $300.0 million floating-fixed interest rate swap remains in place and continues to provide an effective hedge of the risk of changes in cash flows attributable to USD-LIBOR term loans through March 2023. The Company recognized a loss of $10.5 million and a gain of $3.5 million for the years ended December 31, 2020 and 2019, respectively, related to the changes in fair value of the interest rate swap which were recognized in OCI. As of December 31, 2020, interest rate swaps were a liability of $7.0 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. The following table presents the effect of our derivative financial instruments on our accompanying consolidated financial statements (in millions): December 31, 2020 December 31, 2019 Derivatives in Cash Flow Hedging Relationships Cross-Currency and Interest Rate Swaps: Amount of gain (loss) recognized in OCI for derivatives $ (53.0) $ (0.7) Amount of gain (loss) reclassified from accumulated OCI for derivatives $ (1.7) $ 0.7 During the next 12 months, we estimate that immaterial amounts will be reclassified from "Accumulated OCI" to Net income (loss). |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans Currently, our employees participate in health care plans sponsored by CyrusOne, which primarily provide for medical, dental and vision. We incurred $3.3 million, $3.9 million and $3.3 million of expenses related to these plans for the years ended December 31, 2020, 2019 and 2018, respectively. CyrusOne offers a defined contribution 401(k) retirement savings plan to its employees. CyrusOne's matching contribution to its retirement savings plan was $2.0 million, $1.9 million and $1.8 million for the years ended December 31, 2020, 2019 and 2018, respectively. |
Income per Share
Income per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Income per Share | Income per Share Basic income per share is calculated using the weighted average number of shares of common stock outstanding during the period. In addition, Net income applicable to participating securities and the participating securities are both excluded from the computation of basic income per share. Diluted income 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 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 per share: IN MILLIONS, except per share amounts Year Ended Year Ended Year Ended For December 31, 2020 2019 2018 Basic Diluted Basic Diluted Basic Diluted Numerator: Net income $ 41.4 $ 41.4 $ 41.4 $ 41.4 $ 1.2 $ 1.2 Less: Restricted stock dividends (0.5) (0.5) (0.7) (0.7) (1.1) (1.1) Net income available to stockholders $ 40.9 $ 40.9 $ 40.7 $ 40.7 $ 0.1 $ 0.1 Denominator: Weighted average common outstanding-basic 117.3 117.3 112.1 112.1 99.8 99.8 Performance-based restricted stock and units 0.3 0.4 0.6 Weighted average shares outstanding-diluted 117.6 112.5 100.4 EPS: Net income per share-basic $ 0.35 $ 0.36 $ — Effect of dilutive shares: Net income per share-diluted $ 0.35 $ 0.36 $ — |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [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. During the year ended December 31, 2020, the Company settled forward agreements totaling 5.0 million common shares at an average price of $63.61 for proceeds of $315.6 million, net of expenses. During the year ended December 31, 2019, the Company sold approximately 6.5 million shares of its common stock under its New 2018 ATM Stock Offering Program at an average price of $55.43, generating net proceeds of approximately $355.6 million, net of sales commissions, underwriting discounts and estimated expenses of $4.3 million. As of December 31, 2020, there was approximately $150.8 million under the 2020 ATM Stock Offering Program available for future offerings. At December 31, 2020, the Company had approximately 120.4 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 year ended December 31, 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 10.2 million shares of its common stock at a weighted average price of $68.98 per share, net of expenses. The Company received proceeds of $219.1 million from the sale of 3.4 million of its common shares by the forward purchasers in respect of forward equity sale agreements entered during the year ended December 31, 2020. The Company currently expects to fully physically settle the remaining forward equity sale agreements by November 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. The following table represents a summary of forward sale of equity of our common stock for the year ended December 31, 2020 (in millions): 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 — 121.2 May 13, 2020 Forward Offering - Sales 1.4 — 97.9 May 26, 2020 Forward Offering - Sales 1.4 — 96.2 May 29, 2020 Forward Offering - Sales 1.3 — 96.4 November 29, 2019 Forward Offering settlement (1.6) 96.5 (96.5) March 9, 2020 Forward Offering settlement (2.0) 121.2 (121.2) May 13, 2020 Forward Offering settlement (1.4) 97.9 (97.9) September 15, 2020 Forward Offering - Sales 1.4 — 102.3 September 30, 2020 Forward Offering - Sales 1.6 — 114.5 November 6, 2020 Forward Offering - Sales 1.1 — 75.3 Total as of December 31, 2020 6.8 $ 315.6 $ 484.7 (1) As of December 31, 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 $484.7 million subject to further adjustment when the forward offerings are settled as described above. Dividends We have declared cash dividends on common shares and distributions on operating partnership units for the years ended December 31, 2020 and 2019 as presented in the table below: Record date Payment date Cash dividend per share or operating partnership unit March 29, 2019 April 12, 2019 $0.46 June 28, 2019 July 12, 2019 $0.46 September 27, 2019 October 11, 2019 $0.50 January 2, 2020 January 10, 2020 $0.50 March 27, 2020 April 9, 2020 $0.50 June 26, 2020 July 10, 2020 $0.50 September 25, 2020 October 9, 2020 $0.51 January 4, 2021 January 8, 2021 $0.51 As of December 31, 2020 and 2019 we had a dividend payable of $63.3 million and $58.6 million, respectively. On February 17, 2021, we announced a regular cash dividend of $0.51 per common share payable to shareholders of record as of the close of business on March 26, 2021, payable on April 9, 2021. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 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 December 31, 2020 were approximately 4.3 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. The performance-based vesting metrics granted have varied and are described in each of the grant years below. The market-based metric is total stockholder return (TSR) compared to the MSCI US REIT Index (REIT Index) as defined in the award agreements. The market-based restricted stock/units vest annually based upon the achievement of certain criteria for each of the three-year measurement periods. In each of the first two years vesting is limited to 100% of the target. If at the end of the third year total performance over the three-year period exceeds the REIT Index by 2% or more, up to 200% of these awards may vest. The market-based awards will vest based on the below scales. The scales are linear between each point and awards are interpolated between the points. - If CyrusOne's TSR is less than the return of the REIT Index equals 0% - If CyrusOne's TSR is equal to or greater than the return of the REIT Index equals 100%; up to 200% if CyrusOne's TSR exceeds the return of the REIT Index by 2% - If CyrusOne's TSR exceeds the return of the REIT Index, but is negative, any calculated vesting amount will be reduced by 50% The Company uses the Black-Scholes option-pricing model for time and performance-based options and a Monte Carlo simulation for market-based awards. The fair values of these awards use assumptions such as volatility, risk-free interest rate, and expected term of the awards. The holders of restricted stock have all the rights and privileges of shareholders including the right to vote. The holders of restricted stock units do not have all of the rights and privileges of shareholders and do not have the right to vote. These rights will be acquired upon the settlement of the restricted stock units and the issuance of shares. The time-based restricted stock units have the right to receive dividends that are payable within ten days following the date the dividends are payable to shareholders. Market-based restricted stock units accrue dividends which are paid upon the vesting and settlement of the units. 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. Any dividends declared with respect to the performance and market-based shares shall be accrued by the Company and distributed on the vesting date provided that the applicable performance goal has been attained. The board of directors of CyrusOne Inc. approved the 2014 Employee Stock Purchase Plan ("ESPP") in February 2014, and amended it effective January 2019. The ESPP provides employees with an opportunity to purchase common stock of the Company at a discount and on a payroll deduction basis. Stock-based compensation expense was as follows: For the periods ended December 31, 2020 2019 2018 2015 Grants $ — $ — $ 0.4 2016 Grants — 1.1 5.7 2017 Grants 0.5 3.1 4.6 2018 Grants 3.9 5.4 6.8 2019 Grants and ESPP expense 5.5 7.1 — 2020 Grants and ESPP expense 8.5 — — Total $ 18.4 $ 16.7 $ 17.5 2015 Grants On February 10, 2015, the Company issued awards under the LTIP in the form of options and restricted stock. The stock options are time-based and vest annually on a pro-rata basis over three years. Twenty percent of the restricted stock awards are subject to time-based vesting and eighty percent of the restricted stock awards are equally split between performance-based and market-based vesting. The performance-based metric is return on assets, which is a non-GAAP financial measure that is defined in the award agreement. The time-based restricted stock will vest pro-rata annually over three years. The performance and market-based restricted stock will vest annually based upon the achievement of certain criteria for each year of the three-year measurement periods. The first two years are capped at 100% of the target with a cumulative true-up to a maximum of 200% possible in year three. In addition, during the year ended December 31, 2015, the Company also granted from time to time a total of 50,300 shares of time-based restricted stock and 67,012 shares of performance-based restricted stock for various new employee hires with vesting schedules ranging from annual to cliff vesting in three years. Total awards granted in 2015 had a grant date fair value of $13.8 million. As of December 31, 2020, there was no unearned compensation related to the awards granted in 2015 as all such awards are fully vested. 2016 Grants On February 1, 2016, the Company issued 641,097 shares of time, performance and market-based awards under the LTIP in the form of restricted stock. The grant date fair value of time and performance-based restricted shares was $36.99. The grant date fair value of market-based restricted shares was $43.66. The Company issued stock options on February 1, 2016. The stock option awards have a contractual life of 10 years from the award date and were granted with an exercise price equal to $36.99. The Company issued 222,461 options with a grant date fair value of $6.99. The performance-based metric is return on assets, which is a non-GAAP financial measure and is defined in the award agreement. The time-based restricted stock awards generally vest pro-rata annually over a three-year period. The performance and market-based restricted stock awards vest annually based upon the achievement of certain criteria for each of the three-year measurement periods. The first two years are capped at 100% of the target with a cumulative true-up to a maximum of 200% possible in year three. Certain employees were also awarded time-based restricted stock that cliff vest at the end of three years. The stock options are time-based and vest annually on a pro-rata basis over three years. In addition, during the year ended December 31, 2016, for various new employee hires, the following grants were made: • 5,894 shares of time-based restricted stock which cliff vest in three years from the date of each grant. • 47,667 shares of time-based restricted stock which vest annually on a pro rata basis over a three-year period from the date of each grant. Total awards granted in 2016 had a grant date fair value of $22.6 million. As of December 31, 2020, there was no unearned compensation related to the awards granted in 2016 as all such awards are fully vested. 2017 Grants On February 13, 2017, the Company issued time and market-based awards under the LTIP in the form of restricted stock units and restricted stock. The Company granted 119,218 time-based restricted stock units that generally vest annually on a pro-rata basis over a three-year period and 18,179 shares of time-based restricted stock that generally vest over a one-year period with a grant date fair value of $48.13, and 129,146 market-based restricted stock units, at target, with a grant date fair value of $63.23. In addition, during the year ended December 31, 2017 the Company granted from time to time a total of 20,852 time-based restricted stock units that vest annually on a pro rata basis over a three-year period. Total awards granted in 2017 had a grant date fair value of $15.9 million. As of December 31, 2020, there was no unearned compensation related to the awards granted in 2017 as all such awards are fully vested. 2018 Grants On February 26, 2018, the Company issued time and market-based awards under the LTIP in the form of restricted stock units and restricted stock. The Company granted 161,797 time-based restricted stock units that generally vest annually on a pro-rata basis over a three-year period and 17,052 shares of time-based restricted stock that generally vest over a one-year period with a grant date fair value of $51.31, and 160,266 market-based restricted stock units, at target, with a grant date fair value of $52.53. In addition, during the year ended December 31, 2018 the Company granted from time to time a total of 40,249 time-based restricted stock units that vest annually on a pro rata basis over a three-year period. Total awards granted in 2018 had a grant date fair value of $20.2 million. As of December 31, 2020, unearned compensation representing the unvested portion of the awards granted in 2018 totaled $0.8 million, with a weighted average vesting period of 0.1 years. 2019 Grants On February 21, 2019, the Company issued time and market-based awards under the LTIP in the form of restricted stock units and restricted stock. The Company granted 175,073 time-based restricted stock units that generally vest annually on a pro-rata basis over a three-year period and 16,681 shares of time-based restricted stock that generally vest over a one-year period with a grant date fair value of $52.46, and 184,145 market-based restricted stock units, at target, with a grant date fair value of $43.67. In addition, during the year ended December 31, 2019, the Company granted from time to time a total of 42,052 time-based restricted stock units that vest annually on a pro rata basis over a three-year period. Total awards granted in 2019 had a grant date fair value of $20.5 million. As of December 31, 2020, unearned compensation representing the unvested portion of the awards granted in 2019 totaled $2.5 million, with a weighted average vesting period of 0.6 years. 2020 Grants On February 25, 2020, the Company issued time and market-based awards under the LTIP in the form of restricted stock units. The Company granted 118,974 time-based restricted stock units that generally vest annually on a pro-rata basis over a three-year period and 57,557 market-based restricted stock units, at target, with a grant date fair value of $107.94. On April 30, 2020, the Company granted 14,973 time-based restricted stock that generally vest over a one-year period with a grant date fair value of $70.15. In addition, during the year ended December 31, 2020, the Company granted from time to time a total of 1,226 time-based restricted stock units that vest annually on a pro rata basis over a three-year period, 45,241 market-based restricted stock units, at target, with a grant date fair value of $144.79, and 103,260 shares of time-based restricted stock that generally vest over a three-year period with a grant date fair value of $73.98. Total awards granted in 2020 had a grant date fair value of $30.1 million. As of December 31, 2020, unearned compensation representing the unvested portion of the awards granted in 2020 totaled $17.8 million, with a weighted average vesting period of 2.0 years. Restricted Stock Units, Restricted Stock and Stock Option 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 year ended December 31, 2020 (performance-based awards are reflected at the target amount of the grant): Restricted Stock Units ("RSU") 2020 Restricted Stock Units Weighted Outstanding January 1, 646,619 $ 55.80 Granted 221,402 93.72 TSR and other adjustments (a) 164,076 91.32 Exercised (374,443) 77.78 Forfeited (172,764) 60.03 Outstanding December 31, 484,890 $ 66.66 (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 Restricted Stock Weighted Outstanding January 1, 16,681 $ 52.46 Granted 118,233 74.12 Exercised (16,681) 52.46 Forfeited — — Outstanding December 31, 118,233 $ 74.12 Stock Options 2020 Options Weighted Outstanding January 1, 375,086 $ 31.64 Granted — — Exercised (277,285) 31.92 Forfeited — — Outstanding December 31, 97,801 30.87 Exercisable at December 31, 97,801 30.87 Vested and expected to vest 97,801 $ 30.87 The aggregate intrinsic value of options outstanding and options exercisable is based on the Company's closing stock price on the last trading day of the fiscal year for in-the-money options. The aggregate intrinsic value represents the cumulative difference between the fair market value of the underlying common stock and the option exercise prices. The total intrinsic value of options exercised during 2020 was $10.5 million, 2019 was $0.4 million and 2018 was $0.6 million. The aggregate intrinsic value of both options outstanding and options exercisable at December 31, 2020 was $4.1 million. Stock Option Assumptions The following table summarizes the stock option assumptions for the years ended December 31, 2020, 2019 and 2018: Options Outstanding Options Exercisable Assumption Range Exercise Prices Number Weighted Number Weighted Risk-Free Expected Annual Dividend Yield Expected Expected 2018 $23.58 53,086 4.3 53,086 4.3 0.92% 3.4% 6.0 35% $28.42 143,358 6.1 143,358 6.1 1.6% - 1.75% 4.4% 5.5-6.5 32.5% - 37.5% $30.74 12,719 6.6 12,719 6.6 1.6% - 1.75% 4.4% 5.5-6.5 32.5% - 37.5% $36.99 192,060 6.8 130,425 6.7 1.47% - 1.64% 4.1% 5.5-6.5 27.5% - 35.0% 2019 $23.58 51,985 3.3 51,985 3.3 0.92% 3.4% 6.0 35% $28.42 143,358 5.1 143,358 5.1 1.6% - 1.75% 4.4% 5.5-6.5 32.5% - 37.5% $30.74 12,719 5.6 12,719 5.6 1.6% - 1.75% 4.4% 5.5-6.5 32.5% - 37.5% $36.99 167,024 6.1 167,024 6.1 1.47% - 1.64% 4.1% 5.5-6.5 27.5% - 35.0% 2020 $23.58 16,930 0.9 16,930 0.9 0.92% 3.4% 6.0 35% $28.42 43,317 0.6 43,317 0.6 1.6% - 1.75% 4.4% 5.5-6.5 32.5% - 37.5% $30.74 — 0.0 — 0.0 1.6% - 1.75% 4.4% 5.5-6.5 32.5% - 37.5% $36.99 37,554 0.6 37,554 0.6 1.47% - 1.64% 4.1% 5.5-6.5 27.5% - 35.0% |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes CyrusOne Inc. elected to be taxed as a REIT under 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. Income tax (benefit) expense for the years ended December 31, 2020, 2019 and 2018 as reported in the accompanying Consolidated Statements of Operations was comprised of the following: Year Ended December 31, IN MILLIONS 2020 2019 2018 Current Federal $ 1.5 $ 1.7 $ 1.0 State 2.0 1.9 2.0 Foreign 5.0 0.2 — Total current expense $ 8.5 $ 3.8 $ 3.0 Deferred: Federal $ — $ — $ — State — — — Foreign (12.1) (7.5) (2.4) Total deferred (benefit) expense (12.1) (7.5) (2.4) Total income tax (benefit) expense $ (3.6) $ (3.7) $ 0.6 An income tax expense reconciliation between the U.S. statutory tax rate and the effective tax rate is as follows: Year Ended December 31, IN MILLIONS 2020 2019 2018 Income tax at U.S. federal statutory income tax rate $ 3.9 $ 7.9 $ 0.4 State and local taxes, net of federal income tax benefit 1.6 1.7 2.0 Impact of REIT status (18.2) (13.7) (2.1) Permanent differences 0.1 (0.7) (0.1) Foreign tax rate and currency differences (2.7) (1.0) 0.2 Anti-hybrid disallowances 2.4 1.6 0.1 Deferred tax true ups and other 1.0 — — Unrecognized tax benefits 5.0 — — Valuation allowance 3.3 0.5 0.1 Income tax (benefit) expense $ (3.6) $ (3.7) $ 0.6 The effective tax rate on income from continuing operations differs from tax at the statutory rate primarily due to the Company's status as a REIT and taxation of its foreign subsidiaries. