CyrusOne Inc (CONE) Q1 2020 Earnings Call Transcript

CyrusOne Inc (CONE) Q1 2020 Earnings Call Transcript

Good morning, and welcome to the CyrusOne First Quarter Earnings Conference Call.. I would now like to turn the conference over to Michael Schafer, Vice President of Capital Markets and Investor Relations.. Good morning, everyone, and welcome to CyrusOne's First Quarter 2020 Earnings Call.. As slide four shows, we had a strong first quarter with high growth rates across all of our key financial metrics.. We had second highest leasing quarter in the company's history, signing 44 megawatts totaling $60 million of annualized GAAP revenue.. In the first quarter, we delivered our first data center in Amsterdam and brought additional capacity online in Raleigh-Durham.. We have nearly 90 megawatts across the U.S. and Europe in our development pipeline and upon completion of those projects, our footprint will be nearly 20% bigger compared to a year ago.. We continue to focus on strengthening our balance sheet, which is extremely important in this current environment.. Slide six provides details on the leasing results for the quarter.. The $60 million in annualized revenue signed is more than double the prior four-quarter average, and the longer average lease term of more than eight years reflects the shift of the leasing mix toward the hyperscale