Guarantors

CyrusOne Inc.

CyrusOne LP and CyrusOne Finance Corp., as “LP Co-issuer” and “Finance Co-issuer,” respectively (together, the Issuers), had $477.6 million aggregate principal amount of 6.375% senior notes outstanding, including bond premium, at December 31, 2015. As of December 31, 2015, the 6.375% senior notes are fully and unconditionally and jointly and severally guaranteed on a senior basis by CyrusOne Inc. (Parent Guarantor), CyrusOne GP (General Partner), and CyrusOne LP’s wholly owned subsidiaries, CyrusOne LLC, CyrusOne TRS Inc., CyrusOne Foreign Holdings LLC, Cervalis Holdings LLC, and Cervalis LLC (such subsidiaries, together the Guarantors). None of CyrusOne LP's subsidiaries organized outside of the United States (collectively, the Non-Guarantors) guarantee the 6.375% senior notes. Subject to the provisions of the indenture governing the 6.375% senior notes, in certain circumstances, a Guarantor may be released from its guarantee obligation, including:


•	upon the sale or other disposition (including by way of consolidation or merger) of such Guarantor or of all of the capital stock of such Guarantor such that such Guarantor is no longer a restricted subsidiary under the indenture,


•	upon the sale or disposition of all or substantially all of the assets of the Guarantor,


•	upon the LP Co-issuer designating such Guarantor as an unrestricted subsidiary under the terms of the indenture,


•	if such Guarantor is no longer a guarantor or other obligor of any other indebtedness of the LP Co-issuer or the Parent Guarantor, and


•	upon the defeasance or discharge of the 6.375% senior notes in accordance with the terms of the indenture.

The entity structure of each guarantor of the 6.375% senior notes is described below.

CyrusOne Inc. – CyrusOne Inc. was formed on July 31, 2012. As of January 23, 2013, CyrusOne Inc. was a wholly owned subsidiary of CBI. Effective January 24, 2013, CyrusOne Inc. completed its IPO of common stock for net proceeds of $337.1 million, and together with the General Partner, purchased a 33.9% ownership interest in CyrusOne LP. CyrusOne Inc. is a guarantor or Parent Guarantor and became a separate registrant with the SEC upon completion of its IPO.

CyrusOne GP – CyrusOne GP was formed on July 31, 2012, and was a wholly owned subsidiary of CyrusOne Inc. as of January 23, 2013. Effective upon completion of CyrusOne Inc.’s IPO, this entity became the general partner and 1% owner of CyrusOne LP and has no other assets or operations. Prior to the IPO, this entity did not incur any obligations or record any transactions.

Issuers – The Issuers are CyrusOne LP and CyrusOne Finance Corp. CyrusOne Finance Corp., a wholly owned subsidiary of CyrusOne LP, was formed for the sole purpose of acting as co-issuer of the 6.375% senior notes and has no other assets or operations. CyrusOne LP, in addition to being the co-issuer of the 6.375% senior notes, is also the 100% owner, either directly or indirectly, of the Guarantors and Non-Guarantors.

Guarantor Subsidiaries – The guarantors of the 6.375% senior notes include CyrusOne LLC, CyrusOne TRS Inc., CyrusOne Foreign Holdings LLC, Cervalis and Cervalis LLC (the Guarantor Subsidiaries) agreed to provide unconditional guarantees of the issuers’ obligations under the 6.375% senior notes. The guarantee of each Guarantor Subsidiary is (i) a senior unsecured obligation of such Guarantor Subsidiary, (ii) pari passu in right of payment with any existing and future unsecured senior indebtedness of such Guarantor Subsidiary, (iii) senior in right of payment to any future subordinated indebtedness of such Guarantor Subsidiary and (iv) effectively subordinated in right of payment to all existing and future secured indebtedness of such Guarantor Subsidiary, to the extent of the value of the collateral securing that indebtedness. CyrusOne LLC, together with CyrusOne Foreign Holdings LLC, directly or indirectly owns 100% of the Non-Guarantors.