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. The components of the Company’s deferred tax assets and liabilities are as follows: Year Ended December 31, IN MILLIONS 2020 2019 Deferred tax assets Net operating loss carryforwards $ 19.7 $ 16.3 Accounts receivable/payable and other 9.1 8.2 Disallowed interest and other expenses 3.4 — Finance leases 1.6 0.9 Total gross deferred tax assets $ 33.8 $ 25.4 Valuation allowance (12.2) (7.6) Total gross deferred tax assets, net $ 21.6 $ 17.8 Deferred tax liabilities Deferred rent and other $ (1.9) $ — Fixed assets (67.5) (67.4) Intangibles (5.2) (10.9) Total gross deferred tax liabilities $ (74.6) $ (78.3) Total net deferred tax assets/(liabilities) $ (53.0) $ (60.5) As of December 31, 2020, the Company’s deferred tax assets were primarily attributable to foreign NOL carryforwards that generally do not expire. A valuation allowance will be recorded to reduce deferred tax assets to amounts that are more likely than not to be realized. As of each reporting date, the Company’s management considers new evidence, both positive and negative, that could impact management’s view with regard to future realization of deferred tax assets. The Company has recorded a valuation allowance of $12.2 million as of December 31, 2020. The Company and its subsidiaries file tax returns in the U.S. federal jurisdiction, various state and local jurisdictions, and certain foreign jurisdictions. With few exceptions, the Company is no longer subject to examination of its U.S. federal, state and local tax returns for years prior to 2016. A reconciliation of the Company’s beginning and ending liability for unrecognized tax benefits is as follows: IN MILLIONS 2020 2019 2018 Balance at January 1 $ — $ — $ — Additions related to acquisitions — — — Additions for tax positions for the current year 5.0 — — Additions for tax positions of prior years — — — Reductions for tax positions of prior years — — — Settlements — — — Balance at December 31 $ 5.0 $ — $ — |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases The Company leases certain data center facilities and equipment from third parties. Certain of these leases provide for renewal options with fixed rent escalations beyond the initial lease term. Standby Letters of Credit As of December 31, 2020, the Company had outstanding letters of credit of $10.8 million as security for obligations under the terms of its lessee agreements. Performance Guarantees Customer contracts generally require specified levels of performance related to uninterrupted service and cooling temperatures and delivery of data center spaces at specified dates. If these performance standards are not met, the Company could be obligated to issue billing credits to the customer. Management assesses the probability that a performance standard will not be achieved. We recognized contingent losses of $3.5 million for performance guarantees for the year ended December 31, 2020. No contingent losses were incurred for performance guarantees in 2019 or 2018. Purchase Commitments The Company has entered into non-cancellable contracted commitments for construction of data center facilities and acquisition of equipment. As of December 31, 2020, these commitments were approximately $173.4 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 an initial lease term of 20 years. We expect construction of the shell building to be completed in the first quarter of 2021. Indemnifications 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. Also, in the normal course of its 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 consolidated financial statements. Contingencies CyrusOne is involved in legal, tax and regulatory proceedings arising from the conduct of its business activities. Liabilities are established for loss contingencies when losses associated with such claims are deemed to be probable, and the loss can be reasonably estimated. Based on information currently available and consultation with legal counsel, we believe that the outcome of all claims will not, individually or in the aggregate, have a material effect on our financial statements. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent EventIn February 2021, the State of Texas, including the Austin, Dallas, Houston and San Antonio metropolitan areas, was and is subject to an extensive winter storm. We have 13 buildings located in Texas, which have experienced minimal operational disruptions to date. We are assessing the impact of this storm, which we believe caused nominal damage to our properties, however we anticipate an impact on Property operating expense due to higher utility expenses and other costs, some of which may be recoverable from customers, as well as potential losses related to service level commitments, the extent of which cannot be estimated at this time. |
Schedule II. Valuation and Qual
Schedule II. Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II. Valuation and Qualifying Accounts | Schedule II. Valuation and Qualifying Accounts Beginning Charge (Deductions)/ End (dollars in millions) of Period to Expenses Additions of Period Allowance for Doubtful Accounts 2020 $ 1.8 $ 1.7 $ — $ 3.5 2019 1.7 1.7 (1.6) 1.8 2018 2.1 2.3 (2.7) 1.7 Deferred Tax Valuation Allowance 2020 $ 7.6 $ 4.6 $ — $ 12.2 2019 6.9 0.7 — 7.6 2018 7.2 (0.3) — 6.9 |
Schedule III. Real Estate Prope
Schedule III. Real Estate Properties and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III. Real Estate Properties and Accumulated Depreciation | Schedule III. Real Estate Properties and Accumulated Depreciation CyrusOne Inc. As of December 31, 2020 (dollars in millions) Initial Costs Cost Capitalized Subsequent to Gross Carrying Amount Description Land Building and Equipment Land Building and Equipment Land Building and Equipment Accumulated Acquisition Amsterdam I $ 9.7 $ — $ — $ — $ 14.0 $ 42.2 $ 9.7 $ 14.0 $ 42.2 $ 3.0 2020 Austin II 2.0 — — — 23.5 13.9 2.0 23.5 13.9 22.5 2011 Austin III 3.3 — — — 12.7 64.4 3.3 12.7 64.4 23.0 2015 Chicago - Aurora I 2.4 26.0 97.3 — 6.4 39.8 2.4 32.4 137.1 74.0 2016 Chicago - Aurora II 2.6 — — — 23.1 73.1 2.6 23.1 73.1 22.3 2016 Chicago - Aurora Tower — — — — 6.4 1.2 — 6.4 1.2 0.9 2018 Chicago - Lombard 0.7 3.2 — — 1.6 8.3 0.7 4.8 8.3 9.1 2008 Cincinnati - 7th Street 0.9 42.2 — — 72.0 37.5 0.9 114.2 37.5 106.4 1999 Cincinnati - Blue Ash* — 2.6 — — (1.9) 0.2 — 0.7 0.2 0.7 2009 Cincinnati - Hamilton — 9.5 — — 34.2 7.9 — 43.7 7.9 37.9 2007 Cincinnati - Mason — — — — 20.3 2.0 — 20.3 2.0 16.7 2004 Cincinnati - North Cincinnati 0.9 12.3 — — 65.5 17.3 0.9 77.8 17.3 53.8 2008 Council Bluffs I 1.4 — — — 18.1 18.3 1.4 18.1 18.3 0.8 2020 Dallas - Allen 6.5 — — — 15.7 40.3 6.5 15.7 40.3 7.5 2017 Dallas - Carrollton 16.1 — — — 67.2 356.0 16.1 67.2 356.0 165.3 2012 Dallas - Lewisville — 46.2 2.2 — 11.9 39.5 — 58.1 41.7 76.1 2010 Dublin I — — — — — — — — — — 2020 Florence 2.2 7.7 — — 36.2 9.6 2.2 43.9 9.6 39.5 2005 Frankfurt I 4.4 31.0 109.7 — 8.3 25.5 4.4 39.3 135.2 26.3 2018 Frankfurt II 7.6 — 47.7 — 149.1 59.2 7.6 149.1 106.9 29.1 2018 Frankfurt III 24.1 — — — 63.5 84.2 24.1 63.5 84.2 1.6 2020 Houston - Galleria — 56.0 2.0 — 15.0 23.0 — 71.0 25.0 65.8 2010 Houston - Houston West I 1.4 21.4 0.1 — 64.0 53.9 1.4 85.4 54.0 99.5 2010 Houston - Houston West II 2.0 — — 0.7 22.8 53.9 2.7 22.8 53.9 44.4 2013 Houston - Houston West III 7.1 — — 0.1 18.1 32.4 7.2 18.1 32.4 17.0 2013 London - Great Bridgewater — 16.5 — — (16.5) 1.5 — — 1.5 1.1 2011 London I — 25.3 20.5 — 26.1 31.2 — 51.4 51.7 13.6 2018 London II — 19.9 58.7 — 31.3 56.8 — 51.2 115.5 34.0 2018 London III — — — — 11.8 30.4 — 11.8 30.4 1.3 2020 Northern Virginia - Sterling I 1.6 — — 0.1 20.2 62.2 1.7 20.2 62.2 36.8 2013 Northern Virginia - Sterling II 3.4 — — — 28.8 112.5 3.4 28.8 112.5 46.2 2013 Northern Virginia - Sterling III 1.9 — — — 22.3 62.0 1.9 22.3 62.0 24.7 2017 Northern Virginia - Sterling IV 4.6 9.6 0.1 — 10.5 77.9 4.6 20.1 78.0 27.9 2016 Northern Virginia - Sterling V 14.5 — — — 93.8 324.3 14.5 93.8 324.3 90.1 2016 Northern Virginia - Sterling VI 9.7 — — — 68.9 220.4 9.7 68.9 220.4 40.7 2018 Northern Virginia - Sterling VII 5.9 — — — 0.4 0.1 5.9 0.4 0.1 — 2020 Northern Virginia - Sterling VIII 9.1 — — — 24.9 44.9 9.1 24.9 44.9 6.5 2018 Northern Virginia - Sterling IX 16.1 — — — 20.1 22.0 16.1 20.1 22.0 1.9 2020 Norwalk I* — 18.3 25.3 — (17.1) (12.0) — 1.2 13.3 5.1 2015 Phoenix - Chandler I 2.5 — — — 61.9 71.9 2.5 61.9 71.9 62.2 2011 Phoenix - Chandler II 2.1 — — — 16.2 39.8 2.1 16.2 39.8 28.2 2014 Phoenix - Chandler III 2.0 0.9 2.5 — 10.5 48.9 2.0 11.4 51.4 21.6 2016 Phoenix - Chandler IV 2.0 — — — 18.4 44.7 2.0 18.4 44.7 16.4 2017 Phoenix - Chandler V 1.8 — — — 17.1 87.7 1.8 17.1 87.7 16.0 2017 Phoenix - Chandler VI 2.3 — — 0.1 25.1 103.4 2.4 25.1 103.4 31.3 2016 Phoenix - Chandler VII 4.2 — — — 1.1 — 4.2 1.1 — 0.1 2016 Raleigh-Durham I 2.1 73.5 71.3 — 10.3 26.5 2.1 83.8 97.8 48.2 2017 San Antonio I 4.6 3.0 — — 28.7 38.3 4.6 31.7 38.3 40.3 2011 San Antonio II 2.3 — — 0.3 30.3 61.4 2.6 30.3 61.4 31.1 2013 San Antonio III 2.3 — — — 40.2 99.6 2.3 40.2 99.6 40.0 2017 San Antonio IV 2.1 — — — 56.9 51.6 2.1 56.9 51.6 21.6 2017 (dollars in millions) Initial Costs Cost Capitalized Subsequent to Gross Carrying Amount Description Land Building and Equipment Land Building and Equipment Land Building and Equipment Accumulated Acquisition San Antonio V $ 2.9 $ — $ — $ 0.1 $ 30.3 $ 43.3 $ 3.0 $ 30.3 $ 43.3 $ 3.0 2020 Santa Clara II — 2.7 — — — — — 2.7 — 2.4 2019 Somerset I 12.1 124.6 83.3 — 31.9 64.0 12.1 156.5 147.3 62.2 2017 Stamford - Omega* — 3.2 0.6 — (3.1) 0.1 — 0.1 0.7 0.9 2015 Stamford - Riverbend* — 4.3 13.2 — (3.4) (4.3) — 0.9 8.9 8.4 2015 Totowa - Commerce — 4.1 0.8 — (3.7) 1.0 — 0.4 1.8 1.3 2015 Totowa - Madison — 28.3 45.6 — (22.2) 14.9 — 6.1 60.5 40.1 2015 Wappingers Falls I — 9.9 13.3 — (6.7) 14.1 — 3.2 27.4 19.5 2015 $ 207.4 $ 602.2 $ 594.2 $ 1.4 $ 1,433.0 $ 2,944.7 $ 208.8 $ 2,035.2 $ 3,538.9 $ 1,767.9 Land held for future development $ 268.3 $ — $ — $ — $ — $ — $ 268.3 $ — $ — $ — The aggregate cost of the total properties for federal income tax purposes was $8,084.2 million at December 31, 2020. In addition, Construction in progress was $982.2 million as we continue to build data center facilities. * Reductions in Cost Capitalized Subsequent to Acquisition due to impairment losses recorded for the respective facility. Historical Cost and Accumulated Depreciation and Amortization The following table reconciles the historical cost and accumulated depreciation for the years ended December 31, 2020, 2019 and 2018. Years Ended December 31, (amounts in millions) 2020 2019 2018 Property Balance—beginning of period $ 6,089.5 $ 5,347.5 $ 3,840.8 Disposals (6.7) (15.8) (20.8) Impairments (10.8) (0.7) — Impact of adoption of ASU 2016-02 — (97.8) — Additions (acquisitions and improvements) 961.4 856.3 1,527.5 Balance, end of period (1) $ 7,033.4 $ 6,089.5 $ 5,347.5 Accumulated Depreciation Balance—beginning of period $ 1,379.2 $ 1,054.5 $ 782.4 Disposals (5.9) (14.0) (14.0) Impairments — — — Impact of adoption of ASU 2016-02 — (19.3) — Additions (depreciation and amortization expense) 394.6 358.0 286.1 Balance, end of period $ 1,767.9 $ 1,379.2 $ 1,054.5 (1) - Includes construction-in-progress of $982.2 million, $946.3 million and $744.9 million for the years ended December 31, 2020, 2019 and 2018, respectively that is not included in amounts reflected above in Schedule III. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of PresentationThe accompanying financial statements are prepared on a consolidated basis. In addition, the accompanying financial statements have been prepared in accordance with generally accepted accounting principles in the U.S. (GAAP) and include the accounts of the Company, as well as all wholly-owned subsidiaries and any consolidated variable interest entities. All intercompany transactions and balances have been eliminated in consolidation. |
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 to take steps to mitigate the potential risks to us posed by the pandemic. To date, our data center portfolio remains fully operational and 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, all of which have disrupted how we operate our business and may remain in place for an indeterminate amount of time. The duration and extent of the impact from the COVID-19 pandemic depends on future developments that cannot be accurately predicted at this time, such as the severity and transmission rate of the virus, the extent and effectiveness of containment actions, the distribution and effectiveness of vaccines and the impact of these and other factors on our employees, customers, suppliers and vendors. 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 has been and 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, which could adversely impact our employees, customers, vendors and suppliers resulting in a material adverse effect on our business, financial condition, results of operations, cash flows and ability to pay dividends as well as the market price of our common stock. |
Investments 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. 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 4, Recently Issued 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 | 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 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 value 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. We recognized an impairment loss of $11.2 million for the year ended December 31, 2020 which includes an $8.8 million impairment loss based on our estimate of the decrease in the fair value of the equipment held for use in inventory at our U.S. data centers and a $2.4 million impairment loss based on the estimated fair value for our investment in land held in Atlanta for future development as the Company sold this land to a third-party in February 2021. We recognized an impairment loss of $0.7 million for the year ended December 31, 2019, primarily due to an impairment loss on our South Bend - Monroe facility, which was being actively marketed for sale. We did not record any impairment losses for the year ended December 31, 2018. These fair values were based on unobservable inputs and the determination of fair value of real estate assets to be held for use is derived using the discounted cash flow method and involves a number of management assumptions relating to future economic events that could materially affect the determination of the ultimate fair value. Such assumptions are Level 3 inputs and include, but are not limited to, projected vacancy rates, rental rates, property operating expenses and required capital expenditures. These factors require management's judgment of factors such as market knowledge, historical experience, lease terms, tenant financial strength, economy, demographics, environment, property location, age, physical condition and expected return requirements, among other things. The aforementioned factors are taken as a whole by management in the determination of fair value. See Fair Value Measurements below for further information on 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 8, 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 investment. |
Goodwill | Goodwill We evaluate goodwill for possible impairment at least annually or upon the occurrence of events or circumstances that indicate that they would more likely than not reduce the fair value of a reporting unit below its carrying amount. For our annual impairment evaluation, we have the option of performing a qualitative or quantitative goodwill impairment analysis. A qualitative analysis, step zero, analyzes the macro-economic environment in which we operate for any significant changes such as deterioration in the market that the Company operates or overall financial performance such as declining cash flows. Also, entity specific changes are analyzed such as change in management, strategy or composition of reporting unit. This assessment of qualitative factors serves as a basis for determining whether it is necessary to perform the step one test. A quantitative analysis, step one, requires the Company to estimate the fair value of the reporting unit and compare the fair value to the carrying value to identify whether the value of the recorded goodwill is impaired. Changes in certain assumptions could have a significant impact on the impairment test for goodwill under step one. The most critical assumptions are projected future growth rates, operating margins, capital expenditures, tax rates, terminal values and discount rates. These assumptions are subject to change as our long-term plans and strategies are updated each year. During the fourth quarters of 2020, 2019 and 2018, we performed a qualitative evaluation and determined that the fair value of the reporting unit is substantially in excess of the carrying amount and therefore determined that further quantitative impairment testing was not necessary. |
Rent and Other Receivables | Rent and Other Receivables Receivables consist principally of rent receivables including straight-line rent receivables. A general reserve may be recognized as an allowance for doubtful accounts when collectibility is not probable, after applying the overall collectibility constraint under the new accounting standard for leases. Straight-line rent receivable, net was $172.6 million and $156.8 million at December 31, 2020 and 2019, respectively. The allowance for doubtful accounts is estimated based upon historic patterns of credit losses for aged receivables as well as specific provisions for certain identifiable, potentially uncollectible balances. |
