Stockholders' Equity

3 Months Ended

Mar. 31, 2020

Share-based Payment Arrangement [Abstract]

Stockholders' Equity

Stockholders' Equity

Capitalization

During the fourth quarter of 2018, the Company entered into sales agreements pursuant to which the Company may issue and sell from time to time shares of its common stock having an aggregate sales price of up to $750.0 million (the "New 2018 ATM Stock Offering Program"). The New 2018 ATM Stock Offering Program replaced the 2018 ATM Stock Offering Program.

During the first quarter of 2020, CyrusOne Inc. entered into forward sale agreements with a financial institution acting as forward purchasers under the New 2018 ATM Stock Offering Program with respect to approximately 2.0 million shares of its common stock at a weighted average price of $62.74 per share. During the fourth quarter of 2019, the Company had previously entered into a forward sale agreement with a financial institution acting as forward purchaser under the New 2018 ATM Stock Offering Program with respect to 1.6 million shares of its common stock at an initial forward price of $61.67 per share. The Company did not receive any proceeds from the sale of its common shares by the forward purchasers. The Company currently expects to fully physically settle the forward equity sale agreements and receive cash proceeds upon one or more settlement dates at the Company’s discretion, prior to the final settlement dates under the forward equity sale agreements in November 2020 and March 2021, in which case we expect to receive aggregate net cash proceeds at settlement equal to the number of shares specified in such forward equity sale agreements multiplied by the relevant forward price per share. The weighted average forward sale price that we expect to receive upon physical settlement of the agreements will be subject to adjustment for (i) a floating interest rate factor equal to a specified daily rate less a spread, (ii) the forward purchasers’ stock borrowing costs and (iii) scheduled dividends during the terms of the agreements. We have not settled any portion of these forward equity sale agreements as of the date of this filing.

As of March 31, 2020, there was approximately $165.1 million under the New 2018 ATM Stock Offering Program available for future offerings. During the three months ended March 31, 2019, the Company sold 2.0 million common shares at an average price of $52.19. At March 31, 2020, the Company had approximately 115.0 million shares of common stock outstanding.

Dividends

During the three months ended March 31, 2020 and 2019, regular dividends were paid to our stockholders of $0.50 and $0.46 per common share, respectively, totaling $58.4 million and $50.4 million, respectively. On April 29, 2020, the Company announced a cash dividend of $0.50 per common share payable on July 10, 2020, to stockholders of record at the close of business on June 26, 2020.