Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 07, 2014 | Jun. 30, 2013 |
Entity Information [Line Items] | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Registrant Name | 'DUPONT FABROS TECHNOLOGY, INC. | ' | ' |
Entity Central Index Key | '0001407739 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 65,655,906 | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,543 |
DuPont Fabros Technology, L.P. [Member] | ' | ' | ' |
Entity Information [Line Items] | ' | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Registrant Name | 'DUPONT FABROS TECHNOLOGY, L.P. | ' | ' |
Entity Central Index Key | '0001418175 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Non-accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
ASSETS | ' | ' | |
Land | $75,956 | $73,197 | |
Buildings and improvements | 2,420,986 | 2,315,499 | |
Income producing property | 2,496,942 | 2,388,696 | |
Less: accumulated depreciation | -413,394 | -325,740 | |
Net income producing property | 2,083,548 | 2,062,956 | |
Construction in progress and land held for development | 302,068 | [1] | 218,934 |
Net real estate | 2,385,616 | 2,281,890 | |
Cash and cash equivalents | 38,733 | 23,578 | |
Rents and other receivables | 12,674 | 3,840 | |
Deferred rent, net | 150,038 | 144,829 | |
Lease contracts above market value, net | 9,154 | 10,255 | |
Deferred costs, net | 39,866 | 35,670 | |
Prepaid expenses and other assets | 44,507 | 30,797 | |
Total assets | 2,680,588 | 2,530,859 | |
Liabilities: | ' | ' | |
Line of credit | 0 | 18,000 | |
Mortgage notes payable | 115,000 | 139,600 | |
Unsecured Term Loan | 154,000 | 0 | |
Unsecured notes payable | 600,000 | 550,000 | |
Accounts payable and accrued liabilities | 23,566 | 22,280 | |
Construction costs payable | 45,444 | 6,334 | |
Accrued interest payable | 9,983 | 2,601 | |
Dividend and distribution payable | 25,971 | 22,177 | |
Lease contracts below market value, net | 10,530 | 14,022 | |
Prepaid rents and other liabilities | 56,576 | 35,524 | |
Total liabilities | 1,041,070 | 810,538 | |
Redeemable noncontrolling interests - operating partnership | 387,244 | 453,889 | |
Commitments and contingencies | 0 | 0 | |
Stockholders’ equity: | ' | ' | |
Common stock, $.001 par value, 250,000,000 shares authorized, 64,645,117 shares issued and outstanding at March 31, 2013 and 63,340,929 shares issued and outstanding at December 31, 2012 | 65 | 63 | |
Additional paid in capital | 900,959 | 915,119 | |
Retained earnings (accumulated deficit) | 0 | 0 | |
Total stockholders’ equity | 1,252,274 | 1,266,432 | |
Total liabilities and stockholders’ equity | 2,680,588 | 2,530,859 | |
Series A cumulative redeemable perpetual preferred stock [Member] | ' | ' | |
Stockholders’ equity: | ' | ' | |
Preferred stock, $.001 par value, 50,000,000 shares authorized | 185,000 | 185,000 | |
Series B cumulative redeemable perpetual preferred stock [Member] | ' | ' | |
Stockholders’ equity: | ' | ' | |
Preferred stock, $.001 par value, 50,000,000 shares authorized | 166,250 | 166,250 | |
DuPont Fabros Technology, L.P. [Member] | ' | ' | |
ASSETS | ' | ' | |
Land | 75,956 | 73,197 | |
Buildings and improvements | 2,420,986 | 2,315,499 | |
Income producing property | 2,496,942 | 2,388,696 | |
Less: accumulated depreciation | -413,394 | -325,740 | |
Net income producing property | 2,083,548 | 2,062,956 | |
Construction in progress and land held for development | 302,068 | 218,934 | |
Net real estate | 2,385,616 | 2,281,890 | |
Cash and cash equivalents | 34,514 | 19,282 | |
Rents and other receivables | 12,674 | 3,840 | |
Deferred rent, net | 150,038 | 144,829 | |
Lease contracts above market value, net | 9,154 | 10,255 | |
Deferred costs, net | 39,866 | 35,670 | |
Prepaid expenses and other assets | 44,507 | 30,797 | |
Total assets | 2,676,369 | 2,526,563 | |
Liabilities: | ' | ' | |
Line of credit | 0 | 18,000 | |
Mortgage notes payable | 115,000 | 139,600 | |
Unsecured Term Loan | 154,000 | 0 | |
Unsecured notes payable | 600,000 | 550,000 | |
Accounts payable and accrued liabilities | 23,566 | 22,280 | |
Construction costs payable | 45,444 | 6,334 | |
Accrued interest payable | 9,983 | 2,601 | |
Dividend and distribution payable | 25,971 | 22,177 | |
Lease contracts below market value, net | 10,530 | 14,022 | |
Prepaid rents and other liabilities | 56,576 | 35,524 | |
Total liabilities | 1,041,070 | 810,538 | |
Redeemable noncontrolling interests - operating partnership | 387,244 | 453,889 | |
Redeemable partnership units | 387,244 | 453,889 | |
Commitments and contingencies | 0 | 0 | |
Stockholders’ equity: | ' | ' | |
Total liabilities and stockholders’ equity | 2,676,369 | 2,526,563 | |
Partners’ capital: | ' | ' | |
General partner’s capital, common units, 662,373 issued and outstanding at March 31, 2013 and December 31, 2012 | 9,110 | 9,525 | |
Total partners’ capital | 1,248,055 | 1,262,136 | |
DuPont Fabros Technology, L.P. [Member] | Series A cumulative redeemable perpetual preferred units [Member] | ' | ' | |
Partners’ capital: | ' | ' | |
Limited partners' capital | 185,000 | 185,000 | |
DuPont Fabros Technology, L.P. [Member] | Series B cumulative redeemable perpetual preferred units [Member] | ' | ' | |
Partners’ capital: | ' | ' | |
Limited partners' capital | 166,250 | 166,250 | |
DuPont Fabros Technology, L.P. [Member] | Limited partners' common units [Member] | ' | ' | |
Partners’ capital: | ' | ' | |
Limited partners' capital | 887,695 | 901,361 | |
DuPont Fabros Technology, L.P. [Member] | Series A cumulative redeemable perpetual preferred stock [Member] | ' | ' | |
Partners’ capital: | ' | ' | |
Limited partners' capital | 185,000 | 185,000 | |
DuPont Fabros Technology, L.P. [Member] | Series B cumulative redeemable perpetual preferred stock [Member] | ' | ' | |
Partners’ capital: | ' | ' | |
Limited partners' capital | $166,250 | $166,250 | |
[1] | (1)Properties located in Ashburn, VA (ACC7 and ACC8); Piscataway, NJ (NJ1 Phase II), Elk Grove Village, IL (CH2) and Santa Clara, CA (SC1 Phase II and SC2). |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares issued | 65,205,274 | 63,340,929 |
Common stock, shares outstanding | 65,205,274 | 63,340,929 |
General Partners' Capital Account, Units Issued | 662,373 | 662,373 |
General partners' capital, units outstanding | 662,373 | 662,373 |
Series A cumulative redeemable perpetual preferred units [Member] | ' | ' |
Limited partners' capital, common units issued | 7,400,000 | 7,400,000 |
Limited partners' capital, common units outstanding | 7,400,000 | 7,400,000 |
Series B cumulative redeemable perpetual preferred units [Member] | ' | ' |
Limited partners' capital, common units issued | 6,650,000 | 6,650,000 |
Limited partners' capital, common units outstanding | 6,650,000 | 6,650,000 |
Limited partners' common units [Member] | ' | ' |
Limited partners' capital, common units issued | 64,542,901 | 62,678,556 |
Limited partners' capital, common units outstanding | 64,542,901 | 62,678,556 |
Series A cumulative redeemable perpetual preferred stock [Member] | ' | ' |
Preferred stock, shares issued | 7,400,000 | 7,400,000 |
Preferred stock, shares outstanding | 7,400,000 | 7,400,000 |
Series B cumulative redeemable perpetual preferred stock [Member] | ' | ' |
Preferred stock, shares issued | 6,650,000 | 6,650,000 |
Preferred stock, shares outstanding | 6,650,000 | 6,650,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Base rent | $265,695 | $236,810 | $206,036 |
Recoveries from tenants | 104,271 | 91,049 | 79,118 |
Other revenues | 5,143 | 4,586 | 2,287 |
Total revenues | 375,109 | 332,445 | 287,441 |
Expenses: | ' | ' | ' |
Property operating costs | 103,522 | 94,646 | 80,351 |
Real estate taxes and insurance | 14,380 | 12,689 | 6,392 |
Depreciation and amortization | 93,058 | 89,241 | 75,070 |
General and administrative | 16,261 | 17,024 | 15,955 |
Other expenses | 3,650 | 6,919 | 1,137 |
Total expenses | 230,871 | 220,519 | 178,905 |
Operating income | 144,238 | 111,926 | 108,536 |
Interest income | 137 | 168 | 486 |
Interest: | ' | ' | ' |
Expense incurred | -46,443 | -47,765 | -27,096 |
Amortization of deferred financing costs | -3,349 | -3,496 | -2,446 |
Loss on early extinguishment of debt | -40,978 | 0 | 0 |
Net (loss) income | 53,605 | 60,833 | 79,480 |
Net loss (income) attributable to redeemable noncontrolling interests – operating partnership | -5,214 | -7,803 | -14,505 |
Net (loss) income attributable to controlling interests | 48,391 | 53,030 | 64,975 |
Preferred stock dividends | -27,245 | -27,053 | -20,874 |
Net (loss) income attributable to common shares | 21,146 | 25,977 | 44,101 |
Earnings per share – basic: | ' | ' | ' |
Net income attributable to common shares | $0.32 | $0.41 | $0.71 |
Weighted average common shares outstanding | 64,645,316 | 62,866,189 | 61,241,520 |
Earnings per share – diluted: | ' | ' | ' |
Net income attributable to common shares | $0.32 | $0.41 | $0.71 |
Weighted average common shares outstanding | 65,474,039 | 63,754,006 | 62,303,905 |
DuPont Fabros Technology, L.P. [Member] | ' | ' | ' |
Revenues: | ' | ' | ' |
Base rent | 265,695 | 236,810 | 206,036 |
Recoveries from tenants | 104,271 | 91,049 | 79,118 |
Other revenues | 5,143 | 4,586 | 2,287 |
Total revenues | 375,109 | 332,445 | 287,441 |
Expenses: | ' | ' | ' |
Property operating costs | 103,522 | 94,646 | 80,351 |
Real estate taxes and insurance | 14,380 | 12,689 | 6,392 |
Depreciation and amortization | 93,058 | 89,241 | 75,070 |
General and administrative | 16,261 | 17,024 | 15,955 |
Other expenses | 3,650 | 6,919 | 1,137 |
Total expenses | 230,871 | 220,519 | 178,905 |
Operating income | 144,238 | 111,926 | 108,536 |
Interest income | 137 | 168 | 486 |
Interest: | ' | ' | ' |
Expense incurred | -46,443 | -47,765 | -27,096 |
Amortization of deferred financing costs | -3,349 | -3,496 | -2,446 |
Loss on early extinguishment of debt | -40,978 | 0 | 0 |
Net (loss) income | 53,605 | 60,833 | 79,480 |
Preferred stock dividends | -27,245 | -27,053 | -20,874 |
Net income attributable to common units | $26,360 | $33,780 | $58,606 |
Earnings per unit – basic: | ' | ' | ' |
Net income attributable to common units | $0.32 | $0.41 | $0.71 |
Weighted average common units outstanding | 80,580,556 | 81,750,958 | 81,387,042 |
Earnings per unit – diluted: | ' | ' | ' |
Net income attributable to common units | $0.32 | $0.41 | $0.71 |
Weighted average common units outstanding | 81,409,279 | 82,638,775 | 82,449,427 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | PreferredStock/Units [Member] | Common Class A [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
In Thousands, except Share data | |||||
Balance at Dec. 31, 2010 | $1,080,258 | $185,000 | $60 | $946,379 | ($51,181) |
Balance, shares at Dec. 31, 2010 | 59,827,005 | ' | ' | ' | ' |
Net income attributable to controlling interests | 64,975 | ' | ' | ' | 64,975 |
Issuance of preferred stock | 97,450 | 101,250 | ' | -3,800 | ' |
Dividends declared on common stock | -29,709 | ' | ' | -29,709 | ' |
Dividends earned on preferred stock | -20,874 | ' | ' | ' | -20,874 |
Redemption of operating partnership units | 66,500 | ' | 3 | 66,497 | ' |
Redemption of operating partnership units, shares | 2,883,118 | ' | ' | ' | ' |
Issuance of stock awards | 169 | ' | 0 | 169 | ' |
Issuance of stock awards, shares | 165,608 | ' | ' | ' | ' |
Stock Issued During Period, Value, Stock Options Exercised | 700 | ' | 0 | 700 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 138,313 | ' | ' | ' | ' |
Retirement and forfeiture of stock awards | -2,086 | ' | 0 | -2,086 | ' |
Retirement and forfeiture of stock awards, shares | -99,057 | ' | ' | ' | ' |
Amortization of deferred compensation costs | 6,287 | ' | ' | 6,287 | ' |
Adjustments to redeemable noncontrolling interests – operating partnership | -56,535 | ' | ' | -56,535 | ' |
Balance at Dec. 31, 2011 | 1,207,135 | 286,250 | 63 | 927,902 | -7,080 |
Balance, shares at Dec. 31, 2011 | 62,914,987 | ' | ' | ' | ' |
Net income attributable to controlling interests | 53,030 | ' | ' | ' | 53,030 |
Issuance of preferred stock | 62,685 | 65,000 | ' | -2,315 | ' |
Dividends declared on common stock | -39,229 | ' | ' | -20,332 | -18,897 |
Dividends earned on preferred stock | -27,053 | ' | ' | ' | -27,053 |
Redemption of operating partnership units | 6,800 | ' | 0 | 6,800 | ' |
Redemption of operating partnership units, shares | 277,575 | ' | ' | ' | ' |
Issuance of stock awards | 352 | ' | 0 | 352 | ' |
Issuance of stock awards, shares | 157,025 | ' | ' | ' | ' |
Stock Issued During Period, Value, Stock Options Exercised | 868 | ' | 0 | 868 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 113,955 | ' | ' | ' | ' |
Retirement and forfeiture of stock awards | -2,359 | ' | 0 | -2,359 | ' |
Retirement and forfeiture of stock awards, shares | -122,613 | ' | ' | ' | ' |
Amortization of deferred compensation costs | 7,033 | ' | ' | 7,033 | ' |
Adjustments to redeemable noncontrolling interests – operating partnership | -2,830 | ' | ' | -2,830 | ' |
Balance at Dec. 31, 2012 | 1,266,432 | 351,250 | 63 | 915,119 | 0 |
Balance, shares at Dec. 31, 2012 | 63,340,929 | ' | ' | ' | ' |
Net income attributable to controlling interests | 48,391 | ' | ' | ' | 48,391 |
Dividends declared on common stock | -61,560 | ' | ' | -40,414 | -21,146 |
Dividends earned on preferred stock | -27,245 | ' | ' | ' | -27,245 |
Redemption of operating partnership units | 75,600 | ' | 3 | 75,597 | ' |
Redemption of operating partnership units, shares | 3,115,269 | ' | ' | ' | ' |
Common stock repurchases | -37,792 | ' | -1 | -37,791 | ' |
Common stock repurchase, shares | 1,632,673 | ' | ' | ' | ' |
Issuance of stock awards | 319 | ' | 0 | 319 | ' |
Issuance of stock awards, shares | 216,209 | ' | ' | ' | ' |
Stock Issued During Period, Value, Stock Options Exercised | 1,711 | ' | 0 | 1,711 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 250,472 | ' | ' | ' | ' |
Retirement and forfeiture of stock awards | -1,172 | ' | 0 | -1,172 | ' |
Retirement and forfeiture of stock awards, shares | -84,932 | ' | ' | ' | ' |
Amortization of deferred compensation costs | 6,381 | ' | ' | 6,381 | ' |
Adjustments to redeemable noncontrolling interests – operating partnership | -18,791 | ' | ' | -18,791 | ' |
Balance at Dec. 31, 2013 | $1,252,274 | $351,250 | $65 | $900,959 | $0 |
Balance, shares at Dec. 31, 2013 | 65,205,274 | ' | ' | ' | ' |
Consolidated_Statement_of_Part
Consolidated Statement of Partners' Capital (USD $) | Total | DuPont Fabros Technology, L.P. [Member] | DuPont Fabros Technology, L.P. [Member] | DuPont Fabros Technology, L.P. [Member] | DuPont Fabros Technology, L.P. [Member] |
In Thousands, except Share data | Limited Partners' Capital - Preferred [Member] | Limited Partners' Capital - Common [Member] | General Partner's Capital [Member] | ||
Balance at Dec. 31, 2010 | ' | $1,075,736 | $185,000 | $878,826 | $11,910 |
Balance, units at Dec. 31, 2010 | ' | ' | ' | 59,164,632 | 662,373 |
Net income | 79,480 | 79,480 | ' | 78,643 | 837 |
Issuance of OP units for preferred stock offering | ' | 97,450 | 101,250 | -3,800 | ' |
Common unit distributions | ' | -39,333 | ' | -38,919 | -414 |
Preferred unit distributions | ' | -20,874 | ' | -20,654 | -220 |
Redemption of operating partnership units, shares | 2,883,118 | 2,883,118 | ' | 2,883,118 | ' |
Redemption of operating partnership units | 66,500 | 66,500 | ' | 66,500 | ' |
Issuance of OP units for stock awards, units | ' | ' | ' | 165,608 | ' |
Issuance of OP units for stock awards | ' | 169 | ' | 169 | ' |
Issuance of OP units due to option exercises | ' | ' | ' | 138,313 | ' |
Partners' Capital Account, Option Exercise | ' | 700 | ' | 700 | ' |
Retirement and forfeiture of OP units, units | ' | ' | ' | -99,057 | ' |
Retirement and forfeiture of OP units | ' | -2,086 | ' | -2,086 | ' |
Amortization of deferred compensation costs | 6,287 | 6,287 | ' | 6,287 | ' |
Adjustmenst to redeemable partnership units | ' | -61,199 | ' | -61,749 | 550 |
Balance at Dec. 31, 2011 | ' | 1,202,830 | 286,250 | 903,917 | 12,663 |
Balance, units at Dec. 31, 2011 | ' | ' | ' | 62,252,614 | 662,373 |
Net income | 60,833 | 60,833 | ' | 60,197 | 636 |
Issuance of OP units for preferred stock offering | ' | 62,694 | 65,000 | -2,306 | ' |
Common unit distributions | ' | -50,912 | ' | -50,501 | -411 |
Preferred unit distributions | ' | -27,053 | ' | -26,770 | -283 |
Redemption of operating partnership units, shares | 277,575 | 277,575 | ' | 277,575 | ' |
Redemption of operating partnership units | 6,800 | 6,800 | ' | 6,800 | ' |
Issuance of OP units for stock awards, units | ' | ' | ' | 157,025 | ' |
Issuance of OP units for stock awards | ' | 352 | ' | 352 | ' |
Issuance of OP units due to option exercises | ' | ' | ' | 113,955 | ' |
Partners' Capital Account, Option Exercise | ' | 868 | ' | 868 | ' |
Retirement and forfeiture of OP units, units | ' | ' | ' | -122,613 | ' |
Retirement and forfeiture of OP units | ' | -2,359 | ' | -2,359 | ' |
Amortization of deferred compensation costs | 7,033 | 7,033 | ' | 7,033 | ' |
Adjustmenst to redeemable partnership units | ' | 1,050 | ' | 4,130 | -3,080 |
Balance at Dec. 31, 2012 | ' | 1,262,136 | ' | ' | ' |
Net income | 53,605 | 53,605 | ' | 53,060 | 545 |
Common unit distributions | ' | -76,610 | ' | -75,981 | -629 |
Preferred unit distributions | ' | -27,245 | ' | -26,968 | -277 |
Redemption of operating partnership units, shares | 3,115,269 | 3,115,269 | ' | 3,115,269 | ' |
Redemption of operating partnership units | 75,600 | 75,600 | ' | 75,600 | ' |
Retirement of OP units for common stock repurchase, units | ' | ' | ' | -1,632,673 | ' |
Retirement of OP units for common stock repurchases | ' | -37,792 | ' | -37,792 | ' |
Issuance of OP units for stock awards, units | ' | ' | ' | 216,209 | ' |
Issuance of OP units for stock awards | ' | 319 | ' | 319 | ' |
Issuance of OP units due to option exercises | ' | ' | ' | 250,472 | ' |
Partners' Capital Account, Option Exercise | ' | 1,711 | ' | 1,711 | ' |
Retirement and forfeiture of OP units, units | ' | ' | ' | -84,932 | ' |
Retirement and forfeiture of OP units | ' | -1,172 | ' | -1,172 | ' |
Amortization of deferred compensation costs | 6,381 | 6,381 | ' | 6,381 | ' |
Adjustmenst to redeemable partnership units | ' | -8,878 | ' | -8,824 | -54 |
Balance at Dec. 31, 2013 | ' | $1,248,055 | $351,250 | $887,695 | $9,110 |
Balance, units at Dec. 31, 2013 | ' | ' | ' | 64,542,901 | 662,373 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash flow from operating activities | ' | ' | ' |
Net income | $53,605 | $60,833 | $79,480 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Depreciation and amortization | 93,058 | 89,241 | 75,070 |
Write off of Deferred Debt Issuance Cost | 40,978 | 0 | 0 |
Straight line rent | -6,920 | -17,967 | -34,095 |
Amortization of deferred financing costs | -3,349 | -3,496 | -2,446 |
Amortization of lease contracts above and below market value | -2,391 | -3,194 | -2,874 |
Compensation paid with Company common shares | 6,088 | 6,980 | 5,950 |
Changes in operating assets and liabilities | ' | ' | ' |
Rents and other receivables | -5,900 | -2,452 | 1,839 |
Deferred costs | -2,082 | -1,278 | -1,773 |
Prepaid expenses and other assets | -14,760 | -5,854 | -3,532 |
Accounts payable and accrued liabilities | 1,520 | -1,112 | -1,238 |
Accrued interest payable | 7,382 | 73 | -238 |
Prepaid rents and other liabilities | 19,834 | 3,997 | 4,081 |
Net cash provided by operating activities | 193,761 | 132,763 | 125,116 |
Cash flow from investing activities | ' | ' | ' |
Investments in real estate – development | -129,332 | -94,753 | -351,090 |
Payments to Acquire Land | -14,186 | -3,830 | -9,507 |
Interest capitalized for real estate under development | -3,774 | -4,434 | -27,024 |
Improvements to real estate | -5,757 | -4,426 | -3,821 |
Additions to non-real estate property | -71 | -57 | -304 |
Net cash used in investing activities | -153,120 | -107,500 | -391,746 |
Line of credit: | ' | ' | ' |
Proceeds | 102,000 | 48,000 | 20,000 |
Repayments | -120,000 | -50,000 | 0 |
Mortgage notes payable: | ' | ' | ' |
Proceeds from Issuance of Secured Debt | 115,000 | 0 | 0 |
Repayments of Notes Payable | -138,300 | 0 | 0 |
Repayments | -1,300 | -5,200 | -5,200 |
Proceeds from (Repayments of) Restricted Cash, Financing Activities | 0 | 0 | 1,104 |
Proceeds from Issuance of Unsecured Debt | 154,000 | 0 | 0 |
Proceeds from Unsecured Notes Payable | 600,000 | 0 | 0 |
Repayments of Unsecured Debt | -550,000 | 0 | 0 |
Payments of financing costs | -18,200 | -2,109 | -1,338 |
Payments of Debt Extinguishment Costs | -32,544 | 0 | 0 |
Issuance of preferred stock, net of offering costs | 0 | 62,685 | 97,450 |
Exercises of stock options | 1,711 | 868 | 700 |
Payments for Repurchase of Common Stock | -37,792 | 0 | 0 |
Dividends and distributions: | ' | ' | ' |
Common shares | -57,927 | -34,112 | -29,338 |
Preferred shares | -27,245 | -26,006 | -19,325 |
Redeemable noncontrolling interests – operating partnership | -14,889 | -10,213 | -9,971 |
Net cash provided by financing activities | -25,486 | -16,087 | 54,082 |
Net increase (decrease) in cash and cash equivalents | 15,155 | 9,176 | -212,548 |
Cash and cash equivalents, beginning | 23,578 | 14,402 | 226,950 |
Cash and cash equivalents, ending | 38,733 | 23,578 | 14,402 |
Supplemental information: | ' | ' | ' |
Cash paid for interest | 42,835 | 52,127 | 54,358 |
Deferred financing costs capitalized for real estate under development | 226 | 277 | 1,387 |
Construction costs payable capitalized for real estate under development | 45,444 | 6,334 | 20,300 |
Redemption of operating partnership units | 75,600 | 6,800 | 66,500 |
Adjustments to redeemable noncontrolling interests – operating partnership | 18,791 | 2,830 | 56,535 |
DuPont Fabros Technology, L.P. [Member] | ' | ' | ' |
Cash flow from operating activities | ' | ' | ' |
Net income | 53,605 | 60,833 | 79,480 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' | ' |
Depreciation and amortization | 93,058 | 89,241 | 75,070 |
Write off of Deferred Debt Issuance Cost | 40,978 | 0 | 0 |
Straight line rent | -6,920 | -17,967 | -34,095 |
Amortization of deferred financing costs | -3,349 | -3,496 | -2,446 |
Amortization of lease contracts above and below market value | -2,391 | -3,194 | -2,874 |
Compensation paid with Company common shares | 6,088 | 6,980 | 5,950 |
Changes in operating assets and liabilities | ' | ' | ' |
Rents and other receivables | -5,900 | -2,452 | 1,839 |
Deferred costs | -2,082 | -1,278 | -1,773 |
Prepaid expenses and other assets | -14,760 | -5,854 | -3,532 |
Accounts payable and accrued liabilities | 1,520 | -1,112 | -1,021 |
Accrued interest payable | 7,382 | 73 | -238 |
Prepaid rents and other liabilities | 19,834 | 3,997 | 4,081 |
Net cash provided by operating activities | 193,761 | 132,763 | 125,333 |
Cash flow from investing activities | ' | ' | ' |
Investments in real estate – development | -129,332 | -94,753 | -351,090 |
Payments to Acquire Land | -14,186 | -3,830 | -9,507 |
Interest capitalized for real estate under development | -3,774 | -4,434 | -27,024 |
Improvements to real estate | -5,757 | -4,426 | -3,821 |
Additions to non-real estate property | -71 | -57 | -304 |
Net cash used in investing activities | -153,120 | -107,500 | -391,746 |
Line of credit: | ' | ' | ' |
Proceeds | 102,000 | 48,000 | 20,000 |
Repayments | -120,000 | -50,000 | 0 |
Mortgage notes payable: | ' | ' | ' |
Proceeds from Issuance of Secured Debt | 115,000 | 0 | 0 |
Repayments of Notes Payable | -138,300 | 0 | 0 |
Repayments | -1,300 | -5,200 | -5,200 |
Proceeds from (Repayments of) Restricted Cash, Financing Activities | 0 | 0 | 1,104 |
Proceeds from Issuance of Unsecured Debt | 154,000 | 0 | 0 |
Proceeds from Unsecured Notes Payable | 600,000 | 0 | 0 |
Repayments of Unsecured Debt | -550,000 | 0 | 0 |
Payments of financing costs | -18,123 | -2,109 | -1,338 |
Payments of Debt Extinguishment Costs | -32,544 | 0 | 0 |
Issuance of preferred stock, net of offering costs | 0 | 62,694 | 97,450 |
Exercises of stock options | 1,711 | 868 | 700 |
Payments for Repurchase of Common Stock | -37,792 | 0 | 0 |
Distributions | -100,061 | -70,331 | -58,634 |
Dividends and distributions: | ' | ' | ' |
Net cash provided by financing activities | -25,409 | -16,078 | 54,082 |
Net increase (decrease) in cash and cash equivalents | 15,232 | 9,185 | -212,331 |
Cash and cash equivalents, beginning | 19,282 | 10,097 | 222,428 |
Cash and cash equivalents, ending | 34,514 | 19,282 | 10,097 |
Supplemental information: | ' | ' | ' |
Cash paid for interest | 42,835 | 52,127 | 54,358 |
Deferred financing costs capitalized for real estate under development | 226 | 277 | 1,387 |
Construction costs payable capitalized for real estate under development | 45,444 | 6,334 | 20,300 |
Redemption of operating partnership units | 75,600 | 6,800 | 66,500 |
Adjustments to redeemable noncontrolling interests – operating partnership | $8,878 | $1,050 | $61,199 |
1_Description_of_Business
1. Description of Business | 12 Months Ended | |
Dec. 31, 2013 | ||
Description of Business [Abstract] | ' | |
Nature of Operations [Text Block] | ' | |
Description of Business | ||
DuPont Fabros Technology, Inc. (the “REIT” or “DFT”), through its controlling interest in DuPont Fabros Technology, L.P. (the “Operating Partnership” or “OP” and collectively with DFT and their operating subsidiaries, the “Company”), is a fully integrated, self-administered and self-managed company that owns, acquires, develops and operates wholesale data centers. DFT is a real estate investment trust, or REIT, for federal income tax purposes and is the sole general partner of the Operating Partnership, and as of December 31, 2013, owned 80.6% of the common economic interest in the Operating Partnership, of which 1.0% is held as general partnership units. Unless otherwise indicated or unless the context requires otherwise, all references in this report to “we,” “us,” “our,” “our company” or “the company” refer to DFT and the Operating Partnership, collectively. As of December 31, 2013, we held a fee simple interest in the following properties: | ||
• | ten operating data centers – ACC2, ACC3, ACC4, ACC5, ACC6, VA3, VA4, CH1, NJ1 Phase I and SC1 Phase I; | |
• | two data centers currently under development - ACC7 Phase I and SC1 Phase IIA; | |
• | data center projects available for future development – NJ1 Phase II, SC1 Phase IIB and ACC7 Phases II-IV; and | |
• | land that may be used to develop additional data centers – ACC8, CH2 and SC2. |
2_Significant_Accounting_Polic
2. Significant Accounting Policies | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Significant Accounting Policies [Text Block] | ' | |||||||||||
Significant Accounting Policies | ||||||||||||
Basis of Presentation | ||||||||||||
This report combines the annual reports on Form 10-K for the year ended December 31, 2013 of DuPont Fabros Technology, Inc. and DuPont Fabros Technology, L.P. References to the “REIT” or “DFT” mean DuPont Fabros Technology, Inc. and its controlled subsidiaries; and references to the “Operating Partnership” or “OP” mean DuPont Fabros Technology, L.P. and its controlled subsidiaries. | ||||||||||||
We believe combining the annual reports on Form 10-K of DFT and the Operating Partnership into this single report provides the following benefits: | ||||||||||||
• | enhances investors’ understanding of DFT and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; | |||||||||||
• | eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure in this report applies to both DFT and the Operating Partnership; and | |||||||||||
• | creates time and cost efficiencies through the preparation of one combined report instead of two separate reports. | |||||||||||
We operate DFT and the Operating Partnership as one business. The management of DFT consists of the same employees as the management of the Operating Partnership. | ||||||||||||
We believe it is important for investors to understand the few differences between DFT and the Operating Partnership in the context of how DFT and the Operating Partnership operate as a consolidated company. DFT is a REIT, whose only material asset is its ownership of OP units of the Operating Partnership. As a result, DFT does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing unsecured debt of the Operating Partnership. DFT has not issued any indebtedness, but has guaranteed all of the unsecured debt of the Operating Partnership. The Operating Partnership holds all the real estate assets of the Company. Except for net proceeds from public equity issuances by DFT, which are contributed to the Operating Partnership in exchange for OP units or preferred units, the Operating Partnership generates all remaining capital required by our business. These sources include the Operating Partnership’s operations, its direct or indirect incurrence of indebtedness, and the issuance of partnership units. | ||||||||||||
As general partner with control of the Operating Partnership, DFT consolidates the Operating Partnership for financial reporting purposes. The presentation of stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of DFT and those of the Operating Partnership. The Operating Partnership’s capital includes preferred units and general and limited common units that are owned by DFT and the other partners. DFT’s stockholders’ equity includes preferred stock, common stock, additional paid in capital and retained earnings. The common limited partnership interests held by the limited partners (other than DFT) in the Operating Partnership are presented as “redeemable partnership units” in the Operating Partnership’s consolidated financial statements and as “redeemable noncontrolling interests-operating partnership” in DFT’s consolidated financial statements. The only difference between the assets and liabilities of DFT and the Operating Partnership as of December 31, 2013 is a $4.2 million bank account held by DFT that is not part of the Operating Partnership. Net income is the same for DFT and the Operating Partnership. | ||||||||||||
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. | ||||||||||||
We have one reportable segment consisting of investments in data centers located in the United States. All of our properties generate similar types of revenues and expenses related to customer rent and reimbursements and operating expenses. The delivery of our products is consistent across all properties and although services are provided to a range of customers, the types of services provided to them are limited to a few core principles. As such, the properties in our portfolio have similar economic characteristics and the nature of the products and services provided to our customers and the method to distribute such services are consistent throughout the portfolio. | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||
Property | ||||||||||||
All capital improvements for the income-producing properties that extend their useful life are capitalized to individual building components, including interest and real estate taxes incurred during the period of development, and depreciated over their estimated useful lives. Interest is capitalized during the period of development based upon applying the property’s specific borrowing rate to the actual development costs expended up to specific borrowings and then applying our weighted-average borrowing rate to any residual development costs expended during the construction period. Interest is capitalized until the property has reached substantial completion and is ready for its intended use. Interest costs capitalized totaled $4.0 million, $4.7 million and $28.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. We cease interest capitalization when a development is temporarily suspended or placed in service. | ||||||||||||
We capitalize pre-development costs, including internal costs, incurred in pursuit of new development opportunities for which we currently believe future development is probable. Future development is dependent upon various factors, including zoning and regulatory approval, rental market conditions, construction costs and availability of capital. Pre-development costs incurred for which future development is not yet considered probable are expensed as incurred. In addition, if the status of such a pre-development opportunity changes, making future development no longer probable, any capitalized pre-development costs are written-off with a charge to expense. Furthermore, the revenue from incidental operations received from the current improvements in excess of any incremental costs are being recorded as a reduction of total capitalized costs of the development project and not as a part of net income. The capitalization of costs during the development of assets (including interest and related loan fees, property taxes and other direct and indirect costs) begins when development efforts commence and ends when the asset, or a portion of the asset, is substantially complete and ready for its intended use. For the years ended December 31, 2013, 2012 and 2011, we capitalized $3.3 million, $3.1 million and $3.6 million, respectively, of internal development and leasing costs on all of our data centers. | ||||||||||||
The fair value of in-place leases consists of the following components as applicable—(1) the estimated cost to replace the leases, including foregone rents during the period of finding a new customer, foregone recovery of customer pass-through, customer improvements, and other direct costs associated with obtaining a new customer (referred to as Tenant Origination Costs); (2) the estimated leasing commissions associated with obtaining a new customer (referred to as Leasing Commissions); and (3) the above/below market cash flow of the leases, determined by comparing the projected cash flows of the leases in place to projected cash flows of comparable market-rate leases (referred to as Lease Intangibles). Tenant Origination Costs are included in buildings and improvements on our consolidated balance sheets and are amortized as depreciation expense on a straight-line basis over the average remaining life of the underlying leases. Leasing Commissions are classified as deferred costs and are amortized as amortization expense on a straight-line basis over the remaining life of the underlying leases. Lease Intangible assets and liabilities are classified as lease contracts above and below market value, respectively, and amortized on a straight-line basis as decreases and increases, respectively, to rental revenue over the remaining life of the underlying leases. Should a customer terminate its lease, the unamortized portions of Leasing Commissions and Lease Intangibles associated with that lease are written off to amortization expense, or rental revenue, respectively. | ||||||||||||
Depreciation on buildings is generally provided on a straight-line basis over 40 years from the date the buildings were placed in service. Building components are depreciated over the life of the respective improvement ranging from 10 to 40 years from the date the components were placed in service. Personal property is depreciated over three years to seven years. Depreciation expense was $88.6 million, $84.6 million and $70.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. Included in these amounts is amortization expense related to tenant origination costs, which was $3.1 million, $3.1 million and $4.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. Repairs and maintenance costs are expensed as incurred. | ||||||||||||
We record impairment losses on long-lived assets used in operations or in development when events or changes in circumstances indicate that the assets might be impaired, and the estimated undiscounted cash flows to be generated by those assets are less than the carrying amounts. If circumstances indicating impairment of a long-lived asset are present, we would determine the fair value of that asset, and an impairment loss would be recognized in an amount equal to the excess of the carrying amount of the impaired asset over its fair value. We assess the recoverability of the carrying value of its assets on a property-by-property basis. No impairment losses were recorded during the three years ended December 31, 2013. | ||||||||||||
We classify a data center property as held-for-sale when it meets the necessary criteria, which include when we commit to and actively embark on a plan to sell the asset, the sale is expected to be completed within one year under terms usual and customary for such sales, and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Data center properties held-for-sale are carried at the lower of cost or fair value less costs to sell. As of December 31, 2013, there were no data center properties classified as held-for-sale and discontinued operations. | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
We consider all demand deposits and money market accounts purchased with a maturity date of three months or less, at the date of purchase, to be cash equivalents. Our account balances at one or more institutions exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. We have not experienced any losses and believe that the risk is not significant. | ||||||||||||
Deferred Costs | ||||||||||||
Deferred costs, net on our consolidated balance sheets include both financing and leasing costs. | ||||||||||||
Financing costs, which represent fees and other costs incurred in obtaining debt, are amortized using the effective-interest rate method or a method that approximates the effective-interest method, over the term of the loan and are included in amortization of deferred financing costs. In March 2013, we paid off the $138.3 million balance of the ACC5 Term Loan (See Note 6) which resulted in a write-off of $1.7 million of unamortized deferred financing costs. In September and October 2013, we paid off the Unsecured Notes due 2017 (See Note 6), which resulted in a write off of $6.7 million of unamortized deferred financing costs. Balances, net of accumulated amortization, at December 31, 2013 and 2012 are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Financing costs | $ | 22,756 | $ | 23,082 | ||||||||
Accumulated amortization | (4,013 | ) | (10,531 | ) | ||||||||
Financing costs, net | $ | 18,743 | $ | 12,551 | ||||||||
Leasing costs, which are either external fees and costs incurred in the successful negotiations of leases, internal costs expended in the successful negotiations of leases or the estimated leasing commissions resulting from the allocation of the purchase price of ACC2, VA3, VA4 and ACC4, are deferred and amortized over the terms of the related leases on a straight-line basis. If an applicable lease terminates prior to the expiration of its initial term, the carrying amount of the costs are written off to amortization expense. We incurred leasing costs of $2.1 million, $1.3 million and $1.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. Amortization of deferred leasing costs totaled $4.1 million, $4.3 million and $4.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. Balances, net of accumulated amortization, at December 31, 2013 and 2012 are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Leasing costs | $ | 48,312 | $ | 46,719 | ||||||||
Accumulated amortization | (27,189 | ) | (23,600 | ) | ||||||||
Leasing costs, net | $ | 21,123 | $ | 23,119 | ||||||||
Inventory | ||||||||||||
We maintain fuel inventory for our generators, which is recorded at the lower of cost (on a first-in, first-out basis) or market. As of December 31, 2013 and 2012, the fuel inventory was $4.0 million and $3.0 million, respectively, and is included in prepaid expenses and other assets in the accompanying consolidated balance sheets. | ||||||||||||
Prepaid Rents | ||||||||||||
Prepaid rents, typically prepayment of the following month’s rent, consist of payments received from customers prior to the time the payments are earned and are recognized as revenue in subsequent periods when earned. | ||||||||||||
Rental Income | ||||||||||||
We, as a lessor, have retained substantially all the risks and benefits of ownership and account for our leases as operating leases. For lease agreements that provide for scheduled fixed and determinable rent increases, rental income is recognized on a straight-line basis over the non-cancellable term of the leases, which commences when control of the space and critical power have been provided to the customer. If the lease contains an early termination clause with a penalty payment, we determine the lease termination date by evaluating whether the penalty reasonably assures that the lease will not be terminated early. Lease inducements, which include free rent or cash payments to customers, are amortized as a reduction of rental income over the non-cancellable lease term. Straight-line rents receivable are included in deferred rent on the consolidated balance sheets. Lease intangible assets and liabilities that have resulted from above-market and below-market leases that were acquired are amortized on a straight-line basis as decreases and increases, respectively, to rental revenue over the remaining non-cancellable term of the underlying leases. If a lease terminates prior to the expiration of its initial term, the unamortized portion of lease intangibles associated with that lease will be written off to rental revenue. Balances, net of accumulated amortization, at December 31, 2013 and 2012 are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Lease contracts above market value | $ | 23,100 | $ | 23,100 | ||||||||
Accumulated amortization | (13,946 | ) | (12,845 | ) | ||||||||
Lease contracts above market value, net | $ | 9,154 | $ | 10,255 | ||||||||
Lease contracts below market value | $ | 39,375 | $ | 39,375 | ||||||||
Accumulated amortization | (28,845 | ) | (25,353 | ) | ||||||||
Lease contracts below market value, net | $ | 10,530 | $ | 14,022 | ||||||||
Our policy is to record a reserve for losses on accounts receivable equal to the estimated uncollectible accounts. The estimate is based on our historical experience and a review of the current status of our receivables. As of December 31, 2013 and December 31, 2012, we had reserves against rents and other receivables of $1.6 million and $0.9 million, respectively. We also establish an appropriate allowance for doubtful accounts for receivables arising from the straight-lining of rents. These receivables arise from revenue recognized in excess of amounts currently due under the lease and are recorded as deferred rent in the accompanying consolidated balance sheets. As of December 31, 2013 and 2012, we had reserves against deferred rent of $2.1 million. | ||||||||||||