Deferred Revenue and Prepaid Rents | Deferred Revenue and Prepaid Rents Deferred revenue is recorded when a customer makes a contractual payment in excess of revenues recognized in accordance with GAAP. Prepaid rent liability is recorded when a customer makes an advance payment or they are contractually obligated to pay any amounts in advance of the associated lease or service period. |
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 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 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. We adopted the practical expedient in ASC 606 that allows the Company to not disclose information about remaining performance obligations that have original expected durations of one year or less, the amount of the transaction price allocated to the remaining performance obligations and when we expect to recognize that amount as revenue for the year. We have also adopted the “as invoiced” practical expedient, whereby the Company recognizes revenue in the amount that directly corresponds to the amount of value transferred to the customer. Contract assets were $0.4 million as of December 31, 2020 and were not material as of December 31, 2019. Contract liabilities were not material as of both December 31, 2020 and December 31, 2019. |
Depreciation and Amortization Expense | Depreciation and Amortization Expense Depreciation expense is recognized over the estimated useful lives of real estate applying the straight-line method. The useful life of leased real estate and leasehold improvements is the lesser of the economic useful life of the asset or the term of the lease, including optional renewal periods if renewal is reasonably certain. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and TransactionsThe 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 | 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 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 We primarily hedge our foreign currency risk by borrowing in the currencies in which we invest. We may use derivative financial instruments, such as cross-currency swaps to manage foreign currency exchange rate risk related to both our foreign investments and the related earnings. In addition, we occasionally use interest rate swap contracts to manage interest rate risk and limit the impact of future interest rate changes on earnings and cash flows, primarily related to variable-rate debt. 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. Designated Derivatives. We may choose to designate our derivative financial instruments, generally cross-currency swaps as net investment hedges in foreign operations. At inception of the transaction, we designate the derivative financial instrument as a hedge of a specific underlying exposure, including the risk management objective and the strategy for undertaking the hedge transaction. We formally assess both at inception and at least quarterly thereafter, the effectiveness of our hedging transactions. Due to the high degree of effectiveness between the hedging instruments and the underlying exposures hedged, fluctuations in the value of the derivative financial instruments will generally be offset by changes in the cash flows or fair values of the underlying exposures being hedged. In addition to the net investment hedges described above, we may issue debt in a currency that is not the same functional currency of the borrowing entity to hedge our international investments. We designate the debt and related accrued interest as a net investment hedge to offset the translation and economic exposures related to our international investments. If the debt and related accrued interest exceeds the designated amount of our international investment, the foreign currency remeasurement on the unhedged portion of the debt during the period is recognized in Foreign currency and derivative losses, net. For cash flow hedges, such as interest rate swaps, we report the effective portion of the gain or loss as a component of other comprehensive income (loss) and reclassify it to the applicable line item in the Consolidated Statements of Operations, generally Interest expense, net over the corresponding period of the underlying hedged item. The ineffective portion of a derivative financial instrument’s change in fair value is recognized in earnings, generally Interest expense, net at the time the ineffectiveness occurred. To the extent the hedged debt related to our interest rate swaps and forwards is paid off early, we write off the remaining balance in other comprehensive income (loss) and recognize the amount in Interest expense, net in the Consolidated Statements of Operations. Undesignated Derivatives . Derivative instruments, such as cross-currency swaps, for which hedge accounting is not applied are recorded at fair value in Other assets and Other liabilities and gains and losses resulting from changes in the fair value are reported in Foreign currency and derivative losses, net in the Consolidated Statements of Operations. In addition, we may choose to not designate our interest rate swap and forward contracts. If a swap or forward contract is not designated as a hedge, the changes in fair value of these instruments is immediately recognized in earnings in Interest expense, net in the Consolidated Statements of Operations. |
Segment Information | Segment InformationOur data centers have similar revenues and operating expenses across all geographic locations. The service offerings and delivery of services are provided in a similar manner, using the same types of facilities and similar technologies. Our chief operating decision maker, the Company's Chief Executive Officer, reviews our financial information on an aggregate basis and makes decisions about the allocations of Company resources and as a result, we have one reportable business segment. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to use judgment in the application of accounting policies, including making estimates and assumptions. If our judgment or interpretation of the facts and circumstances relating to various transactions had been different or different assumptions were made, it is possible that different accounting policies would have been applied, resulting in different financial results or a different presentation of our financial statements. Estimates, judgments and assumptions are based on historical experiences that we believe to be reasonable under the circumstances. From time to time we re-evaluate those estimates and assumptions. Our discussion and analysis of financial condition and results of operations are based upon our consolidated financial statements, which have been prepared in accordance with GAAP. Our management evaluates these estimates on an ongoing basis, based upon information currently available and on various assumptions management believes are reasonable as of the date of the financial statements. Significant estimates include and are related to determining lease terms and revenue recognition, the fair value for purchase price allocations for business combinations and asset acquisitions, capitalization of costs and the useful lives of real estate and other long-lived assets. Our actual results may differ from these estimates. |
Reclassifications | Reclassifications Certain financial information has been revised to conform to the current year presentation due to changes in the significance of the particular activity. The following items have been reclassified: Statement of Cash Flows for the year ended December 31, 2019 • Unrealized gain on marketable equity investment ($65.6 million) and Realized gain on marketable equity investment ($66.7 million) are combined in the current presentation. These items were previously disclosed on separate lines in the comparable prior year period. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards Recently Adopted Accounting Pronouncements 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, 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 7 "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 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the information previously included in the Notes to Consolidated Financial Statements has been removed. Intangibles-Goodwill and Other Internal-Use Software On January 1, 2020, we adopted ASU 2018-15, Intangibles Goodwill and Other Internal Use Software on a prospective basis. 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. Leases We adopted ASU 2016-02 (codified in ASC 842, Leases ) on January 1, 2019, applied the package of practical expedients included therein and utilized the modified retrospective transition method with the cumulative effect of transition recorded as an adjustment to retained earnings on the effective date. By applying the modified retrospective transition method, the presentation of financial information for periods prior to January 1, 2019 was not restated. We elected the package of practical expedients, which permits us to not reassess (1) whether any expired or existing contracts are or contain leases, (2) the lease classification for any expired or existing leases, and (3) the treatment of any initial direct costs for any existing leases as of the effective date. We did not elect the hindsight practical expedient, which permits entities to use hindsight in determining the lease term and assessing impairment. As a Lessee The ASU requires that a liability be recorded on the balance sheet for all leases where the reporting entity is a lessee, based on the present value of future lease obligations discounted based on the implicit rate or alternatively our incremental borrowing rate. The implicit rate is generally not determinable and, as a result, we use our incremental borrowing rate at the lease commencement date to determine the present value. We determine our incremental borrowing rate based on an estimate of our existing yield curve at the lease commencement. The rates are then adjusted for various factors to estimate the company’s secured rate, including the lease term and collateralization. The determination of our incremental borrowing rate requires judgment. A corresponding right-of-use ("ROU") asset will also be recorded. Amortization of the lease obligation and the ROU asset for leases classified as operating leases are on a straight-line basis. Leases classified as financing leases are required to be accounted for as financing arrangements similar to the accounting treatment for capital leases under ASC 840, Leases (the former accounting standard for all leases, ("ASC 840")). We elected the practical expedient to combine our lease and related non-lease components by asset class for our leases. We elected the practical expedient to not evaluate land easements not previously accounted for as leases prior to the entity’s adoption of the new accounting standard for leases. We elected to apply the short-term lease measurement and recognition exemption available for leases under the new accounting standard for leases that have an original lease term of 12 months or less. The adoption of ASC 842 had a significant impact on our Consolidated Balance Sheets due to the recognition of approximately $87.0 million of ROU assets and $123.2 million of lease liabilities for operating leases. We recognized a $9.5 million cumulative effect adjustment to retained earnings. The adjustment to retained earnings was driven principally by measurement of operating lease liabilities at the present value of the remaining lease payments at the adoption date of January 1, 2019. The increase was offset in part by impairment of ROU assets associated with one build-to-suit ("BTS") arrangement recognized as an operating lease under the new accounting standard for leases. Additionally, we de-recognized certain previously recognized BTS lease assets and liabilities which under the new accounting standard for leases are recognized as operating lease ROU assets and lease liabilities. Prior to the adoption of the new accounting standard for leases, these leases were accounted as financing arrangements or BTS leases assets and liabilities and recorded as buildings and improvement and lease financing arrangements. Prior to the adoption of the new accounting standard for leases, BTS lease assets were amortized over the useful life of the asset and recorded as amortization expense and accretion of BTS lease liability was recorded as an interest expense in the Consolidated Statements of Operations. Upon adoption of the new accounting standard for leases, BTS leases are accounted as operating leases and amortization and accretion of lease liabilities of these operating leases are recorded as lease expenses in property operating expenses in our Consolidated Statements of Operations. As a Lessor The accounting for lessors remained largely unchanged from ASC 840. However, the new accounting standard for leases requires that lessors expense certain costs to obtain a lease that are not incremental to origination of a lease. Upon adoption, initial direct costs that are not incremental are expensed as general and administrative expense in our Consolidated Statements of Operations. Prior to the adoption of the new standard, these costs were capitalizable. As a result of electing the package of practical expedients, initial direct costs have not been reassessed prior to the effective date and therefore adoption of the lease standard did not have an impact on our previously reported Consolidated Statements of Operations with respect to initial direct costs. In addition, under the new accounting standard for leases, certain exceptions under the previous standard for real estate no longer are applicable in the evaluation of the lease classification as an operating, sales type or direct financing lease. In the event that a real estate lease is classified as a sales-type lease, subject to certain conditions, a gain or loss is recognized based on the present value of the lease payments and residual value. We elected the practical expedient to combine all of our lease and nonlease revenue components into a single combined lease component as nonlease components have the same pattern of transfer as the related predominant operating lease components. Our customer leases include options to extend or terminate the lease agreements. We do not generally include 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. New Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. This ASU provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference the London interbank offered rate ("LIBOR") or another reference rate expected to be discontinued because of reference rate reform. The expedients and exceptions do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The Company is evaluating the impact of this ASU. 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 current 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) | 12 Months Ended |
Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | |
Future Minimum Lease Payments under Non-Cancellable Operating Leases | At December 31, 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 December 31, 2020 Minimum Lease Payments 2021 $ 771.1 2022 658.5 2023 527.5 2024 409.3 2025 339.1 Thereafter 922.9 Total $ 3,628.4 At December 31, 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 December 31, 2019 Minimum Lease Payments 2020 $ 736.2 2021 620.2 2022 528.2 2023 426.5 2024 328.7 Thereafter 973.9 Total $ 3,613.7 |
Disaggregation of Revenue | For the years ended December 31, 2020 and 2019, lease revenue disaggregated by primary revenue stream is as follows (in millions): Lease revenue Year Ended December 31, 2020 Year Ended December 31, 2019 Colocation (Minimum lease payments) $ 842.1 $ 793.5 Metered power reimbursements (Variable lease payments) 161.4 138.8 Total lease revenue $ 1,003.5 $ 932.3 For the years ended December 31, 2020, 2019 and 2018 revenue from contracts with customers disaggregated by primary revenue stream is as follows (in millions): Revenue from contracts with customers Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Equipment sales and services $ 10.6 $ 29.7 $ 15.3 Other revenue 19.4 19.3 17.4 Total revenue from contracts with customers $ 30.0 $ 49.0 $ 32.7 |
Leases - As a Lessee (Tables)
Leases - As a Lessee (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Lease, Cost | The components of lease expense are as follows (in millions): Year Ended December 31, 2020 Year Ended December 31, 2019 Operating lease cost $ 20.4 $ 20.3 Finance lease cost: Amortization of assets 2.1 2.3 Interest on lease liabilities 1.5 1.7 Total net lease cost $ 24.0 $ 24.3 Supplemental cash flow and other information related to leases is as follows (in millions): Year Ended December 31, 2020 Year Ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 23.4 $ 22.1 Operating cash flows from finance leases 1.5 1.7 Financing cash flows from finance leases 3.5 2.9 Non-cash right-of-use assets obtained in exchange for lease liabilities: Operating leases $ 65.2 $ 175.1 Finance leases — 0.8 |
Assets And Liabilities, Lessee | Supplemental balance sheet information related to leases is as follows (in millions, except lease term and discount rate): December 31, 2020 December 31, 2019 Operating leases: Operating lease right-of-use assets $ 211.4 $ 161.9 Operating lease liabilities $ 249.1 $ 195.8 Finance leases: Property and equipment, at cost $ 34.7 $ 34.9 Accumulated amortization (7.1) (5.0) Property and equipment, net $ 27.6 $ 29.9 Finance lease liabilities $ 29.1 $ 31.8 Weighted average remaining lease term (in years): Operating leases 14.3 15.8 Finance leases (a) 18.2 18.1 Weighted average discount rate: Operating leases 3.7 % 3.9 % Finance leases (a) 4.7 % 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 property is under active development and the finance lease is 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 (in millions): As of December 31, 2020 Operating Leases Finance Leases 2021 $ 27.8 $ 4.2 2022 27.9 3.0 2023 23.9 2.0 2024 19.4 1.4 2025 17.8 1.5 Thereafter 221.6 30.5 Total lease payments $ 338.4 $ 42.6 Less: Imputed interest (89.3) (13.5) Total lease obligations $ 249.1 $ 29.1 |
Finance Lease, Liability, Maturity | Maturities of lease liabilities were as follows (in millions): As of December 31, 2020 Operating Leases Finance Leases 2021 $ 27.8 $ 4.2 2022 27.9 3.0 2023 23.9 2.0 2024 19.4 1.4 2025 17.8 1.5 Thereafter 221.6 30.5 Total lease payments $ 338.4 $ 42.6 Less: Imputed interest (89.3) (13.5) Total lease obligations $ 249.1 $ 29.1 |
Schedule of Future Minimum Rental Payments for Operating Leases | (in millions): As of December 31, 2019 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 payments $ 195.8 $ 31.8 |
Schedule of Future Minimum Lease Payments for Finance Leases | (in millions): As of December 31, 2019 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 payments $ 195.8 $ 31.8 |
