Document_and_Entity_Informatio
Document and Entity Information Document | 6 Months Ended | |
Jun. 30, 2014 | Jul. 18, 2014 | |
Entity Information [Line Items] | ' | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
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-Q | ' |
Entity Common Stock, Shares Outstanding | ' | 65,831,672 |
DuPont Fabros Technology, L.P. [Member] | ' | ' |
Entity Information [Line Items] | ' | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
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-Q | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
ASSETS | ' | ' | |
Land | $81,006,000 | $75,956,000 | |
Buildings and improvements | 2,524,016,000 | 2,420,986,000 | |
Income producing property | 2,605,022,000 | 2,496,942,000 | |
Less: accumulated depreciation | -457,696,000 | -413,394,000 | |
Net income producing property | 2,147,326,000 | 2,083,548,000 | |
Construction in progress and land held for development | 310,935,000 | [1] | 302,068,000 |
Net real estate | 2,458,261,000 | 2,385,616,000 | |
Cash and cash equivalents | 56,141,000 | 38,733,000 | |
Rents and other receivables | 10,443,000 | 12,674,000 | |
Deferred rent | 148,022,000 | 150,038,000 | |
Lease contracts above market value, net | 8,604,000 | 9,154,000 | |
Deferred costs, net | 40,140,000 | 39,866,000 | |
Prepaid expenses and other assets | 49,659,000 | 44,507,000 | |
Total assets | 2,771,270,000 | 2,680,588,000 | |
Liabilities: | ' | ' | |
Line of credit | 0 | 0 | |
Mortgage notes payable | 115,000,000 | 115,000,000 | |
Unsecured Term Loan | 250,000,000 | 154,000,000 | |
Unsecured notes payable | 600,000,000 | 600,000,000 | |
Accounts payable and accrued liabilities | 24,089,000 | 23,566,000 | |
Construction costs payable | 25,032,000 | 45,444,000 | |
Accrued interest payable | 10,588,000 | 9,983,000 | |
Dividend and distribution payable | 34,243,000 | 25,971,000 | |
Lease contracts below market value, net | 8,783,000 | 10,530,000 | |
Prepaid rents and other liabilities | 64,058,000 | 56,576,000 | |
Total liabilities | 1,131,793,000 | 1,041,070,000 | |
Redeemable noncontrolling interests - operating partnership | 419,801,000 | 387,244,000 | |
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 | 66,000 | 65,000 | |
Additional paid in capital | 868,360,000 | 900,959,000 | |
Retained earnings (accumulated deficit) | 0 | 0 | |
Total stockholders’ equity | 1,219,676,000 | 1,252,274,000 | |
Total liabilities and stockholders’ equity | 2,771,270,000 | 2,680,588,000 | |
DuPont Fabros Technology, L.P. [Member] | ' | ' | |
ASSETS | ' | ' | |
Land | 81,006,000 | 75,956,000 | |
Buildings and improvements | 2,524,016,000 | 2,420,986,000 | |
Income producing property | 2,605,022,000 | 2,496,942,000 | |
Less: accumulated depreciation | -457,696,000 | -413,394,000 | |
Net income producing property | 2,147,326,000 | 2,083,548,000 | |
Construction in progress and land held for development | 310,935,000 | 302,068,000 | |
Net real estate | 2,458,261,000 | 2,385,616,000 | |
Cash and cash equivalents | 51,923,000 | 34,514,000 | |
Rents and other receivables | 10,443,000 | 12,674,000 | |
Deferred rent | 148,022,000 | 150,038,000 | |
Lease contracts above market value, net | 8,604,000 | 9,154,000 | |
Deferred costs, net | 40,140,000 | 39,866,000 | |
Prepaid expenses and other assets | 49,659,000 | 44,507,000 | |
Total assets | 2,767,052,000 | 2,676,369,000 | |
Liabilities: | ' | ' | |
Line of credit | 0 | 0 | |
Mortgage notes payable | 115,000,000 | 115,000,000 | |
Unsecured Term Loan | 250,000,000 | 154,000,000 | |
Unsecured notes payable | 600,000,000 | 600,000,000 | |
Accounts payable and accrued liabilities | 24,089,000 | 23,566,000 | |
Construction costs payable | 25,032,000 | 45,444,000 | |
Accrued interest payable | 10,588,000 | 9,983,000 | |
Dividend and distribution payable | 34,243,000 | 25,971,000 | |
Lease contracts below market value, net | 8,783,000 | 10,530,000 | |
Prepaid rents and other liabilities | 64,058,000 | 56,576,000 | |
Total liabilities | 1,131,793,000 | 1,041,070,000 | |
Redeemable noncontrolling interests - operating partnership | 419,801,000 | 387,244,000 | |
Redeemable partnership units | 419,801,000 | 387,244,000 | |
Commitments and contingencies | 0 | 0 | |
Stockholders’ equity: | ' | ' | |
Total liabilities and stockholders’ equity | 2,767,052,000 | 2,676,369,000 | |
Partners’ capital: | ' | ' | |
General partner’s capital, common units, 662,373 issued and outstanding at March 31, 2013 and December 31, 2012 | 8,695,000 | 9,110,000 | |
Total partners’ capital | 1,215,458,000 | 1,248,055,000 | |
DuPont Fabros Technology, L.P. [Member] | Series A cumulative redeemable perpetual preferred units [Member] | ' | ' | |
Partners’ capital: | ' | ' | |
Limited partners' capital | 185,000,000 | 185,000,000 | |
DuPont Fabros Technology, L.P. [Member] | Series B cumulative redeemable perpetual preferred units [Member] | ' | ' | |
Partners’ capital: | ' | ' | |
Limited partners' capital | 166,250,000 | 166,250,000 | |
DuPont Fabros Technology, L.P. [Member] | Limited partners' common units [Member] | ' | ' | |
Partners’ capital: | ' | ' | |
Limited partners' capital | $855,513,000 | $887,695,000 | |
[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 IIB and SC2). |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
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 | 65,831,672 | 65,205,274 |
Common stock, shares outstanding | 65,831,672 | 65,205,274 |
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 | 65,169,299 | 64,542,901 |
Limited partners' capital, common units outstanding | 65,169,299 | 64,542,901 |
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 $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Base rent | $70,455 | $65,438 | $139,659 | $129,570 |
Recoveries from tenants | 29,964 | 25,319 | 61,653 | 48,009 |
Other revenues | 1,531 | 807 | 2,725 | 1,744 |
Total revenues | 101,950 | 91,564 | 204,037 | 179,323 |
Expenses: | ' | ' | ' | ' |
Property operating costs | 27,782 | 24,767 | 57,877 | 48,279 |
Real estate taxes and insurance | 3,411 | 3,673 | 6,878 | 7,314 |
Depreciation and amortization | 23,603 | 23,196 | 46,872 | 46,235 |
General and administrative | 3,868 | 4,332 | 8,108 | 8,882 |
Other expenses | 1,599 | 585 | 2,472 | 1,357 |
Total expenses | 60,263 | 56,553 | 122,207 | 112,067 |
Operating income | 41,687 | 35,011 | 81,830 | 67,256 |
Interest income | 39 | 16 | 107 | 53 |
Interest: | ' | ' | ' | ' |
Expense incurred | -7,707 | -12,505 | -15,531 | -25,442 |
Amortization of deferred financing costs | -723 | -775 | -1,466 | -1,693 |
Loss on early extinguishment of debt | -338 | 0 | -338 | -1,700 |
Net (loss) income | 32,958 | 21,747 | 64,602 | 38,474 |
Net loss (income) attributable to redeemable noncontrolling interests – operating partnership | -5,026 | -2,965 | -9,814 | -4,938 |
Net (loss) income attributable to controlling interests | 27,932 | 18,782 | 54,788 | 33,536 |
Preferred stock dividends | -6,811 | -6,811 | -13,622 | -13,622 |
Net (loss) income attributable to common shares | 21,121 | 11,971 | 41,166 | 19,914 |
Earnings per share – basic: | ' | ' | ' | ' |
Net income attributable to common shares | $0.32 | $0.19 | $0.63 | $0.31 |
Weighted average common shares outstanding | 65,486,202 | 64,380,566 | 65,417,615 | 64,733,309 |
Earnings per share – diluted: | ' | ' | ' | ' |
Net income attributable to common shares | $0.32 | $0.18 | $0.63 | $0.30 |
Weighted average common shares outstanding | 65,951,113 | 65,188,907 | 65,887,897 | 65,556,852 |
Dividends declared per common share | $0.35 | $0.25 | $0.70 | $0.45 |
Earnings per unit – diluted: | ' | ' | ' | ' |
Weighted average common units outstanding | 81,064,230 | 80,311,476 | 81,010,515 | 80,781,930 |
DuPont Fabros Technology, L.P. [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Base rent | 70,455 | 65,438 | 139,659 | 129,570 |
Recoveries from tenants | 29,964 | 25,319 | 61,653 | 48,009 |
Other revenues | 1,531 | 807 | 2,725 | 1,744 |
Total revenues | 101,950 | 91,564 | 204,037 | 179,323 |
Expenses: | ' | ' | ' | ' |
Property operating costs | 27,782 | 24,767 | 57,877 | 48,279 |
Real estate taxes and insurance | 3,411 | 3,673 | 6,878 | 7,314 |
Depreciation and amortization | 23,603 | 23,196 | 46,872 | 46,235 |
General and administrative | 3,868 | 4,332 | 8,108 | 8,882 |
Other expenses | 1,599 | 585 | 2,472 | 1,357 |
Total expenses | 60,263 | 56,553 | 122,207 | 112,067 |
Operating income | 41,687 | 35,011 | 81,830 | 67,256 |
Interest income | 39 | 16 | 107 | 53 |
Interest: | ' | ' | ' | ' |
Expense incurred | -7,707 | -12,505 | -15,531 | -25,442 |
Amortization of deferred financing costs | -723 | -775 | -1,466 | -1,693 |
Loss on early extinguishment of debt | -338 | 0 | -338 | -1,700 |
Net (loss) income | 32,958 | 21,747 | 64,602 | 38,474 |
Preferred stock dividends | -6,811 | -6,811 | -13,622 | -13,622 |
Net income attributable to common units | 26,147 | 14,936 | 50,980 | 24,852 |
Earnings per unit – basic: | ' | ' | ' | ' |
Net income attributable to common units | $0.32 | $0.19 | $0.63 | $0.31 |
Weighted average common units outstanding | 81,064,230 | 80,311,476 | 81,010,515 | 80,781,930 |
Earnings per unit – diluted: | ' | ' | ' | ' |
Net income attributable to common units | $0.32 | $0.18 | $0.63 | $0.30 |
Weighted average common units outstanding | 81,529,141 | 81,119,817 | 81,480,797 | 81,605,473 |
Distributions declared per unit | $0.35 | $0.25 | $0.70 | $0.45 |
Unsecured Credit Facility [Member] | ' | ' | ' | ' |
Interest: | ' | ' | ' | ' |
Loss on early extinguishment of debt | ($300) | ' | ' | ' |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | PreferredStock/Units [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
In Thousands, except Share data | |||||
Balance at Dec. 31, 2013 | $1,252,274 | $351,250 | $65 | $900,959 | $0 |
Balance, shares at Dec. 31, 2013 | 65,205,274 | ' | ' | ' | ' |
Net income attributable to controlling interests | 54,788 | ' | ' | ' | 54,788 |
Dividends declared on common stock | -46,073 | ' | ' | -4,907 | -41,166 |
Dividends earned on preferred stock | -13,622 | ' | ' | 0 | -13,622 |
Redemption of operating partnership units | 2,400 | ' | 0 | 2,400 | ' |
Redemption of operating partnership units, shares | 100,300 | ' | ' | ' | ' |
Issuance of stock awards | 360 | ' | 0 | 360 | ' |
Issuance of stock awards, shares | 160,519 | ' | ' | ' | ' |
Stock option exercises | 3,457 | ' | 1 | 3,456 | ' |
Stock option exercises, shares | 409,134 | ' | ' | ' | ' |
Retirement and forfeiture of stock awards | -1,153 | ' | 0 | -1,153 | ' |
Retirement and forfeiture of stock awards, shares | -43,555 | ' | ' | ' | ' |
Amortization of deferred compensation costs | 3,292 | ' | ' | 3,292 | ' |
Adjustments to redeemable noncontrolling interests – operating partnership | -36,047 | ' | ' | -36,047 | ' |
Balance at Jun. 30, 2014 | $1,219,676 | $351,250 | $66 | $868,360 | $0 |
Balance, shares at Jun. 30, 2014 | 65,831,672 | ' | ' | ' | ' |
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, 2013 | ' | $1,248,055 | $351,250 | $887,695 | $9,110 |
Balance, units at Dec. 31, 2013 | ' | ' | ' | 64,542,901 | 662,373 |
Net income | 64,602 | 64,602 | ' | 63,952 | 650 |
Common unit distributions | ' | -56,977 | ' | -56,513 | -464 |
Preferred unit distributions | ' | -13,622 | ' | -13,485 | -137 |
Redemption of operating partnership units, shares | 100,300 | 100,300 | ' | 100,300 | ' |
Redemption of operating partnership units | 2,400 | 2,400 | ' | 2,400 | ' |
Issuance of OP units for stock awards, units | ' | ' | ' | 160,519 | ' |
Issuance of OP units for stock awards | ' | 360 | ' | 360 | ' |
Issuance of OP units for stock option exercises | ' | ' | ' | 409,134 | ' |
Partners' Capital Account, Option Exercise | ' | 3,457 | ' | 3,457 | ' |
Retirement and forfeiture of OP units, units | ' | ' | ' | -43,555 | ' |
Retirement and forfeiture of OP units | ' | -1,153 | ' | -1,153 | ' |
Amortization of deferred compensation costs | 3,292 | 3,292 | ' | 3,292 | ' |
Adjustments to redeemable partnership units | ' | -34,956 | ' | -34,492 | -464 |
Balance at Jun. 30, 2014 | ' | 1,215,458 | 351,250 | 855,513 | 8,695 |
Balance, units at Jun. 30, 2014 | ' | ' | ' | 65,169,299 | 662,373 |
Balance at Mar. 31, 2014 | ' | ' | ' | ' | ' |
Net income | 32,958 | 32,958 | ' | ' | ' |
Balance at Jun. 30, 2014 | ' | $1,215,458 | $351,250 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flow from operating activities | ' | ' |
Net income | $64,602 | $38,474 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' |
Depreciation and amortization | 46,872 | 46,235 |
Write off of Deferred Debt Issuance Cost | 338 | 1,700 |
Straight line rent | 2,016 | -6,654 |
Amortization of deferred financing costs | -1,466 | -1,693 |
Amortization of lease contracts above and below market value | -1,197 | -1,195 |
Compensation paid with Company common shares | 3,100 | 3,515 |
Changes in operating assets and liabilities | ' | ' |
Rents and other receivables | 2,231 | -3,219 |
Deferred costs | -442 | -205 |
Prepaid expenses and other assets | -6,229 | -10,650 |
Accounts payable and accrued liabilities | -994 | 2,260 |
Accrued interest payable | 605 | -254 |
Prepaid rents and other liabilities | 6,260 | 14,087 |
Net cash provided by operating activities | 118,628 | 85,787 |
Cash flow from investing activities | ' | ' |
Investments in real estate – development | -128,068 | -20,516 |
Interest capitalized for real estate under development | -6,163 | -504 |
Improvements to real estate | -1,020 | -4,357 |
Additions to non-real estate property | -283 | -24 |
Net cash used in investing activities | -135,534 | -25,401 |
Line of credit: | ' | ' |
Proceeds | 0 | 72,000 |
Repayments | 0 | -30,000 |
Mortgage notes payable: | ' | ' |
Proceeds | 0 | 115,000 |
Lump sum payoffs | 0 | -138,300 |
Repayments | 0 | -1,300 |
Unsecured term loan: | ' | ' |
Proceeds | 96,000 | 0 |
Payments of financing costs | -2,816 | -3,036 |
Exercises of stock options | 3,457 | 0 |
Payments for Repurchase of Common Stock | 0 | -37,792 |
Dividends and distributions: | ' | ' |
Common shares | -39,333 | -25,597 |
Preferred shares | -13,622 | -13,622 |
Redeemable noncontrolling interests – operating partnership | -9,372 | -6,944 |
Net cash provided by financing activities | 34,314 | -69,591 |
Net increase (decrease) in cash and cash equivalents | 17,408 | -9,205 |
Cash and cash equivalents, beginning | 38,733 | 23,578 |
Cash and cash equivalents, ending | 56,141 | 14,373 |
Supplemental information: | ' | ' |
Cash paid for interest | 21,089 | 26,200 |
Deferred financing costs capitalized for real estate under development | 354 | 34 |
Construction costs payable capitalized for real estate under development | 25,032 | 5,762 |
Redemption of operating partnership units | 2,400 | 69,900 |
Adjustments to redeemable noncontrolling interests – operating partnership | 36,047 | 2,111 |
DuPont Fabros Technology, L.P. [Member] | ' | ' |
Cash flow from operating activities | ' | ' |
Net income | 64,602 | 38,474 |
Adjustments to reconcile net income to net cash provided by operating activities | ' | ' |
Depreciation and amortization | 46,872 | 46,235 |
Write off of Deferred Debt Issuance Cost | 338 | 1,700 |
Straight line rent | 2,016 | -6,654 |
Amortization of deferred financing costs | -1,466 | -1,693 |
Amortization of lease contracts above and below market value | -1,197 | -1,195 |
Compensation paid with Company common shares | 3,100 | 3,515 |
Changes in operating assets and liabilities | ' | ' |
Rents and other receivables | 2,231 | -3,219 |
Deferred costs | -442 | -205 |
Prepaid expenses and other assets | -6,229 | -10,650 |
Accounts payable and accrued liabilities | -993 | 2,260 |
Accrued interest payable | 605 | -254 |
Prepaid rents and other liabilities | 6,260 | 14,087 |
Net cash provided by operating activities | 118,629 | 85,787 |
Cash flow from investing activities | ' | ' |
Investments in real estate – development | -128,068 | -20,516 |
Interest capitalized for real estate under development | -6,163 | -504 |
Improvements to real estate | -1,020 | -4,357 |
Additions to non-real estate property | -283 | -24 |
Net cash used in investing activities | -135,534 | -25,401 |
Line of credit: | ' | ' |
Proceeds | 0 | 72,000 |
Repayments | 0 | -30,000 |
Mortgage notes payable: | ' | ' |
Proceeds | 0 | 115,000 |
Lump sum payoffs | 0 | -138,300 |
Repayments | 0 | -1,300 |
Unsecured term loan: | ' | ' |
Proceeds | 96,000 | 0 |
Payments of financing costs | -2,816 | -3,036 |
Exercises of stock options | 3,457 | 0 |
Payments for Repurchase of Common Stock | 0 | -37,792 |
Distributions | -62,327 | -46,163 |
Dividends and distributions: | ' | ' |
Net cash provided by financing activities | 34,314 | -69,591 |
Net increase (decrease) in cash and cash equivalents | 17,409 | -9,205 |
Cash and cash equivalents, beginning | 34,514 | 19,282 |
Cash and cash equivalents, ending | 51,923 | 10,077 |
Supplemental information: | ' | ' |
Cash paid for interest | 21,089 | 26,200 |
Deferred financing costs capitalized for real estate under development | 354 | 34 |
Construction costs payable capitalized for real estate under development | 25,032 | 5,762 |
Redemption of operating partnership units | 2,400 | 69,900 |
Adjustments to redeemable noncontrolling interests – operating partnership | $34,956 | $112 |
1_Description_of_Business
1. Description of Business | 6 Months Ended | |
Jun. 30, 2014 | ||
Description of Business [Abstract] | ' | |
Nature of Operations [Text Block] | ' | |
Description of Business | ||
DuPont Fabros Technology, Inc. (“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 June 30, 2014, owned 80.9% 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 June 30, 2014 the Company holds 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 and IIA; | |
• | three data centers currently under development – ACC7 Phase I, SC1 Phase IIB and CH2 Phase I; | |
• | data center projects available for future development – ACC7 Phases II-IV, CH2 Phases II-III and NJ1 Phase II; and | |
• | land that may be used to develop additional data centers – ACC8 and SC2. | |
ACC7 Phase I was placed into service in July 2014. |
2_Significant_Accounting_Polic
2. Significant Accounting Policies | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Significant Accounting Policies [Text Block] | ' | |||||||||||||||
Significant Accounting Policies | ||||||||||||||||
Basis of Presentation | ||||||||||||||||
This report combines the quarterly reports on Form 10-Q for the quarter ended June 30, 2014 of DuPont Fabros Technology, Inc. and DuPont Fabros Technology, L.P. References to “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 June 30, 2014 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 unaudited consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. All significant intercompany accounts and transactions have been eliminated in the accompanying consolidated financial statements. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the full year. These consolidated financial statements should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained elsewhere in this Form 10-Q and the audited financial statements and accompanying notes for the year ended December 31, 2013 contained in our Annual Report on Form 10-K, which contains a complete listing of our significant accounting policies. | ||||||||||||||||
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. GAAP 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 | ||||||||||||||||
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 $22.5 million and $22.0 million for the three months ended June 30, 2014 and 2013, respectively, and $44.7 million and $44.2 million for the six months ended June 30, 2014 and 2013, respectively. Included in these amounts is amortization expense related to tenant origination costs, which was $0.8 million for each of the three months ended June 30, 2014 and 2013, respectively, and $1.6 million for each of the six months ended June 30, 2014 and 2013, 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 our assets on a property-by-property basis. No impairment losses were recorded during the six months ended June 30, 2014 and 2013. | ||||||||||||||||
Deferred Costs | ||||||||||||||||