Non-Guarantors consist of wholly owned subsidiaries which conduct operations in the United Kingdom and Singapore, as well as CyrusOne Government Services LLC, a Delaware limited liability company and 100% owned subsidiary.

The following schedules present the balance sheets as of December 31, 2015 and 2014, and the statements of operations and comprehensive income (loss) for the years ended December 31, 2015 and 2014 and the periods ended December 31, 2013 and January 23, 2013, and the statements of cash flows for the years ended December 31, 2015 and 2014 and the periods ended December 31, 2013 and January 23, 2013 for the Parent Guarantor, General Partner, LP Co-issuer, Finance Co-issuer, Guarantors, and Non-Guarantors. The financial statements for the period ended January 23, 2013, present the financial information prior to the effective date of the IPO, and the financial statements for the period ended December 31, 2013, present the financial information after the effective date of the IPO. The consolidating schedules are provided in accordance with the reporting requirements for guarantor subsidiaries.

The condensed consolidating statements of cash flows for the year ended December 31, 2015, includes the acquisition of Cervalis in July 2015. The results for Cervalis are included in the Guarantor financial statements subsequent to the Cervalis Acquisition.

Consolidating Balance Sheets



IN MILLIONS	As of December 31, 2015
	Parent Guarantor		General Partner		LP Co-issuer		Finance Co-issuer		Guarantor Subsidiaries			Non- Guarantors			Eliminations/Consolidations			Total
Land	$	—	$	—	$	—	$	—	$	93.0		$	—		$	—		$	93.0
Buildings and improvements	—		—		—		—		865.6			39.6			0.1			905.3
Equipment	—		—		—		—		594.7			0.9			2.6			598.2
Construction in progress	—		—		—		—		229.8			0.1			1.2			231.1
Subtotal	—		—		—		—		1,783.1			40.6			3.9			1,827.6
Accumulated depreciation	—		—		—		—		(426.0		)	(9.6		)	—			(435.6		)
Net investment in real estate	—		—		—		—		1,357.1			31.0			3.9			1,392.0
Cash and cash equivalents	—		—		—		—		10.4			3.9			—			14.3
Investment in subsidiaries	817.7		8.2		850.6		—		0.7			—			(1,677.2		)	—
Restricted cash	—		—		—		—		1.5			—			—			1.5
Rent and other receivables	—		—		—		—		74.8			1.3			—			76.1
Intercompany receivable	—		—		991.3		—		—			—			(991.3		)	—
Goodwill	—		—		—		—		453.4			—			—			453.4
Intangible assets, net	—		—		—		—		170.3			—			—			170.3
Due from affiliates	—		—		—		—		—			—			—			—
Other assets	—		—		—		—		85.3			2.7			—			88.0
Total assets	$	817.7	$	8.2	$	1,841.9	$	—	$	2,153.5		$	38.9		$	(2,664.6	)	$	2,195.6
Accounts payable and accrued expenses	$	—	$	—	$	29.2	—		$	106.8		$	0.6		$	—		$	136.6
Deferred revenue	—		—		—		—		78.0			0.7			—			78.7
Intercompany payable	—		—		—		—		991.3			—			(991.3		)	—
Due to affiliates	—		—		—		—		—			—			—			—
Capital lease obligations	—		—		—		—		6.1			6.1			—			12.2
Long-term debt	—		—		995.0		—		1.5			—			—			996.5
Lease financing arrangements	—		—		—		—		119.2			30.8			—			150.0
Total liabilities	—		—		1,024.2		—		1,302.9			38.2			(991.3		)	1,374.0
Total shareholders' equity	817.7		8.2		817.7		—		850.6			0.7			(1,673.3		)	821.6
Noncontrolling interest	—		—		—		—		—			—			—			—
Total equity	817.7		8.2		817.7		—		850.6			0.7			(1,673.3		)	821.6
Total liabilities and equity	$	817.7	$	8.2	$	1,841.9	$	—	$	2,153.5		$	38.9		$	(2,664.6	)	$	2,195.6