Equity Investments (Tables)
Equity Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Debt Securities, Trading, and Equity Securities, FV-NI | 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 December 31, 2020 December 31, 2019 GDS, Class A share equivalent Fair value $ 44.2 $ 118.7 ODATA investments Cost method 22.9 16.4 Equity investments $ 67.1 $ 135.1 |
Unrealized Gain (Loss) on Marketable Equity Investment | The Company recognized Gains on marketable equity investment in GDS ADSs held and sold as follows: IN MILLIONS Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Net gain on marketable equity investment $ 89.5 $ 132.3 $ 9.9 Less: Net gain recognized on marketable equity investment sold 69.6 66.7 — Unrealized gain on marketable equity investment $ 19.9 $ 65.6 $ 9.9 |
Goodwill, Intangible and Othe_2
Goodwill, Intangible and Other Long-Lived Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Carrying Value of Major Classes of Intangible Assets | Summarized below are the carrying values for the major classes of intangible assets: IN MILLIONS For the year ended December 31, 2020 2019 Weighted- Gross Accumulated Total Gross Accumulated Total Customer relationships 9 $ 247.1 $ (163.1) $ 84.0 $ 247.1 $ (151.1) $ 96.0 Trademark/tradename 4 11.6 (9.0) 2.6 11.5 (7.8) 3.7 Favorable leasehold interest 36 5.7 (1.6) 4.1 5.6 (1.2) 4.4 In-place customer leases 4 140.4 (74.6) 65.8 137.1 (46.7) 90.4 Above and below market leases 5 2.3 (1.0) 1.3 2.3 (0.7) 1.6 Total $ 407.1 $ (249.3) $ 157.8 $ 403.6 $ (207.5) $ 196.1 |
Schedule of Estimated Amortization Expense for Finite-Lived Intangible Assets | The following table presents estimated amortization expense for each of the next five years and thereafter, commencing January 1, 2021: IN MILLIONS Total 2021 $ 32.6 2022 29.3 2023 20.4 2024 18.6 2025 17.3 Thereafter 39.6 Total $ 157.8 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | As of December 31, 2020 and 2019, the components of Other assets are as follows (in millions): December 31, 2020 December 31, 2019 Deferred leasing and other contract costs $ 62.4 $ 53.2 Prepaid expenses 19.1 22.1 Non-real estate assets, net 13.8 16.3 Derivative assets — 3.5 Other assets 38.1 18.8 Total $ 133.4 $ 113.9 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term debt Instruments | Debt As of December 31, 2020 and 2019, the components of Debt are as follows (unless otherwise noted, interest rate and maturity date information are as of December 31, 2020) (in millions): December 31, 2020 December 31, 2019 Interest Rate Maturity Date Amended Credit Agreement: Revolving Credit Facility: March 2024 (b) EUR Revolver $ 275.9 $ — Monthly EURIBOR + 1.00% GBP Revolver (a) 157.0 — Monthly LIBOR + 1.00% 2023 Term Loan Facility (c) 100.0 — 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 $0.7 million and $0.8 million, respectively 599.3 599.2 2.900 % November 2024 2029 Notes, including bond discount of $1.6 million and $1.8 million, respectively 598.4 598.2 3.450 % November 2029 2027 Notes, including bond discount of $0.6 million (d) 612.6 — 1.450 % January 2027 2030 Notes, including bond discount of $4.7 million 395.3 — 2.150 % November 2030 Deferred financing costs (29.5) (25.8) — — Total $ 3,409.0 $ 2,886.6 (a) - Monthly USD LIBOR and GBP LIBOR as of December 31, 2020 was 0.15% and 0.03%, 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. |
Schedule of Maturities of Long-term Debt | The following table summarizes aggregate maturities of the Amended Credit Agreement and 2024 Notes, 2027 Notes, 2029 Notes and 2030 Notes for the five years subsequent to December 31, 2020, and thereafter: IN MILLIONS Amended Credit Agreement (a)(b) Senior Notes Total 2021 $ — $ — $ — 2022 — — — 2023 100.0 — 100.0 2024 432.9 600.0 1,032.9 2025 700.0 — 700.0 Thereafter — 1,613.2 1,613.2 Total debt $ 1,232.9 $ 2,213.2 $ 3,446.1 (a) - The Company has an option to exercise a one (b) - The Company has an option to exercise two one |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 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): IN MILLIONS December 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Debt: Variable Rate Debt: Revolving Credit Facility $ 432.9 $ 432.9 $ 615.0 $ 615.0 2023 Term Loan Facility 100.0 100.0 — — 2025 Term Loan Facility 700.0 700.0 — — Fixed Rate Debt: 2024 Notes - 2.900% (1) 599.3 640.7 599.2 602.1 2029 Notes - 3.450% (1) 598.4 644.1 598.2 603.1 2027 Notes - 1.450% (1) 612.6 619.9 — — 2030 Notes - 2.150% (1) 395.3 388.6 — — Derivative Contracts: Cross Currency Swaps Liability (2) — 52.2 — 11.4 Interest Rate Swap Liability (2) — 7.0 — — Interest Rate Swap Asset (2) — — — 3.5 Equity Investments carried at Fair Value: GDS equity investment (3) 44.2 44.2 118.7 118.7 (1) - The fair value of notes are based on quoted market prices for these notes, which is considered Level 1 of the fair value hierarchy. (2) - The fair values of our cross currency and interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash flows and the discounted expected variable cash flows based on an expectation of future interest rates derived from Level 2 observable market interest rate curves. (3) - The fair value is based on quoted market prices for the GDS ADSs, which is considered Level 1 of the fair value hierarchy. |
Summary of Derivative Positions | The following table summarizes the Company's derivative positions as of December 31, 2020 and 2019 (in millions): December 31, 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 $ — $ 26.0 $ — $ 3.8 EUR - USD 3/29/2023 250.0 Net investment hedge — 26.2 — 3.9 EUR - USD 1/15/2020 155.9 Net investment hedge — — — 1.4 Interest Rate Swaps USD Libor 3/29/2023 300.0 Interest rate hedge - Float to fixed — 7.0 3.5 — Undesignated derivatives Cross Currency Swaps EUR - USD 1/15/2020 265.3 Foreign currency exchange — — — 2.1 EUR - USD 1/15/2020 25.6 Foreign currency exchange — — — 0.2 Total $ — $ 59.2 $ 3.5 $ 11.4 |
Effect of Derivative Financial Instruments | The following table presents the effect of our derivative financial instruments on our accompanying consolidated financial statements (in millions): December 31, 2020 December 31, 2019 Derivatives in Cash Flow Hedging Relationships Cross-Currency and Interest Rate Swaps: Amount of gain (loss) recognized in OCI for derivatives $ (53.0) $ (0.7) Amount of gain (loss) reclassified from accumulated OCI for derivatives $ (1.7) $ 0.7 |
Income (Loss) per Share (Tables
Income (Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net (Loss) Income Per Share | The following table reflects the computation of basic and diluted net income per share: IN MILLIONS, except per share amounts Year Ended Year Ended Year Ended For December 31, 2020 2019 2018 Basic Diluted Basic Diluted Basic Diluted Numerator: Net income $ 41.4 $ 41.4 $ 41.4 $ 41.4 $ 1.2 $ 1.2 Less: Restricted stock dividends (0.5) (0.5) (0.7) (0.7) (1.1) (1.1) Net income available to stockholders $ 40.9 $ 40.9 $ 40.7 $ 40.7 $ 0.1 $ 0.1 Denominator: Weighted average common outstanding-basic 117.3 117.3 112.1 112.1 99.8 99.8 Performance-based restricted stock and units 0.3 0.4 0.6 Weighted average shares outstanding-diluted 117.6 112.5 100.4 EPS: Net income per share-basic $ 0.35 $ 0.36 $ — Effect of dilutive shares: Net income per share-diluted $ 0.35 $ 0.36 $ — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [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 year ended December 31, 2020 (in millions): 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 — 121.2 May 13, 2020 Forward Offering - Sales 1.4 — 97.9 May 26, 2020 Forward Offering - Sales 1.4 — 96.2 May 29, 2020 Forward Offering - Sales 1.3 — 96.4 November 29, 2019 Forward Offering settlement (1.6) 96.5 (96.5) March 9, 2020 Forward Offering settlement (2.0) 121.2 (121.2) May 13, 2020 Forward Offering settlement (1.4) 97.9 (97.9) September 15, 2020 Forward Offering - Sales 1.4 — 102.3 September 30, 2020 Forward Offering - Sales 1.6 — 114.5 November 6, 2020 Forward Offering - Sales 1.1 — 75.3 Total as of December 31, 2020 6.8 $ 315.6 $ 484.7 (1) As of December 31, 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 $484.7 million subject to further adjustment when the forward offerings are settled as described above. |
Schedule of Declared Cash Dividends and Distributions | We have declared cash dividends on common shares and distributions on operating partnership units for the years ended December 31, 2020 and 2019 as presented in the table below: Record date Payment date Cash dividend per share or operating partnership unit March 29, 2019 April 12, 2019 $0.46 June 28, 2019 July 12, 2019 $0.46 September 27, 2019 October 11, 2019 $0.50 January 2, 2020 January 10, 2020 $0.50 March 27, 2020 April 9, 2020 $0.50 June 26, 2020 July 10, 2020 $0.50 September 25, 2020 October 9, 2020 $0.51 January 4, 2021 January 8, 2021 $0.51 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Compensation Expense | Stock-based compensation expense was as follows: For the periods ended December 31, 2020 2019 2018 2015 Grants $ — $ — $ 0.4 2016 Grants — 1.1 5.7 2017 Grants 0.5 3.1 4.6 2018 Grants 3.9 5.4 6.8 2019 Grants and ESPP expense 5.5 7.1 — 2020 Grants and ESPP expense 8.5 — — Total $ 18.4 $ 16.7 $ 17.5 |
Schedule of Restricted Stock Awards 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 year ended December 31, 2020 (performance-based awards are reflected at the target amount of the grant): Restricted Stock Units ("RSU") 2020 Restricted Stock Units Weighted Outstanding January 1, 646,619 $ 55.80 Granted 221,402 93.72 TSR and other adjustments (a) 164,076 91.32 Exercised (374,443) 77.78 Forfeited (172,764) 60.03 Outstanding December 31, 484,890 $ 66.66 (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 Restricted Stock Weighted Outstanding January 1, 16,681 $ 52.46 Granted 118,233 74.12 Exercised (16,681) 52.46 Forfeited — — Outstanding December 31, 118,233 $ 74.12 |
Schedule of Unvested Stock Options | Stock Options 2020 Options Weighted Outstanding January 1, 375,086 $ 31.64 Granted — — Exercised (277,285) 31.92 Forfeited — — Outstanding December 31, 97,801 30.87 Exercisable at December 31, 97,801 30.87 Vested and expected to vest 97,801 $ 30.87 |
Schedule of Option Valuation Assumptions | The following table summarizes the stock option assumptions for the years ended December 31, 2020, 2019 and 2018: Options Outstanding Options Exercisable Assumption Range Exercise Prices Number Weighted Number Weighted Risk-Free Expected Annual Dividend Yield Expected Expected 2018 $23.58 53,086 4.3 53,086 4.3 0.92% 3.4% 6.0 35% $28.42 143,358 6.1 143,358 6.1 1.6% - 1.75% 4.4% 5.5-6.5 32.5% - 37.5% $30.74 12,719 6.6 12,719 6.6 1.6% - 1.75% 4.4% 5.5-6.5 32.5% - 37.5% $36.99 192,060 6.8 130,425 6.7 1.47% - 1.64% 4.1% 5.5-6.5 27.5% - 35.0% 2019 $23.58 51,985 3.3 51,985 3.3 0.92% 3.4% 6.0 35% $28.42 143,358 5.1 143,358 5.1 1.6% - 1.75% 4.4% 5.5-6.5 32.5% - 37.5% $30.74 12,719 5.6 12,719 5.6 1.6% - 1.75% 4.4% 5.5-6.5 32.5% - 37.5% $36.99 167,024 6.1 167,024 6.1 1.47% - 1.64% 4.1% 5.5-6.5 27.5% - 35.0% 2020 $23.58 16,930 0.9 16,930 0.9 0.92% 3.4% 6.0 35% $28.42 43,317 0.6 43,317 0.6 1.6% - 1.75% 4.4% 5.5-6.5 32.5% - 37.5% $30.74 — 0.0 — 0.0 1.6% - 1.75% 4.4% 5.5-6.5 32.5% - 37.5% $36.99 37,554 0.6 37,554 0.6 1.47% - 1.64% 4.1% 5.5-6.5 27.5% - 35.0% |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Income tax (benefit) expense for the years ended December 31, 2020, 2019 and 2018 as reported in the accompanying Consolidated Statements of Operations was comprised of the following: Year Ended December 31, IN MILLIONS 2020 2019 2018 Current Federal $ 1.5 $ 1.7 $ 1.0 State 2.0 1.9 2.0 Foreign 5.0 0.2 — Total current expense $ 8.5 $ 3.8 $ 3.0 Deferred: Federal $ — $ — $ — State — — — Foreign (12.1) (7.5) (2.4) Total deferred (benefit) expense (12.1) (7.5) (2.4) Total income tax (benefit) expense $ (3.6) $ (3.7) $ 0.6 |
Schedule of Effective Income Tax Rate Reconciliation | An income tax expense reconciliation between the U.S. statutory tax rate and the effective tax rate is as follows: Year Ended December 31, IN MILLIONS 2020 2019 2018 Income tax at U.S. federal statutory income tax rate $ 3.9 $ 7.9 $ 0.4 State and local taxes, net of federal income tax benefit 1.6 1.7 2.0 Impact of REIT status (18.2) (13.7) (2.1) Permanent differences 0.1 (0.7) (0.1) Foreign tax rate and currency differences (2.7) (1.0) 0.2 Anti-hybrid disallowances 2.4 1.6 0.1 Deferred tax true ups and other 1.0 — — Unrecognized tax benefits 5.0 — — Valuation allowance 3.3 0.5 0.1 Income tax (benefit) expense $ (3.6) $ (3.7) $ 0.6 |
Schedule of Deferred Tax Assets and Liabilities | The components of the Company’s deferred tax assets and liabilities are as follows: Year Ended December 31, IN MILLIONS 2020 2019 Deferred tax assets Net operating loss carryforwards $ 19.7 $ 16.3 Accounts receivable/payable and other 9.1 8.2 Disallowed interest and other expenses 3.4 — Finance leases 1.6 0.9 Total gross deferred tax assets $ 33.8 $ 25.4 Valuation allowance (12.2) (7.6) Total gross deferred tax assets, net $ 21.6 $ 17.8 Deferred tax liabilities Deferred rent and other $ (1.9) $ — Fixed assets (67.5) (67.4) Intangibles (5.2) (10.9) Total gross deferred tax liabilities $ (74.6) $ (78.3) Total net deferred tax assets/(liabilities) $ (53.0) $ (60.5) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the Company’s beginning and ending liability for unrecognized tax benefits is as follows: IN MILLIONS 2020 2019 2018 Balance at January 1 $ — $ — $ — Additions related to acquisitions — — — Additions for tax positions for the current year 5.0 — — Additions for tax positions of prior years — — — Reductions for tax positions of prior years — — — Settlements — — — Balance at December 31 $ 5.0 $ — $ — |
Description of Business (Detail
Description of Business (Details) | 12 Months Ended |
Dec. 31, 2020centerdataCenter | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of data centers | dataCenter | 55 |
Number of recovery centers | center | 2 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Impairment losses and (gain) loss on asset disposals | $ 11,200,000 | $ 700,000 | $ 0 |
Rent and other receivables | 334,200,000 | 291,900,000 | |
Contract assets | $ 400,000 | ||
Number of business segments | segment | 1 | ||
Revenue | $ 1,033,500,000 | 981,300,000 | 821,400,000 |
Net investment in real estate | 5,265,500,000 | 4,710,300,000 | |
Unrealized gain (loss) on marketable equity investment | 19,900,000 | 65,600,000 | 9,900,000 |
Realized gain (loss) on marketable equity investment | 69,600,000 | 66,700,000 | $ 0 |
Straight-line rent receivable, net | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Rent and other receivables | 172,600,000 | $ 156,800,000 | |
U.S. Data Centers | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Impairment losses and (gain) loss on asset disposals | 8,800,000 | ||
Atlanta | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Impairment losses and (gain) loss on asset disposals | 2,400,000 | ||
South Bend - Monroe | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Impairment losses and (gain) loss on asset disposals | $ 700,000 | ||
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 | ||
Customer 1 | Revenue | Customer concentration risk | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Concentration risk (as a percent) | 19.00% | 21.00% | 18.00% |
Reclassification | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Unrealized gain (loss) on marketable equity investment | $ 65,600,000 | ||
Realized gain (loss) on marketable equity investment | $ 66,700,000 |
Recently Issued Accounting St_2
Recently Issued Accounting Standards - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
ROU assets | $ 211.4 | $ 161.9 | |
Operating lease liabilities | 249.1 | 195.8 | |
Retained earnings | $ (966.6) | $ (767.3) | |
ASC 842 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
ROU assets | $ 87 | ||
Operating lease liabilities | 123.2 | ||
ASC 842 | Cumulative Effect, Period of Adoption, Adjustment | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | $ 9.5 |
Revenue Recognition - Future Mi
Revenue Recognition - Future Minimum Lease Payments under Non-Cancellable Operating Leases (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Revenue from Contract with Customer [Abstract] | ||
2021 | $ 771.1 | $ 736.2 |
2022 | 658.5 | 620.2 |
2023 | 527.5 | 528.2 |
2024 | 409.3 | 426.5 |
2025 | 339.1 | 328.7 |
Thereafter | 922.9 | 973.9 |
Total | $ 3,628.4 | $ 3,613.7 |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 1,033.5 | $ 981.3 | $ 821.4 |
Lease revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,003.5 | 932.3 | |
Colocation (Minimum lease payments) | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 842.1 | 793.5 | |
Metered power reimbursements (Variable lease payments) | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 161.4 | 138.8 | |
Revenue from contracts with customers | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 30 | 49 | 32.7 |
Equipment sales and services | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 10.6 | 29.7 | 15.3 |
Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 19.4 | $ 19.3 | $ 17.4 |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue from contracts with customers | $ 1,033.5 | $ 981.3 | $ 821.4 |
Balances from customers accounts receivables | 2.3 | 6.4 | |
Contract assets | 0.4 | ||
Contracts with customers | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue from contracts with customers | $ 15.9 | $ 15.9 | $ 13.5 |
Customer concentration risk | Revenue | Customer 1 | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Concentration risk (as a percent) | 19.00% | 21.00% | 18.00% |
Outside of the United States | |||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | |||
Revenue from contracts with customers | $ 4.7 | $ 2.9 |
Leases - As a Lessee - Narrativ
Leases - As a Lessee - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2020facility | Sep. 30, 2020lease | |
Lessee, Lease, Description [Line Items] | ||
Number of facilities, finance lease | 5 | |
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 | 20 years | |
Operating lease, term of contract | 24 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 | 3 | |
Dublin, Ireland | Ground Lease 1 | ||
Lessee, Lease, Description [Line Items] | ||
Number of leases | lease | 1 | |
Finance lease, term of contract | 999 years |
Leases - As a Lessee - Lease Co
Leases - As a Lessee - Lease Cost (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 20.4 | $ 20.3 |
Amortization of assets | 2.1 | 2.3 |
Interest on lease liabilities | 1.5 | 1.7 |
Total net lease cost | $ 24 | $ 24.3 |
Leases - As a Lessee - Suppleme
Leases - As a Lessee - Supplemental Balance Sheet (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Operating leases: | ||
Operating lease right-of-use assets | $ 211.4 | $ 161.9 |
Operating lease liabilities | 249.1 | 195.8 |
Finance leases: | ||
Property and equipment, at cost | 34.7 | 34.9 |
Accumulated amortization | (7.1) | (5) |
Property and equipment, net | 27.6 | 29.9 |
Finance lease liabilities | $ 29.1 | $ 31.8 |