Deferred costs, net in our accompanying 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 May 2014, we amended our unsecured revolving credit facility ("Unsecured Credit Facility"), which, due to the change in composition of lenders comprising the Unsecured Credit Facility's bank group, resulted in the partial write-off of unamortized deferred financing costs totaling $0.3 million. In March 2013, we paid off the $138.3 million balance of the term loan facility (the “ACC5 Term Loan”), which resulted in a write-off of $1.7 million of unamortized deferred financing costs. | ||||||||||||||||
Balances, net of accumulated amortization, at June 30, 2014 and December 31, 2013 were as follows (in thousands): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Financing costs | $ | 24,620 | $ | 22,756 | ||||||||||||
Accumulated amortization | (5,217 | ) | (4,013 | ) | ||||||||||||
Financing costs, net | $ | 19,403 | $ | 18,743 | ||||||||||||
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 $1.5 million and $0.1 million for the three months ended June 30, 2014 and 2013, respectively, and $1.6 million and $0.2 million for the six months ended June 30, 2014 and 2013. All of these costs were incurred in connection with the execution of new leases. Amortization of deferred leasing costs totaled $1.0 million and $0.9 million for the three months ended June 30, 2014 and 2013, respectively, and $2.0 million and $1.9 million for the six months ended June 30, 2014 and 2013, respectively. Balances, net of accumulated amortization, at June 30, 2014 and December 31, 2013 were as follows (in thousands): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Leasing costs | $ | 49,804 | $ | 48,312 | ||||||||||||
Accumulated amortization | (29,067 | ) | (27,189 | ) | ||||||||||||
Leasing costs, net | $ | 20,737 | $ | 21,123 | ||||||||||||
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 June 30, 2014 and December 31, 2013, the fuel inventory was $4.0 million and is included in prepaid expenses and other assets in the accompanying consolidated balance sheets. | ||||||||||||||||
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 in the accompanying 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 June 30, 2014 and December 31, 2013 were as follows (in thousands): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Lease contracts above market value | $ | 23,100 | $ | 23,100 | ||||||||||||
Accumulated amortization | (14,496 | ) | (13,946 | ) | ||||||||||||
Lease contracts above market value, net | $ | 8,604 | $ | 9,154 | ||||||||||||
Lease contracts below market value | $ | 39,375 | $ | 39,375 | ||||||||||||
Accumulated amortization | (30,592 | ) | (28,845 | ) | ||||||||||||
Lease contracts below market value, net | $ | 8,783 | $ | 10,530 | ||||||||||||
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 June 30, 2014 and December 31, 2013, we had reserves against rents and other receivables of $1.6 million. 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 June 30, 2014 and December 31, 2013, 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 principal amount of the note. The note balance was $5.8 million and $5.7 million as of June 30, 2014 and December 31, 2013, respectively, which is recorded within rents and other receivables, net in the accompanying consolidated balance sheets. | ||||||||||||||||
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 accompanying consolidated statements of operations in the period the applicable expenditures are incurred. Most of 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 accompanying 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. | ||||||||||||||||
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 DFT 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 six months ended June 30, 2014 (dollars in thousands): | ||||||||||||||||
OP Units | ||||||||||||||||
Number | Amount | |||||||||||||||
Balance at December 31, 2013 | 15,671,537 | $ | 387,244 | |||||||||||||
Net income attributable to redeemable noncontrolling interests – operating partnership | — | 9,814 | ||||||||||||||
Distributions declared | — | (10,904 | ) | |||||||||||||
Redemption of operating partnership units | (100,300 | ) | (2,400 | ) | ||||||||||||
Adjustments to redeemable noncontrolling interests – operating partnership | — | 36,047 | ||||||||||||||
Balance at June 30, 2014 | 15,571,237 | $ | 419,801 | |||||||||||||
The following is a summary of activity for redeemable partnership units for the six months ended June 30, 2014 (dollars in thousands): | ||||||||||||||||
OP Units | ||||||||||||||||
Number | Amount | |||||||||||||||
Balance at December 31, 2013 | 15,671,537 | $ | 387,244 | |||||||||||||
Redemption of operating partnership units | (100,300 | ) | (2,400 | ) | ||||||||||||
Adjustments to redeemable partnership units | — | 34,957 | ||||||||||||||
Balance at June 30, 2014 | 15,571,237 | $ | 419,801 | |||||||||||||
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 three and six months ended June 30, 2014 and 2013 (dollars in thousands): | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to controlling interests | $ | 27,932 | $ | 18,782 | $ | 54,788 | $ | 33,536 | ||||||||
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 | (45,081 | ) | 1,900 | (33,647 | ) | 67,789 | ||||||||||
$ | (17,149 | ) | $ | 20,682 | $ | 21,141 | $ | 101,325 | ||||||||
Earnings Per Share of DFT | ||||||||||||||||
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. | ||||||||||||||||
Recently Issued Accounting Pronouncements | ||||||||||||||||
In May 2014, the Financial Accounting Standards Board issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under GAAP. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. We will be required to apply the new standard in the first quarter of 2017 and are assessing whether the new standard will have a material effect on our financial position or results of operations. | ||||||||||||||||
Reclassifications | ||||||||||||||||
Certain amounts from the prior year have been reclassified for consistency with the current year presentation. For the three and six months June 30, 2013, we have reclassified the management fee that we collect from customers from "Recoveries from Tenants" to "Base Rent" in our accompanying consolidated statements of operations totaling $3.7 million and $7.4 million, respectively. |
3_Real_Estate_Assets
3. Real Estate Assets | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||||
Real Estate Disclosure [Text Block] | ' | ||||||||||||||||||
Real Estate Assets | |||||||||||||||||||
The following is a summary of our properties as of June 30, 2014 (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 | 95,860 | — | 96,931 | ||||||||||||||
ACC4 | Ashburn, VA | 6,600 | 538,419 | — | 545,019 | ||||||||||||||
ACC5 | Ashburn, VA | 6,443 | 298,574 | — | 305,017 | ||||||||||||||
ACC6 | Ashburn, VA | 5,518 | 216,697 | — | 222,215 | ||||||||||||||
VA3 | Reston, VA | 9,000 | 177,960 | — | 186,960 | ||||||||||||||
VA4 | Bristow, VA | 6,800 | 148,765 | — | 155,565 | ||||||||||||||
CH1 | Elk Grove Village, IL | 23,611 | 358,167 | — | 381,778 | ||||||||||||||
NJ1 Phase I | Piscataway, NJ | 4,311 | 209,169 | — | 213,480 | ||||||||||||||
SC1 Phase I and IIA | Santa Clara, CA | 15,152 | 321,312 | — | 336,464 | ||||||||||||||
81,006 | 2,524,016 | — | 2,605,022 | ||||||||||||||||
Construction in progress and land held for development | (1 | ) | — | — | 310,935 | 310,935 | |||||||||||||
$ | 81,006 | $ | 2,524,016 | $ | 310,935 | $ | 2,915,957 | ||||||||||||
-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 IIB and SC2). |
4_Debt
4. Debt | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||
Debt Disclosure [Text Block] | ' | ||||||||||||||||||||
Debt | |||||||||||||||||||||
Debt Summary as of June 30, 2014 and December 31, 2013 | |||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||
Amounts | % of Total | Rates | Maturities | Amounts | |||||||||||||||||
(years) | |||||||||||||||||||||
Secured | $ | 115,000 | 12 | % | 1.7 | % | 3.7 | $ | 115,000 | ||||||||||||
Unsecured | 850,000 | 88 | % | 4.7 | % | 6.5 | 754,000 | ||||||||||||||
Total | $ | 965,000 | 100 | % | 4.3 | % | 6.1 | $ | 869,000 | ||||||||||||
Fixed Rate Debt: | |||||||||||||||||||||
Unsecured Notes due 2021 | $ | 600,000 | 62 | % | 5.9 | % | 7.2 | $ | 600,000 | ||||||||||||
Fixed Rate Debt | 600,000 | 62 | % | 5.9 | % | 7.2 | 600,000 | ||||||||||||||
Floating Rate Debt: | |||||||||||||||||||||
Unsecured Credit Facility | — | — | — | 3.9 | — | ||||||||||||||||
Unsecured Term Loan | 250,000 | 26 | % | 1.9 | % | 4.6 | 154,000 | ||||||||||||||
ACC3 Term Loan | 115,000 | 12 | % | 1.7 | % | 3.7 | 115,000 | ||||||||||||||
Floating Rate Debt | 365,000 | 38 | % | 1.8 | % | 4.4 | 269,000 | ||||||||||||||
Total | $ | 965,000 | 100 | % | 4.3 | % | 6.1 | $ | 869,000 | ||||||||||||
Outstanding Indebtedness | |||||||||||||||||||||
ACC3 Term Loan | |||||||||||||||||||||
On May 9, 2014, we amended our $115 million term loan facility (the “ACC3 Term Loan”) to, among other things, reduce the rate at which borrowings will bear interest. Per the amendment, the borrower, one of our subsidiaries, may elect to have borrowings under the facility bear interest at (i) LIBOR plus 1.55% (in lieu of the original margin of 1.85%) or (ii) a base rate, which is based on the lender's prime rate, plus 0.55% (in lieu of the original margin of 0.85%). The interest rate is currently at LIBOR plus 1.55%. The ACC3 Term Loan matures on March 27, 2018, and we may prepay the ACC3 Term Loan at any time, in whole or in part, without penalty or premium. | |||||||||||||||||||||
The ACC3 Term 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 June 30, 2014. | |||||||||||||||||||||
Unsecured Term Loan | |||||||||||||||||||||
On September 13, 2013, the Operating Partnership entered into a $195.0 million unsecured term loan facility (the "Unsecured Term Loan"). The Unsecured Term Loan matures on February 15, 2019, with no extension option. | |||||||||||||||||||||
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. As of December 31, 2013 we had drawn $154.0 million under this loan and the remaining $96.0 million was advanced on January 10, 2014. | |||||||||||||||||||||
Under the terms of the Unsecured Term 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 June 30, 2014, 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. | |||||||||||||||||||||
In July 2014, we executed an amendment to our Unsecured Term Loan that reduced the interest rate and extended the maturity date to July 21, 2019. | |||||||||||||||||||||
Under the terms of the amendment, 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% | 1.5 | % | 0.5 | % | ||||||||||||||||
Level 2 | Greater than 35% but less than or equal to 40% | 1.6 | % | 0.6 | % | ||||||||||||||||
Level 3 | Greater than 40% but less than or equal to 45% | 1.75 | % | 0.75 | % | ||||||||||||||||
Level 4 | Greater than 45% but less than or equal to 52.5% | 1.9 | % | 0.9 | % | ||||||||||||||||
Level 5 | Greater than 52.5% | 2.1 | % | 1.1 | % | ||||||||||||||||
The applicable margin is currently set at pricing level 1. The terms of the amendment 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 | 0.825 | % | 0 | % | ||||||||||||||||
Level 2 | Greater than or equal to BBB+ by S&P or Baa1 by Moody’s | 0.875 | % | 0 | % | ||||||||||||||||
Level 3 | Greater than or equal to BBB by S&P or Baa2 by Moody’s | 1 | % | 0 | % | ||||||||||||||||
Level 4 | Greater than or equal to BBB- by S&P or Baa3 by Moody’s | 1.25 | % | 0.25 | % | ||||||||||||||||
Level 5 | Less than BBB- by S&P or Baa3 by Moody’s | 1.65 | % | 0.65 | % | ||||||||||||||||
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 June 30, 2014. | |||||||||||||||||||||
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"). The Unsecured Notes due 2021 were issued at face value and mature on September 15, 2021. We pay interest on the Unsecured Notes due 2021 semi-annually, in arrears, on March 15th and September 15th of each year. | |||||||||||||||||||||
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 parcel of land (collectively, the “Subsidiary Guarantors”), but excluding the subsidiaries that own the ACC3 data center facility, the ACC7 and CH2 data centers under development, the ACC8 parcel 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 due 2021. 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, the Operating Partnership 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 Unsecured Notes due 2021 may be redeemed at the Operating Partnership's 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 governing the Unsecured Notes due 2021) 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 June 30, 2014. | |||||||||||||||||||||
Unsecured Credit Facility | |||||||||||||||||||||
On May 13, 2014, we amended our Unsecured Credit Facility, resulting in an increase in total commitment from $400 million to $560 million and a reduction of the rate at which borrowings will bear interest. The fifth amendment also provided us with the ability to, at our option, increase the total commitment under the facility to $800 million, if one or more lenders commit to being a lender for the additional amount and certain other customary conditions are met. The amendment also extended the maturity date from March 21, 2016 to May 13, 2018, with a one-year extension option, subject to the payment of an extension fee equal to 15 basis points on the total commitment in effect on such initial maturity date and certain other customary conditions. Because the composition of lenders comprising our bank group changed in conjunction with executing the amendment, we incurred a partial write-off of unamortized deferred financing costs related to the Unsecured Credit Facility totaling $0.3 million. | |||||||||||||||||||||
Under the terms of the amended 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% | 1.55 | % | 0.55 | % | ||||||||||||||||
Level 2 | Greater than 35% but less than or equal to 40% | 1.65 | % | 0.65 | % | ||||||||||||||||
Level 3 | Greater than 40% but less than or equal to 45% | 1.8 | % | 0.8 | % | ||||||||||||||||
Level 4 | Greater than 45% but less than or equal to 52.5% | 1.95 | % | 0.95 | % | ||||||||||||||||
Level 5 | Greater than 52.5% | 2.15 | % | 1.15 | % | ||||||||||||||||
As of June 30, 2014, 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 fifth amendment 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 | 0.875 | % | 0 | % | ||||||||||||||||
Level 2 | Greater than or equal to BBB+ by S&P or Baa1 by Moody’s | 0.925 | % | 0 | % | ||||||||||||||||
Level 3 | Greater than or equal to BBB by S&P or Baa2 by Moody’s | 1.05 | % | 0.05 | % | ||||||||||||||||
Level 4 | Greater than or equal to BBB- by S&P or Baa3 by Moody’s | 1.3 | % | 0.3 | % | ||||||||||||||||
Level 5 | Less than BBB- by S&P or Baa3 by Moody’s | 1.7 | % | 0.7 | % | ||||||||||||||||
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 June 30, 2014, a letter of credit totaling less than $0.1 million was outstanding under the facility. There were no borrowings outstanding. | |||||||||||||||||||||
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 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 June 30, 2014. | |||||||||||||||||||||
Indebtedness Retired During 2013 | |||||||||||||||||||||
ACC5 Term Loan | |||||||||||||||||||||
On December 2, 2009, we entered into the $150 million ACC5 Term Loan. In March 2013, we paid off the $138.3 million remaining balance of the ACC5 Term Loan which 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% unsecured 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%. Under the early deadline for this offer, $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. 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 $1.6 million. | |||||||||||||||||||||
A summary of our debt maturity schedule as of June 30, 2014 is as follows: | |||||||||||||||||||||
Debt Maturity as of June 30, 2014 | |||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||
Year | Fixed Rate | Floating Rate | Total | % of Total | Rates | ||||||||||||||||
2014 | — | — | — | — | — | ||||||||||||||||
2015 | — | — | — | — | — | ||||||||||||||||
2016 | — | 3,750 | -2 | 3,750 | 0.4 | % | 1.7 | % | |||||||||||||
2017 | — | 8,750 | -2 | 8,750 | 0.9 | % | 1.7 | % | |||||||||||||
2018 | — | 102,500 | -2 | 102,500 | 10.6 | % | 1.7 | % | |||||||||||||
2019 | — | 250,000 | -3 | 250,000 | 25.9 | % | 1.9 | % | |||||||||||||
2020 | — | — | — | — | — | ||||||||||||||||
2021 | 600,000 | -1 | — | 600,000 | 62.2 | % | 5.9 | % | |||||||||||||
Total | $ | 600,000 | $ | 365,000 | $ | 965,000 | 100 | % | 4.3 | % | |||||||||||
-1 | The 5.875% Unsecured Notes Unsecured Notes mature on 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 Unsecured Term Loan matures on July 21, 2019 with no extension option. |
5_Commitments_and_Contingencie
5. Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
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, SC1 Phase IIA, SC1 Phase IIB and CH2 Phase I data centers were in place as of June 30, 2014. 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 June 30, 2014 the ACC7 Phase I control estimate was $160.1 million of which $150.9 million had been incurred. An additional $6.5 million has been committed under this contract as of June 30, 2014. As of June 30, 2014, the SC1 Phase IIA control estimate was $96.6 million of which $92.5 million has been incurred. An additional $2.2 million has been committed under this contract as of June 30, 2014. As of June 30, 2014, the SC1 Phase IIB control estimate was $50.0 million of which $7.0 million has been incurred. An additional $18.1 million has been committed under this contract as of June 30, 2014. As of June 30, 2014, the CH2 Phase I control estimate was $168.9 million of which $4.2 million has been incurred. An additional $27.8 million has been committed under this contract as of June 30, 2014. | |
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 increases 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 $100 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. |
6_Redeemable_noncontrolling_in
6. Redeemable noncontrolling interests operating partnership / Redeemable partnership units | 6 Months Ended |
Jun. 30, 2014 | |
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 in DFT’s consolidated balance sheets, represent the OP units held by individuals and entities other than DFT. These interests are also presented in 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 DFT refers equally to redeemable partnership units of the Operating Partnership. | |
The redemption value of redeemable noncontrolling interests – operating partnership as of June 30, 2014 and December 31, 2013 was $419.8 million and $387.2 million, respectively, based on the closing share price of DFT’s common stock of $26.96 and $24.71, 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 six months ended June 30, 2014, OP unitholders redeemed a total of 100,300 OP units in exchange for an equal number of shares of common stock. See Note 2. |
7_Preferred_Stock
7. Preferred Stock | 6 Months Ended | |
Jun. 30, 2014 | ||
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 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. | ||
In 2014, 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: | ||
• | $0.4921875 per share payable to stockholders of record as of April 4, 2014. This dividend was paid on April 15, 2014. | |
• | $0.4921875 per share payable to stockholders of record as of July 3, 2014. This dividend was paid on July 15, 2014. | |
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. | ||
In 2014, 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: | ||
• | $0.4765625 per share payable to stockholders of record as of April 4, 2014. This dividend was paid on April 15, 2014. | |
• | $0.4765625 per share payable to stockholders of record as of July 3, 2014. This dividend was paid on July 15, 2014. |
8_Stockholders_Equity_of_the_R
8. Stockholders Equity of the REIT and Partners Capital of the OP | 6 Months Ended | |
Jun. 30, 2014 | ||
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 DFT and Partners’ Capital of the OP | ||
In 2014, DFT declared and paid the following cash dividends per share on its common stock, of which the OP paid equivalent distributions on OP units: | ||