The reserves described above were set up for one customer that restructured its lease obligations with us during 2013. Under this restructuring, this customer's outstanding accounts receivable and deferred rent receivable related to the space that was returned to us was converted into a note receivable, the terms of which require the payment of principal and interest through December 31, 2016. Principal payments on the note are calculated on a ten-year amortization schedule with a final principal payment of the remaining note balance due on December 31, 2016. Additionally, under this restructuring this customer has the right to defer up to two-thirds of base rent due through July 2014 at NJ1 in Piscataway, New Jersey. Any base rent deferred is added to the note. The note balance as of December 31, 2013 was $5.7 million, which is recorded within rents and other receivables, net on the accompany consolidated balance sheet. | ||||||||||||
Customer leases generally contain provisions under which the customers reimburse us for a portion of operating expenses and real estate taxes incurred by the property. Recoveries from tenants are included in revenue in the consolidated statements of operations in the period the applicable expenditures are incurred. Our leases also provide us with a property management fee based on a percentage of base rent collected and property-level operating expenses, other than charges for power used by customers to run their servers and cool their space. Property management fees are included in base rent in the consolidated statements of operations in the applicable period in which they are earned. | ||||||||||||
Other Revenue | ||||||||||||
Other revenue primarily consists of services provided to customers on a non-recurring basis. This includes projects such as the purchase and installation of circuits, racks, breakers and other customer requested items. Revenue is recognized on a completed contract basis. Costs of providing these services are included in other expenses in the accompanying consolidated statements of operations. | ||||||||||||
Income Taxes | ||||||||||||
DFT elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the taxable year ended December 31, 2007. In general, a REIT that meets certain organizational and operational requirements and distributes at least 90 percent of its REIT taxable income to its shareholders in a year will not be subject to income tax to the extent of the income it distributes. We currently qualify and intend to continue to qualify as a REIT under the Code. As a result, no provision for federal income taxes on income from continuing operations is required, except for taxes on certain property sales and on income, if any, of our taxable REIT subsidiary (“TRS”). If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax (including any applicable alternative minimum tax) on our income at regular corporate tax rates for the year in which we do not qualify and the succeeding four years. Although we expect to qualify for taxation as a REIT, we may be subject to state and local income and franchise taxes and to federal income and excise taxes on any undistributed income. | ||||||||||||
As of December 31, 2013 and 2012, we did not have any unrecognized tax benefits. We do not believe that there will be any material changes in our unrecognized tax positions over the next 12 months. We are subject to examination by the respective taxing authorities for the tax years 2010 through 2012. | ||||||||||||
We account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. | ||||||||||||
We have elected to treat DF Technical Services LLC, a 100% owned subsidiary of the Operating Partnership, as a TRS. In general, a TRS may perform non-customary services for customers, hold assets that the REIT cannot hold directly and generally may engage in any real estate or non-real estate related business. A TRS is subject to corporate federal and state income taxes on its taxable income at regular statutory tax rates. For the years ended December 31, 2013 and 2012, we incurred no income taxes. For the year ended December 31, 2011, we recognized an income tax benefit of $0.6 million and recorded this benefit as a reduction of general and administrative expenses in the consolidated statements of operations. | ||||||||||||
As of December 31, 2013, the TRS had a deferred tax asset of $2.5 million, comprised entirely of its net operating loss carryforward, and a deferred tax liability of $2.5 million, primarily comprised of a temporary depreciation difference, resulting in a net deferred tax liability of $0. As of December 31, 2012, the TRS had a deferred tax asset of $3.2 million, comprised entirely of its net operating loss carryforward, and a deferred tax liability of $3.1 million, primarily comprised of a temporary depreciation difference, resulting in a net deferred tax asset of $0.1 million. The Company believed that it was not more likely than not that the TRS would generate sufficient taxable income to realize in full the net deferred tax asset that existed as of December 31, 2012. Accordingly, a full valuation allowance was recorded as of December 31, 2012. As of December 31, 2013 and 2012, the net operating loss carryforwards of the TRS totaled approximately $6.3 million and $7.6 million, respectively, which will begin to expire in 2031 if not utilized by then. | ||||||||||||
Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Partnership Units | ||||||||||||
Redeemable noncontrolling interests – operating partnership, as presented on DFT’s consolidated balance sheets, represent the limited partnership interests in the Operating Partnership (“OP units”) held by individuals and entities other than DFT. These interests are also presented on the Operating Partnership’s consolidated balance sheets, referred to as “redeemable partnership units.” Accordingly, the following discussion related to redeemable noncontrolling interests – operating partnership of the REIT refers equally to redeemable partnership units of the Operating Partnership. | ||||||||||||
Redeemable noncontrolling interests – operating partnership, which require cash payment, or allow settlement in shares, but with the ability to deliver the shares outside of the control of DFT, are reported outside of the permanent equity section of the consolidated balance sheets of DFT and the Operating Partnership. Redeemable noncontrolling interests – operating partnership are adjusted for income, losses and distributions allocated to OP units not held by DFT (normal noncontrolling interest accounting amount). Adjustments to redeemable noncontrolling interests – operating partnership are recorded to reflect increases or decreases in the ownership of the Operating Partnership by holders of OP units, including the redemptions of OP units for cash or in exchange for shares of DFT’s common stock. If such adjustments result in redeemable noncontrolling interests – operating partnership being recorded at less than the redemption value of the OP units, redeemable noncontrolling interests – operating partnership are further adjusted to their redemption value (see Note 9). Redeemable noncontrolling interests – operating partnership are recorded at the greater of the normal noncontrolling interest accounting amount or redemption value. The following is a summary of activity for redeemable noncontrolling interests – operating partnership for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | ||||||||||||
OP Units | ||||||||||||
Number | Amount | |||||||||||
Balance at December 31, 2010 | 21,947,499 | $ | 466,823 | |||||||||
Net income attributable to redeemable noncontrolling interests – operating partnership | — | 14,505 | ||||||||||
Distributions declared | — | (9,624 | ) | |||||||||
Redemption of operating partnership units | (2,883,118 | ) | (66,500 | ) | ||||||||
Adjustment to redeemable noncontrolling interests – operating partnership | — | 56,535 | ||||||||||
Balance at December 31, 2011 | 19,064,381 | $ | 461,739 | |||||||||
Net income attributable to redeemable noncontrolling interests – operating partnership | — | 7,803 | ||||||||||
Distributions declared | — | (11,683 | ) | |||||||||
Redemption of operating partnership units | (277,575 | ) | (6,800 | ) | ||||||||
Adjustment to redeemable noncontrolling interests – operating partnership | — | 2,830 | ||||||||||
Balance at December 31, 2012 | 18,786,806 | $ | 453,889 | |||||||||
Net income attributable to redeemable noncontrolling interests – operating partnership | — | 5,214 | ||||||||||
Distributions declared | — | (15,050 | ) | |||||||||
Redemption of operating partnership units | (3,115,269 | ) | (75,600 | ) | ||||||||
Adjustment to redeemable noncontrolling interests – operating partnership | — | 18,791 | ||||||||||
Balance at December 31, 2013 | 15,671,537 | $ | 387,244 | |||||||||
The following is a summary of activity for redeemable partnership units for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | ||||||||||||
OP Units | ||||||||||||
Number | Amount | |||||||||||
Balance at December 31, 2010 | 21,947,499 | $ | 466,823 | |||||||||
Redemption of operating partnership units | (2,883,118 | ) | (66,500 | ) | ||||||||
Adjustment to redeemable partnership units | — | 61,416 | ||||||||||
Balance at December 31, 2011 | 19,064,381 | $ | 461,739 | |||||||||
Redemption of operating partnership units | (277,575 | ) | (6,800 | ) | ||||||||
Adjustment to redeemable partnership units | — | (1,050 | ) | |||||||||
Balance at December 31, 2012 | 18,786,806 | $ | 453,889 | |||||||||
Redemption of operating partnership units | (3,115,269 | ) | (75,600 | ) | ||||||||
Adjustment to redeemable partnership units | — | 8,955 | ||||||||||
Balance at December 31, 2013 | 15,671,537 | $ | 387,244 | |||||||||
Net income is allocated to controlling interests and redeemable noncontrolling interests – operating partnership in accordance with the limited partnership agreement of the Operating Partnership. The following is a summary of net income attributable to controlling interests and transfers to redeemable noncontrolling interests – operating partnership for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income attributable to controlling interests | $ | 48,391 | $ | 53,030 | $ | 64,975 | ||||||
Transfers from noncontrolling interests: | ||||||||||||
Net change in the Company’s common stock and additional paid in capital due to the redemption of OP units and other adjustments to redeemable noncontrolling interests – operating partnership | 56,809 | 3,970 | 9,965 | |||||||||
$ | 105,200 | $ | 57,000 | $ | 74,940 | |||||||
Earnings Per Share of the REIT | ||||||||||||
Basic earnings per share is calculated by dividing the net income attributable to common shares for the period by the weighted average number of common shares outstanding during the period using the two class method. Diluted earnings per share is calculated by dividing the net income attributable to common shares for the period by the weighted average number of common and dilutive securities outstanding during the period. | ||||||||||||
Earnings Per Unit of the Operating Partnership | ||||||||||||
Basic earnings per unit is calculated by dividing the net income attributable to common units for the period by the weighted average number of common units outstanding during the period using the two class method. Diluted earnings per unit is calculated by dividing the net income attributable to common units for the period by the weighted average number of common and dilutive securities outstanding during the period. | ||||||||||||
Stock-based Compensation | ||||||||||||
We award stock-based compensation to employees and members of our Board of Directors in the form of common stock. For each stock award granted by DFT, the OP issues an equivalent common unit, which may be referred to herein as a common share, common stock, or common unit. We estimate the fair value of the awards and recognize this value over the requisite vesting period. The fair value of restricted stock-based compensation is based on the market value of DFT’s common stock on the date of the grant. The fair value of options to purchase common stock is based on the Black-Scholes model. The fair value of performance units is based on a Monte Carlo simulation. | ||||||||||||
Compensation paid with Company common shares, which is included in general and administrative expense on the | ||||||||||||
consolidated statements of operations, totaled $6.1 million, $7.0 million and $6.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. We capitalized $0.6 million, $0.4 million and $0.6 million of compensation paid with Company common shares to our data centers under development for the years ended December 31, 2013, 2012 and 2011, | ||||||||||||
respectively. | ||||||||||||
Reclassifications | ||||||||||||
Certain amounts from the prior year have been reclassified for consistency with the current year presentation. Effective in this Annual Report on Form 10-K, we have reclassified the management fee that we collect from customers from "Recoveries from Tenants" to "Base Rent" on our accompanying consolidated statements of operations totaling $15.3 million, $13.8 million and $12.1 million for years ended December 31, 2013, 2012 and 2011, respectively. |
3_Real_Estate_Assets
3. Real Estate Assets | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||||
Real Estate Disclosure [Text Block] | ' | ||||||||||||||||||
Real Estate Assets | |||||||||||||||||||
The following is a summary of our properties as of December 31, 2013 (dollars in thousands): | |||||||||||||||||||
Property | Location | Land | Buildings and | Construction | Total Cost | ||||||||||||||
Improvements | in Progress | ||||||||||||||||||
and Land Held | |||||||||||||||||||
for | |||||||||||||||||||
Development | |||||||||||||||||||
ACC2 | Ashburn, VA | $ | 2,500 | $ | 159,093 | $ | — | $ | 161,593 | ||||||||||
ACC3 | Ashburn, VA | 1,071 | 95,654 | — | 96,725 | ||||||||||||||
ACC4 | Ashburn, VA | 6,600 | 538,090 | — | 544,690 | ||||||||||||||
ACC5 | Ashburn, VA | 6,443 | 298,092 | — | 304,535 | ||||||||||||||
ACC6 | Ashburn, VA | 5,518 | 215,291 | — | 220,809 | ||||||||||||||
VA3 | Reston, VA | 9,000 | 177,575 | — | 186,575 | ||||||||||||||
VA4 | Bristow, VA | 6,800 | 148,765 | — | 155,565 | ||||||||||||||
CH1 | Elk Grove Village, IL | 23,611 | 358,505 | — | 382,116 | ||||||||||||||
NJ1 Phase I | Piscataway, NJ | 4,311 | 208,798 | — | 213,109 | ||||||||||||||
SC1 Phase I | Santa Clara, CA | 10,102 | 221,123 | — | 231,225 | ||||||||||||||
75,956 | 2,420,986 | — | 2,496,942 | ||||||||||||||||
Construction in progress and land held for development | (1 | ) | — | — | 302,068 | 302,068 | |||||||||||||
$ | 75,956 | $ | 2,420,986 | $ | 302,068 | $ | 2,799,010 | ||||||||||||
-1 | Properties located in Ashburn, VA (ACC7 and ACC8); Piscataway, NJ (NJ1 Phase II), Elk Grove Village, IL (CH2) and Santa Clara, CA (SC1 Phase II and SC2). | ||||||||||||||||||
The following presents the major components of our properties and the useful lives over which they are | |||||||||||||||||||
depreciated. | |||||||||||||||||||
Component | Component Life (years) | ||||||||||||||||||
Land | N/A | ||||||||||||||||||
Building improvements | 40 | ||||||||||||||||||
Electrical infrastructure—power distribution units | 20 | ||||||||||||||||||
Electrical infrastructure—uninterrupted power supply | 25 | ||||||||||||||||||
Electrical infrastructure—switchgear/transformers | 30 | ||||||||||||||||||
Fire protection | 40 | ||||||||||||||||||
Security systems | 20 | ||||||||||||||||||
Mechanical infrastructure—heating, ventilating and air conditioning | 20 | ||||||||||||||||||
Mechanical infrastructure—chiller pumps/building automation | 25 | ||||||||||||||||||
Mechanical infrastructure—chilled water storage and pipes | 30 |
4_Intangible_Assets_and_Liabil
4. Intangible Assets and Liabilities (Notes) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Intangible Assets and Liabilities [Abstract] | ' | |||
Intangible Assets And Liabilities [Text Block] | ' | |||
Intangible Assets and Liabilities | ||||
Leasing Costs are classified as deferred costs and are amortized as amortization expense on a straight-line basis over the remaining life of the underlying leases. As of December 31, 2013, these assets have a weighted average remaining life of 6.9 years with estimated future amortization as follows (in thousands): | ||||
Year Ending December 31, | ||||
2014 | $ | 3,962 | ||
2015 | 3,779 | |||
2016 | 3,295 | |||
2017 | 2,928 | |||
2018 | 2,230 | |||
2019 and thereafter | 4,929 | |||
$ | 21,123 | |||
Lease Intangible assets and liabilities are classified as lease contracts above and below market value, respectively, and amortized on a straight-line basis as decreases and increases, respectively, to rental revenue over the remaining term of the underlying leases. As of December 31, 2013, our net Lease Intangible liabilities have a weighted average remaining life of 9.1 years for above market leases and 3.8 years for below market leases with estimated net future amortization (as an increase (decrease) to rental income) as follows (in thousands): | ||||
Year Ending December 31, | ||||
2014 | $ | 2,392 | ||
2015 | 1,966 | |||
2016 | 412 | |||
2017 | 174 | |||
2018 | (72 | ) | ||
2019 and thereafter | (3,496 | ) | ||
$ | 1,376 | |||
Tenant Origination Costs are included in buildings and improvements on our consolidated balance sheets and are amortized as depreciation expense on a straight-line basis over the average remaining life of the underlying leases. As of December 31, 2013, these assets have a weighted average remaining life of 3.6 years with estimated future amortization as follows (in thousands): | ||||
Year Ending December 31, | ||||
2014 | $ | 3,148 | ||
2015 | 2,019 | |||
2016 | 1,243 | |||
2017 | 1,243 | |||
2018 | 747 | |||
$ | 8,400 | |||
5_Leases_Notes
5. Leases (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Leases [Abstract] | ' | |||||||||||
Leases of Lessor Disclosure [Text Block] | ' | |||||||||||
Leases | ||||||||||||
For the years ended December 31, 2013, 2012 and 2011, the following customers comprised more than 10.0% of our consolidated revenues: | ||||||||||||
Yahoo! | Microsoft | Rackspace | ||||||||||
Year ended December 31, 2013 | 19.2 | % | 13 | % | 17.8 | % | 11.6 | % | ||||
Year ended December 31, 2012 | 20.7 | % | 15.5 | % | 14.9 | % | 9.3 | % | ||||
Year ended December 31, 2011 | 20.3 | % | 21.5 | % | 17.3 | % | 7.7 | % | ||||
As of December 31, 2013, these four customers accounted for $45.6 million, $13.5 million, $5.5 million, and $30.4 million of deferred rent and $0 million, $4.0 million, $7.1 million, and $3.4 million of prepaid rents, respectively. As of December 31, 2012, these four customers accounted for $46.2 million, $14.3 million, $6.3 million, and $21.3 million of deferred rent and $0 million, $3.9 million, $4.9 million, and $2.3 million of prepaid rents, respectively. We do not hold security deposits from these customers. The majority of our customers operate within the technology industry and, as such, their viability is subject to market fluctuations in that industry. | ||||||||||||
As of December 31, 2013, future minimum lease payments to be received under noncancelable operating leases are as follows for the years ending December 31 (in thousands): | ||||||||||||
2014 | $ | 266,712 | ||||||||||
2015 | 269,214 | |||||||||||
2016 | 254,014 | |||||||||||
2017 | 248,036 | |||||||||||
2018 | 214,465 | |||||||||||
2019 and thereafter | 630,787 | |||||||||||
$ | 1,883,228 | |||||||||||
6_Debt
6. Debt | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||||||||||||
Debt | |||||||||||||||||||||
Debt Summary as of December 31, 2013 and December 31, 2012 | |||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Amounts | % of Total | Rates | Maturities | Amounts | |||||||||||||||||
(years) | |||||||||||||||||||||
Secured | $ | 115,000 | 13 | % | 2 | % | 4.2 | $ | 139,600 | ||||||||||||
Unsecured | 754,000 | 87 | % | 5.1 | % | 7.2 | 568,000 | ||||||||||||||
Total | $ | 869,000 | 100 | % | 4.7 | % | 6.8 | $ | 707,600 | ||||||||||||
Fixed Rate Debt: | |||||||||||||||||||||
Unsecured Notes due 2021 | $ | 600,000 | 69 | % | 5.9 | % | 7.7 | $ | — | ||||||||||||
Unsecured Notes due 2017 | — | — | % | — | % | — | 550,000 | ||||||||||||||
Fixed Rate Debt | 600,000 | 69 | % | 5.9 | % | 7.7 | 550,000 | ||||||||||||||
Floating Rate Debt: | |||||||||||||||||||||
Unsecured Credit Facility | — | — | — | 2.2 | 18,000 | ||||||||||||||||
Unsecured Term Loan | 154,000 | 18 | % | 1.9 | % | 5.1 | — | ||||||||||||||
ACC3 Term Loan | 115,000 | 13 | % | 2 | % | 4.2 | — | ||||||||||||||
ACC5 Term Loan | — | — | — | — | 139,600 | ||||||||||||||||
Floating Rate Debt | 269,000 | 31 | % | 2 | % | 4.7 | 157,600 | ||||||||||||||
Total | $ | 869,000 | 100 | % | 4.7 | % | 6.8 | $ | 707,600 | ||||||||||||
Outstanding Indebtedness | |||||||||||||||||||||
ACC3 Term Loan | |||||||||||||||||||||
On March 27, 2013, we entered into a $115 million term loan facility (the “ACC3 Term Loan”). The ACC3 Term Loan matures on March 27, 2018 and the borrower, one of our subsidiaries, may elect to have borrowings under the facility bear interest at (i) LIBOR plus 1.85% or (ii) a base rate, which is based on the lender's prime rate, plus 0.85%. The interest rate is currently at LIBOR plus 1.85%. We may prepay the ACC3 Term Loan at any time, in whole or in part, without penalty or premium. | |||||||||||||||||||||
The loan is secured by the ACC3 data center and an assignment of the lease agreement between us and the customer of ACC3. The Operating Partnership has guaranteed the outstanding principal amount of the ACC3 Term Loan, plus interest and certain costs under the loan. | |||||||||||||||||||||
The ACC3 Term Loan imposes financial maintenance covenants relating to, among other things, the following matters: | |||||||||||||||||||||
• | consolidated total indebtedness of the Operating Partnership not exceeding 60% of gross asset value of the Operating Partnership; | ||||||||||||||||||||
• | fixed charge coverage ratio of the Operating Partnership being not less than 1.70 to 1.00; | ||||||||||||||||||||
• | tangible net worth of the Operating Partnership being not less than $1.3 billion plus 80% of the sum of (i) net equity offering proceeds and (ii) the value of equity interests issued in connection with a contribution of assets to the Operating Partnership or its subsidiaries; and | ||||||||||||||||||||
• | debt service coverage ratio of the borrower not less than 1.50 to 1.00. | ||||||||||||||||||||
We were in compliance with all of the covenants under the loan as of December 31, 2013. | |||||||||||||||||||||
Unsecured Term Loan | |||||||||||||||||||||
On September 13, 2013, the Operating Partnership entered into the Unsecured Term Loan providing for a $195 million facility. The Unsecured Term Loan matures on February 15, 2019, with no extension option. We drew $120.0 million under the Unsecured Term Loan at closing. | |||||||||||||||||||||
The Unsecured Term Loan includes an accordion feature permitting an increase in the amount of the loan by up to an additional $55 million. On October 18, 2013, we exercised the accordion and the Unsecured Term Loan was increased to $250 million. An additional $34.0 million was advanced at the time of the accordion exercise, and the remaining $96.0 million was advanced on January 10, 2014. | |||||||||||||||||||||
Under the terms of the loan, we may elect to have borrowings under the loan bear interest at either LIBOR or a base rate, which is based on the lender's prime rate, in each case plus an applicable margin. Prior to our receiving an investment grade credit rating, the applicable margin added to LIBOR and the base rate is based on the table below. | |||||||||||||||||||||
Applicable Margin | |||||||||||||||||||||
Pricing Level | Ratio of Total Indebtedness to Gross Asset Value | LIBOR Rate Loans | Base Rate Loans | ||||||||||||||||||
Level 1 | Less than or equal to 35% | 1.75 | % | 0.75 | % | ||||||||||||||||
Level 2 | Greater than 35% but less than or equal to 40% | 1.9 | % | 0.9 | % | ||||||||||||||||
Level 3 | Greater than 40% but less than or equal to 45% | 2.05 | % | 1.05 | % | ||||||||||||||||
Level 4 | Greater than 45% but less than or equal to 52.5% | 2.2 | % | 1.2 | % | ||||||||||||||||
Level 5 | Greater than 52.5% | 2.4 | % | 1.4 | % | ||||||||||||||||
As of December 31, 2013, the applicable margin was set at pricing level 1. The terms of the loan provide for the adjustment of the applicable margin from time to time according to the ratio of the Operating Partnership’s total indebtedness to gross asset value in effect from time to time. | |||||||||||||||||||||
The terms of the loan also provide that, in the event we receive an investment grade credit rating, borrowings under the loan will bear interest based on the table below. | |||||||||||||||||||||
Applicable Margin | |||||||||||||||||||||
Credit Rating Level | Credit Rating | LIBOR Rate Loans | Base Rate Loans | ||||||||||||||||||
Level 1 | Greater than or equal to A- by S&P or A3 by Moody’s | 0.95 | % | 0 | % | ||||||||||||||||
Level 2 | Greater than or equal to BBB+ by S&P or Baa1 by Moody’s | 1.05 | % | 0.05 | % | ||||||||||||||||
Level 3 | Greater than or equal to BBB by S&P or Baa2 by Moody’s | 1.2 | % | 0.2 | % | ||||||||||||||||
Level 4 | Greater than or equal to BBB- by S&P or Baa3 by Moody’s | 1.5 | % | 0.5 | % | ||||||||||||||||
Level 5 | Less than BBB- by S&P or Baa3 by Moody’s | 1.95 | % | 0.95 | % | ||||||||||||||||
Following the receipt of such investment grade rating, the terms of the loan provide for the adjustment of the applicable margin from time to time according to the rating then in effect. | |||||||||||||||||||||
The Unsecured Term Loan is unconditionally guaranteed jointly and severally, on a senior unsecured basis by DFT and the direct and indirect subsidiaries of DFT that guaranty the obligations of the Unsecured Credit Facility (as defined below). | |||||||||||||||||||||
The Unsecured Term Loan requires that we comply with various covenants that are substantially the same as those applicable under the Unsecured Credit Facility, including with respect to restrictions on liens, incurring indebtedness, making investments, effecting mergers and/or asset sales, and certain restrictions on dividend payments. In addition, the Unsecured Term Loan imposes financial maintenance covenants substantially the same as those under the Unsecured Credit Facility relating to, among other things, the following matters: | |||||||||||||||||||||
• | unsecured debt not exceeding 60% of the value of unencumbered assets; | ||||||||||||||||||||
• | net operating income generated from unencumbered properties divided by the amount of unsecured debt being not less than 12.5%; | ||||||||||||||||||||
• | total indebtedness not exceeding 60% of gross asset value; | ||||||||||||||||||||
• | fixed charge coverage ratio being not less than 1.70 to 1.00; and | ||||||||||||||||||||
• | tangible net worth being not less than $1.3 billion plus 80% of the sum of (i) net equity offering proceeds after March 21, 2012 and (ii) the value of equity interests issued in connection with a contribution of assets to the Operating Partnership or its subsidiaries after March 21, 2012. | ||||||||||||||||||||
The Unsecured Term Loan includes customary events of default, the occurrence of which, following any applicable cure period, would permit the lenders to, among other things, declare the principal, accrued interest and other obligations under the loan to be immediately due and payable. | |||||||||||||||||||||
We were in compliance with all of the covenants under the loan as of December 31, 2013. | |||||||||||||||||||||
Unsecured Notes due 2021 | |||||||||||||||||||||
On September 24, 2013, the Operating Partnership completed the sale of $600 million of 5.875% Unsecured Notes due 2021. The Unsecured Notes due 2021 were issued at face value. We will pay interest on the Unsecured Notes due 2021 semi-annually, in arrears, on March 15th and September 15th of each year, beginning March 15, 2014. | |||||||||||||||||||||
The Unsecured Notes due 2021 are unconditionally guaranteed, jointly and severally on a senior unsecured basis by DFT and certain of the Operating Partnership’s subsidiaries, including the subsidiaries that own the ACC2, ACC4, ACC5, ACC6, VA3, VA4, CH1, NJ1 and SC1 data centers and the SC2 parcels of land (collectively, the “Subsidiary Guarantors”), but excluding the subsidiaries that own the ACC3 data center facility, the ACC7 data center under development, the ACC8 and CH2 parcels of land, our taxable REIT subsidiary, DF Technical Services, LLC and our property management subsidiary, DF Property Management LLC. | |||||||||||||||||||||
The Unsecured Notes due 2021 rank (i) equally in right of payment with all of the Operating Partnership's existing and future senior unsecured indebtedness, (ii) senior in right of payment with all of its existing and future subordinated indebtedness, (iii) effectively subordinate to any of the Operating Partnership's existing and future secured indebtedness and (iv) effectively junior to any liabilities of any subsidiaries of the Operating Partnership that do not guarantee the Unsecured Notes. The guarantees of the Unsecured Notes due 2021 by DFT and the Subsidiary Guarantors rank (i) equally in right of payment with such guarantor's existing and future senior unsecured indebtedness, (ii) senior in right of payment with all of such guarantor's existing and future subordinated indebtedness and (iii) effectively subordinate to any of such guarantor's existing and future secured indebtedness. | |||||||||||||||||||||
At any time prior to September 15, 2016, we may redeem the Unsecured Notes due 2021, in whole or in part, at a price equal to the sum of (i) 100% of the principal amount of the Unsecured Notes due 2021 to be redeemed, plus (ii) a make-whole premium and accrued and unpaid interest. The notes may be redeemed at our option, in whole or in part, at any time, on and after September 15, 2016 at the following redemption prices (expressed as percentages of the principal amount thereof) if redeemed during the 12-month period commencing September 15 of the years indicated below, in each case together with accrued and unpaid interest to the date of redemption: | |||||||||||||||||||||
Year | Redemption Price | ||||||||||||||||||||
2016 | 104.406 | % | |||||||||||||||||||
2017 | 102.938 | % | |||||||||||||||||||
2018 | 101.469 | % | |||||||||||||||||||
2019 and thereafter | 100 | % | |||||||||||||||||||
If there is a change of control (as defined in the indenture) of the Operating Partnership or DFT, we must offer to purchase the Unsecured Notes due 2021 at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest. In addition, in certain circumstances we may be required to use the net proceeds of asset sales to purchase a portion of the Unsecured Notes due 2021 at 100% of the principal amount thereof, plus accrued and unpaid interest. | |||||||||||||||||||||
The Unsecured Notes due 2021 have certain covenants limiting or prohibiting the ability of the Operating Partnership and certain of its subsidiaries from, among other things, (i) incurring secured or unsecured indebtedness, (ii) entering into sale and leaseback transactions, (iii) making certain dividend payments, distributions, purchases of DFT's common stock and investments, (iv) entering into transactions with affiliates, (v) entering into agreements limiting the ability to make certain transfers and other payments from subsidiaries, (vi) engaging in sales of assets or (vii) engaging in certain mergers, consolidations or transfers/sales of all or substantially all assets. However, DFT may pay the minimum dividend necessary to meet its REIT income distribution requirements. | |||||||||||||||||||||
The Unsecured Notes due 2021 also require the Operating Partnership and the Subsidiary Guarantors to maintain total unencumbered assets of at least 150% of their unsecured debt on a consolidated basis. The Unsecured Notes due 2021 also have customary events of default, including, but not limited to, nonpayment, breach of covenants, and payment or acceleration defaults in certain other indebtedness of ours or certain of our subsidiaries. Upon an event of default, the holders of the Unsecured Notes due 2021 or the trustee may declare the Unsecured Notes due 2021 due and immediately payable. We were in compliance with all covenants under the Unsecured Notes due 2021 as of December 31, 2013. | |||||||||||||||||||||
Unsecured Credit Facility | |||||||||||||||||||||
The Operating Partnership's unsecured revolving credit facility ("Unsecured Credit Facility") provided for a total commitment of $225 million and a maturity date of March 21, 2016, with a one-year extension option, subject to the payment of an extension fee equal to 25 basis points on the total commitment in effect on the maturity date and certain other customary conditions. | |||||||||||||||||||||
In June 2013, we exercised the accordion feature on our Unsecured Credit Facility, resulting in an increase in total commitment from $225 million to $400 million. In June 2013, we also amended the unsecured credit facility to provide for an option to increase the total commitment under the facility to $600 million, if one or more lenders commit to being a lender for the additional amount and certain other customary conditions are met. | |||||||||||||||||||||
Under the terms of the facility, we may elect to have borrowings under the facility bear interest at either LIBOR or a base rate, which is based on the lender's prime rate, in each case plus an applicable margin. Prior to our receiving an investment grade credit rating, the applicable margin added to LIBOR and the base rate is based on the table below. | |||||||||||||||||||||
Applicable Margin | |||||||||||||||||||||
Pricing Level | Ratio of Total Indebtedness to Gross Asset Value | LIBOR Rate Loans | Base Rate Loans | ||||||||||||||||||
Level 1 | Less than or equal to 35% | 1.85 | % | 0.85 | % | ||||||||||||||||
Level 2 | Greater than 35% but less than or equal to 40% | 2 | % | 1 | % | ||||||||||||||||
Level 3 | Greater than 40% but less than or equal to 45% | 2.15 | % | 1.15 | % | ||||||||||||||||
Level 4 | Greater than 45% but less than or equal to 52.5% | 2.3 | % | 1.3 | % | ||||||||||||||||
Level 5 | Greater than 52.5% | 2.5 | % | 1.5 | % | ||||||||||||||||
As of December 31, 2013, the applicable margin was set at pricing level 1. The terms of the facility provide for the adjustment of the applicable margin from time to time according to the ratio of the Operating Partnership’s total indebtedness to gross asset value in effect from time to time. | |||||||||||||||||||||
The terms of the facility also provide that, in the event we receive an investment grade credit rating, borrowings under the facility will bear interest based on the table below. | |||||||||||||||||||||
Applicable Margin | |||||||||||||||||||||
Credit Rating Level | Credit Rating | LIBOR Rate Loans | Base Rate Loans | ||||||||||||||||||
Level 1 | Greater than or equal to A- by S&P or A3 by Moody’s | 1.05 | % | 0.05 | % | ||||||||||||||||
Level 2 | Greater than or equal to BBB+ by S&P or Baa1 by Moody’s | 1.2 | % | 0.2 | % | ||||||||||||||||
Level 3 | Greater than or equal to BBB by S&P or Baa2 by Moody’s | 1.35 | % | 0.35 | % | ||||||||||||||||
Level 4 | Greater than or equal to BBB- by S&P or Baa3 by Moody’s | 1.5 | % | 0.5 | % | ||||||||||||||||
Level 5 | Less than BBB- by S&P or Baa3 by Moody’s | 2.1 | % | 1.1 | % | ||||||||||||||||
Following the receipt of such investment grade rating, the terms of the facility provide for the adjustment of the applicable margin from time to time according to the rating then in effect. | |||||||||||||||||||||
The facility is unconditionally guaranteed, jointly and severally, on a senior unsecured basis by DFT and all of the Operating Partnership’s subsidiaries that currently guaranty the obligations under the Unsecured Notes due 2021, listed above. | |||||||||||||||||||||
The amount available for borrowings under the facility is determined according to a calculation comparing the value of certain unencumbered properties designated by the Operating Partnership at such time relative to the amount of the Operating Partnership's unsecured debt. Up to $35 million of the borrowings under the facility may be used for letters of credit. | |||||||||||||||||||||
As of December 31, 2013, no amounts or letters of credit were outstanding under the facility. | |||||||||||||||||||||
The facility requires that DFT, the Operating Partnership and their subsidiaries comply with various covenants, including with respect to restrictions on liens, incurring indebtedness, making investments, effecting mergers and/or asset sales, and certain limits on dividend payments, distributions and purchases of DFT's stock. In addition, the facility imposes financial maintenance covenants relating to, among other things, the following matters: | |||||||||||||||||||||
• | unsecured debt not exceeding 60% of the value of unencumbered assets; | ||||||||||||||||||||
• | net operating income generated from unencumbered properties divided by the amount of unsecured debt being not less than 12.5%; | ||||||||||||||||||||
• | total indebtedness not exceeding 60% of gross asset value; | ||||||||||||||||||||
• | fixed charge coverage ratio being not less than 1.70 to 1.00; and | ||||||||||||||||||||
• | tangible net worth being not less than $1.3 billion plus 80% of the sum of (i) net equity offering proceeds after March 21, 2012 and (ii) the value of equity interests issued in connection with a contribution of assets to the Operating Partnership or its subsidiaries. | ||||||||||||||||||||
The facility includes customary events of default, the occurrence of which, following any applicable cure period, would permit the lenders to, among other things, declare the principal, accrued interest and other obligations of the Operating Partnership under the facility to be immediately due and payable. We were in compliance with all covenants under the facility as of December 31, 2013. | |||||||||||||||||||||
Prior to an amendment executed on March 21, 2012, we had a $100 million unsecured revolving credit facility with an initial maturity date of May 6, 2013 and a one-year extension option. Borrowings under the facility bore interest at either LIBOR or a base rate, in each case plus an applicable margin. The applicable margin added to LIBOR and the base rate was based on the table below. | |||||||||||||||||||||
Applicable Margin | |||||||||||||||||||||
Pricing Level | Ratio of Total Indebtedness to Gross Asset Value | LIBOR Rate Loans | Base Rate Loans | ||||||||||||||||||
Level 1 | Less than or equal to 35% | 3.25 | % | 1.25 | % | ||||||||||||||||
Level 2 | Greater than 35% but less than or equal to 45% | 3.5 | % | 1.5 | % | ||||||||||||||||
Level 3 | Greater than 45% but less than or equal to 55% | 3.75 | % | 1.75 | % | ||||||||||||||||
Level 4 | Greater than 55% | 4.25 | % | 2.25 | % | ||||||||||||||||
Indebtedness Retired During 2013 | |||||||||||||||||||||
ACC5 Term Loan | |||||||||||||||||||||
On December 2, 2009, we entered into a $150 million term loan facility (the “ACC5 Term Loan”). In March 2013, we paid off the $138.3 million remaining balance of the ACC5 Term Loan that resulted in a write-off of unamortized deferred financing costs of $1.7 million in the first quarter of 2013. The ACC5 Term Loan was scheduled to mature on December 2, 2014 and bore interest at LIBOR plus 3.00%. | |||||||||||||||||||||
Unsecured Notes due 2017 | |||||||||||||||||||||
On December 16, 2009, the Operating Partnership completed the sale of $550 million of 8.5% senior notes due 2017 (the “Unsecured Notes due 2017”). The Unsecured Notes due 2017 were issued at face value. We paid interest on the Unsecured Notes due 2017 semi-annually, in arrears, on December 15 and June 15 of each year. In September 2013, we commenced a tender offer to repurchase the notes at 106.04%. $418.1 million of these notes were tendered and we paid $25.5 million in tender consideration and fees, in addition to accrued interest due through the repayment date. The early repayment of these notes resulted in a write-off of unamortized deferred financing costs of $5.1 million. This write-off, as well as the tender consideration and fees, is included in loss on early extinguishment of debt on the accompanying consolidated statements of operations. The remaining $131.9 million of Unsecured Notes due 2017 were irrevocably called in September 2013 and paid off in October 2013 at a premium of $7.1 million, which resulted in the write-off the remaining unamortized deferred financing costs related to these notes totaling $1.6 million. | |||||||||||||||||||||
A summary of the Company's debt maturity schedule as of December 31, 2013 is as follows: | |||||||||||||||||||||
Debt Maturity as of December 31, 2013 | |||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||
Year | Fixed Rate | Floating Rate | Total | % of Total | Rates | ||||||||||||||||
2014 | $ | — | — | $ | — | — | — | ||||||||||||||
2015 | — | — | — | — | — | ||||||||||||||||
2016 | — | 3,750 | -2 | 3,750 | 0.4 | % | 2 | % | |||||||||||||
2017 | — | 8,750 | -2 | 8,750 | 1 | % | 2 | % | |||||||||||||
2018 | — | 102,500 | -2 | 102,500 | 11.8 | % | 2 | % | |||||||||||||
2019 | — | 154,000 | -3 | 154,000 | 17.7 | % | 1.9 | % | |||||||||||||
2020 | — | — | — | — | — | ||||||||||||||||
2021 | 600,000 | -1 | — | 600,000 | 69.1 | % | 5.9 | % | |||||||||||||
Total | $ | 600,000 | $ | 269,000 | $ | 869,000 | 100 | % | 4.7 | % | |||||||||||
-1 | The 5.875% Unsecured Notes are due September 15, 2021. | ||||||||||||||||||||
-2 | The ACC3 Term Loan matures on March 27, 2018 with no extension option. Quarterly principal payments of $1.25 million begin on April 1, 2016, increase to $2.5 million on April 1, 2017 and continue through maturity. | ||||||||||||||||||||
-3 | The $250 million Unsecured Term Loan matures on February 15, 2019 with no extension option. In January 2014, we drew the remaining $96.0 million. |
7_Related_Party_Transactions_N
7. Related Party Transactions (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions Disclosure [Text Block] | ' |
Related Party Transactions | |
For the years ended December 31, 2013, 2012 and 2011, we incurred $0.3 million, $0.2 million and $0.4 million of cost, respectively, to charter an aircraft for business travel that was owned by our President and Chief Executive Officer. For the years ended December 31, 2013, 2012 and 2011, we incurred $0.1 million, $0.5 million and $0.5 million of expenses for personal travel of our President and Chief Executive Officer in lieu of the Chief Executive Officer’s annual salary under the terms of his employment agreement. Effective February 5, 2013, we no longer reimburse the Chief Executive Officer for personal travel in lieu of salary. | |
We lease space for our headquarters building from an affiliate of the Chairman of the Board and the President and Chief Executive Officer. Rent expense was $0.4 million for each of the years ended December 31, 2013, 2012 and 2011. |
8_Commitments_and_Contingencie
8. Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies Disclosure [Text Block] | ' |
Commitments and Contingencies | |
