Tue, May 17, 11:54 AM
- DuPont Fabros Technology (DFT -2.8%) has closed a public offering of its Series C preferred stock.
- The upsized offering of 8.05M shares priced last week (after a full greenshoe exercise), 6.625% Series C shares with a liquidation preference of $25/share. Dividends will be cumulative from original issuance and payable quarterly.
- With the increased size, the company estimates net proceeds of $194.4M, to be used to redeem certain outstanding 7.875% Series A preferred stock and then toward 7.625% Series B preferred stock.
- Now read Why Data Center REIT DuPont Fabros Shares Are Soaring »
Wed, Feb. 10, 1:47 PM
- DuPont Fabros Technology (NYSE:DFT) is up 3.9% after it said seven of its data centers have attained required SSAE 16 attestation in its most recent round of audits.
- The data centers are located in four markets in Virginia, New Jersey, California and Illinois. The SEC sees SSAE 16 as an acceptable assertion about internal controls at service organizations.
- "Successfully completing the SSAE 16 requirements is an annual achievement for us and a testament to our relentless focus on meeting customer needs," says CTO Scott Davis.
Thu, Feb. 4, 4:05 PM
- DuPont Fabros Technology (NYSE:DFT) picked up 3.7% today after its Q4 revenues beat expectations easily.
- Operating portfolio is 98% leased and commenced (as of today) on a computer room square foot basis, and 96% in critical load terms.
- The company lost $1.23/share including a $1.52/share impairment due to putting the NJ1 data center on the block; outside of that, earnings were $0.29/share, up from the prior $0.28 and beating an expected $0.27.
- Revenues were up 7.4% mainly due to new leases, and partly offset by the vacancy in Q4 of ACC2.
- The company established a 2016 normalized FFO guidance range of $2.65-$2.85 per share; the midpoint is $0.29 higher than 2015's normalized FFO/share. For Q1, the company's guiding to FFO/share of $0.66 to $0.68.
Fri, Jan. 29, 8:02 PM
- Data-center REITs Equinix (EQIX +3.5%) and DuPont Fabros Technology (DFT +1.9%) had Buy ratings reiterated by SunTrust Robinson Humphrey, with an eye toward the solid cloud computing growth shown by Amazon.com and Microsoft.
- As cloud players compete, the firm's Inder Singh writes, it's "fueling data center demand."
- "We believe DFT continues to win deals due to its scale and density and remains a major enabler of the cloud," Singh says, "counting Microsoft (22.7% of annualized rent as of 3Q15), Rackspace (10.3%) and a Fortune 1000 leading Software as a Service (SaaS) Provider (6.5%) as its top customers."
- Equinix benefits from a large footprint and its scale, he says. "While Equinix has a well distributed customer list with its top 10 customers only accounting for roughly 16.5% of revenue as of the end of 3Q15, Cloud customers make up four of its top 10 customers accounting for roughly 8.5% of revenue."
- Previously: Equinix closes Telecity deal, becomes top data center player in Europe (Jan. 15 2016)
- Previously: SunTrust bullish on data centers, picks CONE, DFT, EQIX (Nov. 24 2015)
Tue, Jan. 5, 4:46 PM
- DuPont Fabros Technology (DFT +2.1%) says it will market its NJ1 data center for sale, saying it's better suited for a more retail-oriented operation.
- The marketing plan means an impairment charge for Q4, between $115M and $135M, to lower book value of NJ1 to its estimated fair value. That would lower EPS (to $1.41 from $1.66) but leave FFO unaffected, the company says.
- The center is about 360K gross square feet, in two phases, with Phase II available for future development. It features about 18.2 megawatts of critical load power, some 52% of which is leased (70% of raised floor area is leased).
- "Our plan to exit the New Jersey market with the sale of this property will allow redeployment of capital in target markets that match our objectives for growth and profitability," says CEO Chris Eldredge. He adds that customers of NJ1 will be protected with service during the effort.
- Funds raised from the sale will partly fund expansion into new markets, specifically including Toronto; Portland, Ore.; or Phoenix.