• | $0.35 per share payable to stockholders of record as of April 4, 2014. This dividend was paid on April 15, 2014. | |
• | $0.35 per share payable to stockholders of record as of July 3, 2014. This dividend was paid on July 15, 2014. | |
In 2013, the Board of Directors approved a common stock repurchase program that commenced in November 2013 and expires on December 31, 2014. During the six months ended June 30, 2014, DFT repurchased no shares of its common stock and $122.2 million is still available for repurchase under the program. |
9_Equity_Compensation_Plan
9. Equity Compensation Plan | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
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 June 30, 2014, 2,152,534 share equivalents were issued under the 2011 Plan, and the maximum aggregate amount of share equivalents remaining available for future issuance was 4,147,466. | |||||||||||||
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, 2013 | 303,964 | $ | 22.89 | ||||||||||
Granted | 146,940 | $ | 25.58 | ||||||||||
Vested | (119,251 | ) | $ | 23.02 | |||||||||
Forfeited | (610 | ) | $ | 23.52 | |||||||||
Unvested balance at June 30, 2014 | 331,043 | $ | 24.04 | ||||||||||
During the six months ended June 30, 2014, we issued 146,940 shares of restricted stock, which had an aggregate value of $3.8 million on the grant date. This amount will be amortized to expense over the respective vesting periods, which are typically three years. Also during the six months ended June 30, 2014, 119,251 shares of restricted stock vested at a value of $3.2 million on the respective vesting dates. | |||||||||||||
As of June 30, 2014, total unearned compensation on restricted stock was $6.7 million, and the weighted average vesting period was 1.6 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. During the six months ended June 30, 2014, no options were granted to employees. | |||||||||||||
A summary of our stock option activity under the applicable equity incentive plan for the six months ended June 30, 2014 is presented in the tables below. | |||||||||||||
Number of | Weighted Average | ||||||||||||
Options | Exercise Price | ||||||||||||
Under option, December 31, 2013 | 2,099,910 | $ | 17.13 | ||||||||||
Granted | — | $ | — | ||||||||||
Exercised | (409,134 | ) | $ | 8.45 | |||||||||
Forfeited | — | $ | — | ||||||||||
Under option, June 30, 2014 | 1,690,776 | $ | 19.23 | ||||||||||
Shares Subject | Total Unearned | Weighted Average | Weighted Average | ||||||||||
to Option | Compensation | Vesting Period | Remaining | ||||||||||
Contractual Term | |||||||||||||
As of June 30, 2014 | 1,690,776 | $ | 1.2 | million | 1.0 year | 6.7 years | |||||||
The following table sets forth the number of unvested options as of June 30, 2014 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, 2013 | 684,111 | $ | 5.73 | ||||||||||
Granted | — | $ | — | ||||||||||
Vested | (381,787 | ) | $ | 6.28 | |||||||||
Forfeited | — | $ | — | ||||||||||
Unvested balance at June 30, 2014 | 302,324 | $ | 5.05 | ||||||||||
The following tables sets forth the number of exercisable options as of June 30, 2014 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, 2013 | 1,415,799 | $ | 4.81 | ||||||||||
Vested | 381,787 | $ | 6.28 | ||||||||||
Exercised | (409,134 | ) | $ | 2.71 | |||||||||
Options Exercisable at June 30, 2014 | 1,388,452 | $ | 5.83 | ||||||||||
Exercisable | Intrinsic Value | Weighted Average | Weighted Average | ||||||||||
Options | Exercise Price | Remaining | |||||||||||
Contractual Term | |||||||||||||
As of June 30, 2014 | 1,388,452 | $ | 11.8 | million | $ | 18.5 | 6.3 years | ||||||
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%. For performance unit award grants prior to 2014, the vesting amount is dependent on DFT’s total stockholder return compared to the MSCI US REIT index over the three calendar-year performance period. | |||||||||||||
For performance unit grants awarded in 2014, one-half of the recipient's performance unit award is dependent on DFT’s total stockholder return compared to the MSCI US REIT index over the three calendar-year performance period. The other half of the performance unit award is dependent on DFT’s total stockholder return compared to an index of five comparable publicly traded data center companies 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 six months ended June 30, 2014. | |||||||||||||
Assumption | |||||||||||||
Number of performance units granted | 110,441 | ||||||||||||
Expected volatility | 30 | % | |||||||||||
Expected annual dividend | 5 | % | |||||||||||
Risk-free rate | 0.74 | % | |||||||||||
Performance unit fair value at date of grant | $ | 33.5 | |||||||||||
Total grant fair value at date of grant | $3.7 million | ||||||||||||
Maximum value of grant on vesting date based on closing price of DFT's stock at the date of grant | $8.5 million | ||||||||||||
As of June 30, 2014, total unearned compensation on outstanding performance units was $4.3 million. |
10_Earnings_Per_Share_of_the_R
10. Earnings Per Share of the REIT | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Earnings Per Share [Text Block] | ' | |||||||||||||||
Earnings Per Share of DFT | ||||||||||||||||
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): | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic and Diluted Shares Outstanding | ||||||||||||||||
Weighted average common shares – basic | 65,486,202 | 64,380,566 | 65,417,615 | 64,733,309 | ||||||||||||
Effect of dilutive securities | 464,911 | 808,341 | 470,282 | 823,543 | ||||||||||||
Weighted average common shares – diluted | 65,951,113 | 65,188,907 | 65,887,897 | 65,556,852 | ||||||||||||
Calculation of Earnings per Share – Basic | ||||||||||||||||
Net income attributable to common shares | $ | 21,121 | $ | 11,971 | $ | 41,166 | $ | 19,914 | ||||||||
Net income allocated to unvested restricted shares | (116 | ) | (69 | ) | (232 | ) | (124 | ) | ||||||||
Net income attributable to common shares, adjusted | 21,005 | 11,902 | 40,934 | 19,790 | ||||||||||||
Weighted average common shares – basic | 65,486,202 | 64,380,566 | 65,417,615 | 64,733,309 | ||||||||||||
Earnings per common share – basic | $ | 0.32 | $ | 0.19 | $ | 0.63 | $ | 0.31 | ||||||||
Calculation of Earnings per Share – Diluted | ||||||||||||||||
Net income attributable to common shares | $ | 21,121 | $ | 11,971 | $ | 41,166 | $ | 19,914 | ||||||||
Adjustments to redeemable noncontrolling interests | 29 | 29 | 56 | 50 | ||||||||||||
Adjusted net income available to common shares | 21,150 | 12,000 | 41,222 | 19,964 | ||||||||||||
Weighted average common shares – diluted | 65,951,113 | 65,188,907 | 65,887,897 | 65,556,852 | ||||||||||||
Earnings per common share – diluted | $ | 0.32 | $ | 0.18 | $ | 0.63 | $ | 0.3 | ||||||||
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): | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Restricted Shares | — | — | — | — | ||||||||||||
Stock Options | — | 1.3 | — | 1.2 | ||||||||||||
Performance Units | 0.2 | 0.1 | 0.2 | 0.1 | ||||||||||||
11_Earnings_Per_Unit_of_the_Op
11. Earnings Per Unit of the Operating Partnership | 6 Months Ended | |||||||||||
Jun. 30, 2014 | ||||||||||||
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: | ||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Basic and Diluted Units Outstanding | ||||||||||||
Weighted average common units – basic (includes redeemable partnership units and units of general and limited partners) | 81,064,230 | 80,311,476 | 81,010,515 | 80,781,930 | ||||||||
Effect of dilutive securities | 464,911 | 808,341 | 470,282 | 823,543 | ||||||||
Weighted average common units – diluted | 81,529,141 | 81,119,817 | 81,480,797 | 81,605,473 | ||||||||
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): | ||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||
Restricted Units | — | — | — | — | ||||||||
Stock Options | — | 1.3 | — | 1.2 | ||||||||
Performance Units | 0.2 | 0.1 | 0.2 | 0.1 | ||||||||
12_Fair_Value
12. Fair Value | 6 Months Ended | |
Jun. 30, 2014 | ||
Fair Value Disclosures [Abstract] | ' | |
Fair Value Disclosures [Text Block] | ' | |
Fair Value | ||
Assets and Liabilities Measured at Fair Value | ||
The authoritative guidance issued by the Financial Accounting Standards Board 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 June 30, 2014: | ||
• | Cash and cash equivalents: The carrying amount of cash and cash equivalents reported in the accompanying consolidated balance sheets approximates fair value because of the short maturity of these instruments (i.e., less than 90 days). | |
• | Rents and other receivables, accounts payable and accrued liabilities, and prepaid rents: The carrying amount of these assets and liabilities reported in the accompanying consolidated balance sheets approximates fair value because of the short-term nature of these amounts. | |
• | Debt: The combined balance of our Unsecured Notes due 2021, Unsecured Term Loan and ACC3 Term Loan was $965.0 million with a fair value of $987.6 million based on Level 2 and Level 3 data. The Level 2 data is for the Unsecured Notes due 2021 and consisted of a quoted price for the Unsecured Notes due 2021 from a third party financial market data provider. 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 as of June 30, 2014 plus a spread that is consistent with current market conditions. |
13_Supplemental_Consolidating_
13. Supplemental Consolidating Financial Data for Subsidiary Guarantors of the Unsecured Notes | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
Supplemental Consolidating Financial Data for Subsidiary Guarantors of the Unsecured Notes [Abstract] | ' | |||||||||||||||||||
Additional Financial Information Disclosure [Text Block] | ' | |||||||||||||||||||
13. 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 4). The Unsecured Notes due 2021 are unconditionally guaranteed, jointly and severally on a senior unsecured basis by DFT and certain of our subsidiaries, including the subsidiaries that own the ACC2, ACC4, ACC5, ACC6, VA3, VA4, CH1, NJ1 and SC1 data centers and the SC2 parcel of land (collectively, the "Subsidiary Guarantors"), but excluding the subsidiaries that own the ACC3 data center facility, the ACC7 and CH2 data centers under development, the ACC8 parcel of land and the TRS collectively, the "Subsidiary Non-Guarantors"). The following consolidating financial information sets forth the financial position as of June 30, 2014 and December 31, 2013 and the results of operations and cash flows for the six months ended June 30, 2014 and 2013 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) | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
ASSETS | ||||||||||||||||||||
Income producing property: | ||||||||||||||||||||
Land | $ | — | $ | 79,935 | $ | 1,071 | $ | — | $ | 81,006 | ||||||||||
Buildings and improvements | — | 2,421,238 | 102,778 | — | 2,524,016 | |||||||||||||||
— | 2,501,173 | 103,849 | — | 2,605,022 | ||||||||||||||||
Less: accumulated depreciation | — | (429,223 | ) | (28,473 | ) | — | (457,696 | ) | ||||||||||||
Net income producing property | — | 2,071,950 | 75,376 | — | 2,147,326 | |||||||||||||||
Construction in progress and land held for development | — | 108,338 | 202,597 | — | 310,935 | |||||||||||||||
Net real estate | — | 2,180,288 | 277,973 | — | 2,458,261 | |||||||||||||||
Cash and cash equivalents | 48,997 | — | 2,926 | — | 51,923 | |||||||||||||||
Rents and other receivables | 4,276 | 4,404 | 1,763 | — | 10,443 | |||||||||||||||
Deferred rent | — | 144,117 | 3,905 | — | 148,022 | |||||||||||||||
Lease contracts above market value, net | — | 8,604 | — | — | 8,604 | |||||||||||||||
Deferred costs, net | 17,853 | 15,458 | 6,829 | — | 40,140 | |||||||||||||||
Investment in affiliates | 2,459,181 | — | — | (2,459,181 | ) | — | ||||||||||||||
Prepaid expenses and other assets | 2,917 | 43,773 | 2,969 | — | 49,659 | |||||||||||||||
Total assets | $ | 2,533,224 | $ | 2,396,644 | $ | 296,365 | $ | (2,459,181 | ) | $ | 2,767,052 | |||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Line of credit | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Mortgage notes payable | — | — | 115,000 | — | 115,000 | |||||||||||||||
Unsecured term loan | 250,000 | — | — | — | 250,000 | |||||||||||||||
Unsecured notes payable | 600,000 | — | — | — | 600,000 | |||||||||||||||
Accounts payable and accrued liabilities | 2,996 | 15,633 | 5,460 | — | 24,089 | |||||||||||||||
Construction costs payable | 112 | 9,340 | 15,580 | — | 25,032 | |||||||||||||||
Accrued interest payable | 10,577 | — | 11 | — | 10,588 | |||||||||||||||
Distribution payable | 34,243 | — | — | — | 34,243 | |||||||||||||||
Lease contracts below market value, net | — | 8,783 | — | — | 8,783 | |||||||||||||||
Prepaid rents and other liabilities | 37 | 59,998 | 4,023 | — | 64,058 | |||||||||||||||
Total liabilities | 897,965 | 93,754 | 140,074 | — | 1,131,793 | |||||||||||||||
Redeemable partnership units | 419,801 | — | — | — | 419,801 | |||||||||||||||
Commitments and contingencies | — | — | — | — | — | |||||||||||||||
Limited Partners’ Capital: | ||||||||||||||||||||
Series A cumulative redeemable perpetual preferred units, 7,400,000 issued and outstanding at June 30, 2014 | 185,000 | — | — | — | 185,000 | |||||||||||||||
Series B cumulative redeemable perpetual preferred units, 6,650,000 issued and outstanding at June 30, 2014 | 166,250 | — | — | — | 166,250 | |||||||||||||||
Common units, 65,169,299 issued and outstanding at June 30, 2014 | 855,513 | 2,302,890 | 156,291 | (2,459,181 | ) | 855,513 | ||||||||||||||
General partner’s capital, 662,373 common units issued and outstanding at June 30, 2014 | 8,695 | — | — | — | 8,695 | |||||||||||||||
Total partners’ capital | 1,215,458 | 2,302,890 | 156,291 | (2,459,181 | ) | 1,215,458 | ||||||||||||||
Total liabilities & partners’ capital | $ | 2,533,224 | $ | 2,396,644 | $ | 296,365 | $ | (2,459,181 | ) | $ | 2,767,052 | |||||||||
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 | |||||||||||||||
DUPONT FABROS TECHNOLOGY, L.P. | ||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(Continued) | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
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 STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Three months ended June 30, 2014 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Base rent | $ | 4,290 | $ | 66,218 | $ | 4,274 | $ | (4,327 | ) | $ | 70,455 | |||||||||
Recoveries from tenants | — | 27,611 | 2,353 | — | 29,964 | |||||||||||||||
Other revenues | — | 410 | 1,168 | (47 | ) | 1,531 | ||||||||||||||
Total revenues | 4,290 | 94,239 | 7,795 | (4,374 | ) | 101,950 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 29,586 | 2,533 | (4,337 | ) | 27,782 | ||||||||||||||
Real estate taxes and insurance | — | 3,313 | 98 | — | 3,411 | |||||||||||||||
Depreciation and amortization | 17 | 22,452 | 1,134 | — | 23,603 | |||||||||||||||
General and administrative | 3,683 | 33 | 152 | — | 3,868 | |||||||||||||||
Other expenses | 742 | 16 | 878 | (37 | ) | 1,599 | ||||||||||||||
Total expenses | 4,442 | 55,400 | 4,795 | (4,374 | ) | 60,263 | ||||||||||||||
Operating income | (152 | ) | 38,839 | 3,000 | — | 41,687 | ||||||||||||||
Interest income | 39 | — | — | — | 39 | |||||||||||||||
Interest: | ||||||||||||||||||||
Expense incurred | (10,367 | ) | 1,270 | 1,390 | — | (7,707 | ) | |||||||||||||
Amortization of deferred financing costs | (807 | ) | 74 | 10 | — | (723 | ) | |||||||||||||
Loss on early extinguishment of debt | (338 | ) | — | — | — | (338 | ) | |||||||||||||
Equity in earnings | 44,583 | — | — | (44,583 | ) | — | ||||||||||||||
Net income (loss) | 32,958 | 40,183 | 4,400 | (44,583 | ) | 32,958 | ||||||||||||||
Preferred unit distributions | (6,811 | ) | — | — | — | (6,811 | ) | |||||||||||||
Net income (loss) attributable to common units | $ | 26,147 | $ | 40,183 | $ | 4,400 | $ | (44,583 | ) | $ | 26,147 | |||||||||
Three months ended June 30, 2013 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Base rent | $ | 3,728 | $ | 61,229 | $ | 4,246 | $ | (3,765 | ) | $ | 65,438 | |||||||||
Recoveries from tenants | — | 23,111 | 2,208 | — | 25,319 | |||||||||||||||
Other revenues | — | 397 | 461 | (51 | ) | 807 | ||||||||||||||
Total revenues | 3,728 | 84,737 | 6,915 | (3,816 | ) | 91,564 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 26,219 | 2,327 | (3,779 | ) | 24,767 | ||||||||||||||
Real estate taxes and insurance | — | 3,562 | 111 | — | 3,673 | |||||||||||||||
Depreciation and amortization | 20 | 22,035 | 1,141 | — | 23,196 | |||||||||||||||
General and administrative | 4,253 | 26 | 53 | — | 4,332 | |||||||||||||||
Other expenses | 349 | — | 273 | (37 | ) | 585 | ||||||||||||||
Total expenses | 4,622 | 51,842 | 3,905 | (3,816 | ) | 56,553 | ||||||||||||||
Operating (loss) income | (894 | ) | 32,895 | 3,010 | — | 35,011 | ||||||||||||||
Interest income | 16 | — | — | — | 16 | |||||||||||||||
Interest: | ||||||||||||||||||||
Expense incurred | (12,205 | ) | 27 | (327 | ) | — | (12,505 | ) | ||||||||||||
Amortization of deferred financing costs | (704 | ) | 2 | (73 | ) | — | (775 | ) | ||||||||||||
Equity in earnings | 35,534 | — | — | (35,534 | ) | — | ||||||||||||||
Net income (loss) | 21,747 | 32,924 | 2,610 | (35,534 | ) | 21,747 | ||||||||||||||
Preferred unit distributions | (6,811 | ) | — | — | — | (6,811 | ) | |||||||||||||
Net income (loss) attributable to common units | $ | 14,936 | $ | 32,924 | $ | 2,610 | $ | (35,534 | ) | $ | 14,936 | |||||||||
DUPONT FABROS TECHNOLOGY, L.P. | ||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Six months ended June 30, 2014 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
Cash flow from operating activities | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (21,458 | ) | $ | 127,378 | $ | 12,709 | $ | — | $ | 118,629 | |||||||||
Cash flow from investing activities | ||||||||||||||||||||
Investments in real estate – development | (236 | ) | (65,705 | ) | (62,127 | ) | — | (128,068 | ) | |||||||||||
Investments in affiliates | 3,174 | (57,808 | ) | 54,634 | — | — | ||||||||||||||
Interest capitalized for real estate under development | (4 | ) | (2,597 | ) | (3,562 | ) | — | (6,163 | ) | |||||||||||
Improvements to real estate | — | (1,020 | ) | — | — | (1,020 | ) | |||||||||||||
Additions to non-real estate property | (9 | ) | (248 | ) | (26 | ) | — | (283 | ) | |||||||||||
Net cash used in investing activities | 2,925 | (127,378 | ) | (11,081 | ) | — | (135,534 | ) | ||||||||||||
Cash flow from financing activities | ||||||||||||||||||||
Unsecured term loan: | ||||||||||||||||||||
Proceeds | 96,000 | — | — | — | 96,000 | |||||||||||||||
Payments of financing costs | (2,503 | ) | — | (313 | ) | — | (2,816 | ) | ||||||||||||
Exercises of stock options | 3,457 | — | — | — | 3,457 | |||||||||||||||
Distributions | (62,327 | ) | — | — | — | (62,327 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 34,627 | — | (313 | ) | — | 34,314 | ||||||||||||||
Net increase in cash and cash equivalents | 16,094 | — | 1,315 | — | 17,409 | |||||||||||||||
Cash and cash equivalents, beginning | 32,903 | — | 1,611 | — | 34,514 | |||||||||||||||
Cash and cash equivalents, ending | $ | 48,997 | $ | — | $ | 2,926 | $ | — | $ | 51,923 | ||||||||||
DUPONT FABROS TECHNOLOGY, L.P. | ||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
Cash flow from operating activities | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (26,379 | ) | $ | 104,102 | $ | 8,064 | $ | — | $ | 85,787 | |||||||||
Cash flow from investing activities | ||||||||||||||||||||
Investments in real estate – development | (13 | ) | (13,649 | ) | (6,854 | ) | — | (20,516 | ) | |||||||||||
Investments in affiliates | 60,306 | 53,516 | (113,822 | ) | — | — | ||||||||||||||
Interest capitalized for real estate under development | — | (33 | ) | (471 | ) | — | (504 | ) | ||||||||||||
Improvements to real estate | — | (4,260 | ) | (97 | ) | — | (4,357 | ) | ||||||||||||
Additions to non-real estate property | (6 | ) | (18 | ) | — | — | (24 | ) | ||||||||||||
Net cash provided by (used in) investing activities | 60,287 | 35,556 | (121,244 | ) | — | (25,401 | ) | |||||||||||||