IN MILLIONS	As of December 31, 2014
	Parent Guarantor		General Partner		LP Co-issuer		Finance Co-issuer		Guarantor Subsidiaries			Non- Guarantors			Eliminations/Consolidations			Total
Land	$	—	$	—	$	—	$	—	$	89.7		$	—		$	—		$	89.7
Buildings and improvements	—		—		—		—		770.9			41.7			—			812.6
Equipment	—		—		—		—		348.3			0.8			—			349.1
Construction in progress	—		—		—		—		124.8			—			2.2			127.0
Subtotal	—		—		—		—		1,333.7			42.5			2.2			1,378.4
Accumulated depreciation	—		—		—		—		(319.7		)	(7.3		)	—			(327.0		)
Net investment in real estate	—		—		—		—		1,014.0			35.2			2.2			1,051.4
Cash and cash equivalents	—		—		—		—		33.5			3.0			—			36.5
Investment in subsidiaries	458.5		7.1		734.3		—		3.6			—			(1,203.5		)	—
Rent and other receivables	—		—		—		—		57.9			3.0			—			60.9
Intercompany receivable	—		—		642.9		—		—			—			(642.9		)	—
Goodwill	—		—		—		—		276.2			—			—			276.2
Intangible assets, net	—		—		—		—		68.9			—			—			68.9
Due from affiliates	—		—		—		—		0.8			—			—			0.8
Other assets	—		—		—		—		73.1			3.2			—			76.3
Total assets	$	458.5	$	7.1	$	1,377.2	$	—	$	1,528.0		$	44.4		$	(1,844.2	)	$	1,571.0
Accounts payable and accrued expenses	$	—	$	—	$	12.5	—		$	56.9		$	0.5		$	—		$	69.9
Deferred revenue	—		—		—		—		65.1			0.6			—			65.7
Intercompany payable	—		—		—		—		642.9			—			(642.9		)	—
Due to affiliates	—		—		5.6		—		1.7			—			—			7.3
Capital lease obligations	—		—		—		—		6.2			7.2			—			13.4
Long-term debt	—		—		644.3		—		—			—			—			644.3
Lease financing arrangements	—		—		—		—		20.9			32.5			—			53.4
Total liabilities	—		—		662.4		—		793.7			40.8			(642.9		)	854.0
Total shareholders' equity	458.5		7.1		714.8		—		734.3			3.6			(1,457.5		)	460.8
Noncontrolling interest	—		—		—		—		—			—			256.2			256.2
Total equity	458.5		7.1		714.8		—		734.3			3.6			(1,201.3		)	717.0
Total liabilities and equity	$	458.5	$	7.1	$	1,377.2	$	—	$	1,528.0		$	44.4		$	(1,844.2	)	$	1,571.0

Consolidating Statements of Operations and Comprehensive Income (Loss)



IN MILLIONS	Year Ended December 31, 2015
		Parent Guarantor			General Partner			LP Co-issuer			Finance Co-issuer		Guarantor Subsidiaries			Non- Guarantors			Eliminations/Consolidations			Total
Revenue		$	—		$	—		$	—		$	—	$	393.8		$	5.5		$	—		$	399.3
Costs and expenses:
Property operating expenses		—			—			—			—		146.0			2.7			—			148.7
Sales and marketing		—			—			—			—		12.0			0.1			—			12.1
General and administrative		—			—			—			—		46.6			—			—			46.6
Depreciation and amortization		—			—			—			—		138.7			2.8			—			141.5
Transaction and acquisition integration costs		—			—			—			—		14.1			—			—			14.1
Asset impairments and loss on disposal		—			—			—			—		13.5			—			—			13.5
Total costs and expenses		—			—			—			—		370.9			5.6			—			376.5
Operating income (loss)		—			—			—			—		22.9			(0.1		)	—			22.8
Interest expense		—			—			39.7			—		—			3.2			(1.7		)	41.2
Loss on extinguishment of debt		—			—			—			—		—			—			—			—
(Loss) income before income taxes		—			—			(39.7		)	—		22.9			(3.3		)	1.7			(18.4		)
Income tax expense		—			—			—			—		(1.8		)	—			—			(1.8		)
Equity (loss) earnings related to investment in subsidiaries		(17.1		)	(0.2		)	17.8			—		(3.3		)	—			2.8			—
Net (loss) income		(17.1		)	(0.2		)	(21.9		)	—		17.8			(3.3		)	4.5			(20.2		)
Noncontrolling interest in net loss		—			—			—			—		—			—			4.8			4.8
Net (loss) income attributed to common shareholders		(17.1		)	(0.2		)	(21.9		)	—		17.8			(3.3		)	9.3			(15.4		)
Other comprehensive loss		—			—			—			—		—			(0.2		)	—			(0.2		)
Comprehensive loss attributable to common shareholders		$	(17.1	)	$	(0.2	)	$	(21.9	)	$	—	$	17.8		$	(3.5	)	$	9.3		$	(15.6	)



