DUPONT FABROS TECH (DFT, Financial) filed Annual Report for the period ended 2011-12-31.
Dupont Fabros has a market cap of $1.45 billion; its shares were traded at around $22.57 with a P/E ratio of 15.4 and P/S ratio of 5. The dividend yield of Dupont Fabros stocks is 2.1%. Dupont Fabros had an annual average earning growth of 168.3% over the past 5 years.
Operating Revenue. Operating revenue for the year ended December 31, 2010 was $242.5 million. This includes base rent of $154.9 million, tenant recoveries of $78.4 million, which includes our property management fee, and other revenue of $9.2 million, primarily from a la carte projects for our tenants performed by our TRS. This compares to revenue of $200.3 million for the year ended December 31, 2009. The increase of $42.2 million, or 21%, was due to the lease-up of CH1 Phase I and ACC5 Phase I, and the opening of ACC5 Phase II and NJ1 Phase I in November 2010, partially offset by a decrease in revenue from a la carte services provided to the tenants on a non-recurring basis due to a lower volume of a la carte projects. Also offsetting the increase in revenue is a $5.1 million reduction in 2010 due to energy costs savings from the Companys participation in load management and rate setting programs. These energy savings, while a reduction of revenue to the Company, represent a direct reduction of property operating costs as well, due to the triple net lease structure in place with tenants.
Net cash used in investing activities increased by $236.7 million, or 152.7%, to $391.7 million for the year ended December 31, 2011 compared to $155.0 million for 2010. This increase primarily consisted of expenditures for projects under development. Development-related expenditures were $351.1 million for the year ended December 31, 2011 which is an increase by $85.9 million year over year. Also, interest capitalized for real estate under development increased by $1.8 million year over year to $27.0 million for the year ended December 31, 2011. The Company expects development-related expenditures and capitalized interest to decrease significantly in 2012 as the Company does not currently have any developments in process since CH1 Phase II was placed in service on February 1, 2012. The Company also acquired 23 acres of land held for future development at a cost of $9.5 million during 2011. Expenditures for improvements to real estate were $3.8 million in the year ended December 31, 2011 which compared to $3.0 million in 2010. In addition during the year ended December 31, 2010, the Company redeemed $199.0 million in marketable securities held to maturity and purchased $60.0 million of these securities. The Company had no redemptions or purchases of marketable securities during the year ended December 31, 2011.
Net cash provided by financing activities decreased by $212.9 million to $54.1 million for the year ended December 31, 2011 compared to $267.0 million for 2010. Cash provided by financing activities for 2011 primarily consisted of $97.5 million of net proceeds from the issuance of 4.1 million shares of Series B Preferred Stock and $20.0 million of borrowings under the revolving credit facility partially offset by $58.6 million paid for dividends and distributions. Cash provided by financing activities for 2010 primarily consisted of $305.2 million of net proceeds from the issuance of 13.8 million shares of common stock, $178.6 million of net proceeds from the issuance of 7.4 million shares of Series A Preferred Stock and $8.9 million return of proceeds escrowed for the ACC5 Term Loan, as defined below, partially offset by $198.5 million of principal payments on the ACC4 Term Loan, as defined below, which was paid off in its entirety in October 2010 and $25.0 million paid for dividends and distributions.
Net cash provided by financing activities increased by $85.8 million, or 47.4%, to $267.0 million for the year ended December 31, 2010 compared to $181.2 million for the year ended December 31, 2009. Cash provided by financing activities for 2010 primarily consisted of $305.2 million of net proceeds from the issuance of 13.8 million shares of common stock, $178.6 million of net proceeds from the issuance of 7.4 million shares of Series A Preferred Stock and $8.9 million return of proceeds escrowed for the ACC5 Term Loan, as defined below, partially offset by $198.5 million of principal payments on the ACC4 Term Loan, as defined below, which was paid off in its entirety in October 2010 and $25.0 million paid for dividends and distributions. Cash provided by financing activities for 2009 primarily consisted of $881.7 million of proceeds from the issuance of debt, partially offset by the repayment of $650.0 million of debt. Additionally, cash was used to fund an interest reserve of $10.0 million related to the ACC5 Term Loan and pay $21.3 million of financing costs, $13.7 million to terminate an interest rate swap and $5.4 million of dividends and distributions.
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Dupont Fabros has a market cap of $1.45 billion; its shares were traded at around $22.57 with a P/E ratio of 15.4 and P/S ratio of 5. The dividend yield of Dupont Fabros stocks is 2.1%. Dupont Fabros had an annual average earning growth of 168.3% over the past 5 years.