Cash flow from financing activities | ||||||||||||||||||||
Line of credit: | ||||||||||||||||||||
Proceeds | 72,000 | — | — | — | 72,000 | |||||||||||||||
Repayments | (30,000 | ) | — | — | — | (30,000 | ) | |||||||||||||
Mortgage notes payable: | ||||||||||||||||||||
Proceeds | — | — | 115,000 | — | 115,000 | |||||||||||||||
Lump sum payoffs | — | (138,300 | ) | — | — | (138,300 | ) | |||||||||||||
Repayments | — | (1,300 | ) | — | — | (1,300 | ) | |||||||||||||
Payments of Financing costs | (1,329 | ) | (4 | ) | (1,703 | ) | — | (3,036 | ) | |||||||||||
Stock repurchases | (37,792 | ) | — | — | — | (37,792 | ) | |||||||||||||
Distributions | (46,163 | ) | — | — | — | (46,163 | ) | |||||||||||||
Net cash (used in) provided by financing activities | (43,284 | ) | (139,604 | ) | 113,297 | — | (69,591 | ) | ||||||||||||
Net (decrease) increase in cash and cash equivalents | (9,376 | ) | 54 | 117 | — | (9,205 | ) | |||||||||||||
Cash and cash equivalents, beginning | 18,240 | 361 | 681 | — | 19,282 | |||||||||||||||
Cash and cash equivalents, ending | $ | 8,864 | $ | 415 | $ | 798 | $ | — | $ | 10,077 | ||||||||||
2_Significant_Accounting_Polic1
2. Significant Accounting Policies (Policies) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Basis of Presentation [Text Block] | ' | |||||||||||||||
Basis of Presentation | ||||||||||||||||
This report combines the quarterly reports on Form 10-Q for the quarter ended June 30, 2014 of DuPont Fabros Technology, Inc. and DuPont Fabros Technology, L.P. References to “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 June 30, 2014 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 unaudited consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. All significant intercompany accounts and transactions have been eliminated in the accompanying consolidated financial statements. The results of operations for the three and six months ended June 30, 2014 are not necessarily indicative of the results that may be expected for the full year. These consolidated financial statements should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations contained elsewhere in this Form 10-Q and the audited financial statements and accompanying notes for the year ended December 31, 2013 contained in our Annual Report on Form 10-K, which contains a complete listing of our significant accounting policies. | ||||||||||||||||
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. GAAP 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 | ||||||||||||||||
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 $22.5 million and $22.0 million for the three months ended June 30, 2014 and 2013, respectively, and $44.7 million and $44.2 million for the six months ended June 30, 2014 and 2013, respectively. Included in these amounts is amortization expense related to tenant origination costs, which was $0.8 million for each of the three months ended June 30, 2014 and 2013, respectively, and $1.6 million for each of the six months ended June 30, 2014 and 2013, 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 our assets on a property-by-property basis. No impairment losses were recorded during the six months ended June 30, 2014 and 2013. | ||||||||||||||||
Deferred Costs [Policy Text Block] | ' | |||||||||||||||
Deferred Costs | ||||||||||||||||
Deferred costs, net in our accompanying 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 May 2014, we amended our unsecured revolving credit facility ("Unsecured Credit Facility"), which, due to the change in composition of lenders comprising the Unsecured Credit Facility's bank group, resulted in the partial write-off of unamortized deferred financing costs totaling $0.3 million. In March 2013, we paid off the $138.3 million balance of the term loan facility (the “ACC5 Term Loan”), which resulted in a write-off of $1.7 million of unamortized deferred financing costs. | ||||||||||||||||
Balances, net of accumulated amortization, at June 30, 2014 and December 31, 2013 were as follows (in thousands): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Financing costs | $ | 24,620 | $ | 22,756 | ||||||||||||
Accumulated amortization | (5,217 | ) | (4,013 | ) | ||||||||||||
Financing costs, net | $ | 19,403 | $ | 18,743 | ||||||||||||
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 $1.5 million and $0.1 million for the three months ended June 30, 2014 and 2013, respectively, and $1.6 million and $0.2 million for the six months ended June 30, 2014 and 2013. All of these costs were incurred in connection with the execution of new leases. Amortization of deferred leasing costs totaled $1.0 million and $0.9 million for the three months ended June 30, 2014 and 2013, respectively, and $2.0 million and $1.9 million for the six months ended June 30, 2014 and 2013, respectively. Balances, net of accumulated amortization, at June 30, 2014 and December 31, 2013 were as follows (in thousands): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Leasing costs | $ | 49,804 | $ | 48,312 | ||||||||||||
Accumulated amortization | (29,067 | ) | (27,189 | ) | ||||||||||||
Leasing costs, net | $ | 20,737 | $ | 21,123 | ||||||||||||
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 June 30, 2014 and December 31, 2013, the fuel inventory was $4.0 million and is included in prepaid expenses and other assets in the accompanying consolidated balance sheets. | ||||||||||||||||
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 in the accompanying 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 June 30, 2014 and December 31, 2013 were as follows (in thousands): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Lease contracts above market value | $ | 23,100 | $ | 23,100 | ||||||||||||
Accumulated amortization | (14,496 | ) | (13,946 | ) | ||||||||||||
Lease contracts above market value, net | $ | 8,604 | $ | 9,154 | ||||||||||||
Lease contracts below market value | $ | 39,375 | $ | 39,375 | ||||||||||||
Accumulated amortization | (30,592 | ) | (28,845 | ) | ||||||||||||
Lease contracts below market value, net | $ | 8,783 | $ | 10,530 | ||||||||||||
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 June 30, 2014 and December 31, 2013, we had reserves against rents and other receivables of $1.6 million. 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 June 30, 2014 and December 31, 2013, 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 principal amount of the note. The note balance was $5.8 million and $5.7 million as of June 30, 2014 and December 31, 2013, respectively, which is recorded within rents and other receivables, net in the accompanying consolidated balance sheets. | ||||||||||||||||
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 accompanying consolidated statements of operations in the period the applicable expenditures are incurred. Most of 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 accompanying 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. | ||||||||||||||||
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 DFT 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 six months ended June 30, 2014 (dollars in thousands): | ||||||||||||||||
OP Units | ||||||||||||||||
Number | Amount | |||||||||||||||
Balance at December 31, 2013 | 15,671,537 | $ | 387,244 | |||||||||||||
Net income attributable to redeemable noncontrolling interests – operating partnership | — | 9,814 | ||||||||||||||
Distributions declared | — | (10,904 | ) | |||||||||||||
Redemption of operating partnership units | (100,300 | ) | (2,400 | ) | ||||||||||||
Adjustments to redeemable noncontrolling interests – operating partnership | — | 36,047 | ||||||||||||||
Balance at June 30, 2014 | 15,571,237 | $ | 419,801 | |||||||||||||
The following is a summary of activity for redeemable partnership units for the six months ended June 30, 2014 (dollars in thousands): | ||||||||||||||||
OP Units | ||||||||||||||||
Number | Amount | |||||||||||||||
Balance at December 31, 2013 | 15,671,537 | $ | 387,244 | |||||||||||||
Redemption of operating partnership units | (100,300 | ) | (2,400 | ) | ||||||||||||
Adjustments to redeemable partnership units | — | 34,957 | ||||||||||||||
Balance at June 30, 2014 | 15,571,237 | $ | 419,801 | |||||||||||||
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 three and six months ended June 30, 2014 and 2013 (dollars in thousands): | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to controlling interests | $ | 27,932 | $ | 18,782 | $ | 54,788 | $ | 33,536 | ||||||||
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 | (45,081 | ) | 1,900 | (33,647 | ) | 67,789 | ||||||||||
$ | (17,149 | ) | $ | 20,682 | $ | 21,141 | $ | 101,325 | ||||||||
Earnings Per Share of the REIT [Policy Text Block] | ' | |||||||||||||||
Earnings Per Share of DFT | ||||||||||||||||
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. | ||||||||||||||||
Reclassification, Policy [Policy Text Block] | ' | |||||||||||||||
Reclassifications | ||||||||||||||||
Certain amounts from the prior year have been reclassified for consistency with the current year presentation. For the three and six months June 30, 2013, we have reclassified the management fee that we collect from customers from "Recoveries from Tenants" to "Base Rent" in our accompanying consolidated statements of operations totaling $3.7 million and $7.4 million, respectively. |
2_Significant_Accounting_Polic2
2. Significant Accounting Policies (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||||||
Schedule of Deferred Financing Costs [Table Text Block] | ' | |||||||||||||||
Balances, net of accumulated amortization, at June 30, 2014 and December 31, 2013 were as follows (in thousands): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Financing costs | $ | 24,620 | $ | 22,756 | ||||||||||||
Accumulated amortization | (5,217 | ) | (4,013 | ) | ||||||||||||
Financing costs, net | $ | 19,403 | $ | 18,743 | ||||||||||||
Schedule of Deferred Leasing Costs [Table Text Block] | ' | |||||||||||||||
Balances, net of accumulated amortization, at June 30, 2014 and December 31, 2013 were as follows (in thousands): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Leasing costs | $ | 49,804 | $ | 48,312 | ||||||||||||
Accumulated amortization | (29,067 | ) | (27,189 | ) | ||||||||||||
Leasing costs, net | $ | 20,737 | $ | 21,123 | ||||||||||||
Schedule of Lease Intangibles Above and Below Market Value [Table Text Block] | ' | |||||||||||||||
Balances, net of accumulated amortization, at June 30, 2014 and December 31, 2013 were as follows (in thousands): | ||||||||||||||||
June 30, | December 31, | |||||||||||||||
2014 | 2013 | |||||||||||||||
Lease contracts above market value | $ | 23,100 | $ | 23,100 | ||||||||||||
Accumulated amortization | (14,496 | ) | (13,946 | ) | ||||||||||||
Lease contracts above market value, net | $ | 8,604 | $ | 9,154 | ||||||||||||
Lease contracts below market value | $ | 39,375 | $ | 39,375 | ||||||||||||
Accumulated amortization | (30,592 | ) | (28,845 | ) | ||||||||||||
Lease contracts below market value, net | $ | 8,783 | $ | 10,530 | ||||||||||||
Redeemable Noncontrolling Interest [Table Text Block] | ' | |||||||||||||||
The following is a summary of activity for redeemable noncontrolling interests – operating partnership for the six months ended June 30, 2014 (dollars in thousands): | ||||||||||||||||
OP Units | ||||||||||||||||
Number | Amount | |||||||||||||||
Balance at December 31, 2013 | 15,671,537 | $ | 387,244 | |||||||||||||
Net income attributable to redeemable noncontrolling interests – operating partnership | — | 9,814 | ||||||||||||||
Distributions declared | — | (10,904 | ) | |||||||||||||
Redemption of operating partnership units | (100,300 | ) | (2,400 | ) | ||||||||||||
Adjustments to redeemable noncontrolling interests – operating partnership | — | 36,047 | ||||||||||||||
Balance at June 30, 2014 | 15,571,237 | $ | 419,801 | |||||||||||||
Redeemable Partnership Units [Table Text Block] | ' | |||||||||||||||
The following is a summary of activity for redeemable partnership units for the six months ended June 30, 2014 (dollars in thousands): | ||||||||||||||||
OP Units | ||||||||||||||||
Number | Amount | |||||||||||||||
Balance at December 31, 2013 | 15,671,537 | $ | 387,244 | |||||||||||||
Redemption of operating partnership units | (100,300 | ) | (2,400 | ) | ||||||||||||
Adjustments to redeemable partnership units | — | 34,957 | ||||||||||||||
Balance at June 30, 2014 | 15,571,237 | $ | 419,801 | |||||||||||||
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 three and six months ended June 30, 2014 and 2013 (dollars in thousands): | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Net income attributable to controlling interests | $ | 27,932 | $ | 18,782 | $ | 54,788 | $ | 33,536 | ||||||||
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 | (45,081 | ) | 1,900 | (33,647 | ) | 67,789 | ||||||||||
$ | (17,149 | ) | $ | 20,682 | $ | 21,141 | $ | 101,325 | ||||||||
3_Real_Estate_Assets_Tables
3. Real Estate Assets (Tables) | 6 Months Ended | ||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||
Real Estate [Abstract] | ' | ||||||||||||||||||
Schedule of Real Estate Properties [Table Text Block] | ' | ||||||||||||||||||
June 30, 2014 (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 | 95,860 | — | 96,931 | ||||||||||||||
ACC4 | Ashburn, VA | 6,600 | 538,419 | — | 545,019 | ||||||||||||||
ACC5 | Ashburn, VA | 6,443 | 298,574 | — | 305,017 | ||||||||||||||
ACC6 | Ashburn, VA | 5,518 | 216,697 | — | 222,215 | ||||||||||||||
VA3 | Reston, VA | 9,000 | 177,960 | — | 186,960 | ||||||||||||||
VA4 | Bristow, VA | 6,800 | 148,765 | — | 155,565 | ||||||||||||||
CH1 | Elk Grove Village, IL | 23,611 | 358,167 | — | 381,778 | ||||||||||||||
NJ1 Phase I | Piscataway, NJ | 4,311 | 209,169 | — | 213,480 | ||||||||||||||
SC1 Phase I and IIA | Santa Clara, CA | 15,152 | 321,312 | — | 336,464 | ||||||||||||||
81,006 | 2,524,016 | — | 2,605,022 | ||||||||||||||||
Construction in progress and land held for development | (1 | ) | — | — | 310,935 | 310,935 | |||||||||||||
$ | 81,006 | $ | 2,524,016 | $ | 310,935 | $ | 2,915,957 | ||||||||||||
-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 |
4_Debt_Tables
4. Debt (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Debt Instrument [Line Items] | ' | ||||||||||||||||||||
Schedule of Debt [Table Text Block] | ' | ||||||||||||||||||||
Debt Summary as of June 30, 2014 and December 31, 2013 | |||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||
June 30, 2014 | December 31, 2013 | ||||||||||||||||||||
Amounts | % of Total | Rates | Maturities | Amounts | |||||||||||||||||
(years) | |||||||||||||||||||||
Secured | $ | 115,000 | 12 | % | 1.7 | % | 3.7 | $ | 115,000 | ||||||||||||
Unsecured | 850,000 | 88 | % | 4.7 | % | 6.5 | 754,000 | ||||||||||||||
Total | $ | 965,000 | 100 | % | 4.3 | % | 6.1 | $ | 869,000 | ||||||||||||
Fixed Rate Debt: | |||||||||||||||||||||
Unsecured Notes due 2021 | $ | 600,000 | 62 | % | 5.9 | % | 7.2 | $ | 600,000 | ||||||||||||
Fixed Rate Debt | 600,000 | 62 | % | 5.9 | % | 7.2 | 600,000 | ||||||||||||||
Floating Rate Debt: | |||||||||||||||||||||
Unsecured Credit Facility | — | — | — | 3.9 | — | ||||||||||||||||
Unsecured Term Loan | 250,000 | 26 | % | 1.9 | % | 4.6 | 154,000 | ||||||||||||||
ACC3 Term Loan | 115,000 | 12 | % | 1.7 | % | 3.7 | 115,000 | ||||||||||||||
Floating Rate Debt | 365,000 | 38 | % | 1.8 | % | 4.4 | 269,000 | ||||||||||||||
Total | $ | 965,000 | 100 | % | 4.3 | % | 6.1 | $ | 869,000 | ||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | ' | ||||||||||||||||||||
A summary of our debt maturity schedule as of June 30, 2014 is as follows: | |||||||||||||||||||||
Debt Maturity as of June 30, 2014 | |||||||||||||||||||||
($ in thousands) | |||||||||||||||||||||
Year | Fixed Rate | Floating Rate | Total | % of Total | Rates | ||||||||||||||||
2014 | — | — | — | — | — | ||||||||||||||||
2015 | — | — | — | — | — | ||||||||||||||||
2016 | — | 3,750 | -2 | 3,750 | 0.4 | % | 1.7 | % | |||||||||||||
2017 | — | 8,750 | -2 | 8,750 | 0.9 | % | 1.7 | % | |||||||||||||
2018 | — | 102,500 | -2 | 102,500 | 10.6 | % | 1.7 | % | |||||||||||||
2019 | — | 250,000 | -3 | 250,000 | 25.9 | % | 1.9 | % | |||||||||||||
2020 | — | — | — | — | — | ||||||||||||||||
2021 | 600,000 | -1 | — | 600,000 | 62.2 | % | 5.9 | % | |||||||||||||
Total | $ | 600,000 | $ | 365,000 | $ | 965,000 | 100 | % | 4.3 | % | |||||||||||
-1 | The 5.875% Unsecured Notes Unsecured Notes mature on 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 Unsecured Term Loan matures on July 21, 2019 with no extension option. | ||||||||||||||||||||
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 | % | ||||||||||||||||
Unsecured Term Loan [Member] | After First Amendment [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% | 1.5 | % | 0.5 | % | ||||||||||||||||
Level 2 | Greater than 35% but less than or equal to 40% | 1.6 | % | 0.6 | % | ||||||||||||||||
Level 3 | Greater than 40% but less than or equal to 45% | 1.75 | % | 0.75 | % | ||||||||||||||||
Level 4 | Greater than 45% but less than or equal to 52.5% | 1.9 | % | 0.9 | % | ||||||||||||||||
Level 5 | Greater than 52.5% | 2.1 | % | 1.1 | % | ||||||||||||||||
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 | 0.825 | % | 0 | % | ||||||||||||||||
Level 2 | Greater than or equal to BBB+ by S&P or Baa1 by Moody’s | 0.875 | % | 0 | % | ||||||||||||||||
Level 3 | Greater than or equal to BBB by S&P or Baa2 by Moody’s | 1 | % | 0 | % | ||||||||||||||||
Level 4 | Greater than or equal to BBB- by S&P or Baa3 by Moody’s | 1.25 | % | 0.25 | % | ||||||||||||||||
Level 5 | Less than BBB- by S&P or Baa3 by Moody’s | 1.65 | % | 0.65 | % | ||||||||||||||||
Unsecured Notes due 2021 [Member] | ' | ||||||||||||||||||||
Debt Instrument [Line Items] | ' | ||||||||||||||||||||
Summary Of Maturities And Percentage Of Redemption Price Of Unsecures Notes [Table Text Block] | ' | ||||||||||||||||||||
Year | Redemption Price | ||||||||||||||||||||
2016 | 104.406 | % | |||||||||||||||||||
2017 | 102.938 | % | |||||||||||||||||||
2018 | 101.469 | % | |||||||||||||||||||
2019 and thereafter | 100 | % | |||||||||||||||||||
Unsecured Credit Facility [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% | 1.55 | % | 0.55 | % | ||||||||||||||||
Level 2 | Greater than 35% but less than or equal to 40% | 1.65 | % | 0.65 | % | ||||||||||||||||
Level 3 | Greater than 40% but less than or equal to 45% | 1.8 | % | 0.8 | % | ||||||||||||||||
Level 4 | Greater than 45% but less than or equal to 52.5% | 1.95 | % | 0.95 | % | ||||||||||||||||
Level 5 | Greater than 52.5% | 2.15 | % | 1.15 | % | ||||||||||||||||
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 | 0.875 | % | 0 | % | ||||||||||||||||
Level 2 | Greater than or equal to BBB+ by S&P or Baa1 by Moody’s | 0.925 | % | 0 | % | ||||||||||||||||
Level 3 | Greater than or equal to BBB by S&P or Baa2 by Moody’s | 1.05 | % | 0.05 | % | ||||||||||||||||
Level 4 | Greater than or equal to BBB- by S&P or Baa3 by Moody’s | 1.3 | % | 0.3 | % | ||||||||||||||||
Level 5 | Less than BBB- by S&P or Baa3 by Moody’s | 1.7 | % | 0.7 | % |
9_Equity_Compensation_Plan_Tab
9. Equity Compensation Plan (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Schedule of Unvested Restricted Stock Units Roll Forward [Table Text Block] | ' | ||||||||||||
Shares of | Weighted Average | ||||||||||||
Restricted Stock | Fair Value at | ||||||||||||
Date of Grant | |||||||||||||
Unvested balance at December 31, 2013 | 303,964 | $ | 22.89 | ||||||||||
Granted | 146,940 | $ | 25.58 | ||||||||||
Vested | (119,251 | ) | $ | 23.02 | |||||||||
Forfeited | (610 | ) | $ | 23.52 | |||||||||
Unvested balance at June 30, 2014 | 331,043 | $ | 24.04 | ||||||||||
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 six months ended June 30, 2014 is presented in the tables below. | |||||||||||||
Number of | Weighted Average | ||||||||||||
Options | Exercise Price | ||||||||||||
Under option, December 31, 2013 | 2,099,910 | $ | 17.13 | ||||||||||
Granted | — | $ | — | ||||||||||
Exercised | (409,134 | ) | $ | 8.45 | |||||||||
Forfeited | — | $ | — | ||||||||||
Under option, June 30, 2014 | 1,690,776 | $ | 19.23 | ||||||||||