Weighted average remaining lease term (in years): | ||
Operating leases | 14 years 3 months 18 days | 15 years 9 months 18 days |
Finance leases | 18 years 2 months 12 days | 18 years 1 month 6 days |
Weighted average discount rate: | ||
Operating leases | 3.70% | 3.90% |
Finance leases | 4.70% | 4.90% |
Leases - As a Lessee - Supple_2
Leases - As a Lessee - Supplemental Cash Flow (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 23.4 | $ 22.1 |
Operating cash flows from finance leases | 1.5 | 1.7 |
Financing cash flows from finance leases | 3.5 | 2.9 |
Non-cash right-of-use assets obtained in exchange for lease liabilities: | ||
Operating leases | 65.2 | 175.1 |
Finance leases | $ 0 | $ 0.8 |
Leases - As a Lessee - Maturiti
Leases - As a Lessee - Maturities of Operating and Financing Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases | ||
2021 | $ 27.8 | $ 22.4 |
2022 | 27.9 | 21 |
2023 | 23.9 | 22.4 |
2024 | 19.4 | 18.5 |
2025 | 17.8 | 13.9 |
Thereafter | 221.6 | 165.4 |
Total lease payments | 338.4 | 263.6 |
Less: Imputed interest | (89.3) | (67.8) |
Total lease obligations | 249.1 | 195.8 |
Finance Leases | ||
2021 | 4.2 | 5 |
2022 | 3 | 4.1 |
2023 | 2 | 2.9 |
2024 | 1.4 | 1.9 |
2025 | 1.5 | 1.4 |
Thereafter | 30.5 | 31.1 |
Total lease payments | 42.6 | 46.4 |
Less: Imputed interest | (13.5) | (14.6) |
Total lease obligations | $ 29.1 | $ 31.8 |
Investment in Real Estate - Lan
Investment in Real Estate - Land for future development and Leases (Details) ft² in Thousands, £ in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2020ft²extensionMW | Nov. 30, 2019GBP (£)ft²a | Sep. 30, 2019USD ($)MW | Aug. 31, 2019GBP (£)ft²aMW | Dec. 31, 2020USD ($)a | Dec. 31, 2019USD ($)a | Sep. 30, 2020a | |
Real Estate Properties [Line Items] | |||||||
Number of acres purchased | 35 | ||||||
Fixed lease payments | $ | $ 20.4 | $ 20.3 | |||||
Dublin, Ireland, San Antonio, Santa Clara and Council Bluffs | Land | |||||||
Real Estate Properties [Line Items] | |||||||
Purchase price | $ | $ 54.7 | ||||||
Dallas, Frankfurt, Northern Virginia, Phoenix and Santa Clara | Land | |||||||
Real Estate Properties [Line Items] | |||||||
Number of acres purchased | 74 | ||||||
Purchase price | $ | $ 54.7 | ||||||
Dublin, Ireland | Area leased and purchased for future development | |||||||
Real Estate Properties [Line Items] | |||||||
Area of land leased (in acres) | 24 | ||||||
Dublin, Ireland | Ground Lease 1 | |||||||
Real Estate Properties [Line Items] | |||||||
Area of land leased (in acres) | 16 | ||||||
Datacenter output (MW) | MW | 6 | ||||||
Prepaid lease payments | $ | $ 6.3 | ||||||
Dublin, Ireland | Area purchased for future development | |||||||
Real Estate Properties [Line Items] | |||||||
Area of land leased (in acres) | 9 | ||||||
London, UK | Ground Lease 1 | |||||||
Real Estate Properties [Line Items] | |||||||
Area of building shell (in square feet) | ft² | 51 | ||||||
Area of land leased (in acres) | 3 | ||||||
Datacenter output (MW) | MW | 6 | ||||||
Operating lease, term of contract | 25 years | ||||||
Operating lease, renewal term | 25 years | ||||||
Fixed lease payments | £ | £ 0.9 | ||||||
London, UK | Ground Lease 2 | |||||||
Real Estate Properties [Line Items] | |||||||
Area of building shell (in square feet) | ft² | 105 | ||||||
Area of land leased (in acres) | 6.5 | ||||||
Operating lease, term of contract | 20 years | ||||||
Operating lease, renewal term | 15 years | ||||||
Fixed lease payments | £ | £ 2.1 | ||||||
Paris, France | |||||||
Real Estate Properties [Line Items] | |||||||
Operating lease, term of contract | 25 years | ||||||
Paris, France | Area leased and purchased for future development | |||||||
Real Estate Properties [Line Items] | |||||||
Area of building shell (in square feet) | ft² | 45 | ||||||
Number of renewal options | extension | 1 | ||||||
Datacenter output (MW) | MW | 27 | ||||||
Operating lease, renewal term | 25 years | ||||||
Ground Lease 1 | Dublin, Ireland | |||||||
Real Estate Properties [Line Items] | |||||||
Finance lease, term of contract | 999 years |
Investment in Real Estate - Con
Investment in Real Estate - Construction in Progress and Capital Expenditures (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate Properties [Line Items] | |||
Cost of construction in progress | $ 982,200,000 | $ 946,300,000 | $ 744,900,000 |
Construction in progress, land under active development | 5,100,000 | 61,800,000 | |
Capital expenditures | 910,500,000 | 876,400,000 | |
Impairment losses | 11,200,000 | 700,000 | $ 0 |
Land | |||
Real Estate Properties [Line Items] | |||
Impairment losses | 2,400,000 | ||
Data Centers | |||
Real Estate Properties [Line Items] | |||
Impairment losses | 8,800,000 | ||
Dublin, Ireland, San Antonio, Santa Clara and Council Bluffs | Land | |||
Real Estate Properties [Line Items] | |||
Land purchases included in capital expenditures | $ 54,700,000 | ||
Frankfurt, Germany And London | Land | |||
Real Estate Properties [Line Items] | |||
Land purchases included in capital expenditures | $ 58,000,000 |
Equity Investments - Narrative
Equity Investments - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Jan. 01, 2021 | Oct. 18, 2017 | Jan. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Equity Method Investments [Line Items] | ||||||
Value of investment | $ 67.1 | $ 135.1 | ||||
Sales price | $ 144.1 | 199 | $ 0 | |||
GDS | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Newly issued American depository shares (in shares) | 8,000,000 | |||||
Price per ordinary share (in dollars per share) | $ 12.45 | $ 93.64 | ||||
Discount rate | 4.00% | |||||
Value of investment | $ 100 | $ 44.2 | $ 118.7 | |||
American depository shares equivalent (in shares) | 8 | |||||
Number of GDS ADSs sold (in shares) | 1,800,000 | 5,700,000 | ||||
Sales price | $ 164.1 | $ 199 | ||||
Equity securities (in shares) | 500,000 | |||||
GDS | Subsequent Event | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Number of GDS ADSs sold (in shares) | 500,000 | |||||
Sales price | $ 19.9 | $ 46.6 | ||||
ODATA investments | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Cost method | $ 22.9 | 16.4 | ||||
Affiliated Entity | ODATA | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Additional investments | $ 6.5 | $ 3.8 |
Equity Investments - Shcedule o
Equity Investments - Shcedule of Investees (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Oct. 18, 2017 |
Schedule of Equity Method Investments [Line Items] | |||
Value of investment | $ 67.1 | $ 135.1 | |
Equity investments | 67.1 | 135.1 | |
GDS Holdings Limited | |||
Schedule of Equity Method Investments [Line Items] | |||
Value of investment | 44.2 | 118.7 | $ 100 |
ODATA investments | |||
Schedule of Equity Method Investments [Line Items] | |||
Cost method | $ 22.9 | $ 16.4 |
Equity Investments - Unrealized
Equity Investments - Unrealized Gain (Loss) on Marketable Equity Investment (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |||
Net gain on marketable equity investment | $ 89.5 | $ 132.3 | $ 9.9 |
Less: Net gain recognized on marketable equity investment sold | 69.6 | 66.7 | 0 |
Unrealized gain on marketable equity investment | $ 19.9 | $ 65.6 | $ 9.9 |
Goodwill, Intangible and Othe_3
Goodwill, Intangible and Other Long-Lived Assets - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 455,100,000 | $ 455,100,000 | |
Impairment of goodwill | 0 | 0 | $ 0 |
Impairment of intangible assets | 0 | 0 | 0 |
Amortization expense for acquired intangible assets | $ 38,900,000 | $ 39,900,000 | $ 30,600,000 |
Goodwill, Intangible and Othe_4
Goodwill, Intangible and Other Long-Lived Assets - Carrying Value of Major Classes of Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 407.1 | $ 403.6 |
Accumulated Amortization | (249.3) | (207.5) |
Total | $ 157.8 | 196.1 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Remaining Life (in years) | 9 years | |
Gross Carrying Amount | $ 247.1 | 247.1 |
Accumulated Amortization | (163.1) | (151.1) |
Total | $ 84 | 96 |
Trademark/tradename | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Remaining Life (in years) | 4 years | |
Gross Carrying Amount | $ 11.6 | 11.5 |
Accumulated Amortization | (9) | (7.8) |
Total | $ 2.6 | 3.7 |
Favorable leasehold interest | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Remaining Life (in years) | 36 years | |
Gross Carrying Amount | $ 5.7 | 5.6 |
Accumulated Amortization | (1.6) | (1.2) |
Total | $ 4.1 | 4.4 |
In-place customer leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Remaining Life (in years) | 4 years | |
Gross Carrying Amount | $ 140.4 | 137.1 |
Accumulated Amortization | (74.6) | (46.7) |
Total | $ 65.8 | 90.4 |
Above and below market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted- Average Remaining Life (in years) | 5 years | |
Gross Carrying Amount | $ 2.3 | 2.3 |
Accumulated Amortization | (1) | (0.7) |
Total | $ 1.3 | $ 1.6 |
Goodwill, Intangible and Othe_5
Goodwill, Intangible and Other Long-Lived Assets - Estimated Amortization Expense For Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2021 | $ 32.6 | |
2022 | 29.3 | |
2023 | 20.4 | |
2024 | 18.6 | |
2025 | 17.3 | |
Thereafter | 39.6 | |
Total | $ 157.8 | $ 196.1 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred leasing and other contract costs | $ 62.4 | $ 53.2 |
Prepaid expenses | 19.1 | 22.1 |
Non-real estate assets, net | 13.8 | 16.3 |
Derivative assets | 0 | 3.5 |
Other assets | 38.1 | 18.8 |
Total | $ 133.4 | $ 113.9 |
Debt - Components of Debt (Deta
Debt - Components of Debt (Details) € in Millions | Sep. 21, 2020USD ($) | Jan. 22, 2020EUR (€) | Dec. 31, 2020EUR (€)extension | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 29, 2018USD ($) |
Debt Instrument [Line Items] | ||||||||
Deferred financing costs | $ (29,500,000) | $ (25,800,000) | ||||||
Total | $ 3,409,000,000 | 2,886,600,000 | ||||||
LIBOR | USD | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 0.15% | 0.15% | ||||||
LIBOR | GBP | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 0.03% | 0.03% | ||||||
Term Loan | 2023 Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings on line of credit | 800,000,000 | |||||||
Number of extension options | extension | 2 | |||||||
Option to extend maturity of debt, period | 1 year | |||||||
Maximum borrowing capacity | $ 1,000,000,000 | |||||||
Term Loan | 2025 Term Loan | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings on line of credit | 300,000,000 | |||||||
Maximum borrowing capacity | 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 $0.7 million and $0.8 million, respectively | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 599,300,000 | 599,200,000 | ||||||
Interest rate | 2.90% | 2.90% | ||||||
Bond discount (premium) | $ 700,000 | 800,000 | ||||||
Senior Notes | 2024 Notes, including bond discount of $0.7 million and $0.8 million, respectively | Carrying Value | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | 599,200,000 | |||||||
Senior Notes | 2029 Notes, including bond discount of $1.6 million and $1.8 million, respectively | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 598,400,000 | 598,200,000 | ||||||
Interest rate | 3.45% | 3.45% | ||||||
Bond discount (premium) | $ 1,600,000 | 1,800,000 | ||||||
Senior Notes | 2029 Notes, including bond discount of $1.6 million and $1.8 million, respectively | Carrying Value | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | 598,200,000 | |||||||
Senior Notes | 2027 Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 612,600,000 | 0 | ||||||
Interest rate | 1.45% | 1.45% | 1.45% | |||||
Bond discount (premium) | $ 600,000 | € 0.7 | ||||||
Proceeds from debt | € | € 495.3 | € 495.3 | ||||||
Senior Notes | 2027 Notes | Carrying Value | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | 0 | |||||||
Senior Notes | 2030 Notes, including bond discount of $4.8 million | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 2.15% | 2.15% | 2.15% | |||||
Bond discount (premium) | $ 4,700,000 | |||||||
Proceeds from debt | $ 392,600,000 | |||||||
Senior Notes | 2030 Notes, including bond discount of $4.8 million | Carrying Value | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | 395,300,000 | 0 | ||||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Option to extend maturity of debt, period | 1 year | |||||||
Revolving Credit Facility | Carrying Value | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | 432,900,000 | 615,000,000 | ||||||
Revolving Credit Facility | 1.4 Billion Senior Multi Currency Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of extension options | extension | 1 | |||||||
Option to extend maturity of debt, period | 12 months | |||||||
Maximum borrowing capacity | 1,400,000,000 | |||||||
Revolving Credit Facility | 2023 Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of extension options | extension | 2 | |||||||
Option to extend maturity of debt, period | 1 year | |||||||
Maximum borrowing capacity | 400,000,000 | |||||||
Revolving Credit Facility | 2023 Term Loan Facility | Carrying Value | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings on line of credit | 100,000,000 | 0 | ||||||
Revolving Credit Facility | 2025 Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 700,000,000 | |||||||
Revolving Credit Facility | 2025 Term Loan Facility | Carrying Value | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings on line of credit | 700,000,000 | 0 | ||||||
Revolving Credit Facility | $3 Billion Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings on line of credit | $ 1,300,000,000 | |||||||
Maximum borrowing capacity | 3,000,000,000 | 3,000,000,000 | ||||||
Revolving Credit Facility | $1.7 Billion Revolving Credit Facility: | ||||||||
Debt Instrument [Line Items] | ||||||||
Maximum borrowing capacity | 1,700,000,000 | $ 1,700,000,000 | ||||||
Revolving Credit Facility | US Revolver | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings on line of credit | 555,000,000 | |||||||
Revolving Credit Facility | EUR Revolver | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings on line of credit | 275,900,000 | 33,600,000 | ||||||
Revolving Credit Facility | GBP Revolver | ||||||||
Debt Instrument [Line Items] | ||||||||
Borrowings on line of credit | $ 157,000,000 | $ 26,400,000 | ||||||
Revolving Credit Facility | LIBOR | US Revolver | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.20% | |||||||
Revolving Credit Facility | EURIBOR | 1.4 Billion EUR 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) | Sep. 21, 2020USD ($) | Mar. 31, 2020USD ($) | Mar. 29, 2018USD ($) | Apr. 30, 2019USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)extension | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Line of Credit Facility [Line Items] | ||||||||
Gain (loss) on early extinguishment of debt | $ (6,500,000) | $ (71,800,000) | $ (3,100,000) | |||||
Outstanding letters of credit | $ 10,800,000 | |||||||
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] | ||||||||
Maximum borrowing capacity | $ 3,000,000,000 | $ 3,000,000,000 | ||||||
Repayments of long-term debt | $ 1,300,000,000 | |||||||
Line of credit | $ 1,300,000,000 | $ 1,300,000,000 | ||||||
Borrowings used to retire debt | 1,000,000,000 | |||||||
Gain (loss) on early extinguishment of debt | $ (3,400,000) | |||||||
Remaining borrowing capacity | 1,000,000,000 | |||||||
$1.7 Billion Revolving Credit Facility: | Revolving Credit Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | 1,700,000,000 | $ 1,700,000,000 | ||||||
Multicurrency borrowing sublimit | $ 750,000,000 | |||||||
Commitment fee (as a percent) | 0.25% | |||||||
Commitment fee upon greater utilization (as a percent) | 0.25% | |||||||
2023 Term Loan | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt instrument, term | 5 years | |||||||
2023 Term Loan | Term Loan | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | $ 1,000,000,000 | |||||||
Number of extension options | extension | 2 | |||||||
Option to extend maturity | 1 year | |||||||
Line of credit | 800,000,000 | |||||||
Proceeds from sale of GDS shares used to pay down term loan | $ 300,000,000 | $ 200,000,000 | ||||||
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] | ||||||||
Maximum borrowing capacity | $ 300,000,000 | |||||||
Line of credit | 300,000,000 | |||||||
1.4 Billion Senior Multi Currency Revolving Credit Facility | Revolving Credit Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | $ 1,400,000,000 | |||||||
Additional maximum borrowing capacity | 4,000,000,000 | |||||||
Multicurrency borrowing sublimit | $ 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] | ||||||||
Maximum borrowing capacity | $ 400,000,000 | |||||||
Number of extension options | extension | 2 | |||||||
Option to extend maturity | 1 year | |||||||
2025 Term Loan Facility | Revolving Credit Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | $ 700,000,000 | |||||||
$2 Billion Credit Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum borrowing capacity | 2,000,000,000 | |||||||
$2 Billion Credit Facility | Revolving Credit Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit | 900,000,000 | |||||||
Gain (loss) on early extinguishment of debt | (3,100,000) | |||||||
Second Amended and Restated Credit Agreement | Revolving Credit Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Facility fee | $ 2,900,000 | $ 2,600,000 | $ 3,800,000 |
Debt - Senior Notes (Details)
Debt - Senior Notes (Details) | Sep. 21, 2020USD ($) | Jan. 22, 2020EUR (€) | Dec. 05, 2019USD ($) | Apr. 30, 2019USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Mar. 29, 2018USD ($) |
1.4 Billion US Revolving Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from sale of GDS shares used to pay down term loan | $ 20,000,000 | ||||||
$3 Billion Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | $ 3,000,000,000 | $ 3,000,000,000 | |||||
Senior Notes | 1.450% Senior Notes due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Debt principal amount | € | € 500,000,000 | ||||||
Interest rate | 1.45% | 1.45% | |||||
Proceeds from debt | € | € 495,300,000 | € 495,300,000 | |||||
Senior Notes | 2.900% Senior Notes Due 2024 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 2.90% | ||||||
Senior Notes | 2.900% Senior Notes Due 2024 | CyrusOne LP and CyrusOne Finance Corp | |||||||
Debt Instrument [Line Items] | |||||||
Debt principal amount | $ 600,000,000 | ||||||
Interest rate | 2.90% | ||||||
Senior Notes | 3.450% Senior Notes Due 2029 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.45% | ||||||
Senior Notes | 3.450% Senior Notes Due 2029 | CyrusOne LP and CyrusOne Finance Corp | |||||||
Debt Instrument [Line Items] | |||||||
Debt principal amount | $ 600,000,000 | ||||||
Interest rate | 3.45% | ||||||
Senior Notes | 5.375% Senior Notes Due 2027 | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 5.375% | ||||||
Senior Notes | 2.900% Senior Notes Due 2024 and 3.450% Senior Notes Due 2029 | |||||||
Debt Instrument [Line Items] | |||||||
Debt proceeds, net of underwriting costs | $ 1,197,400,000 | ||||||
Senior Notes | 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 | ||||||
Senior Notes | 2.150% Senior Notes due 2030 | |||||||
Debt Instrument [Line Items] | |||||||
