DuPont Fabros Technology (DFT) Tops Q3 AFFO by 3c; Acquires Building, Land in Ontario

DuPont Fabros Technology (NYSE: DFT) reported Q3 AFFO of $0.75, $0.03 better than the analyst estimate of $0.72. Revenue for the quarter came in at $134.33 million versus the consensus estimate of $131.9 million.

Acquisition:

DuPont Fabros Technology also announced that it has purchased a building and land previously used for printing the Toronto Star newspaper in Vaughan, Ontario for a purchase price of CAD $54,250,000.

This acquisition will be used for DFT’s first data center, TOR1, in the Greater Toronto Area. We will use our new design 4.0 which gives customers options to pick their own power density and resiliency. We estimate that this data center will have approximately 23 computer rooms when fully built out and provide critical load of up to 46 megawatts (“MW”). Phase I of TOR1 will consist of 12 computer rooms totaling approximately 125,000 computer room square feet with critical load of up to 24 MW. The company anticipates service beginning in the third quarter of 2017.

Christopher P. Eldredge, President and CEO, stated “We look forward to expanding our business into the Toronto market. We believe that there is robust demand for first-class data center services in Toronto. As we have discussed previously, entry into this market is a key aspect of our strategic plan. Now that the purchase is complete, our pre-leasing efforts will target both existing and new customers who may need our premier wholesale data center services in Toronto.”

GUIDANCE:

DuPont Fabros Technology sees FY2016 AFFO of $2.78-$2.81, versus prior guidance of $2.77-$2.83.

For earnings history and earnings-related data on DuPont Fabros Technology (DFT) click here.

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