IN MILLIONS	Year Ended December 31, 2014
		Parent Guarantor⁽¹⁾			General Partner			LP Co-issuer			Finance Co-issuer		Guarantor Subsidiaries			Non- Guarantors			Eliminations/Consolidations			Total
Revenue		$	—		$	—		$	—		$	—	$	325.1		$	5.8		$	—		$	330.9
Costs and expenses:
Property operating expenses		—			—			—			—		121.9			2.6			—			124.5
Sales and marketing		—			—			—			—		12.6			0.2			—			12.8
General and administrative		—			—			—			—		34.2			0.4			—			34.6
Depreciation and amortization		—			—			—			—		115.0			3.0			—			118.0
Transaction and acquisition integration costs		—			—			—			—		1.0			—			—			1.0
Total costs and expenses		—			—			—			—		284.7			6.2			—			290.9
Operating income (loss)		—			—			—			—		40.4			(0.4		)	—			40.0
Interest expense		—			—			38.2			—		—			3.5			(2.2		)	39.5
Loss on extinguishment of debt		—			—			13.6			—		—			—			—			13.6
(Loss) income before income taxes		—			—			(51.8		)	—		40.4			(3.9		)	2.2			(13.1		)
Income tax expense		—			—			—			—		(1.4		)	—			—			(1.4		)
Equity (loss) earnings related to investment in subsidiaries		(10.0		)	(0.2		)	35.1			—		(3.9		)	—			(21.0		)	—
Net loss		(10.0		)	(0.2		)	(16.7		)	—		35.1			(3.9		)	(18.8		)	(14.5		)
Noncontrolling interest in net loss		—			—			—			—		—			—			6.7			6.7
Net (loss) income attributed to common shareholders		(10.0		)	(0.2		)	(16.7		)	—		35.1			(3.9		)	(12.1		)	(7.8		)
Other comprehensive loss		—			—			—			—		—			(0.3		)	—			(0.3		)
Comprehensive loss attributable to noncontrolling interests		—			—			—			—		—			—			0.1			0.1
Comprehensive loss attributable to common shareholders		$	(10.0	)	$	(0.2	)	$	(16.7	)	$	—	$	35.1		$	(4.2	)	$	(12.0	)	$	(8.0	)



IN MILLIONS	Period Ended December 31, 2013
	Parent Guarantor			General Partner			LP Co-issuer			Finance Co-issuer		Guarantor Subsidiaries			Non- Guarantors			Eliminations/Consolidations			Total
Revenue	$	—		$	—		$	—		$	—	$	244.3		$	4.1		$	—		$	248.4
Costs and expenses:
Property operating expenses	—			—			—			—		85.9			2.5			—			88.4
Sales and marketing	—			—			—			—		9.7			0.2			—			9.9
General and administrative	—			—			—			—		26.3			0.2			—			26.5
Depreciation and amortization	—			—			—			—		87.1			2.8			—			89.9
Restructuring charges	—			—			—			—		0.7			—			—			0.7
Transaction costs	—			—			—			—		1.3			—			—			1.3
Asset impairment	—			—			—			—		2.8			—			—			2.8
Total costs and expenses	—			—			—			—		213.8			5.7			—			219.5
Operating loss	—			—			—			—		30.5			(1.6		)	—			28.9
Interest expense	—			—			36.5			—		1.8			2.9			—			41.2
Other income	—			—			—			—		(0.1		)	—			—			(0.1		)
Loss on extinguishment of debt	—			—			—			—		1.3			—			—			1.3
Loss before income taxes	—			—			(36.5		)	—		27.5			(4.5		)	—			(13.5		)
Income tax expense	—			—			—			—		(1.9		)	—			—			(1.9		)
Equity loss related to investment in subsidiaries	(5.3		)	(0.2		)	20.9			—		(4.5		)	—			(10.9		)	—
Loss on sale of real estate improvements	—			—			—			—		(0.2		)	—			—			(0.2		)
Net loss	(5.3		)	(0.2		)	(15.6		)	—		20.9			(4.5		)	(10.9		)	(15.6		)
Noncontrolling interest in net loss	—			—			—			—		—			—			(10.3		)	(10.3		)
Net income (loss) attributed to common shareholders	$	(5.3	)	$	(0.2	)	$	(15.6	)	$	—	$	20.9		$	(4.5	)	$	(0.6	)	$	(5.3	)



