DuPont Fabros Technology Q4 FFO Increases

(RTTNews) - DuPont Fabros Technology Inc. (DFT) reported that its fourth-quarter FFO attributable to common shares and OP units increased to $47.88 million from $37.38 million in the prior year. FFO attributable to common shares and OP units per share was $0.58 up from $0.46 last year.

Normalized FFO for the quarter ended December 31, 2014 was $0.58 per share compared to $0.57 per share for the fourth quarter of 2013. Excluding this bad debt charge, Normalized FFO increased $0.06 per share, or 11%, from the prior year quarter primarily due to higher operating income excluding depreciation.

Net income attributable to common shares for the quarter grew to $18.54 million from $11.46 million in the prior year. Earnings were $0.28 per share compared to $0.18 per share for the fourth quarter of 2013. The latest-quarter quarter contains a provision for bad debts of $0.05 per share, which is included in other expense, and the year ago quarter included an $0.11 per share loss on early extinguishment of debt. Excluding these items, earnings per share for the fourth quarter 2014 increased $0.04 per share, or 14%.

Revenues increased 9%, or $8.5 million, to $108.0 million for the fourth quarter of 2014 over the fourth quarter of 2013. The increase in revenues was primarily due to new leases commencing.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.62 per share and revenues of $106.35 million for the quarter. Analysts' estimates typically exclude special items.

The company's Normalized FFO guidance range is $0.56 to $0.60 per share for the first quarter of 2015.

In 2015, the company provides AFFO per share guidance. 2015 AFFO guidance range is $2.40 to $2.60 per share and the first quarter 2015 range is $0.59 to $0.63 per share.

2015 Normalized FFO guidance range is $2.27 to $2.47 per share.