We are involved from time to time in various legal proceedings, lawsuits, examinations by various tax authorities and claims that have arisen in the ordinary course of business. We currently believe that the resolution of such matters will not have a material adverse effect on our financial condition or results of operations. | |
Contracts related to the development of the ACC7 Phase I and SC1 Phase IIA data centers were in place as of December 31, 2013. These contracts are cost plus in nature whereby the contract sum is the aggregate of the actual work performed and equipment purchased plus a contractor fee. Control estimates, which are adjusted from time to time to reflect any contract changes, are estimates of the total contract cost at completion. As of December 31, 2013 the ACC7 Phase I control estimate was $157.4 million of which $109.2 million had been incurred. An additional $19.4 million has been committed under this contract as of December 31, 2013. As of December 31, 2013, the SC1 Phase IIA control estimate was $108.4 million of which $45.1 million has been incurred. An additional $22.3 million has been committed under this contract as of December 31, 2013. | |
Concurrent with DFT’s October 2007 initial public offering, we entered into tax protection agreements with some of the contributors of the initial properties including DFT’s Chairman of the Board and President and CEO. Pursuant to the terms of these agreements, if we dispose of any interest in the initial contributed properties that generates more than a certain allowable amount of built-in gain for the contributors, as a group, in any single year through 2017, we will indemnify the contributors for a portion of the tax liabilities incurred with respect to the amount of built-in gain and tax liabilities incurred as a result of the reimbursement payment. The amount of initial built-in gain that can be recognized as of January 1, 2014 without triggering the tax protection provisions is approximately 70% of the initial built in gain of $667 million (unaudited) or $467 million (unaudited). This percentage grows each year by 10%, accumulating to 100% in 2017. If, as of January 1, 2014, the tax protection provisions were triggered, we could be liable for protection on the taxes related to approximately up to $200 million (unaudited) of built-in gain. Additionally, we must provide an opportunity for certain of the contributors of the initial properties to guarantee a secured loan. Any sale by the Company that requires payments to any of DFT’s executive officers or directors pursuant to these agreements requires the approval of at least 75% of the disinterested members of DFT’s Board of Directors. |
9_Redeemable_noncontrolling_in
9. Redeemable noncontrolling interests operating partnership / Redeemable partnership units | 12 Months Ended |
Dec. 31, 2013 | |
Redeemable noncontrolling interests – operating partnership / Redeemable partnership units [Abstract] | ' |
Redeemable noncontrolling interests – operating partnership / Redeemable partnership units [Text Block] | ' |
Redeemable noncontrolling interests – operating partnership / Redeemable partnership units | |
Redeemable noncontrolling interests – operating partnership, as presented on DFT’s consolidated balance sheets, represent the OP units held by individuals and entities other than DFT. These interests are also presented on the Operating Partnership’s consolidated balance sheets, referred to as “redeemable partnership units.” Accordingly, the following discussion related to redeemable noncontrolling interests – operating partnership of the REIT refers equally to redeemable partnership units of the Operating Partnership. | |
The redemption value of redeemable noncontrolling interests – operating partnership as of December 31, 2013 and December 31, 2012 was $387.2 million and $453.9 million, respectively, based on the closing share price of DFT’s common stock of $24.71 and $24.16, respectively, on those dates. | |
Holders of OP units are entitled to receive distributions in a per unit amount equal to the per share dividends made with respect to each share of DFT’s common stock, if and when DFT’s Board of Directors declares such a dividend. Holders of OP units have the right to tender their units for redemption, in an amount equal to the fair market value of DFT’s common stock. DFT may elect to redeem tendered OP units for cash or for shares of DFT’s common stock. During the years ended December 31, 2013, 2012 and 2011 OP unitholders redeemed a total of 3,115,269, 277,575, and 2,883,118 OP units in exchange for an equal number of shares of common stock. See Note 2. |
10_Preferred_Stock
10. Preferred Stock | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Preferred Stock [Abstract] | ' | ||||||||||||||
Preferred Stock [Text Block] | ' | ||||||||||||||
Preferred Stock | |||||||||||||||
Series A Preferred Stock | |||||||||||||||
In October 2010, DFT issued 7,400,000 shares of 7.875% Series A Cumulative Redeemable Perpetual Preferred Stock (“Series A Preferred Stock”) for $185.0 million in an underwritten public offering. The liquidation preference on the Series A Preferred Stock is $25 per share and dividends are scheduled quarterly. For each share of Series A Preferred Stock issued by DFT, the Operating Partnership issued a preferred unit equivalent to DFT with the same terms. | |||||||||||||||
For the year ended December 31, 2013, DFT declared and paid the following cash dividends on its Series A Preferred Stock, of which the OP paid equivalent distributions on its preferred units: | |||||||||||||||
Record Date | Payment Date | Cash Dividend | Ordinary Taxable Dividend (Unaudited) | Nontaxable Return of Capital Distributions (Unaudited) | |||||||||||
4/5/13 | 4/15/13 | $ | 0.4921875 | $ | 0.4921875 | $ | 0 | ||||||||
7/5/13 | 7/15/13 | 0.4921875 | 0.4921875 | 0 | |||||||||||
10/4/13 | 10/15/13 | 0.4921875 | 0.4921875 | 0 | |||||||||||
12/27/13 | 1/15/14 | 0.4921875 | 0.4921875 | 0 | |||||||||||
$ | 1.96875 | $ | 1.96875 | $ | 0 | ||||||||||
For the year ended December 31, 2012, DFT declared and paid the following cash dividends on its Series A Preferred Stock, of which the OP paid equivalent distributions on its preferred units: | |||||||||||||||
Record Date | Payment Date | Cash Dividend | Ordinary Taxable Dividend (Unaudited) | Nontaxable Return of Capital Distributions (Unaudited) | |||||||||||
4/5/12 | 4/16/12 | $ | 0.4921875 | $ | 0.4921875 | $ | 0 | ||||||||
7/6/12 | 7/16/12 | 0.4921875 | 0.4921875 | 0 | |||||||||||
10/5/12 | 10/15/12 | 0.4921875 | 0.4921875 | 0 | |||||||||||
12/28/12 | 1/15/13 | 0.4921875 | 0.4921875 | 0 | |||||||||||
$ | 1.96875 | $ | 1.96875 | $ | 0 | ||||||||||
For the year ended December 31, 2011, DFT declared and paid the following cash dividends on its Series A Preferred Stock, of which the OP paid equivalent distributions on its preferred units: | |||||||||||||||
Record Date | Payment Date | Cash Dividend | Ordinary Taxable Dividend (Unaudited) | Nontaxable Return of Capital Distributions (Unaudited) | |||||||||||
3/29/11 | 4/15/11 | $ | 0.4921875 | $ | 0.4921875 | $ | 0 | ||||||||
6/28/11 | 7/15/11 | 0.4921875 | 0.4921875 | 0 | |||||||||||
9/27/11 | 10/17/11 | 0.4921875 | 0.4921875 | 0 | |||||||||||
12/27/11 | 1/17/12 | 0.4921875 | 0.4921875 | 0 | |||||||||||
$ | 1.96875 | $ | 1.96875 | $ | 0 | ||||||||||
Except in instances relating to preservation of DFT's qualification as a REIT or pursuant to the special optional redemption right discussed below, the Series A Preferred Stock is not redeemable prior to October 15, 2015. On and after October 15, 2015, we may, at our option, redeem the Series A Preferred Stock, in whole, at any time, or in part, from time to time, for cash at a redemption price of $25 per share, plus any accrued and unpaid dividends to, but not including, the date of | |||||||||||||||
redemption. | |||||||||||||||
If, at any time following a change of control, the Series A Preferred Stock is not listed on the NYSE or quoted on NASDAQ (or listed or quoted on a successor exchange or quotation system), holders will be entitled to receive dividends at an increased rate of 11.875%, and we will have the option to redeem the Series A Preferred Stock, in whole but not in part, within 90 days after the first date on which both the change of control has occurred and the Series A Preferred Stock is not so listed or quoted, for cash at $25 per share, plus accrued and unpaid dividends (whether or not declared) to, but not including, the redemption date. | |||||||||||||||
Series B Preferred Stock | |||||||||||||||
In March 2011 and January 2012, DFT issued an aggregate of 6,650,000 shares of 7.625% Series B Cumulative Redeemable Perpetual Preferred Stock (“Series B Preferred Stock”) for $166.3 million in underwritten public offerings. The liquidation preference on the Series B Preferred Stock is $25 per share and dividends are scheduled quarterly. For each share of Series B Preferred Stock issued by DFT, the Operating Partnership issued a preferred unit equivalent to DFT with the same terms. | |||||||||||||||
For the year ended December 31, 2013, DFT declared and paid the following cash dividends on its Series B Preferred Stock, of which the OP paid equivalent distributions on its preferred units: | |||||||||||||||
Record Date | Payment Date | Cash Dividend | Ordinary Taxable Dividend (Unaudited) | Nontaxable Return of Capital Distributions (Unaudited) | |||||||||||
4/5/13 | 4/15/13 | $ | 0.4765625 | $ | 0.4765625 | $ | 0 | ||||||||
7/5/13 | 7/15/13 | 0.4765625 | 0.4765625 | 0 | |||||||||||
10/4/13 | 10/15/13 | 0.4765625 | 0.4765625 | 0 | |||||||||||
12/27/13 | 1/15/14 | 0.4765625 | 0.4765625 | 0 | |||||||||||
$ | 1.90625 | $ | 1.90625 | $ | 0 | ||||||||||
For the year ended December 31, 2012, DFT declared and paid the following cash dividends on its Series B Preferred Stock, of which the OP paid equivalent distributions on its preferred units: | |||||||||||||||
Record Date | Payment Date | Cash Dividend | Ordinary Taxable Dividend (Unaudited) | Nontaxable Return of Capital Distributions (Unaudited) | |||||||||||
4/5/12 | 4/16/12 | $ | 0.4765625 | $ | 0.4765625 | $ | 0 | ||||||||
7/6/12 | 7/16/12 | 0.4765625 | 0.4765625 | 0 | |||||||||||
10/5/12 | 10/15/12 | 0.4765625 | 0.4765625 | 0 | |||||||||||
12/28/12 | 1/15/13 | 0.4765625 | 0.4765625 | 0 | |||||||||||
$ | 1.90625 | $ | 1.90625 | $ | 0 | ||||||||||
For the year ended December 31, 2011, DFT declared and paid the following cash dividends on its Series B Preferred Stock, of which the OP paid equivalent distributions on its preferred units: | |||||||||||||||
Record Date | Payment Date | Cash Dividend | Ordinary Taxable Dividend (Unaudited) | Nontaxable Return of Capital Distributions (Unaudited) | |||||||||||
3/29/11 | 4/15/11 | $ | 0.20121528 | $ | 0.20121528 | $ | 0 | ||||||||
6/28/11 | 7/15/11 | 0.4765625 | 0.4765625 | 0 | |||||||||||
9/27/11 | 10/17/11 | 0.4765625 | 0.4765625 | 0 | |||||||||||
12/27/11 | 1/17/12 | 0.4765625 | 0.4765625 | 0 | |||||||||||
$ | 1.63090278 | $ | 1.63090278 | $ | 0 | ||||||||||
Except in instances relating to preservation of DFT's qualification as a REIT or pursuant to the special optional redemption right and conversion right discussed below, the Series B Preferred Stock is not redeemable prior to March 15, 2016 or convertible at any time. On and after March 15, 2016, we may, at our option, redeem the Series B Preferred Stock, in whole, at any time, or in part, from time to time, for cash at a redemption price of $25 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption. | |||||||||||||||
Upon the occurrence of a change of control, we have a special optional redemption right that enables us to redeem the Series B Preferred Stock within 120 days after the first date on which a change of control has occurred resulting in neither DFT nor the surviving entity having a class of common shares listed on the NYSE, NYSE Amex or NASDAQ. For this special redemption right, the redemption price is $25 per share in cash, plus accrued and unpaid dividends (whether or not declared) to, | |||||||||||||||
but not including, the redemption date. | |||||||||||||||
Upon the occurrence of a change of control that results in neither DFT nor the surviving entity having a class of common shares listed on the NYSE, NYSE Amex or NASDAQ, the holder will have the right (subject to our special optional redemption right to redeem the Series B Preferred Stock) to convert some or all of the Series B Preferred Stock into a number of shares of DFT's common stock equal to the lesser of (A) the quotient obtained by dividing (i) the sum of (x) $25.00, plus (y) an amount equal to any accrued and unpaid dividends, whether or not declared, to but not including, the date of conversion (unless the date of conversion is after a record date for a Series B Preferred Stock dividend payment and prior to the corresponding Series B Preferred Stock dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this quotient), by (ii) the price of DFT's common stock, and (B) 2.105 (the Share Cap), subject to certain adjustments and provisions for the receipt of alternative consideration of equivalent value. |
11_Stockholders_Equity_of_the_
11. Stockholders Equity of the REIT and Partners Capital of the OP | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Stockholders’ Equity of the REIT and Partners’ Capital of the OP [Abstract] | ' | ||||||||||||||
Stockholders' Equity Of The REIT And Partners' Capital Of The OP [Text Block] | ' | ||||||||||||||
Stockholders’ Equity of the REIT and Partners’ Capital of the OP | |||||||||||||||
During the years ended December 31, 2013, 2012 and 2011: | |||||||||||||||
• | DFT issued an aggregate of 216,209, 157,025 and 165,608 shares of common stock in connection with our annual grant of restricted stock to employees, the hiring of new employees and grants and retainers for our Board of Directors. The OP issued an equivalent number of units to the REIT. | ||||||||||||||
• | OP unitholders redeemed a total of 3,115,269, 277,575 and 2,883,118 OP units in exchange for an equal number of shares of DFT’s common stock. | ||||||||||||||
For the year ended December 31, 2013, DFT declared and paid the following cash dividends totaling $0.95 per share on its common stock, of which the OP paid equivalent distributions on OP units: | |||||||||||||||
Record Date | Payment Date | Cash Dividend | Ordinary Taxable Dividend (Unaudited) | Nontaxable Return of Capital Distributions (Unaudited) | |||||||||||
4/5/13 | 4/15/13 | $ | 0.2 | $ | 0.172 | $ | 0.028 | ||||||||
7/5/13 | 7/15/13 | 0.25 | 0.214 | 0.036 | |||||||||||
10/4/13 | 10/15/13 | 0.25 | 0.214 | 0.036 | |||||||||||
12/27/13 | 1/15/14 | 0.25 | 0 | 0 | |||||||||||
$ | 0.95 | $ | 0.6 | $ | 0.1 | ||||||||||
Of the $0.25 dividend paid in January 2014, $0.25 (unaudited) will be included in 2014 taxable common dividends. | |||||||||||||||
For the year ended December 31, 2012, DFT declared and paid the following cash dividends totaling $0.62 per share on its common stock, of which the OP paid equivalent distributions on OP units: | |||||||||||||||
Record Date | Payment Date | Cash Dividend | Ordinary Taxable Dividend (Unaudited) | Nontaxable Return of Capital Distributions (Unaudited) | |||||||||||
4/5/12 | 4/16/12 | $ | 0.12 | $ | 0.12 | $ | 0 | ||||||||
7/6/12 | 7/16/12 | 0.15 | 0.15 | 0 | |||||||||||
10/5/12 | 10/15/12 | 0.15 | 0.15 | 0 | |||||||||||
12/28/12 | 1/15/13 | 0.2 | 0.15 | 0 | |||||||||||
$ | 0.62 | $ | 0.57 | $ | 0 | ||||||||||
Of the $0.20 dividend paid in January 2013, $0.05 (unaudited) was included in 2013 taxable common dividends. | |||||||||||||||
For the year ended December 31, 2011, DFT declared and paid the following cash dividends totaling $0.48 per share on its common stock, of which the OP paid equivalent distributions on OP units: | |||||||||||||||
Record Date | Payment Date | Cash Dividend | Ordinary Taxable Dividend (Unaudited) | Nontaxable Return of Capital Distributions (Unaudited) | |||||||||||
3/29/11 | 4/8/11 | $ | 0.12 | $ | 0.12 | $ | 0 | ||||||||
6/28/11 | 7/8/11 | 0.12 | 0.12 | 0 | |||||||||||
9/27/11 | 10/7/11 | 0.12 | 0.12 | 0 | |||||||||||
12/27/11 | 1/6/12 | 0.12 | 0.11 | 0 | |||||||||||
$ | 0.48 | $ | 0.47 | $ | 0 | ||||||||||
Of the $0.12 dividend paid in January 2012, $0.01 (unaudited) was included in 2012 taxable common dividends. | |||||||||||||||
On November 19, 2012, the Board of Directors authorized a repurchase program to acquire up to $80.0 million of DFT's common shares. In September 2013, the Board of Directors approved a new common stock repurchase program that commenced in November 2013 and expires on December 31, 2014. During the year ended December 31, 2013, DFT repurchased 1,632,673 shares of its common stock totaling $37.8 million. All repurchased shares were retired immediately. |
12_Equity_Compensation_Plan
12. Equity Compensation Plan | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||
Equity Compensation Plan | |||||||||||||
In May 2011, our Board of Directors adopted the 2011 Equity Incentive Plan (the “2011 Plan”) following approval from our stockholders. The 2011 Plan is administered by the Compensation Committee of our Board of Directors. The 2011 Plan allows us to provide equity-based compensation to our personnel and directors in the form of stock options, stock appreciation rights, dividend equivalent rights, restricted stock, restricted stock units, performance-based awards, unrestricted stock, long term incentive units (“LTIP units”) and other awards. | |||||||||||||
The 2011 Plan authorizes a maximum aggregate of 6,300,000 share equivalents be reserved for future issuances. In addition, shares that were awarded under our 2007 Equity Compensation Plan (the “2007 Plan”) that subsequently become available due to forfeitures of such awards are available for issuance under the 2011 Plan. | |||||||||||||
The 2011 Plan provides that awards can no longer be made under the 2007 Plan. Furthermore, under the 2011 Plan, shares of common stock that are subject to awards of options or stock appreciation rights will be counted against the 2011 Plan share limit as one share for every one share subject to the award. Any shares of stock that are subject to awards other than options or stock appreciation rights shall be counted against the 2011 Plan share limit as 2.36 shares for every one share subject to the award. | |||||||||||||
As of December 31, 2013, 1,513,080 share equivalents were issued under the 2011 Plan, and the maximum aggregate amount of share equivalents remaining available for future issuance was 4,786,920. | |||||||||||||
Restricted Stock | |||||||||||||
Restricted stock awards vest over specified periods of time as long as the employee remains employed with the Company. The following table sets forth the number of unvested shares of restricted stock and the weighted average fair value of these shares at the date of grant: | |||||||||||||
Shares of | Weighted Average | ||||||||||||
Restricted Stock | Fair Value at | ||||||||||||
Date of Grant | |||||||||||||
Unvested balance at December 31, 2010 | 636,851 | $ | 10.82 | ||||||||||
Granted | 153,992 | $ | 23.62 | ||||||||||
Vested | (288,582 | ) | $ | 9.82 | |||||||||
Forfeited | (12,932 | ) | $ | 15.3 | |||||||||
Unvested balance at December 31, 2011 | 489,329 | $ | 15.31 | ||||||||||
Granted | 143,191 | $ | 22.66 | ||||||||||
Vested | (314,571 | ) | $ | 11.6 | |||||||||
Forfeited | (20,030 | ) | $ | 22.38 | |||||||||
Unvested balance at December 31, 2012 | 297,919 | $ | 22.31 | ||||||||||
Granted | 203,241 | $ | 22.82 | ||||||||||
Vested | (162,353 | ) | $ | 21.73 | |||||||||
Forfeited | (34,843 | ) | $ | 22.86 | |||||||||
Unvested balance at December 31, 2013 | 303,964 | $ | 22.89 | ||||||||||
During the years ended December 31, 2013, 2012 and 2011, we issued 203,241, 143,191 and 153,992 shares of restricted stock, which had an aggregate value of $4.6 million, $3.2 million and $3.6 million, on the respective grant dates. This amount will be amortized to expense over the respective vesting periods, which are typically three years. Also during the years ended December 31, 2013, 2012 and 2011, 162,353, 314,571 and 288,582 shares of restricted stock vested, respectively, at a value of $3.8 million, $7.2 million and $7.0 million on the respective vesting dates. | |||||||||||||
As of December 31, 2013, total unearned compensation on restricted stock was $4.6 million, and the weighted average vesting period was 1.3 years. | |||||||||||||
Stock Options | |||||||||||||
Stock option awards are granted with an exercise price equal to the closing market price of DFT’s common stock at the date of grant and vest over specified periods of time as long as the employee remains employed with the Company. All shares to be issued upon option exercises will be newly issued shares and the options have 10-year contractual terms. | |||||||||||||
A summary of our stock option activity under the applicable equity incentive plan for the years ended December 31, 2013, 2012 and 2011 is presented in the tables below. | |||||||||||||
Number of | Weighted Average | ||||||||||||
Options | Exercise Price | ||||||||||||
Under option, December 31, 2010 | 1,403,277 | $ | 8.13 | ||||||||||
Granted | 637,879 | $ | 23.79 | ||||||||||
Exercised | (138,313 | ) | $ | 5.06 | |||||||||
Forfeited | — | N/A | |||||||||||
Under option, December 31, 2011 | 1,902,843 | $ | 13.6 | ||||||||||
Granted | 341,541 | $ | 22.57 | ||||||||||
Exercised | (113,955 | ) | $ | 7.62 | |||||||||
Forfeited | (53,648 | ) | $ | 22.6 | |||||||||
Under option, December 31, 2012 | 2,076,781 | $ | 15.17 | ||||||||||
Granted | 374,214 | $ | 22.62 | ||||||||||
Exercised | (250,472 | ) | $ | 6.83 | |||||||||
Forfeited | (100,613 | ) | $ | 22.83 | |||||||||
Under option, December 31, 2013 | 2,099,910 | $ | 17.13 | ||||||||||
Shares Subject | Total Unearned | Weighted Average | Weighted Average | ||||||||||
to Option | Compensation | Vesting Period | Remaining | ||||||||||
Contractual Term | |||||||||||||
As of December 31, 2011 | 1,902,843 | $ | 4.5 | million | 0.8 years | 8.0 years | |||||||
As of December 31, 2012 | 2,076,781 | $ | 3.2 | million | 0.8 years | 7.3 years | |||||||
As of December 31, 2013 | 2,099,910 | $ | 1.9 | million | 0.8 years | 6.9 years | |||||||
The following table sets forth the number of unvested options as of December 31, 2013, 2012 and 2011 and the weighted average fair value of these options at the grant date. | |||||||||||||
Number of | Weighted Average | ||||||||||||
Options | Fair Value | ||||||||||||
at Date of Grant | |||||||||||||
Unvested balance at December 31, 2010 | 1,140,353 | $ | 3.4 | ||||||||||
Granted | 637,879 | $ | 7.38 | ||||||||||
Vested | (521,754 | ) | $ | 2.88 | |||||||||
Forfeited | — | N/A | |||||||||||
Unvested balance at December 31, 2011 | 1,256,478 | $ | 5.63 | ||||||||||
Granted | 341,541 | $ | 5.79 | ||||||||||
Vested | (734,380 | ) | $ | 4.18 | |||||||||
Forfeited | (53,648 | ) | $ | 6.52 | |||||||||
Unvested balance at December 31, 2012 | 809,991 | $ | 6.96 | ||||||||||
Granted | 374,214 | $ | 4.75 | ||||||||||
Vested | (399,481 | ) | $ | 7.34 | |||||||||
Forfeited | (100,613 | ) | $ | 5.55 | |||||||||
Unvested balance at December 31, 2013 | 684,111 | $ | 5.73 | ||||||||||
The following tables set forth the number of exercisable options as of December 31, 2013, 2012 and 2011 and the weighted average fair value and exercise price of these options at the grant date. | |||||||||||||
Number of | Weighted Average | ||||||||||||
Options | Fair Value | ||||||||||||
at Date of Grant | |||||||||||||
Options Exercisable at December 31, 2010 | 262,924 | $ | 1.48 | ||||||||||
Vested | 521,754 | $ | 2.88 | ||||||||||
Exercised | (138,313 | ) | $ | 1.48 | |||||||||
Options Exercisable at December 31, 2011 | 646,365 | $ | 2.61 | ||||||||||
Vested | 734,380 | $ | 4.18 | ||||||||||
Exercised | (113,955 | ) | $ | 2.56 | |||||||||
Options Exercisable at December 31, 2012 | 1,266,790 | $ | 3.52 | ||||||||||
Vested | 399,481 | $ | 7.34 | ||||||||||
Exercised | (250,472 | ) | $ | 2.35 | |||||||||
Options Exercisable at December 31, 2013 | 1,415,799 | $ | 4.81 | ||||||||||
Exercisable | Intrinsic Value | Weighted Average | Weighted Average | ||||||||||
Options | Exercise Price | Remaining | |||||||||||
Contractual Term | |||||||||||||
As of December 31, 2011 | 646,365 | $ | 10.9 | million | $ | 7.28 | 7.3 years | ||||||
As of December 31, 2012 | 1,266,790 | $ | 17.6 | million | $ | 10.24 | 6.6 years | ||||||
As of December 31, 2013 | 1,415,799 | $ | 14.7 | million | $ | 14.33 | 6.1 years | ||||||
The intrinsic value of stock options exercised during the years ended December 31, 2013, 2012 and 2011 was $4.5 million, $1.9 million and $2.7 million, respectively. | |||||||||||||
The fair value of each option award is estimated on the date of grant using a Black-Scholes option valuation model. Expected volatility used in the Black-Scholes model is based on DFT’s historical volatility. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The following table summarizes the assumptions used to value the stock options granted and the fair value of these options granted during the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Number of options granted | 374,214 | 341,541 | 637,879 | ||||||||||
Exercise price | $ | 22.62 | $ | 22.57 | $ | 23.79 | |||||||
Expected term (in years) | 5 | 4 | 4 | ||||||||||
Expected volatility | 34 | % | 39 | % | 44 | % | |||||||
Expected annual dividend | 4 | % | 2 | % | 2 | % | |||||||
Risk-free rate | 0.83 | % | 0.64 | % | 1.72 | % | |||||||
Fair value at date of grant | $1.8 million | $2.0 million | $4.7 million | ||||||||||
Performance Units | |||||||||||||
Performance unit awards are awarded to certain executive employees and have a three calendar-year performance period with no dividend rights. Performance units will be settled in common shares following the performance period as long as the employee remains employed with us on the vesting date, which is the March 1st date following the last day of the applicable performance period. Performance units are valued using a Monte Carlo simulation and are amortized over the three year vesting period from the grant date to the vesting date. The number of common shares settled could range from 0% to 300% of target, depending on DFT’s total stockholder return compared to the MSCI US REIT index over the three calendar-year performance period. The following table summarizes the assumptions used to value, and the resulting fair and maximum values of, the performance units granted during the years ended December 31, 2013 and 2012. | |||||||||||||
2013 | 2012 | ||||||||||||
Number of performance units granted | 60,468 | 61,033 | |||||||||||
Expected volatility | 33 | % | 29 | % | |||||||||
Expected annual dividend | 4 | % | 2 | % | |||||||||
Risk-free rate | 0.4 | % | 0.43 | % | |||||||||
Performance unit fair value at date of grant | $ | 25.59 | $ | 28.26 | |||||||||
Total grant fair value at date of grant | $1.5 million | $1.7 million | |||||||||||
Maximum value of grant on vesting date based on closing price of DFT's stock at the date of grant | $4.1 million | $4.1 million | |||||||||||
During the year ended December 31, 2013, 22,091 performance units were forfeited with a weighted average fair value of $26.93 per unit. As of December 31, 2013, total unearned compensation on outstanding performance units was $1.5 million. |
13_Earnings_Per_Share_of_the_R
13. Earnings Per Share of the REIT | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||
Earnings Per Share of the REIT | ||||||||||||
The following table sets forth the reconciliation of basic and diluted average shares outstanding used in the computation of earnings per share of common stock (in thousands except for share and per share amounts): | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic and Diluted Shares Outstanding | ||||||||||||
Weighted average common shares – basic | 64,645,316 | 62,866,189 | 61,241,520 | |||||||||
Effect of dilutive securities | 828,723 | 887,817 | 1,062,385 | |||||||||
Weighted average common shares – diluted | 65,474,039 | 63,754,006 | 62,303,905 | |||||||||
Calculation of Earnings per Share – Basic | ||||||||||||
Net income attributable to common shares | $ | 21,146 | $ | 25,977 | $ | 44,101 | ||||||
Net income allocated to unvested restricted shares | (267 | ) | (188 | ) | (363 | ) | ||||||
Net income attributable to common shares, adjusted | 20,879 | 25,789 | 43,738 | |||||||||
Weighted average common shares – basic | 64,645,316 | 62,866,189 | 61,241,520 | |||||||||
Earnings per common share – basic | $ | 0.32 | $ | 0.41 | $ | 0.71 | ||||||
Calculation of Earnings per Share – Diluted | ||||||||||||
Net income attributable to common shares | $ | 21,146 | $ | 25,977 | $ | 44,101 | ||||||
Adjustments to redeemable noncontrolling interests | 55 | 84 | 188 | |||||||||
Adjusted net income available to common shares | 21,201 | 26,061 | 44,289 | |||||||||
Weighted average common shares – diluted | 65,474,039 | 63,754,006 | 62,303,905 | |||||||||
Earnings per common share – diluted | $ | 0.32 | $ | 0.41 | $ | 0.71 | ||||||
The following table sets forth the amount of restricted shares, stock options and performance units that have been excluded from the calculation of diluted earnings per share as their effect would have been antidilutive (in millions): | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Restricted Shares | — | — | — | |||||||||
Stock Options | 0.6 | 0.9 | 0.9 | |||||||||
Performance Units | 0.1 | 0.1 | — | |||||||||
14_Earnings_Per_Unit_of_the_Op
14. Earnings Per Unit of the Operating Partnership | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Earnings Per Unit [Abstract] | ' | ||||||||
Earnings per unit of the Operating Partnership [Text Block] | ' | ||||||||
Earnings Per Unit of the Operating Partnership | |||||||||
The following table sets forth the reconciliation of basic and diluted average units outstanding used in the computation of earnings per unit: | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Basic and Diluted Units Outstanding | |||||||||
Weighted average common units – basic (includes redeemable partnership units and units of general and limited partners) | 80,580,556 | 81,750,958 | 81,387,042 | ||||||
Effect of dilutive securities | 828,723 | 887,817 | 1,062,385 | ||||||
Weighted average common units – diluted | 81,409,279 | 82,638,775 | 82,449,427 | ||||||
The following table sets forth the amount of restricted units, stock options and performance units that have been excluded from the calculation of diluted earnings per unit as their effect would have been antidilutive (in millions): | |||||||||
Year ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Restricted Units | — | — | — | ||||||
Stock Options | 0.6 | 0.9 | 0.9 | ||||||
Performance Units | 0.1 | 0.1 | — | ||||||
15_Employee_Benefit_Plan_Notes
15. Employee Benefit Plan (Notes) | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Employee Benefit Plans [Text Block] | ' |
Employee Benefit Plan | |
We have a tax qualified retirement plan (“401(k) Plan”) that provides employees with an opportunity to save for retirement on a tax advantaged basis. Employees participate in the 401(k) Plan on their first day of employment and are able to defer compensation up to the limits established by the Internal Revenue Service. We match 50% of the employees' contributions up to a maximum match contribution of 4% of the employee's eligible cash compensation. Our contributions vest immediately. During each of the years ended December 31, 2013, 2012 and 2011, we contributed $0.4 million to the 401(k) Plan. |
16_Fair_Value
16. Fair Value | 12 Months Ended | |
Dec. 31, 2013 | ||
Fair Value Disclosures [Abstract] | ' | |
Fair Value Disclosures [Text Block] | ' | |
Fair Value | ||
Assets and Liabilities Measured at Fair Value | ||
We follow the authoritative guidance issued by the FASB relating to fair value measurements that defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The guidance applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the guidance does not require any new fair value measurements of reported balances. The guidance excludes the accounting for leases, as well as other authoritative guidance that address fair value measurements on lease classification and measurement. The authoritative guidance issued by the FASB emphasizes that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. | ||
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign | ||
exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. | ||
The authoritative guidance issued by the FASB requires disclosure of the fair value of financial instruments. Fair value estimates are subjective in nature and are dependent on a number of important assumptions, including estimates of future cash flows, risks, discount rates, and relevant comparable market information associated with each financial instrument. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the amounts are not necessarily indicative of the amounts we would realize in a current market exchange. | ||
The following methods and assumptions were used in estimating the fair value amounts and disclosures for financial instruments as of December 31, 2013 and 2012: | ||
• | Cash and cash equivalents: The carrying amount of cash and cash equivalents reported in the consolidated balance sheets approximates fair value because of the short maturity of these instruments (i.e., less than 90 days). | |
• | Restricted cash: The carrying amount of restricted cash reported in the consolidated balance sheets approximates fair value because of the short maturities of these instruments. | |
• | Rents and other receivables, accounts payable and accrued liabilities, and prepaid rents: The carrying amount of these assets and liabilities reported in the consolidated balance sheets approximates fair value because of the short-term nature of these amounts. | |
• | Debt: As of December 31, 2013, the combined balance of our Unsecured Notes due 2021, Unsecured Term Loan and ACC3 Term Loan was $869.0 million with a fair value of $872.2 million based on Level 1, Level 2 and Level 3 data. The Level 1 data is for the Unsecured Notes due 2021 and consisted of a quote from the market maker for the Unsecured Notes due 2021. The Level 3 data is for the ACC3 Loan and the Unsecured Term Loan and is based on discounted cash flows using a one-month LIBOR swap rate of 1.68% as of December 31, 2013 plus a spread that is consistent with current market conditions. | |
As of December 31, 2012, the combined balance of our Unsecured Notes and mortgage notes payable was $707.6 million with a fair value of $757.4 million based on Level 1 and Level 3 data. The Level 1 data was for the Unsecured Notes and consisted of a quote from the market maker in the Unsecured Notes. The Level 3 data was for the ACC5 Term Loan and the Line of Credit and is based on discounted cash flows using the one-month LIBOR swap rate as of December 31, 2012 plus a spread that was consistent with current market conditions. |
17_Quarterly_Financial_Informa
17. Quarterly Financial Information (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information [Abstract] | ' | |||||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||||
Quarterly Financial Information (unaudited) | ||||||||||||||||
The table below reflects the selected quarterly information for the years ended December 31, 2013 and 2012 (in thousands except share data): | ||||||||||||||||
Three months ended | ||||||||||||||||
31-Dec-13 | 30-Sep-13 | 30-Jun-13 | 31-Mar-13 | |||||||||||||
Total revenue | $ | 99,444 | $ | 96,342 | $ | 91,564 | $ | 87,759 | ||||||||
Net income (loss) | 21,089 | (5,958 | ) | 21,747 | 16,727 | |||||||||||
Net income (loss) attributable to common shares | 11,460 | (10,228 | ) | 11,971 | 7,943 | |||||||||||
Net income (loss) attributable to common shares per common share-basic (1) | 0.18 | (0.16 | ) | 0.19 | 0.12 | |||||||||||
Net income (loss) attributable to common shares per common share-diluted | 0.18 | (0.16 | ) | 0.18 | 0.12 | |||||||||||
Three months ended | ||||||||||||||||
31-Dec-12 | 30-Sep-12 | 30-Jun-12 | 31-Mar-12 | |||||||||||||
Total revenue | $ | 85,959 | $ | 85,446 | $ | 82,658 | $ | 78,382 | ||||||||
Net income | 15,703 | 16,278 | 15,494 | 13,358 | ||||||||||||
Net income attributable to common shares | 6,845 | 7,286 | 6,677 | 5,169 | ||||||||||||
Net income attributable to common shares per common share-basic | 0.11 | 0.11 | 0.11 | 0.08 | ||||||||||||
Net income attributable to common shares per common share-diluted | 0.11 | 0.11 | 0.11 | 0.08 | ||||||||||||
(1) Amounts do not equal full year results due to rounding and the impact of the loss in the third quarter of 2013. |
18_Supplemental_Consolidating_
18. Supplemental Consolidating Financial Data for Subsidiary Guarantors of the Unsecured Notes | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Supplemental Consolidating Financial Data for Subsidiary Guarantors of the Unsecured Notes [Abstract] | ' | |||||||||||||||||||
Additional Financial Information Disclosure [Text Block] | ' | |||||||||||||||||||
18. Supplemental Consolidating Financial Data for Subsidiary Guarantors of the Unsecured Notes | ||||||||||||||||||||
On September 24, 2013, the Operating Partnership issued the Unsecured Notes due 2021 (See Note 6). The Unsecured Notes due 2021 are unconditionally guaranteed, jointly and severally on a senior unsecured basis by DFT and certain of the Company’s subsidiaries, including the subsidiaries that own the ACC2, ACC4, ACC5, ACC6, VA3, VA4, CH1, NJ1 and SC1 data centers and the SC2 parcels of land (collectively, the "Subsidiary Guarantors"), but excluding the subsidiaries that own the ACC3 data center facility, the ACC7 data center under development, the ACC8 and CH2 parcels of land and the TRS (collectively, the "Subsidiary Non-Guarantors"). The following consolidating financial information sets forth the financial position as of December 31, 2013 and December 31, 2012 and the results of operations and cash flows for the years ended December 31, 2013, 2012 and 2011 of the Operating Partnership, Subsidiary Guarantors and the Subsidiary Non-Guarantors. | ||||||||||||||||||||
DUPONT FABROS TECHNOLOGY, L.P. | ||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
(in thousands except share data) | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
ASSETS | ||||||||||||||||||||
Income producing property: | ||||||||||||||||||||
Land | $ | — | $ | 74,885 | $ | 1,071 | $ | — | $ | 75,956 | ||||||||||
Buildings and improvements | — | 2,318,414 | 102,572 | — | 2,420,986 | |||||||||||||||
— | 2,393,299 | 103,643 | — | 2,496,942 | ||||||||||||||||
Less: accumulated depreciation | — | (386,796 | ) | (26,598 | ) | — | (413,394 | ) | ||||||||||||
Net income producing property | — | 2,006,503 | 77,045 | — | 2,083,548 | |||||||||||||||
Construction in progress and land held for development | — | 154,404 | 147,664 | — | 302,068 | |||||||||||||||
Net real estate | — | 2,160,907 | 224,709 | — | 2,385,616 | |||||||||||||||
Cash and cash equivalents | 32,903 | — | 1,611 | — | 34,514 | |||||||||||||||
Rents and other receivables | 4,226 | 3,981 | 4,467 | — | 12,674 | |||||||||||||||
Deferred rent | — | 144,377 | 5,661 | — | 150,038 | |||||||||||||||
Lease contracts above market value, net | — | 9,154 | — | — | 9,154 | |||||||||||||||
Deferred costs, net | 17,318 | 16,971 | 5,577 | — | 39,866 | |||||||||||||||
Investment in affiliates | 2,372,121 | — | — | (2,372,121 | ) | — | ||||||||||||||
Prepaid expenses and other assets | 2,264 | 37,331 | 4,912 | — | 44,507 | |||||||||||||||
Total assets | $ | 2,428,832 | $ | 2,372,721 | $ | 246,937 | $ | (2,372,121 | ) | $ | 2,676,369 | |||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Line of credit | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Mortgage notes payable | — | — | 115,000 | — | 115,000 | |||||||||||||||
Unsecured term loan | 154,000 | — | — | — | 154,000 | |||||||||||||||
Unsecured notes payable | 600,000 | — | — | — | 600,000 | |||||||||||||||
Accounts payable and accrued liabilities | 3,547 | 14,582 | 5,437 | — | 23,566 | |||||||||||||||
Construction costs payable | — | 22,670 | 22,774 | — | 45,444 | |||||||||||||||
Accrued interest payable | 9,970 | — | 13 | — | 9,983 | |||||||||||||||
Distribution payable | 25,971 | — | — | — | 25,971 | |||||||||||||||
Lease contracts below market value, net | — | 10,530 | — | — | 10,530 | |||||||||||||||
Prepaid rents and other liabilities | 45 | 49,915 | 6,616 | — | 56,576 | |||||||||||||||
Total liabilities | 793,533 | 97,697 | 149,840 | — | 1,041,070 | |||||||||||||||
Redeemable partnership units | 387,244 | — | — | — | 387,244 | |||||||||||||||
Commitments and contingencies | — | — | — | — | — | |||||||||||||||
Limited Partners’ Capital: | ||||||||||||||||||||
Series A cumulative redeemable perpetual preferred units, 7,400,000 issued and outstanding at December 31, 2013 | 185,000 | — | — | — | 185,000 | |||||||||||||||
Series B cumulative redeemable perpetual preferred units, 6,650,000 issued and outstanding at December 31, 2013 | 166,250 | — | — | — | 166,250 | |||||||||||||||
Common units, 64,542,901 issued and outstanding at December 31, 2013 | 887,695 | 2,275,024 | 97,097 | (2,372,121 | ) | 887,695 | ||||||||||||||
General partner’s capital, 662,373 common units issued and outstanding at December 31, 2013 | 9,110 | — | — | — | 9,110 | |||||||||||||||
Total partners’ capital | 1,248,055 | 2,275,024 | 97,097 | (2,372,121 | ) | 1,248,055 | ||||||||||||||
Total liabilities & partners’ capital | $ | 2,428,832 | $ | 2,372,721 | $ | 246,937 | $ | (2,372,121 | ) | $ | 2,676,369 | |||||||||
DUPONT FABROS TECHNOLOGY, L.P. | ||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
(in thousands except share data) | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
ASSETS | ||||||||||||||||||||
Income producing property: | ||||||||||||||||||||
Land | $ | — | $ | 72,126 | $ | 1,071 | $ | — | $ | 73,197 | ||||||||||
Buildings and improvements | — | 2,210,314 | 105,185 | — | 2,315,499 | |||||||||||||||
— | 2,282,440 | 106,256 | — | 2,388,696 | ||||||||||||||||
Less: accumulated depreciation | — | (302,745 | ) | (22,995 | ) | — | (325,740 | ) | ||||||||||||
Net income producing property | — | 1,979,695 | 83,261 | — | 2,062,956 | |||||||||||||||
Construction in progress and land held for development | — | 204,533 | 14,401 | — | 218,934 | |||||||||||||||
Net real estate | — | 2,184,228 | 97,662 | — | 2,281,890 | |||||||||||||||
Cash and cash equivalents | 18,240 | 361 | 681 | — | 19,282 | |||||||||||||||
Rents and other receivables | 15 | 2,729 | 1,096 | — | 3,840 | |||||||||||||||
Deferred rent | — | 135,937 | 8,892 | — | 144,829 | |||||||||||||||
Lease contracts above market value, net | — | 10,255 | — | — | 10,255 | |||||||||||||||
Deferred costs, net | 10,711 | 20,442 | 4,517 | — | 35,670 | |||||||||||||||
Investment in affiliates | 2,280,723 | — | — | (2,280,723 | ) | — | ||||||||||||||
Prepaid expenses and other assets | 2,101 | 26,877 | 1,819 | — | 30,797 | |||||||||||||||
Total assets | $ | 2,311,790 | $ | 2,380,829 | $ | 114,667 | $ | (2,280,723 | ) | $ | 2,526,563 | |||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Line of credit | $ | 18,000 | $ | — | $ | — | $ | — | $ | 18,000 | ||||||||||