IN MILLIONS	Period Ended January 23, 2013
	Parent Guarantor		General Partner		LP Co-issuer			Finance Co-issuer		Guarantor Subsidiaries			Non- Guarantors			Eliminations/Consolidations		Total
Revenue	$	—	$	—	$	—		$	—	$	14.9		$	0.2		$	—	$	15.1
Costs and expenses:
Property operating expenses	—		—		—			—		4.8			—			—		4.8
Sales and marketing	—		—		—			—		0.7			—			—		0.7
General and administrative	—		—		—			—		1.4			0.1			—		1.5
Transaction-related compensation	—		—		—			—		20.0			—			—		20.0
Depreciation and amortization	—		—		—			—		5.2			0.1			—		5.3
Transaction costs	—		—		—			—		0.1			—			—		0.1
Total costs and expenses	—		—		—			—		32.2			0.2			—		32.4
Operating (loss) income	—		—		—			—		(17.3		)	—			—		(17.3		)
Interest expense	—		—		2.3			—		0.1			0.1			—		2.5
Loss before income taxes	—		—		(2.3		)	—		(17.4		)	(0.1		)	—		(19.8		)
Income tax expense	—		—		—			—		(0.4		)	—			—		(0.4		)
Equity loss related to investment in subsidiaries	—		—		(17.9		)	—		(0.1		)	—			18.0		—
Net loss	$	—	$	—	$	(20.2	)	$	—	$	(17.9	)	$	(0.1	)	$	18.0	$	(20.2	)

