Dupont Fabros Technology (DFT) Reports In-Line Q1 EPS

Dupont Fabros Technology (NYSE: DFT) reported Q1 EPS of $0.30, in-line with the analyst estimate of $0.30. Revenue for the quarter came in at $102.1 million versus the consensus estimate of $99.39 million.

Normalized FFO for the quarter ended March 31, 2014 was $0.59 per share compared to $0.42 per share for the first quarter of 2013. The increase of $0.17 per share, or 40%, from the prior year quarter is primarily due to the following:

• Higher operating income excluding depreciation of $0.11 per share, and
• Lower interest expense of $0.06 per share due to lower interest rates and higher capitalized interest.

Hossein Fateh, President and Chief Executive Officer, said, "We are pleased to announce that one of our original data center facilities, VA3, is now 95% leased, up from 71% leased at year-end. Strong customer demand throughout our portfolio is supporting expansion of our development pipeline. We expect to deliver Phase IIA of our Santa Clara facility (SC1) in May and are seeing adequate demand to begin Phase IIB with projected delivery in the first quarter of 2013. Our focus on leasing available inventory and pre-leasing development projects will fuel DFT's growth."

On the dividend the company said: Our first quarter 2014 dividend of $0.35 per share was paid on April 15, 2014. This quarterly rate represents a 40% increase from the fourth quarter 2013 dividend rate of $0.25 per share. The anticipated 2014 annualized dividend of $1.40 per share represents an estimated Normalized FFO payout ratio of 59% at the midpoint of our current 2014 guidance. For 2013, the Normalized FFO payout ratio was 48% and the AFFO payout ratio was 51%.

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

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