Debt principal amount | $ 400,000,000 | ||||||
Interest rate | 2.15% | 2.15% | |||||
Proceeds from debt | $ 392,600,000 | ||||||
Senior Notes | 2024 Notes | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 5.00% | ||||||
Term Loan | 2023 Term Loan | |||||||
Debt Instrument [Line Items] | |||||||
Loss on early extinguishment of debt | 3,100,000 | ||||||
Proceeds from sale of GDS shares used to pay down term loan | $ 300,000,000 | $ 200,000,000 | |||||
Maximum borrowing capacity | $ 1,000,000,000 |
Debt - Maturities of Debt (Deta
Debt - Maturities of Debt (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)extension | |
Debt Instrument [Line Items] | |
2021 | $ 0 |
2022 | 0 |
2023 | 100 |
2024 | 1,032.9 |
2025 | 700 |
Thereafter | 1,613.2 |
Total debt | 3,446.1 |
Amended Credit Agreement | |
Debt Instrument [Line Items] | |
2021 | 0 |
2022 | 0 |
2023 | 100 |
2024 | 432.9 |
2025 | 700 |
Thereafter | 0 |
Total debt | 1,232.9 |
Senior Notes | |
Debt Instrument [Line Items] | |
2021 | 0 |
2022 | 0 |
2023 | 0 |
2024 | 600 |
2025 | 0 |
Thereafter | 1,613.2 |
Total debt | $ 2,213.2 |
Term Loan | 2023 Term Loan | |
Debt Instrument [Line Items] | |
Option to extend maturity of debt, period | 1 year |
Number of extension options | extension | 2 |
Revolving Credit Facility | |
Debt Instrument [Line Items] | |
Option to extend maturity of debt, period | 1 year |
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 | Dec. 31, 2020 | Sep. 21, 2020 | Jan. 22, 2020 | Dec. 31, 2019 | Oct. 18, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Liability | $ 59.2 | $ 11.4 | |||
Derivative assets | 0 | 3.5 | |||
Equity investments | 67.1 | 135.1 | |||
Carrying Value | Currency Swap | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Liability | 0 | 0 | |||
Carrying Value | Interest Rate Swaps | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Liability | 0 | 0 | |||
Derivative assets | 0 | 0 | |||
Carrying Value | Revolving Credit Facility | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt, gross | 432.9 | 615 | |||
Fair Value | Currency Swap | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Liability | 52.2 | 11.4 | |||
Fair Value | Interest Rate Swaps | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Liability | 0 | ||||
Derivative assets | 3.5 | ||||
Fair Value | Revolving Credit Facility | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt, gross | 432.9 | 615 | |||
2023 Term Loan Facility | Carrying Value | Revolving Credit Facility | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Borrowings on line of credit | 100 | 0 | |||
2023 Term Loan Facility | Fair Value | Revolving Credit Facility | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Borrowings on line of credit | 100 | 0 | |||
2025 Term Loan Facility | Carrying Value | Revolving Credit Facility | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Borrowings on line of credit | 700 | 0 | |||
2025 Term Loan Facility | Fair Value | Revolving Credit Facility | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Borrowings on line of credit | 700 | 0 | |||
Senior Notes | 2.900% Senior Notes Due 2024 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt, gross | $ 599.3 | 599.2 | |||
Interest rate | 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, gross | 599.2 | ||||
Senior Notes | 3.450% Senior Notes Due 2029 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt, gross | $ 598.4 | 598.2 | |||
Interest rate | 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, gross | 598.2 | ||||
Senior Notes | 1.450% Senior Notes due 2027 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt, gross | $ 612.6 | 0 | |||
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, gross | 0 | ||||
Senior Notes | 2.150% Senior Notes due 2030 | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Interest rate | 2.15% | 2.15% | |||
Senior Notes | 2.150% Senior Notes due 2030 | Carrying Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt, gross | $ 395.3 | 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, gross | 640.7 | 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, gross | 644.1 | 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, gross | 619.9 | 0 | |||
Level 1 | Senior Notes | 2.150% Senior Notes due 2030 | Fair Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Long-term debt, gross | 388.6 | 0 | |||
GDS | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Equity investments | 44.2 | 118.7 | $ 100 | ||
GDS | Carrying Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Equity investments | 118.7 | ||||
GDS | Level 2 | Fair Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Equity investments | $ 44.2 | $ 118.7 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments and Hedging Activities - Narrative (Details) € in Millions | Sep. 21, 2020USD ($) | Dec. 31, 2020USD ($)instrument | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020EUR (€)instrument | Sep. 03, 2019USD ($) | Mar. 29, 2018USD ($) |
Debt Instrument [Line Items] | |||||||
Derivative liabilities | $ 59,200,000 | $ 11,400,000 | |||||
Amount of gain (loss) recognized in OCI for derivatives | (53,000,000) | (700,000) | $ 0 | ||||
Impairment losses and (gain) loss on asset disposals | 11,200,000 | 700,000 | $ 0 | ||||
Asset | 0 | 3,500,000 | |||||
$1.7 Billion Revolving Credit Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 1,700,000,000 | $ 1,700,000,000 | |||||
2023 Term Loan Facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Maximum borrowing capacity | 400,000,000 | ||||||
Cross-Currency Swaps | |||||||
Debt Instrument [Line Items] | |||||||
Amount of gain (loss) recognized in OCI for derivatives | (53,000,000) | (700,000) | |||||
Cross-Currency Swaps | Net investment hedge | |||||||
Debt Instrument [Line Items] | |||||||
Amount of gain (loss) recognized in OCI for derivatives | (42,500,000) | ||||||
Cross-Currency Swaps | Other Liabilities | |||||||
Debt Instrument [Line Items] | |||||||
Derivative liabilities | 52,200,000 | 11,400,000 | |||||
Interest Rate Swaps | Other Liabilities | |||||||
Debt Instrument [Line Items] | |||||||
Derivative liabilities | 7,000,000 | ||||||
Interest Rate Swaps | Other Assets | |||||||
Debt Instrument [Line Items] | |||||||
Asset | 3,500,000 | ||||||
Term Loan | 2023 Term Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from sale of GDS shares used to pay down term loan | $ 300,000,000 | ||||||
Term Loan | Interest Rate Swaps | |||||||
Debt Instrument [Line Items] | |||||||
Derivative liability, notional amount | $ 300,000,000 | ||||||
Amount of gain (loss) recognized in OCI for derivatives | $ (10,500,000) | 3,500,000 | |||||
Fixed interest rate | 1.19% | ||||||
Maturing March 2023 | Cross-Currency Swaps | |||||||
Debt Instrument [Line Items] | |||||||
Number of derivative instruments | instrument | 2 | 2 | |||||
Derivative asset, notional amount | $ 500,000,000 | ||||||
Derivative liability, notional amount | € | € 450.7 | ||||||
Gain (loss) recognized in earnings | $ 4,500,000 | $ (7,500,000) |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments and Hedging Activities - Derivative Positions (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional Amount | ||
Asset | 0 | $ 3.5 |
Liability | 59.2 | 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 | 26 | 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 | 26.2 | 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 | 7 | 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_6
Fair Value of Financial Instruments and Hedging Activities - Effect of Derivative Financial Instruments (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative [Line Items] | |||
Amount of gain (loss) recognized in OCI for derivatives | $ (53) | $ (0.7) | $ 0 |
Cross-Currency Swaps | |||
Derivative [Line Items] | |||
Amount of gain (loss) recognized in OCI for derivatives | (53) | (0.7) | |
Amount of gain (loss) reclassified from accumulated OCI for derivatives | $ (1.7) | $ 0.7 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |||
Health care plan expenses | $ 3.3 | $ 3.9 | $ 3.3 |
Retirement savings plan matching contributions | $ 2 | $ 1.9 | $ 1.8 |
Income per Share - Computation
Income per Share - Computation of Basic and Diluted Net (Loss) Income Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||
Net income (loss) | $ 41.4 | $ 41.4 | $ 1.2 |
Less: Restricted stock dividends, Basic | (0.5) | (0.7) | (1.1) |
Less: Restricted stock dividends, Diluted | (0.5) | (0.7) | (1.1) |
Net income (loss) available to stockholders, Basic | 40.9 | 40.7 | 0.1 |
Net (loss) income available to stockholders, Diluted | $ 40.9 | $ 40.7 | $ 0.1 |
Denominator: | |||
Weighted average common outstanding - basic (in shares) | 117.3 | 112.1 | 99.8 |
Performance-based restricted stock and units (in shares) | 0.3 | 0.4 | 0.6 |
Weighted average shares outstanding- diluted (in shares) | 117.6 | 112.5 | 100.4 |
EPS: | |||
Net income (loss) per share-basic (in dollars per share) | $ 0.35 | $ 0.36 | $ 0 |
Effect of dilutive shares: | |||
Net income (loss) per share-diluted (in dollars per share) | $ 0.35 | $ 0.36 | $ 0 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - USD ($) | Feb. 17, 2021 | Nov. 06, 2020 | Sep. 30, 2020 | Sep. 15, 2020 | May 29, 2020 | May 26, 2020 | May 13, 2020 | Mar. 09, 2020 | Jun. 30, 2020 | Nov. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Proceeds from sale of stock | $ 325,700,000 | $ 357,200,000 | $ 699,600,000 | ||||||||||
Common stock outstanding (in shares) | 120,442,521 | 114,808,898 | |||||||||||
Dividends payable | $ 63,300,000 | $ 58,600,000 | $ 51,000,000 | ||||||||||
Regular cash dividend (in dollars per share) | $ 2.02 | $ 1.92 | $ 1.84 | ||||||||||
Forecast | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Regular cash dividend (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 | ||||||||||||
Issuance of common stock, net (in shares) | 6,500,000 | ||||||||||||
Stock issued during period, average price per share (in dollars per share) | $ 55.43 | ||||||||||||
Proceeds from sale of stock | $ 355,600,000 | ||||||||||||
Stock issuance costs | $ 4,300,000 | ||||||||||||
2020 ATM Stock Offering Program | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Value of shares authorized | 750,000,000 | ||||||||||||
Value of shares available to grant | $ 150,800,000 | ||||||||||||
Forward sale agreement with Jefferies LLC | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Proceeds from settlement of forward equity sale agreement | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||||
Forward offering sales (in shares) | 1,100,000 | 1,600,000 | 1,400,000 | 1,300,000 | 1,400,000 | 1,400,000 | 2,000,000 | ||||||
Sale of stock, number of shares (in shares) | 6,800,000 | 1,600,000 | |||||||||||
Forward sale agreement with Jefferies LLC | New 2018 ATM Stock Offering Program | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Price per share (in dollars per share) | $ 61.67 | ||||||||||||
Proceeds from settlement of forward equity sale agreement | $ 96,500,000 | ||||||||||||
Forward offering sales (in shares) | 1,600,000 | ||||||||||||
Forward sale agreement with Jefferies LLC | New 2018 ATM Stock Offering Program And 2020 ATM Stock Offering | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Price per share (in dollars per share) | $ 68.98 | ||||||||||||
Issuance of common stock, net (in shares) | 3,400,000 | ||||||||||||
Proceeds from sale of stock | $ 219,100,000 | ||||||||||||
Sale of stock, number of shares (in shares) | 10,200,000 | ||||||||||||
Forward Offering Settlement | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Forward offering settlement (in shares) | 5,000,000 | ||||||||||||
Price per share (in dollars per share) | $ 63.61 | ||||||||||||
Proceeds from settlement of forward equity sale agreement | $ 315,600,000 |
Stockholders' Equity - Forward
Stockholders' Equity - Forward Sale of Equity (Details) - Forward sale agreement with Jefferies LLC - USD ($) shares in Millions, $ in Millions | Nov. 06, 2020 | Sep. 30, 2020 | Sep. 15, 2020 | May 29, 2020 | May 26, 2020 | May 13, 2020 | Mar. 09, 2020 | Dec. 31, 2020 |
Forward Sale Of Equity Of Common Stock [Roll Forward] | ||||||||
Beginning balance (in shares) | 1.6 | |||||||
Forward offering sales (in shares) | 1.1 | 1.6 | 1.4 | 1.3 | 1.4 | 1.4 | 2 | |
Ending balance (in shares) | 6.8 | |||||||
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 | $ 0 | $ 0 | $ 0 | |
Net proceeds received, ending balance | 315.6 | |||||||
Forward Sales Of Equity Of Common Stock, Remaining Expected Proceeds Available [Roll Forward] | ||||||||
Remaining proceeds available, beginning balance | 96.5 | |||||||
Remaining proceeds available, additions | $ 75.3 | $ 114.5 | $ 102.3 | $ 96.4 | $ 96.2 | $ 97.9 | $ 121.2 | |
Remaining proceeds available, ending balance | 484.7 | |||||||
Estimated proceeds, net of adjustments | $ 484.7 | |||||||
November 29, 2019 Forward Offering settlement | ||||||||
Forward Sale Of Equity Of Common Stock [Roll Forward] | ||||||||
Forward offering settlement (in shares) | (1.6) | |||||||
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) | |||||||
March 9, 2020 Forward Offering settlement | ||||||||
Forward Sale Of Equity Of Common Stock [Roll Forward] | ||||||||
Forward offering settlement (in shares) | (2) | |||||||
Forward Sales Of Equity Of Common Stock, Net Proceeds Received [Roll Forward] | ||||||||
Proceeds from settlement of forward equity sale agreement | $ 121.2 | |||||||
Forward Sales Of Equity Of Common Stock, Remaining Expected Proceeds Available [Roll Forward] | ||||||||
Remaining proceeds available, settlements | $ (121.2) | |||||||
May 13, 2020 Forward Offering settlement | ||||||||
Forward Sale Of Equity Of Common Stock [Roll Forward] | ||||||||
Forward offering settlement (in shares) | (1.4) | |||||||
Forward Sales Of Equity Of Common Stock, Net Proceeds Received [Roll Forward] | ||||||||
Proceeds from settlement of forward equity sale agreement | $ 97.9 | |||||||
Forward Sales Of Equity Of Common Stock, Remaining Expected Proceeds Available [Roll Forward] | ||||||||
Remaining proceeds available, settlements | $ (97.9) |
Stockholders' Equity - Declared
Stockholders' Equity - Declared Cash Dividends and Distributions (Details) - $ / shares | Jan. 08, 2021 | Oct. 09, 2020 | Jul. 10, 2020 | Apr. 09, 2020 | Jan. 10, 2020 | Oct. 11, 2019 | Jul. 12, 2019 | Apr. 12, 2019 |
Class of Stock [Line Items] | ||||||||
Declared cash dividends and distributions (in dollars per share) | $ 0.51 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.50 | $ 0.46 | $ 0.46 | |
Subsequent Event | ||||||||
Class of Stock [Line Items] | ||||||||
Declared cash dividends and distributions (in dollars per share) | $ 0.51 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | Apr. 30, 2020 | Feb. 25, 2020 | Feb. 21, 2019 | Feb. 26, 2018 | Feb. 13, 2017 | Feb. 01, 2016 | Feb. 10, 2015 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Grant date fair value of options (in dollars per share) | $ 0 | |||||||||||||
Total intrinsic value of options exercised | $ 10,500,000 | $ 400,000 | $ 600,000 | |||||||||||
Aggregate intrinsic value of options outstanding and exercisable | $ 4,100,000 | $ 4,100,000 | ||||||||||||
LTIP | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of shares reserved for issuance | 8,900,000 | 8,900,000 | ||||||||||||
Number of shares available for grant | 4,300,000 | 4,300,000 | ||||||||||||
2015 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Grant date fair value | $ 13,800,000 | |||||||||||||
Unearned compensation related to awards granted | $ 0 | $ 0 | ||||||||||||
2016 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Grant date fair value | $ 22,600,000 | |||||||||||||
Unearned compensation related to awards granted | 0 | $ 0 | ||||||||||||
2017 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Cap on vesting (as a percent) | 100.00% | |||||||||||||
Grant date fair value | $ 15,900,000 | |||||||||||||
2018 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Grant date fair value | $ 20,200,000 | |||||||||||||
Unearned compensation related to awards granted | 800,000 | $ 800,000 | ||||||||||||
Weighted average vesting period | 1 month 6 days | |||||||||||||
2019 Grants and ESPP expense | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Grant date fair value | 30,100,000 | $ 30,100,000 | $ 20,500,000 | |||||||||||
Unearned compensation related to awards granted | 2,500,000 | $ 2,500,000 | ||||||||||||
Weighted average vesting period | 7 months 6 days | |||||||||||||
2020 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Unearned compensation related to awards granted | $ 17,800,000 | $ 17,800,000 | ||||||||||||
Weighted average vesting period | 2 years | |||||||||||||
Market-based awards | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period when vesting is limited to 100% | 2 years | |||||||||||||
Vesting period | 3 years | |||||||||||||
Market-based awards | Minimum | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
REIT index causing awards to vest (as a percent) | 2.00% | |||||||||||||
Market-based awards | Maximum | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
REIT index causing awards to vest (as a percent) | 200.00% | |||||||||||||
Market-based awards | If CyrusOne's total stockholder return is less than the return of the Index | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting rights (as a percent) | 0.00% | |||||||||||||
Market-based awards | If CyrusOne's total stockholder return is equal to or greater than the return of the Index | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting rights (as a percent) | 100.00% | |||||||||||||
Market-based awards | if CyrusOne's total stockholder return exceeds the return of the Index by 2% | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting rights (as a percent) | 200.00% | |||||||||||||
Market-based awards | If CyrusOne's total stockholder return exceeds the return of the Index, but is negative | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting rights (as a percent) | 50.00% | |||||||||||||
Market-based awards | 2016 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Grant date fair value of non-option awards (in dollars per share) | $ 43.66 | |||||||||||||
Market-based awards | 2017 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 129,146 | |||||||||||||
Grant date fair value of non-option awards (in dollars per share) | $ 63.23 | |||||||||||||
Market-based awards | 2018 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 160,266 | |||||||||||||
Grant date fair value of non-option awards (in dollars per share) | $ 52.53 | |||||||||||||
Market-based awards | 2019 Grants and ESPP expense | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 184,145 | |||||||||||||
Grant date fair value of non-option awards (in dollars per share) | $ 43.67 | |||||||||||||
Market-based awards | 2020 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 57,557 | 45,241 | ||||||||||||
Grant date fair value of non-option awards (in dollars per share) | $ 107.94 | $ 144.79 | ||||||||||||
Time-based restricted stock units | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Term of right to receive dividends payable | 10 days | |||||||||||||