Oct. 29, 2015, 1:03 PM
- DuPont Fabros (NYSE:DFT) has gained 2.6% following a Q3 report where it beat on top and bottom lines and commenced a pair of leases for 14,386 square feet combined.
- FFO was $0.62/share (up 3%). Earnings of $0.29/share beat the non-GAAP expectation of $0.28.
- Subsequent to the quarter's end, the company has signed eight leases totaling 162,496 computer-room square feet, with a weighted average lease term of 6.1 years.
- As of today, the company says, its operating portfolio is 97% leased and 93% commenced on a square-foot basis (95% leased and 91% commenced in critical load).
- The firm increased the capacity of its line of credit to $700M during the quarter, from $560M, and all $700M is available as of today.
- Conference call beginning now (1 p.m. ET).
Sep. 22, 2015, 3:42 PM
- DuPont Fabros (NYSE:DFT) is 4.2% lower today after RBC Capital downgraded shares to Sector Perform, from Outperform.
- The analysts lowered their price target to $29, from $34. Shares closed yesterday at $27.50 and are trading now at $26.35.
- The firm pointed to three reasons for the change; aside from rebalancing considerations, there are "concerns about tenant concentration and renewal spreads" tied to the company's exposure to large-tenant leases, which it sees as an issue for the foreseeable future.
- "DFT has four customers contributing greater than 10% of annualized rent, representing 61% of annualized rent," they write. "The fifth-largest customer contributes approximately 5% of annualized rent.”
- While the new target has some upside, RBC doesn't see many catalysts ahead.
Aug. 11, 2015, 3:52 PM
- DuPont Fabros (NYSE:DFT) shares are down 2%, and hitting their lowest point since October, on heavier than average volume today after a downgrade from Robert W. Baird.
- The analysts lowered their rating to Neutral, from Outperform.
- The firm set a $34 price target, down from $35. Shares are trading at $28.81. Consensus on the stock in general is split between Buy and Hold.
- In its most recent earnings, the company raised its FFO guidance for the full year but trimmed the midpoint of Q3 FFO slightly.
Jul. 30, 2015, 12:44 PM
- DuPont Fabros (NYSE:DFT) is off 2% as Q2 earnings missed slightly despite in-line funds from operations.
- Revenue grew nearly 12% from the prior year, though EPS of $0.30 missed by a penny and EBITDA of $67.1M missed an expected $68.9M.
- As of today, the company says its operating portfolio, excluding newly open CH2 Phase I, was 96% leased and commenced. This month CH2 Phase I was put into service 20% leased.
- YTD, the company has signed seven leases with a weighted average lease term of 7.1 years, expected to generate about $16.5M of annualized GAAP base rent revenue; and commenced nine leases totaling 18.32 MW.
- The company increased the size of a credit line to $700M from $560M this month, but all $700M is available for use.
- The company's bumping up guidance on 2015 normalized FFO by $0.03, to a range of $2.38-$2.48/share. It's lowered the midpoint of Q3 normalized FFO to $0.59-$0.62.
- Conference call to come at 1 p.m. ET.
Mar. 27, 2015, 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.
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.
Mar. 10, 2014, 9:48 AM
- Alcatel-Lucent (ALU +0.8%) has been upgraded to Outperform by BMO.
- InterActiveCorp (IACI +1.2%) has been upgraded to Outperform by Cowen.
- DuPont Fabros (DFT -2.3%) has been cut to Hold by Jefferies following its Yahoo disclosure.
- Veeco (VECO +8.2%) has been upgraded to Buy by UBS.
- Evolving Systems (EVOL +3.1%) has been upgraded to Buy by B. Riley.
Mar. 7, 2014, 4:06 PM
- DuPont Fabros (DFT -5.5%) discloses Yahoo (YHOO -2.4%) plans to sub-lease premises it directly leases at two DuPont data center facilities in Ashburn, VA. DuPont says the leases "represent 11% of the Company's operating property portfolio."
