Ex Dividend Date 3/28/2019
Annualized Dividend $ 1.84
Dividend Payment Date 4/12/2019
Current Yield 3.49 %
Earnings Date May 1, 2019
CyrusOne (CONE) has set the stage for growth in 2020 and beyond, with outsized potential to generate returns in the double digits. CONE is a high-growth data center REIT specializing in highly reliable, enterprise-class, carrier-neutral data center properties in more than 45 locations mission-critical facilities worldwide that protect and ensure continued IT infrastructure operation for approximately 1,000 customers - including over 210 of the Fortune 1000. Their strong balance sheet is helped by S&P’s credit upgrade (last September), giving the company significant financial flexibility and capacity to fund growth: With no near-term debt maturities, debt fully unsecured, and liquidity of approximately $1.6 billion.
CONE’s 2018 was a record leasing year, with the portfolio increasing 30%, signing 103 megawatts, or $153 million, in annualized GAAP revenue - up nearly 50% from 2017. The backlog at the end of 2018 totaled $54 million (equivalent to the entire size of CyrusOne at the 2013 IPO). In Q4-18, normalized FFO (funds from operations) of 86 cents per share beat the estimate of 82 cents, while revenue of $221.3 million missed the consensus $223.5 million. This year’s guidance lowers normalized FFO per share ($3.10-$3.20) vs. $3.31 achieved during 2018. The $20 million in annualized revenue signed during Q4-18 was nearly 15% higher than prior year period bookings.
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