Time-based restricted stock units | 2016 Grants | Cliff Vesting | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period | 3 years | |||||||||||||
Time-based restricted stock units | 2017 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 119,218 | 20,852 | ||||||||||||
Vesting period | 3 years | 3 years | ||||||||||||
Time-based restricted stock units | 2018 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 161,797 | 40,249 | ||||||||||||
Vesting period | 3 years | 3 years | ||||||||||||
Time-based restricted stock units | 2019 Grants and ESPP expense | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 175,073 | 42,052 | ||||||||||||
Vesting period | 3 years | 3 years | ||||||||||||
Time-based restricted stock units | 2020 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 14,973 | 118,974 | 1,226 | |||||||||||
Vesting period | 1 year | 3 years | 3 years | |||||||||||
Grant date fair value of non-option awards (in dollars per share) | $ 70.15 | |||||||||||||
Time-based restricted stock | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 118,233 | |||||||||||||
Grant date fair value of non-option awards (in dollars per share) | $ 74.12 | |||||||||||||
Non-option awards outstanding (in shares) | 118,233 | 118,233 | 16,681 | |||||||||||
Time-based restricted stock | 2015 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting rights (as a percent) | 20.00% | |||||||||||||
Granted (in shares) | 50,300 | |||||||||||||
Time-based restricted stock | 2016 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 47,667 | |||||||||||||
Vesting period | 3 years | 3 years | ||||||||||||
Time-based restricted stock | 2016 Grants | Cliff Vesting | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 5,894 | |||||||||||||
Vesting period | 3 years | |||||||||||||
Time-based restricted stock | 2017 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 18,179 | |||||||||||||
Vesting period | 1 year | |||||||||||||
Time-based restricted stock | 2018 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 17,052 | |||||||||||||
Vesting period | 1 year | |||||||||||||
Time-based restricted stock | 2019 Grants and ESPP expense | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 16,681 | |||||||||||||
Vesting period | 1 year | |||||||||||||
Time-based restricted stock | 2020 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 103,260 | |||||||||||||
Vesting period | 3 years | |||||||||||||
Grant date fair value of non-option awards (in dollars per share) | $ 73.98 | |||||||||||||
Performance-based awards | 2015 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 67,012 | |||||||||||||
Performance-based awards | 2015 Grants | Cliff Vesting | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period | 3 years | |||||||||||||
Stock options | 2015 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period | 3 years | |||||||||||||
Stock options | 2016 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 222,461 | |||||||||||||
Contractual life | 10 years | |||||||||||||
Exercise price (in dollars per share) | $ 36.99 | |||||||||||||
Grant date fair value of options (in dollars per share) | $ 6.99 | |||||||||||||
Performance-based and market-based awards | 2015 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period when vesting is limited to 100% | 2 years | |||||||||||||
Cap on vesting (as a percent) | 100.00% | |||||||||||||
Vesting rights (as a percent) | 80.00% | |||||||||||||
Vesting period | 3 years | |||||||||||||
Cumulative true-up maximum (as a percent) | 200.00% | |||||||||||||
Performance-based and market-based awards | 2016 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period when vesting is limited to 100% | 2 years | |||||||||||||
Cap on vesting (as a percent) | 100.00% | |||||||||||||
Vesting period | 3 years | |||||||||||||
Cumulative true-up maximum (as a percent) | 200.00% | |||||||||||||
Time-based restricted stock units and restricted stock | 2015 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period | 3 years | |||||||||||||
Time-based restricted stock units and restricted stock | 2017 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Grant date fair value of non-option awards (in dollars per share) | $ 48.13 | |||||||||||||
Time-based restricted stock units and restricted stock | 2018 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Grant date fair value of non-option awards (in dollars per share) | $ 51.31 | |||||||||||||
Time-based restricted stock units and restricted stock | 2019 Grants and ESPP expense | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Grant date fair value of non-option awards (in dollars per share) | $ 52.46 | |||||||||||||
Time, performance and market-based awards | 2016 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 641,097 | |||||||||||||
Time and performance-based awards | 2016 Grants | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Grant date fair value of non-option awards (in dollars per share) | $ 36.99 | |||||||||||||
Restricted stock units | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Granted (in shares) | 221,402 | |||||||||||||
Grant date fair value of non-option awards (in dollars per share) | $ 93.72 | |||||||||||||
Non-option awards outstanding (in shares) | 484,890 | 484,890 | 646,619 |
Stock-Based Compensation - Comp
Stock-Based Compensation - Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total compensation expense | $ 18.4 | $ 16.7 | $ 17.5 |
2015 Grants | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total compensation expense | 0 | 0 | 0.4 |
2016 Grants | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total compensation expense | 0 | 1.1 | 5.7 |
2017 Grants | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total compensation expense | 0.5 | 3.1 | 4.6 |
2018 Grants | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total compensation expense | 3.9 | 5.4 | 6.8 |
2019 Grants and ESPP expense | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total compensation expense | 5.5 | 7.1 | 0 |
2020 Grants and ESPP expense | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Total compensation expense | $ 8.5 | $ 0 | $ 0 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Awards Activity (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Restricted Stock Units | |
Shares | |
Non-vested beginning balance (in shares) | 646,619 |
Granted (in shares) | 221,402 |
TSR and other adjustments (in shares) | 164,076 |
Exercised (in shares) | (374,443) |
Forfeited (in shares) | (172,764) |
Non-vested ending balance (in shares) | 484,890 |
Weighted Average Grant Date Fair Value | |
Non-vested beginning balance (in dollars per share) | $ / shares | $ 55.80 |
Granted (in dollars per share) | $ / shares | 93.72 |
TSR and other adjustments (in dollars per share) | $ / shares | $ 91.32 |
Exercised (in dollars per share) | 77.78 |
Forfeited (in dollars per share) | $ / shares | $ 60.03 |
Non-vested ending balance (in dollars per share) | $ / shares | $ 66.66 |
TSR performance metric, payout percent | 200.00% |
Restricted Stock | |
Shares | |
Non-vested beginning balance (in shares) | 16,681 |
Granted (in shares) | 118,233 |
Exercised (in shares) | (16,681) |
Forfeited (in shares) | 0 |
Non-vested ending balance (in shares) | 118,233 |
Weighted Average Grant Date Fair Value | |
Non-vested beginning balance (in dollars per share) | $ / shares | $ 52.46 |
Granted (in dollars per share) | $ / shares | $ 74.12 |
Exercised (in dollars per share) | 52.46 |
Forfeited (in dollars per share) | $ / shares | $ 0 |
Non-vested ending balance (in dollars per share) | $ / shares | $ 74.12 |
Stock-Based Compensation - Unve
Stock-Based Compensation - Unvested Stock Options (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Options | |
Beginning balance (in shares) | shares | 375,086 |
Granted (in shares) | shares | 0 |
Exercised (in shares) | shares | (277,285) |
Forfeited or expired (in shares) | shares | 0 |
Ending balance (in shares) | shares | 97,801 |
Exercisable (in shares) | shares | 97,801 |
Vested and expected to vest (in shares) | shares | 97,801 |
Weighted Average Exercise Price | |
Beginning balance (in dollars per share) | $ / shares | $ 31.64 |
Granted (in dollars per share) | $ / shares | 0 |
Exercised (in dollars per share) | $ / shares | 31.92 |
Forfeited or expired (in dollars per share) | $ / shares | 0 |
Ending balance (in dollars per share) | $ / shares | 30.87 |
Exercisable (in dollars per share) | $ / shares | 30.87 |
Vested and expected to vest (in dollars per share) | $ / shares | $ 30.87 |
Stock-Based Compensation - Opti
Stock-Based Compensation - Option Valuation Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options Outstanding, Number of Shares (in shares) | 97,801 | 375,086 | |
Options Exercisable, Number of Shares (in shares) | 97,801 | ||
23.58 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Prices (in dollars per share) | $ 23.58 | $ 23.58 | $ 23.58 |
Options Outstanding, Number of Shares (in shares) | 16,930 | 51,985 | 53,086 |
Options Outstanding, Weighted Average Remaining Contractual Terms (Years) | 10 months 24 days | 3 years 3 months 18 days | 4 years 3 months 18 days |
Options Exercisable, Number of Shares (in shares) | 16,930 | 51,985 | 53,086 |
Options Exercisable, Weighted Average Remaining Contractual Terms (Years) | 10 months 24 days | 3 years 3 months 18 days | 4 years 3 months 18 days |
Risk-Free Interest Rate (as a percent) | 0.92% | 0.92% | 0.92% |
Expected Annual Dividend Yield (as a percent) | 3.40% | 3.40% | 3.40% |
Expected Terms in Years | 6 years | 6 years | 6 years |
Expected Volatility (as a percent) | 35.00% | 35.00% | 35.00% |
28.42 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Prices (in dollars per share) | $ 28.42 | $ 28.42 | $ 28.42 |
Options Outstanding, Number of Shares (in shares) | 43,317 | 143,358 | 143,358 |
Options Outstanding, Weighted Average Remaining Contractual Terms (Years) | 7 months 6 days | 5 years 1 month 6 days | 6 years 1 month 6 days |
Options Exercisable, Number of Shares (in shares) | 43,317 | 143,358 | 143,358 |
Options Exercisable, Weighted Average Remaining Contractual Terms (Years) | 7 months 6 days | 5 years 1 month 6 days | 6 years 1 month 6 days |
Expected Annual Dividend Yield (as a percent) | 4.40% | 4.40% | 4.40% |
30.74 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Prices (in dollars per share) | $ 30.74 | $ 30.74 | $ 30.74 |
Options Outstanding, Number of Shares (in shares) | 0 | 12,719 | 12,719 |
Options Outstanding, Weighted Average Remaining Contractual Terms (Years) | 0 years | 5 years 7 months 6 days | 6 years 7 months 6 days |
Options Exercisable, Number of Shares (in shares) | 0 | 12,719 | 12,719 |
Options Exercisable, Weighted Average Remaining Contractual Terms (Years) | 0 years | 5 years 7 months 6 days | 6 years 7 months 6 days |
Expected Annual Dividend Yield (as a percent) | 4.40% | 4.40% | 4.40% |
36.99 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Prices (in dollars per share) | $ 36.99 | $ 36.99 | $ 36.99 |
Options Outstanding, Number of Shares (in shares) | 37,554 | 167,024 | 192,060 |
Options Outstanding, Weighted Average Remaining Contractual Terms (Years) | 7 months 6 days | 6 years 1 month 6 days | 6 years 9 months 18 days |
Options Exercisable, Number of Shares (in shares) | 37,554 | 167,024 | 130,425 |
Options Exercisable, Weighted Average Remaining Contractual Terms (Years) | 7 months 6 days | 6 years 1 month 6 days | 6 years 8 months 12 days |
Expected Annual Dividend Yield (as a percent) | 4.10% | 4.10% | 4.10% |
Minimum | 28.42 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-Free Interest Rate (as a percent) | 1.60% | 1.60% | 1.60% |
Expected Terms in Years | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Expected Volatility (as a percent) | 32.50% | 32.50% | 32.50% |
Minimum | 30.74 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-Free Interest Rate (as a percent) | 1.60% | 1.60% | 1.60% |
Expected Terms in Years | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Expected Volatility (as a percent) | 32.50% | 32.50% | 32.50% |
Minimum | 36.99 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-Free Interest Rate (as a percent) | 1.47% | 1.47% | 1.47% |
Expected Terms in Years | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Expected Volatility (as a percent) | 27.50% | 27.50% | 27.50% |
Maximum | 28.42 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-Free Interest Rate (as a percent) | 1.75% | 1.75% | 1.75% |
Expected Terms in Years | 6 years 6 months | 6 years 6 months | 6 years 6 months |
Expected Volatility (as a percent) | 37.50% | 37.50% | 37.50% |
Maximum | 30.74 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-Free Interest Rate (as a percent) | 1.75% | 1.75% | 1.75% |
Expected Terms in Years | 6 years 6 months | 6 years 6 months | 6 years 6 months |
Expected Volatility (as a percent) | 37.50% | 37.50% | 37.50% |
Maximum | 36.99 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-Free Interest Rate (as a percent) | 1.64% | 1.64% | 1.64% |
Expected Terms in Years | 6 years 6 months | 6 years 6 months | 6 years 6 months |
Expected Volatility (as a percent) | 35.00% | 35.00% | 35.00% |
Income Taxes - Component of Inc
Income Taxes - Component of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current | |||
Federal | $ 1.5 | $ 1.7 | $ 1 |
State | 2 | 1.9 | 2 |
Foreign | 5 | 0.2 | 0 |
Total current expense | 8.5 | 3.8 | 3 |
Deferred: | |||
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
Foreign | (12.1) | (7.5) | (2.4) |
Total deferred (benefit) expense | (12.1) | (7.5) | (2.4) |
Income tax (benefit) expense | $ (3.6) | $ (3.7) | $ 0.6 |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Income tax at U.S. federal statutory income tax rate | $ 3.9 | $ 7.9 | $ 0.4 |
State and local taxes, net of federal income tax benefit | 1.6 | 1.7 | 2 |
Impact of REIT status | (18.2) | (13.7) | (2.1) |
Permanent differences | 0.1 | (0.7) | (0.1) |
Foreign tax rate and currency differences | (2.7) | (1) | 0.2 |
Anti-hybrid disallowances | 2.4 | 1.6 | 0.1 |
Deferred tax true ups and other | 1 | 0 | 0 |
Effective Income Tax Rate Reconciliation, Unrecognized Tax Benefits | 5 | 0 | 0 |
Valuation allowance | 3.3 | 0.5 | 0.1 |
Income tax (benefit) expense | $ (3.6) | $ (3.7) | $ 0.6 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and LIabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets | ||
Net operating loss carryforwards | $ 19.7 | $ 16.3 |
Accounts receivable/payable and other | 9.1 | 8.2 |
Disallowed interest and other expenses | 3.4 | 0 |
Finance leases | 1.6 | 0.9 |
Total gross deferred tax assets | 33.8 | 25.4 |
Valuation allowance | (12.2) | (7.6) |
Total gross deferred tax assets, net | 21.6 | 17.8 |
Deferred tax liabilities | ||
Deferred rent and other | (1.9) | 0 |
Fixed assets | (67.5) | (67.4) |
Intangibles | (5.2) | (10.9) |
Total gross deferred tax liabilities | (74.6) | (78.3) |
Total net deferred tax assets/(liabilities) | $ (53) | $ (60.5) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 12.2 | $ 7.6 |
Income Taxes (Schedule of Unrec
Income Taxes (Schedule of Unrecognized Tax Benefits Reconciliation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Beginning balance | $ 0 | $ 0 | $ 0 |
Additions related to acquisitions | 0 | 0 | 0 |
Additions for tax positions for the current year | 5 | 0 | 0 |
Additions for tax positions of prior years | 0 | 0 | 0 |
Reductions for tax positions of prior years | 0 | 0 | 0 |
Settlements | 0 | 0 | 0 |
Ending balance | $ 5 | $ 0 | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) ft² in Thousands, £ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)ft² | Dec. 31, 2020GBP (£)ft² | Dec. 31, 2019USD ($) | |
Loss Contingencies [Line Items] | |||
Outstanding letters of credit | $ 10,800,000 | ||
Minimum | |||
Loss Contingencies [Line Items] | |||
Initial lease term | 1 year | 1 year | |
Maximum | |||
Loss Contingencies [Line Items] | |||
Initial lease term | 24 years | 24 years | |
Performance Guarantee | |||
Loss Contingencies [Line Items] | |||
Accruals for performance guarantees | $ 3,500,000 | $ 0 | |
Data Center Facilities and Equipment | |||
Loss Contingencies [Line Items] | |||
Commitments expected to be incurred | $ 173,400,000 | ||
Data Center Facilities and Equipment | Minimum | |||
Loss Contingencies [Line Items] | |||
Commitment term | 1 year | ||
Data Center Facilities and Equipment | Maximum | |||
Loss Contingencies [Line Items] | |||
Commitment term | 2 years | ||
Services | |||
Loss Contingencies [Line Items] | |||
Commitments expected to be incurred | $ 84,200,000 | ||
Services | Minimum | |||
Loss Contingencies [Line Items] | |||
Commitment term | 1 year | ||
Services | Maximum | |||
Loss Contingencies [Line Items] | |||
Commitment term | 2 years | ||
London, UK | |||
Loss Contingencies [Line Items] | |||
Area leased (in square feet) | ft² | 70 | 70 | |
Annual rent | £ | £ 1.4 | ||
Land | London, UK | |||
Loss Contingencies [Line Items] | |||
Initial lease term | 20 years | 20 years |
Schedule II. Valuation and Qu_2
Schedule II. Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for Doubtful Accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning of Period | $ 1.8 | $ 1.7 | $ 2.1 |
Charge to Expenses | 1.7 | 1.7 | 2.3 |
(Deductions)/Additions | 0 | (1.6) | (2.7) |
End of Period | 3.5 | 1.8 | 1.7 |
Deferred Tax Valuation Allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Beginning of Period | 7.6 | 6.9 | 7.2 |
Charge to Expenses | 4.6 | 0.7 | (0.3) |
(Deductions)/Additions | 0 | 0 | 0 |
End of Period | $ 12.2 | $ 7.6 | $ 6.9 |
Schedule III. Real Estate Pro_2
Schedule III. Real Estate Properties and Accumulated Depreciation - Schedule of Real Estate Properties (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Initial Costs | ||||
Land | $ 207.4 | |||
Building and Improvements | 602.2 | |||
Equipment | 594.2 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 1.4 | |||
Building and Improvements | 1,433 | |||
Equipment | 2,944.7 | |||
Gross Carrying Amount | ||||
Land | 208.8 | |||
Building and Improvements | 2,035.2 | |||
Equipment | 3,538.9 | |||
Accumulated Depreciation | 1,767.9 | $ 1,379.2 | $ 1,054.5 | $ 782.4 |
Inventory, Land Held for Development and Sale | 268.3 | |||
Aggregate cost of the total properties for federal income tax purposes | 8,084.2 | |||
Construction in progress, including land under development | 982.2 | $ 946.3 | $ 744.9 | |
Amsterdam I | ||||
Initial Costs | ||||
Land | 9.7 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 14 | |||
Equipment | 42.2 | |||
Gross Carrying Amount | ||||
Land | 9.7 | |||
Building and Improvements | 14 | |||
Equipment | 42.2 | |||
Accumulated Depreciation | 3 | |||
Austin II | ||||
Initial Costs | ||||
Land | 2 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 23.5 | |||
Equipment | 13.9 | |||
Gross Carrying Amount | ||||
Land | 2 | |||
Building and Improvements | 23.5 | |||
Equipment | 13.9 | |||
Accumulated Depreciation | 22.5 | |||
Austin III | ||||
Initial Costs | ||||
Land | 3.3 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 12.7 | |||