Shares Subject | Total Unearned | Weighted Average | Weighted Average | ||||||||||
to Option | Compensation | Vesting Period | Remaining | ||||||||||
Contractual Term | |||||||||||||
As of June 30, 2014 | 1,690,776 | $ | 1.2 | million | 1.0 year | 6.7 years | |||||||
Schedule of Stock Options Roll Forward [Table Text Block] | ' | ||||||||||||
The following table sets forth the number of unvested options as of June 30, 2014 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, 2013 | 684,111 | $ | 5.73 | ||||||||||
Granted | — | $ | — | ||||||||||
Vested | (381,787 | ) | $ | 6.28 | |||||||||
Forfeited | — | $ | — | ||||||||||
Unvested balance at June 30, 2014 | 302,324 | $ | 5.05 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable [Table Text Block] | ' | ||||||||||||
The following tables sets forth the number of exercisable options as of June 30, 2014 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, 2013 | 1,415,799 | $ | 4.81 | ||||||||||
Vested | 381,787 | $ | 6.28 | ||||||||||
Exercised | (409,134 | ) | $ | 2.71 | |||||||||
Options Exercisable at June 30, 2014 | 1,388,452 | $ | 5.83 | ||||||||||
Exercisable | Intrinsic Value | Weighted Average | Weighted Average | ||||||||||
Options | Exercise Price | Remaining | |||||||||||
Contractual Term | |||||||||||||
As of June 30, 2014 | 1,388,452 | $ | 11.8 | million | $ | 18.5 | 6.3 years | ||||||
Schedule of Share-based Payment Award, Performance Units, Valuation Assumptions [Table Text Block] | ' | ||||||||||||
six months ended June 30, 2014. | |||||||||||||
Assumption | |||||||||||||
Number of performance units granted | 110,441 | ||||||||||||
Expected volatility | 30 | % | |||||||||||
Expected annual dividend | 5 | % | |||||||||||
Risk-free rate | 0.74 | % | |||||||||||
Performance unit fair value at date of grant | $ | 33.5 | |||||||||||
Total grant fair value at date of grant | $3.7 million | ||||||||||||
Maximum value of grant on vesting date based on closing price of DFT's stock at the date of grant | $8.5 million |
10_Earnings_Per_Share_of_the_R1
10. Earnings Per Share of the REIT (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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): | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic and Diluted Shares Outstanding | ||||||||||||||||
Weighted average common shares – basic | 65,486,202 | 64,380,566 | 65,417,615 | 64,733,309 | ||||||||||||
Effect of dilutive securities | 464,911 | 808,341 | 470,282 | 823,543 | ||||||||||||
Weighted average common shares – diluted | 65,951,113 | 65,188,907 | 65,887,897 | 65,556,852 | ||||||||||||
Calculation of Earnings per Share – Basic | ||||||||||||||||
Net income attributable to common shares | $ | 21,121 | $ | 11,971 | $ | 41,166 | $ | 19,914 | ||||||||
Net income allocated to unvested restricted shares | (116 | ) | (69 | ) | (232 | ) | (124 | ) | ||||||||
Net income attributable to common shares, adjusted | 21,005 | 11,902 | 40,934 | 19,790 | ||||||||||||
Weighted average common shares – basic | 65,486,202 | 64,380,566 | 65,417,615 | 64,733,309 | ||||||||||||
Earnings per common share – basic | $ | 0.32 | $ | 0.19 | $ | 0.63 | $ | 0.31 | ||||||||
Calculation of Earnings per Share – Diluted | ||||||||||||||||
Net income attributable to common shares | $ | 21,121 | $ | 11,971 | $ | 41,166 | $ | 19,914 | ||||||||
Adjustments to redeemable noncontrolling interests | 29 | 29 | 56 | 50 | ||||||||||||
Adjusted net income available to common shares | 21,150 | 12,000 | 41,222 | 19,964 | ||||||||||||
Weighted average common shares – diluted | 65,951,113 | 65,188,907 | 65,887,897 | 65,556,852 | ||||||||||||
Earnings per common share – diluted | $ | 0.32 | $ | 0.18 | $ | 0.63 | $ | 0.3 | ||||||||
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): | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Restricted Shares | — | — | — | — | ||||||||||||
Stock Options | — | 1.3 | — | 1.2 | ||||||||||||
Performance Units | 0.2 | 0.1 | 0.2 | 0.1 | ||||||||||||
11_Earnings_Per_Unit_of_the_Op1
11. Earnings Per Unit of the Operating Partnership (Tables) | 6 Months Ended | |||||||||||||||
Jun. 30, 2014 | ||||||||||||||||
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): | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic and Diluted Shares Outstanding | ||||||||||||||||
Weighted average common shares – basic | 65,486,202 | 64,380,566 | 65,417,615 | 64,733,309 | ||||||||||||
Effect of dilutive securities | 464,911 | 808,341 | 470,282 | 823,543 | ||||||||||||
Weighted average common shares – diluted | 65,951,113 | 65,188,907 | 65,887,897 | 65,556,852 | ||||||||||||
Calculation of Earnings per Share – Basic | ||||||||||||||||
Net income attributable to common shares | $ | 21,121 | $ | 11,971 | $ | 41,166 | $ | 19,914 | ||||||||
Net income allocated to unvested restricted shares | (116 | ) | (69 | ) | (232 | ) | (124 | ) | ||||||||
Net income attributable to common shares, adjusted | 21,005 | 11,902 | 40,934 | 19,790 | ||||||||||||
Weighted average common shares – basic | 65,486,202 | 64,380,566 | 65,417,615 | 64,733,309 | ||||||||||||
Earnings per common share – basic | $ | 0.32 | $ | 0.19 | $ | 0.63 | $ | 0.31 | ||||||||
Calculation of Earnings per Share – Diluted | ||||||||||||||||
Net income attributable to common shares | $ | 21,121 | $ | 11,971 | $ | 41,166 | $ | 19,914 | ||||||||
Adjustments to redeemable noncontrolling interests | 29 | 29 | 56 | 50 | ||||||||||||
Adjusted net income available to common shares | 21,150 | 12,000 | 41,222 | 19,964 | ||||||||||||
Weighted average common shares – diluted | 65,951,113 | 65,188,907 | 65,887,897 | 65,556,852 | ||||||||||||
Earnings per common share – diluted | $ | 0.32 | $ | 0.18 | $ | 0.63 | $ | 0.3 | ||||||||
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): | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Restricted Shares | — | — | — | — | ||||||||||||
Stock Options | — | 1.3 | — | 1.2 | ||||||||||||
Performance Units | 0.2 | 0.1 | 0.2 | 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: | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Basic and Diluted Units Outstanding | ||||||||||||||||
Weighted average common units – basic (includes redeemable partnership units and units of general and limited partners) | 81,064,230 | 80,311,476 | 81,010,515 | 80,781,930 | ||||||||||||
Effect of dilutive securities | 464,911 | 808,341 | 470,282 | 823,543 | ||||||||||||
Weighted average common units – diluted | 81,529,141 | 81,119,817 | 81,480,797 | 81,605,473 | ||||||||||||
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): | ||||||||||||||||
Three months ended June 30, | Six months ended June 30, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Restricted Units | — | — | — | — | ||||||||||||
Stock Options | — | 1.3 | — | 1.2 | ||||||||||||
Performance Units | 0.2 | 0.1 | 0.2 | 0.1 | ||||||||||||
13_Supplemental_Consolidating_1
13. Supplemental Consolidating Financial Data for Subsidiary Guarantors of the Unsecured Notes (Tables) | 6 Months Ended | |||||||||||||||||||
Jun. 30, 2014 | ||||||||||||||||||||
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) | ||||||||||||||||||||
June 30, 2014 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
ASSETS | ||||||||||||||||||||
Income producing property: | ||||||||||||||||||||
Land | $ | — | $ | 79,935 | $ | 1,071 | $ | — | $ | 81,006 | ||||||||||
Buildings and improvements | — | 2,421,238 | 102,778 | — | 2,524,016 | |||||||||||||||
— | 2,501,173 | 103,849 | — | 2,605,022 | ||||||||||||||||
Less: accumulated depreciation | — | (429,223 | ) | (28,473 | ) | — | (457,696 | ) | ||||||||||||
Net income producing property | — | 2,071,950 | 75,376 | — | 2,147,326 | |||||||||||||||
Construction in progress and land held for development | — | 108,338 | 202,597 | — | 310,935 | |||||||||||||||
Net real estate | — | 2,180,288 | 277,973 | — | 2,458,261 | |||||||||||||||
Cash and cash equivalents | 48,997 | — | 2,926 | — | 51,923 | |||||||||||||||
Rents and other receivables | 4,276 | 4,404 | 1,763 | — | 10,443 | |||||||||||||||
Deferred rent | — | 144,117 | 3,905 | — | 148,022 | |||||||||||||||
Lease contracts above market value, net | — | 8,604 | — | — | 8,604 | |||||||||||||||
Deferred costs, net | 17,853 | 15,458 | 6,829 | — | 40,140 | |||||||||||||||
Investment in affiliates | 2,459,181 | — | — | (2,459,181 | ) | — | ||||||||||||||
Prepaid expenses and other assets | 2,917 | 43,773 | 2,969 | — | 49,659 | |||||||||||||||
Total assets | $ | 2,533,224 | $ | 2,396,644 | $ | 296,365 | $ | (2,459,181 | ) | $ | 2,767,052 | |||||||||
LIABILITIES AND PARTNERS’ CAPITAL | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Line of credit | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||
Mortgage notes payable | — | — | 115,000 | — | 115,000 | |||||||||||||||
Unsecured term loan | 250,000 | — | — | — | 250,000 | |||||||||||||||
Unsecured notes payable | 600,000 | — | — | — | 600,000 | |||||||||||||||
Accounts payable and accrued liabilities | 2,996 | 15,633 | 5,460 | — | 24,089 | |||||||||||||||
Construction costs payable | 112 | 9,340 | 15,580 | — | 25,032 | |||||||||||||||
Accrued interest payable | 10,577 | — | 11 | — | 10,588 | |||||||||||||||
Distribution payable | 34,243 | — | — | — | 34,243 | |||||||||||||||
Lease contracts below market value, net | — | 8,783 | — | — | 8,783 | |||||||||||||||
Prepaid rents and other liabilities | 37 | 59,998 | 4,023 | — | 64,058 | |||||||||||||||
Total liabilities | 897,965 | 93,754 | 140,074 | — | 1,131,793 | |||||||||||||||
Redeemable partnership units | 419,801 | — | — | — | 419,801 | |||||||||||||||
Commitments and contingencies | — | — | — | — | — | |||||||||||||||
Limited Partners’ Capital: | ||||||||||||||||||||
Series A cumulative redeemable perpetual preferred units, 7,400,000 issued and outstanding at June 30, 2014 | 185,000 | — | — | — | 185,000 | |||||||||||||||
Series B cumulative redeemable perpetual preferred units, 6,650,000 issued and outstanding at June 30, 2014 | 166,250 | — | — | — | 166,250 | |||||||||||||||
Common units, 65,169,299 issued and outstanding at June 30, 2014 | 855,513 | 2,302,890 | 156,291 | (2,459,181 | ) | 855,513 | ||||||||||||||
General partner’s capital, 662,373 common units issued and outstanding at June 30, 2014 | 8,695 | — | — | — | 8,695 | |||||||||||||||
Total partners’ capital | 1,215,458 | 2,302,890 | 156,291 | (2,459,181 | ) | 1,215,458 | ||||||||||||||
Total liabilities & partners’ capital | $ | 2,533,224 | $ | 2,396,644 | $ | 296,365 | $ | (2,459,181 | ) | $ | 2,767,052 | |||||||||
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 | |||||||||||||||
DUPONT FABROS TECHNOLOGY, L.P. | ||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING BALANCE SHEETS | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(Continued) | ||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
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 | |||||||||
Schedule of Supplemental Consolidating Statements of Operations [Table Text Block] | ' | |||||||||||||||||||
DUPONT FABROS TECHNOLOGY, L.P. | ||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING STATEMENTS OF OPERATIONS | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Three months ended June 30, 2014 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Base rent | $ | 4,290 | $ | 66,218 | $ | 4,274 | $ | (4,327 | ) | $ | 70,455 | |||||||||
Recoveries from tenants | — | 27,611 | 2,353 | — | 29,964 | |||||||||||||||
Other revenues | — | 410 | 1,168 | (47 | ) | 1,531 | ||||||||||||||
Total revenues | 4,290 | 94,239 | 7,795 | (4,374 | ) | 101,950 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 29,586 | 2,533 | (4,337 | ) | 27,782 | ||||||||||||||
Real estate taxes and insurance | — | 3,313 | 98 | — | 3,411 | |||||||||||||||
Depreciation and amortization | 17 | 22,452 | 1,134 | — | 23,603 | |||||||||||||||
General and administrative | 3,683 | 33 | 152 | — | 3,868 | |||||||||||||||
Other expenses | 742 | 16 | 878 | (37 | ) | 1,599 | ||||||||||||||
Total expenses | 4,442 | 55,400 | 4,795 | (4,374 | ) | 60,263 | ||||||||||||||
Operating income | (152 | ) | 38,839 | 3,000 | — | 41,687 | ||||||||||||||
Interest income | 39 | — | — | — | 39 | |||||||||||||||
Interest: | ||||||||||||||||||||
Expense incurred | (10,367 | ) | 1,270 | 1,390 | — | (7,707 | ) | |||||||||||||
Amortization of deferred financing costs | (807 | ) | 74 | 10 | — | (723 | ) | |||||||||||||
Loss on early extinguishment of debt | (338 | ) | — | — | — | (338 | ) | |||||||||||||
Equity in earnings | 44,583 | — | — | (44,583 | ) | — | ||||||||||||||
Net income (loss) | 32,958 | 40,183 | 4,400 | (44,583 | ) | 32,958 | ||||||||||||||
Preferred unit distributions | (6,811 | ) | — | — | — | (6,811 | ) | |||||||||||||
Net income (loss) attributable to common units | $ | 26,147 | $ | 40,183 | $ | 4,400 | $ | (44,583 | ) | $ | 26,147 | |||||||||
Three months ended June 30, 2013 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Base rent | $ | 3,728 | $ | 61,229 | $ | 4,246 | $ | (3,765 | ) | $ | 65,438 | |||||||||
Recoveries from tenants | — | 23,111 | 2,208 | — | 25,319 | |||||||||||||||
Other revenues | — | 397 | 461 | (51 | ) | 807 | ||||||||||||||
Total revenues | 3,728 | 84,737 | 6,915 | (3,816 | ) | 91,564 | ||||||||||||||
Expenses: | ||||||||||||||||||||
Property operating costs | — | 26,219 | 2,327 | (3,779 | ) | 24,767 | ||||||||||||||
Real estate taxes and insurance | — | 3,562 | 111 | — | 3,673 | |||||||||||||||
Depreciation and amortization | 20 | 22,035 | 1,141 | — | 23,196 | |||||||||||||||
General and administrative | 4,253 | 26 | 53 | — | 4,332 | |||||||||||||||
Other expenses | 349 | — | 273 | (37 | ) | 585 | ||||||||||||||
Total expenses | 4,622 | 51,842 | 3,905 | (3,816 | ) | 56,553 | ||||||||||||||
Operating (loss) income | (894 | ) | 32,895 | 3,010 | — | 35,011 | ||||||||||||||
Interest income | 16 | — | — | — | 16 | |||||||||||||||
Interest: | ||||||||||||||||||||
Expense incurred | (12,205 | ) | 27 | (327 | ) | — | (12,505 | ) | ||||||||||||
Amortization of deferred financing costs | (704 | ) | 2 | (73 | ) | — | (775 | ) | ||||||||||||
Equity in earnings | 35,534 | — | — | (35,534 | ) | — | ||||||||||||||
Net income (loss) | 21,747 | 32,924 | 2,610 | (35,534 | ) | 21,747 | ||||||||||||||
Preferred unit distributions | (6,811 | ) | — | — | — | (6,811 | ) | |||||||||||||
Net income (loss) attributable to common units | $ | 14,936 | $ | 32,924 | $ | 2,610 | $ | (35,534 | ) | $ | 14,936 | |||||||||
Schedule of Supplemental Consolidating Statements Of Cash Flows [Table Text Block] | ' | |||||||||||||||||||
DUPONT FABROS TECHNOLOGY, L.P. | ||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Six months ended June 30, 2014 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
Cash flow from operating activities | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (21,458 | ) | $ | 127,378 | $ | 12,709 | $ | — | $ | 118,629 | |||||||||
Cash flow from investing activities | ||||||||||||||||||||
Investments in real estate – development | (236 | ) | (65,705 | ) | (62,127 | ) | — | (128,068 | ) | |||||||||||
Investments in affiliates | 3,174 | (57,808 | ) | 54,634 | — | — | ||||||||||||||
Interest capitalized for real estate under development | (4 | ) | (2,597 | ) | (3,562 | ) | — | (6,163 | ) | |||||||||||
Improvements to real estate | — | (1,020 | ) | — | — | (1,020 | ) | |||||||||||||
Additions to non-real estate property | (9 | ) | (248 | ) | (26 | ) | — | (283 | ) | |||||||||||
Net cash used in investing activities | 2,925 | (127,378 | ) | (11,081 | ) | — | (135,534 | ) | ||||||||||||
Cash flow from financing activities | ||||||||||||||||||||
Unsecured term loan: | ||||||||||||||||||||
Proceeds | 96,000 | — | — | — | 96,000 | |||||||||||||||
Payments of financing costs | (2,503 | ) | — | (313 | ) | — | (2,816 | ) | ||||||||||||
Exercises of stock options | 3,457 | — | — | — | 3,457 | |||||||||||||||
Distributions | (62,327 | ) | — | — | — | (62,327 | ) | |||||||||||||
Net cash provided by (used in) financing activities | 34,627 | — | (313 | ) | — | 34,314 | ||||||||||||||
Net increase in cash and cash equivalents | 16,094 | — | 1,315 | — | 17,409 | |||||||||||||||
Cash and cash equivalents, beginning | 32,903 | — | 1,611 | — | 34,514 | |||||||||||||||
Cash and cash equivalents, ending | $ | 48,997 | $ | — | $ | 2,926 | $ | — | $ | 51,923 | ||||||||||
DUPONT FABROS TECHNOLOGY, L.P. | ||||||||||||||||||||
SUPPLEMENTAL CONSOLIDATING STATEMENTS OF CASH FLOWS | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Six months ended June 30, 2013 | ||||||||||||||||||||
Operating | Subsidiary | Subsidiary | Eliminations | Consolidated | ||||||||||||||||
Partnership | Guarantors | Non-Guarantors | Total | |||||||||||||||||
Cash flow from operating activities | ||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (26,379 | ) | $ | 104,102 | $ | 8,064 | $ | — | $ | 85,787 | |||||||||
Cash flow from investing activities | ||||||||||||||||||||
Investments in real estate – development | (13 | ) | (13,649 | ) | (6,854 | ) | — | (20,516 | ) | |||||||||||
Investments in affiliates | 60,306 | 53,516 | (113,822 | ) | — | — | ||||||||||||||
Interest capitalized for real estate under development | — | (33 | ) | (471 | ) | — | (504 | ) | ||||||||||||
Improvements to real estate | — | (4,260 | ) | (97 | ) | — | (4,357 | ) | ||||||||||||
Additions to non-real estate property | (6 | ) | (18 | ) | — | — | (24 | ) | ||||||||||||
Net cash provided by (used in) investing activities | 60,287 | 35,556 | (121,244 | ) | — | (25,401 | ) | |||||||||||||
Cash flow from financing activities | ||||||||||||||||||||
Line of credit: | ||||||||||||||||||||
Proceeds | 72,000 | — | — | — | 72,000 | |||||||||||||||
Repayments | (30,000 | ) | — | — | — | (30,000 | ) | |||||||||||||
Mortgage notes payable: | ||||||||||||||||||||
Proceeds | — | — | 115,000 | — | 115,000 | |||||||||||||||
Lump sum payoffs | — | (138,300 | ) | — | — | (138,300 | ) | |||||||||||||
Repayments | — | (1,300 | ) | — | — | (1,300 | ) | |||||||||||||
Payments of Financing costs | (1,329 | ) | (4 | ) | (1,703 | ) | — | (3,036 | ) | |||||||||||
Stock repurchases | (37,792 | ) | — | — | — | (37,792 | ) | |||||||||||||
Distributions | (46,163 | ) | — | — | — | (46,163 | ) | |||||||||||||
Net cash (used in) provided by financing activities | (43,284 | ) | (139,604 | ) | 113,297 | — | (69,591 | ) | ||||||||||||
Net (decrease) increase in cash and cash equivalents | (9,376 | ) | 54 | 117 | — | (9,205 | ) | |||||||||||||
Cash and cash equivalents, beginning | 18,240 | 361 | 681 | — | 19,282 | |||||||||||||||
Cash and cash equivalents, ending | $ | 8,864 | $ | 415 | $ | 798 | $ | — | $ | 10,077 | ||||||||||
1_Description_of_Business_Deta
1. Description of Business (Details) | 3 Months Ended |
Jun. 30, 2014 | |
Subsidiary or Equity Method Investee [Line Items] | ' |
Limited Liability Company (LLC) or Limited Partnership (LP), Members or Limited Partners, Ownership Interest | 80.90% |
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 | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Cash at Bank Held by Parent Company not Part of Operating Partnership | $4,200,000 | ' | $4,200,000 | ' | ' |
Depreciation | 22,500,000 | 22,000,000 | 44,700,000 | 44,200,000 | ' |
Tenant Origination Cost Amortization | 800,000 | 800,000 | 1,600,000 | 1,600,000 | ' |
Asset impairment charges | ' | 0 | 0 | 0 | ' |
Repayments of Notes Payable | ' | ' | 0 | 138,300,000 | ' |
Write off of Deferred Debt Issuance Cost | ' | ' | 338,000 | 1,700,000 | ' |
Payments for Leasing Costs | 1,500,000 | 100,000 | 1,600,000 | 200,000 | ' |
Amortization of Deferred Leasing Fees | 1,000,000 | 900,000 | 2,000,000 | 1,900,000 | ' |
Fuel Inventory | 4,000,000 | ' | 4,000,000 | ' | 4,000,000 |
Account receivable reserve | 1,600,000 | ' | 1,600,000 | ' | 1,600,000 |
Deferred Rent Reserve | 2,100,000 | ' | 2,100,000 | ' | 2,100,000 |
Loans and Leases Receivable, Gross, Commercial | 5,800,000 | ' | 5,800,000 | ' | 5,700,000 |
Management Fees, Base Revenue | ' | 3,700,000 | ' | 7,400,000 | ' |
DuPont Fabros Technology, L.P. [Member] | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Repayments of Notes Payable | ' | ' | 0 | 138,300,000 | ' |
Write off of Deferred Debt Issuance Cost | ' | ' | 338,000 | 1,700,000 | ' |