Consolidating Statements of Cash Flows



IN MILLIONS	Year Ended December 31, 2015
	Parent Guarantor			General Partner			LP Co-issuer			Finance Co-issuer		Guarantor Subsidiaries			Non- Guarantors			Eliminations/Consolidations			Total
Net (loss) income	$	(17.1	)	(0.2		)	$	(21.9	)	$	—	17.8			$	(3.3	)	$	4.5		$	(20.2	)
Equity earnings (loss) related to investment in subsidiaries	17.1			0.2			(17.8		)	—		3.3			—			(2.8		)	—
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization	—			—			—			—		138.7			2.8			—			141.5
Stock-based compensation expense	—			—			—			—		14.4			—			—			14.4
Non-cash interest expense	—			—			3.4			—		—			—			—			3.4
Provision for bad debt write off	—			—			—			—		—			—			—			—
Loss on extinguishment of debt	—			—			—			—		—			—			—			—
Asset impairments and loss on disposal	—			—			—			—		13.5			—			—			13.5
Changes in operating assets and liabilities:
Rent receivables and other assets	—			—			—			—		(26.1		)	2.2			—			(23.9		)
Accounts payable and accrued expenses	—			—			16.7			—		(9.8		)	0.1			—			7.0
Deferred revenues	—			—			—			—		5.3			0.1			—			5.4
Due to affiliates	—			—			—			—		(0.9		)	—			—			(0.9		)
Net cash (used in) provided by operating activities	—			—			(19.6		)	—		156.2			1.9			1.7			140.2
Cash flows from investing activities:
Capital expenditures - acquisitions of real estate	—			—			—			—		(17.3		)	—			—			(17.3		)
Capital expenditures - other development	—			—			—			—		(216.7		)	(0.5		)	—			(217.2		)
Business acquisition, net of cash acquired	—			—			—			—		(398.4		)	—			—			(398.4		)
Release of restricted cash	—			—			—			—		7.3			—			—			7.3
Investment in and loans to subsidiaries	(203.1		)	(2.0		)	(203.1		)	—		(0.4		)	—			408.6			—
Return of investment	62.6			—			102.0			—		(17.9		)	—			(146.7		)	—
Intercompany contributions/distributions	—			—			(348.4		)	—		—			—			348.4			—
Net cash provided by (used in) investing activities	(140.5		)	(2.0		)	(449.5		)	—		(643.4		)	(0.5		)	610.3			(625.6		)
Cash flows from financing activities:
Issuance of common stock	799.5			—			—			—		—			—			—			799.5
Stock issuance costs	(0.8		)	—			—			—		—			—			—			(0.8		)
Acquisition of operating partnership units	(596.4		)	—			—			—		—			—			—			(596.4		)
Dividends paid	(61.0		)	—			(80.8		)	—		(80.8		)	—			141.8			(80.8		)
Intercompany borrowings	—			—			—			—		348.4			—			(348.4		)	—
Borrowings from credit facility	—			—			260.0			—		—			—			—			260.0
Proceeds from issuance of debt	—			—			103.8			—		—			—			—			103.8
Payments on credit facility	—			—			(10.0		)	—		—			—			—			(10.0		)
Payments on senior notes	—			—			—			—		—			—			—			—
Payments on capital leases and other financing arrangements	—			—			—			—		(5.0		)	(0.9		)	—			(5.9		)
Tax payment upon exercise of equity awards	(0.8		)	—			—			—		—			—			—			(0.8		)
Contributions from/(distributions to) parent, net	—			2.0			201.5			—		201.5			0.4			(405.4		)	—
Debt issuance costs	—			—			(5.4		)	—		—			—			—			(5.4		)
Net cash (used in) provided by financing activities	140.5			2.0			469.1			—		464.1			(0.5		)	(612.0		)	463.2
Net (decrease) increase in cash and cash equivalents	—			—			—			—		(23.1		)	0.9			—			(22.2		)
Cash and cash equivalents at beginning of period	—			—			—			—		33.5			3.0			—			36.5
Cash and cash equivalents at end of period	$	—		$	—		$	—		$	—	$	10.4		$	3.9		$	—		$	14.3