Equipment | 64.4 | |||
Gross Carrying Amount | ||||
Land | 3.3 | |||
Building and Improvements | 12.7 | |||
Equipment | 64.4 | |||
Accumulated Depreciation | 23 | |||
Chicago - Aurora I | ||||
Initial Costs | ||||
Land | 2.4 | |||
Building and Improvements | 26 | |||
Equipment | 97.3 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 6.4 | |||
Equipment | 39.8 | |||
Gross Carrying Amount | ||||
Land | 2.4 | |||
Building and Improvements | 32.4 | |||
Equipment | 137.1 | |||
Accumulated Depreciation | 74 | |||
Chicago - Aurora II | ||||
Initial Costs | ||||
Land | 2.6 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 23.1 | |||
Equipment | 73.1 | |||
Gross Carrying Amount | ||||
Land | 2.6 | |||
Building and Improvements | 23.1 | |||
Equipment | 73.1 | |||
Accumulated Depreciation | 22.3 | |||
Chicago - Aurora Tower | ||||
Initial Costs | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 6.4 | |||
Equipment | 1.2 | |||
Gross Carrying Amount | ||||
Land | 0 | |||
Building and Improvements | 6.4 | |||
Equipment | 1.2 | |||
Accumulated Depreciation | 0.9 | |||
Chicago - Lombard | ||||
Initial Costs | ||||
Land | 0.7 | |||
Building and Improvements | 3.2 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 1.6 | |||
Equipment | 8.3 | |||
Gross Carrying Amount | ||||
Land | 0.7 | |||
Building and Improvements | 4.8 | |||
Equipment | 8.3 | |||
Accumulated Depreciation | 9.1 | |||
Cincinnati - 7th Street | ||||
Initial Costs | ||||
Land | 0.9 | |||
Building and Improvements | 42.2 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 72 | |||
Equipment | 37.5 | |||
Gross Carrying Amount | ||||
Land | 0.9 | |||
Building and Improvements | 114.2 | |||
Equipment | 37.5 | |||
Accumulated Depreciation | 106.4 | |||
Cincinnati - Blue Ash | ||||
Initial Costs | ||||
Land | 0 | |||
Building and Improvements | 2.6 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | (1.9) | |||
Equipment | 0.2 | |||
Gross Carrying Amount | ||||
Land | 0 | |||
Building and Improvements | 0.7 | |||
Equipment | 0.2 | |||
Accumulated Depreciation | 0.7 | |||
Cincinnati - Hamilton | ||||
Initial Costs | ||||
Land | 0 | |||
Building and Improvements | 9.5 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 34.2 | |||
Equipment | 7.9 | |||
Gross Carrying Amount | ||||
Land | 0 | |||
Building and Improvements | 43.7 | |||
Equipment | 7.9 | |||
Accumulated Depreciation | 37.9 | |||
Cincinnati - Mason | ||||
Initial Costs | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 20.3 | |||
Equipment | 2 | |||
Gross Carrying Amount | ||||
Land | 0 | |||
Building and Improvements | 20.3 | |||
Equipment | 2 | |||
Accumulated Depreciation | 16.7 | |||
Cincinnati - Northern Cincinnati | ||||
Initial Costs | ||||
Land | 0.9 | |||
Building and Improvements | 12.3 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 65.5 | |||
Equipment | 17.3 | |||
Gross Carrying Amount | ||||
Land | 0.9 | |||
Building and Improvements | 77.8 | |||
Equipment | 17.3 | |||
Accumulated Depreciation | 53.8 | |||
Council Bluffs I | ||||
Initial Costs | ||||
Land | 1.4 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 18.1 | |||
Equipment | 18.3 | |||
Gross Carrying Amount | ||||
Land | 1.4 | |||
Building and Improvements | 18.1 | |||
Equipment | 18.3 | |||
Accumulated Depreciation | 0.8 | |||
Dallas - Allen | ||||
Initial Costs | ||||
Land | 6.5 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 15.7 | |||
Equipment | 40.3 | |||
Gross Carrying Amount | ||||
Land | 6.5 | |||
Building and Improvements | 15.7 | |||
Equipment | 40.3 | |||
Accumulated Depreciation | 7.5 | |||
Dallas - Carrollton | ||||
Initial Costs | ||||
Land | 16.1 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 67.2 | |||
Equipment | 356 | |||
Gross Carrying Amount | ||||
Land | 16.1 | |||
Building and Improvements | 67.2 | |||
Equipment | 356 | |||
Accumulated Depreciation | 165.3 | |||
Dallas - Lewisville | ||||
Initial Costs | ||||
Land | 0 | |||
Building and Improvements | 46.2 | |||
Equipment | 2.2 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 11.9 | |||
Equipment | 39.5 | |||
Gross Carrying Amount | ||||
Land | 0 | |||
Building and Improvements | 58.1 | |||
Equipment | 41.7 | |||
Accumulated Depreciation | 76.1 | |||
Dublin I | ||||
Initial Costs | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Gross Carrying Amount | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Accumulated Depreciation | 0 | |||
Florence | ||||
Initial Costs | ||||
Land | 2.2 | |||
Building and Improvements | 7.7 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 36.2 | |||
Equipment | 9.6 | |||
Gross Carrying Amount | ||||
Land | 2.2 | |||
Building and Improvements | 43.9 | |||
Equipment | 9.6 | |||
Accumulated Depreciation | 39.5 | |||
Frankfurt I | ||||
Initial Costs | ||||
Land | 4.4 | |||
Building and Improvements | 31 | |||
Equipment | 109.7 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 8.3 | |||
Equipment | 25.5 | |||
Gross Carrying Amount | ||||
Land | 4.4 | |||
Building and Improvements | 39.3 | |||
Equipment | 135.2 | |||
Accumulated Depreciation | 26.3 | |||
Frankfurt II | ||||
Initial Costs | ||||
Land | 7.6 | |||
Building and Improvements | 0 | |||
Equipment | 47.7 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 149.1 | |||
Equipment | 59.2 | |||
Gross Carrying Amount | ||||
Land | 7.6 | |||
Building and Improvements | 149.1 | |||
Equipment | 106.9 | |||
Accumulated Depreciation | 29.1 | |||
Frankfurt III | ||||
Initial Costs | ||||
Land | 24.1 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 63.5 | |||
Equipment | 84.2 | |||
Gross Carrying Amount | ||||
Land | 24.1 | |||
Building and Improvements | 63.5 | |||
Equipment | 84.2 | |||
Accumulated Depreciation | 1.6 | |||
Houston - Galleria | ||||
Initial Costs | ||||
Land | 0 | |||
Building and Improvements | 56 | |||
Equipment | 2 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 15 | |||
Equipment | 23 | |||
Gross Carrying Amount | ||||
Land | 0 | |||
Building and Improvements | 71 | |||
Equipment | 25 | |||
Accumulated Depreciation | 65.8 | |||
Houston - Houston West I | ||||
Initial Costs | ||||
Land | 1.4 | |||
Building and Improvements | 21.4 | |||
Equipment | 0.1 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 64 | |||
Equipment | 53.9 | |||
Gross Carrying Amount | ||||
Land | 1.4 | |||
Building and Improvements | 85.4 | |||
Equipment | 54 | |||
Accumulated Depreciation | 99.5 | |||
Houston - Houston West II | ||||
Initial Costs | ||||
Land | 2 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0.7 | |||
Building and Improvements | 22.8 | |||
Equipment | 53.9 | |||
Gross Carrying Amount | ||||
Land | 2.7 | |||
Building and Improvements | 22.8 | |||
Equipment | 53.9 | |||
Accumulated Depreciation | 44.4 | |||
Houston - Houston West III | ||||
Initial Costs | ||||
Land | 7.1 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0.1 | |||
Building and Improvements | 18.1 | |||
Equipment | 32.4 | |||
Gross Carrying Amount | ||||
Land | 7.2 | |||
Building and Improvements | 18.1 | |||
Equipment | 32.4 | |||
Accumulated Depreciation | 17 | |||
London - Great Bridgewater | ||||
Initial Costs | ||||
Land | 0 | |||
Building and Improvements | 16.5 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | (16.5) | |||
Equipment | 1.5 | |||
Gross Carrying Amount | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Equipment | 1.5 | |||
Accumulated Depreciation | 1.1 | |||
London I | ||||
Initial Costs | ||||
Land | 0 | |||
Building and Improvements | 25.3 | |||
Equipment | 20.5 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 26.1 | |||
Equipment | 31.2 | |||
Gross Carrying Amount | ||||
Land | 0 | |||
Building and Improvements | 51.4 | |||
Equipment | 51.7 | |||
Accumulated Depreciation | 13.6 | |||
London II | ||||
Initial Costs | ||||
Land | 0 | |||
Building and Improvements | 19.9 | |||
Equipment | 58.7 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 31.3 | |||
Equipment | 56.8 | |||
Gross Carrying Amount | ||||
Land | 0 | |||
Building and Improvements | 51.2 | |||
Equipment | 115.5 | |||
Accumulated Depreciation | 34 | |||
London III | ||||
Initial Costs | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 11.8 | |||
Equipment | 30.4 | |||
Gross Carrying Amount | ||||
Land | 0 | |||
Building and Improvements | 11.8 | |||
Equipment | 30.4 | |||
Accumulated Depreciation | 1.3 | |||
Northern Virginia - Sterling I | ||||
Initial Costs | ||||
Land | 1.6 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0.1 | |||
Building and Improvements | 20.2 | |||
Equipment | 62.2 | |||
Gross Carrying Amount | ||||
Land | 1.7 | |||
Building and Improvements | 20.2 | |||
Equipment | 62.2 | |||
Accumulated Depreciation | 36.8 | |||
Northern Virginia - Sterling II | ||||
Initial Costs | ||||
Land | 3.4 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 28.8 | |||
Equipment | 112.5 | |||
Gross Carrying Amount | ||||
Land | 3.4 | |||
Building and Improvements | 28.8 | |||
Equipment | 112.5 | |||
Accumulated Depreciation | 46.2 | |||
Northern Virginia - Sterling III | ||||
Initial Costs | ||||
Land | 1.9 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 22.3 | |||
Equipment | 62 | |||
Gross Carrying Amount | ||||
Land | 1.9 | |||
Building and Improvements | 22.3 | |||
Equipment | 62 | |||
Accumulated Depreciation | 24.7 | |||
Northern Virginia - Sterling IV | ||||
Initial Costs | ||||
Land | 4.6 | |||
Building and Improvements | 9.6 | |||
Equipment | 0.1 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 10.5 | |||
Equipment | 77.9 | |||
Gross Carrying Amount | ||||
Land | 4.6 | |||
Building and Improvements | 20.1 | |||
Equipment | 78 | |||
Accumulated Depreciation | 27.9 | |||
Northern Virginia - Sterling V | ||||
Initial Costs | ||||
Land | 14.5 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 93.8 | |||
Equipment | 324.3 | |||
Gross Carrying Amount | ||||
Land | 14.5 | |||
Building and Improvements | 93.8 | |||
Equipment | 324.3 | |||
Accumulated Depreciation | 90.1 | |||
Northern Virginia - Sterling VI | ||||
Initial Costs | ||||
Land | 9.7 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 68.9 | |||
Equipment | 220.4 | |||
Gross Carrying Amount | ||||
Land | 9.7 | |||
Building and Improvements | 68.9 | |||
Equipment | 220.4 | |||
Accumulated Depreciation | 40.7 | |||
Northern Virginia Sterling VII | ||||
Initial Costs | ||||
Land | 5.9 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 0.4 | |||
Equipment | 0.1 | |||
Gross Carrying Amount | ||||
Land | 5.9 | |||
Building and Improvements | 0.4 | |||
Equipment | 0.1 | |||
Accumulated Depreciation | 0 | |||
Northern Virginia - Sterling VIII | ||||
Initial Costs | ||||
Land | 9.1 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 24.9 | |||
Equipment | 44.9 | |||
Gross Carrying Amount | ||||
Land | 9.1 | |||
Building and Improvements | 24.9 | |||
Equipment | 44.9 | |||
Accumulated Depreciation | 6.5 | |||
Northern Virginia - Sterling IX | ||||
Initial Costs | ||||
Land | 16.1 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 20.1 | |||
Equipment | 22 | |||
Gross Carrying Amount | ||||
Land | 16.1 | |||
Building and Improvements | 20.1 | |||
Equipment | 22 | |||
Accumulated Depreciation | 1.9 | |||
Norwalk I | ||||
Initial Costs | ||||
Land | 0 | |||
Building and Improvements | 18.3 | |||
Equipment | 25.3 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | (17.1) | |||
Equipment | (12) | |||
Gross Carrying Amount | ||||
Land | 0 | |||
Building and Improvements | 1.2 | |||
Equipment | 13.3 | |||
Accumulated Depreciation | 5.1 | |||
Phoenix - Chandler I | ||||
Initial Costs | ||||
Land | 2.5 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 61.9 | |||
Equipment | 71.9 | |||
Gross Carrying Amount | ||||
Land | 2.5 | |||
Building and Improvements | 61.9 | |||
Equipment | 71.9 | |||
Accumulated Depreciation | 62.2 | |||
Phoenix - Chandler II | ||||
Initial Costs | ||||
Land | 2.1 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 16.2 | |||
Equipment | 39.8 | |||
Gross Carrying Amount | ||||
Land | 2.1 | |||
Building and Improvements | 16.2 | |||
Equipment | 39.8 | |||
Accumulated Depreciation | 28.2 | |||
Phoenix - Chandler III | ||||
Initial Costs | ||||
Land | 2 | |||
Building and Improvements | 0.9 | |||
Equipment | 2.5 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 10.5 | |||
Equipment | 48.9 | |||
Gross Carrying Amount | ||||
Land | 2 | |||
Building and Improvements | 11.4 | |||
Equipment | 51.4 | |||
Accumulated Depreciation | 21.6 | |||
Phoenix - Chandler IV | ||||
Initial Costs | ||||
Land | 2 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 18.4 | |||
Equipment | 44.7 | |||
Gross Carrying Amount | ||||
Land | 2 | |||
Building and Improvements | 18.4 | |||
Equipment | 44.7 | |||
Accumulated Depreciation | 16.4 | |||
Phoenix - Chandler V | ||||
Initial Costs | ||||
Land | 1.8 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 17.1 | |||
Equipment | 87.7 | |||
Gross Carrying Amount | ||||
Land | 1.8 | |||
Building and Improvements | 17.1 | |||
Equipment | 87.7 | |||
Accumulated Depreciation | 16 | |||
Phoenix - Chandler VI | ||||
Initial Costs | ||||
Land | 2.3 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0.1 | |||
Building and Improvements | 25.1 | |||
Equipment | 103.4 | |||
Gross Carrying Amount | ||||
Land | 2.4 | |||
Building and Improvements | 25.1 | |||
Equipment | 103.4 | |||
Accumulated Depreciation | 31.3 | |||
Phoenix - Chandler VII | ||||
Initial Costs | ||||
Land | 4.2 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 1.1 | |||
Equipment | 0 | |||
Gross Carrying Amount | ||||
Land | 4.2 | |||
Building and Improvements | 1.1 | |||
Equipment | 0 | |||
Accumulated Depreciation | 0.1 | |||
Raleigh-Durham I | ||||
Initial Costs | ||||
Land | 2.1 | |||
Building and Improvements | 73.5 | |||
Equipment | 71.3 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 10.3 | |||
Equipment | 26.5 | |||
Gross Carrying Amount | ||||
Land | 2.1 | |||
Building and Improvements | 83.8 | |||
Equipment | 97.8 | |||
Accumulated Depreciation | 48.2 | |||
San Antonio I | ||||
Initial Costs | ||||
Land | 4.6 | |||
Building and Improvements | 3 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 28.7 | |||
Equipment | 38.3 | |||
Gross Carrying Amount | ||||
Land | 4.6 | |||
Building and Improvements | 31.7 | |||
Equipment | 38.3 | |||
Accumulated Depreciation | 40.3 | |||
San Antonio II | ||||
Initial Costs | ||||
Land | 2.3 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0.3 | |||
Building and Improvements | 30.3 | |||
Equipment | 61.4 | |||
Gross Carrying Amount | ||||
Land | 2.6 | |||
Building and Improvements | 30.3 | |||
Equipment | 61.4 | |||
Accumulated Depreciation | 31.1 | |||
San Antonio III | ||||
Initial Costs | ||||
Land | 2.3 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 40.2 | |||
Equipment | 99.6 | |||
Gross Carrying Amount | ||||
Land | 2.3 | |||
Building and Improvements | 40.2 | |||
Equipment | 99.6 | |||
Accumulated Depreciation | 40 | |||
San Antonio IV | ||||
Initial Costs | ||||
Land | 2.1 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 56.9 | |||
Equipment | 51.6 | |||
Gross Carrying Amount | ||||
Land | 2.1 | |||
Building and Improvements | 56.9 | |||
Equipment | 51.6 | |||
Accumulated Depreciation | 21.6 | |||
San Antonio V | ||||
Initial Costs | ||||
Land | 2.9 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0.1 | |||
Building and Improvements | 30.3 | |||
Equipment | 43.3 | |||
Gross Carrying Amount | ||||
Land | 3 | |||
Building and Improvements | 30.3 | |||
Equipment | 43.3 | |||
Accumulated Depreciation | 3 | |||
Santa Clara II | ||||
Initial Costs | ||||
Land | 0 | |||
Building and Improvements | 2.7 | |||
Equipment | 0 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 0 | |||
Equipment | 0 | |||
Gross Carrying Amount | ||||
Land | 0 | |||
Building and Improvements | 2.7 | |||
Equipment | 0 | |||
Accumulated Depreciation | 2.4 | |||
Somerset I | ||||
Initial Costs | ||||
Land | 12.1 | |||
Building and Improvements | 124.6 | |||
Equipment | 83.3 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | 31.9 | |||
Equipment | 64 | |||
Gross Carrying Amount | ||||
Land | 12.1 | |||
Building and Improvements | 156.5 | |||
Equipment | 147.3 | |||
Accumulated Depreciation | 62.2 | |||
Stamford - Omega | ||||
Initial Costs | ||||
Land | 0 | |||
Building and Improvements | 3.2 | |||
Equipment | 0.6 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | (3.1) | |||
Equipment | 0.1 | |||
Gross Carrying Amount | ||||
Land | 0 | |||
Building and Improvements | 0.1 | |||
Equipment | 0.7 | |||
Accumulated Depreciation | 0.9 | |||
Stamford - Riverbend | ||||
Initial Costs | ||||
Land | 0 | |||
Building and Improvements | 4.3 | |||
Equipment | 13.2 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | (3.4) | |||
Equipment | (4.3) | |||
Gross Carrying Amount | ||||
Land | 0 | |||
Building and Improvements | 0.9 | |||
Equipment | 8.9 | |||
Accumulated Depreciation | 8.4 | |||
Totowa - Commerce | ||||
Initial Costs | ||||
Land | 0 | |||
Building and Improvements | 4.1 | |||
Equipment | 0.8 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | (3.7) | |||
Equipment | 1 | |||
Gross Carrying Amount | ||||
Land | 0 | |||
Building and Improvements | 0.4 | |||
Equipment | 1.8 | |||
Accumulated Depreciation | 1.3 | |||
Totowa - Madison | ||||
Initial Costs | ||||
Land | 0 | |||
Building and Improvements | 28.3 | |||
Equipment | 45.6 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | (22.2) | |||
Equipment | 14.9 | |||
Gross Carrying Amount | ||||
Land | 0 | |||
Building and Improvements | 6.1 | |||
Equipment | 60.5 | |||
Accumulated Depreciation | 40.1 | |||
Wappinger Falls I | ||||
Initial Costs | ||||
Land | 0 | |||
Building and Improvements | 9.9 | |||
Equipment | 13.3 | |||
Cost Capitalized Subsequent to Acquisition | ||||
Land | 0 | |||
Building and Improvements | (6.7) | |||
Equipment | 14.1 | |||
Gross Carrying Amount | ||||
Land | 0 | |||
Building and Improvements | 3.2 | |||
Equipment | 27.4 | |||
Accumulated Depreciation | $ 19.5 |
Schedule III. Real Estate Pro_3
Schedule III. Real Estate Properties and Accumulated Depreciation - Historical Cost and Accumulated Depreciation and Amortization (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property | |||
Balance—beginning of period | $ 6,089.5 | $ 5,347.5 | $ 3,840.8 |
Disposals | (6.7) | (15.8) | (20.8) |
Impairments | (10.8) | (0.7) | 0 |
Additions (acquisitions and improvements) | 961.4 | 856.3 | 1,527.5 |
Balance, end of period(1) | 7,033.4 | 6,089.5 | 5,347.5 |
Accumulated Depreciation | |||
Balance—beginning of period | 1,379.2 | 1,054.5 | 782.4 |
Disposals | (5.9) | (14) | (14) |
Impairments | 0 | 0 | 0 |
Additions (depreciation and amortization expense) | 394.6 | 358 | 286.1 |
Balance, end of period | 1,767.9 | 1,379.2 | 1,054.5 |
Construction in progress, including land under development | 982.2 | $ 946.3 | 744.9 |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | ||
Cumulative Effect, Period of Adoption, Adjustment | |||
Property | |||
Balance—beginning of period | 0 | $ (97.8) | 0 |
Balance, end of period(1) | 0 | (97.8) | |
Accumulated Depreciation | |||
Balance—beginning of period | $ 0 | (19.3) | 0 |
Balance, end of period | $ 0 | $ (19.3) |