Building and Building Improvements [Member] | ' | ' | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | '40 years | ' | ' |
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 | ' | ' |
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 $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Significant Accounting Policies [Line Items] | ' | ' |
Financing costs | $24,620 | $22,756 |
Accumulated amortization | -5,217 | -4,013 |
Financing costs, net | $19,403 | $18,743 |
2_Significant_Accounting_Polic5
2. Significant Accounting Policies Schedule of Deferred Leasing Costs (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Leasing costs | $49,804 | $48,312 |
Accumulated amortization | -29,067 | -27,189 |
Leasing costs, net | $20,737 | $21,123 |
2_Significant_Accounting_Polic6
2. Significant Accounting Policies Schedule of Above and Below Market Lease Intangibles (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Lease contracts above market value | $23,100 | $23,100 |
Accumulated amortization | -14,496 | -13,946 |
Lease contracts above market value, net | 8,604 | 9,154 |
Lease contracts below market value | 39,375 | 39,375 |
Accumulated amortization | -30,592 | -28,845 |
Lease contracts below market value, net | $8,783 | $10,530 |
2_Significant_Accounting_Polic7
2. Significant Accounting Policies Schedule of Redeemable Noncontrolling Interests - Operating Partnership (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Balance at December 31, 2013, units | ' | ' | 15,671,537 | ' |
Balance at December 31, 2013 | ' | ' | $387,244 | ' |
Net income attributable to redeemable noncontrolling interests – operating partnership | 5,026 | 2,965 | 9,814 | 4,938 |
Distributions declared | ' | ' | -10,904 | ' |
Redemption of operating partnership units, shares | ' | ' | -100,300 | ' |
Redemption of operating partnership units | ' | ' | -2,400 | -69,900 |
Adjustments to redeemable noncontrolling interests – operating partnership | ' | ' | 36,047 | 2,111 |
Balance at March 31, 2014, units | 15,571,237 | ' | 15,571,237 | ' |
Balance at March 31, 2014 | $419,801 | ' | $419,801 | ' |
2_Significant_Accounting_Polic8
2. Significant Accounting Policies Schedule of Redeemable Partnership Units (Details) (USD $) | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Significant Accounting Policies [Line Items] | ' | ' |
Balance at December 31, 2013, units | 15,671,537 | ' |
Balance at December 31, 2013 | $387,244 | ' |
Redemption of operating partnership units, shares | -100,300 | ' |
Redemption of operating partnership units | -2,400 | -69,900 |
Balance at March 31, 2014, units | 15,571,237 | ' |
Balance at March 31, 2014 | 419,801 | ' |
DuPont Fabros Technology, L.P. [Member] | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' |
Balance at December 31, 2013, units | 15,671,537 | ' |
Balance at December 31, 2013 | 387,244 | ' |
Redemption of operating partnership units, shares | -100,300 | ' |
Redemption of operating partnership units | -2,400 | -69,900 |
Adjustments to redeemable partnership units | 34,957 | ' |
Balance at March 31, 2014, units | 15,571,237 | ' |
Balance at March 31, 2014 | $419,801 | ' |
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 $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Accounting Policies [Abstract] | ' | ' | ' | ' |
Net income attributable to controlling interests | $27,932 | $18,782 | $54,788 | $33,536 |
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 | -45,081 | 1,900 | -33,647 | 67,789 |
Net Income Attributable to Controlling Interests and Transfers from Redeemable Noncontrolling Interests Operating Partnership | ($17,149) | $20,682 | $21,141 | $101,325 |
3_Real_Estate_Assets_Details
3. Real Estate Assets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Real Estate Assets [Line Items] | ' | ' | |
Land | $81,006 | $75,956 | |
Buildings and improvements | 2,524,016 | 2,420,986 | |
Construction in progress and land held for development | 310,935 | [1] | 302,068 |
Income producing property | 2,605,022 | 2,496,942 | |
Real Estate, Gross | 2,915,957 | ' | |
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 | 95,860 | ' | |
Construction in progress and land held for development | 0 | ' | |
Income producing property | 96,931 | ' | |
ACC4 [Member] | ' | ' | |
Real Estate Assets [Line Items] | ' | ' | |
Land | 6,600 | ' | |
Buildings and improvements | 538,419 | ' | |
Construction in progress and land held for development | 0 | ' | |
Income producing property | 545,019 | ' | |
ACC5 [Member] | ' | ' | |
Real Estate Assets [Line Items] | ' | ' | |
Land | 6,443 | ' | |
Buildings and improvements | 298,574 | ' | |
Construction in progress and land held for development | 0 | ' | |
Income producing property | 305,017 | ' | |
ACC6 [Member] | ' | ' | |
Real Estate Assets [Line Items] | ' | ' | |
Land | 5,518 | ' | |
Buildings and improvements | 216,697 | ' | |
Construction in progress and land held for development | 0 | ' | |
Income producing property | 222,215 | ' | |
VA3 [Member] | ' | ' | |
Real Estate Assets [Line Items] | ' | ' | |
Land | 9,000 | ' | |
Buildings and improvements | 177,960 | ' | |
Construction in progress and land held for development | 0 | ' | |
Income producing property | 186,960 | ' | |
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 | 358,167 | ' | |
Construction in progress and land held for development | 0 | ' | |
Income producing property | 381,778 | ' | |
NJ1 Phase I [Member] | ' | ' | |
Real Estate Assets [Line Items] | ' | ' | |
Land | 4,311 | ' | |
Buildings and improvements | 209,169 | ' | |
Construction in progress and land held for development | 0 | ' | |
Income producing property | 213,480 | ' | |
SC1 Phase I [Member] | ' | ' | |
Real Estate Assets [Line Items] | ' | ' | |
Land | 15,152 | ' | |
Buildings and improvements | 321,312 | ' | |
Construction in progress and land held for development | 0 | ' | |
Income producing property | $336,464 | ' | |
[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 IIB and SC2). |
4_Debt_Summary_Details
4. Debt Summary (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Mortgage notes payable | $115,000,000 | $115,000,000 |
Unsecured Term Loan | 250,000,000 | 154,000,000 |
Long-term Debt | 965,000,000 | 869,000,000 |
Unsecured notes payable | 600,000,000 | 600,000,000 |
Line of credit | 0 | 0 |
Total Debt in Percentage | 100.00% | ' |
Debt, Weighted Average Interest Rate | 4.30% | ' |
Long Term Debt, Weighted Average Maturity in Years | 6.1 | ' |
Fixed Rate Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Amount | 600,000,000 | 600,000,000 |
Percentage of Total Debt | 62.00% | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.90% | ' |
FixedInterestDebtMaturityInYears | 7.2 | ' |
Unsecured Notes due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unsecured notes payable | 600,000,000 | 600,000,000 |
Percentage of Total Debt | 62.00% | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.88% | ' |
Unsecured Debt Maturity, in Years | 7.2 | ' |
Floating Rate Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Long-term Debt, Percentage Bearing Variable Interest, Amount | 365,000,000 | 269,000,000 |
Percentage of Total Debt | 38.00% | ' |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1.80% | ' |
VariableInterestDebtMaturityInYears | 4.4 | ' |
Unsecured Credit Facility [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Line of credit | 0 | 0 |
Percentage of Total Debt | 0.00% | ' |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 0.00% | ' |
Unsecured Debt Maturity, in Years | 3.9 | ' |
Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unsecured Term Loan | 250,000,000 | 154,000,000 |
Percentage of Total Debt | 26.00% | ' |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1.90% | ' |
Unsecured Debt Maturity, in Years | 4.6 | ' |
AccThreeTermLoan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Term Loan | 115,000,000 | 115,000,000 |
Percentage of Total Debt | 12.00% | ' |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | 1.70% | ' |
Secured Debt Maturity, in Years | 3.7 | ' |
Secured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Mortgage notes payable | 115,000,000 | 115,000,000 |
Percentage of Total Debt | 12.00% | ' |
Long-Term Debt, Secured Interest Rate | 1.70% | ' |
Secured Debt Maturity, in Years | 3.7 | ' |
Unsecured Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Unsecured Term Loan | $850,000,000 | $754,000,000 |
Percentage of Total Debt | 88.00% | ' |
Long-Term Debt, Unsecured Interest Rate | 4.70% | ' |
Unsecured Debt Maturity, in Years | 6.5 | ' |
4_Debt_ACC3_Term_Loan_Details
4. Debt ACC3 Term Loan (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Mortgage notes payable | $115,000,000 | $115,000,000 |
AccThreeTermLoan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument Amendment Date | 9-May-14 | ' |
Mortgage notes payable | 115,000,000 | ' |
AccThreeTermLoan [Member] | Libor Rate Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.55% | ' |
AccThreeTermLoan [Member] | Base Rate Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.55% | ' |
Prior to First Amendment [Member] | AccThreeTermLoan [Member] | Libor Rate Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.85% | ' |
Prior to First Amendment [Member] | AccThreeTermLoan [Member] | Base Rate Loans [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.85% | ' |
AccThreeTermLoan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Maturity Date | 27-Mar-18 | ' |
AccThreeTermLoan [Member] | Maximum [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Ratio of Total Indebtedness To Gross Assets Value | 60.00% | ' |
AccThreeTermLoan [Member] | Minimum [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
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 | ' |
4_Debt_Unsecured_Term_Loan_Det
4. Debt Unsecured Term Loan (Details) (USD $) | 6 Months Ended | |
Jun. 30, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' |
Unsecured Term Loan | $250,000,000 | $154,000,000 |
Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Issuance Date | 13-Sep-13 | ' |
Unsecured Term Loan | 195,000,000 | 154,000,000 |
Debt Instrument, Maturity Date | 15-Feb-19 | ' |
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 Remaining Balance Drawn | 96,000,000 | ' |
Delayed Draw Deadline | 10-Jan-14 | ' |
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% | ' |
Credit Rating Level 1 [Member] | Greater than A- S&P, Moody's A3 Rating [Member] | Libor Rate Loans [Member] | Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.95% | ' |
Credit Rating Level 1 [Member] | Greater than A- S&P, Moody's A3 Rating [Member] | Libor Rate Loans [Member] | Unsecured Term Loan [Member] | After First Amendment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.83% | ' |
Credit Rating Level 1 [Member] | Greater than A- S&P, Moody's A3 Rating [Member] | Base Rate Loans [Member] | Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.00% | ' |
Credit Rating Level 1 [Member] | Greater than A- S&P, Moody's A3 Rating [Member] | Base Rate Loans [Member] | Unsecured Term Loan [Member] | After First Amendment [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] | Unsecured Term Loan [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] | Libor Rate Loans [Member] | Unsecured Term Loan [Member] | After First Amendment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.88% | ' |
Credit Rating Level 2 [Member] | Greater than BBB plus S&P, Moody's Baa1 Rating [Member] | Base Rate Loans [Member] | Unsecured Term Loan [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] | Base Rate Loans [Member] | Unsecured Term Loan [Member] | After First Amendment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.00% | ' |
Credit Rating Level 3 [Member] | Greater than BBB S&P, Moody's Baa2 Rating [Member] | Libor Rate Loans [Member] | Unsecured Term Loan [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] | Libor Rate Loans [Member] | Unsecured Term Loan [Member] | After First Amendment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ' |
Credit Rating Level 3 [Member] | Greater than BBB S&P, Moody's Baa2 Rating [Member] | Base Rate Loans [Member] | Unsecured Term Loan [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] | Base Rate Loans [Member] | Unsecured Term Loan [Member] | After First Amendment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.00% | ' |
Credit Rating Level 4 [Member] | Greater than BBB- S&P, Moody's Baa3 Rating [Member] | Libor Rate Loans [Member] | Unsecured Term Loan [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] | Libor Rate Loans [Member] | Unsecured Term Loan [Member] | After First Amendment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.25% | ' |
Credit Rating Level 4 [Member] | Greater than BBB- S&P, Moody's Baa3 Rating [Member] | Base Rate Loans [Member] | Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ' |
Credit Rating Level 4 [Member] | Greater than BBB- S&P, Moody's Baa3 Rating [Member] | Base Rate Loans [Member] | Unsecured Term Loan [Member] | After First Amendment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.25% | ' |
Credit Rating Level 5 [Member] | Less than BBB- S&P, Moody's Baa3 Rating [Member] | Libor Rate Loans [Member] | Unsecured Term Loan [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] | Libor Rate Loans [Member] | Unsecured Term Loan [Member] | After First Amendment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.65% | ' |
Credit Rating Level 5 [Member] | Less than BBB- S&P, Moody's Baa3 Rating [Member] | Base Rate Loans [Member] | Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.95% | ' |
Credit Rating Level 5 [Member] | Less than BBB- S&P, Moody's Baa3 Rating [Member] | Base Rate Loans [Member] | Unsecured Term Loan [Member] | After First Amendment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.65% | ' |
Pricing Level 1 [Member] | Libor Rate Loans [Member] | Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ' |
Pricing Level 1 [Member] | Libor Rate Loans [Member] | Unsecured Term Loan [Member] | After First Amendment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ' |
Pricing Level 1 [Member] | Base Rate Loans [Member] | Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ' |
Pricing Level 1 [Member] | Base Rate Loans [Member] | Unsecured Term Loan [Member] | After First Amendment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ' |
Pricing Level 2 [Member] | Libor Rate Loans [Member] | Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.90% | ' |
Pricing Level 2 [Member] | Libor Rate Loans [Member] | Unsecured Term Loan [Member] | After First Amendment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.60% | ' |
Pricing Level 2 [Member] | Base Rate Loans [Member] | Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.90% | ' |
Pricing Level 2 [Member] | Base Rate Loans [Member] | Unsecured Term Loan [Member] | After First Amendment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.60% | ' |
Pricing Level 3 [Member] | Libor Rate Loans [Member] | Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.05% | ' |
Pricing Level 3 [Member] | Libor Rate Loans [Member] | Unsecured Term Loan [Member] | After First Amendment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ' |
Pricing Level 3 [Member] | Base Rate Loans [Member] | Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.05% | ' |
Pricing Level 3 [Member] | Base Rate Loans [Member] | Unsecured Term Loan [Member] | After First Amendment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.75% | ' |
Pricing Level 4 [Member] | Libor Rate Loans [Member] | Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.20% | ' |
Pricing Level 4 [Member] | Libor Rate Loans [Member] | Unsecured Term Loan [Member] | After First Amendment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.90% | ' |
Pricing Level 4 [Member] | Base Rate Loans [Member] | Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.20% | ' |
Pricing Level 4 [Member] | Base Rate Loans [Member] | Unsecured Term Loan [Member] | After First Amendment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.90% | ' |
Pricing Level 5 [Member] | Libor Rate Loans [Member] | Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.40% | ' |
Pricing Level 5 [Member] | Libor Rate Loans [Member] | Unsecured Term Loan [Member] | After First Amendment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.10% | ' |
Pricing Level 5 [Member] | Base Rate Loans [Member] | Unsecured Term Loan [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.40% | ' |
Pricing Level 5 [Member] | Base Rate Loans [Member] | Unsecured Term Loan [Member] | After First Amendment [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ' |
4_Debt_Applicable_Margin_of_Un
4. Debt Applicable Margin of Unsecured Term Loan (Details) (Unsecured Term Loan [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
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% |
4_Debt_Credit_Rating_for_Unsec
4. Debt Credit Rating for Unsecured Term Loan (Details) (Unsecured Term Loan [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
Credit Rating Level 1 [Member] | Greater 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] | Greater 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% |
4_Debt_Unsecured_Notes_due_202
4. Debt Unsecured Notes due 2021 (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Unsecured notes payable | $600,000 | $600,000 |
Unsecured Notes due 2021 [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Debt Instrument, Issuance Date | 24-Sep-13 | ' |
Unsecured notes payable | $600,000 | $600,000 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.88% | ' |
Debt Instrument, Maturity Date | 15-Sep-21 | ' |
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% | ' |
4_Debt_Summary_Of_Maturities_A
4. 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% |
4_Debt_Unsecured_Credit_Facili
4. Debt Unsecured Credit Facility (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Loss on early extinguishment of debt | ($338,000) | $0 | ($338,000) | ($1,700,000) | ' |
Line of credit | 0 | ' | 0 | ' | 0 |
Unsecured Credit Facility [Member] | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' |
Debt Instrument Amendment Date | ' | ' | 13-May-14 | ' | ' |
Line Of Credit Capacity Prior To Second Amendment | 400,000,000 | ' | 400,000,000 | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 560,000,000 | ' | 560,000,000 | ' | ' |
Line Of Credit Commitment If Increased | ' | ' | 800,000,000 | ' | ' |
Debt Instrument Maturity Date Prior to Fifth Amendment | ' | ' | 21-Mar-16 | ' | ' |
Debt Instrument, Maturity Date | ' | ' | 13-May-18 | ' | ' |
Extension Option On Debt Maturity Years | ' | ' | 1 | ' | ' |
Basis Points Extension Fee On Total Commitment | ' | ' | 15 | ' | ' |
Loss on early extinguishment of debt | -300,000 | ' | ' | ' | ' |
Facility amount available for Letters of Credit | ' | ' | 35,000,000 | ' | ' |
Letters of Credit Outstanding, Amount | 100,000 | ' | 100,000 | ' | ' |
Line of credit | 0 | ' | 0 | ' | ' |
Maximum [Member] | Unsecured Credit Facility [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 Credit Facility [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 | ' | $1,300,000,000 | ' | ' |
Percentage Of Equity Offerings And Interests In Operating Partnerships To Be Added To Tangible Net Worth Threshold | ' | ' | 80.00% | ' | ' |
4_Debt_Applicable_Margin_of_Un1
4. Debt Applicable Margin of Unsecured Credit Facility (Details) (Unsecured Credit Facility [Member], USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
Debt Instrument [Line Items] | ' |
Letters of Credit Outstanding, Amount | 0.1 |
Maximum [Member] | ' |
Debt Instrument [Line Items] | ' |
Ratio of Total Indebtedness To Gross Assets Value | 60.00% |
Pricing Level 1 [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.55% |
Pricing Level 1 [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.55% |
Pricing Level 2 [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.65% |
Pricing Level 2 [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.65% |
Pricing Level 3 [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.80% |
Pricing Level 3 [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.80% |
Pricing Level 4 [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.95% |
