CyrusOne reported revenue of $262.8 million for the third quarter, compared to $250.9 million for the same period in 2019, an increase of 5%. The increase in revenue was driven primarily by a 7% increase in occupied CSF and additional interconnection services, partially offset by the impact of rent churn.
Net loss was $(37.3) million for the third quarter, compared to net income of $12.6 million in the same period in 2019. Net loss for the third quarter included a $(22.9) million loss associated with a change in fair value on the undesignated portion of the Company’s net investment hedge compared to a $5.5 million gain in the third quarter of 2019.
“This admittedly was a disappointing leasing quarter for us, but we have consistently stated that leasing in our business can be lumpy, particularly related to timing on the execution of hyperscale deals. Given the positive demand outlook and our productive discussions with customers, we are confident that we will produce much better results in the fourth quarter,” said Bruce W. Duncan, president and chief executive officer of CyrusOne. “Year-to-date bookings have been strong, with the $82 million revenue backlog positioning us well for 2021 and beyond, and we have capacity across our markets and $1.7 billion in available liquidity to support our growth.”
Leased 4 MW and 15,000 colocation square feet (“CSF”) in the third quarter, totaling $11 million in annualized GAAP revenue
Backlog of $82 million in annualized GAAP revenue as of the end of the third quarter representing approximately $595 million in total contract value
Acquired 33 acres of land in London, with approximately 100 MW of power capacity to support continued growth in one of the leading data center markets in Europe
