Noncontrolling Interest

3 Months Ended

Mar. 31, 2014

As part of the IPO, CyrusOne Inc. together with CyrusOne GP, purchased 21.9 million (or 33.9%) of the outstanding partnership units of CyrusOne LP and CBI retained a 66.1% ownership or 42.6 million Operating Partnership units in CyrusOne LP. Effective January 24, 2014, CBI may exchange the partnership units of CyrusOne into cash, or shares of common stock of CyrusOne Inc. as determined by us, on a one-for-one basis based upon the fair value of a share of our common stock. We have evaluated whether we control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the share settlement of these Operating Partnership units. Based on the results of this analysis, we concluded that these convertible Operating Partnership units met the criteria to be classified within equity at March 31, 2014. For each share of common stock issued by us, the Operating Partnership issues an equivalent Operating Partnership unit to the Company. The redemption value of the noncontrolling interests at March 31, 2014, was approximately $887 million based on the closing price of our stock of $20.83 on March 31, 2014. As stock is issued by CyrusOne, CBI's ownership percentage will change. CyrusOne has issued shares in conjunction with the LTIP discussed in Note 10 and CBI's ownership is 65.3% as of March 31, 2014.

The following table shows the ownership interest as of March 31, 2014 and 2013 and the portion of net income (loss) and distributions for the three months ended March 31, 2014 and period ended March 31, 2013:



(dollars in millions, except per unit amount)	March 31, 2014				March 31, 2013
	The Company		CBI		The Company		CBI
Operating Partnership Units	22.7		42.6		21.9		42.6
Ownership %	34.7	%	65.3	%	33.9	%	66.1	%
Portion of net income (loss)	0.2		0.5		(0.9	)	(1.9	)
Distributions	(4.8	)	(8.9	)	(3.0	)	(7.3	)

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

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