IN MILLIONS	Year Ended December 31, 2014
	Parent Guarantor			General Partner			LP Co-issuer			Finance Co-issuer		Guarantor Subsidiaries			Non- Guarantors			Eliminations/Consolidations			Total
Net (loss) income	$	(10.0	)	(0.2		)	$	(16.7	)	$	—	35.1			$	(3.9	)	$	(18.8	)	$	(14.5	)
Equity earnings (loss) related to investment in subsidiaries	10.0			0.2			(35.1		)	—		3.9			—			21.0			—
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:
Depreciation and amortization	—			—			—			—		115.0			3.0			—			118.0
Stock-based compensation expense	—			—			—			—		10.3			—			—			10.3
Non-cash interest expense	—			—			3.4			—		—			—			—			3.4
Provision for bad debt write off	—			—			—			—		0.8			—			—			0.8
Loss on extinguishment of debt	—			—			13.6			—		—			—			—			13.6
Changes in operating assets and liabilities:
Rent receivables and other assets	—			—			0.4			—		(35.3		)	(2.1		)	—			(37.0		)
Accounts payable and accrued expenses	—			—			4.7			—		2.1			0.1			—			6.9
Due to affiliates	—			—			—			—		(0.2		)	—			—			(0.2		)
Deferred revenues	—			—			—			—		10.0			(0.2		)	—			9.8
Net cash provided by (used in) operating activities	—			—			(29.7		)	—		141.7			(3.1		)	2.2			111.1
Cash flows from investing activities:
Capital expenditures - other development	—			—			—			—		(283.9		)	(0.3		)	—			(284.2		)
Return of investment	25.2			—			97.3			—		(45.4		)	—			(77.1		)	—
Intercompany receipts	—			—			180.2			—		—			—			(180.2		)	—
Intercompany distributions	—			—			(315.0		)	—		—			—			315.0			—
Net cash (used in) provided by investing activities	25.2			—			(37.5		)	—		(329.3		)	(0.3		)	57.7			(284.2		)
Cash flows from financing activities:
Issuance of common stock	356.0			—			—			—		—			—			—			356.0
Stock issuance costs	(1.3		)	—			—			—		—			—			—			(1.3		)
Acquisition of operating partnership units	(355.9		)	—			—			—		—			—			—			(355.9		)
Dividends paid	(24.0		)	—			(50.9		)	—		(50.9		)	—			74.9			(50.9		)
Intercompany borrowings	—			—			—			—		315.0			—			(315.0		)	—
Intercompany payments	—			—			—			—		(180.2		)	—			180.2			—
Borrowings from credit facility	—			—			315.0			—		—			—			—			315.0
Payments on credit facility	—			—			(30.0		)	—		—			—			—			(30.0		)
Payments on senior notes	—			—			(150.2		)	—		—			—			—			(150.2		)
Payments on capital leases obligations	—			—			—			—		(2.4		)	(0.6		)	—			(3.0		)
Payments on financing arrangements	—			—			—			—		(0.7		)	(0.2		)	—			(0.9		)
Payment of debt extinguishment costs	—			—			(12.8		)	—		—			—			—			(12.8		)
Contributions from/(distributions to) parent, net	—			—			1.3			—		(6.5		)	5.2			—			—
Debt issuance costs	—			—			(5.2		)	—		—			—			—			(5.2		)
Net cash provided by (used in) financing activities	(25.2		)	—			67.2			—		74.3			4.4			(59.9		)	60.8
Net (decrease) increase in cash and cash equivalents	—			—			—			—		(113.3		)	1.0			—			(112.3		)
Cash and cash equivalents at beginning of period	—			—			—			—		146.8			2.0			—			148.8
Cash and cash equivalents at end of period	$	—		$	—		$	—		$	—	$	33.5		$	3.0		$	—		$	36.5



