CyrusOne, Inc. : CONE-US: Dividend Analysis : December 29th, 2017 (record date) : By the numbers : December 29, 2017

Our analysis is based on comparing CyrusOne, Inc. with the following peers – Digital Realty Trust, Inc., CoreSite Realty Corporation, STAG Industrial, Inc., QTS Realty Trust, Inc. Class A, Rexford Industrial Realty, Inc., Terreno Realty Corporation and DCT Industrial Trust Inc. (DLR-US, COR-US, STAG-US, QTS-US, REXR-US, TRNO-US and DCT-US).

CyrusOne, Inc.’s dividend yield is 3.46 percent and its dividend payout is -169.07 percent. This compares to a peer median dividend yield of 3.11 percent and a payout level of 158.67 percent. This relatively higher dividend yield and lower payout ratio makes the company a good candidate for dividend investors looking at this peer group. The downside is the company’s relatively low dividend quality score of 25 out of a possible score of 100.

Dividend Yield
Dividend Quality Score

Dividend Quality Overview

  • Over the last twelve months (prior to September 30, 2017), CONE-US paid a medium quality dividend, which represents a yield of 2.76% at the current price.
  • Dividend quality trend has not been consistent over the last five years. Dividends were paid during 4 of these years — of these 1 was medium quality and 3 were low quality.
  • The ending cash balance is less than the last full year dividend payment and cannot be relied on to cushion any significant reduction of cash flows in the future.
Dividend Quality Score Vs Dividend Yield

Quadrant label definitions. Hover to know more

High Score;High Yield, High Score;Low Yield, Low Score;Low Yield, Low Score;High Yield

Dividend Coverage

Over the last twelve months (prior to September 30, 2017), CONE-US paid a medium quality dividend.

The source of the company’s cash to support the dividend paid over the last twelve months is operating cash flow (coverage of 1.65x), investing cash flow (coverage of -9.91x), issuance cash flow (coverage of 9.36x) and twelve-month prior cash (coverage of 0.08x), for a total dividend coverage of 1.18x.

Dividend Coverage by Cash Flow (TTM)

These coverage ratio factors imply that the firm’s net cash inflow from issuance was required (in addition to operating and investment cash) to pay the dividend, which suggests a medium dividend quality.

Dividend History

Item 2012-12-31 2013-12-31 2014-12-31 2015-12-31 2016-12-31 Latest
Dividend Yield (%) N/A 6.31 4.78 2.97 3.06 3.46
Dividend Payout (%) N/A -51.65 -280 -417.22 633.33 -169.07

A complete list of metrics and analysis is available on the company page.

Company Profile

CyrusOne, Inc. engages in the ownership, operation, and development of enterprise-class, carrier-neutral, multi-tenant data center properties. It provides mission-critical data center facilities that protect and ensure the continued operation of information technology infrastructure for different customers. The company’s data center properties are purpose-built facilities with redundant power, cooling and telecommunications systems and that are not network-specific, enabling customer interconnectivity to a range of telecommunications carriers. CyrusOne was founded on July 31, 2012 and is headquartered in Dallas, TX.

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