Mortgage notes payable | — | 139,600 | — | — | 139,600 | |||||||||||||||
Unsecured notes payable | 550,000 | — | — | — | 550,000 | |||||||||||||||
Accounts payable and accrued liabilities | 3,240 | 16,312 | 2,728 | — | 22,280 | |||||||||||||||
Construction costs payable | 5 | 6,100 | 229 | — | 6,334 | |||||||||||||||
Accrued interest payable | 2,290 | 311 | — | — | 2,601 | |||||||||||||||
Distribution payable | 22,177 | — | — | — | 22,177 | |||||||||||||||
Lease contracts below market value, net | — | 14,022 | — | — | 14,022 | |||||||||||||||
Prepaid rents and other liabilities | 53 | 32,478 | 2,993 | — | 35,524 | |||||||||||||||
Total liabilities | 595,765 | 208,823 | 5,950 | — | 810,538 | |||||||||||||||
Redeemable partnership units | 453,889 | — | — | — | 453,889 | |||||||||||||||
Commitments and contingencies | — | — | — | — | — | |||||||||||||||
Limited Partners’ Capital: | ||||||||||||||||||||
Series A cumulative redeemable perpetual preferred units, 7,400,000 issued and outstanding at December 31, 2012 | 185,000 | — | — | — | 185,000 | |||||||||||||||
Series B cumulative redeemable perpetual preferred units, 6,650,000 issued and outstanding at December 31, 2012 | 166,250 | — | — | — | 166,250 | |||||||||||||||
Common units, 62,678,556 issued and outstanding at December 31, 2012 | 901,361 | 2,172,006 | 108,717 | (2,280,723 | ) | 901,361 | ||||||||||||||
General partner’s capital, 662,373 common units issued and outstanding at December 31, 2012 | 9,525 | — | — | — | 9,525 | |||||||||||||||
Total partners’ capital | 1,262,136 | 2,172,006 | 108,717 | (2,280,723 | ) | 1,262,136 | ||||||||||||||
Total liabilities & partners’ capital | $ | 2,311,790 | $ | 2,380,829 | $ | 114,667 | $ | (2,280,723 | ) | $ | 2,526,563 | |||||||||
Year ended December 31, 2013 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Base rent | $ | 15,301 | $ | 248,719 | $ | 17,126 | $ | (15,451 | ) | $ | 265,695 | |||||||||
Recoveries from tenants | — | 94,794 | 9,477 | — | 104,271 | |||||||||||||||
Other revenues | — | 1,668 | 3,613 | (138 | ) | 5,143 | ||||||||||||||
Total revenues | 15,301 | 345,181 | 30,216 | (15,589 | ) | 375,109 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | 198 | 108,536 | 10,227 | (15,439 | ) | 103,522 | ||||||||||||||
Real estate taxes and insurance | — | 13,931 | 449 | — | 14,380 | |||||||||||||||
Depreciation and amortization | 81 | 88,556 | 4,421 | — | 93,058 | |||||||||||||||
General and administrative | 15,605 | 97 | 559 | — | 16,261 | |||||||||||||||
Other expenses | 778 | 304 | 2,718 | (150 | ) | 3,650 | ||||||||||||||
Total expenses | 16,662 | 211,424 | 18,374 | (15,589 | ) | 230,871 | ||||||||||||||
Operating (loss) income | (1,361 | ) | 133,757 | 11,842 | — | 144,238 | ||||||||||||||
Interest income | (148 | ) | 20 | — | 265 | 137 | ||||||||||||||
Interest: | ||||||||||||||||||||
Expense incurred | (47,343 | ) | 351 | 814 | (265 | ) | (46,443 | ) | ||||||||||||
Amortization of deferred financing costs | (3,054 | ) | (167 | ) | (128 | ) | — | (3,349 | ) | |||||||||||
Loss on early extinguishment of debt | (39,278 | ) | (1,700 | ) | — | — | (40,978 | ) | ||||||||||||
Equity in earnings | 144,789 | — | — | (144,789 | ) | — | ||||||||||||||
Net income (loss) | 53,605 | 132,261 | 12,528 | (144,789 | ) | 53,605 | ||||||||||||||
Preferred unit distributions | (27,245 | ) | — | — | — | (27,245 | ) | |||||||||||||
Net (loss) income attributable to common units | $ | 26,360 | $ | 132,261 | $ | 12,528 | $ | (144,789 | ) | $ | 26,360 | |||||||||
Year ended December 31, 2012 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Base rent | $ | 13,765 | $ | 218,208 | $ | 18,752 | $ | (13,915 | ) | $ | 236,810 | |||||||||
Recoveries from tenants | — | 80,387 | 10,662 | — | 91,049 | |||||||||||||||
Other revenues | — | 1,378 | 3,335 | (127 | ) | 4,586 | ||||||||||||||
Total revenues | 13,765 | 299,973 | 32,749 | (14,042 | ) | 332,445 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 97,036 | 11,502 | (13,892 | ) | 94,646 | ||||||||||||||
Real estate taxes and insurance | — | 12,167 | 522 | — | 12,689 | |||||||||||||||
Depreciation and amortization | 117 | 83,902 | 5,222 | — | 89,241 | |||||||||||||||
General and administrative | 14,531 | 128 | 2,365 | — | 17,024 | |||||||||||||||
Other expenses | 1,437 | 3,031 | 2,601 | (150 | ) | 6,919 | ||||||||||||||
Total expenses | 16,085 | 196,264 | 22,212 | (14,042 | ) | 220,519 | ||||||||||||||
Operating (loss) income | (2,320 | ) | 103,709 | 10,537 | — | 111,926 | ||||||||||||||
Interest income | 432 | — | — | (264 | ) | 168 | ||||||||||||||
Interest: | ||||||||||||||||||||
Expense incurred | (47,535 | ) | (420 | ) | (74 | ) | 264 | (47,765 | ) | |||||||||||
Amortization of deferred financing costs | (2,748 | ) | (760 | ) | 12 | — | (3,496 | ) | ||||||||||||
Equity in earnings | 113,004 | — | — | (113,004 | ) | — | ||||||||||||||
Net income (loss) | 60,833 | 102,529 | 10,475 | (113,004 | ) | 60,833 | ||||||||||||||
Preferred unit distributions | (27,053 | ) | — | — | — | (27,053 | ) | |||||||||||||
Net income (loss) attributable to common units | $ | 33,780 | $ | 102,529 | $ | 10,475 | $ | (113,004 | ) | $ | 33,780 | |||||||||
Year ended December 31, 2011 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Base rent | $ | 12,128 | $ | 186,916 | $ | 19,162 | $ | (12,170 | ) | $ | 206,036 | |||||||||
Recoveries from tenants | — | 70,651 | 8,467 | — | 79,118 | |||||||||||||||
Other revenues | — | 833 | 1,454 | — | 2,287 | |||||||||||||||
Total revenues | 12,128 | 258,400 | 29,083 | (12,170 | ) | 287,441 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 83,219 | 9,259 | (12,127 | ) | 80,351 | ||||||||||||||
Real estate taxes and insurance | — | 5,888 | 504 | — | 6,392 | |||||||||||||||
Depreciation and amortization | 109 | 70,478 | 4,483 | — | 75,070 | |||||||||||||||
General and administrative | 14,161 | 140 | 1,654 | — | 15,955 | |||||||||||||||
Other expenses | 108 | — | 1,072 | (43 | ) | 1,137 | ||||||||||||||
Total expenses | 14,378 | 159,725 | 16,972 | (12,170 | ) | 178,905 | ||||||||||||||
Operating (loss) income | (2,250 | ) | 98,675 | 12,111 | — | 108,536 | ||||||||||||||
Interest income | 485 | 1 | — | — | 486 | |||||||||||||||
Interest: | ||||||||||||||||||||
Expense incurred | (47,137 | ) | 20,024 | 17 | — | (27,096 | ) | |||||||||||||
Amortization of deferred financing costs | (3,001 | ) | 554 | 1 | — | (2,446 | ) | |||||||||||||
Equity in earnings | 131,383 | — | — | (131,383 | ) | — | ||||||||||||||
Net income (loss) | 79,480 | 119,254 | 12,129 | (131,383 | ) | 79,480 | ||||||||||||||
Preferred unit distributions | (20,874 | ) | — | — | — | (20,874 | ) | |||||||||||||
Net income (loss) attributable to common units | $ | 58,606 | $ | 119,254 | $ | 12,129 | $ | (131,383 | ) | $ | 58,606 | |||||||||
DUPONT FABROS TECHNOLOGY, L.P. | ||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
Cash flow from operating activities | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (48,725 | ) | $ | 225,903 | $ | 16,583 | $ | — | $ | 193,761 | |||||||||
Cash flow from investing activities | ||||||||||||||||||||
Investments in real estate – development | (9 | ) | (50,827 | ) | (78,496 | ) | — | (129,332 | ) | |||||||||||
Land acquisition costs | — | — | (14,186 | ) | — | (14,186 | ) | |||||||||||||
Investments in affiliates | 62,508 | (28,856 | ) | (33,652 | ) | — | — | |||||||||||||
Interest capitalized for real estate under development | — | (1,399 | ) | (2,375 | ) | — | (3,774 | ) | ||||||||||||
Improvements to real estate | — | (5,513 | ) | (244 | ) | — | (5,757 | ) | ||||||||||||
Additions to non-real estate property | (6 | ) | (65 | ) | — | — | (71 | ) | ||||||||||||
Net cash provided by (used in) investing activities | 62,493 | (86,660 | ) | (128,953 | ) | — | (153,120 | ) | ||||||||||||
Cash flow from financing activities | ||||||||||||||||||||
Line of credit: | ||||||||||||||||||||
Proceeds | 102,000 | — | — | — | 102,000 | |||||||||||||||
Repayments | (120,000 | ) | — | — | — | (120,000 | ) | |||||||||||||
Mortgage notes payable: | ||||||||||||||||||||
Proceeds | — | — | 115,000 | — | 115,000 | |||||||||||||||
Lump sum payoffs | — | (138,300 | ) | — | — | (138,300 | ) | |||||||||||||
Repayments | — | (1,300 | ) | — | — | (1,300 | ) | |||||||||||||
Unsecured term loan: | ||||||||||||||||||||
Proceeds | 154,000 | — | — | — | 154,000 | |||||||||||||||
Unsecured notes payable: | ||||||||||||||||||||
Proceeds | 600,000 | — | — | — | 600,000 | |||||||||||||||
Repayments | (550,000 | ) | — | — | — | (550,000 | ) | |||||||||||||
Payments of financing costs | (16,419 | ) | (4 | ) | (1,700 | ) | — | (18,123 | ) | |||||||||||
Payments for early extinguishment of debt | (32,544 | ) | — | — | — | (32,544 | ) | |||||||||||||
Exercises of stock options | 1,711 | — | — | — | 1,711 | |||||||||||||||
Stock repurchases | (37,792 | ) | — | — | — | (37,792 | ) | |||||||||||||
Distributions | (100,061 | ) | — | — | — | (100,061 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 895 | (139,604 | ) | 113,300 | — | (25,409 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 14,663 | (361 | ) | 930 | — | 15,232 | ||||||||||||||
Cash and cash equivalents, beginning | 18,240 | 361 | 681 | — | 19,282 | |||||||||||||||
Cash and cash equivalents, ending | $ | 32,903 | $ | — | $ | 1,611 | $ | — | $ | 34,514 | ||||||||||
DUPONT FABROS TECHNOLOGY, L.P. | ||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
Cash flow from operating activities | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (49,869 | ) | $ | 168,236 | $ | 14,396 | $ | — | $ | 132,763 | |||||||||
Cash flow from investing activities | ||||||||||||||||||||
Investments in real estate – development | (26 | ) | (84,877 | ) | (9,850 | ) | — | (94,753 | ) | |||||||||||
Land acquisition costs | — | (3,830 | ) | — | — | (3,830 | ) | |||||||||||||
Investments in affiliates | 69,833 | (65,480 | ) | (4,353 | ) | — | — | |||||||||||||
Interest capitalized for real estate under development | — | (4,244 | ) | (190 | ) | — | (4,434 | ) | ||||||||||||
Improvements to real estate | — | (4,395 | ) | (31 | ) | — | (4,426 | ) | ||||||||||||
Additions to non-real estate property | (19 | ) | (20 | ) | (18 | ) | — | (57 | ) | |||||||||||
Net cash provided by (used in) investing activities | 69,788 | (162,846 | ) | (14,442 | ) | — | (107,500 | ) | ||||||||||||
Cash flow from financing activities | ||||||||||||||||||||
Line of credit: | ||||||||||||||||||||
Proceeds | 48,000 | — | — | — | 48,000 | |||||||||||||||
Repayments | (50,000 | ) | — | — | — | (50,000 | ) | |||||||||||||
Repayments of mortgage notes payable | — | (5,200 | ) | — | — | (5,200 | ) | |||||||||||||
Payments of financing costs | (2,084 | ) | (25 | ) | — | — | (2,109 | ) | ||||||||||||
Issuance of preferred units, net of offering costs | 62,694 | — | — | — | 62,694 | |||||||||||||||
Exercises of stock options | 868 | — | — | — | 868 | |||||||||||||||
Advances from related parties | — | — | — | — | — | |||||||||||||||
Distributions | (70,331 | ) | — | — | — | (70,331 | ) | |||||||||||||
Net cash used in financing activities | (10,853 | ) | (5,225 | ) | — | — | (16,078 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 9,066 | 165 | (46 | ) | — | 9,185 | ||||||||||||||
Cash and cash equivalents, beginning | 9,174 | 196 | 727 | — | 10,097 | |||||||||||||||
Cash and cash equivalents, ending | $ | 18,240 | $ | 361 | $ | 681 | $ | — | $ | 19,282 | ||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
Cash flow from operating activities | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (49,465 | ) | $ | 156,885 | $ | 17,913 | $ | — | $ | 125,333 | |||||||||
Cash flow from investing activities | ||||||||||||||||||||
Investments in real estate – development | — | (342,314 | ) | (8,776 | ) | — | (351,090 | ) | ||||||||||||
Land Acquisition Costs | — | — | (9,507 | ) | — | (9,507 | ) | |||||||||||||
Investments in affiliates | (221,662 | ) | 221,238 | 424 | — | — | ||||||||||||||
Interest capitalized for real estate under development | — | (27,006 | ) | (18 | ) | — | (27,024 | ) | ||||||||||||
Improvements to real estate | — | (3,821 | ) | — | — | (3,821 | ) | |||||||||||||
Additions to non-real estate property | (67 | ) | (224 | ) | (13 | ) | — | (304 | ) | |||||||||||
Net cash used in investing activities | (221,729 | ) | (152,127 | ) | (17,890 | ) | — | (391,746 | ) | |||||||||||
Cash flow from financing activities | ||||||||||||||||||||
Line of credit: | ||||||||||||||||||||
Proceeds | 20,000 | — | — | — | 20,000 | |||||||||||||||
Repayments | — | — | — | — | — | |||||||||||||||
Mortgage notes payable: | ||||||||||||||||||||
Repayments | — | (5,200 | ) | — | — | (5,200 | ) | |||||||||||||
Return of escrowed proceeds | — | 1,104 | — | — | 1,104 | |||||||||||||||
Payments of financing costs | (203 | ) | (1,135 | ) | — | — | (1,338 | ) | ||||||||||||
Issuance of preferred units, net of offering costs | 97,450 | — | — | — | 97,450 | |||||||||||||||
Exercises of stock options | 700 | — | — | — | 700 | |||||||||||||||
Advances from related parties | — | — | — | — | — | |||||||||||||||
Distributions | (58,634 | ) | — | — | — | (58,634 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 59,313 | (5,231 | ) | — | — | 54,082 | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (211,881 | ) | (473 | ) | 23 | — | (212,331 | ) | ||||||||||||
Cash and cash equivalents, beginning | 221,055 | 669 | 704 | — | 222,428 | |||||||||||||||
Cash and cash equivalents, ending | $ | 9,174 | $ | 196 | $ | 727 | $ | — | $ | 10,097 | ||||||||||
Schedule_II_Consolidated_Allow
Schedule II - Consolidated Allowance for Doubtful Accounts (Notes) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | |||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | |||||||||||||||
Balance at Beginning of Period | Charges to Operations | Net Recovery (Deductions) | Balance at End of Period | |||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||
Year ended December 31, 2013 | $ | 2,961 | $ | 739 | $ | — | $ | 3,700 | ||||||||
Year ended December 31, 2012 | — | 2,961 | — | 2,961 | ||||||||||||
Year ended December 31, 2011 | — | — | — | — | ||||||||||||
Schedule_III_Consolidated_Real
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Notes) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure [Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||||
Encum-brances | Initial Cost | Cost Capitalized | Gross Carry Amount at | Accumulated | Year | Year | |||||||||||||||||||||||||||||||||||||
Subsequent to Acquisition | December 31, 2013 | Depreciation at | Built/ | Acquired | |||||||||||||||||||||||||||||||||||||||
December 31, | Renovated | ||||||||||||||||||||||||||||||||||||||||||
Land | Buildings & | Land | Buildings & | Land | Buildings & | Total | 2013 | ||||||||||||||||||||||||||||||||||||
Improvements | Improvements | Improvements | |||||||||||||||||||||||||||||||||||||||||
Operating Properties | |||||||||||||||||||||||||||||||||||||||||||
ACC2 (1) | $ | — | $ | 2,500 | $ | 157,100 | $ | — | $ | 1,993 | $ | 2,500 | $ | 159,093 | $ | 161,593 | $ | (43,256 | ) | 2005 | 2001 | ||||||||||||||||||||||
ACC3 (2) | 115,000 | 1,071 | — | — | 95,654 | 1,071 | 1 | 95,654 | 1 | 96,725 | (25,906 | ) | 2006 | 2001 | |||||||||||||||||||||||||||||
ACC4 (1) | — | 6,600 | 506,081 | — | 32,009 | 6,600 | 2 | 538,090 | 2 | 544,690 | (118,589 | ) | 2007 | 2006 | |||||||||||||||||||||||||||||
ACC5 (1) | — | 6,443 | 43 | — | 298,049 | 6,443 | 3 | 298,092 | 3 | 304,535 | (39,667 | ) | 2009-2010 | 2007 | |||||||||||||||||||||||||||||
ACC6 (1) | — | 5,518 | 214,294 | — | 997 | 5,518 | 4 | 215,291 | 4 | 220,809 | (12,715 | ) | 2009-2011 | 2007 | |||||||||||||||||||||||||||||
CH1 (1) | — | 22,450 | 238,746 | 1,161 | 119,759 | 23,611 | 5 | 358,505 | 5 | 382,116 | (45,411 | ) | 2007-2008 | 2007 | |||||||||||||||||||||||||||||
NJ1 Phase I (1) | — | 4,311 | 191,649 | — | 17,149 | 4,311 | 6 | 208,798 | 6 | 213,109 | (21,867 | ) | 2008-2010 | 2007 | |||||||||||||||||||||||||||||
SC1 Phase I (1) | — | 10,102 | — | — | 221,123 | 10,102 | 7 | 221,123 | 7 | 231,225 | (16,197 | ) | 2008-2011 | 2007 | |||||||||||||||||||||||||||||
VA3 (1) | — | 9,000 | 172,881 | — | 4,694 | 9,000 | 8 | 177,575 | 8 | 186,575 | (51,087 | ) | 2003-2004 | 2003 | |||||||||||||||||||||||||||||
VA4 (1) | — | 6,800 | 140,575 | — | 8,190 | 6,800 | 9 | 148,765 | 9 | 155,565 | (38,699 | ) | 2005 | 2005 | |||||||||||||||||||||||||||||
Subtotal | 115,000 | 74,795 | 1,621,369 | 1,161 | 799,617 | 75,956 | 2,420,986 | 2,496,942 | (413,394 | ) | |||||||||||||||||||||||||||||||||
Development Properties | |||||||||||||||||||||||||||||||||||||||||||
SC1 Phase II (1) | — | 10,099 | 99,483 | — | — | 10,099 | 8 | 99,483 | 8 | 109,582 | — | 2007 | |||||||||||||||||||||||||||||||
ACC7 | — | 9,752 | 118,355 | — | — | 9,752 | 9 | 118,355 | 9 | 128,107 | — | 2011 | |||||||||||||||||||||||||||||||
CH2 | — | 14,393 | 1,308 | — | — | 14,393 | 10 | 1,308 | 10 | 15,701 | — | 2013 | |||||||||||||||||||||||||||||||
NJ1 Phase II (1) | — | 4,318 | 34,894 | — | — | 4,318 | 11 | 34,894 | 11 | 39,212 | — | 2007 | |||||||||||||||||||||||||||||||
ACC8 | — | 3,784 | 72 | — | — | 3,784 | 12 | 72 | 12 | 3,856 | — | 2007 | |||||||||||||||||||||||||||||||
SC2 (1) | — | 5,610 | — | — | — | 5,610 | 13 | — | 13 | 5,610 | — | 2007 | |||||||||||||||||||||||||||||||
Subtotal | — | 47,956 | 254,112 | — | — | 47,956 | 254,112 | 302,068 | — | ||||||||||||||||||||||||||||||||||
Grand Total | $ | 115,000 | $ | 122,751 | $ | 1,875,481 | $ | 1,161 | $ | 799,617 | $ | 123,912 | $ | 2,675,098 | $ | 2,799,010 | $ | (413,394 | ) | ||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||
Real estate assets | |||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 2,607,630 | $ | 2,507,381 | $ | 2,167,172 | |||||||||||||||||||||||||||||||||||||
Additions - property acquisitions | 14,186 | 3,830 | 9,507 | ||||||||||||||||||||||||||||||||||||||||
Additions - improvements | 177,194 | 96,419 | 330,702 | ||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 2,799,010 | $ | 2,607,630 | $ | 2,507,381 | |||||||||||||||||||||||||||||||||||||
Accumulated depreciation | |||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 325,740 | $ | 242,245 | $ | 172,537 | |||||||||||||||||||||||||||||||||||||
Additions - depreciation | 87,654 | 83,495 | 69,708 | ||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 413,394 | $ | 325,740 | $ | 242,245 | |||||||||||||||||||||||||||||||||||||
2_Significant_Accounting_Polic1
2. Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Basis of Presentation [Text Block] | ' | |||||||||||
Basis of Presentation | ||||||||||||
This report combines the annual reports on Form 10-K for the year ended December 31, 2013 of DuPont Fabros Technology, Inc. and DuPont Fabros Technology, L.P. References to the “REIT” or “DFT” mean DuPont Fabros Technology, Inc. and its controlled subsidiaries; and references to the “Operating Partnership” or “OP” mean DuPont Fabros Technology, L.P. and its controlled subsidiaries. | ||||||||||||
We believe combining the annual reports on Form 10-K of DFT and the Operating Partnership into this single report provides the following benefits: | ||||||||||||
• | enhances investors’ understanding of DFT and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; | |||||||||||
• | eliminates duplicative disclosure and provides a more streamlined and readable presentation since a substantial portion of the disclosure in this report applies to both DFT and the Operating Partnership; and | |||||||||||
• | creates time and cost efficiencies through the preparation of one combined report instead of two separate reports. | |||||||||||
We operate DFT and the Operating Partnership as one business. The management of DFT consists of the same employees as the management of the Operating Partnership. | ||||||||||||
We believe it is important for investors to understand the few differences between DFT and the Operating Partnership in the context of how DFT and the Operating Partnership operate as a consolidated company. DFT is a REIT, whose only material asset is its ownership of OP units of the Operating Partnership. As a result, DFT does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public equity from time to time and guaranteeing unsecured debt of the Operating Partnership. DFT has not issued any indebtedness, but has guaranteed all of the unsecured debt of the Operating Partnership. The Operating Partnership holds all the real estate assets of the Company. Except for net proceeds from public equity issuances by DFT, which are contributed to the Operating Partnership in exchange for OP units or preferred units, the Operating Partnership generates all remaining capital required by our business. These sources include the Operating Partnership’s operations, its direct or indirect incurrence of indebtedness, and the issuance of partnership units. | ||||||||||||
As general partner with control of the Operating Partnership, DFT consolidates the Operating Partnership for financial reporting purposes. The presentation of stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of DFT and those of the Operating Partnership. The Operating Partnership’s capital includes preferred units and general and limited common units that are owned by DFT and the other partners. DFT’s stockholders’ equity includes preferred stock, common stock, additional paid in capital and retained earnings. The common limited partnership interests held by the limited partners (other than DFT) in the Operating Partnership are presented as “redeemable partnership units” in the Operating Partnership’s consolidated financial statements and as “redeemable noncontrolling interests-operating partnership” in DFT’s consolidated financial statements. The only difference between the assets and liabilities of DFT and the Operating Partnership as of December 31, 2013 is a $4.2 million bank account held by DFT that is not part of the Operating Partnership. Net income is the same for DFT and the Operating Partnership. | ||||||||||||
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. | ||||||||||||
We have one reportable segment consisting of investments in data centers located in the United States. All of our properties generate similar types of revenues and expenses related to customer rent and reimbursements and operating expenses. The delivery of our products is consistent across all properties and although services are provided to a range of customers, the types of services provided to them are limited to a few core principles. As such, the properties in our portfolio have similar economic characteristics and the nature of the products and services provided to our customers and the method to distribute such services are consistent throughout the portfolio. | ||||||||||||
Use of Estimates [Policy Text Block] | ' | |||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||
Property [Policy Text Block] | ' | |||||||||||
Property | ||||||||||||
All capital improvements for the income-producing properties that extend their useful life are capitalized to individual building components, including interest and real estate taxes incurred during the period of development, and depreciated over their estimated useful lives. Interest is capitalized during the period of development based upon applying the property’s specific borrowing rate to the actual development costs expended up to specific borrowings and then applying our weighted-average borrowing rate to any residual development costs expended during the construction period. Interest is capitalized until the property has reached substantial completion and is ready for its intended use. Interest costs capitalized totaled $4.0 million, $4.7 million and $28.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. We cease interest capitalization when a development is temporarily suspended or placed in service. | ||||||||||||
We capitalize pre-development costs, including internal costs, incurred in pursuit of new development opportunities for which we currently believe future development is probable. Future development is dependent upon various factors, including zoning and regulatory approval, rental market conditions, construction costs and availability of capital. Pre-development costs incurred for which future development is not yet considered probable are expensed as incurred. In addition, if the status of such a pre-development opportunity changes, making future development no longer probable, any capitalized pre-development costs are written-off with a charge to expense. Furthermore, the revenue from incidental operations received from the current improvements in excess of any incremental costs are being recorded as a reduction of total capitalized costs of the development project and not as a part of net income. The capitalization of costs during the development of assets (including interest and related loan fees, property taxes and other direct and indirect costs) begins when development efforts commence and ends when the asset, or a portion of the asset, is substantially complete and ready for its intended use. For the years ended December 31, 2013, 2012 and 2011, we capitalized $3.3 million, $3.1 million and $3.6 million, respectively, of internal development and leasing costs on all of our data centers. | ||||||||||||
The fair value of in-place leases consists of the following components as applicable—(1) the estimated cost to replace the leases, including foregone rents during the period of finding a new customer, foregone recovery of customer pass-through, customer improvements, and other direct costs associated with obtaining a new customer (referred to as Tenant Origination Costs); (2) the estimated leasing commissions associated with obtaining a new customer (referred to as Leasing Commissions); and (3) the above/below market cash flow of the leases, determined by comparing the projected cash flows of the leases in place to projected cash flows of comparable market-rate leases (referred to as Lease Intangibles). Tenant Origination Costs are included in buildings and improvements on our consolidated balance sheets and are amortized as depreciation expense on a straight-line basis over the average remaining life of the underlying leases. Leasing Commissions are classified as deferred costs and are amortized as amortization expense on a straight-line basis over the remaining life of the underlying leases. Lease Intangible assets and liabilities are classified as lease contracts above and below market value, respectively, and amortized on a straight-line basis as decreases and increases, respectively, to rental revenue over the remaining life of the underlying leases. Should a customer terminate its lease, the unamortized portions of Leasing Commissions and Lease Intangibles associated with that lease are written off to amortization expense, or rental revenue, respectively. | ||||||||||||
Depreciation on buildings is generally provided on a straight-line basis over 40 years from the date the buildings were placed in service. Building components are depreciated over the life of the respective improvement ranging from 10 to 40 years from the date the components were placed in service. Personal property is depreciated over three years to seven years. Depreciation expense was $88.6 million, $84.6 million and $70.6 million for the years ended December 31, 2013, 2012 and 2011, respectively. Included in these amounts is amortization expense related to tenant origination costs, which was $3.1 million, $3.1 million and $4.3 million for the years ended December 31, 2013, 2012 and 2011, respectively. Repairs and maintenance costs are expensed as incurred. | ||||||||||||
We record impairment losses on long-lived assets used in operations or in development when events or changes in circumstances indicate that the assets might be impaired, and the estimated undiscounted cash flows to be generated by those assets are less than the carrying amounts. If circumstances indicating impairment of a long-lived asset are present, we would determine the fair value of that asset, and an impairment loss would be recognized in an amount equal to the excess of the carrying amount of the impaired asset over its fair value. We assess the recoverability of the carrying value of its assets on a property-by-property basis. No impairment losses were recorded during the three years ended December 31, 2013. | ||||||||||||
We classify a data center property as held-for-sale when it meets the necessary criteria, which include when we commit to and actively embark on a plan to sell the asset, the sale is expected to be completed within one year under terms usual and customary for such sales, and actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Data center properties held-for-sale are carried at the lower of cost or fair value less costs to sell. As of December 31, 2013, there were no data center properties classified as held-for-sale and discontinued operations. | ||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||||||
Cash and Cash Equivalents | ||||||||||||
We consider all demand deposits and money market accounts purchased with a maturity date of three months or less, at the date of purchase, to be cash equivalents. Our account balances at one or more institutions exceed the Federal Deposit Insurance Corporation (“FDIC”) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. We have not experienced any losses and believe that the risk is not significant. | ||||||||||||
Deferred Costs [Policy Text Block] | ' | |||||||||||
Deferred Costs | ||||||||||||
Deferred costs, net on our consolidated balance sheets include both financing and leasing costs. | ||||||||||||
Financing costs, which represent fees and other costs incurred in obtaining debt, are amortized using the effective-interest rate method or a method that approximates the effective-interest method, over the term of the loan and are included in amortization of deferred financing costs. In March 2013, we paid off the $138.3 million balance of the ACC5 Term Loan (See Note 6) which resulted in a write-off of $1.7 million of unamortized deferred financing costs. In September and October 2013, we paid off the Unsecured Notes due 2017 (See Note 6), which resulted in a write off of $6.7 million of unamortized deferred financing costs. Balances, net of accumulated amortization, at December 31, 2013 and 2012 are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Financing costs | $ | 22,756 | $ | 23,082 | ||||||||
Accumulated amortization | (4,013 | ) | (10,531 | ) | ||||||||
Financing costs, net | $ | 18,743 | $ | 12,551 | ||||||||
Leasing costs, which are either external fees and costs incurred in the successful negotiations of leases, internal costs expended in the successful negotiations of leases or the estimated leasing commissions resulting from the allocation of the purchase price of ACC2, VA3, VA4 and ACC4, are deferred and amortized over the terms of the related leases on a straight-line basis. If an applicable lease terminates prior to the expiration of its initial term, the carrying amount of the costs are written off to amortization expense. We incurred leasing costs of $2.1 million, $1.3 million and $1.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. Amortization of deferred leasing costs totaled $4.1 million, $4.3 million and $4.5 million for the years ended December 31, 2013, 2012 and 2011, respectively. Balances, net of accumulated amortization, at December 31, 2013 and 2012 are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Leasing costs | $ | 48,312 | $ | 46,719 | ||||||||
Accumulated amortization | (27,189 | ) | (23,600 | ) | ||||||||
Leasing costs, net | $ | 21,123 | $ | 23,119 | ||||||||
Inventory [Policy Text Block] | ' | |||||||||||
Inventory | ||||||||||||
We maintain fuel inventory for our generators, which is recorded at the lower of cost (on a first-in, first-out basis) or market. As of December 31, 2013 and 2012, the fuel inventory was $4.0 million and $3.0 million, respectively, and is included in prepaid expenses and other assets in the accompanying consolidated balance sheets. | ||||||||||||
Prepaid Rents [Policy Text Block] | ' | |||||||||||
Prepaid Rents | ||||||||||||
Prepaid rents, typically prepayment of the following month’s rent, consist of payments received from customers prior to the time the payments are earned and are recognized as revenue in subsequent periods when earned. | ||||||||||||
Rental Income [Policy Text Block] | ' | |||||||||||
Rental Income | ||||||||||||
We, as a lessor, have retained substantially all the risks and benefits of ownership and account for our leases as operating leases. For lease agreements that provide for scheduled fixed and determinable rent increases, rental income is recognized on a straight-line basis over the non-cancellable term of the leases, which commences when control of the space and critical power have been provided to the customer. If the lease contains an early termination clause with a penalty payment, we determine the lease termination date by evaluating whether the penalty reasonably assures that the lease will not be terminated early. Lease inducements, which include free rent or cash payments to customers, are amortized as a reduction of rental income over the non-cancellable lease term. Straight-line rents receivable are included in deferred rent on the consolidated balance sheets. Lease intangible assets and liabilities that have resulted from above-market and below-market leases that were acquired are amortized on a straight-line basis as decreases and increases, respectively, to rental revenue over the remaining non-cancellable term of the underlying leases. If a lease terminates prior to the expiration of its initial term, the unamortized portion of lease intangibles associated with that lease will be written off to rental revenue. Balances, net of accumulated amortization, at December 31, 2013 and 2012 are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Lease contracts above market value | $ | 23,100 | $ | 23,100 | ||||||||
Accumulated amortization | (13,946 | ) | (12,845 | ) | ||||||||
Lease contracts above market value, net | $ | 9,154 | $ | 10,255 | ||||||||
Lease contracts below market value | $ | 39,375 | $ | 39,375 | ||||||||
Accumulated amortization | (28,845 | ) | (25,353 | ) | ||||||||
Lease contracts below market value, net | $ | 10,530 | $ | 14,022 | ||||||||
Our policy is to record a reserve for losses on accounts receivable equal to the estimated uncollectible accounts. The estimate is based on our historical experience and a review of the current status of our receivables. As of December 31, 2013 and December 31, 2012, we had reserves against rents and other receivables of $1.6 million and $0.9 million, respectively. We also establish an appropriate allowance for doubtful accounts for receivables arising from the straight-lining of rents. These receivables arise from revenue recognized in excess of amounts currently due under the lease and are recorded as deferred rent in the accompanying consolidated balance sheets. As of December 31, 2013 and 2012, we had reserves against deferred rent of $2.1 million. | ||||||||||||
The reserves described above were set up for one customer that restructured its lease obligations with us during 2013. Under this restructuring, this customer's outstanding accounts receivable and deferred rent receivable related to the space that was returned to us was converted into a note receivable, the terms of which require the payment of principal and interest through December 31, 2016. Principal payments on the note are calculated on a ten-year amortization schedule with a final principal payment of the remaining note balance due on December 31, 2016. Additionally, under this restructuring this customer has the right to defer up to two-thirds of base rent due through July 2014 at NJ1 in Piscataway, New Jersey. Any base rent deferred is added to the note. The note balance as of December 31, 2013 was $5.7 million, which is recorded within rents and other receivables, net on the accompany consolidated balance sheet. | ||||||||||||
Customer leases generally contain provisions under which the customers reimburse us for a portion of operating expenses and real estate taxes incurred by the property. Recoveries from tenants are included in revenue in the consolidated statements of operations in the period the applicable expenditures are incurred. Our leases also provide us with a property management fee based on a percentage of base rent collected and property-level operating expenses, other than charges for power used by customers to run their servers and cool their space. Property management fees are included in base rent in the consolidated statements of operations in the applicable period in which they are earned. | ||||||||||||
Other Revenue [Policy Text Block] | ' | |||||||||||
Other Revenue | ||||||||||||
Other revenue primarily consists of services provided to customers on a non-recurring basis. This includes projects such as the purchase and installation of circuits, racks, breakers and other customer requested items. Revenue is recognized on a completed contract basis. Costs of providing these services are included in other expenses in the accompanying consolidated statements of operations. | ||||||||||||
Income Tax, Policy [Policy Text Block] | ' | |||||||||||
Income Taxes | ||||||||||||
DFT elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the “Code”), commencing with the taxable year ended December 31, 2007. In general, a REIT that meets certain organizational and operational requirements and distributes at least 90 percent of its REIT taxable income to its shareholders in a year will not be subject to income tax to the extent of the income it distributes. We currently qualify and intend to continue to qualify as a REIT under the Code. As a result, no provision for federal income taxes on income from continuing operations is required, except for taxes on certain property sales and on income, if any, of our taxable REIT subsidiary (“TRS”). If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax (including any applicable alternative minimum tax) on our income at regular corporate tax rates for the year in which we do not qualify and the succeeding four years. Although we expect to qualify for taxation as a REIT, we may be subject to state and local income and franchise taxes and to federal income and excise taxes on any undistributed income. | ||||||||||||
As of December 31, 2013 and 2012, we did not have any unrecognized tax benefits. We do not believe that there will be any material changes in our unrecognized tax positions over the next 12 months. We are subject to examination by the respective taxing authorities for the tax years 2010 through 2012. | ||||||||||||
We account for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Valuation allowances are provided if based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. | ||||||||||||
We have elected to treat DF Technical Services LLC, a 100% owned subsidiary of the Operating Partnership, as a TRS. In general, a TRS may perform non-customary services for customers, hold assets that the REIT cannot hold directly and generally may engage in any real estate or non-real estate related business. A TRS is subject to corporate federal and state income taxes on its taxable income at regular statutory tax rates. For the years ended December 31, 2013 and 2012, we incurred no income taxes. For the year ended December 31, 2011, we recognized an income tax benefit of $0.6 million and recorded this benefit as a reduction of general and administrative expenses in the consolidated statements of operations. | ||||||||||||
As of December 31, 2013, the TRS had a deferred tax asset of $2.5 million, comprised entirely of its net operating loss carryforward, and a deferred tax liability of $2.5 million, primarily comprised of a temporary depreciation difference, resulting in a net deferred tax liability of $0. As of December 31, 2012, the TRS had a deferred tax asset of $3.2 million, comprised entirely of its net operating loss carryforward, and a deferred tax liability of $3.1 million, primarily comprised of a temporary depreciation difference, resulting in a net deferred tax asset of $0.1 million. The Company believed that it was not more likely than not that the TRS would generate sufficient taxable income to realize in full the net deferred tax asset that existed as of December 31, 2012. Accordingly, a full valuation allowance was recorded as of December 31, 2012. As of December 31, 2013 and 2012, the net operating loss carryforwards of the TRS totaled approximately $6.3 million and $7.6 million, respectively, which will begin to expire in 2031 if not utilized by then. | ||||||||||||
Redeemable Noncontrolling Interests—Operating Partnership / Redeemable Partnership Units [Policy Text Block] | ' | |||||||||||
Redeemable Noncontrolling Interests – Operating Partnership / Redeemable Partnership Units | ||||||||||||
Redeemable noncontrolling interests – operating partnership, as presented on DFT’s consolidated balance sheets, represent the limited partnership interests in the Operating Partnership (“OP units”) held by individuals and entities other than DFT. These interests are also presented on the Operating Partnership’s consolidated balance sheets, referred to as “redeemable partnership units.” Accordingly, the following discussion related to redeemable noncontrolling interests – operating partnership of the REIT refers equally to redeemable partnership units of the Operating Partnership. | ||||||||||||
Redeemable noncontrolling interests – operating partnership, which require cash payment, or allow settlement in shares, but with the ability to deliver the shares outside of the control of DFT, are reported outside of the permanent equity section of the consolidated balance sheets of DFT and the Operating Partnership. Redeemable noncontrolling interests – operating partnership are adjusted for income, losses and distributions allocated to OP units not held by DFT (normal noncontrolling interest accounting amount). Adjustments to redeemable noncontrolling interests – operating partnership are recorded to reflect increases or decreases in the ownership of the Operating Partnership by holders of OP units, including the redemptions of OP units for cash or in exchange for shares of DFT’s common stock. If such adjustments result in redeemable noncontrolling interests – operating partnership being recorded at less than the redemption value of the OP units, redeemable noncontrolling interests – operating partnership are further adjusted to their redemption value (see Note 9). Redeemable noncontrolling interests – operating partnership are recorded at the greater of the normal noncontrolling interest accounting amount or redemption value. The following is a summary of activity for redeemable noncontrolling interests – operating partnership for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | ||||||||||||
OP Units | ||||||||||||
Number | Amount | |||||||||||