- Other data center owners have also sold off: DLR -3.7%. COR -2.3%. CONE -1.7%.
- Yahoo directly owns four data centers - they're in New York, Washington state, Nebraska, and Singapore. The company announced last October it's investing $170M to expand its New York facility.
- While Internet giants and cloud service providers remain among the top clients of independent data center owners, they've also been making huge investments in custom, energy-efficient data centers of their own.
Jan. 6, 2014, 9:46 AM
- First Solar (FSLR -6.3%) has been cut to Sell by Goldman, and SolarCity (SCTY +11.2%) has been upgraded to Conviction Buy.
- eBay (EBAY -2.7%) has been cut to Equal Weight by Morgan Stanley.
- Riverbed (RVBD -0.6%) has been cut to Hold from Strong Buy by Needham.
- JinkoSolar (JKS +7.6%) and Trina (TSL +5.9%) have been started at Buy by Jefferies
- SolarWinds (SWI +1.7%) has been upgraded to Overweight by Evercore.
- Manhattan Associates (MANH +3.2%) has been upgraded to Outperform by Raymond James.
- UMC (UMC +0.5%) has been upgraded to Overweight by UBS.
- Ingram Micro (IM +0.6%) has been upgraded to Overweight by Barclays.
- Dupont Fabros (DFT +0.9%) has been upgraded to Outperform by Baird.
- Rambus (RMBS -3.6%) has been cut to Hold by Jefferies.
- Arris (ARRS -2.5%) has been cut to Equal Weight by Barclays.
- Geospace Technologies (GEOS -4%) has been cut to Sell by BWS Financial.
- Trimble (TRMB -2.1%) has been cut to Hold by Craig-Hallum.
- Autohome (ATHM -9.6%) has been started at Neutral by Deutsche and Piper, and at Sell by Goldman, on underwriter coverage day.
Dec. 3, 2013, 12:01 PM
- Data center owners Digital Realty (DLR -4.2%), CoreSite (COR -4%), and (to a lesser extent) DuPont Fabros (DFT -1.1%) have joined Rackspace, Amazon, and Equnix (previous) in selling off after Google officially launched its Compute Engine cloud infrastructure (IaaS) platform (the service was in beta until now), and simultaneously unveiled new features and major price cuts.
- While data center colocation services firms don't directly compete with IaaS providers, they're indirectly affected to the extent customers migrate workloads away from their own servers (hosted within colocation facilities) to IaaS platforms that often leverage data centers built by the service providers themselves.
- However, colocation providers do offer connectivity services for linking client servers with IaaS platforms such as Amazon Web Services.
- Synergy Research recently estimated the traditional Web hosting market only grew 3% Y/Y in Q3, while the IaaS and cloud app platform (PaaS) markets collectively grew 46%.
Oct. 30, 2013, 9:48 AM
- Electronic Arts (EA +11%) has been upgraded to Strong Buy from Hold by Needham after beating FQ2 estimates and issuing solid FY14 guidance.
- LSI (LSI +3.1%) has been upgraded to Overweight by Morgan Stanley a week after posting mixed Q3 results.
- Nanometrics (NANO +17.8%) has been upgraded to Outperform by Pac Crest in the wake of its Q3 beat.
- InvenSense (INVN -16.1%) has been cut to Neutral by Roth after issuing below-consensus FQ3 guidance to go with an FQ2 beat.
- Cyan (CYNI -26.3%) has been cut to Hold by Jefferies after issuing weak Q4/2014 guidance to go with a Q3 beat.
- Digital Realty (DLR -13.1%) has been cut to Market Perform by Raymond James after posting mixed Q3 results and issuing soft Q4/2014 FFO guidance. Off in sympathy: EQIX -1.1%. DFT -2.7%.
DuPont Fabros Technology, Inc. operates as a real estate investment trust. It owns, develops, operates and manages enterprise-class, carrier neutral, multi-tenant wholesale data centers. The company's facilities are designed to offer highly specialized, efficient and safe computing environments... More
Industry: Property Management
Country: United States
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