IN MILLIONS	Period Ended December 31, 2013
	Parent Guarantor			General Partner			LP Co-issuer			Finance Co-issuer		Guarantor Subsidiaries			Non- Guarantors			Eliminations/Consolidations			Total
Net (loss) income	$	(5.3	)	$	(0.2	)	$	(15.6	)	$	—	$	20.9		$	(4.5	)	$	(10.9	)	$	(15.6	)
Equity loss related to investment in subsidiaries	5.3			0.2			(20.9		)	—		4.5			—			10.9			—
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	—			—			—			—		87.1			2.8			—			89.9
Stock-based compensation expense	—			—			—			—		6.0			—			—			6.0
Non-cash interest expense	—			—			4.0			—		—			—			—			4.0
Provision for bad debt write off	—			—			—			—		0.4			—			—			0.4
Loss on extinguishment of debt	—			—			—			—		1.3			—			—			1.3
Asset impairments and loss on disposal	—			—			—			—		2.8			—			—			2.8
Deferred income tax expense, including valuation allowance change	—			—			—			—		0.6			—			—			0.6
Other, net	(7.1		)	—			(13.4		)	—		(16.2		)	—			36.7			—
Changes in operating assets and liabilities:
Rent receivables and other assets	9.4			—			—			—		(9.9		)	(3.0		)	(12.2		)	(15.7		)
Accounts payable and accrued expenses	(2.3		)	—			4.8			—		0.2			0.3			(17.6		)	(14.6		)
Due to affiliates	—			—			6.8			—		18.4			—			(6.8		)	18.4
Deferred revenues	—			—			—			—		(0.3		)	0.2			—			(0.1		)
Net cash provided by operating activities	—			—			(34.3		)	—		115.8			(4.2		)	0.1			77.4
Cash flows from investing activities:
Capital expenditures - acquisitions of real estate	—			—			—			—		(48.0		)	—			—			(48.0		)
Capital expenditures - other development	—			—			—			—		(172.9		)	—			—			(172.9		)
Investment in subsidiaries	(337.1		)	—			(337.1		)	—		—			—			674.2			—
Release of restricted cash	—			—			—			—		4.4			—			—			4.4
Return of investment	10.6			—			66.5			—		—			—			(77.1		)	—
Other	—			—			—			—		(0.2		)	—			—			(0.2		)
Net cash provided by (used in) investing activities	(326.5		)	—			(270.6		)	—		(216.7		)	—			597.1			(216.7		)
Cash flows from financing activities:
Issuance of common stock/partnership units	360.5			—			337.1			—		—			—			(337.1		)	360.5
IPO costs	(23.4		)	—			—			—		(3.2		)	—			—			(26.6		)
Dividends paid	(10.6		)	—			(31.0		)	—		(31.0		)	—			41.6			(31.0		)
Payments on capital leases	—			—			—			—		(4.4		)	(0.9		)	—			(5.3		)
Payments on financing obligations	—			—			—			—		(0.5		)	(0.2		)	—			(0.7		)
Payment to buyout capital leases	—			—			—			—		(9.6		)	—			—			(9.6		)
Payment to buyout other financing arrangements	—			—			—			—		(10.2		)	—			—			(10.2		)
Contributions from parent guarantor	—			—			—			—		295.4			6.3			(301.7		)	—
Debt issuance costs	—			—			(1.3		)	—		—			—			—			(1.3		)
Net cash provided by (used in) financing activities	326.5			—			304.8			—		236.5			5.2			(597.2		)	275.8
Net increase (decrease) in cash and cash equivalents	—			—			(0.1		)	—		135.6			1.0			—			136.5
Cash and cash equivalents at beginning of period	—			—			0.1			—		11.2			1.0			—			12.3
Cash and cash equivalents at end of period	$	—		$	—		$	—		$	—	$	146.8		$	2.0		$	—		$	148.8



IN MILLIONS	Period Ended January 23, 2013
	Parent Guarantor		General Partner		LP Co-issuer			Finance Co-issuer		Guarantor Subsidiaries			Non- Guarantors			Eliminations/Consolidations			Total
Net (loss) income	$	—	$	—	$	(20.2	)	$	—	$	(17.9	)	$	(0.1	)	$	18.0		$	(20.2	)
Equity loss related to investment in subsidiaries	—		—		17.9			—		0.1			—			(18.0		)	—
Adjustments to reconcile net (loss) income to net cash provided by operating activities	—		—		0.2			—		5.6			0.1			—			5.9
Changes in operating assets and liabilities:
Rent receivables and other assets	—		—		—			—		(9.6		)	—			—			(9.6		)
Accounts payable and accrued expenses	—		—		2.1			—		18.4			—			—			20.5
Due to affiliates	—		—		—			—		1.5			—			—			1.5
Other changes in assets and liabilities	—		—		—			—		3.8			0.1			—			3.9
Net cash provided by operating activities	—		—		—			—		1.9			0.1			—			2.0
Cash flows from investing activities:
Capital expenditures - other development	—		—		—			—		(7.7		)	—			—			(7.7		)
Release of restricted cash	—		—		—			—		1.9			—			—			1.9
Intercompany advances, net	—		—		0.1			—		(0.1		)	—			—			—
Net cash provided by (used in) investing activities	—		—		0.1			—		(5.9		)	—			—			(5.8		)
Cash flows from financing activities:
Payments on capital lease obligations	—		—		—			—		(0.6		)	—			—			(0.6		)
Contributions from/(distributions to) parent, net	—		—		—			—		0.2			—			—			0.2
Net cash used in financing activities	—		—		—			—		(0.4		)	—			—			(0.4		)
Net increase (decrease) in cash and cash equivalents	—		—		0.1			—		(4.4		)	0.1			—			(4.2		)
Cash and cash equivalents at beginning of period	—		—		—			—		15.6			0.9			—			16.5
Cash and cash equivalents at end of period	$	—	$	—	$	0.1		$	—	$	11.2		$	1.0		$	—		$	12.3