Balance at December 31, 2010 | 21,947,499 | $ | 466,823 | |||||||||
Net income attributable to redeemable noncontrolling interests – operating partnership | — | 14,505 | ||||||||||
Distributions declared | — | (9,624 | ) | |||||||||
Redemption of operating partnership units | (2,883,118 | ) | (66,500 | ) | ||||||||
Adjustment to redeemable noncontrolling interests – operating partnership | — | 56,535 | ||||||||||
Balance at December 31, 2011 | 19,064,381 | $ | 461,739 | |||||||||
Net income attributable to redeemable noncontrolling interests – operating partnership | — | 7,803 | ||||||||||
Distributions declared | — | (11,683 | ) | |||||||||
Redemption of operating partnership units | (277,575 | ) | (6,800 | ) | ||||||||
Adjustment to redeemable noncontrolling interests – operating partnership | — | 2,830 | ||||||||||
Balance at December 31, 2012 | 18,786,806 | $ | 453,889 | |||||||||
Net income attributable to redeemable noncontrolling interests – operating partnership | — | 5,214 | ||||||||||
Distributions declared | — | (15,050 | ) | |||||||||
Redemption of operating partnership units | (3,115,269 | ) | (75,600 | ) | ||||||||
Adjustment to redeemable noncontrolling interests – operating partnership | — | 18,791 | ||||||||||
Balance at December 31, 2013 | 15,671,537 | $ | 387,244 | |||||||||
The following is a summary of activity for redeemable partnership units for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | ||||||||||||
OP Units | ||||||||||||
Number | Amount | |||||||||||
Balance at December 31, 2010 | 21,947,499 | $ | 466,823 | |||||||||
Redemption of operating partnership units | (2,883,118 | ) | (66,500 | ) | ||||||||
Adjustment to redeemable partnership units | — | 61,416 | ||||||||||
Balance at December 31, 2011 | 19,064,381 | $ | 461,739 | |||||||||
Redemption of operating partnership units | (277,575 | ) | (6,800 | ) | ||||||||
Adjustment to redeemable partnership units | — | (1,050 | ) | |||||||||
Balance at December 31, 2012 | 18,786,806 | $ | 453,889 | |||||||||
Redemption of operating partnership units | (3,115,269 | ) | (75,600 | ) | ||||||||
Adjustment to redeemable partnership units | — | 8,955 | ||||||||||
Balance at December 31, 2013 | 15,671,537 | $ | 387,244 | |||||||||
Net income is allocated to controlling interests and redeemable noncontrolling interests – operating partnership in accordance with the limited partnership agreement of the Operating Partnership. The following is a summary of net income attributable to controlling interests and transfers to redeemable noncontrolling interests – operating partnership for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income attributable to controlling interests | $ | 48,391 | $ | 53,030 | $ | 64,975 | ||||||
Transfers from noncontrolling interests: | ||||||||||||
Net change in the Company’s common stock and additional paid in capital due to the redemption of OP units and other adjustments to redeemable noncontrolling interests – operating partnership | 56,809 | 3,970 | 9,965 | |||||||||
$ | 105,200 | $ | 57,000 | $ | 74,940 | |||||||
Earnings Per Share of the REIT [Policy Text Block] | ' | |||||||||||
Earnings Per Share of the REIT | ||||||||||||
Basic earnings per share is calculated by dividing the net income attributable to common shares for the period by the weighted average number of common shares outstanding during the period using the two class method. Diluted earnings per share is calculated by dividing the net income attributable to common shares for the period by the weighted average number of common and dilutive securities outstanding during the period. | ||||||||||||
Earnings Per Unit of the Operating Partnership [Policy Text Block] | ' | |||||||||||
Earnings Per Unit of the Operating Partnership | ||||||||||||
Basic earnings per unit is calculated by dividing the net income attributable to common units for the period by the weighted average number of common units outstanding during the period using the two class method. Diluted earnings per unit is calculated by dividing the net income attributable to common units for the period by the weighted average number of common and dilutive securities outstanding during the period. | ||||||||||||
Stock-based Compensation [Policy Text Block] | ' | |||||||||||
Stock-based Compensation | ||||||||||||
We award stock-based compensation to employees and members of our Board of Directors in the form of common stock. For each stock award granted by DFT, the OP issues an equivalent common unit, which may be referred to herein as a common share, common stock, or common unit. We estimate the fair value of the awards and recognize this value over the requisite vesting period. The fair value of restricted stock-based compensation is based on the market value of DFT’s common stock on the date of the grant. The fair value of options to purchase common stock is based on the Black-Scholes model. The fair value of performance units is based on a Monte Carlo simulation. | ||||||||||||
Compensation paid with Company common shares, which is included in general and administrative expense on the | ||||||||||||
consolidated statements of operations, totaled $6.1 million, $7.0 million and $6.0 million for the years ended December 31, 2013, 2012 and 2011, respectively. We capitalized $0.6 million, $0.4 million and $0.6 million of compensation paid with Company common shares to our data centers under development for the years ended December 31, 2013, 2012 and 2011, | ||||||||||||
respectively. | ||||||||||||
Reclassification, Policy [Policy Text Block] | ' | |||||||||||
Reclassifications | ||||||||||||
Certain amounts from the prior year have been reclassified for consistency with the current year presentation. Effective in this Annual Report on Form 10-K, we have reclassified the management fee that we collect from customers from "Recoveries from Tenants" to "Base Rent" on our accompanying consolidated statements of operations totaling $15.3 million, $13.8 million and $12.1 million for years ended December 31, 2013, 2012 and 2011, respectively. |
2_Significant_Accounting_Polic2
2. Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Schedule of Deferred Financing Costs [Table Text Block] | ' | |||||||||||
Balances, net of accumulated amortization, at December 31, 2013 and 2012 are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Financing costs | $ | 22,756 | $ | 23,082 | ||||||||
Accumulated amortization | (4,013 | ) | (10,531 | ) | ||||||||
Financing costs, net | $ | 18,743 | $ | 12,551 | ||||||||
Schedule of Deferred Leasing Costs [Table Text Block] | ' | |||||||||||
Balances, net of accumulated amortization, at December 31, 2013 and 2012 are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Leasing costs | $ | 48,312 | $ | 46,719 | ||||||||
Accumulated amortization | (27,189 | ) | (23,600 | ) | ||||||||
Leasing costs, net | $ | 21,123 | $ | 23,119 | ||||||||
Schedule of Lease Intangibles Above and Below Market Value [Table Text Block] | ' | |||||||||||
Balances, net of accumulated amortization, at December 31, 2013 and 2012 are as follows (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Lease contracts above market value | $ | 23,100 | $ | 23,100 | ||||||||
Accumulated amortization | (13,946 | ) | (12,845 | ) | ||||||||
Lease contracts above market value, net | $ | 9,154 | $ | 10,255 | ||||||||
Lease contracts below market value | $ | 39,375 | $ | 39,375 | ||||||||
Accumulated amortization | (28,845 | ) | (25,353 | ) | ||||||||
Lease contracts below market value, net | $ | 10,530 | $ | 14,022 | ||||||||
Redeemable Noncontrolling Interest [Table Text Block] | ' | |||||||||||
The following is a summary of activity for redeemable noncontrolling interests – operating partnership for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | ||||||||||||
OP Units | ||||||||||||
Number | Amount | |||||||||||
Balance at December 31, 2010 | 21,947,499 | $ | 466,823 | |||||||||
Net income attributable to redeemable noncontrolling interests – operating partnership | — | 14,505 | ||||||||||
Distributions declared | — | (9,624 | ) | |||||||||
Redemption of operating partnership units | (2,883,118 | ) | (66,500 | ) | ||||||||
Adjustment to redeemable noncontrolling interests – operating partnership | — | 56,535 | ||||||||||
Balance at December 31, 2011 | 19,064,381 | $ | 461,739 | |||||||||
Net income attributable to redeemable noncontrolling interests – operating partnership | — | 7,803 | ||||||||||
Distributions declared | — | (11,683 | ) | |||||||||
Redemption of operating partnership units | (277,575 | ) | (6,800 | ) | ||||||||
Adjustment to redeemable noncontrolling interests – operating partnership | — | 2,830 | ||||||||||
Balance at December 31, 2012 | 18,786,806 | $ | 453,889 | |||||||||
Net income attributable to redeemable noncontrolling interests – operating partnership | — | 5,214 | ||||||||||
Distributions declared | — | (15,050 | ) | |||||||||
Redemption of operating partnership units | (3,115,269 | ) | (75,600 | ) | ||||||||
Adjustment to redeemable noncontrolling interests – operating partnership | — | 18,791 | ||||||||||
Balance at December 31, 2013 | 15,671,537 | $ | 387,244 | |||||||||
Redeemable Partnership Units [Table Text Block] | ' | |||||||||||
The following is a summary of activity for redeemable partnership units for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | ||||||||||||
OP Units | ||||||||||||
Number | Amount | |||||||||||
Balance at December 31, 2010 | 21,947,499 | $ | 466,823 | |||||||||
Redemption of operating partnership units | (2,883,118 | ) | (66,500 | ) | ||||||||
Adjustment to redeemable partnership units | — | 61,416 | ||||||||||
Balance at December 31, 2011 | 19,064,381 | $ | 461,739 | |||||||||
Redemption of operating partnership units | (277,575 | ) | (6,800 | ) | ||||||||
Adjustment to redeemable partnership units | — | (1,050 | ) | |||||||||
Balance at December 31, 2012 | 18,786,806 | $ | 453,889 | |||||||||
Redemption of operating partnership units | (3,115,269 | ) | (75,600 | ) | ||||||||
Adjustment to redeemable partnership units | — | 8,955 | ||||||||||
Balance at December 31, 2013 | 15,671,537 | $ | 387,244 | |||||||||
Schedule of Net Income Attributable to Controlling Interests and Transfers From Redeemable Noncontrolling Interests Operating Partnership [Table Text Block] | ' | |||||||||||
The following is a summary of net income attributable to controlling interests and transfers to redeemable noncontrolling interests – operating partnership for the years ended December 31, 2013, 2012 and 2011 (dollars in thousands): | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income attributable to controlling interests | $ | 48,391 | $ | 53,030 | $ | 64,975 | ||||||
Transfers from noncontrolling interests: | ||||||||||||
Net change in the Company’s common stock and additional paid in capital due to the redemption of OP units and other adjustments to redeemable noncontrolling interests – operating partnership | 56,809 | 3,970 | 9,965 | |||||||||
$ | 105,200 | $ | 57,000 | $ | 74,940 | |||||||
3_Real_Estate_Assets_Tables
3. Real Estate Assets (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||||
Schedule of Real Estate Properties [Table Text Block] | ' | ||||||||||||||||||
The following is a summary of our properties as of December 31, 2013 (dollars in thousands): | |||||||||||||||||||
Property | Location | Land | Buildings and | Construction | Total Cost | ||||||||||||||
Improvements | in Progress | ||||||||||||||||||
and Land Held | |||||||||||||||||||
for | |||||||||||||||||||
Development | |||||||||||||||||||
ACC2 | Ashburn, VA | $ | 2,500 | $ | 159,093 | $ | — | $ | 161,593 | ||||||||||
ACC3 | Ashburn, VA | 1,071 | 95,654 | — | 96,725 | ||||||||||||||
ACC4 | Ashburn, VA | 6,600 | 538,090 | — | 544,690 | ||||||||||||||
ACC5 | Ashburn, VA | 6,443 | 298,092 | — | 304,535 | ||||||||||||||
ACC6 | Ashburn, VA | 5,518 | 215,291 | — | 220,809 | ||||||||||||||
VA3 | Reston, VA | 9,000 | 177,575 | — | 186,575 | ||||||||||||||
VA4 | Bristow, VA | 6,800 | 148,765 | — | 155,565 | ||||||||||||||
CH1 | Elk Grove Village, IL | 23,611 | 358,505 | — | 382,116 | ||||||||||||||
NJ1 Phase I | Piscataway, NJ | 4,311 | 208,798 | — | 213,109 | ||||||||||||||
SC1 Phase I | Santa Clara, CA | 10,102 | 221,123 | — | 231,225 | ||||||||||||||
75,956 | 2,420,986 | — | 2,496,942 | ||||||||||||||||
Construction in progress and land held for development | (1 | ) | — | — | 302,068 | 302,068 | |||||||||||||
$ | 75,956 | $ | 2,420,986 | $ | 302,068 | $ | 2,799,010 | ||||||||||||
-1 | Properties located in Ashburn, VA (ACC7 and ACC8); Piscataway, NJ (NJ1 Phase II), Elk Grove Village, IL (CH2) and Santa Clara, CA (SC1 Phase | ||||||||||||||||||
Major Components Of Properties And Useful Lives [Table Text Block] | ' | ||||||||||||||||||
The following presents the major components of our properties and the useful lives over which they are | |||||||||||||||||||
depreciated. | |||||||||||||||||||
Component | Component Life (years) | ||||||||||||||||||
Land | N/A | ||||||||||||||||||
Building improvements | 40 | ||||||||||||||||||
Electrical infrastructure—power distribution units | 20 | ||||||||||||||||||
Electrical infrastructure—uninterrupted power supply | 25 | ||||||||||||||||||
Electrical infrastructure—switchgear/transformers | 30 | ||||||||||||||||||
Fire protection | 40 | ||||||||||||||||||
Security systems | 20 | ||||||||||||||||||
Mechanical infrastructure—heating, ventilating and air conditioning | 20 | ||||||||||||||||||
Mechanical infrastructure—chiller pumps/building automation | 25 | ||||||||||||||||||
Mechanical infrastructure—chilled water storage and pipes | 30 |
4_Intangible_Assets_and_Liabil1
4. Intangible Assets and Liabilities (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leasing Costs [Member] | ' | |||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||
As of December 31, 2013, these assets have a weighted average remaining life of 6.9 years with estimated future amortization as follows (in thousands): | ||||
Year Ending December 31, | ||||
2014 | $ | 3,962 | ||
2015 | 3,779 | |||
2016 | 3,295 | |||
2017 | 2,928 | |||
2018 | 2,230 | |||
2019 and thereafter | 4,929 | |||
$ | 21,123 | |||
Lease Contracts [Member] | ' | |||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||
As of December 31, 2013, our net Lease Intangible liabilities have a weighted average remaining life of 9.1 years for above market leases and 3.8 years for below market leases with estimated net future amortization (as an increase (decrease) to rental income) as follows (in thousands): | ||||
Year Ending December 31, | ||||
2014 | $ | 2,392 | ||
2015 | 1,966 | |||
2016 | 412 | |||
2017 | 174 | |||
2018 | (72 | ) | ||
2019 and thereafter | (3,496 | ) | ||
$ | 1,376 | |||
Tenant Origination Costs [Member] | ' | |||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | |||
As of December 31, 2013, these assets have a weighted average remaining life of 3.6 years with estimated future amortization as follows (in thousands): | ||||
Year Ending December 31, | ||||
2014 | $ | 3,148 | ||
2015 | 2,019 | |||
2016 | 1,243 | |||
2017 | 1,243 | |||
2018 | 747 | |||
$ | 8,400 | |||
5_Leases_Tables
5. Leases (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Leases [Abstract] | ' | |||||||||||
Schedule Of Customers Comprising More Than Ten Percent Of Consolidated Revenues [Table Text Block] | ' | |||||||||||
For the years ended December 31, 2013, 2012 and 2011, the following customers comprised more than 10.0% of our consolidated revenues: | ||||||||||||
Yahoo! | Microsoft | Rackspace | ||||||||||
Year ended December 31, 2013 | 19.2 | % | 13 | % | 17.8 | % | 11.6 | % | ||||
Year ended December 31, 2012 | 20.7 | % | 15.5 | % | 14.9 | % | 9.3 | % | ||||
Year ended December 31, 2011 | 20.3 | % | 21.5 | % | 17.3 | % | 7.7 | % | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||||||||||
As of December 31, 2013, future minimum lease payments to be received under noncancelable operating leases are as follows for the years ending December 31 (in thousands): | ||||||||||||
2014 | $ | 266,712 | ||||||||||
2015 | 269,214 | |||||||||||
2016 | 254,014 | |||||||||||
2017 | 248,036 | |||||||||||
2018 | 214,465 | |||||||||||
2019 and thereafter | 630,787 | |||||||||||
$ | 1,883,228 | |||||||||||
6_Debt_Tables
6. Debt (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Debt Instrument [Line Items] | ' | ||||||||||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||||||||||
Debt Summary as of December 31, 2013 and December 31, 2012 | |||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||
Amounts | % of Total | Rates | Maturities | Amounts | |||||||||||||||||
(years) | |||||||||||||||||||||
Secured | $ | 115,000 | 13 | % | 2 | % | 4.2 | $ | 139,600 | ||||||||||||
Unsecured | 754,000 | 87 | % | 5.1 | % | 7.2 | 568,000 | ||||||||||||||
Total | $ | 869,000 | 100 | % | 4.7 | % | 6.8 | $ | 707,600 | ||||||||||||
Fixed Rate Debt: | |||||||||||||||||||||
Unsecured Notes due 2021 | $ | 600,000 | 69 | % | 5.9 | % | 7.7 | $ | — | ||||||||||||
Unsecured Notes due 2017 | — | — | % | — | % | — | 550,000 | ||||||||||||||
Fixed Rate Debt | 600,000 | 69 | % | 5.9 | % | 7.7 | 550,000 | ||||||||||||||
Floating Rate Debt: | |||||||||||||||||||||
Unsecured Credit Facility | — | — | — | 2.2 | 18,000 | ||||||||||||||||
Unsecured Term Loan | 154,000 | 18 | % | 1.9 | % | 5.1 | — | ||||||||||||||
ACC3 Term Loan | 115,000 | 13 | % | 2 | % | 4.2 | — | ||||||||||||||
ACC5 Term Loan | — | — | — | — | 139,600 | ||||||||||||||||
Floating Rate Debt | 269,000 | 31 | % | 2 | % | 4.7 | 157,600 | ||||||||||||||
Total | $ | 869,000 | 100 | % | 4.7 | % | 6.8 | $ | 707,600 | ||||||||||||
Schedule Of Interest Rate Margin Applicable By Indebtedness Level [Table Text Block] | ' | ||||||||||||||||||||
Applicable Margin | |||||||||||||||||||||
Pricing Level | Ratio of Total Indebtedness to Gross Asset Value | LIBOR Rate Loans | Base Rate Loans | ||||||||||||||||||
Level 1 | Less than or equal to 35% | 1.85 | % | 0.85 | % | ||||||||||||||||
Level 2 | Greater than 35% but less than or equal to 40% | 2 | % | 1 | % | ||||||||||||||||
Level 3 | Greater than 40% but less than or equal to 45% | 2.15 | % | 1.15 | % | ||||||||||||||||
Level 4 | Greater than 45% but less than or equal to 52.5% | 2.3 | % | 1.3 | % | ||||||||||||||||
Level 5 | Greater than 52.5% | 2.5 | % | 1.5 | % | ||||||||||||||||
Schedule Of Credit Rating Of Unsecured Notes [Table Text Block] | ' | ||||||||||||||||||||
Applicable Margin | |||||||||||||||||||||
Credit Rating Level | Credit Rating | LIBOR Rate Loans | Base Rate Loans | ||||||||||||||||||
Level 1 | Greater than or equal to A- by S&P or A3 by Moody’s | 1.05 | % | 0.05 | % | ||||||||||||||||
Level 2 | Greater than or equal to BBB+ by S&P or Baa1 by Moody’s | 1.2 | % | 0.2 | % | ||||||||||||||||
Level 3 | Greater than or equal to BBB by S&P or Baa2 by Moody’s | 1.35 | % | 0.35 | % | ||||||||||||||||
Level 4 | Greater than or equal to BBB- by S&P or Baa3 by Moody’s | 1.5 | % | 0.5 | % | ||||||||||||||||
Level 5 | Less than BBB- by S&P or Baa3 by Moody’s | 2.1 | % | 1.1 | % | ||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||||||||||||||
A summary of the Company's debt maturity schedule as of December 31, 2013 is as follows: | |||||||||||||||||||||
Debt Maturity as of December 31, 2013 | |||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||
Year | Fixed Rate | Floating Rate | Total | % of Total | Rates | ||||||||||||||||
2014 | $ | — | — | $ | — | — | — | ||||||||||||||
2015 | — | — | — | — | — | ||||||||||||||||
2016 | — | 3,750 | -2 | 3,750 | 0.4 | % | 2 | % | |||||||||||||
2017 | — | 8,750 | -2 | 8,750 | 1 | % | 2 | % | |||||||||||||
2018 | — | 102,500 | -2 | 102,500 | 11.8 | % | 2 | % | |||||||||||||
2019 | — | 154,000 | -3 | 154,000 | 17.7 | % | 1.9 | % | |||||||||||||
2020 | — | — | — | — | — | ||||||||||||||||
2021 | 600,000 | -1 | — | 600,000 | 69.1 | % | 5.9 | % | |||||||||||||
Total | $ | 600,000 | $ | 269,000 | $ | 869,000 | 100 | % | 4.7 | % | |||||||||||
-1 | The 5.875% Unsecured Notes are due September 15, 2021. | ||||||||||||||||||||
-2 | The ACC3 Term Loan matures on March 27, 2018 with no extension option. Quarterly principal payments of $1.25 million begin on April 1, 2016, increase to $2.5 million on April 1, 2017 and continue through maturity. | ||||||||||||||||||||
-3 | The $250 million Unsecured Term Loan matures on February 15, 2019 with no extension option. In January 2014, we drew the remaining $96.0 million. | ||||||||||||||||||||
Unsecured Notes due 2021 [Member] | ' | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ||||||||||||||||||||
Summary Of Maturities And Percentage Of Redemption Price Of Unsecured Notes [Table Text Block] | ' | ||||||||||||||||||||
Year | Redemption Price | ||||||||||||||||||||
2016 | 104.406 | % | |||||||||||||||||||
2017 | 102.938 | % | |||||||||||||||||||
2018 | 101.469 | % | |||||||||||||||||||
2019 and thereafter | 100 | % | |||||||||||||||||||
Unsecured Term Loan [Member] | ' | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ||||||||||||||||||||
Schedule Of Term Loan Interest Rate Margin Applicable By Indebtedness Level [Table Text Block] [Table Text Block] | ' | ||||||||||||||||||||
Applicable Margin | |||||||||||||||||||||
Pricing Level | Ratio of Total Indebtedness to Gross Asset Value | LIBOR Rate Loans | Base Rate Loans | ||||||||||||||||||
Level 1 | Less than or equal to 35% | 1.75 | % | 0.75 | % | ||||||||||||||||
Level 2 | Greater than 35% but less than or equal to 40% | 1.9 | % | 0.9 | % | ||||||||||||||||
Level 3 | Greater than 40% but less than or equal to 45% | 2.05 | % | 1.05 | % | ||||||||||||||||
Level 4 | Greater than 45% but less than or equal to 52.5% | 2.2 | % | 1.2 | % | ||||||||||||||||
Level 5 | Greater than 52.5% | 2.4 | % | 1.4 | % | ||||||||||||||||
Schedule Of Credit Rating For Unsecured Term Loan [Table Text Block] [Table Text Block] | ' | ||||||||||||||||||||
Applicable Margin | |||||||||||||||||||||
Credit Rating Level | Credit Rating | LIBOR Rate Loans | Base Rate Loans | ||||||||||||||||||
Level 1 | Greater than or equal to A- by S&P or A3 by Moody’s | 0.95 | % | 0 | % | ||||||||||||||||
Level 2 | Greater than or equal to BBB+ by S&P or Baa1 by Moody’s | 1.05 | % | 0.05 | % | ||||||||||||||||
Level 3 | Greater than or equal to BBB by S&P or Baa2 by Moody’s | 1.2 | % | 0.2 | % | ||||||||||||||||
Level 4 | Greater than or equal to BBB- by S&P or Baa3 by Moody’s | 1.5 | % | 0.5 | % | ||||||||||||||||
Level 5 | Less than BBB- by S&P or Baa3 by Moody’s | 1.95 | % | 0.95 | % | ||||||||||||||||
PriorToSecondAmendment [Member] | ' | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ||||||||||||||||||||
Schedule Of Interest Rate Margin Applicable By Indebtedness Level [Table Text Block] | ' | ||||||||||||||||||||
Applicable Margin | |||||||||||||||||||||
Pricing Level | Ratio of Total Indebtedness to Gross Asset Value | LIBOR Rate Loans | Base Rate Loans | ||||||||||||||||||
Level 1 | Less than or equal to 35% | 3.25 | % | 1.25 | % | ||||||||||||||||
Level 2 | Greater than 35% but less than or equal to 45% | 3.5 | % | 1.5 | % | ||||||||||||||||
Level 3 | Greater than 45% but less than or equal to 55% | 3.75 | % | 1.75 | % | ||||||||||||||||
Level 4 | Greater than 55% | 4.25 | % | 2.25 | % |
10_Preferred_Stock_Tables
10. Preferred Stock (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Series A Preferred Stock [Member] | ' | ||||||||||||||
Preferred Stock Dividend [Line Items] | ' | ||||||||||||||
Schedule of Preferred Stock Dividend [Table Text Block] | ' | ||||||||||||||
Record Date | Payment Date | Cash Dividend | Ordinary Taxable Dividend (Unaudited) | Nontaxable Return of Capital Distributions (Unaudited) | |||||||||||
4/5/13 | 4/15/13 | $ | 0.4921875 | $ | 0.4921875 | $ | 0 | ||||||||
7/5/13 | 7/15/13 | 0.4921875 | 0.4921875 | 0 | |||||||||||
10/4/13 | 10/15/13 | 0.4921875 | 0.4921875 | 0 | |||||||||||
12/27/13 | 1/15/14 | 0.4921875 | 0.4921875 | 0 | |||||||||||
$ | 1.96875 | $ | 1.96875 | $ | 0 | ||||||||||
Record Date | Payment Date | Cash Dividend | Ordinary Taxable Dividend (Unaudited) | Nontaxable Return of Capital Distributions (Unaudited) | |||||||||||
3/29/11 | 4/15/11 | $ | 0.4921875 | $ | 0.4921875 | $ | 0 | ||||||||
6/28/11 | 7/15/11 | 0.4921875 | 0.4921875 | 0 | |||||||||||
9/27/11 | 10/17/11 | 0.4921875 | 0.4921875 | 0 | |||||||||||
12/27/11 | 1/17/12 | 0.4921875 | 0.4921875 | 0 | |||||||||||
$ | 1.96875 | $ | 1.96875 | $ | 0 | ||||||||||
Record Date | Payment Date | Cash Dividend | Ordinary Taxable Dividend (Unaudited) | Nontaxable Return of Capital Distributions (Unaudited) | |||||||||||
4/5/12 | 4/16/12 | $ | 0.4921875 | $ | 0.4921875 | $ | 0 | ||||||||
7/6/12 | 7/16/12 | 0.4921875 | 0.4921875 | 0 | |||||||||||
10/5/12 | 10/15/12 | 0.4921875 | 0.4921875 | 0 | |||||||||||
12/28/12 | 1/15/13 | 0.4921875 | 0.4921875 | 0 | |||||||||||
$ | 1.96875 | $ | 1.96875 | $ | 0 | ||||||||||
Series B Preferred Stock [Member] | ' | ||||||||||||||
Preferred Stock Dividend [Line Items] | ' | ||||||||||||||
Schedule of Preferred Stock Dividend [Table Text Block] | ' | ||||||||||||||
Record Date | Payment Date | Cash Dividend | Ordinary Taxable Dividend (Unaudited) | Nontaxable Return of Capital Distributions (Unaudited) | |||||||||||
4/5/12 | 4/16/12 | $ | 0.4765625 | $ | 0.4765625 | $ | 0 | ||||||||
7/6/12 | 7/16/12 | 0.4765625 | 0.4765625 | 0 | |||||||||||
10/5/12 | 10/15/12 | 0.4765625 | 0.4765625 | 0 | |||||||||||
12/28/12 | 1/15/13 | 0.4765625 | 0.4765625 | 0 | |||||||||||
$ | 1.90625 | $ | 1.90625 | $ | 0 | ||||||||||
Record Date | Payment Date | Cash Dividend | Ordinary Taxable Dividend (Unaudited) | Nontaxable Return of Capital Distributions (Unaudited) | |||||||||||
3/29/11 | 4/15/11 | $ | 0.20121528 | $ | 0.20121528 | $ | 0 | ||||||||
6/28/11 | 7/15/11 | 0.4765625 | 0.4765625 | 0 | |||||||||||
9/27/11 | 10/17/11 | 0.4765625 | 0.4765625 | 0 | |||||||||||
12/27/11 | 1/17/12 | 0.4765625 | 0.4765625 | 0 | |||||||||||
$ | 1.63090278 | $ | 1.63090278 | $ | 0 | ||||||||||
Record Date | Payment Date | Cash Dividend | Ordinary Taxable Dividend (Unaudited) | Nontaxable Return of Capital Distributions (Unaudited) | |||||||||||
4/5/13 | 4/15/13 | $ | 0.4765625 | $ | 0.4765625 | $ | 0 | ||||||||
7/5/13 | 7/15/13 | 0.4765625 | 0.4765625 | 0 | |||||||||||
10/4/13 | 10/15/13 | 0.4765625 | 0.4765625 | 0 | |||||||||||
12/27/13 | 1/15/14 | 0.4765625 | 0.4765625 | 0 | |||||||||||
$ | 1.90625 | $ | 1.90625 | $ | 0 | ||||||||||
11_Stockholders_Equity_of_the_1
11. Stockholders Equity of the REIT and Partners Capital of the OP (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Schedule Of Common Stock Dividends [Abstract] | ' | ||||||||||||||
Schedule Of Common Stock Dividend [Table Text Block] | ' | ||||||||||||||
Record Date | Payment Date | Cash Dividend | Ordinary Taxable Dividend (Unaudited) | Nontaxable Return of Capital Distributions (Unaudited) | |||||||||||
4/5/12 | 4/16/12 | $ | 0.12 | $ | 0.12 | $ | 0 | ||||||||
7/6/12 | 7/16/12 | 0.15 | 0.15 | 0 | |||||||||||
10/5/12 | 10/15/12 | 0.15 | 0.15 | 0 | |||||||||||
12/28/12 | 1/15/13 | 0.2 | 0.15 | 0 | |||||||||||
$ | 0.62 | $ | 0.57 | $ | 0 | ||||||||||
Record Date | Payment Date | Cash Dividend | Ordinary Taxable Dividend (Unaudited) | Nontaxable Return of Capital Distributions (Unaudited) | |||||||||||
4/5/13 | 4/15/13 | $ | 0.2 | $ | 0.172 | $ | 0.028 | ||||||||
7/5/13 | 7/15/13 | 0.25 | 0.214 | 0.036 | |||||||||||
10/4/13 | 10/15/13 | 0.25 | 0.214 | 0.036 | |||||||||||
12/27/13 | 1/15/14 | 0.25 | 0 | 0 | |||||||||||
$ | 0.95 | $ | 0.6 | $ | 0.1 | ||||||||||
Record Date | Payment Date | Cash Dividend | Ordinary Taxable Dividend (Unaudited) | Nontaxable Return of Capital Distributions (Unaudited) | |||||||||||
3/29/11 | 4/8/11 | $ | 0.12 | $ | 0.12 | $ | 0 | ||||||||
6/28/11 | 7/8/11 | 0.12 | 0.12 | 0 | |||||||||||
9/27/11 | 10/7/11 | 0.12 | 0.12 | 0 | |||||||||||
12/27/11 | 1/6/12 | 0.12 | 0.11 | 0 | |||||||||||
$ | 0.48 | $ | 0.47 | $ | 0 | ||||||||||
12_Equity_Compensation_Plan_Ta
12. Equity Compensation Plan (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block] | ' | ||||||||||||
The following table sets forth the number of unvested shares of restricted stock and the weighted average fair value of these shares at the date of grant: | |||||||||||||
Shares of | Weighted Average | ||||||||||||
Restricted Stock | Fair Value at | ||||||||||||
Date of Grant | |||||||||||||
Unvested balance at December 31, 2010 | 636,851 | $ | 10.82 | ||||||||||
Granted | 153,992 | $ | 23.62 | ||||||||||
Vested | (288,582 | ) | $ | 9.82 | |||||||||
Forfeited | (12,932 | ) | $ | 15.3 | |||||||||
Unvested balance at December 31, 2011 | 489,329 | $ | 15.31 | ||||||||||
Granted | 143,191 | $ | 22.66 | ||||||||||
Vested | (314,571 | ) | $ | 11.6 | |||||||||
Forfeited | (20,030 | ) | $ | 22.38 | |||||||||
Unvested balance at December 31, 2012 | 297,919 | $ | 22.31 | ||||||||||
Granted | 203,241 | $ | 22.82 | ||||||||||
Vested | (162,353 | ) | $ | 21.73 | |||||||||
Forfeited | (34,843 | ) | $ | 22.86 | |||||||||
Unvested balance at December 31, 2013 | 303,964 | $ | 22.89 | ||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||
A summary of our stock option activity under the applicable equity incentive plan for the years ended December 31, 2013, 2012 and 2011 is presented in the tables below. | |||||||||||||
Number of | Weighted Average | ||||||||||||
Options | Exercise Price | ||||||||||||
Under option, December 31, 2010 | 1,403,277 | $ | 8.13 | ||||||||||
Granted | 637,879 | $ | 23.79 | ||||||||||
Exercised | (138,313 | ) | $ | 5.06 | |||||||||
Forfeited | — | N/A | |||||||||||
Under option, December 31, 2011 | 1,902,843 | $ | 13.6 | ||||||||||
Granted | 341,541 | $ | 22.57 | ||||||||||
Exercised | (113,955 | ) | $ | 7.62 | |||||||||
Forfeited | (53,648 | ) | $ | 22.6 | |||||||||
Under option, December 31, 2012 | 2,076,781 | $ | 15.17 | ||||||||||
Granted | 374,214 | $ | 22.62 | ||||||||||
Exercised | (250,472 | ) | $ | 6.83 | |||||||||
Forfeited | (100,613 | ) | $ | 22.83 | |||||||||
Under option, December 31, 2013 | 2,099,910 | $ | 17.13 | ||||||||||
Shares Subject | Total Unearned | Weighted Average | Weighted Average | ||||||||||
to Option | Compensation | Vesting Period | Remaining | ||||||||||
Contractual Term | |||||||||||||
As of December 31, 2011 | 1,902,843 | $ | 4.5 | million | 0.8 years | 8.0 years | |||||||
As of December 31, 2012 | 2,076,781 | $ | 3.2 | million | 0.8 years | 7.3 years | |||||||
As of December 31, 2013 | 2,099,910 | $ | 1.9 | million | 0.8 years | 6.9 years | |||||||
Schedule of Stock Options Roll Forward [Table Text Block] | ' | ||||||||||||
The following table sets forth the number of unvested options as of December 31, 2013, 2012 and 2011 and the weighted average fair value of these options at the grant date. | |||||||||||||
Number of | Weighted Average | ||||||||||||
Options | Fair Value | ||||||||||||
at Date of Grant | |||||||||||||
Unvested balance at December 31, 2010 | 1,140,353 | $ | 3.4 | ||||||||||
Granted | 637,879 | $ | 7.38 | ||||||||||
Vested | (521,754 | ) | $ | 2.88 | |||||||||
Forfeited | — | N/A | |||||||||||
Unvested balance at December 31, 2011 | 1,256,478 | $ | 5.63 | ||||||||||
Granted | 341,541 | $ | 5.79 | ||||||||||
Vested | (734,380 | ) | $ | 4.18 | |||||||||
Forfeited | (53,648 | ) | $ | 6.52 | |||||||||
Unvested balance at December 31, 2012 | 809,991 | $ | 6.96 | ||||||||||
Granted | 374,214 | $ | 4.75 | ||||||||||
Vested | (399,481 | ) | $ | 7.34 | |||||||||
Forfeited | (100,613 | ) | $ | 5.55 | |||||||||
Unvested balance at December 31, 2013 | 684,111 | $ | 5.73 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block] | ' | ||||||||||||
The following tables set forth the number of exercisable options as of December 31, 2013, 2012 and 2011 and the weighted average fair value and exercise price of these options at the grant date. | |||||||||||||
Number of | Weighted Average | ||||||||||||
Options | Fair Value | ||||||||||||
at Date of Grant | |||||||||||||
Options Exercisable at December 31, 2010 | 262,924 | $ | 1.48 | ||||||||||
Vested | 521,754 | $ | 2.88 | ||||||||||
Exercised | (138,313 | ) | $ | 1.48 | |||||||||
Options Exercisable at December 31, 2011 | 646,365 | $ | 2.61 | ||||||||||
Vested | 734,380 | $ | 4.18 | ||||||||||
Exercised | (113,955 | ) | $ | 2.56 | |||||||||
Options Exercisable at December 31, 2012 | 1,266,790 | $ | 3.52 | ||||||||||
Vested | 399,481 | $ | 7.34 | ||||||||||
Exercised | (250,472 | ) | $ | 2.35 | |||||||||
Options Exercisable at December 31, 2013 | 1,415,799 | $ | 4.81 | ||||||||||
Exercisable | Intrinsic Value | Weighted Average | Weighted Average | ||||||||||
Options | Exercise Price | Remaining | |||||||||||
Contractual Term | |||||||||||||
As of December 31, 2011 | 646,365 | $ | 10.9 | million | $ | 7.28 | 7.3 years | ||||||
As of December 31, 2012 | 1,266,790 | $ | 17.6 | million | $ | 10.24 | 6.6 years | ||||||
As of December 31, 2013 | 1,415,799 | $ | 14.7 | million | $ | 14.33 | 6.1 years | ||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||
The following table summarizes the assumptions used to value the stock options granted and the fair value of these options granted during the years ended December 31, 2013, 2012 and 2011. | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Number of options granted | 374,214 | 341,541 | 637,879 | ||||||||||
Exercise price | $ | 22.62 | $ | 22.57 | $ | 23.79 | |||||||
Expected term (in years) | 5 | 4 | 4 | ||||||||||
Expected volatility | 34 | % | 39 | % | 44 | % | |||||||
Expected annual dividend | 4 | % | 2 | % | 2 | % | |||||||
Risk-free rate | 0.83 | % | 0.64 | % | 1.72 | % | |||||||
Fair value at date of grant | $1.8 million | $2.0 million | $4.7 million | ||||||||||
Schedule of Share-based Payment Award, Performance Units, Valuation Assumptions [Table Text Block] | ' | ||||||||||||
The following table summarizes the assumptions used to value, and the resulting fair and maximum values of, the performance units granted during the years ended December 31, 2013 and 2012. | |||||||||||||
2013 | 2012 | ||||||||||||
Number of performance units granted | 60,468 | 61,033 | |||||||||||
Expected volatility | 33 | % | 29 | % | |||||||||
Expected annual dividend | 4 | % | 2 | % | |||||||||
Risk-free rate | 0.4 | % | 0.43 | % | |||||||||
Performance unit fair value at date of grant | $ | 25.59 | $ | 28.26 | |||||||||
Total grant fair value at date of grant | $1.5 million | $1.7 million | |||||||||||
Maximum value of grant on vesting date based on closing price of DFT's stock at the date of grant | $4.1 million | $4.1 million |
13_Earnings_Per_Share_of_the_R1
13. Earnings Per Share of the REIT (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||
The following table sets forth the reconciliation of basic and diluted average shares outstanding used in the computation of earnings per share of common stock (in thousands except for share and per share amounts): | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic and Diluted Shares Outstanding | ||||||||||||
Weighted average common shares – basic | 64,645,316 | 62,866,189 | 61,241,520 | |||||||||
Effect of dilutive securities | 828,723 | 887,817 | 1,062,385 | |||||||||
Weighted average common shares – diluted | 65,474,039 | 63,754,006 | 62,303,905 | |||||||||
Calculation of Earnings per Share – Basic | ||||||||||||
Net income attributable to common shares | $ | 21,146 | $ | 25,977 | $ | 44,101 | ||||||
Net income allocated to unvested restricted shares | (267 | ) | (188 | ) | (363 | ) | ||||||
Net income attributable to common shares, adjusted | 20,879 | 25,789 | 43,738 | |||||||||
Weighted average common shares – basic | 64,645,316 | 62,866,189 | 61,241,520 | |||||||||
Earnings per common share – basic | $ | 0.32 | $ | 0.41 | $ | 0.71 | ||||||
Calculation of Earnings per Share – Diluted | ||||||||||||
Net income attributable to common shares | $ | 21,146 | $ | 25,977 | $ | 44,101 | ||||||
Adjustments to redeemable noncontrolling interests | 55 | 84 | 188 | |||||||||
Adjusted net income available to common shares | 21,201 | 26,061 | 44,289 | |||||||||
Weighted average common shares – diluted | 65,474,039 | 63,754,006 | 62,303,905 | |||||||||
Earnings per common share – diluted | $ | 0.32 | $ | 0.41 | $ | 0.71 | ||||||
Schedule of exclusions from diluted earnings per share/unit [Table Text Block] | ' | |||||||||||
The following table sets forth the amount of restricted shares, stock options and performance units that have been excluded from the calculation of diluted earnings per share as their effect would have been antidilutive (in millions): | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Restricted Shares | — | — | — | |||||||||
Stock Options | 0.6 | 0.9 | 0.9 | |||||||||
Performance Units | 0.1 | 0.1 | — | |||||||||
14_Earnings_Per_Unit_of_the_Op1
14. Earnings Per Unit of the Operating Partnership (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings per unit of the Operating Partnership [Line Items] | ' | |||||||||||
Schedule of basic and diluted units outstanding [Table Text Block] | ' | |||||||||||
The following table sets forth the reconciliation of basic and diluted average shares outstanding used in the computation of earnings per share of common stock (in thousands except for share and per share amounts): | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic and Diluted Shares Outstanding | ||||||||||||
Weighted average common shares – basic | 64,645,316 | 62,866,189 | 61,241,520 | |||||||||
Effect of dilutive securities | 828,723 | 887,817 | 1,062,385 | |||||||||
Weighted average common shares – diluted | 65,474,039 | 63,754,006 | 62,303,905 | |||||||||
Calculation of Earnings per Share – Basic | ||||||||||||
Net income attributable to common shares | $ | 21,146 | $ | 25,977 | $ | 44,101 | ||||||
Net income allocated to unvested restricted shares | (267 | ) | (188 | ) | (363 | ) | ||||||
Net income attributable to common shares, adjusted | 20,879 | 25,789 | 43,738 | |||||||||
Weighted average common shares – basic | 64,645,316 | 62,866,189 | 61,241,520 | |||||||||
Earnings per common share – basic | $ | 0.32 | $ | 0.41 | $ | 0.71 | ||||||
Calculation of Earnings per Share – Diluted | ||||||||||||
Net income attributable to common shares | $ | 21,146 | $ | 25,977 | $ | 44,101 | ||||||
Adjustments to redeemable noncontrolling interests | 55 | 84 | 188 | |||||||||
Adjusted net income available to common shares | 21,201 | 26,061 | 44,289 | |||||||||
Weighted average common shares – diluted | 65,474,039 | 63,754,006 | 62,303,905 | |||||||||
Earnings per common share – diluted | $ | 0.32 | $ | 0.41 | $ | 0.71 | ||||||
Schedule of exclusions from diluted earnings per share/unit [Table Text Block] | ' | |||||||||||
The following table sets forth the amount of restricted shares, stock options and performance units that have been excluded from the calculation of diluted earnings per share as their effect would have been antidilutive (in millions): | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Restricted Shares | — | — | — | |||||||||
Stock Options | 0.6 | 0.9 | 0.9 | |||||||||
Performance Units | 0.1 | 0.1 | — | |||||||||
DuPont Fabros Technology, L.P. [Member] | ' | |||||||||||
Earnings per unit of the Operating Partnership [Line Items] | ' | |||||||||||
Schedule of basic and diluted units outstanding [Table Text Block] | ' | |||||||||||
The following table sets forth the reconciliation of basic and diluted average units outstanding used in the computation of earnings per unit: | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Basic and Diluted Units Outstanding | ||||||||||||
Weighted average common units – basic (includes redeemable partnership units and units of general and limited partners) | 80,580,556 | 81,750,958 | 81,387,042 | |||||||||
Effect of dilutive securities | 828,723 | 887,817 | 1,062,385 | |||||||||
Weighted average common units – diluted | 81,409,279 | 82,638,775 | 82,449,427 | |||||||||
Schedule of exclusions from diluted earnings per share/unit [Table Text Block] | ' | |||||||||||
The following table sets forth the amount of restricted units, stock options and performance units that have been excluded from the calculation of diluted earnings per unit as their effect would have been antidilutive (in millions): | ||||||||||||
Year ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Restricted Units | — | — | — | |||||||||
Stock Options | 0.6 | 0.9 | 0.9 | |||||||||
Performance Units | 0.1 | 0.1 | — | |||||||||
17_Quarterly_Financial_Informa1
17. Quarterly Financial Information (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||||
Three months ended | ||||||||||||||||
31-Dec-13 | 30-Sep-13 | 30-Jun-13 | 31-Mar-13 | |||||||||||||
Total revenue | $ | 99,444 | $ | 96,342 | $ | 91,564 | $ | 87,759 | ||||||||
Net income (loss) | 21,089 | (5,958 | ) | 21,747 | 16,727 | |||||||||||
Net income (loss) attributable to common shares | 11,460 | (10,228 | ) | 11,971 | 7,943 | |||||||||||
Net income (loss) attributable to common shares per common share-basic (1) | 0.18 | (0.16 | ) | 0.19 | 0.12 | |||||||||||
Net income (loss) attributable to common shares per common share-diluted | 0.18 | (0.16 | ) | 0.18 | 0.12 | |||||||||||
Three months ended | ||||||||||||||||
31-Dec-12 | 30-Sep-12 | 30-Jun-12 | 31-Mar-12 | |||||||||||||
Total revenue | $ | 85,959 | $ | 85,446 | $ | 82,658 | $ | 78,382 | ||||||||
Net income | 15,703 | 16,278 | 15,494 | 13,358 | ||||||||||||
Net income attributable to common shares | 6,845 | 7,286 | 6,677 | 5,169 | ||||||||||||
Net income attributable to common shares per common share-basic | 0.11 | 0.11 | 0.11 | 0.08 | ||||||||||||
Net income attributable to common shares per common share-diluted | 0.11 | 0.11 | 0.11 | 0.08 | ||||||||||||
(1) Amounts do not equal full year results due to rounding and the impact of the loss in the third quarter of 2013. |
18_Supplemental_Consolidating_1
18. Supplemental Consolidating Financial Data for Subsidiary Guarantors of the Unsecured Notes (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Supplemental Consolidating Financial Data for Subsidiary Guarantors of the Unsecured Notes [Abstract] | ' | |||||||||||||||||||
Schedule of Supplemental Consolidating Balance Sheets [Table Text Block] | ' | |||||||||||||||||||
DUPONT FABROS TECHNOLOGY, L.P. | ||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
(in thousands except share data) | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
ASSETS | ||||||||||||||||||||
Income producing property: | ||||||||||||||||||||
Land | $ | — | $ | 74,885 | $ | 1,071 | $ | — | $ | 75,956 | ||||||||||
Buildings and improvements | — | 2,318,414 | 102,572 | — | 2,420,986 | |||||||||||||||
— | 2,393,299 | 103,643 | — | 2,496,942 | ||||||||||||||||
Less: accumulated depreciation | — | (386,796 | ) | (26,598 | ) | — | (413,394 | ) | ||||||||||||
Net income producing property | — | 2,006,503 | 77,045 | — | 2,083,548 | |||||||||||||||
Construction in progress and land held for development | — | 154,404 | 147,664 | — | 302,068 | |||||||||||||||
Net real estate | — | 2,160,907 | 224,709 | — | 2,385,616 | |||||||||||||||
Cash and cash equivalents | 32,903 | — | 1,611 | — | 34,514 | |||||||||||||||
Rents and other receivables | 4,226 | 3,981 | 4,467 | — | 12,674 | |||||||||||||||
