Fri, Mar. 27, 8:02 AM
- DuPont Fabros (NYSE:DFT) is lower by 1.9% premarket after Goldman starts it with a Sell rating and $29 price target on concern about customer concentration, repricing risk, and limited visibility into future growth.
- Digital Realty (NYSE:DLR) and Equinix (NASDAQ:EQIX) are started at Neutral, and QTS Realty (NYSE:QTS) rates a Buy.
Wed, Feb. 25, 4:41 PM
Thu, Feb. 5, 1:06 PM
- Fans of the sector in general thanks to rising rents, quick lease-up of development projects, and firm yields, MLV's Jon Petersen and Jay Hanna are particularly bullish on smaller-cap players who can increase FFO at an above-average rate. Their top picks are thus: CoreSite Realty (COR +1.2%) and QTS Realty (QTS +1.9%).
- CoreSite, says the duo, has the best-located portfolio in their coverage universe (Equinix - EQIX - is better, but they don't cover it), and thus should trade at the lowest cap rate.
- "Management at QTS has a knack for finding infrastructure-rich properties, for a fraction of the initial development cost, that are ideal for data-center conversion," says the team. The company can about double its leasable square feet just by building out already-completed shells.
- Rated at Hold are: CyrusOne (CONE +1%), Digital Realty (DLR +0.4%), and DuPont Fabros (DFT -9%).
- Dupont Fabros is tumbling today following Q4 results in which the company took a charge and guided conservatively for 2015 thanks to a tenant which has stopped paying rent.
Thu, Feb. 5, 8:50 AM
- Q4 normalized FFO of $0.58 per share vs. $0.57 one year ago. This year's figure included a $0.05 charge for bad debt from a troubled tenant who has announced intention to no longer pay base rent. Dividend is $0.42.
- As previously announced, Chris Eldredge to assume CEO role from co-founder Hossein Fateh, effective Feb. 17.
- As of Feb. 4, operating portfolio is 94% leased as measured by CRSF. Excluding the recently opened ACC7 data center, portfolio is 97% leased.
- Q4 same-store revenue growth of 7.3% from a year ago.
- Q1 normalized FFO expected at $0.56-$0.60 per share.
- Full-year 2015 normalized FFO expected at $2.27-$2.47 per share (was $2.39 in 2014). The midpoint is lower than 2014 results thanks to higher interest expense used to fund development and a $0.10 hit from the one customer who has halted base rent payments (see first bullet).
- Conference call at 1 ET
- Previously: DuPont Fabros FFO in-line, beats on revenue (Feb. 5)
- DFT flat premarket
Thu, Feb. 5, 7:11 AM
Wed, Feb. 4, 6:57 PM
- DuPont Fabros Technology (NYSE:DFT) has tapped NTT America's Christopher Eldredge as president and CEO, to replace company co-founder Hossein Fateh.
- Fateh will remain on the board as vice chairman.
- Along with NTT America, Eldredge has experience with the Telx Group, Broadview Networks and Frontier Communications.
Wed, Feb. 4, 5:30 PM
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Wed, Jan. 21, 11:37 AM
- To make the list, the stocks must be rated Outperform by the Baird team, have average or lower risk suitability, a dividend yield at least 1.5% above the 10-year Treasury rate, and an AFFO payout ratio under 100%.
- Armada Hoffler Properties (AHH +1.3%) is a diversified REIT, owning and managing office, retail, and multifamily properties throughout the country.
- Franklin Street Properties (FSP -1.1%) is an office property owner.
- STAG Industrial (STAG +0.2%) owns 248 industrial properties in 36 states with about 47M square feet.
- DuPont Fabros Technology (DFT) is a data center REIT with a current 4.6% yield.
- BioMed Realty Trust (BMR +0.1%) has biotech and pharmaceutical companies as tenants, and owns or has interests in properties totaling 17.5M rentable square feet.
Thu, Jan. 15, 6:08 PM| Comment!
Dec. 4, 2014, 8:24 AM
Dec. 2, 2014, 4:35 PM
Nov. 26, 2014, 10:57 AM
- Barclays has hiked its DuPont Fabros (DFT +2%) target by $7 to $38, and reiterates an Overweight. The firm argues DFT's agreement with Yahoo and a third party regarding the sub-leasing of data center capacity removes an overhang.
- On its Q3 CC (transcript), DFT noted it "entered into a tri-party agreement as part of Yahoo!'s sublease of 13.65 megawatts" at its ACC4 data center. The lease for 9.1MW of that space has been extended by two years to 2019.
Oct. 30, 2014, 7:20 AM
Oct. 29, 2014, 5:30 PM
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Sep. 22, 2014, 7:08 AM
Sep. 10, 2014, 11:16 AM
- Digital Realty's (DLR -1.5%) contribution to the JV with Griffin Capital Essential Asset REIT was a 132.3K square foot Turn-Key Flex data center in Ashburn, VA valued at about $185.5M, or $20.6K per kW. The property is expected to generate forward NOI of $13.1M, for a 7.05% cap rate, and DLR will retain a 20% interest, plus continue to manage the property.
- The JV took on a 5-year loan of $102M at Libor plus 225 basis points.
- Proceeds to DLR were about $168.4M.
- Source: Press Release
- In other data center REIT news, Stifel initiated coverage on a number in the sector. Started at Buy: Equinix (EQIX +0.1%), QTS Realty Trust (QTS +1.2%), and InterXion Holding (INXN +0.1%). Started at Hold: CoreSite Realty (COR -0.9%), Digital Realty, and DuPont Fabros (DFT -1.6%).
DFT vs. ETF Alternatives
Dupont Fabros Technology Inc is a real estate investment trust. The Company through its subsidiaries owns, acquires, develops and operates wholesale data centers used by national and international technology companies.
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