Pricing Level 4 [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.95% |
Pricing Level 5 [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.15% |
Pricing Level 5 [Member] | Base Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 1.15% |
4_Debt_Credit_Rating_for_Unsec1
4. Debt Credit Rating for Unsecured Credit Facility (Details) (Unsecured Credit Facility [Member]) | 6 Months Ended |
Jun. 30, 2014 | |
Credit Rating Level 1 [Member] | Greater than A- S&P, Moody's A3 Rating [Member] | Libor Rate Loans [Member] | ' |
Debt Instrument [Line Items] | ' |
Debt Instrument, Basis Spread on Variable Rate | 0.88% |
Credit Rating Level 1 [Member] | Greater 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 | 0.93% |
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 | 0.00% |
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 | 1.05% |
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 | 0.05% |
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 | 1.30% |
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 | 0.30% |
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 | 1.70% |
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 | 0.70% |
4_Debt_ACC5_Term_Loan_Details
4. Debt ACC5 Term Loan (Details) (USD $) | 6 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | 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 | ' | $115,000 | ' | $150,000 |
Repayments of Notes Payable | 0 | 138,300 | ' | 138,300 | ' |
Write off of Deferred Debt Issuance Cost | $338 | $1,700 | ' | $1,700 | ' |
Debt Instrument, Maturity Date | ' | ' | ' | 2-Dec-14 | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | 3.00% | ' |
4_Debt_Unsecured_Notes_due_201
4. Debt Unsecured Notes due 2017 (Details) (USD $) | 6 Months Ended | 6 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Unsecured Notes due 2017 [Member] | Unsecured Notes due 2017 [Member] | Unsecured Notes due 2017 [Member] | ||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Debt Instrument, Issuance Date | ' | ' | ' | 16-Dec-09 | ' | ' |
Unsecured notes payable | $600,000,000 | ' | $600,000,000 | ' | ' | $550,000,000 |
Payments of Debt Extinguishment Costs, Called Bonds | ' | ' | ' | 7,100,000 | ' | ' |
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 | ' | ' |
Debt Instrument, Repurchased Face Amount, Called Bonds | ' | ' | ' | ' | 131,900,000 | ' |
Write off of Deferred Debt Issuance Cost | 338,000 | 1,700,000 | ' | ' | ' | ' |
Write off of Deferred Debt Issuance Cost, Called Bonds | ' | ' | ' | $1,600,000 | ' | ' |
4_Debt_Maturity_Summary_Detail
4. Debt Maturity Summary (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | 2014 [Member] | 2015 [Member] | 2016 [Member] | 2017 [Member] | 2018 [Member] | 2019 [Member] | 2020 [Member] | 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] | Unsecured Term Loan [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] | After First Amendment [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | $0 | $0 | $3,750 | $8,750 | $102,500 | $250,000 | $0 | $600,000 | ' | ' | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $600,000 | ' | ' | $0 | $0 | $3,750 | $8,750 | $102,500 | $250,000 | $0 | $0 | ' | $1,250 | $2,500 | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600,000 | 600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Variable Interest, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 365,000 | 269,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | $965,000 | $869,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Total Debt | ' | ' | 0.00% | 0.00% | 0.40% | 0.90% | 10.60% | 25.90% | 0.00% | 62.20% | 62.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Debt in Percentage | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | 4.30% | ' | 0.00% | 0.00% | 1.70% | 1.70% | 1.70% | 1.90% | 0.00% | 5.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27-Mar-18 | ' | ' | 21-Jul-19 |
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 | ' |
5_Commitments_and_Contingencie1
5. Commitments and Contingencies (Details) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Jun. 30, 2014 |
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 | 100 |
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 | 160.1 |
Amount of Control Estimate Incurred | 150.9 |
Total Commitments For Purchase of Equipment And Labor Related to Development | 6.5 |
SC1 Phase IIA [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Estimated Control Cost | 96.6 |
Amount of Control Estimate Incurred | 92.5 |
Total Commitments For Purchase of Equipment And Labor Related to Development | 2.2 |
SC1 Phase IIB [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Estimated Control Cost | 50 |
Amount of Control Estimate Incurred | 7 |
Total Commitments For Purchase of Equipment And Labor Related to Development | 18.1 |
CH2 [Member] | ' |
Long-term Purchase Commitment [Line Items] | ' |
Estimated Control Cost | 168.9 |
Amount of Control Estimate Incurred | 4.2 |
Total Commitments For Purchase of Equipment And Labor Related to Development | $27.80 |
6_Redeemable_noncontrolling_in1
6. Redeemable noncontrolling interests operating partnership / Redeemable partnership units (Details) (USD $) | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Redeemable noncontrolling interests – operating partnership / Redeemable partnership units [Line Items] | ' | ' |
Redeemable noncontrolling interests - operating partnership | $419,801 | $387,244 |
Share Price | $26.96 | $24.71 |
Redemption of operating partnership units, shares | 100,300 | ' |
7_Preferred_Stock_Details
7. Preferred Stock (Details) (USD $) | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
Series A cumulative redeemable perpetual preferred stock [Member] | ' | ' | ' |
Preferred Stock [Line Items] | ' | ' | ' |
Preferred stock, shares issued | 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 |
Preferred Stock, Liquidation Preference Per Share | $25 | ' | ' |
Preferred Stock, Dividends Per Share, Declared | $0.49 | $0.49 | ' |
Dividends Payable, Date of Record | 3-Jul-14 | 4-Apr-14 | ' |
Dividends Payable, Date to be Paid | 15-Jul-14 | 15-Apr-14 | ' |
Series B cumulative redeemable perpetual preferred stock [Member] | ' | ' | ' |
Preferred Stock [Line Items] | ' | ' | ' |
Preferred stock, shares issued | 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 |
Preferred Stock, Liquidation Preference Per Share | $25 | ' | ' |
Preferred Stock, Dividends Per Share, Declared | $0.48 | $0.48 | ' |
Dividends Payable, Date of Record | 3-Jul-14 | 4-Apr-14 | ' |
Dividends Payable, Date to be Paid | 15-Jul-14 | 15-Apr-14 | ' |
8_Stockholders_Equity_of_the_R1
8. Stockholders Equity of the REIT and Partners Capital of the OP (Details) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 |
Common Stock [Member] | Common Stock [Member] | |||||
Stockholders’ Equity of the REIT and Partners’ Capital of the OP [Line Items] | ' | ' | ' | ' | ' | ' |
Dividends declared per common share | $0.35 | $0.25 | $0.70 | $0.45 | $0.35 | $0.35 |
Dividends Payable, Date of Record | ' | ' | ' | ' | 3-Jul-14 | 4-Apr-14 |
Dividends Payable, Date to be Paid | ' | ' | ' | ' | 15-Jul-14 | 15-Apr-14 |
Common stock repurchase, shares | ' | ' | 0 | ' | ' | ' |
Common stock available for repurchase | $122.20 | ' | $122.20 | ' | ' | ' |
9_Equity_Compensation_Plan_Nar
9. Equity Compensation Plan Narrative (Details) (USD $) | 6 Months Ended | 3 Months Ended | ||||
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 |
Restricted Stock [Member] | Stock Options [Member] | Performance Shares [Member] | Minimum [Member] | Maximum [Member] | ||
Equity Compensation Plan [Line Items] | ' | ' | ' | ' | ' | ' |
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 | 2,152,534 | ' | ' | ' | ' | ' |
Share Equivalents Remaining Available | 4,147,466 | ' | ' | ' | ' | ' |
Shares of restricted stock, Granted | 146,940 | ' | ' | ' | ' | ' |
Value of Restricted Stock Awarded during period | $3.80 | ' | ' | ' | ' | ' |
Shares of restricted stock, Vested | 119,251 | ' | ' | ' | ' | ' |
Value of Restricted Stock on Vesting Date | 3.2 | ' | ' | ' | ' | ' |
Unearned Compensation on Restricted Stock | $6.70 | ' | ' | $4.30 | ' | ' |
Weighted Average Vesting Period | ' | '0 years 0 months 584 days | '0 years 0 months 365 days | ' | ' | ' |
Number of Options Granted | 0 | ' | ' | ' | ' | ' |
Potential Number Of Shares Issued At Vesting Of Performance Units | ' | ' | ' | ' | 0.00% | 300.00% |
9_Equity_Compensation_Plan_Sum
9. Equity Compensation Plan Summary of Restricted Stock (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Equity Compensation Plan [Line Items] | ' |
Shares of restricted stock, Unvested balance at December 31, 2013 | 303,964 |
Shares of restricted stock, Granted | 146,940 |
Shares of restricted stock, Vested | -119,251 |
Shares of restricted stock, Forfeited | -610 |
Shares of restricted stock, Unvested balance at March 31, 2014 | 331,043 |
Weighted Average Grant Date Fair Value, Unvested balance at December 31, 2013 | $22.89 |
Weighted Average Grant Date Fair Value, Granted | $25.58 |
Weighted Average Grant Date Fair Value, Vested | $23.02 |
Weighted Average Grant Date Fair Value, Forfeited | $23.52 |
Weighted Average Grant Date Fair Value, Unvested balance at March 31, 2014 | $24.04 |
9_Equity_Compensation_Plan_Sum1
9. Equity Compensation Plan Summary of Stock Options (Details) (USD $) | 6 Months Ended |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 |
Equity Compensation Plan [Line Items] | ' |
Under option, December 31, 2013 | 2,099,910 |
Granted | 0 |
Exercised | -409,134 |
Forfeited | 0 |
Under option, March 31, 2014 | 1,690,776 |
Weighted Average Exercise Price, Under Option, December 31, 2013 | $17.13 |
Weighted Average Exercise Price, Granted | $0 |
Weighted Average Exercise Price, Exercised | $8.45 |
Weighted Average Exercise Price, Forfeited | $0 |
Weighted Average Exercise Price, Under Option, March 31, 2014 | $19.23 |
Total Unearned Compensation | $1.20 |
Weighted Average Remaining Contractual Term | '6 years 0 months 256 days |
Stock Options [Member] | ' |
Equity Compensation Plan [Line Items] | ' |
Weighted Average Vesting Period | '0 years 0 months 365 days |
9_Equity_Compensation_Plan_Sum2
9. Equity Compensation Plan Summary of Unvested Stock Options (Details) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Equity Compensation Plan [Line Items] | ' |
Unvested balance at December 31, 2013 | 684,111 |
Granted | 0 |
Vested | -381,787 |
Forfeited | 0 |
Unvested balance at March 31, 2014 | 302,324 |
Weighted Average Grant Date Fair Value, Unvested at December 31, 2013 | $5.73 |
Weighted Average Grant Date Fair Value, Granted | $0 |
Weighted Average Grant Date Fair Value, Vested | $6.28 |
Weighted Average Grant Date Fair Value, Forfeited | $0 |
Weighted Average Grant Date Fair Value, Unvested at March 31, 2014 | $5.05 |
9_Equity_Compensation_Plan_Sum3
9. Equity Compensation Plan Summary of Exercisable Stock Options (Details) (USD $) | 6 Months Ended |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 |
Equity Compensation Plan [Line Items] | ' |
Options Exercisable at December 31, 2013 | 1,415,799 |
Vested | 381,787 |
Exercised | -409,134 |
Options Exercisable at March 31, 2014 | 1,388,452 |
Weighted Average Grant Date Fair Value, Exercisable at December 31, 2013 | $4.81 |
Weighted Average Grant Date Fair Value, Vested | $6.28 |
Weighted Average Grant Date Fair Value, Exercised | $2.71 |
Weighted Average Grant Date Fair Value, Exercisable at March 31, 2014 | $5.83 |
Intrinsic Value | $11.80 |
Weighted Average Exercise Price | $18.50 |
Weighted Average Remaining Contractual Term | '6 years 0 months 110 days |
9_Equity_Compensation_Plan_Sum4
9. Equity Compensation Plan Summary of Assumptions Used for Performance Units Granted (Details) (Performance Shares [Member], USD $) | 6 Months Ended |
In Millions, except Share data, unless otherwise specified | Jun. 30, 2014 |
Performance Shares [Member] | ' |
Equity Compensation Plan [Line Items] | ' |
Performance Units Granted In Period | 110,441 |
Expected volatility | 30.00% |
Expected annual dividend | 5.00% |
Risk-free rate | 0.74% |
Performance unit fair value at date of grant | $33.50 |
Total grant fair value at date of grant (millions) | $3.70 |
Maximum value of grant on vesting date based on closing price of the Company's stock at the date of grant | $8.50 |
10_Earnings_Per_Share_of_the_R2
10. Earnings Per Share of the REIT (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2012 |
Earnings per share of the REIT [Line Items] | ' | ' | ' | ' | ' |
Weighted average common shares – basic | 65,486,202 | 64,380,566 | 65,417,615 | 64,733,309 | 64,733,309 |
Effect of dilutive securities | 464,911 | 808,341 | 470,282 | 823,543 | ' |
Weighted average common shares – diluted | 65,951,113 | 65,188,907 | 65,887,897 | 65,556,852 | 65,556,852 |
Net income attributable to common shares | $21,121 | $11,971 | $41,166 | $19,914 | ' |
Net income allocated to unvested restricted shares | -116 | -69 | -232 | -124 | ' |
Net income attributable to common shares, adjusted | 21,005 | 11,902 | 40,934 | 19,790 | ' |
Earnings per common share – basic | $0.32 | $0.19 | $0.63 | $0.31 | $0.31 |
Adjustments to redeemable noncontrolling interests | 29 | 29 | 56 | 50 | ' |
Adjusted net income available to common shares | $21,150 | $12,000 | $41,222 | $19,964 | ' |
Earnings per common share – diluted | $0.32 | $0.18 | $0.63 | $0.30 | $0.30 |
Restricted Shares excluded from diluted earnings per share or unit | 0 | 0 | 0 | 0 | ' |
Stock Options excluded from diluted earnings per share or unit | 0 | 1,300,000 | 0 | 1,200,000 | ' |
Performance Units excluded from diluted earnings per share or unit | 200,000 | 100,000 | 200,000 | 100,000 | ' |
11_Earnings_Per_Unit_of_the_Op2
11. Earnings Per Unit of the Operating Partnership (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
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) | 81,064,230 | 80,311,476 | 81,010,515 | 80,781,930 |
Effect of dilutive securities | 464,911 | 808,341 | 470,282 | 823,543 |
Weighted average common units – diluted | 81,529,141 | 81,119,817 | 81,480,797 | 81,605,473 |
Restricted Units excluded from diluted earnings per share or unit | 0 | 0 | 0 | 0 |
Stock Options excluded from diluted earnings per share or unit | 0 | 1,300,000 | 0 | 1,200,000 |
Performance Units excluded from diluted earnings per share or unit | 200,000 | 100,000 | 200,000 | 100,000 |
DuPont Fabros Technology, L.P. [Member] | ' | ' | ' | ' |
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) | 81,529,141 | 81,119,817 | 81,480,797 | 81,605,473 |
12_Fair_Value_Details
12. Fair Value (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt | $965,000,000 | $869,000,000 |
Long-term Debt, Fair Value | $987,600,000 | ' |
13_Supplemental_Consolidating_2
13. Supplemental Consolidating Financial Data for Subsidiary Guarantors of the Unsecured Notes Supplemental Consolidating Balance Sheets (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | ||||||
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | ' | |
Land | $81,006 | $75,956 | ' | ' | ' | |
Buildings and improvements | 2,524,016 | 2,420,986 | ' | ' | ' | |
Income producing property | 2,605,022 | 2,496,942 | ' | ' | ' | |
Net income producing property | 2,147,326 | 2,083,548 | ' | ' | ' | |
Construction in progress and land held for development | 310,935 | [1] | 302,068 | ' | ' | ' |
Net real estate | 2,458,261 | 2,385,616 | ' | ' | ' | |
Cash and cash equivalents | 56,141 | 38,733 | 14,373 | ' | 23,578 | |
Rents and other receivables | 10,443 | 12,674 | ' | ' | ' | |
Deferred rent | 148,022 | 150,038 | ' | ' | ' | |
Lease contracts above market value, net | 8,604 | 9,154 | ' | ' | ' | |
Deferred costs, net | 40,140 | 39,866 | ' | ' | ' | |
Prepaid expenses and other assets | 49,659 | 44,507 | ' | ' | ' | |
Total assets | 2,771,270 | 2,680,588 | ' | ' | ' | |
Mortgage notes payable | 115,000 | 115,000 | ' | ' | ' | |
Unsecured Term Loan | 250,000 | 154,000 | ' | ' | ' | |
Unsecured notes payable | 600,000 | 600,000 | ' | ' | ' | |
Accounts payable and accrued liabilities | 24,089 | 23,566 | ' | ' | ' | |
Construction costs payable | 25,032 | 45,444 | ' | ' | ' | |
Accrued interest payable | 10,588 | 9,983 | ' | ' | ' | |
Distribution payable | 34,243 | 25,971 | ' | ' | ' | |
Lease contracts below market value, net | 8,783 | 10,530 | ' | ' | ' | |
Prepaid rents and other liabilities | 64,058 | 56,576 | ' | ' | ' | |
Total liabilities | 1,131,793 | 1,041,070 | ' | ' | ' | |
Commitments and contingencies | 0 | 0 | ' | ' | ' | |
Total liabilities and stockholders’ equity | 2,771,270 | 2,680,588 | ' | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | ' | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | ' | |
Land | 81,006 | 75,956 | ' | ' | ' | |
Buildings and improvements | 2,524,016 | 2,420,986 | ' | ' | ' | |
Income producing property | 2,605,022 | 2,496,942 | ' | ' | ' | |
Less: accumulated depreciation | -457,696 | -413,394 | ' | ' | ' | |
Net income producing property | 2,147,326 | 2,083,548 | ' | ' | ' | |
Construction in progress and land held for development | 310,935 | 302,068 | ' | ' | ' | |
Net real estate | 2,458,261 | 2,385,616 | ' | ' | ' | |
Cash and cash equivalents | 51,923 | 34,514 | 10,077 | 10,077 | 19,282 | |
Rents and other receivables | 10,443 | 12,674 | ' | ' | ' | |
Deferred rent | 148,022 | 150,038 | ' | ' | ' | |
Lease contracts above market value, net | 8,604 | 9,154 | ' | ' | ' | |
Deferred costs, net | 40,140 | 39,866 | ' | ' | ' | |
Investment in affiliates | 0 | 0 | ' | ' | ' | |
Prepaid expenses and other assets | 49,659 | 44,507 | ' | ' | ' | |
Total assets | 2,767,052 | 2,676,369 | ' | ' | ' | |
Line of credit | 0 | 0 | ' | ' | ' | |
Mortgage notes payable | 115,000 | 115,000 | ' | ' | ' | |
Unsecured Term Loan | 250,000 | 154,000 | ' | ' | ' | |
Unsecured notes payable | 600,000 | 600,000 | ' | ' | ' | |
Accounts payable and accrued liabilities | 24,089 | 23,566 | ' | ' | ' | |
Construction costs payable | 25,032 | 45,444 | ' | ' | ' | |
Accrued interest payable | 10,588 | 9,983 | ' | ' | ' | |
Distribution payable | 34,243 | 25,971 | ' | ' | ' | |
Lease contracts below market value, net | 8,783 | 10,530 | ' | ' | ' | |
Prepaid rents and other liabilities | 64,058 | 56,576 | ' | ' | ' | |
Total liabilities | 1,131,793 | 1,041,070 | ' | ' | ' | |
Redeemable partnership units | 419,801 | 387,244 | ' | ' | ' | |
Commitments and contingencies | 0 | 0 | ' | ' | ' | |
General Partners' Capital | 8,695 | 9,110 | ' | ' | ' | |
Total partners’ capital | 1,215,458 | 1,248,055 | ' | ' | ' | |
Total liabilities and stockholders’ equity | 2,767,052 | 2,676,369 | ' | ' | ' | |
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 | 48,997 | 32,903 | ' | 8,864 | 18,240 | |
Rents and other receivables | 4,276 | 4,226 | ' | ' | ' | |
Deferred rent | 0 | 0 | ' | ' | ' | |
Lease contracts above market value, net | 0 | 0 | ' | ' | ' | |
Deferred costs, net | 17,853 | 17,318 | ' | ' | ' | |
Investment in affiliates | 2,459,181 | 2,372,121 | ' | ' | ' | |
Prepaid expenses and other assets | 2,917 | 2,264 | ' | ' | ' | |
Total assets | 2,533,224 | 2,428,832 | ' | ' | ' | |
Line of credit | 0 | 0 | ' | ' | ' | |
Mortgage notes payable | 0 | 0 | ' | ' | ' | |
Unsecured Term Loan | 250,000 | 154,000 | ' | ' | ' | |
Unsecured notes payable | 600,000 | 600,000 | ' | ' | ' | |
Accounts payable and accrued liabilities | 2,996 | 3,547 | ' | ' | ' | |
Construction costs payable | 112 | 0 | ' | ' | ' | |
Accrued interest payable | 10,577 | 9,970 | ' | ' | ' | |
Distribution payable | 34,243 | 25,971 | ' | ' | ' | |
Lease contracts below market value, net | 0 | 0 | ' | ' | ' | |
Prepaid rents and other liabilities | 37 | 45 | ' | ' | ' | |
Total liabilities | 897,965 | 793,533 | ' | ' | ' | |
Redeemable partnership units | 419,801 | 387,244 | ' | ' | ' | |
Commitments and contingencies | 0 | 0 | ' | ' | ' | |
General Partners' Capital | 8,695 | 9,110 | ' | ' | ' | |
Total partners’ capital | 1,215,458 | 1,248,055 | ' | ' | ' | |
Total liabilities and stockholders’ equity | 2,533,224 | 2,428,832 | ' | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Subsidiary Guarantors [Member] | ' | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | ' | |
Land | 79,935 | 74,885 | ' | ' | ' | |