Deferred rent | — | 144,377 | 5,661 | — | 150,038 | |||||||||||||||
Lease contracts above market value, net | — | 9,154 | — | — | 9,154 | |||||||||||||||
Deferred costs, net | 17,318 | 16,971 | 5,577 | — | 39,866 | |||||||||||||||
Investment in affiliates | 2,372,121 | — | — | (2,372,121 | ) | — | ||||||||||||||
Prepaid expenses and other assets | 2,264 | 37,331 | 4,912 | — | 44,507 | |||||||||||||||
Total assets | $ | 2,428,832 | $ | 2,372,721 | $ | 246,937 | $ | (2,372,121 | ) | $ | 2,676,369 | |||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Line of credit | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Mortgage notes payable | — | — | 115,000 | — | 115,000 | |||||||||||||||
Unsecured term loan | 154,000 | — | — | — | 154,000 | |||||||||||||||
Unsecured notes payable | 600,000 | — | — | — | 600,000 | |||||||||||||||
Accounts payable and accrued liabilities | 3,547 | 14,582 | 5,437 | — | 23,566 | |||||||||||||||
Construction costs payable | — | 22,670 | 22,774 | — | 45,444 | |||||||||||||||
Accrued interest payable | 9,970 | — | 13 | — | 9,983 | |||||||||||||||
Distribution payable | 25,971 | — | — | — | 25,971 | |||||||||||||||
Lease contracts below market value, net | — | 10,530 | — | — | 10,530 | |||||||||||||||
Prepaid rents and other liabilities | 45 | 49,915 | 6,616 | — | 56,576 | |||||||||||||||
Total liabilities | 793,533 | 97,697 | 149,840 | — | 1,041,070 | |||||||||||||||
Redeemable partnership units | 387,244 | — | — | — | 387,244 | |||||||||||||||
Commitments and contingencies | — | — | — | — | — | |||||||||||||||
Limited Partners’ Capital: | ||||||||||||||||||||
Series A cumulative redeemable perpetual preferred units, 7,400,000 issued and outstanding at December 31, 2013 | 185,000 | — | — | — | 185,000 | |||||||||||||||
Series B cumulative redeemable perpetual preferred units, 6,650,000 issued and outstanding at December 31, 2013 | 166,250 | — | — | — | 166,250 | |||||||||||||||
Common units, 64,542,901 issued and outstanding at December 31, 2013 | 887,695 | 2,275,024 | 97,097 | (2,372,121 | ) | 887,695 | ||||||||||||||
General partner’s capital, 662,373 common units issued and outstanding at December 31, 2013 | 9,110 | — | — | — | 9,110 | |||||||||||||||
Total partners’ capital | 1,248,055 | 2,275,024 | 97,097 | (2,372,121 | ) | 1,248,055 | ||||||||||||||
Total liabilities & partners’ capital | $ | 2,428,832 | $ | 2,372,721 | $ | 246,937 | $ | (2,372,121 | ) | $ | 2,676,369 | |||||||||
DUPONT FABROS TECHNOLOGY, L.P. | ||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
(in thousands except share data) | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
ASSETS | ||||||||||||||||||||
Income producing property: | ||||||||||||||||||||
Land | $ | — | $ | 72,126 | $ | 1,071 | $ | — | $ | 73,197 | ||||||||||
Buildings and improvements | — | 2,210,314 | 105,185 | — | 2,315,499 | |||||||||||||||
— | 2,282,440 | 106,256 | — | 2,388,696 | ||||||||||||||||
Less: accumulated depreciation | — | (302,745 | ) | (22,995 | ) | — | (325,740 | ) | ||||||||||||
Net income producing property | — | 1,979,695 | 83,261 | — | 2,062,956 | |||||||||||||||
Construction in progress and land held for development | — | 204,533 | 14,401 | — | 218,934 | |||||||||||||||
Net real estate | — | 2,184,228 | 97,662 | — | 2,281,890 | |||||||||||||||
Cash and cash equivalents | 18,240 | 361 | 681 | — | 19,282 | |||||||||||||||
Rents and other receivables | 15 | 2,729 | 1,096 | — | 3,840 | |||||||||||||||
Deferred rent | — | 135,937 | 8,892 | — | 144,829 | |||||||||||||||
Lease contracts above market value, net | — | 10,255 | — | — | 10,255 | |||||||||||||||
Deferred costs, net | 10,711 | 20,442 | 4,517 | — | 35,670 | |||||||||||||||
Investment in affiliates | 2,280,723 | — | — | (2,280,723 | ) | — | ||||||||||||||
Prepaid expenses and other assets | 2,101 | 26,877 | 1,819 | — | 30,797 | |||||||||||||||
Total assets | $ | 2,311,790 | $ | 2,380,829 | $ | 114,667 | $ | (2,280,723 | ) | $ | 2,526,563 | |||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Line of credit | $ | 18,000 | $ | — | $ | — | $ | — | $ | 18,000 | ||||||||||
Mortgage notes payable | — | 139,600 | — | — | 139,600 | |||||||||||||||
Unsecured notes payable | 550,000 | — | — | — | 550,000 | |||||||||||||||
Accounts payable and accrued liabilities | 3,240 | 16,312 | 2,728 | — | 22,280 | |||||||||||||||
Construction costs payable | 5 | 6,100 | 229 | — | 6,334 | |||||||||||||||
Accrued interest payable | 2,290 | 311 | — | — | 2,601 | |||||||||||||||
Distribution payable | 22,177 | — | — | — | 22,177 | |||||||||||||||
Lease contracts below market value, net | — | 14,022 | — | — | 14,022 | |||||||||||||||
Prepaid rents and other liabilities | 53 | 32,478 | 2,993 | — | 35,524 | |||||||||||||||
Total liabilities | 595,765 | 208,823 | 5,950 | — | 810,538 | |||||||||||||||
Redeemable partnership units | 453,889 | — | — | — | 453,889 | |||||||||||||||
Commitments and contingencies | — | — | — | — | — | |||||||||||||||
Limited Partners’ Capital: | ||||||||||||||||||||
Series A cumulative redeemable perpetual preferred units, 7,400,000 issued and outstanding at December 31, 2012 | 185,000 | — | — | — | 185,000 | |||||||||||||||
Series B cumulative redeemable perpetual preferred units, 6,650,000 issued and outstanding at December 31, 2012 | 166,250 | — | — | — | 166,250 | |||||||||||||||
Common units, 62,678,556 issued and outstanding at December 31, 2012 | 901,361 | 2,172,006 | 108,717 | (2,280,723 | ) | 901,361 | ||||||||||||||
General partner’s capital, 662,373 common units issued and outstanding at December 31, 2012 | 9,525 | — | — | — | 9,525 | |||||||||||||||
Total partners’ capital | 1,262,136 | 2,172,006 | 108,717 | (2,280,723 | ) | 1,262,136 | ||||||||||||||
Total liabilities & partners’ capital | $ | 2,311,790 | $ | 2,380,829 | $ | 114,667 | $ | (2,280,723 | ) | $ | 2,526,563 | |||||||||
Schedule of Supplemental Consolidating Statements of Operations [Table Text Block] | ' | |||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Base rent | $ | 15,301 | $ | 248,719 | $ | 17,126 | $ | (15,451 | ) | $ | 265,695 | |||||||||
Recoveries from tenants | — | 94,794 | 9,477 | — | 104,271 | |||||||||||||||
Other revenues | — | 1,668 | 3,613 | (138 | ) | 5,143 | ||||||||||||||
Total revenues | 15,301 | 345,181 | 30,216 | (15,589 | ) | 375,109 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | 198 | 108,536 | 10,227 | (15,439 | ) | 103,522 | ||||||||||||||
Real estate taxes and insurance | — | 13,931 | 449 | — | 14,380 | |||||||||||||||
Depreciation and amortization | 81 | 88,556 | 4,421 | — | 93,058 | |||||||||||||||
General and administrative | 15,605 | 97 | 559 | — | 16,261 | |||||||||||||||
Other expenses | 778 | 304 | 2,718 | (150 | ) | 3,650 | ||||||||||||||
Total expenses | 16,662 | 211,424 | 18,374 | (15,589 | ) | 230,871 | ||||||||||||||
Operating (loss) income | (1,361 | ) | 133,757 | 11,842 | — | 144,238 | ||||||||||||||
Interest income | (148 | ) | 20 | — | 265 | 137 | ||||||||||||||
Interest: | ||||||||||||||||||||
Expense incurred | (47,343 | ) | 351 | 814 | (265 | ) | (46,443 | ) | ||||||||||||
Amortization of deferred financing costs | (3,054 | ) | (167 | ) | (128 | ) | — | (3,349 | ) | |||||||||||
Loss on early extinguishment of debt | (39,278 | ) | (1,700 | ) | — | — | (40,978 | ) | ||||||||||||
Equity in earnings | 144,789 | — | — | (144,789 | ) | — | ||||||||||||||
Net income (loss) | 53,605 | 132,261 | 12,528 | (144,789 | ) | 53,605 | ||||||||||||||
Preferred unit distributions | (27,245 | ) | — | — | — | (27,245 | ) | |||||||||||||
Net (loss) income attributable to common units | $ | 26,360 | $ | 132,261 | $ | 12,528 | $ | (144,789 | ) | $ | 26,360 | |||||||||
Year ended December 31, 2012 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Base rent | $ | 13,765 | $ | 218,208 | $ | 18,752 | $ | (13,915 | ) | $ | 236,810 | |||||||||
Recoveries from tenants | — | 80,387 | 10,662 | — | 91,049 | |||||||||||||||
Other revenues | — | 1,378 | 3,335 | (127 | ) | 4,586 | ||||||||||||||
Total revenues | 13,765 | 299,973 | 32,749 | (14,042 | ) | 332,445 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 97,036 | 11,502 | (13,892 | ) | 94,646 | ||||||||||||||
Real estate taxes and insurance | — | 12,167 | 522 | — | 12,689 | |||||||||||||||
Depreciation and amortization | 117 | 83,902 | 5,222 | — | 89,241 | |||||||||||||||
General and administrative | 14,531 | 128 | 2,365 | — | 17,024 | |||||||||||||||
Other expenses | 1,437 | 3,031 | 2,601 | (150 | ) | 6,919 | ||||||||||||||
Total expenses | 16,085 | 196,264 | 22,212 | (14,042 | ) | 220,519 | ||||||||||||||
Operating (loss) income | (2,320 | ) | 103,709 | 10,537 | — | 111,926 | ||||||||||||||
Interest income | 432 | — | — | (264 | ) | 168 | ||||||||||||||
Interest: | ||||||||||||||||||||
Expense incurred | (47,535 | ) | (420 | ) | (74 | ) | 264 | (47,765 | ) | |||||||||||
Amortization of deferred financing costs | (2,748 | ) | (760 | ) | 12 | — | (3,496 | ) | ||||||||||||
Equity in earnings | 113,004 | — | — | (113,004 | ) | — | ||||||||||||||
Net income (loss) | 60,833 | 102,529 | 10,475 | (113,004 | ) | 60,833 | ||||||||||||||
Preferred unit distributions | (27,053 | ) | — | — | — | (27,053 | ) | |||||||||||||
Net income (loss) attributable to common units | $ | 33,780 | $ | 102,529 | $ | 10,475 | $ | (113,004 | ) | $ | 33,780 | |||||||||
Year ended December 31, 2011 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Base rent | $ | 12,128 | $ | 186,916 | $ | 19,162 | $ | (12,170 | ) | $ | 206,036 | |||||||||
Recoveries from tenants | — | 70,651 | 8,467 | — | 79,118 | |||||||||||||||
Other revenues | — | 833 | 1,454 | — | 2,287 | |||||||||||||||
Total revenues | 12,128 | 258,400 | 29,083 | (12,170 | ) | 287,441 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 83,219 | 9,259 | (12,127 | ) | 80,351 | ||||||||||||||
Real estate taxes and insurance | — | 5,888 | 504 | — | 6,392 | |||||||||||||||
Depreciation and amortization | 109 | 70,478 | 4,483 | — | 75,070 | |||||||||||||||
General and administrative | 14,161 | 140 | 1,654 | — | 15,955 | |||||||||||||||
Other expenses | 108 | — | 1,072 | (43 | ) | 1,137 | ||||||||||||||
Total expenses | 14,378 | 159,725 | 16,972 | (12,170 | ) | 178,905 | ||||||||||||||
Operating (loss) income | (2,250 | ) | 98,675 | 12,111 | — | 108,536 | ||||||||||||||
Interest income | 485 | 1 | — | — | 486 | |||||||||||||||
Interest: | ||||||||||||||||||||
Expense incurred | (47,137 | ) | 20,024 | 17 | — | (27,096 | ) | |||||||||||||
Amortization of deferred financing costs | (3,001 | ) | 554 | 1 | — | (2,446 | ) | |||||||||||||
Equity in earnings | 131,383 | — | — | (131,383 | ) | — | ||||||||||||||
Net income (loss) | 79,480 | 119,254 | 12,129 | (131,383 | ) | 79,480 | ||||||||||||||
Preferred unit distributions | (20,874 | ) | — | — | — | (20,874 | ) | |||||||||||||
Net income (loss) attributable to common units | $ | 58,606 | $ | 119,254 | $ | 12,129 | $ | (131,383 | ) | $ | 58,606 | |||||||||
Schedule of Supplemental Consolidating Statements Of Cash Flows [Table Text Block] | ' | |||||||||||||||||||
DUPONT FABROS TECHNOLOGY, L.P. | ||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Year ended December 31, 2013 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
Cash flow from operating activities | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (48,725 | ) | $ | 225,903 | $ | 16,583 | $ | — | $ | 193,761 | |||||||||
Cash flow from investing activities | ||||||||||||||||||||
Investments in real estate – development | (9 | ) | (50,827 | ) | (78,496 | ) | — | (129,332 | ) | |||||||||||
Land acquisition costs | — | — | (14,186 | ) | — | (14,186 | ) | |||||||||||||
Investments in affiliates | 62,508 | (28,856 | ) | (33,652 | ) | — | — | |||||||||||||
Interest capitalized for real estate under development | — | (1,399 | ) | (2,375 | ) | — | (3,774 | ) | ||||||||||||
Improvements to real estate | — | (5,513 | ) | (244 | ) | — | (5,757 | ) | ||||||||||||
Additions to non-real estate property | (6 | ) | (65 | ) | — | — | (71 | ) | ||||||||||||
Net cash provided by (used in) investing activities | 62,493 | (86,660 | ) | (128,953 | ) | — | (153,120 | ) | ||||||||||||
Cash flow from financing activities | ||||||||||||||||||||
Line of credit: | ||||||||||||||||||||
Proceeds | 102,000 | — | — | — | 102,000 | |||||||||||||||
Repayments | (120,000 | ) | — | — | — | (120,000 | ) | |||||||||||||
Mortgage notes payable: | ||||||||||||||||||||
Proceeds | — | — | 115,000 | — | 115,000 | |||||||||||||||
Lump sum payoffs | — | (138,300 | ) | — | — | (138,300 | ) | |||||||||||||
Repayments | — | (1,300 | ) | — | — | (1,300 | ) | |||||||||||||
Unsecured term loan: | ||||||||||||||||||||
Proceeds | 154,000 | — | — | — | 154,000 | |||||||||||||||
Unsecured notes payable: | ||||||||||||||||||||
Proceeds | 600,000 | — | — | — | 600,000 | |||||||||||||||
Repayments | (550,000 | ) | — | — | — | (550,000 | ) | |||||||||||||
Payments of financing costs | (16,419 | ) | (4 | ) | (1,700 | ) | — | (18,123 | ) | |||||||||||
Payments for early extinguishment of debt | (32,544 | ) | — | — | — | (32,544 | ) | |||||||||||||
Exercises of stock options | 1,711 | — | — | — | 1,711 | |||||||||||||||
Stock repurchases | (37,792 | ) | — | — | — | (37,792 | ) | |||||||||||||
Distributions | (100,061 | ) | — | — | — | (100,061 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 895 | (139,604 | ) | 113,300 | — | (25,409 | ) | |||||||||||||
Net increase (decrease) in cash and cash equivalents | 14,663 | (361 | ) | 930 | — | 15,232 | ||||||||||||||
Cash and cash equivalents, beginning | 18,240 | 361 | 681 | — | 19,282 | |||||||||||||||
Cash and cash equivalents, ending | $ | 32,903 | $ | — | $ | 1,611 | $ | — | $ | 34,514 | ||||||||||
DUPONT FABROS TECHNOLOGY, L.P. | ||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Year ended December 31, 2012 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
Cash flow from operating activities | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (49,869 | ) | $ | 168,236 | $ | 14,396 | $ | — | $ | 132,763 | |||||||||
Cash flow from investing activities | ||||||||||||||||||||
Investments in real estate – development | (26 | ) | (84,877 | ) | (9,850 | ) | — | (94,753 | ) | |||||||||||
Land acquisition costs | — | (3,830 | ) | — | — | (3,830 | ) | |||||||||||||
Investments in affiliates | 69,833 | (65,480 | ) | (4,353 | ) | — | — | |||||||||||||
Interest capitalized for real estate under development | — | (4,244 | ) | (190 | ) | — | (4,434 | ) | ||||||||||||
Improvements to real estate | — | (4,395 | ) | (31 | ) | — | (4,426 | ) | ||||||||||||
Additions to non-real estate property | (19 | ) | (20 | ) | (18 | ) | — | (57 | ) | |||||||||||
Net cash provided by (used in) investing activities | 69,788 | (162,846 | ) | (14,442 | ) | — | (107,500 | ) | ||||||||||||
Cash flow from financing activities | ||||||||||||||||||||
Line of credit: | ||||||||||||||||||||
Proceeds | 48,000 | — | — | — | 48,000 | |||||||||||||||
Repayments | (50,000 | ) | — | — | — | (50,000 | ) | |||||||||||||
Repayments of mortgage notes payable | — | (5,200 | ) | — | — | (5,200 | ) | |||||||||||||
Payments of financing costs | (2,084 | ) | (25 | ) | — | — | (2,109 | ) | ||||||||||||
Issuance of preferred units, net of offering costs | 62,694 | — | — | — | 62,694 | |||||||||||||||
Exercises of stock options | 868 | — | — | — | 868 | |||||||||||||||
Advances from related parties | — | — | — | — | — | |||||||||||||||
Distributions | (70,331 | ) | — | — | — | (70,331 | ) | |||||||||||||
Net cash used in financing activities | (10,853 | ) | (5,225 | ) | — | — | (16,078 | ) | ||||||||||||
Net increase (decrease) in cash and cash equivalents | 9,066 | 165 | (46 | ) | — | 9,185 | ||||||||||||||
Cash and cash equivalents, beginning | 9,174 | 196 | 727 | — | 10,097 | |||||||||||||||
Cash and cash equivalents, ending | $ | 18,240 | $ | 361 | $ | 681 | $ | — | $ | 19,282 | ||||||||||
Year ended December 31, 2011 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
Cash flow from operating activities | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (49,465 | ) | $ | 156,885 | $ | 17,913 | $ | — | $ | 125,333 | |||||||||
Cash flow from investing activities | ||||||||||||||||||||
Investments in real estate – development | — | (342,314 | ) | (8,776 | ) | — | (351,090 | ) | ||||||||||||
Land Acquisition Costs | — | — | (9,507 | ) | — | (9,507 | ) | |||||||||||||
Investments in affiliates | (221,662 | ) | 221,238 | 424 | — | — | ||||||||||||||
Interest capitalized for real estate under development | — | (27,006 | ) | (18 | ) | — | (27,024 | ) | ||||||||||||
Improvements to real estate | — | (3,821 | ) | — | — | (3,821 | ) | |||||||||||||
Additions to non-real estate property | (67 | ) | (224 | ) | (13 | ) | — | (304 | ) | |||||||||||
Net cash used in investing activities | (221,729 | ) | (152,127 | ) | (17,890 | ) | — | (391,746 | ) | |||||||||||
Cash flow from financing activities | ||||||||||||||||||||
Line of credit: | ||||||||||||||||||||
Proceeds | 20,000 | — | — | — | 20,000 | |||||||||||||||
Repayments | — | — | — | — | — | |||||||||||||||
Mortgage notes payable: | ||||||||||||||||||||
Repayments | — | (5,200 | ) | — | — | (5,200 | ) | |||||||||||||
Return of escrowed proceeds | — | 1,104 | — | — | 1,104 | |||||||||||||||
Payments of financing costs | (203 | ) | (1,135 | ) | — | — | (1,338 | ) | ||||||||||||
Issuance of preferred units, net of offering costs | 97,450 | — | — | — | 97,450 | |||||||||||||||
Exercises of stock options | 700 | — | — | — | 700 | |||||||||||||||
Advances from related parties | — | — | — | — | — | |||||||||||||||
Distributions | (58,634 | ) | — | — | — | (58,634 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 59,313 | (5,231 | ) | — | — | 54,082 | ||||||||||||||
Net (decrease) increase in cash and cash equivalents | (211,881 | ) | (473 | ) | 23 | — | (212,331 | ) | ||||||||||||
Cash and cash equivalents, beginning | 221,055 | 669 | 704 | — | 222,428 | |||||||||||||||
Cash and cash equivalents, ending | $ | 9,174 | $ | 196 | $ | 727 | $ | — | $ | 10,097 | ||||||||||
Schedule_II_Consolidated_Allow1
Schedule II - Consolidated Allowance for Doubtful Accounts (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | |||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | |||||||||||||||
Balance at Beginning of Period | Charges to Operations | Net Recovery (Deductions) | Balance at End of Period | |||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||
Year ended December 31, 2013 | $ | 2,961 | $ | 739 | $ | — | $ | 3,700 | ||||||||
Year ended December 31, 2012 | — | 2,961 | — | 2,961 | ||||||||||||
Year ended December 31, 2011 | — | — | — | — | ||||||||||||
Allowance for Doubtful Accounts [Member] | ' | |||||||||||||||
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | |||||||||||||||
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | ' | |||||||||||||||
Balance at Beginning of Period | Charges to Operations | Net Recovery (Deductions) | Balance at End of Period | |||||||||||||
Allowance for doubtful accounts: | ||||||||||||||||
Year ended December 31, 2013 | $ | 2,961 | $ | 739 | $ | — | $ | 3,700 | ||||||||
Year ended December 31, 2012 | — | 2,961 | — | 2,961 | ||||||||||||
Year ended December 31, 2011 | — | — | — | — | ||||||||||||
Schedule_III_Consolidated_Real1
Schedule III - Consolidated Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation [Line Items] | ' | ||||||||||||||||||||||||||||||||||||||||||
Schedule Of Real Estate And Accumulated Depreciation [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||||
Encum-brances | Initial Cost | Cost Capitalized | Gross Carry Amount at | Accumulated | Year | Year | |||||||||||||||||||||||||||||||||||||
Subsequent to Acquisition | December 31, 2013 | Depreciation at | Built/ | Acquired | |||||||||||||||||||||||||||||||||||||||
December 31, | Renovated | ||||||||||||||||||||||||||||||||||||||||||
Land | Buildings & | Land | Buildings & | Land | Buildings & | Total | 2013 | ||||||||||||||||||||||||||||||||||||
Improvements | Improvements | Improvements | |||||||||||||||||||||||||||||||||||||||||
Operating Properties | |||||||||||||||||||||||||||||||||||||||||||
ACC2 (1) | $ | — | $ | 2,500 | $ | 157,100 | $ | — | $ | 1,993 | $ | 2,500 | $ | 159,093 | $ | 161,593 | $ | (43,256 | ) | 2005 | 2001 | ||||||||||||||||||||||
ACC3 (2) | 115,000 | 1,071 | — | — | 95,654 | 1,071 | 1 | 95,654 | 1 | 96,725 | (25,906 | ) | 2006 | 2001 | |||||||||||||||||||||||||||||
ACC4 (1) | — | 6,600 | 506,081 | — | 32,009 | 6,600 | 2 | 538,090 | 2 | 544,690 | (118,589 | ) | 2007 | 2006 | |||||||||||||||||||||||||||||
ACC5 (1) | — | 6,443 | 43 | — | 298,049 | 6,443 | 3 | 298,092 | 3 | 304,535 | (39,667 | ) | 2009-2010 | 2007 | |||||||||||||||||||||||||||||
ACC6 (1) | — | 5,518 | 214,294 | — | 997 | 5,518 | 4 | 215,291 | 4 | 220,809 | (12,715 | ) | 2009-2011 | 2007 | |||||||||||||||||||||||||||||
CH1 (1) | — | 22,450 | 238,746 | 1,161 | 119,759 | 23,611 | 5 | 358,505 | 5 | 382,116 | (45,411 | ) | 2007-2008 | 2007 | |||||||||||||||||||||||||||||
NJ1 Phase I (1) | — | 4,311 | 191,649 | — | 17,149 | 4,311 | 6 | 208,798 | 6 | 213,109 | (21,867 | ) | 2008-2010 | 2007 | |||||||||||||||||||||||||||||
SC1 Phase I (1) | — | 10,102 | — | — | 221,123 | 10,102 | 7 | 221,123 | 7 | 231,225 | (16,197 | ) | 2008-2011 | 2007 | |||||||||||||||||||||||||||||
VA3 (1) | — | 9,000 | 172,881 | — | 4,694 | 9,000 | 8 | 177,575 | 8 | 186,575 | (51,087 | ) | 2003-2004 | 2003 | |||||||||||||||||||||||||||||
VA4 (1) | — | 6,800 | 140,575 | — | 8,190 | 6,800 | 9 | 148,765 | 9 | 155,565 | (38,699 | ) | 2005 | 2005 | |||||||||||||||||||||||||||||
Subtotal | 115,000 | 74,795 | 1,621,369 | 1,161 | 799,617 | 75,956 | 2,420,986 | 2,496,942 | (413,394 | ) | |||||||||||||||||||||||||||||||||
Development Properties | |||||||||||||||||||||||||||||||||||||||||||
SC1 Phase II (1) | — | 10,099 | 99,483 | — | — | 10,099 | 8 | 99,483 | 8 | 109,582 | — | 2007 | |||||||||||||||||||||||||||||||
ACC7 | — | 9,752 | 118,355 | — | — | 9,752 | 9 | 118,355 | 9 | 128,107 | — | 2011 | |||||||||||||||||||||||||||||||
CH2 | — | 14,393 | 1,308 | — | — | 14,393 | 10 | 1,308 | 10 | 15,701 | — | 2013 | |||||||||||||||||||||||||||||||
NJ1 Phase II (1) | — | 4,318 | 34,894 | — | — | 4,318 | 11 | 34,894 | 11 | 39,212 | — | 2007 | |||||||||||||||||||||||||||||||
ACC8 | — | 3,784 | 72 | — | — | 3,784 | 12 | 72 | 12 | 3,856 | — | 2007 | |||||||||||||||||||||||||||||||
SC2 (1) | — | 5,610 | — | — | — | 5,610 | 13 | — | 13 | 5,610 | — | 2007 | |||||||||||||||||||||||||||||||
Subtotal | — | 47,956 | 254,112 | — | — | 47,956 | 254,112 | 302,068 | — | ||||||||||||||||||||||||||||||||||
Grand Total | $ | 115,000 | $ | 122,751 | $ | 1,875,481 | $ | 1,161 | $ | 799,617 | $ | 123,912 | $ | 2,675,098 | $ | 2,799,010 | $ | (413,394 | ) | ||||||||||||||||||||||||
(1) The subsidiaries that own these data centers and development properties are guarantors of the Company's Unsecured Notes and Unsecured Credit Facility. | |||||||||||||||||||||||||||||||||||||||||||
(2) The subsidiary that owns this data center is encumbered by the Company's ACC3 Term Loan. | |||||||||||||||||||||||||||||||||||||||||||
(3) The aggregate gross cost of the Company's properties for federal income tax purposes was $2,093 million (unaudited) as of December 31, 2013. | |||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation Of Real Estate Assets and Accumulated Depreciation [Table Text Block] | ' | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||
Real estate assets | |||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 2,607,630 | $ | 2,507,381 | $ | 2,167,172 | |||||||||||||||||||||||||||||||||||||
Additions - property acquisitions | 14,186 | 3,830 | 9,507 | ||||||||||||||||||||||||||||||||||||||||
Additions - improvements | 177,194 | 96,419 | 330,702 | ||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 2,799,010 | $ | 2,607,630 | $ | 2,507,381 | |||||||||||||||||||||||||||||||||||||
Accumulated depreciation | |||||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 325,740 | $ | 242,245 | $ | 172,537 | |||||||||||||||||||||||||||||||||||||
Additions - depreciation | 87,654 | 83,495 | 69,708 | ||||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 413,394 | $ | 325,740 | $ | 242,245 | |||||||||||||||||||||||||||||||||||||
1_Description_of_Business_Deta
1. Description of Business (Details) | 3 Months Ended |
Dec. 31, 2013 | |
Subsidiary or Equity Method Investee [Line Items] | ' |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 80.60% |
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 1.00% |
2_Significant_Accounting_Polic3
2. Significant Accounting Policies Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Capitalized Interest and Deferred Financing Cost Amortization | ' | $4,000,000 | $4,700,000 | $28,400,000 |
Capitalized Internal Leasing And Development Costs | ' | 3,300,000 | 3,100,000 | 3,600,000 |
Cash at Bank Held by Parent Company not Part of Operating Partnership | 4,200,000 | 4,200,000 | ' | ' |
Property, Plant and Equipment, Useful Life | ' | '40 years | ' | ' |
Depreciation | ' | 88,600,000 | 84,600,000 | 70,600,000 |
Tenant Origination Cost Amortization | ' | 3,100,000 | 3,100,000 | 4,300,000 |
Asset impairment charges | 0 | 0 | 0 | 0 |
Repayments of Notes Payable | ' | 138,300,000 | 0 | 0 |
Write off of Deferred Debt Issuance Cost | ' | 40,978,000 | 0 | 0 |
Payments for Leasing Costs | ' | 2,100,000 | 1,300,000 | 1,800,000 |
Amortization of Deferred Leasing Fees | ' | 4,100,000 | 4,300,000 | 4,500,000 |
Fuel Inventory | 4,000,000 | 4,000,000 | 3,000,000 | ' |
Account receivable reserve | 1,600,000 | 1,600,000 | 900,000 | ' |
Deferred Rent Reserve | 2,100,000 | 2,100,000 | 2,100,000 | ' |
Loans and Leases Receivable, Gross, Commercial | 5,700,000 | 5,700,000 | ' | ' |
Income Tax Expense (Benefit) | ' | 0 | 0 | 600,000 |
Deferred Tax Assets, Gross | 2,500,000 | 2,500,000 | 3,200,000 | ' |
Deferred Tax Liabilities, Gross | 2,500,000 | 2,500,000 | 3,100,000 | ' |
Deferred Tax Liabilities, Net | 0 | 0 | ' | ' |
Deferred Tax Assets, Net | ' | ' | 100,000 | ' |
Operating Loss Carryforwards | 6,300,000 | 6,300,000 | 7,600,000 | ' |
Allocated Share-based Compensation Expense | ' | 6,100,000 | 7,000,000 | 6,000,000 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs, Capitalized Amount | ' | 600,000 | 400,000 | 600,000 |
Management Fees, Base Revenue | ' | 15,300,000 | 13,800,000 | 12,100,000 |
Minimum [Member] | Building and Building Improvements [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | '10 years | ' | ' |
Minimum [Member] | Personal Property [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | '3 years | ' | ' |
Maximum [Member] | Building and Building Improvements [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | '40 years | ' | ' |
Maximum [Member] | Personal Property [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | '7 years | ' | ' |
DuPont Fabros Technology, L.P. [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Repayments of Notes Payable | ' | 138,300,000 | 0 | 0 |
Write off of Deferred Debt Issuance Cost | ' | 40,978,000 | 0 | 0 |
Unsecured Notes due 2017 [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | ' | 6,700,000 | ' | ' |
Acc Five Term Loan [Member] | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Repayments of Notes Payable | ' | 138,300,000 | ' | ' |
Write off of Deferred Debt Issuance Cost | ' | $1,700,000 | ' | ' |
2_Significant_Accounting_Polic4
2. Significant Accounting Policies Schedule of Deferred Financing Costs (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Significant Accounting Policies [Line Items] | ' | ' |
Financing costs | $22,756 | $23,082 |
Accumulated amortization | -4,013 | -10,531 |
Financing costs, net | $18,743 | $12,551 |
2_Significant_Accounting_Polic5
2. Significant Accounting Policies Schedule of Deferred Leasing Costs (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Leasing costs | $48,312 | $46,719 |
Accumulated amortization | -27,189 | -23,600 |
Total | $21,123 | $23,119 |
2_Significant_Accounting_Polic6
2. Significant Accounting Policies Schedule of Above and Below Market Lease Intangibles (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Lease contracts above market value | $23,100 | $23,100 |
Accumulated amortization | -13,946 | -12,845 |
Lease contracts above market value, net | 9,154 | 10,255 |
Lease contracts below market value | 39,375 | 39,375 |
Accumulated amortization | -28,845 | -25,353 |
Lease contracts below market value, net | $10,530 | $14,022 |
2_Significant_Accounting_Polic7
2. Significant Accounting Policies Schedule of Redeemable Noncontrolling Interests - Operating Partnership (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Beginning Balance, units | 18,786,806 | 19,064,381 | 21,947,499 |
Beginning Balance | $453,889 | $461,739 | $466,823 |
Net income attributable to redeemable noncontrolling interests – operating partnership | 5,214 | 7,803 | 14,505 |
Distributions declared | -15,050 | -11,683 | -9,624 |
Redemption of operating partnership units, shares | -3,115,269 | -277,575 | -2,883,118 |
Redemption of operating partnership units | -75,600 | -6,800 | -66,500 |
Adjustments to redeemable noncontrolling interests – operating partnership | 18,791 | 2,830 | 56,535 |
Ending Balance, units | 15,671,537 | 18,786,806 | 19,064,381 |
Ending Balance | $387,244 | $453,889 | $461,739 |
2_Significant_Accounting_Polic8
2. Significant Accounting Policies Schedule of Redeemable Partnership Units (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Beginning Balance, units | 18,786,806 | 19,064,381 | 21,947,499 |
Beginning Balance | $453,889 | $461,739 | $466,823 |
Redemption of operating partnership units, shares | -3,115,269 | -277,575 | -2,883,118 |
Redemption of operating partnership units | -75,600 | -6,800 | -66,500 |
Ending Balance, units | 15,671,537 | 18,786,806 | 19,064,381 |
Ending Balance | 387,244 | 453,889 | 461,739 |
DuPont Fabros Technology, L.P. [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Beginning Balance, units | 18,786,806 | 19,064,381 | 21,947,499 |
Beginning Balance | 453,889 | 461,739 | 466,823 |
Redemption of operating partnership units, shares | -3,115,269 | -277,575 | -2,883,118 |
Redemption of operating partnership units | -75,600 | -6,800 | -66,500 |
Adjustments to redeemable partnership units | 8,955 | -1,050 | 61,416 |
Ending Balance, units | 15,671,537 | 18,786,806 | 19,064,381 |
Ending Balance | $387,244 | $453,889 | $461,739 |
2_Significant_Accounting_Polic9
2. Significant Accounting Policies Schedule of Net Income Attributable to Controlling Interests and Transfers to Redeemable Noncontrolling Interests – Operating Partnership (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Accounting Policies [Abstract] | ' | ' | ' |
Net income attributable to controlling interests | $48,391 | $53,030 | $64,975 |
Net change in the Company’s common stock and additional paid in capital due to the redemption of OP units and other adjustments to redeemable noncontrolling interests – operating partnership | 56,809 | 3,970 | 9,965 |
Net Income Attributable to Controlling Interests and Transfers from Redeemable Noncontrolling Interests Operating Partnership | $105,200 | $57,000 | $74,940 |
3_Real_Estate_Assets_Summary_o
3. Real Estate Assets Summary of Properties (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
In Thousands, unless otherwise specified | |||||
Real Estate Assets [Line Items] | ' | ' | ' | ' | |
Land | $75,956 | $73,197 | ' | ' | |
Buildings and improvements | 2,420,986 | 2,315,499 | ' | ' | |
Construction in progress and land held for development | 302,068 | [1] | 218,934 | ' | ' |
Income producing property | 2,496,942 | 2,388,696 | ' | ' | |
Real Estate, Gross | 2,799,010 | 2,607,630 | 2,507,381 | 2,167,172 | |
ACC2 [Member] | ' | ' | ' | ' | |
Real Estate Assets [Line Items] | ' | ' | ' | ' | |
Land | 2,500 | ' | ' | ' | |
Buildings and improvements | 159,093 | ' | ' | ' | |
Construction in progress and land held for development | 0 | ' | ' | ' | |
Income producing property | 161,593 | ' | ' | ' | |
ACC3 [Member] | ' | ' | ' | ' | |
Real Estate Assets [Line Items] | ' | ' | ' | ' | |
Land | 1,071 | ' | ' | ' | |
Buildings and improvements | 95,654 | ' | ' | ' | |
Construction in progress and land held for development | 0 | ' | ' | ' | |
Income producing property | 96,725 | ' | ' | ' | |
ACC4 [Member] | ' | ' | ' | ' | |
Real Estate Assets [Line Items] | ' | ' | ' | ' | |
Land | 6,600 | ' | ' | ' | |
Buildings and improvements | 538,090 | ' | ' | ' | |
Construction in progress and land held for development | 0 | ' | ' | ' | |
Income producing property | 544,690 | ' | ' | ' | |
ACC5 [Member] | ' | ' | ' | ' | |
Real Estate Assets [Line Items] | ' | ' | ' | ' | |
Land | 6,443 | ' | ' | ' | |
Buildings and improvements | 298,092 | ' | ' | ' | |
Construction in progress and land held for development | 0 | ' | ' | ' | |
Income producing property | 304,535 | ' | ' | ' | |
ACC6 [Member] | ' | ' | ' | ' | |
Real Estate Assets [Line Items] | ' | ' | ' | ' | |
Land | 5,518 | ' | ' | ' | |
Buildings and improvements | 215,291 | ' | ' | ' | |
Construction in progress and land held for development | 0 | ' | ' | ' | |
Income producing property | 220,809 | ' | ' | ' | |
VA3 [Member] | ' | ' | ' | ' | |
Real Estate Assets [Line Items] | ' | ' | ' | ' | |
Land | 9,000 | ' | ' | ' | |
Buildings and improvements | 177,575 | ' | ' | ' | |
Construction in progress and land held for development | 0 | ' | ' | ' | |
Income producing property | 186,575 | ' | ' | ' | |
VA4 [Member] | ' | ' | ' | ' | |
Real Estate Assets [Line Items] | ' | ' | ' | ' | |
Land | 6,800 | ' | ' | ' | |
Buildings and improvements | 148,765 | ' | ' | ' | |
Construction in progress and land held for development | 0 | ' | ' | ' | |
Income producing property | 155,565 | ' | ' | ' | |
CH1 [Member] | ' | ' | ' | ' | |
Real Estate Assets [Line Items] | ' | ' | ' | ' | |
Land | 23,611 | ' | ' | ' | |
Buildings and improvements | 358,505 | ' | ' | ' | |
Construction in progress and land held for development | 0 | ' | ' | ' | |
Income producing property | 382,116 | ' | ' | ' | |
NJ1 Phase I [Member] | ' | ' | ' | ' | |
Real Estate Assets [Line Items] | ' | ' | ' | ' | |
Land | 4,311 | ' | ' | ' | |
Buildings and improvements | 208,798 | ' | ' | ' | |
Construction in progress and land held for development | 0 | ' | ' | ' | |
Income producing property | 213,109 | ' | ' | ' | |
SC1 Phase I [Member] | ' | ' | ' | ' | |
Real Estate Assets [Line Items] | ' | ' | ' | ' | |
Land | 10,102 | ' | ' | ' | |
Buildings and improvements | 221,123 | ' | ' | ' | |
Construction in progress and land held for development | 0 | ' | ' | ' | |
Income producing property | $231,225 | ' | ' | ' | |
[1] | (1)Properties located in Ashburn, VA (ACC7 and ACC8); Piscataway, NJ (NJ1 Phase II), Elk Grove Village, IL (CH2) and Santa Clara, CA (SC1 Phase II and SC2). |
3_Real_Estate_Assets_Schedule_
3. Real Estate Assets Schedule of Major Components of Properties and Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '40 years |
Building Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '40 years |
Electrical Structure Power Distribution Units [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '20 years |
Electrical Structure Uninterrupted Power Supply [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '25 years |
Electrical Structure Switchgear Or Transformers [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '30 years |
Fire Protection [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '40 years |
Security Systems [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '20 years |
Mechanical Structure Heating Ventilating And Air Conditioning [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '20 years |
Mechanical Structure Chiller Pumps Or Building Automation [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '25 years |
Mechanical Structure Chilled Water Storage And Pipes [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Property, Plant and Equipment, Useful Life | '30 years |
4_Intangible_Assets_and_Liabil2
4. Intangible Assets and Liabilities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Leasing Costs [Member] | Lease Contracts | Tenant Origination Costs [Member] | Above Market Leases [Member] | Below Market Leases [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Weighted Average Remaining Life | ' | ' | '6 years 0 months 329 days | ' | '3 years 0 months 219 days | '9 years 0 months 37 days | '3 years 0 months 292 days |
2014 | ' | ' | $3,962 | $2,392 | $3,148 | ' | ' |
2015 | ' | ' | 3,779 | 1,966 | 2,019 | ' | ' |
2016 | ' | ' | 3,295 | 412 | 1,243 | ' | ' |
2017 | ' | ' | 2,928 | 174 | 1,243 | ' | ' |
2018 | ' | ' | 2,230 | -72 | 747 | ' | ' |
2019 and thereafter | ' | ' | 4,929 | -3,496 | ' | ' | ' |
Total | 21,123 | 23,119 | 21,123 | ' | ' | ' | ' |
Total | ' | ' | ' | 1,376 | ' | ' | ' |
Total | ' | ' | ' | ' | $8,400 | ' | ' |
5_Leases_Details
5. Leases (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Capital Leased Assets [Line Items] | ' | ' |
Deferred rent, net | $150,038,000 | $144,829,000 |
Facebook [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Deferred rent, net | 45,600,000 | 46,200,000 |
Prepaid rents | 0 | 0 |
Yahoo [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Deferred rent, net | 13,500,000 | 14,300,000 |
Prepaid rents | 4,000,000 | 3,900,000 |
Microsoft [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Deferred rent, net | 5,500,000 | 6,300,000 |
Prepaid rents | 7,100,000 | 4,900,000 |
Rackspace [Member] | ' | ' |
Capital Leased Assets [Line Items] | ' | ' |
Deferred rent, net | 30,400,000 | 21,300,000 |
Prepaid rents | $3,400,000 | $2,300,000 |
5_Leases_Schedule_of_Customers
5. Leases Schedule of Customers Comprising More Than 10% Of Consolidated Revenues (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Facebook [Member] | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Customers Comprising More Than Ten Percentage Of Consolidated Revenues | 0.192 | 0.207 | 0.203 |
Yahoo [Member] | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Customers Comprising More Than Ten Percentage Of Consolidated Revenues | 0.13 | 0.155 | 0.215 |
Microsoft [Member] | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Customers Comprising More Than Ten Percentage Of Consolidated Revenues | 0.178 | 0.149 | 0.173 |
Rackspace [Member] | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Customers Comprising More Than Ten Percentage Of Consolidated Revenues | 0.116 | 0.093 | 0.077 |
Minimum [Member] | ' | ' | ' |
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' |
Customers Comprising More Than Ten Percentage Of Consolidated Revenues | ' | 0.1 | ' |
5_Leases_Schedule_of_Operating
5. Leases Schedule of Operating Lease Future Minimum Lease Payments (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Schedule of Operating Lease Future Minimum Lease Payments [Line Items] | ' |
2014 | $266,712 |
2015 | 269,214 |
2016 | 254,014 |
2017 | 248,036 |
2018 | 214,465 |
2019 and thereafter | 630,787 |
Total | $1,883,228 |
6_Debt_Summary_Details
6. Debt Summary (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ' | ' |
Mortgage notes payable | $115,000 | $139,600 |
Unsecured Term Loan | 154,000 | 0 |
Long-term Debt | 869,000 | 707,600 |
Unsecured notes payable | 600,000 | 550,000 |
Line of credit | 0 | 18,000 |
Total Debt in Percentage | 100.00% | ' |
Debt, Weighted Average Interest Rate | 4.70% | ' |
Long Term Debt, Weighted Average Maturity in Years | 6.8 | ' |
Fixed Rate Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Amount | 600,000 | 550,000 |
Percentage of Total Debt | 69.00% | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.90% | ' |
FixedInterestDebtMaturityInYears | 7.7 | ' |
Unsecured Notes due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unsecured notes payable | 600,000 | 0 |
Percentage of Total Debt | 69.00% | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.90% | ' |
Unsecured Debt Maturity, in Years | 7.7 | ' |
Unsecured Notes due 2017 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unsecured notes payable | 0 | 550,000 |
Percentage of Total Debt | 0.00% | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.00% | ' |
Unsecured Debt Maturity, in Years | 0 | ' |
Floating Rate Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Percentage Bearing Variable Interest, Amount | 269,000 | 157,600 |
Percentage of Total Debt | 31.00% | ' |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.00% | ' |
VariableInterestDebtMaturityInYears | 4.7 | ' |
Unsecured Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of credit | 0 | 18,000 |
Percentage of Total Debt | 0.00% | ' |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 0.00% | ' |
Unsecured Debt Maturity, in Years | 2.2 | ' |
Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unsecured Term Loan | 154,000 | 0 |
Percentage of Total Debt | 18.00% | ' |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1.90% | ' |
Unsecured Debt Maturity, in Years | 5.1 | ' |
Acc Five Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Term Loan | 0 | 139,600 |
Percentage of Total Debt | 0.00% | ' |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 0.00% | ' |
Secured Debt Maturity, in Years | 0 | ' |
AccThreeTermLoan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Term Loan | 115,000 | 0 |
Percentage of Total Debt | 13.00% | ' |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 2.00% | ' |
Secured Debt Maturity, in Years | 4.2 | ' |
Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Mortgage notes payable | 115,000 | 139,600 |
Percentage of Total Debt | 13.00% | ' |
Long-Term Debt, Secured Interest Rate | 2.00% | ' |
Secured Debt Maturity, in Years | 4.2 | ' |
Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unsecured Term Loan | $754,000 | $568,000 |
Percentage of Total Debt | 87.00% | ' |
Long-Term Debt, Unsecured Interest Rate | 5.10% | ' |
Unsecured Debt Maturity, in Years | 7.2 | ' |
6_Debt_ACC3_Term_Loan_Details
6. Debt ACC3 Term Loan (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
AccThreeTermLoan [Member] | AccThreeTermLoan [Member] | AccThreeTermLoan [Member] | Unsecured Term Loan [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | |||
Libor Rate Loans [Member] | Base Rate Loans [Member] | Unsecured Term Loan [Member] | AccThreeTermLoan [Member] | Unsecured Term Loan [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Issuance Date | ' | ' | 27-Mar-13 | ' | ' | 13-Sep-13 | ' | ' | ' |
Mortgage notes payable | $115,000,000 | $139,600,000 | $115,000,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | 27-Mar-18 | ' | ' | 15-Feb-19 | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | 1.85% | 0.85% | ' | ' | ' | ' |
Ratio of Total Indebtedness To Gross Assets Value | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' |
Fixed Charge Coverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | 1.7 |
Tangible Net Worth Amount | ' | ' | ' | ' | ' | ' | ' | ' | $1,300,000,000 |
Percentage Of Equity Offerings And Interests In Operating Partnerships To Be Added To Tangible Net Worth Threshold | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% |
Debt Service Coverage Ratio | ' | ' | ' | ' | ' | ' | ' | 1.5 | ' |
6_Debt_Unsecured_Term_Loan_Det
