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Noncontrolling Interests - Operating Partnership
 12 Months Ended
Dec. 31, 2015
Noncontrolling Interest [Abstract]  
Noncontrolling Interest - Operating Partnership
Noncontrolling Interest - Operating Partnership
As discussed in Note 2, Formation and Recent Developments, the noncontrolling interest represents the limited partnership interest in the operating partnership held by CBI.
The following table shows the ownership interests as of December 31, 2015 and 2014, and the portion of net loss and distributions for the year ended December 31, 2015 and 2014:
For the year ended December 31,
 
2015
 
2014
(in millions, except unit amount)
 
The Company
 
CBI
 
The Company
 
CBI
Operating partnership units
 
72.6

 
—

 
38.7

 
26.6

Ownership %
 
100.0
%
 
—
%
 
59.2
%
 
40.8
%
Portion of net loss
 
$
(15.4
)
 
$
(4.8
)
 
$
(7.8
)
 
$
(6.7
)
Distributions
 
$
(74.6
)
 
$
(16.3
)
 
$
(29.2
)
 
$
(25.7
)

Under the Amended and Restated Agreement of Limited Partnership of the operating partnership (the LP Agreement), the limited partners of the operating partnership (including CBI) have certain redemption rights. The LP Agreement grants the limited partners the right to require the operating partnership to redeem part or all of their operating partnership units for cash based upon the fair market value of an equivalent number of shares of our common stock at the time of the redemption, determined in accordance with and subject to adjustment as provided in the LP Agreement. Alternatively, at our discretion, we may elect to acquire those operating partnership units in exchange for shares of our common stock. Our acquisition of partnership units in exchange for shares of our common stock would be on a one-for-one basis, subject to adjustment in the event of stock splits, stock dividends, distributions of warrants or stock rights, specified extraordinary distributions and similar events. With each redemption or exchange, we increase our percentage ownership interest in our operating partnership. On December 31, 2015, CyrusOne Inc. issued 6,346,835 shares of its common stock, in exchange for an equal number of operating partnership units in CyrusOne LP held by a subsidiary of CBI. As a result, CBI owns approximately 9.5% of the Company’s common stock, and all of the operating partnership units in the CyrusOne LP are owned, directly or indirectly, by the Company.
CyrusOne Inc. had no noncontrolling interests as of December 31, 2015.