Buildings and improvements | 2,421,238 | 2,318,414 | ' | ' | ' | |
Income producing property | 2,501,173 | 2,393,299 | ' | ' | ' | |
Less: accumulated depreciation | -429,223 | -386,796 | ' | ' | ' | |
Net income producing property | 2,071,950 | 2,006,503 | ' | ' | ' | |
Construction in progress and land held for development | 108,338 | 154,404 | ' | ' | ' | |
Net real estate | 2,180,288 | 2,160,907 | ' | ' | ' | |
Cash and cash equivalents | 0 | 0 | ' | 415 | 361 | |
Rents and other receivables | 4,404 | 3,981 | ' | ' | ' | |
Deferred rent | 144,117 | 144,377 | ' | ' | ' | |
Lease contracts above market value, net | 8,604 | 9,154 | ' | ' | ' | |
Deferred costs, net | 15,458 | 16,971 | ' | ' | ' | |
Investment in affiliates | 0 | 0 | ' | ' | ' | |
Prepaid expenses and other assets | 43,773 | 37,331 | ' | ' | ' | |
Total assets | 2,396,644 | 2,372,721 | ' | ' | ' | |
Line of credit | 0 | 0 | ' | ' | ' | |
Mortgage notes payable | 0 | 0 | ' | ' | ' | |
Unsecured Term Loan | 0 | 0 | ' | ' | ' | |
Unsecured notes payable | 0 | 0 | ' | ' | ' | |
Accounts payable and accrued liabilities | 15,633 | 14,582 | ' | ' | ' | |
Construction costs payable | 9,340 | 22,670 | ' | ' | ' | |
Accrued interest payable | 0 | 0 | ' | ' | ' | |
Distribution payable | 0 | 0 | ' | ' | ' | |
Lease contracts below market value, net | 8,783 | 10,530 | ' | ' | ' | |
Prepaid rents and other liabilities | 59,998 | 49,915 | ' | ' | ' | |
Total liabilities | 93,754 | 97,697 | ' | ' | ' | |
Redeemable partnership units | 0 | 0 | ' | ' | ' | |
Commitments and contingencies | 0 | 0 | ' | ' | ' | |
General Partners' Capital | 0 | 0 | ' | ' | ' | |
Total partners’ capital | 2,302,890 | 2,275,024 | ' | ' | ' | |
Total liabilities and stockholders’ equity | 2,396,644 | 2,372,721 | ' | ' | ' | |
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 | 102,778 | 102,572 | ' | ' | ' | |
Income producing property | 103,849 | 103,643 | ' | ' | ' | |
Less: accumulated depreciation | -28,473 | -26,598 | ' | ' | ' | |
Net income producing property | 75,376 | 77,045 | ' | ' | ' | |
Construction in progress and land held for development | 202,597 | 147,664 | ' | ' | ' | |
Net real estate | 277,973 | 224,709 | ' | ' | ' | |
Cash and cash equivalents | 2,926 | 1,611 | ' | 798 | 681 | |
Rents and other receivables | 1,763 | 4,467 | ' | ' | ' | |
Deferred rent | 3,905 | 5,661 | ' | ' | ' | |
Lease contracts above market value, net | 0 | 0 | ' | ' | ' | |
Deferred costs, net | 6,829 | 5,577 | ' | ' | ' | |
Investment in affiliates | 0 | 0 | ' | ' | ' | |
Prepaid expenses and other assets | 2,969 | 4,912 | ' | ' | ' | |
Total assets | 296,365 | 246,937 | ' | ' | ' | |
Line of credit | 0 | 0 | ' | ' | ' | |
Mortgage notes payable | 115,000 | 115,000 | ' | ' | ' | |
Unsecured Term Loan | 0 | 0 | ' | ' | ' | |
Unsecured notes payable | 0 | 0 | ' | ' | ' | |
Accounts payable and accrued liabilities | 5,460 | 5,437 | ' | ' | ' | |
Construction costs payable | 15,580 | 22,774 | ' | ' | ' | |
Accrued interest payable | 11 | 13 | ' | ' | ' | |
Distribution payable | 0 | 0 | ' | ' | ' | |
Lease contracts below market value, net | 0 | 0 | ' | ' | ' | |
Prepaid rents and other liabilities | 4,023 | 6,616 | ' | ' | ' | |
Total liabilities | 140,074 | 149,840 | ' | ' | ' | |
Redeemable partnership units | 0 | 0 | ' | ' | ' | |
Commitments and contingencies | 0 | 0 | ' | ' | ' | |
General Partners' Capital | 0 | 0 | ' | ' | ' | |
Total partners’ capital | 156,291 | 97,097 | ' | ' | ' | |
Total liabilities and stockholders’ equity | 296,365 | 246,937 | ' | ' | ' | |
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 | 0 | 0 | ' | ' | ' | |
Lease contracts above market value, net | 0 | 0 | ' | ' | ' | |
Deferred costs, net | 0 | 0 | ' | ' | ' | |
Investment in affiliates | -2,459,181 | -2,372,121 | ' | ' | ' | |
Prepaid expenses and other assets | 0 | 0 | ' | ' | ' | |
Total assets | -2,459,181 | -2,372,121 | ' | ' | ' | |
Line of credit | 0 | 0 | ' | ' | ' | |
Mortgage notes payable | 0 | 0 | ' | ' | ' | |
Unsecured Term Loan | 0 | 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 | -2,459,181 | -2,372,121 | ' | ' | ' | |
Total liabilities and stockholders’ equity | -2,459,181 | -2,372,121 | ' | ' | ' | |
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 | 855,513 | 887,695 | ' | ' | ' | |
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 | 855,513 | 887,695 | ' | ' | ' | |
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 | 2,302,890 | 2,275,024 | ' | ' | ' | |
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 | 156,291 | 97,097 | ' | ' | ' | |
DuPont Fabros Technology, L.P. [Member] | Limited partners' common units [Member] | Eliminations [Member] | ' | ' | ' | ' | ' | |
Supplemental Consolidating Statements Of Balance Sheets [Line Items] | ' | ' | ' | ' | ' | |
Limited Partners' Capital | ($2,459,181) | ($2,372,121) | ' | ' | ' | |
[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 IIB and SC2). |
13_Supplemental_Consolidating_3
13. Supplemental Consolidating Financial Data for Subsidiary Guarantors of the Unsecured Notes Supplemental Consolidating Statements of Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Revenues: | ' | ' | ' | ' |
Base rent | $70,455,000 | $65,438,000 | $139,659,000 | $129,570,000 |
Recoveries from tenants | 29,964,000 | 25,319,000 | 61,653,000 | 48,009,000 |
Other revenues | 1,531,000 | 807,000 | 2,725,000 | 1,744,000 |
Total revenues | 101,950,000 | 91,564,000 | 204,037,000 | 179,323,000 |
Expenses: | ' | ' | ' | ' |
Property operating costs | 27,782,000 | 24,767,000 | 57,877,000 | 48,279,000 |
Real estate taxes and insurance | 3,411,000 | 3,673,000 | 6,878,000 | 7,314,000 |
Depreciation and amortization | 23,603,000 | 23,196,000 | 46,872,000 | 46,235,000 |
General and administrative | 3,868,000 | 4,332,000 | 8,108,000 | 8,882,000 |
Other expenses | 1,599,000 | 585,000 | 2,472,000 | 1,357,000 |
Total expenses | 60,263,000 | 56,553,000 | 122,207,000 | 112,067,000 |
Operating income | 41,687,000 | 35,011,000 | 81,830,000 | 67,256,000 |
Interest income | 39,000 | 16,000 | 107,000 | 53,000 |
Interest: | ' | ' | ' | ' |
Expense incurred | -7,707,000 | -12,505,000 | -15,531,000 | -25,442,000 |
Amortization of deferred financing costs | -723,000 | -775,000 | -1,466,000 | -1,693,000 |
Loss on early extinguishment of debt | -338,000 | 0 | -338,000 | -1,700,000 |
Net income | 32,958,000 | 21,747,000 | 64,602,000 | 38,474,000 |
Preferred stock dividends | -6,811,000 | -6,811,000 | -13,622,000 | -13,622,000 |
Depreciation | 22,500,000 | 22,000,000 | 44,700,000 | 44,200,000 |
DuPont Fabros Technology, L.P. [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Base rent | 70,455,000 | 65,438,000 | 139,659,000 | 129,570,000 |
Recoveries from tenants | 29,964,000 | 25,319,000 | 61,653,000 | 48,009,000 |
Other revenues | 1,531,000 | 807,000 | 2,725,000 | 1,744,000 |
Total revenues | 101,950,000 | 91,564,000 | 204,037,000 | 179,323,000 |
Expenses: | ' | ' | ' | ' |
Property operating costs | 27,782,000 | 24,767,000 | 57,877,000 | 48,279,000 |
Real estate taxes and insurance | 3,411,000 | 3,673,000 | 6,878,000 | 7,314,000 |
Depreciation and amortization | 23,603,000 | 23,196,000 | 46,872,000 | 46,235,000 |
General and administrative | 3,868,000 | 4,332,000 | 8,108,000 | 8,882,000 |
Other expenses | 1,599,000 | 585,000 | 2,472,000 | 1,357,000 |
Total expenses | 60,263,000 | 56,553,000 | 122,207,000 | 112,067,000 |
Operating income | 41,687,000 | 35,011,000 | 81,830,000 | 67,256,000 |
Interest income | 39,000 | 16,000 | 107,000 | 53,000 |
Interest: | ' | ' | ' | ' |
Expense incurred | -7,707,000 | -12,505,000 | -15,531,000 | -25,442,000 |
Amortization of deferred financing costs | -723,000 | -775,000 | -1,466,000 | -1,693,000 |
Loss on early extinguishment of debt | -338,000 | 0 | -338,000 | -1,700,000 |
Equity in earnings | 0 | 0 | 0 | 0 |
Net income | 32,958,000 | 21,747,000 | 64,602,000 | 38,474,000 |
Preferred stock dividends | -6,811,000 | -6,811,000 | -13,622,000 | -13,622,000 |
Net Income Loss Available To Common Unit holders Basic | 26,147,000 | 14,936,000 | 50,980,000 | 24,852,000 |
DuPont Fabros Technology, L.P. [Member] | Operating Partnership [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Base rent | 4,290,000 | 3,728,000 | 8,516,000 | 7,377,000 |
Recoveries from tenants | 0 | 0 | 0 | 0 |
Other revenues | 0 | 0 | 0 | 0 |
Total revenues | 4,290,000 | 3,728,000 | 8,516,000 | 7,377,000 |
Expenses: | ' | ' | ' | ' |
Property operating costs | 0 | 0 | 0 | 0 |
Real estate taxes and insurance | 0 | 0 | 0 | 0 |
Depreciation and amortization | 17,000 | 20,000 | 33,000 | 46,000 |
General and administrative | 3,683,000 | 4,253,000 | 7,590,000 | 8,505,000 |
Other expenses | 742,000 | 349,000 | 998,000 | 439,000 |
Total expenses | 4,442,000 | 4,622,000 | 8,621,000 | 8,990,000 |
Operating income | -152,000 | -894,000 | -105,000 | -1,613,000 |
Interest income | 39,000 | 16,000 | 106,000 | -232,000 |
Interest: | ' | ' | ' | ' |
Expense incurred | -10,367,000 | -12,205,000 | -20,577,000 | -24,264,000 |
Amortization of deferred financing costs | -807,000 | -704,000 | -1,629,000 | -1,386,000 |
Loss on early extinguishment of debt | ' | ' | -338,000 | 0 |
Equity in earnings | 44,583,000 | 35,534,000 | 87,145,000 | 65,969,000 |
Net income | 32,958,000 | 21,747,000 | 64,602,000 | 38,474,000 |
Preferred stock dividends | -6,811,000 | -6,811,000 | -13,622,000 | -13,622,000 |
Net Income Loss Available To Common Unit holders Basic | 26,147,000 | 14,936,000 | 50,980,000 | 24,852,000 |
DuPont Fabros Technology, L.P. [Member] | Subsidiary Guarantors [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Base rent | 66,218,000 | 61,229,000 | 131,184,000 | 121,090,000 |
Recoveries from tenants | 27,611,000 | 23,111,000 | 57,020,000 | 43,757,000 |
Other revenues | 410,000 | 397,000 | 819,000 | 809,000 |
Total revenues | 94,239,000 | 84,737,000 | 189,023,000 | 165,656,000 |
Expenses: | ' | ' | ' | ' |
Property operating costs | 29,586,000 | 26,219,000 | 61,448,000 | 51,119,000 |
Real estate taxes and insurance | 3,313,000 | 3,562,000 | 6,670,000 | 7,092,000 |
Depreciation and amortization | 22,452,000 | 22,035,000 | 44,569,000 | 44,044,000 |
General and administrative | 33,000 | 26,000 | 49,000 | 57,000 |
Other expenses | 16,000 | 0 | 27,000 | 296,000 |
Total expenses | 55,400,000 | 51,842,000 | 112,763,000 | 102,608,000 |
Operating income | 38,839,000 | 32,895,000 | 76,260,000 | 63,048,000 |
Interest income | 0 | 0 | 0 | 20,000 |
Interest: | ' | ' | ' | ' |
Expense incurred | 1,270,000 | 27,000 | 2,598,000 | -1,015,000 |
Amortization of deferred financing costs | 74,000 | 2,000 | 149,000 | -244,000 |
Loss on early extinguishment of debt | ' | ' | 0 | -1,700,000 |
Equity in earnings | 0 | 0 | 0 | 0 |
Net income | 40,183,000 | 32,924,000 | 79,007,000 | 60,109,000 |
Preferred stock dividends | 0 | 0 | 0 | 0 |
Net Income Loss Available To Common Unit holders Basic | 40,183,000 | 32,924,000 | 79,007,000 | 60,109,000 |
DuPont Fabros Technology, L.P. [Member] | Subsidiary Non-Guarantors [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Base rent | 4,274,000 | 4,246,000 | 8,550,000 | 8,555,000 |
Recoveries from tenants | 2,353,000 | 2,208,000 | 4,633,000 | 4,252,000 |
Other revenues | 1,168,000 | 461,000 | 1,966,000 | 1,009,000 |
Total revenues | 7,795,000 | 6,915,000 | 15,149,000 | 13,816,000 |
Expenses: | ' | ' | ' | ' |
Property operating costs | 2,533,000 | 2,327,000 | 5,005,000 | 4,611,000 |
Real estate taxes and insurance | 98,000 | 111,000 | 208,000 | 222,000 |
Depreciation and amortization | 1,134,000 | 1,141,000 | 2,270,000 | 2,145,000 |
General and administrative | 152,000 | 53,000 | 469,000 | 320,000 |
Other expenses | 878,000 | 273,000 | 1,522,000 | 697,000 |
Total expenses | 4,795,000 | 3,905,000 | 9,474,000 | 7,995,000 |
Operating income | 3,000,000 | 3,010,000 | 5,675,000 | 5,821,000 |
Interest income | 0 | 0 | 1,000 | 0 |
Interest: | ' | ' | ' | ' |
Expense incurred | 1,390,000 | -327,000 | 2,448,000 | 102,000 |
Amortization of deferred financing costs | 10,000 | -73,000 | 14,000 | -63,000 |
Loss on early extinguishment of debt | ' | ' | 0 | 0 |
Equity in earnings | 0 | 0 | 0 | 0 |
Net income | 4,400,000 | 2,610,000 | 8,138,000 | 5,860,000 |
Preferred stock dividends | 0 | 0 | 0 | 0 |
Net Income Loss Available To Common Unit holders Basic | 4,400,000 | 2,610,000 | 8,138,000 | 5,860,000 |
DuPont Fabros Technology, L.P. [Member] | Eliminations [Member] | ' | ' | ' | ' |
Revenues: | ' | ' | ' | ' |
Base rent | -4,327,000 | -3,765,000 | -8,591,000 | -7,452,000 |
Recoveries from tenants | 0 | 0 | 0 | 0 |
Other revenues | -47,000 | -51,000 | -60,000 | -74,000 |
Total revenues | -4,374,000 | -3,816,000 | -8,651,000 | -7,526,000 |
Expenses: | ' | ' | ' | ' |
Property operating costs | -4,337,000 | -3,779,000 | -8,576,000 | -7,451,000 |
Real estate taxes and insurance | 0 | 0 | 0 | 0 |
Depreciation and amortization | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
Other expenses | -37,000 | -37,000 | -75,000 | -75,000 |
Total expenses | -4,374,000 | -3,816,000 | -8,651,000 | -7,526,000 |
Operating income | 0 | 0 | 0 | 0 |
Interest income | 0 | 0 | 0 | 265,000 |
Interest: | ' | ' | ' | ' |
Expense incurred | 0 | 0 | 0 | -265,000 |
Amortization of deferred financing costs | 0 | 0 | 0 | 0 |
Loss on early extinguishment of debt | ' | ' | 0 | 0 |
Equity in earnings | -44,583,000 | -35,534,000 | -87,145,000 | -65,969,000 |
Net income | -44,583,000 | -35,534,000 | -87,145,000 | -65,969,000 |
Preferred stock dividends | 0 | 0 | 0 | 0 |
Net Income Loss Available To Common Unit holders Basic | ($44,583,000) | ($35,534,000) | ($87,145,000) | ($65,969,000) |
13_Supplemental_Consolidating_4
13. Supplemental Consolidating Financial Data for Subsidiary Guarantors of the Unsecured Notes Supplemental Consodlidating Statements of Cash Flows (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Supplemental Consolidating Statements Of Cash Flows [Line Items] | ' | ' |
Net Cash Provided by (Used in) Operating Activities | $118,628 | $85,787 |
Investments in real estate – development | -128,068 | -20,516 |
Interest capitalized for real estate under development | -6,163 | -504 |
Improvements to real estate | -1,020 | -4,357 |
Additions to non-real estate property | -283 | -24 |
Net cash used in investing activities | -135,534 | -25,401 |
Proceeds from line of credit | 0 | 72,000 |
Repayments of line of credit | 0 | -30,000 |
Proceeds from mortgage notes payable | 0 | 115,000 |
Lump sum payoffs of mortgage notes payable | 0 | -138,300 |
Repayments of Secured Debt | 0 | -1,300 |
Proceeds | 96,000 | 0 |
Payments of financing costs | -2,816 | -3,036 |
Exercises of stock options | 3,457 | 0 |
Payments for Repurchase of Common Stock | 0 | -37,792 |
Net cash provided by financing activities | 34,314 | -69,591 |
Net increase (decrease) in cash and cash equivalents | 17,408 | -9,205 |
Cash and cash equivalents, beginning | 38,733 | 23,578 |
Cash and cash equivalents, ending | 56,141 | 14,373 |
DuPont Fabros Technology, L.P. [Member] | ' | ' |
Supplemental Consolidating Statements Of Cash Flows [Line Items] | ' | ' |
Net Cash Provided by (Used in) Operating Activities | 118,629 | 85,787 |
Investments in real estate – development | -128,068 | -20,516 |
Investments in affiliates | 0 | 0 |
Interest capitalized for real estate under development | -6,163 | -504 |
Improvements to real estate | -1,020 | -4,357 |
Additions to non-real estate property | -283 | -24 |
Net cash used in investing activities | -135,534 | -25,401 |
Proceeds from line of credit | 0 | 72,000 |
Repayments of line of credit | 0 | -30,000 |
Proceeds from mortgage notes payable | 0 | 115,000 |
Lump sum payoffs of mortgage notes payable | 0 | -138,300 |
Repayments of Secured Debt | 0 | -1,300 |
Proceeds | 96,000 | 0 |
Payments of financing costs | -2,816 | -3,036 |
Exercises of stock options | 3,457 | 0 |
Payments for Repurchase of Common Stock | 0 | -37,792 |
Distributions | -62,327 | -46,163 |
Net cash provided by financing activities | 34,314 | -69,591 |
Net increase (decrease) in cash and cash equivalents | 17,409 | -9,205 |
Cash and cash equivalents, beginning | 34,514 | 19,282 |
Cash and cash equivalents, ending | 51,923 | 10,077 |
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 | -21,458 | -26,379 |
Investments in real estate – development | -236 | -13 |
Investments in affiliates | 3,174 | 60,306 |
Interest capitalized for real estate under development | -4 | 0 |
Improvements to real estate | 0 | 0 |
Additions to non-real estate property | -9 | -6 |
Net cash used in investing activities | 2,925 | 60,287 |
Proceeds from line of credit | ' | 72,000 |
Repayments of line of credit | ' | -30,000 |
Proceeds from mortgage notes payable | ' | 0 |
Lump sum payoffs of mortgage notes payable | ' | 0 |
Repayments of Secured Debt | ' | 0 |
Proceeds | 96,000 | ' |
Payments of financing costs | -2,503 | -1,329 |
Exercises of stock options | 3,457 | ' |
Payments for Repurchase of Common Stock | ' | -37,792 |
Distributions | -62,327 | -46,163 |
Net cash provided by financing activities | 34,627 | -43,284 |
Net increase (decrease) in cash and cash equivalents | 16,094 | -9,376 |
Cash and cash equivalents, beginning | 32,903 | 18,240 |
Cash and cash equivalents, ending | 48,997 | ' |
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 | 127,378 | 104,102 |
Investments in real estate – development | -65,705 | -13,649 |
Investments in affiliates | -57,808 | 53,516 |
Interest capitalized for real estate under development | -2,597 | -33 |
Improvements to real estate | -1,020 | -4,260 |
Additions to non-real estate property | -248 | -18 |
Net cash used in investing activities | -127,378 | 35,556 |
Proceeds from line of credit | ' | 0 |
Repayments of line of credit | ' | 0 |
Proceeds from mortgage notes payable | ' | 0 |
Lump sum payoffs of mortgage notes payable | ' | -138,300 |
Repayments of Secured Debt | ' | -1,300 |
Proceeds | 0 | ' |
Payments of financing costs | 0 | -4 |
Exercises of stock options | 0 | ' |
Payments for Repurchase of Common Stock | ' | 0 |
Distributions | 0 | 0 |
Net cash provided by financing activities | 0 | -139,604 |
Net increase (decrease) in cash and cash equivalents | 0 | 54 |
Cash and cash equivalents, beginning | 0 | 361 |
Cash and cash equivalents, ending | 0 | ' |
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 | 12,709 | 8,064 |
Investments in real estate – development | -62,127 | -6,854 |
Investments in affiliates | 54,634 | -113,822 |
Interest capitalized for real estate under development | -3,562 | -471 |
Improvements to real estate | 0 | -97 |
Additions to non-real estate property | -26 | 0 |
Net cash used in investing activities | -11,081 | -121,244 |
Proceeds from line of credit | ' | 0 |
Repayments of line of credit | ' | 0 |
Proceeds from mortgage notes payable | ' | 115,000 |
Lump sum payoffs of mortgage notes payable | ' | 0 |
Repayments of Secured Debt | ' | 0 |
Proceeds | 0 | ' |
Payments of financing costs | -313 | -1,703 |
Exercises of stock options | 0 | ' |
Payments for Repurchase of Common Stock | ' | 0 |
Distributions | 0 | 0 |
Net cash provided by financing activities | -313 | 113,297 |
Net increase (decrease) in cash and cash equivalents | 1,315 | 117 |
Cash and cash equivalents, beginning | 1,611 | 681 |
Cash and cash equivalents, ending | 2,926 | ' |
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 |
Investments in real estate – development | 0 | 0 |
Investments in affiliates | 0 | 0 |
Interest capitalized for real estate under development | 0 | 0 |
Improvements to real estate | 0 | 0 |
Additions to non-real estate property | 0 | 0 |
Net cash used in investing activities | 0 | 0 |
Proceeds from line of credit | ' | 0 |
Repayments of line of credit | ' | 0 |
Proceeds from mortgage notes payable | ' | 0 |
Lump sum payoffs of mortgage notes payable | ' | 0 |
Repayments of Secured Debt | ' | 0 |
Proceeds | 0 | ' |
Payments of financing costs | 0 | 0 |
Exercises of stock options | 0 | ' |
Payments for Repurchase of Common Stock | ' | 0 |
Distributions | 0 | 0 |
Net cash provided by financing activities | 0 | 0 |
Net increase (decrease) in cash and cash equivalents | 0 | 0 |
Cash and cash equivalents, beginning | 0 | 0 |
Cash and cash equivalents, ending | $0 | ' |