6. Debt Unsecured Term Loan (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Unsecured Term Loan [Member] | Maximum [Member] | Minimum [Member] | |||
Unsecured Term Loan [Member] | Unsecured Term Loan [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Issuance Date | ' | ' | 13-Sep-13 | ' | ' |
Unsecured Term Loan | $154,000,000 | $0 | $195,000,000 | ' | ' |
Debt Instrument, Maturity Date | ' | ' | 15-Feb-19 | ' | ' |
Unsecured Term Loan Initial Advance | ' | ' | 120,000,000 | ' | ' |
Delayed Draw Deadline | ' | ' | 10-Jan-14 | ' | ' |
Unsecured Term Loan Accordion Increase Amount | ' | ' | 55,000,000 | ' | ' |
Accordion Exercise Date | ' | ' | 18-Oct-13 | ' | ' |
Unsecured Term Loan with Accordion | ' | ' | 250,000,000 | ' | ' |
Unsecured Term Loan Accordion Closing Advance | ' | ' | 34,000,000 | ' | ' |
Unsecured Term Loan Remaining Balance To Be Drawn Including Accordion | ' | ' | 96,000,000 | ' | ' |
Unsecured Debt To Unencumbered Assets | ' | ' | ' | 60.00% | ' |
Income from Unencumbered Assets To Unsecured Debt | ' | ' | ' | ' | 12.50% |
Ratio of Total Indebtedness To Gross Assets Value | ' | ' | ' | 60.00% | ' |
Fixed Charge Coverage Ratio | ' | ' | ' | ' | 1.7 |
Tangible Net Worth Amount | ' | ' | ' | ' | $1,300,000,000 |
Percentage Of Equity Offerings And Interests In Operating Partnerships To Be Added To Tangible Net Worth Threshold | ' | ' | ' | ' | 80.00% |
6_Debt_Applicable_Margin_of_Un
6. Debt Applicable Margin of Unsecured Term Loan (Details) (Unsecured Term Loan [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Pricing Level 1 [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.75% |
Pricing Level 1 [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.75% |
Pricing Level 2 [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.90% |
Pricing Level 2 [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.90% |
Pricing Level 3 [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.05% |
Pricing Level 3 [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.05% |
Pricing Level 4 [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.20% |
Pricing Level 4 [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.20% |
Pricing Level 5 [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.40% |
Pricing Level 5 [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.40% |
Maximum [Member] | ' |
Debt Instrument [Line Items] | ' |
Ratio of Total Indebtedness To Gross Assets Value | 60.00% |
Maximum [Member] | Pricing Level 1 [Member] | ' |
Debt Instrument [Line Items] | ' |
Ratio of Total Indebtedness To Gross Assets Value | 35.00% |
Maximum [Member] | Pricing Level 2 [Member] | ' |
Debt Instrument [Line Items] | ' |
Ratio of Total Indebtedness To Gross Assets Value | 40.00% |
Maximum [Member] | Pricing Level 3 [Member] | ' |
Debt Instrument [Line Items] | ' |
Ratio of Total Indebtedness To Gross Assets Value | 45.00% |
Maximum [Member] | Pricing Level 4 [Member] | ' |
Debt Instrument [Line Items] | ' |
Ratio of Total Indebtedness To Gross Assets Value | 52.50% |
Minimum [Member] | Pricing Level 2 [Member] | ' |
Debt Instrument [Line Items] | ' |
Ratio of Total Indebtedness To Gross Assets Value | 35.00% |
Minimum [Member] | Pricing Level 3 [Member] | ' |
Debt Instrument [Line Items] | ' |
Ratio of Total Indebtedness To Gross Assets Value | 40.00% |
Minimum [Member] | Pricing Level 4 [Member] | ' |
Debt Instrument [Line Items] | ' |
Ratio of Total Indebtedness To Gross Assets Value | 45.00% |
Minimum [Member] | Pricing Level 5 [Member] | ' |
Debt Instrument [Line Items] | ' |
Ratio of Total Indebtedness To Gross Assets Value | 52.50% |
6_Debt_Credit_Rating_for_Unsec
6. Debt Credit Rating for Unsecured Term Loan (Details) (Unsecured Term Loan [Member]) | Dec. 31, 2013 |
Credit Rating Level 1 [Member] | Greaten than A- S&P, Moody's A3 Rating [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.95% |
Credit Rating Level 1 [Member] | Greaten than A- S&P, Moody's A3 Rating [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.00% |
Credit Rating Level 2 [Member] | Greater than BBB plus S&P, Moody's Baa1 Rating [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.05% |
Credit Rating Level 2 [Member] | Greater than BBB plus S&P, Moody's Baa1 Rating [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.05% |
Credit Rating Level 3 [Member] | Greater than BBB S&P, Moody's Baa2 Rating [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.20% |
Credit Rating Level 3 [Member] | Greater than BBB S&P, Moody's Baa2 Rating [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.20% |
Credit Rating Level 4 [Member] | Greater than BBB- S&P, Moody's Baa3 Rating [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Credit Rating Level 4 [Member] | Greater than BBB- S&P, Moody's Baa3 Rating [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
Credit Rating Level 5 [Member] | Less than BBB- S&P, Moody's Baa3 Rating [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.95% |
Credit Rating Level 5 [Member] | Less than BBB- S&P, Moody's Baa3 Rating [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.95% |
6_Debt_Unsecured_Notes_due_202
6. Debt Unsecured Notes due 2021 (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Instrument [Line Items] | ' | ' |
Unsecured notes payable | $600,000 | $550,000 |
Unsecured Notes due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Issuance Date | 24-Sep-13 | ' |
Unsecured notes payable | $600,000 | $0 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.90% | ' |
First Semiannual Interest Payment Term | 'March 15th | ' |
Second Semiannual Interest Payment Term | 'September 15th | ' |
Unencumbered Assets to Unsecured Debt | 150.00% | ' |
Unsecured Notes due 2021 [Member] | Prior to September Fifteen Two Thousand Sixteen [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Percentage Of Principal Amount At Which Unsecured Notes May Be Redeemed | 100.00% | ' |
Unsecured Notes due 2021 [Member] | Change in control [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Percentage Of Principal Amount At Which Unsecured Notes May Be Redeemed | 101.00% | ' |
Unsecured Notes due 2021 [Member] | Asset Sales [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Percentage Of Principal Amount At Which Unsecured Notes May Be Redeemed | 100.00% | ' |
6_Debt_Summary_Of_Maturities_A
6. Debt Summary Of Maturities And Percentage Of Redemption Price Of Unsecured Notes (Details) (Unsecured Notes due 2021 [Member]) | Dec. 31, 2013 |
2016 | ' |
Debt Instrument [Line Items] | ' |
Redemption Price | 104.41% |
2017 | ' |
Debt Instrument [Line Items] | ' |
Redemption Price | 102.94% |
2018 | ' |
Debt Instrument [Line Items] | ' |
Redemption Price | 101.47% |
2019 and thereafter | ' |
Debt Instrument [Line Items] | ' |
Redemption Price | 100.00% |
6_Debt_Unsecured_Credit_Facili
6. Debt Unsecured Credit Facility (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Extension Option On Debt Maturity Years | 1 | ' |
Line of credit | $0 | $18,000,000 |
Letters of Credit Outstanding, Amount | 0 | ' |
Unsecured Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line Of Credit Capacity Prior To Second Amendment | 225,000,000 | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 400,000,000 | ' |
Debt Instrument, Maturity Date | 21-Mar-16 | ' |
Basis Points Extension Fee On Total Commitment | 25 | ' |
Facility amount available for Letters of Credit | 35,000,000 | ' |
Line Of Credit Commitment If Increased | 600,000,000 | ' |
Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date | 15-Feb-19 | ' |
Maximum [Member] | Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unsecured Debt To Unencumbered Assets | 60.00% | ' |
Ratio of Total Indebtedness To Gross Assets Value | 60.00% | ' |
Minimum [Member] | Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Income from Unencumbered Assets To Unsecured Debt | 12.50% | ' |
Fixed Charge Coverage Ratio | 1.7 | ' |
Tangible Net Worth Amount | 1,300,000,000 | ' |
Percentage Of Equity Offerings And Interests In Operating Partnerships To Be Added To Tangible Net Worth Threshold | 80.00% | ' |
PriorToSecondAmendment [Member] | Unsecured Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line Of Credit Capacity Prior To Second Amendment | $100,000,000 | ' |
Debt Instrument, Maturity Date | 6-May-13 | ' |
Extension Option On Debt Maturity Years | 1 | ' |
6_Debt_Applicable_Margin_of_Un1
6. Debt Applicable Margin of Unsecured Credit Facility (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' |
Letters of Credit Outstanding, Amount | 0 |
Pricing Level 1 [Member] | Unsecured Credit Facility [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.85% |
Pricing Level 1 [Member] | Unsecured Credit Facility [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.85% |
Pricing Level 1 [Member] | Unsecured Credit Facility [Member] | Maximum [Member] | ' |
Debt Instrument [Line Items] | ' |
Ratio of Total Indebtedness To Gross Assets Value | 35.00% |
Pricing Level 2 [Member] | Unsecured Credit Facility [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Pricing Level 2 [Member] | Unsecured Credit Facility [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Pricing Level 2 [Member] | Unsecured Credit Facility [Member] | Maximum [Member] | ' |
Debt Instrument [Line Items] | ' |
Ratio of Total Indebtedness To Gross Assets Value | 40.00% |
Pricing Level 2 [Member] | Unsecured Credit Facility [Member] | Minimum [Member] | ' |
Debt Instrument [Line Items] | ' |
Ratio of Total Indebtedness To Gross Assets Value | 35.00% |
Pricing Level 3 [Member] | Unsecured Credit Facility [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.15% |
Pricing Level 3 [Member] | Unsecured Credit Facility [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.15% |
Pricing Level 3 [Member] | Unsecured Credit Facility [Member] | Maximum [Member] | ' |
Debt Instrument [Line Items] | ' |
Ratio of Total Indebtedness To Gross Assets Value | 45.00% |
Pricing Level 3 [Member] | Unsecured Credit Facility [Member] | Minimum [Member] | ' |
Debt Instrument [Line Items] | ' |
Ratio of Total Indebtedness To Gross Assets Value | 40.00% |
Pricing Level 4 [Member] | Unsecured Credit Facility [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.30% |
Pricing Level 4 [Member] | Unsecured Credit Facility [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.30% |
Pricing Level 4 [Member] | Unsecured Credit Facility [Member] | Maximum [Member] | ' |
Debt Instrument [Line Items] | ' |
Ratio of Total Indebtedness To Gross Assets Value | 52.50% |
Pricing Level 4 [Member] | Unsecured Credit Facility [Member] | Minimum [Member] | ' |
Debt Instrument [Line Items] | ' |
Ratio of Total Indebtedness To Gross Assets Value | 45.00% |
Pricing Level 5 [Member] | Unsecured Credit Facility [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.50% |
Pricing Level 5 [Member] | Unsecured Credit Facility [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Pricing Level 5 [Member] | Unsecured Credit Facility [Member] | Minimum [Member] | ' |
Debt Instrument [Line Items] | ' |
Ratio of Total Indebtedness To Gross Assets Value | 52.50% |
6_Debt_Credit_Rating_for_Unsec1
6. Debt Credit Rating for Unsecured Credit Facility (Details) (Unsecured Credit Facility [Member]) | Dec. 31, 2013 |
Credit Rating Level 1 [Member] | Greaten than A- S&P, Moody's A3 Rating [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.05% |
Credit Rating Level 1 [Member] | Greaten than A- S&P, Moody's A3 Rating [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.05% |
Credit Rating Level 2 [Member] | Greater than BBB plus S&P, Moody's Baa1 Rating [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.20% |
Credit Rating Level 2 [Member] | Greater than BBB plus S&P, Moody's Baa1 Rating [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.20% |
Credit Rating Level 3 [Member] | Greater than BBB S&P, Moody's Baa2 Rating [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.35% |
Credit Rating Level 3 [Member] | Greater than BBB S&P, Moody's Baa2 Rating [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.35% |
Credit Rating Level 4 [Member] | Greater than BBB- S&P, Moody's Baa3 Rating [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Credit Rating Level 4 [Member] | Greater than BBB- S&P, Moody's Baa3 Rating [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.50% |
Credit Rating Level 5 [Member] | Less than BBB- S&P, Moody's Baa3 Rating [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.10% |
Credit Rating Level 5 [Member] | Less than BBB- S&P, Moody's Baa3 Rating [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.10% |
6_Debt_ACC5_Term_Loan_Details
6. Debt ACC5 Term Loan (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 02, 2009 |
Acc Five Term Loan [Member] | Acc Five Term Loan [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument, Issuance Date | ' | ' | ' | 2-Dec-09 | ' |
Mortgage notes payable | $115,000 | $139,600 | ' | ' | $150,000 |
Repayments of Notes Payable | 138,300 | 0 | 0 | 138,300 | ' |
Write off of Deferred Debt Issuance Cost | $40,978 | $0 | $0 | $1,700 | ' |
Debt Instrument, Maturity Date | ' | ' | ' | 2-Dec-14 | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | 3.00% | ' |
6_Debt_Unsecured_Notes_due_201
6. Debt Unsecured Notes due 2017 (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Debt Instrument [Line Items] | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | $40,978,000 | $0 | $0 |
Unsecured notes payable | 600,000,000 | 550,000,000 | ' |
Payments of Debt Extinguishment Costs | 32,544,000 | 0 | 0 |
Unsecured Notes due 2017 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Debt Instrument, Issuance Date | 16-Dec-09 | ' | ' |
Write off of Deferred Debt Issuance Cost | 6,700,000 | ' | ' |
Unsecured notes payable | 131,900,000 | 550,000,000 | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 8.50% | ' | ' |
Second Semiannual Interest Payment Term | 'December 15 | ' | ' |
First Semiannual Interest Payment Term | 'June 15 | ' | ' |
Unsecured Notes Tender Price | 106.04% | ' | ' |
Debt Instrument, Repurchased Face Amount | 418,100,000 | ' | ' |
Payments of Debt Extinguishment Costs | 25,500,000 | ' | ' |
Write off of Deferred Debt Issuance Cost, Tendered Bonds | 5,100,000 | ' | ' |
Payments of Debt Extinguishment Costs, Called Bonds | -7,100,000 | ' | ' |
Write off of Deferred Debt Issuance Cost, Called Bonds | 1,600,000 | ' | ' |
Unsecured Notes due 2017 [Member] | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' |
Unsecured notes payable | $0 | $550,000,000 | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.00% | ' | ' |
6_Debt_Maturity_Summary_Detail
6. Debt Maturity Summary (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |||||
In Thousands, unless otherwise specified | 2014 [Member] | 2015 [Member] | 2016 [Member] | 2017 [Member] | 2018 [Member] | 2019 [Member] | 2020 [Member] | 2021 [Member] | Unsecured Notes due 2021 [Member] | Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Fixed Rate Debt [Member] | Floating Rate Debt [Member] | Floating Rate Debt [Member] | Floating Rate Debt [Member] | Floating Rate Debt [Member] | Floating Rate Debt [Member] | Floating Rate Debt [Member] | Floating Rate Debt [Member] | Floating Rate Debt [Member] | Floating Rate Debt [Member] | Floating Rate Debt [Member] | AccThreeTermLoan [Member] | AccThreeTermLoan [Member] | AccThreeTermLoan [Member] | |||||||
2014 [Member] | 2015 [Member] | 2016 [Member] | 2017 [Member] | 2018 [Member] | 2019 [Member] | 2020 [Member] | 2021 [Member] | 2014 [Member] | 2015 [Member] | 2016 [Member] | 2017 [Member] | 2018 [Member] | 2019 [Member] | 2020 [Member] | 2021 [Member] | BeginningAprilOneTwoThousandSixteen [Member] | BeginningAprilOneTwoThousandSeventeen [Member] | ||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Debt Instrument, Periodic Payment, Principal | ' | ' | $0 | $0 | $3,750 | $8,750 | $102,500 | $154,000 | $0 | $600,000 | ' | ' | ' | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $600,000 | [1] | ' | ' | $0 | $0 | $3,750 | [2] | $8,750 | [2] | $102,500 | [2] | $154,000 | [3] | $0 | $0 | ' | $1,250 | $2,500 |
Long-term Debt, Percentage Bearing Fixed Interest, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 550,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Long-term Debt, Percentage Bearing Variable Interest, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 269,000 | 157,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Long-term Debt | $869,000 | $707,600 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Percentage of Total Debt | ' | ' | 0.00% | 0.00% | 0.40% | 1.00% | 11.80% | 17.70% | 0.00% | 69.10% | 69.00% | 69.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 31.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Total Debt in Percentage | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Debt, Weighted Average Interest Rate | 4.70% | ' | 0.00% | 0.00% | 2.00% | 2.00% | 2.00% | 1.90% | 0.00% | 5.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15-Sep-21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||
Debt Instrument, Frequency of Periodic Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Quarterly | ' | ' | |||||
Debt Instrument, Date of First Required Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Apr-16 | ' | |||||
Debt Instrument, Date of Increased Required Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Apr-17 | |||||
[1] | The 5.875% Unsecured Notes are due September 15, 2021. | ||||||||||||||||||||||||||||||||||||||
[2] | The ACC3 Term Loan matures on March 27, 2018 with no extension option. Quarterly principal payments of $1.25 million begin on April 1, 2016, increase to $2.5 million on April 1, 2017 and continue through maturity. | ||||||||||||||||||||||||||||||||||||||
[3] | The $250 million Unsecured Term Loan matures on February 15, 2019 with no extension option. In January 2014, we drew the remaining $96.0 million. |
7_Related_Party_Transactions_D
7. Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Related Party Transaction [Line Items] | ' | ' | ' |
Related Party Transaction, Expenses from Transactions with Related Party | $0.30 | $0.20 | $0.40 |
Aircraft Charter In lieu of salary | 0.1 | 0.5 | 0.5 |
Related Party Transaction Rental Expenses From Transactions With Related Party | $0.40 | $0.40 | $0.40 |
8_Commitments_and_Contingencie1
8. Commitments and Contingencies (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Long-term Purchase Commitment [Line Items] | ' |
Percentage Of Built In Gain That Can Be Recognized Without Triggering Tax Protection Provisions | 70.00% |
Initial Built In Gain | $667 |
Amount of Built In Gain That Can Be Recognized Without Triggering Tax Protection Provisions | 467 |
Increase in Percentage of Built In Gain That Can Be Recognized Each Year Without Triggering Tax Protection Provisions | 10.00% |
Percentage Of Built In Gain That Can Be Recognized In Two Thousand Seventeen Without Triggering Tax Protection Provisions | 100.00% |
Built In Gain Amount Tax Protected | 200 |
Percentage of Disinterested Members of Board for Approving Sales Resulting in Payments to Executives or Directors | 75.00% |
ACC7 Phase I [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Estimated Control Cost | 157.4 |
Amount of Control Estimate Incurred | 109.2 |
Total Commitments For Purchase of Equipment And Labor Related to Development | 19.4 |
SC1 Phase IIA [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Estimated Control Cost | 108.4 |
Amount of Control Estimate Incurred | 45.1 |
Total Commitments For Purchase of Equipment And Labor Related to Development | $22.30 |
9_Redeemable_noncontrolling_in1
9. Redeemable noncontrolling interests operating partnership / Redeemable partnership units (Details) (USD $) | 12 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Redeemable noncontrolling interests – operating partnership / Redeemable partnership units [Line Items] | ' | ' | ' | ' |
Redeemable noncontrolling interests - operating partnership | $387,244 | $453,889 | $461,739 | $466,823 |
Share Price | $24.71 | $24.16 | ' | ' |
Redemption of operating partnership units, shares | 3,115,269 | 277,575 | 2,883,118 | ' |
10_Preferred_Stock_Preferred_S
10. Preferred Stock Preferred Stock Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
Series A cumulative redeemable perpetual preferred stock [Member] | ' | ' | ' |
Preferred Stock [Line Items] | ' | ' | ' |
Preferred stock, shares issued | 7,400,000 | 7,400,000 | 7,400,000 |
Preferred Stock, Dividend Rate, Percentage | 7.88% | ' | ' |
Preferred stock, $.001 par value, 50,000,000 shares authorized | $185,000 | $185,000 | $185,000 |
Preferred Stock, Liquidation Preference Per Share | $25 | $25 | ' |
Preferred Stock, Redemption Price Per Share | $25 | $25 | ' |
Preferred Stock, Increased Dividend Rate, Percentage | ' | 11.88% | ' |
Preferred Stock Redemption Period After Change in Control | ' | '90 days | ' |
Series B cumulative redeemable perpetual preferred stock [Member] | ' | ' | ' |
Preferred Stock [Line Items] | ' | ' | ' |
Preferred stock, shares issued | 6,650,000 | 6,650,000 | 6,650,000 |
Preferred Stock, Dividend Rate, Percentage | 7.63% | ' | ' |
Preferred stock, $.001 par value, 50,000,000 shares authorized | $166,250 | $166,250 | $166,250 |
Preferred Stock, Liquidation Preference Per Share | $25 | $25 | ' |
Preferred Stock, Redemption Price Per Share | $25 | $25 | ' |
Preferred Stock Redemption Period After Change in Control | ' | '120 days | ' |
Share Cap to Determine Redemption Price in Change in Control | ' | 2.105 | ' |
10_Preferred_Stock_Preferred_S1
10. Preferred Stock Preferred Stock Schedule of Preferred Stock Dividend (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Series A Preferred Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Dividend [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Record Date | 27-Dec-13 | 4-Oct-13 | 5-Jul-13 | 5-Apr-13 | 28-Dec-12 | 5-Oct-12 | 6-Jul-12 | 5-Apr-12 | 27-Dec-11 | 27-Sep-11 | 28-Jun-11 | 29-Mar-11 | ' | ' | ' |
Payment Date | 15-Jan-14 | 15-Oct-13 | 15-Jul-13 | 15-Apr-13 | 15-Jan-13 | 15-Oct-12 | 16-Jul-12 | 16-Apr-12 | 17-Jan-12 | 17-Oct-11 | 15-Jul-11 | 15-Apr-11 | ' | ' | ' |
Cash Dividend | $0.49 | ' | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $1.97 | $1.97 | $1.97 |
Ordinary Taxable Dividend | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $0.49 | $1.97 | $1.97 | $1.97 |
Nontaxable Return of Capital Distributions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Series B Preferred Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Dividend [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Record Date | 27-Dec-13 | 4-Oct-13 | 5-Jul-13 | 5-Apr-13 | 28-Dec-12 | 5-Oct-12 | 6-Jul-12 | 5-Apr-12 | 27-Dec-11 | 27-Sep-11 | 28-Jun-11 | 29-Mar-11 | ' | ' | ' |
Payment Date | 15-Jan-14 | 15-Oct-13 | 15-Jul-13 | 15-Apr-13 | 15-Jan-13 | 15-Oct-12 | 16-Jul-12 | 16-Apr-12 | 17-Jan-12 | 17-Oct-11 | 15-Jul-11 | 15-Apr-11 | ' | ' | ' |
Cash Dividend | $0.48 | ' | $0.48 | $0.48 | $0.48 | $0.48 | $0.48 | $0.48 | $0.48 | $0.48 | $0.48 | $0.20 | $1.91 | $1.91 | $1.63 |
Ordinary Taxable Dividend | $0.48 | $0.48 | $0.48 | $0.48 | $0.48 | $0.48 | $0.48 | $0.48 | $0.48 | $0.48 | $0.48 | $0.20 | $1.91 | $1.91 | $1.63 |
Nontaxable Return of Capital Distributions | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
11_Stockholders_Equity_of_the_2
11. Stockholders Equity of the REIT and Partners Capital of the OP Stockholders Equity of the REIT and Partners Capital of the OP Narrative (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | January Two Zero One Four [Member] | January Two Zero One Three [Member] | January Two Zero One Two [Member] | ||||
Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |||||||||||||||||||
Stockholders’ Equity of the REIT and Partners’ Capital of the OP [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of stock awards, shares | 216,209 | 157,025 | 165,608 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of operating partnership units, shares | 3,115,269 | 277,575 | 2,883,118 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Dividend | ' | ' | ' | $0.25 | $0.25 | $0.25 | $0.20 | $0.20 | $0.15 | $0.15 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.95 | $0.62 | $0.48 | ' | ' | ' |
Ordinary Taxable Dividend | ' | ' | ' | $0 | $0.21 | $0.21 | $0.17 | $0.15 | $0.15 | $0.15 | $0.12 | $0.11 | $0.12 | $0.12 | $0.12 | $0.60 | $0.57 | $0.47 | $0.25 | $0.05 | $0.01 |
Stock Repurchase Program, Authorized Amount | $80,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock repurchase, shares | -1,632,673 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock repurchases | $37,792,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
11_Stockholders_Equity_of_the_3
11. Stockholders Equity of the REIT and Partners Capital of the OP Stockholders Equity of the REIT and Partners Capital of the OP Schedule of Common Stock Dividend (Details) (Common Stock [Member], USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Record Date | 27-Dec-13 | 4-Oct-13 | 5-Jul-13 | 5-Apr-13 | 28-Dec-12 | 5-Oct-12 | 6-Jul-12 | 5-Apr-12 | 27-Dec-11 | 27-Sep-11 | 28-Jun-11 | 29-Mar-11 | ' | ' | ' |
Payment Date | 15-Jan-14 | 15-Oct-13 | 15-Jul-13 | 15-Apr-13 | 15-Jan-13 | 15-Oct-12 | 16-Jul-12 | 16-Apr-12 | 6-Jan-12 | 7-Oct-11 | 8-Jul-11 | 8-Apr-11 | ' | ' | ' |
Cash Dividend | $0.25 | $0.25 | $0.25 | $0.20 | $0.20 | $0.15 | $0.15 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.95 | $0.62 | $0.48 |
Ordinary Taxable Dividend | $0 | $0.21 | $0.21 | $0.17 | $0.15 | $0.15 | $0.15 | $0.12 | $0.11 | $0.12 | $0.12 | $0.12 | $0.60 | $0.57 | $0.47 |
Nontaxable Return of Capital Distributions | $0 | $0.04 | $0.04 | $0.03 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0.10 | $0 | $0 |
12_Equity_Compensation_Plan_Na
12. Equity Compensation Plan Narrative (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Restricted Stock [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Performance Shares [Member] | Minimum [Member] | Maximum [Member] | ||||
Equity Compensation Plan [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercised, Intrinsic Value | $4.50 | $1.90 | $2.70 | ' | ' | ' | ' | ' | ' | ' |
Maximum Number of Share Equivalents Authorized | 6,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share equivalent ratio, other than stock options and SARs | 2.36 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative Share Equivalents Issued From The Plan | 1,513,080 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Equivalents Remaining Available | 4,786,920 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of restricted stock, Granted | 203,241 | 143,191 | 153,992 | ' | ' | ' | ' | ' | ' | ' |
Value of Restricted Stock Awarded during period | 4.6 | 3.2 | 3.6 | ' | ' | ' | ' | ' | ' | ' |
Shares of restricted stock, Vested | 162,353 | 314,571 | 288,582 | ' | ' | ' | ' | ' | ' | ' |
Value of Restricted Stock on Vesting Date | 3.8 | 7.2 | 7 | ' | ' | ' | ' | ' | ' | ' |
Unearned Compensation on Restricted Stock | $4.60 | ' | ' | ' | ' | ' | ' | $1.50 | ' | ' |
Weighted Average Vesting Period | ' | ' | ' | '0 years 0 months 475 days | '0 years 0 months 292 days | '0 years 0 months 292 days | '0 years 0 months 292 days | ' | ' | ' |
Potential Number Of Shares Issued At Vesting Of Performance Units | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 300.00% |
Performance units, forfeited | 34,843 | 20,030 | 12,932 | ' | ' | ' | ' | 22,091 | ' | ' |
Weighted Average Fair Value, performance units forfeited | $22.86 | $22.38 | $15.30 | ' | ' | ' | ' | $26.93 | ' | ' |
12_Equity_Compensation_Plan_Su
12. Equity Compensation Plan Summary of Restricted Stock (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity Compensation Plan [Line Items] | ' | ' | ' |
Shares of restricted stock, Unvested balance at beginning balance | 297,919 | 489,329 | 636,851 |
Shares of restricted stock, Granted | 203,241 | 143,191 | 153,992 |
Shares of restricted stock, Vested | -162,353 | -314,571 | -288,582 |
Shares of restricted stock, Forfeited | -34,843 | -20,030 | -12,932 |
Shares of restricted stock, Unvested balance at ending balance | 303,964 | 297,919 | 489,329 |
Weighted Average Grant Date Fair Value, Unvested balance at beginning balance | $22.31 | $15.31 | $10.82 |
Weighted Average Grant Date Fair Value, Granted | $22.82 | $22.66 | $23.62 |
Weighted Average Grant Date Fair Value, Vested | $21.73 | $11.60 | $9.82 |
Weighted Average Grant Date Fair Value, Forfeited | $22.86 | $22.38 | $15.30 |
Weighted Average Grant Date Fair Value, Unvested balance at ending balance | ' | $22.31 | $15.31 |
12_Equity_Compensation_Plan_Su1
12. Equity Compensation Plan Summary of Stock Options (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity Compensation Plan [Line Items] | ' | ' | ' |
Under option, beginning balance | 2,076,781 | 1,902,843 | 1,403,277 |
Granted | 374,214 | 341,541 | 637,879 |
Exercised | -250,472 | -113,955 | -138,313 |
Forfeited | -100,613 | -53,648 | 0 |
Under option, ending balance | 2,099,910 | 2,076,781 | 1,902,843 |
Weighted Average Exercise Price, Under Option, Beginning balance | $15.17 | $13.60 | $8.13 |
Weighted Average Exercise Price, Granted | $22.62 | $22.57 | $23.79 |
Weighted Average Exercise Price, Exercised | $6.83 | $7.62 | $5.06 |
Weighted Average Exercise Price, Forfeited | $22.83 | $22.60 | ' |
Weighted Average Exercise Price, Under Option, Ending balance | $17.13 | $15.17 | $13.60 |
Total Unearned Compensation | $1.90 | $3.20 | $4.50 |
Weighted Average Remaining Contractual Term | '6 years 0 months 329 days | '7 years 0 months 110 days | '8 years 0 months 0 days |
Stock Options [Member] | ' | ' | ' |
Equity Compensation Plan [Line Items] | ' | ' | ' |
Weighted Average Vesting Period | '0 years 0 months 292 days | '0 years 0 months 292 days | '0 years 0 months 292 days |
12_Equity_Compensation_Plan_Su2
12. Equity Compensation Plan Summary of Unvested Stock Options (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity Compensation Plan [Line Items] | ' | ' | ' |
Unvested balance, beginning balance | 809,991 | 1,256,478 | 1,140,353 |
Granted | 374,214 | 341,541 | 637,879 |
Vested | -399,481 | -734,380 | -521,754 |
Forfeited | -100,613 | -53,648 | 0 |
Unvested balance, ending balance | 684,111 | 809,991 | 1,256,478 |
Weighted Average Grant Date Fair Value, Unvested at beginning balance | $6.96 | $5.63 | $3.40 |
Weighted Average Grant Date Fair Value, Granted | $4.75 | $5.79 | $7.38 |
Weighted Average Grant Date Fair Value, Vested | $7.34 | $4.18 | $2.88 |
Weighted Average Grant Date Fair Value, Forfeited | $5.55 | $6.52 | ' |
Weighted Average Grant Date Fair Value, Unvested at ending balance | $5.73 | $6.96 | $5.63 |
12_Equity_Compensation_Plan_Su3
12. Equity Compensation Plan Summary of Exercisable Stock Options (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Equity Compensation Plan [Line Items] | ' | ' | ' |
Options Exercisable, beginning balance | 1,266,790 | 646,365 | 262,924 |
Vested | 399,481 | 734,380 | 521,754 |
Exercised | -250,472 | -113,955 | -138,313 |
Options Exercisable, ending balance | 1,415,799 | 1,266,790 | 646,365 |
Weighted Average Grant Date Fair Value, Exercisable at beginning balance | $3.52 | $2.61 | $1.48 |
Weighted Average Grant Date Fair Value, Vested | $7.34 | $4.18 | $2.88 |
Weighted Average Grant Date Fair Value, Exercised | $2.35 | $2.56 | $1.48 |
Weighted Average Grant Date Fair Value, Exercisable at ending balance | $4.81 | $3.52 | $2.61 |
Intrinsic Value | $14.70 | $17.60 | $10.90 |
Weighted Average Exercise Price | $14.33 | $10.24 | $7.28 |
Weighted Average Remaining Contractual Term | '6 years 0 months 37 days | '6 years 0 months 219 days | '7 years 0 months 110 days |
12_Equity_Compensation_Plan_Su4
12. Equity Compensation Plan Summary of Assumptions for Stock Options Granted (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Rate | Rate | Rate | |
Equity Compensation Plan [Line Items] | ' | ' | ' |
Number of Options Granted | 374,214 | 341,541 | 637,879 |
Exercise Price | $22.62 | $22.57 | $23.79 |
Expected term (years) | '5 years 0 months 0 days | '4 years 0 months 0 days | '4 years 0 months 0 days |
Expected volatility | 34.00% | 39.00% | 44.00% |
Expected annual dividend | 4.00% | 2.00% | 2.00% |
Risk-free rate | 0.83% | 0.64% | 1.72% |
Total grant fair value at date of grant (millions) | $1.80 | $2 | $4.70 |
12_Equity_Compensation_Plan_Su5
12. Equity Compensation Plan Summary of Assumptions Used for Performance Units Granted (Details) (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Rate | Rate | Rate | |
Equity Compensation Plan [Line Items] | ' | ' | ' |
Expected volatility | 34.00% | 39.00% | 44.00% |
Expected annual dividend | 4.00% | 2.00% | 2.00% |
Risk-free rate | 0.83% | 0.64% | 1.72% |
Total grant fair value at date of grant (millions) | $1.80 | $2 | $4.70 |
Performance Shares [Member] | ' | ' | ' |
Equity Compensation Plan [Line Items] | ' | ' | ' |
Performance Units Granted In Period | 60,468 | 61,033 | ' |
Expected volatility | 33.00% | 29.00% | ' |
Expected annual dividend | 4.00% | 2.00% | ' |
Risk-free rate | 0.40% | 0.43% | ' |
Performance unit fair value at date of grant | $25.59 | $28.26 | ' |
Total grant fair value at date of grant (millions) | 1.5 | 1.7 | ' |
Maximum value of grant on vesting date based on closing price of the Company's stock at the date of grant | $4.10 | $4.10 | ' |
13_Earnings_Per_Share_of_the_R2
13. Earnings Per Share of the REIT (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings per share of the REIT [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares – basic | ' | ' | ' | ' | ' | ' | ' | ' | 64,645,316 | 62,866,189 | 61,241,520 |
Effect of dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | 828,723 | 887,817 | 1,062,385 |
Weighted average common shares – diluted | ' | ' | ' | ' | ' | ' | ' | ' | 65,474,039 | 63,754,006 | 62,303,905 |
Net income attributable to common shares | $11,460 | ($10,228) | $11,971 | $7,943 | $6,845 | $7,286 | $6,677 | $5,169 | $21,146 | $25,977 | $44,101 |
Net income allocated to unvested restricted shares | ' | ' | ' | ' | ' | ' | ' | ' | -267 | -188 | -363 |
Net income attributable to common shares, adjusted | ' | ' | ' | ' | ' | ' | ' | ' | 20,879 | 25,789 | 43,738 |
Earnings per common share – basic | $0.18 | ($0.16) | $0.19 | $0.12 | $0.11 | $0.11 | $0.11 | $0.08 | $0.32 | $0.41 | $0.71 |
Adjustments to redeemable noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | 55 | 84 | 188 |
Adjusted net income available to common shares | ' | ' | ' | ' | ' | ' | ' | ' | $21,201 | $26,061 | $44,289 |
Earnings per common share – diluted | $0.18 | ($0.16) | $0.18 | $0.12 | $0.11 | $0.11 | $0.11 | $0.08 | $0.32 | $0.41 | $0.71 |
Restricted Shares | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Stock Options excluded from diluted earnings per share or unit | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 900,000 | 900,000 |
Performance Units excluded from diluted earnings per share or unit | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | 100,000 | 0 |
14_Earnings_Per_Unit_of_the_Op2
14. Earnings Per Unit of the Operating Partnership (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Earnings per unit of the Operating Partnership [Line Items] | ' | ' | ' |
Weighted average common units – basic (includes redeemable partnership units and units of general and limited partners) | 80,580,556 | 81,750,958 | 81,387,042 |
Effect of dilutive securities | 828,723 | 887,817 | 1,062,385 |
Weighted average common units – diluted | 81,409,279 | 82,638,775 | 82,449,427 |
Restricted Units | 0 | 0 | 0 |
Stock Options excluded from diluted earnings per share or unit | 600,000 | 900,000 | 900,000 |
Performance Units excluded from diluted earnings per share or unit | 100,000 | 100,000 | 0 |
15_Employee_Benefit_Plan_Detai
15. Employee Benefit Plan (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Employee Benefit Plan [Abstract] | ' | ' | ' |
Defined Benefit Plan, Contributions by Employer | $0.40 | $0.40 | $0.40 |
Percentage Of Employees Contribution Contributed By Employer | 50.00% | ' | ' |
Percentage Of Employee's Salary Contributed By Employer | 4.00% | ' | ' |
16_Fair_Value_Details
16. Fair Value (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Rate | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt | $869,000,000 | $707,600,000 |
Long-term Debt, Fair Value | $872,200,000 | $757,400,000 |
Derivative, Forward Interest Rate | 1.68% | ' |
17_Quarterly_Financial_Informa2
17. Quarterly Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $99,444 | $96,342 | $91,564 | $87,759 | $85,959 | $85,446 | $82,658 | $78,382 | $375,109 | $332,445 | $287,441 |
Net income | 21,089 | -5,958 | 21,747 | 16,727 | 15,703 | 16,278 | 15,494 | 13,358 | 53,605 | 60,833 | 79,480 |
Net income attributable to common shares | $11,460 | ($10,228) | $11,971 | $7,943 | $6,845 | $7,286 | $6,677 | $5,169 | $21,146 | $25,977 | $44,101 |
Net income attributable to common shares | $0.18 | ($0.16) | $0.19 | $0.12 | $0.11 | $0.11 | $0.11 | $0.08 | $0.32 | $0.41 | $0.71 |
Net income attributable to common shares | $0.18 | ($0.16) | $0.18 | $0.12 | $0.11 | $0.11 | $0.11 | $0.08 | $0.32 | $0.41 | $0.71 |
18_Supplemental_Consolidating_2
18. Supplemental Consolidating Financial Data for Subsidiary Guarantors of the Unsecured Notes Supplemental Consolidating Balance Sheets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
In Thousands, unless otherwise specified | |||||
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Land | $75,956 | $73,197 | ' | ' | |
Buildings and improvements | 2,420,986 | 2,315,499 | ' | ' | |
Income producing property | 2,496,942 | 2,388,696 | ' | ' | |
Less: accumulated depreciation | -413,394 | ' | ' | ' | |
Net income producing property | 2,083,548 | 2,062,956 | ' | ' | |
Construction in progress and land held for development | 302,068 | [1] | 218,934 | ' | ' |
Net real estate | 2,385,616 | 2,281,890 | ' | ' | |
Cash and cash equivalents | 38,733 | 23,578 | 14,402 | 226,950 | |
Rents and other receivables | 12,674 | 3,840 | ' | ' | |
Deferred rent, net | 150,038 | 144,829 | ' | ' | |
Lease contracts above market value, net | 9,154 | 10,255 | ' | ' | |
Deferred costs, net | 39,866 | 35,670 | ' | ' | |
Prepaid expenses and other assets | 44,507 | 30,797 | ' | ' | |
Total assets | 2,680,588 | 2,530,859 | ' | ' | |
Mortgage notes payable | 115,000 | 139,600 | ' | ' | |
Unsecured Term Loan | 154,000 | 0 | ' | ' | |
Unsecured notes payable | 600,000 | 550,000 | ' | ' | |
Accounts payable and accrued liabilities | 23,566 | 22,280 | ' | ' | |
Construction costs payable | 45,444 | 6,334 | ' | ' | |
Accrued interest payable | 9,983 | 2,601 | ' | ' | |
Distribution payable | 25,971 | 22,177 | ' | ' | |
Lease contracts below market value, net | 10,530 | 14,022 | ' | ' | |
Prepaid rents and other liabilities | 56,576 | 35,524 | ' | ' | |
Total liabilities | 1,041,070 | 810,538 | ' | ' | |
Commitments and contingencies | 0 | 0 | ' | ' | |
Total liabilities and stockholders’ equity | 2,680,588 | 2,530,859 | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Land | 75,956 | 73,197 | ' | ' | |
Buildings and improvements | 2,420,986 | 2,315,499 | ' | ' | |
Income producing property | 2,496,942 | 2,388,696 | ' | ' | |
Less: accumulated depreciation | -413,394 | -325,740 | ' | ' | |
Net income producing property | 2,083,548 | 2,062,956 | ' | ' | |
Construction in progress and land held for development | 302,068 | 218,934 | ' | ' | |
Net real estate | 2,385,616 | 2,281,890 | ' | ' | |
Cash and cash equivalents | 34,514 | 19,282 | 10,097 | 222,428 | |
Rents and other receivables | 12,674 | 3,840 | ' | ' | |
Deferred rent, net | 150,038 | 144,829 | ' | ' | |
Lease contracts above market value, net | 9,154 | 10,255 | ' | ' | |
Deferred costs, net | 39,866 | 35,670 | ' | ' | |
Investment in affiliates | 0 | 0 | ' | ' | |
Prepaid expenses and other assets | 44,507 | 30,797 | ' | ' | |
Total assets | 2,676,369 | 2,526,563 | ' | ' | |
Line of credit | 0 | 18,000 | ' | ' | |
Mortgage notes payable | 115,000 | 139,600 | ' | ' | |
Unsecured Term Loan | 154,000 | 0 | ' | ' | |
Unsecured notes payable | 600,000 | 550,000 | ' | ' | |
Accounts payable and accrued liabilities | 23,566 | 22,280 | ' | ' | |
Construction costs payable | 45,444 | 6,334 | ' | ' | |
Accrued interest payable | 9,983 | 2,601 | ' | ' | |
Distribution payable | 25,971 | 22,177 | ' | ' | |
Lease contracts below market value, net | 10,530 | 14,022 | ' | ' | |
Prepaid rents and other liabilities | 56,576 | 35,524 | ' | ' | |
Total liabilities | 1,041,070 | 810,538 | ' | ' | |
Redeemable partnership units | 387,244 | 453,889 | ' | ' | |
Commitments and contingencies | 0 | 0 | ' | ' | |
General Partners' Capital | 9,110 | 9,525 | ' | ' | |
Total partners’ capital | 1,248,055 | 1,262,136 | 1,202,830 | 1,075,736 | |
Total liabilities and stockholders’ equity | 2,676,369 | 2,526,563 | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Operating Partnership [Member] | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Land | 0 | 0 | ' | ' | |
Buildings and improvements | 0 | 0 | ' | ' | |
Income producing property | 0 | 0 | ' | ' | |
Less: accumulated depreciation | 0 | 0 | ' | ' | |
Net income producing property | 0 | 0 | ' | ' | |
Construction in progress and land held for development | 0 | 0 | ' | ' | |
Net real estate | 0 | 0 | ' | ' | |
Cash and cash equivalents | 32,903 | 18,240 | 9,174 | 221,055 | |
Rents and other receivables | 4,226 | 15 | ' | ' | |
Deferred rent, net | 0 | 0 | ' | ' | |
Lease contracts above market value, net | 0 | 0 | ' | ' | |
Deferred costs, net | 17,318 | 10,711 | ' | ' | |
Investment in affiliates | 2,372,121 | 2,280,723 | ' | ' | |
Prepaid expenses and other assets | 2,264 | 2,101 | ' | ' | |
Total assets | 2,428,832 | 2,311,790 | ' | ' | |
Line of credit | 0 | 18,000 | ' | ' | |
Mortgage notes payable | 0 | 0 | ' | ' | |
Unsecured Term Loan | 154,000 | ' | ' | ' | |
Unsecured notes payable | 600,000 | 550,000 | ' | ' | |
Accounts payable and accrued liabilities | 3,547 | 3,240 | ' | ' | |
Construction costs payable | 0 | 5 | ' | ' | |
Accrued interest payable | 9,970 | 2,290 | ' | ' | |
Distribution payable | 25,971 | 22,177 | ' | ' | |
Lease contracts below market value, net | 0 | 0 | ' | ' | |
Prepaid rents and other liabilities | 45 | 53 | ' | ' | |
Total liabilities | 793,533 | 595,765 | ' | ' | |
Redeemable partnership units | 387,244 | 453,889 | ' | ' | |
Commitments and contingencies | 0 | 0 | ' | ' | |
General Partners' Capital | 9,110 | 9,525 | ' | ' | |
Total partners’ capital | 1,248,055 | 1,262,136 | ' | ' | |
Total liabilities and stockholders’ equity | 2,428,832 | 2,311,790 | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Subsidiary Guarantors [Member] | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Land | 74,885 | 72,126 | ' | ' | |
Buildings and improvements | 2,318,414 | 2,210,314 | ' | ' | |
Income producing property | 2,393,299 | 2,282,440 | ' | ' | |
Less: accumulated depreciation | -386,796 | -302,745 | ' | ' | |
Net income producing property | 2,006,503 | 1,979,695 | ' | ' | |
Construction in progress and land held for development | 154,404 | 204,533 | ' | ' | |