Highlight of Business Operations:
Interest Expense. Interest expense, including amortization of deferred financing costs, for the year ended December 31, 2011 was $29.5 million compared to interest expense of $43.2 million for the year ended December 31, 2010. Included in interest in 2010 is $2.5 million for the write-off of deferred financing costs for debt retired in 2010. Total interest incurred for the year ended December 31, 2011 was $57.9 million, of which $28.4 million was capitalized, compared to total interest incurred of $69.6 million in 2010, of which $26.4 million was capitalized. The decrease in total interest incurred period over period was primarily due to lower overall debt balances following the Companys Series A preferred stock offering in October 2010, the proceeds from which were used to pay off in full a $196.5 million term loan and lower interest rates on the ACC5 Term Loan. On July 29, 2011, the Company executed an amendment to the ACC5 Term Loan that, among other things, removed the 1.5% LIBOR floor and reduced the applicable margin to 3.00%.Operating Revenue. Operating revenue for the year ended December 31, 2010 was $242.5 million. This includes base rent of $154.9 million, tenant recoveries of $78.4 million, which includes our property management fee, and other revenue of $9.2 million, primarily from a la carte projects for our tenants performed by our TRS. This compares to revenue of $200.3 million for the year ended December 31, 2009. The increase of $42.2 million, or 21%, was due to the lease-up of CH1 Phase I and ACC5 Phase I, and the opening of ACC5 Phase II and NJ1 Phase I in November 2010, partially offset by a decrease in revenue from a la carte services provided to the tenants on a non-recurring basis due to a lower volume of a la carte projects. Also offsetting the increase in revenue is a $5.1 million reduction in 2010 due to energy costs savings from the Companys participation in load management and rate setting programs. These energy savings, while a reduction of revenue to the Company, represent a direct reduction of property operating costs as well, due to the triple net lease structure in place with tenants.
Net cash used in investing activities increased by $236.7 million, or 152.7%, to $391.7 million for the year ended December 31, 2011 compared to $155.0 million for 2010. This increase primarily consisted of expenditures for projects under development. Development-related expenditures were $351.1 million for the year ended December 31, 2011 which is an increase by $85.9 million year over year. Also, interest capitalized for real estate under development increased by $1.8 million year over year to $27.0 million for the year ended December 31, 2011. The Company expects development-related expenditures and capitalized interest to decrease significantly in 2012 as the Company does not currently have any developments in process since CH1 Phase II was placed in service on February 1, 2012. The Company also acquired 23 acres of land held for future development at a cost of $9.5 million during 2011. Expenditures for improvements to real estate were $3.8 million in the year ended December 31, 2011 which compared to $3.0 million in 2010. In addition during the year ended December 31, 2010, the Company redeemed $199.0 million in marketable securities held to maturity and purchased $60.0 million of these securities. The Company had no redemptions or purchases of marketable securities during the year ended December 31, 2011.
Net cash provided by financing activities decreased by $212.9 million to $54.1 million for the year ended December 31, 2011 compared to $267.0 million for 2010. Cash provided by financing activities for 2011 primarily consisted of $97.5 million of net proceeds from the issuance of 4.1 million shares of Series B Preferred Stock and $20.0 million of borrowings under the revolving credit facility partially offset by $58.6 million paid for dividends and distributions. Cash provided by financing activities for 2010 primarily consisted of $305.2 million of net proceeds from the issuance of 13.8 million shares of common stock, $178.6 million of net proceeds from the issuance of 7.4 million shares of Series A Preferred Stock and $8.9 million return of proceeds escrowed for the ACC5 Term Loan, as defined below, partially offset by $198.5 million of principal payments on the ACC4 Term Loan, as defined below, which was paid off in its entirety in October 2010 and $25.0 million paid for dividends and distributions.
Net cash provided by financing activities increased by $85.8 million, or 47.4%, to $267.0 million for the year ended December 31, 2010 compared to $181.2 million for the year ended December 31, 2009. Cash provided by financing activities for 2010 primarily consisted of $305.2 million of net proceeds from the issuance of 13.8 million shares of common stock, $178.6 million of net proceeds from the issuance of 7.4 million shares of Series A Preferred Stock and $8.9 million return of proceeds escrowed for the ACC5 Term Loan, as defined below, partially offset by $198.5 million of principal payments on the ACC4 Term Loan, as defined below, which was paid off in its entirety in October 2010 and $25.0 million paid for dividends and distributions. Cash provided by financing activities for 2009 primarily consisted of $881.7 million of proceeds from the issuance of debt, partially offset by the repayment of $650.0 million of debt. Additionally, cash was used to fund an interest reserve of $10.0 million related to the ACC5 Term Loan and pay $21.3 million of financing costs, $13.7 million to terminate an interest rate swap and $5.4 million of dividends and distributions.
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