Net real estate | 2,160,907 | 2,184,228 | ' | ' | |
Cash and cash equivalents | 0 | 361 | 196 | 669 | |
Rents and other receivables | 3,981 | 2,729 | ' | ' | |
Deferred rent, net | 144,377 | 135,937 | ' | ' | |
Lease contracts above market value, net | 9,154 | 10,255 | ' | ' | |
Deferred costs, net | 16,971 | 20,442 | ' | ' | |
Investment in affiliates | 0 | 0 | ' | ' | |
Prepaid expenses and other assets | 37,331 | 26,877 | ' | ' | |
Total assets | 2,372,721 | 2,380,829 | ' | ' | |
Line of credit | 0 | 0 | ' | ' | |
Mortgage notes payable | 0 | 139,600 | ' | ' | |
Unsecured Term Loan | 0 | ' | ' | ' | |
Unsecured notes payable | 0 | 0 | ' | ' | |
Accounts payable and accrued liabilities | 14,582 | 16,312 | ' | ' | |
Construction costs payable | 22,670 | 6,100 | ' | ' | |
Accrued interest payable | 0 | 311 | ' | ' | |
Distribution payable | 0 | 0 | ' | ' | |
Lease contracts below market value, net | 10,530 | 14,022 | ' | ' | |
Prepaid rents and other liabilities | 49,915 | 32,478 | ' | ' | |
Total liabilities | 97,697 | 208,823 | ' | ' | |
Redeemable partnership units | 0 | 0 | ' | ' | |
Commitments and contingencies | 0 | 0 | ' | ' | |
General Partners' Capital | 0 | 0 | ' | ' | |
Total partners’ capital | 2,275,024 | 2,172,006 | ' | ' | |
Total liabilities and stockholders’ equity | 2,372,721 | 2,380,829 | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Subsidiary Non-Guarantors [Member] | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Land | 1,071 | 1,071 | ' | ' | |
Buildings and improvements | 102,572 | 105,185 | ' | ' | |
Income producing property | 103,643 | 106,256 | ' | ' | |
Less: accumulated depreciation | -26,598 | -22,995 | ' | ' | |
Net income producing property | 77,045 | 83,261 | ' | ' | |
Construction in progress and land held for development | 147,664 | 14,401 | ' | ' | |
Net real estate | 224,709 | 97,662 | ' | ' | |
Cash and cash equivalents | 1,611 | 681 | 727 | 704 | |
Rents and other receivables | 4,467 | 1,096 | ' | ' | |
Deferred rent, net | 5,661 | 8,892 | ' | ' | |
Lease contracts above market value, net | 0 | 0 | ' | ' | |
Deferred costs, net | 5,577 | 4,517 | ' | ' | |
Investment in affiliates | 0 | 0 | ' | ' | |
Prepaid expenses and other assets | 4,912 | 1,819 | ' | ' | |
Total assets | 246,937 | 114,667 | ' | ' | |
Line of credit | 0 | 0 | ' | ' | |
Mortgage notes payable | 115,000 | 0 | ' | ' | |
Unsecured Term Loan | 0 | ' | ' | ' | |
Unsecured notes payable | 0 | 0 | ' | ' | |
Accounts payable and accrued liabilities | 5,437 | 2,728 | ' | ' | |
Construction costs payable | 22,774 | 229 | ' | ' | |
Accrued interest payable | 13 | 0 | ' | ' | |
Distribution payable | 0 | 0 | ' | ' | |
Lease contracts below market value, net | 0 | 0 | ' | ' | |
Prepaid rents and other liabilities | 6,616 | 2,993 | ' | ' | |
Total liabilities | 149,840 | 5,950 | ' | ' | |
Redeemable partnership units | 0 | 0 | ' | ' | |
Commitments and contingencies | 0 | 0 | ' | ' | |
General Partners' Capital | 0 | 0 | ' | ' | |
Total partners’ capital | 97,097 | 108,717 | ' | ' | |
Total liabilities and stockholders’ equity | 246,937 | 114,667 | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Eliminations [Member] | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Land | 0 | 0 | ' | ' | |
Buildings and improvements | 0 | 0 | ' | ' | |
Income producing property | 0 | 0 | ' | ' | |
Less: accumulated depreciation | 0 | 0 | ' | ' | |
Net income producing property | 0 | 0 | ' | ' | |
Construction in progress and land held for development | 0 | 0 | ' | ' | |
Net real estate | 0 | 0 | ' | ' | |
Cash and cash equivalents | 0 | 0 | 0 | 0 | |
Rents and other receivables | 0 | 0 | ' | ' | |
Deferred rent, net | 0 | 0 | ' | ' | |
Lease contracts above market value, net | 0 | 0 | ' | ' | |
Deferred costs, net | 0 | 0 | ' | ' | |
Investment in affiliates | -2,372,121 | -2,280,723 | ' | ' | |
Prepaid expenses and other assets | 0 | 0 | ' | ' | |
Total assets | -2,372,121 | -2,280,723 | ' | ' | |
Line of credit | 0 | 0 | ' | ' | |
Mortgage notes payable | 0 | 0 | ' | ' | |
Unsecured Term Loan | 0 | ' | ' | ' | |
Unsecured notes payable | 0 | 0 | ' | ' | |
Accounts payable and accrued liabilities | 0 | 0 | ' | ' | |
Construction costs payable | 0 | 0 | ' | ' | |
Accrued interest payable | 0 | 0 | ' | ' | |
Distribution payable | 0 | 0 | ' | ' | |
Lease contracts below market value, net | 0 | 0 | ' | ' | |
Prepaid rents and other liabilities | 0 | 0 | ' | ' | |
Total liabilities | 0 | 0 | ' | ' | |
Redeemable partnership units | 0 | 0 | ' | ' | |
Commitments and contingencies | 0 | 0 | ' | ' | |
General Partners' Capital | 0 | 0 | ' | ' | |
Total partners’ capital | -2,372,121 | -2,280,723 | ' | ' | |
Total liabilities and stockholders’ equity | -2,372,121 | -2,280,723 | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Series A Preferred Stock [Member] | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Limited Partners' Capital | 185,000 | 185,000 | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Series A Preferred Stock [Member] | Operating Partnership [Member] | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Limited Partners' Capital | 185,000 | 185,000 | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Series A Preferred Stock [Member] | Subsidiary Guarantors [Member] | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Limited Partners' Capital | 0 | 0 | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Series A Preferred Stock [Member] | Subsidiary Non-Guarantors [Member] | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Limited Partners' Capital | 0 | 0 | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Series A Preferred Stock [Member] | Eliminations [Member] | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Limited Partners' Capital | 0 | 0 | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Series B Preferred Stock [Member] | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Limited Partners' Capital | 166,250 | 166,250 | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Series B Preferred Stock [Member] | Operating Partnership [Member] | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Limited Partners' Capital | 166,250 | 166,250 | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Series B Preferred Stock [Member] | Subsidiary Guarantors [Member] | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Limited Partners' Capital | 0 | 0 | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Series B Preferred Stock [Member] | Subsidiary Non-Guarantors [Member] | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Limited Partners' Capital | 0 | 0 | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Series B Preferred Stock [Member] | Eliminations [Member] | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Limited Partners' Capital | 0 | 0 | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Limited partners' common units [Member] | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Limited Partners' Capital | 887,695 | 901,361 | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Limited partners' common units [Member] | Operating Partnership [Member] | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Limited Partners' Capital | 887,695 | 901,361 | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Limited partners' common units [Member] | Subsidiary Guarantors [Member] | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Limited Partners' Capital | 2,275,024 | 2,172,006 | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Limited partners' common units [Member] | Subsidiary Non-Guarantors [Member] | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Limited Partners' Capital | 97,097 | 108,717 | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Limited partners' common units [Member] | Eliminations [Member] | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | |
Limited Partners' Capital | ($2,372,121) | ($2,280,723) | ' | ' | |
[1] | (1)Properties located in Ashburn, VA (ACC7 and ACC8); Piscataway, NJ (NJ1 Phase II), Elk Grove Village, IL (CH2) and Santa Clara, CA (SC1 Phase II and SC2). |
18_Supplemental_Consolidating_3
18. Supplemental Consolidating Financial Data for Subsidiary Guarantors of the Unsecured Notes Supplemental Consolidating Statements of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base rent | ' | ' | ' | ' | ' | ' | ' | ' | $265,695,000 | $236,810,000 | $206,036,000 |
Recoveries from tenants | ' | ' | ' | ' | ' | ' | ' | ' | 104,271,000 | 91,049,000 | 79,118,000 |
Other revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,143,000 | 4,586,000 | 2,287,000 |
Total revenues | 99,444,000 | 96,342,000 | 91,564,000 | 87,759,000 | 85,959,000 | 85,446,000 | 82,658,000 | 78,382,000 | 375,109,000 | 332,445,000 | 287,441,000 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 103,522,000 | 94,646,000 | 80,351,000 |
Real estate taxes and insurance | ' | ' | ' | ' | ' | ' | ' | ' | 14,380,000 | 12,689,000 | 6,392,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 93,058,000 | 89,241,000 | 75,070,000 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 16,261,000 | 17,024,000 | 15,955,000 |
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,650,000 | 6,919,000 | 1,137,000 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 230,871,000 | 220,519,000 | 178,905,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 144,238,000 | 111,926,000 | 108,536,000 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 137,000 | 168,000 | 486,000 |
Interest: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense incurred | ' | ' | ' | ' | ' | ' | ' | ' | -46,443,000 | -47,765,000 | -27,096,000 |
Amortization of deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | -3,349,000 | -3,496,000 | -2,446,000 |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -40,978,000 | 0 | 0 |
Net income | 21,089,000 | -5,958,000 | 21,747,000 | 16,727,000 | 15,703,000 | 16,278,000 | 15,494,000 | 13,358,000 | 53,605,000 | 60,833,000 | 79,480,000 |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -27,245,000 | -27,053,000 | -20,874,000 |
Depreciation | ' | ' | ' | ' | ' | ' | ' | ' | 88,600,000 | 84,600,000 | 70,600,000 |
DuPont Fabros Technology, L.P. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base rent | ' | ' | ' | ' | ' | ' | ' | ' | 265,695,000 | 236,810,000 | 206,036,000 |
Recoveries from tenants | ' | ' | ' | ' | ' | ' | ' | ' | 104,271,000 | 91,049,000 | 79,118,000 |
Other revenues | ' | ' | ' | ' | ' | ' | ' | ' | 5,143,000 | 4,586,000 | 2,287,000 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 375,109,000 | 332,445,000 | 287,441,000 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 103,522,000 | 94,646,000 | 80,351,000 |
Real estate taxes and insurance | ' | ' | ' | ' | ' | ' | ' | ' | 14,380,000 | 12,689,000 | 6,392,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 93,058,000 | 89,241,000 | 75,070,000 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 16,261,000 | 17,024,000 | 15,955,000 |
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 3,650,000 | 6,919,000 | 1,137,000 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 230,871,000 | 220,519,000 | 178,905,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 144,238,000 | 111,926,000 | 108,536,000 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 137,000 | 168,000 | 486,000 |
Interest: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense incurred | ' | ' | ' | ' | ' | ' | ' | ' | -46,443,000 | -47,765,000 | -27,096,000 |
Amortization of deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | -3,349,000 | -3,496,000 | -2,446,000 |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -40,978,000 | 0 | 0 |
Equity in earnings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 53,605,000 | 60,833,000 | 79,480,000 |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -27,245,000 | -27,053,000 | -20,874,000 |
Net Income Loss Available To Common Unit holders Basic | ' | ' | ' | ' | ' | ' | ' | ' | 26,360,000 | 33,780,000 | 58,606,000 |
DuPont Fabros Technology, L.P. [Member] | Operating Partnership [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base rent | ' | ' | ' | ' | ' | ' | ' | ' | 15,301,000 | 13,765,000 | 12,128,000 |
Recoveries from tenants | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 15,301,000 | 13,765,000 | 12,128,000 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 198,000 | 0 | 0 |
Real estate taxes and insurance | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 81,000 | 117,000 | 109,000 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 15,605,000 | 14,531,000 | 14,161,000 |
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 778,000 | 1,437,000 | 108,000 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 16,662,000 | 16,085,000 | 14,378,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -1,361,000 | -2,320,000 | -2,250,000 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | -148,000 | 432,000 | 485,000 |
Interest: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense incurred | ' | ' | ' | ' | ' | ' | ' | ' | -47,343,000 | -47,535,000 | -47,137,000 |
Amortization of deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | -3,054,000 | -2,748,000 | -3,001,000 |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -39,278,000 | ' | ' |
Equity in earnings | ' | ' | ' | ' | ' | ' | ' | ' | 144,789,000 | 113,004,000 | 131,383,000 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 53,605,000 | 60,833,000 | 79,480,000 |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | -27,245,000 | -27,053,000 | -20,874,000 |
Net Income Loss Available To Common Unit holders Basic | ' | ' | ' | ' | ' | ' | ' | ' | 26,360,000 | 33,780,000 | 58,606,000 |
DuPont Fabros Technology, L.P. [Member] | Subsidiary Guarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base rent | ' | ' | ' | ' | ' | ' | ' | ' | 248,719,000 | 218,208,000 | 186,916,000 |
Recoveries from tenants | ' | ' | ' | ' | ' | ' | ' | ' | 94,794,000 | 80,387,000 | 70,651,000 |
Other revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,668,000 | 1,378,000 | 833,000 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 345,181,000 | 299,973,000 | 258,400,000 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 108,536,000 | 97,036,000 | 83,219,000 |
Real estate taxes and insurance | ' | ' | ' | ' | ' | ' | ' | ' | 13,931,000 | 12,167,000 | 5,888,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 88,556,000 | 83,902,000 | 70,478,000 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 97,000 | 128,000 | 140,000 |
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 304,000 | 3,031,000 | 0 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 211,424,000 | 196,264,000 | 159,725,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 133,757,000 | 103,709,000 | 98,675,000 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | 0 | 1,000 |
Interest: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense incurred | ' | ' | ' | ' | ' | ' | ' | ' | 351,000 | -420,000 | 20,024,000 |
Amortization of deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | -167,000 | -760,000 | 554,000 |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | -1,700,000 | ' | ' |
Equity in earnings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 132,261,000 | 102,529,000 | 119,254,000 |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net Income Loss Available To Common Unit holders Basic | ' | ' | ' | ' | ' | ' | ' | ' | 132,261,000 | 102,529,000 | 119,254,000 |
DuPont Fabros Technology, L.P. [Member] | Subsidiary Non-Guarantors [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base rent | ' | ' | ' | ' | ' | ' | ' | ' | 17,126,000 | 18,752,000 | 19,162,000 |
Recoveries from tenants | ' | ' | ' | ' | ' | ' | ' | ' | 9,477,000 | 10,662,000 | 8,467,000 |
Other revenues | ' | ' | ' | ' | ' | ' | ' | ' | 3,613,000 | 3,335,000 | 1,454,000 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 30,216,000 | 32,749,000 | 29,083,000 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property operating costs | ' | ' | ' | ' | ' | ' | ' | ' | 10,227,000 | 11,502,000 | 9,259,000 |
Real estate taxes and insurance | ' | ' | ' | ' | ' | ' | ' | ' | 449,000 | 522,000 | 504,000 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 4,421,000 | 5,222,000 | 4,483,000 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 559,000 | 2,365,000 | 1,654,000 |
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | 2,718,000 | 2,601,000 | 1,072,000 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 18,374,000 | 22,212,000 | 16,972,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 11,842,000 | 10,537,000 | 12,111,000 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense incurred | ' | ' | ' | ' | ' | ' | ' | ' | 814,000 | -74,000 | 17,000 |
Amortization of deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | -128,000 | 12,000 | 1,000 |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Equity in earnings | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 12,528,000 | 10,475,000 | 12,129,000 |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net Income Loss Available To Common Unit holders Basic | ' | ' | ' | ' | ' | ' | ' | ' | 12,528,000 | 10,475,000 | 12,129,000 |
DuPont Fabros Technology, L.P. [Member] | Eliminations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Base rent | ' | ' | ' | ' | ' | ' | ' | ' | -15,451,000 | -13,915,000 | -12,170,000 |
Recoveries from tenants | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other revenues | ' | ' | ' | ' | ' | ' | ' | ' | -138,000 | -127,000 | 0 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | -15,589,000 | -14,042,000 | -12,170,000 |
Expenses: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property operating costs | ' | ' | ' | ' | ' | ' | ' | ' | -15,439,000 | -13,892,000 | -12,127,000 |
Real estate taxes and insurance | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
General and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | -150,000 | -150,000 | -43,000 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -15,589,000 | -14,042,000 | -12,170,000 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 265,000 | -264,000 | 0 |
Interest: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expense incurred | ' | ' | ' | ' | ' | ' | ' | ' | -265,000 | 264,000 | 0 |
Amortization of deferred financing costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Loss on early extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' |
Equity in earnings | ' | ' | ' | ' | ' | ' | ' | ' | -144,789,000 | -113,004,000 | -131,383,000 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | -144,789,000 | -113,004,000 | -131,383,000 |
Preferred stock dividends | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Net Income Loss Available To Common Unit holders Basic | ' | ' | ' | ' | ' | ' | ' | ' | ($144,789,000) | ($113,004,000) | ($131,383,000) |
18_Supplemental_Consolidating_4
18. Supplemental Consolidating Financial Data for Subsidiary Guarantors of the Unsecured Notes Supplemental Consodlidating Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Supplemental Consolidating Statements Of Cash Flows [Line Items] | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | $193,761 | $132,763 | $125,116 |
Investments in real estate – development | -129,332 | -94,753 | -351,090 |
Payments to Acquire Land | -14,186 | -3,830 | -9,507 |
Interest capitalized for real estate under development | -3,774 | -4,434 | -27,024 |
Improvements to real estate | -5,757 | -4,426 | -3,821 |
Additions to non-real estate property | -71 | -57 | -304 |
Net cash used in investing activities | -153,120 | -107,500 | -391,746 |
Proceeds from line of credit | 102,000 | 48,000 | 20,000 |
Repayments of line of credit | -120,000 | -50,000 | 0 |
Proceeds from mortgage notes payable | 115,000 | 0 | 0 |
Lump sum payoffs of mortgage notes payable | -138,300 | 0 | 0 |
Repayments of Secured Debt | -1,300 | -5,200 | -5,200 |
Proceeds from (Repayments of) Restricted Cash, Financing Activities | 0 | 0 | 1,104 |
Proceeds from Issuance of Unsecured Debt | 154,000 | 0 | 0 |
Proceeds from Unsecured Notes Payable | 600,000 | 0 | 0 |
Repayments of Unsecured Debt | -550,000 | 0 | 0 |
Payments of financing costs | -18,200 | -2,109 | -1,338 |
Payments of Debt Extinguishment Costs | -32,544 | 0 | 0 |
Exercises of stock options | 1,711 | 868 | 700 |
Payments for Repurchase of Common Stock | -37,792 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | -25,486 | -16,087 | 54,082 |
Cash and Cash Equivalents, Period Increase (Decrease) | 15,155 | 9,176 | -212,548 |
Cash and cash equivalents, ending | 38,733 | 23,578 | 14,402 |
DuPont Fabros Technology, L.P. [Member] | ' | ' | ' |
Supplemental Consolidating Statements Of Cash Flows [Line Items] | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 193,761 | 132,763 | 125,333 |
Investments in real estate – development | -129,332 | -94,753 | -351,090 |
Payments to Acquire Land | -14,186 | -3,830 | -9,507 |
Investments in affiliates | 0 | 0 | 0 |
Interest capitalized for real estate under development | -3,774 | -4,434 | -27,024 |
Improvements to real estate | -5,757 | -4,426 | -3,821 |
Additions to non-real estate property | -71 | -57 | -304 |
Net cash used in investing activities | -153,120 | -107,500 | -391,746 |
Proceeds from line of credit | 102,000 | 48,000 | 20,000 |
Repayments of line of credit | -120,000 | -50,000 | 0 |
Proceeds from mortgage notes payable | 115,000 | 0 | 0 |
Lump sum payoffs of mortgage notes payable | -138,300 | 0 | 0 |
Repayments of Secured Debt | -1,300 | -5,200 | -5,200 |
Proceeds from (Repayments of) Restricted Cash, Financing Activities | 0 | 0 | 1,104 |
Proceeds from Issuance of Unsecured Debt | 154,000 | 0 | 0 |
Proceeds from Unsecured Notes Payable | 600,000 | 0 | 0 |
Repayments of Unsecured Debt | -550,000 | 0 | 0 |
Payments of financing costs | -18,123 | -2,109 | -1,338 |
Payments of Debt Extinguishment Costs | -32,544 | 0 | 0 |
Proceeds from Issuance of Preferred Limited Partners Units | ' | 62,694 | 97,450 |
Exercises of stock options | 1,711 | 868 | 700 |
Payments for Repurchase of Common Stock | -37,792 | 0 | 0 |
Proceeds from Related Party Debt | ' | 0 | 0 |
Payments of Distributions to Affiliates | -100,061 | -70,331 | -58,634 |
Net Cash Provided by (Used in) Financing Activities | -25,409 | -16,078 | 54,082 |
Cash and Cash Equivalents, Period Increase (Decrease) | 15,232 | 9,185 | -212,331 |
Cash and cash equivalents, ending | 34,514 | 19,282 | 10,097 |
DuPont Fabros Technology, L.P. [Member] | Operating Partnership [Member] | ' | ' | ' |
Supplemental Consolidating Statements Of Cash Flows [Line Items] | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | -48,725 | -49,869 | -49,465 |
Investments in real estate – development | -9 | -26 | 0 |
Payments to Acquire Land | 0 | 0 | 0 |
Investments in affiliates | 62,508 | 69,833 | -221,662 |
Interest capitalized for real estate under development | 0 | 0 | 0 |
Improvements to real estate | 0 | 0 | 0 |
Additions to non-real estate property | -6 | -19 | -67 |
Net cash used in investing activities | 62,493 | 69,788 | -221,729 |
Proceeds from line of credit | 102,000 | 48,000 | 20,000 |
Repayments of line of credit | -120,000 | -50,000 | 0 |
Proceeds from mortgage notes payable | 0 | ' | ' |
Lump sum payoffs of mortgage notes payable | 0 | ' | ' |
Repayments of Secured Debt | 0 | 0 | 0 |
Proceeds from (Repayments of) Restricted Cash, Financing Activities | ' | ' | 0 |
Proceeds from Issuance of Unsecured Debt | 154,000 | ' | ' |
Proceeds from Unsecured Notes Payable | 600,000 | ' | ' |
Repayments of Unsecured Debt | -550,000 | ' | ' |
Payments of financing costs | -16,419 | -2,084 | -203 |
Payments of Debt Extinguishment Costs | -32,544 | ' | ' |
Proceeds from Issuance of Preferred Limited Partners Units | ' | 62,694 | 97,450 |
Exercises of stock options | 1,711 | 868 | 700 |
Payments for Repurchase of Common Stock | -37,792 | ' | ' |
Proceeds from Related Party Debt | ' | 0 | 0 |
Payments of Distributions to Affiliates | -100,061 | -70,331 | -58,634 |
Net Cash Provided by (Used in) Financing Activities | 895 | -10,853 | 59,313 |
Cash and Cash Equivalents, Period Increase (Decrease) | 14,663 | 9,066 | -211,881 |
Cash and cash equivalents, ending | 32,903 | 18,240 | 9,174 |
DuPont Fabros Technology, L.P. [Member] | Subsidiary Guarantors [Member] | ' | ' | ' |
Supplemental Consolidating Statements Of Cash Flows [Line Items] | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 225,903 | 168,236 | 156,885 |
Investments in real estate – development | -50,827 | -84,877 | -342,314 |
Payments to Acquire Land | 0 | -3,830 | 0 |
Investments in affiliates | -28,856 | -65,480 | 221,238 |
Interest capitalized for real estate under development | -1,399 | -4,244 | -27,006 |
Improvements to real estate | -5,513 | -4,395 | -3,821 |
Additions to non-real estate property | -65 | -20 | -224 |
Net cash used in investing activities | -86,660 | -162,846 | -152,127 |
Proceeds from line of credit | 0 | 0 | 0 |
Repayments of line of credit | 0 | 0 | 0 |
Proceeds from mortgage notes payable | 0 | ' | ' |
Lump sum payoffs of mortgage notes payable | -138,300 | ' | ' |
Repayments of Secured Debt | -1,300 | -5,200 | -5,200 |
Proceeds from (Repayments of) Restricted Cash, Financing Activities | ' | ' | 1,104 |
Proceeds from Issuance of Unsecured Debt | 0 | ' | ' |
Proceeds from Unsecured Notes Payable | 0 | ' | ' |
Repayments of Unsecured Debt | 0 | ' | ' |
Payments of financing costs | -4 | -25 | -1,135 |
Payments of Debt Extinguishment Costs | 0 | ' | ' |
Proceeds from Issuance of Preferred Limited Partners Units | ' | 0 | 0 |
Exercises of stock options | 0 | 0 | 0 |
Payments for Repurchase of Common Stock | 0 | ' | ' |
Proceeds from Related Party Debt | ' | 0 | 0 |
Payments of Distributions to Affiliates | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | -139,604 | -5,225 | -5,231 |
Cash and Cash Equivalents, Period Increase (Decrease) | -361 | 165 | -473 |
Cash and cash equivalents, ending | 0 | 361 | 196 |
DuPont Fabros Technology, L.P. [Member] | Subsidiary Non-Guarantors [Member] | ' | ' | ' |
Supplemental Consolidating Statements Of Cash Flows [Line Items] | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 16,583 | 14,396 | 17,913 |
Investments in real estate – development | -78,496 | -9,850 | -8,776 |
Payments to Acquire Land | -14,186 | 0 | -9,507 |
Investments in affiliates | -33,652 | -4,353 | 424 |
Interest capitalized for real estate under development | -2,375 | -190 | -18 |
Improvements to real estate | -244 | -31 | 0 |
Additions to non-real estate property | 0 | -18 | -13 |
Net cash used in investing activities | -128,953 | -14,442 | -17,890 |
Proceeds from line of credit | 0 | 0 | 0 |
Repayments of line of credit | 0 | 0 | 0 |
Proceeds from mortgage notes payable | 115,000 | ' | ' |
Lump sum payoffs of mortgage notes payable | 0 | ' | ' |
Repayments of Secured Debt | 0 | 0 | 0 |
Proceeds from (Repayments of) Restricted Cash, Financing Activities | ' | ' | 0 |
Proceeds from Issuance of Unsecured Debt | 0 | ' | ' |
Proceeds from Unsecured Notes Payable | 0 | ' | ' |
Repayments of Unsecured Debt | 0 | ' | ' |
Payments of financing costs | -1,700 | 0 | 0 |
Payments of Debt Extinguishment Costs | 0 | ' | ' |
Proceeds from Issuance of Preferred Limited Partners Units | ' | 0 | 0 |
Exercises of stock options | 0 | 0 | 0 |
Payments for Repurchase of Common Stock | 0 | ' | ' |
Proceeds from Related Party Debt | ' | 0 | 0 |
Payments of Distributions to Affiliates | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 113,300 | 0 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | 930 | -46 | 23 |
Cash and cash equivalents, ending | 1,611 | 681 | 727 |
DuPont Fabros Technology, L.P. [Member] | Eliminations [Member] | ' | ' | ' |
Supplemental Consolidating Statements Of Cash Flows [Line Items] | ' | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 0 | 0 | 0 |
Investments in real estate – development | 0 | 0 | 0 |
Payments to Acquire Land | 0 | 0 | 0 |
Investments in affiliates | 0 | 0 | 0 |
Interest capitalized for real estate under development | 0 | 0 | 0 |
Improvements to real estate | 0 | 0 | 0 |
Additions to non-real estate property | 0 | 0 | 0 |
Net cash used in investing activities | 0 | 0 | 0 |
Proceeds from line of credit | 0 | 0 | 0 |
Repayments of line of credit | 0 | 0 | 0 |
Proceeds from mortgage notes payable | 0 | ' | ' |
Lump sum payoffs of mortgage notes payable | 0 | ' | ' |
Repayments of Secured Debt | 0 | 0 | 0 |
Proceeds from (Repayments of) Restricted Cash, Financing Activities | ' | ' | 0 |
Proceeds from Issuance of Unsecured Debt | 0 | ' | ' |
Proceeds from Unsecured Notes Payable | 0 | ' | ' |
Repayments of Unsecured Debt | 0 | ' | ' |
Payments of financing costs | 0 | 0 | 0 |
Payments of Debt Extinguishment Costs | 0 | ' | ' |
Proceeds from Issuance of Preferred Limited Partners Units | ' | 0 | 0 |
Exercises of stock options | 0 | 0 | 0 |
Payments for Repurchase of Common Stock | 0 | ' | ' |
Proceeds from Related Party Debt | ' | 0 | 0 |
Payments of Distributions to Affiliates | 0 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 0 | 0 | 0 |
Cash and Cash Equivalents, Period Increase (Decrease) | 0 | 0 | 0 |
Cash and cash equivalents, ending | $0 | $0 | $0 |
Schedule_II_Consolidated_Allow2
Schedule II - Consolidated Allowance for Doubtful Accounts (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Valuation and Qualifying Accounts Disclosure [Line Items] | ' | ' | ' |
Allowance for doubtful accounts, Balance at Beginning of Period | $2,961 | $0 | $0 |
Charges to operations | 739 | 2,961 | 0 |
Net recovery (Deductions) | 0 | 0 | 0 |
Allowance for doubtful accounts, Balance at End of Period | $3,700 | $2,961 | $0 |
Schedule_III_Consolidated_Real2
Schedule III - Consolidated Real Estate and Accumulated Depreciation Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | ||
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate, Federal Income Tax Basis | $2,093,000,000 | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 115,000,000 | |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 122,751,000 | |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,875,481,000 | |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,161,000 | |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 799,617,000 | |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 123,912,000 | |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 2,675,098,000 | |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 2,799,010,000 | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 413,394,000 | |
ACC2 [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,500,000 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 157,100,000 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,993,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,500,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 159,093,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 161,593,000 | [1] |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 43,256,000 | [1] |
Real Estate and Accumulated Depreciation, Year of Construction | '2005 | [1] |
Real Estate And Accumulated Depreciation, Year Acquired | '2001 | [1] |
ACC3 [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 115,000,000 | [2] |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,071,000 | [2] |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | [2] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | [2] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 95,654,000 | [2] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,071,000 | [2] |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 95,654,000 | [2] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 96,725,000 | [2] |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 25,906,000 | [2] |
Real Estate and Accumulated Depreciation, Year of Construction | '2006 | [2] |
Real Estate And Accumulated Depreciation, Year Acquired | '2001 | [2] |
ACC4 [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,600,000 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 506,081,000 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 32,009,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,600,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 538,090,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 544,690,000 | [1] |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 118,589,000 | [1] |
Real Estate and Accumulated Depreciation, Year of Construction | '2007 | [1] |
Real Estate And Accumulated Depreciation, Year Acquired | '2006 | [1] |
ACC5 [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,443,000 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,000 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 298,049,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,443,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 298,092,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 304,535,000 | [1] |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 39,667,000 | [1] |
Real Estate And Accumulated Depreciation, Year Acquired | '2007 | [1] |
ACC6 [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,518,000 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 214,294,000 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 997,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,518,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 215,291,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 220,809,000 | [1] |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 12,715,000 | [1] |
Real Estate And Accumulated Depreciation, Year Acquired | '2007 | [1] |
CH1 [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 22,450,000 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 238,746,000 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,161,000 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 119,759,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 23,611,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 358,505,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 382,116,000 | [1] |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 45,411,000 | [1] |
Real Estate And Accumulated Depreciation, Year Acquired | '2007 | [1] |
NJ1 Phase I [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,311,000 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 191,649,000 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 17,149,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,311,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 208,798,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 213,109,000 | [1] |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 21,867,000 | [1] |
Real Estate And Accumulated Depreciation, Year Acquired | '2007 | [1] |
SC1 Phase I [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 10,102,000 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 221,123,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 10,102,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 221,123,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 231,225,000 | [1] |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 16,197,000 | [1] |
Real Estate And Accumulated Depreciation, Year Acquired | '2007 | [1] |
VA3 [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,000,000 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 172,881,000 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 4,694,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,000,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 177,575,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 186,575,000 | [1] |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 51,087,000 | [1] |
Real Estate And Accumulated Depreciation, Year Acquired | '2003 | [1] |
VA4 [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,800,000 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 140,575,000 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 8,190,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,800,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 148,765,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 155,565,000 | [1] |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 38,699,000 | [1] |
Real Estate and Accumulated Depreciation, Year of Construction | '2005 | [1] |
Real Estate And Accumulated Depreciation, Year Acquired | '2005 | [1] |
Operating Properties [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 115,000,000 | |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 74,795,000 | |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,621,369,000 | |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,161,000 | |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 799,617,000 | |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 75,956,000 | |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 2,420,986,000 | |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 2,496,942,000 | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 413,394,000 | |
SC1 Phase II [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 10,099,000 | |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 99,483,000 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 10,099,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 99,483,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 109,582,000 | [1] |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | [1] |
Real Estate And Accumulated Depreciation, Year Acquired | '2007 | [1] |
ACC7 [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,752,000 | |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 118,355,000 | |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 | |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,752,000 | |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 118,355,000 | |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 128,107,000 | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |
Real Estate And Accumulated Depreciation, Year Acquired | '2011 | |
CH2 [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 14,393,000 | |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,308,000 | |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 | |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 14,393,000 | |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 1,308,000 | |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 15,701,000 | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |
Real Estate And Accumulated Depreciation, Year Acquired | '2013 | |
NJ1 Phase II [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,318,000 | |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,894,000 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,318,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 34,894,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 39,212,000 | [1] |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | [1] |
Real Estate And Accumulated Depreciation, Year Acquired | '2007 | [1] |
ACC8 [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,784,000 | |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 72,000 | |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 | |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,784,000 | |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 72,000 | |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 3,856,000 | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | |
Real Estate And Accumulated Depreciation, Year Acquired | '2007 | |
SC2 [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | [1] |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,610,000 | |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 0 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | [1] |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,610,000 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 0 | [1] |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 5,610,000 | [1] |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | 0 | [1] |
Real Estate And Accumulated Depreciation, Year Acquired | '2007 | [1] |
Development Properties [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Amount of Encumbrances | 0 | |
Real Estate and Accumulated Depreciation, Initial Cost of Land | 47,956,000 | |
Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 254,112,000 | |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |
Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 0 | |
Real Estate and Accumulated Depreciation, Carrying Amount of Land | 47,956,000 | |
Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 254,112,000 | |
Real Estate and Accumulated Depreciation, Carrying Amount of Land and Buildings and Improvements | 302,068,000 | |
Real Estate and Accumulated Depreciation, Accumulated Depreciation | $0 | |
Minimum [Member] | ACC5 [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Year of Construction | '2009 | [1] |
Minimum [Member] | ACC6 [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Year of Construction | '2009 | [1] |
Minimum [Member] | CH1 [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Year of Construction | '2007 | [1] |
Minimum [Member] | NJ1 Phase I [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Year of Construction | '2008 | [1] |
Minimum [Member] | SC1 Phase I [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Year of Construction | '2008 | [1] |
Minimum [Member] | VA3 [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Year of Construction | '2003 | [1] |
Maximum [Member] | ACC5 [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Year of Construction | '2010 | [1] |
Maximum [Member] | ACC6 [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Year of Construction | '2011 | [1] |
Maximum [Member] | CH1 [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Year of Construction | '2008 | [1] |
Maximum [Member] | NJ1 Phase I [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Year of Construction | '2010 | [1] |
Maximum [Member] | SC1 Phase I [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Year of Construction | '2011 | [1] |
Maximum [Member] | VA3 [Member] | ' | |
Real Estate and Accumulated Depreciation [Line Items] | ' | |
Real Estate and Accumulated Depreciation, Year of Construction | '2004 | [1] |
[1] | The subsidiaries that own these data centers and development properties are guarantors of the Company's Unsecured Notes and Unsecured Credit Facility. | |
[2] | The subsidiary that owns this data center is encumbered by the Company's ACC3 Term Loan. |
Schedule_III_Consolidated_Real3
Schedule III - Consolidated Real Estate and Accumulated Depreciation Reconciliation of Real Estate Assets and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ' | ' |
Real estate assets Balance, beginning of period | $2,607,630 | $2,507,381 | $2,167,172 |
Additions - property acquisitions | 14,186 | 3,830 | 9,507 |
Additions - improvements | 177,194 | 96,419 | 330,702 |
Real estate assets Balance, end of period | 2,799,010 | 2,607,630 | 2,507,381 |
Accumulated depreciation Balance, beginning of period | 325,740 | 242,245 | 172,537 |
Additions - depreciation | 87,654 | 83,495 | 69,708 |
Accumulated depreciation Balance, end of period | $413,394 | $325,740 | $242,245 |