Exhibit 12.1
DUPONT FABROS TECHNOLOGY, INC.
AND THE PREDECESSOR, SAFARI VENTURES LLC
Computation of Ratio of Earnings to Combined Fixed Charges
(Unaudited)
(Amounts in thousands, except ratios)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | DFT | | | Predecessor | |
| | For the three months ended March 31, 2010 | | | For the three months ended March 31, 2009 | | | For the year ended December 31, 2009 | | | For the year ended December 31, 2008 | | | For the period from October 24, 2007 to December 31, 2007 | | | For the period from January 1, 2007 to October 23, 2007 | | | For the year ended December 31, 2006 | | | For the year ended December 31, 2005 | | | For the year ended December 31, 2004 | |
Earnings: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 5,231 | | | $ | 3,257 | | | $ | 2,886 | | | $ | 36,160 | | | $ | (186,548 | ) | | $ | (1,619 | ) | | $ | (505 | ) | | $ | (608 | ) | | $ | (374 | ) |
Add: Fixed charges | | | 17,010 | | | | 9,628 | | | | 41,455 | | | | 28,199 | | | | 4,393 | | | | 16,902 | | | | 8,910 | | | | 106 | | | | — | |
Less: Capitalized interest | | | (4,403 | ) | | | (2,047 | ) | | | (7,021 | ) | | | (15,448 | ) | | | (2,842 | ) | | | (1,027 | ) | | | (2,630 | ) | | | (62 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total earnings (loss) | | | 17,838 | | | | 10,838 | | | | 37,320 | | | | 48,911 | | | | (184,997 | ) | | | 14,256 | | | | 5,775 | | | | (564 | ) | | | (374 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Fixed Charges and Preferred Stock Dividends: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | 11,629 | | | | 5,407 | | | | 25,462 | | | | 10,852 | | | | 1,301 | | | | 13,480 | | | | 5,715 | | | | 44 | | | | — | |
Capitalized interest | | | 4,074 | | | | 1,642 | | | | 5,691 | | | | 13,150 | | | | 2,567 | | | | 970 | | | | 2,253 | | | | 43 | | | | — | |
Amortization of deferred financing costs | | | 947 | | | | 2,144 | | | | 8,854 | | | | 1,782 | | | | 230 | | | | 2,395 | | | | 565 | | | | — | | | | — | |
Capitalization of amortization of deferred financing costs | | | 329 | | | | 405 | | | | 1,330 | | | | 2,298 | | | | 275 | | | | 57 | | | | 377 | | | | 19 | | | | | |
Interest factor in rents | | | 31 | | | | 30 | | | | 118 | | | | 117 | | | | 20 | | | | — | | | | — | | | | — | | | | — | |
Preferred stock dividend requirements | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Combined Fixed Charges and Preferred Stock Dividends | | $ | 17,010 | | | $ | 9,628 | | | $ | 41,455 | | | $ | 28,199 | | | $ | 4,393 | | | $ | 16,902 | | | $ | 8,910 | | | $ | 106 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Ratio of earnings (loss) to combined fixed charges (1) | | | 1.05 | | | | 1.13 | | | | (2 | ) | | | 1.73 | | | | (2 | ) | | | (2 | ) | | | (2 | ) | | | (2 | ) | | | N/A | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | DFT and its Predecessor did not have any preferred stock outstanding for the periods presented. |
(2) | The shortfall of earnings (loss) to combined fixed charges for the year ended December 31, 2009 was $4.1 million. Included in earnings (loss) for the year was a charge of $13.7 million related to the discontinuance of a cash flow hedge. The shortfall of earnings (loss) to combined fixed charges for the period from October 24, 2007 to December 31, 2007 was $189.4 million. Included in earnings (loss) for this period was a charge of $176.5 million related to the acquisition of service agreements in connection with DFT’s IPO and $13.4 million of non-cash stock based compensation expense incurred at the time of the IPO. The shortfall of earnings (loss) to combined fixed charges was $2.6 million, $3.1 million, $0.7 million and $0.4 million for the period from January 1, 2007 to October 23, 2007 and the years ending December 31, 2006 and 2005, respectively. |
DUPONT FABROS TECHNOLOGY, L.P.
AND THE PREDECESSOR, SAFARI VENTURES LLC
Computation of Ratio of Earnings to Combined Fixed Charges
(Unaudited)
(Amounts in thousands, except ratios)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | The Operating Partnership | | | Predecessor | |
| | For the three months ended March 31, 2010 | | | For the three months ended March 31, 2009 | | | For the year ended December 31, 2009 | | | For the year ended December 31, 2008 | | | For the period from October 24, 2007 to December 31, 2007 | | | For the period from January 1, 2007 to October 23, 2007 | | | For the year ended December 31, 2006 | | | For the year ended December 31, 2005 | | | For the year ended December 31, 2004 | |
Earnings: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 5,231 | | | $ | 3,257 | | | $ | 2,886 | | | $ | 36,160 | | | $ | (186,548 | ) | | $ | (1,619 | ) | | $ | (505 | ) | | $ | (608 | ) | | $ | (374 | ) |
Add: Fixed charges | | | 17,010 | | | | 9,628 | | | | 41,455 | | | | 28,199 | | | | 4,393 | | | | 16,902 | | | | 8,910 | | | | 106 | | | | — | |
Less: Capitalized interest | | | (4,403 | ) | | | (2,047 | ) | | | (7,021 | ) | | | (15,448 | ) | | | (2,842 | ) | | | (1,027 | ) | | | (2,630 | ) | | | (62 | ) | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total earnings (loss) | | | 17,838 | | | | 10,838 | | | | 37,320 | | | | 48,911 | | | | (184,997 | ) | | | 14,256 | | | | 5,775 | | | | (564 | ) | | | (374 | ) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Fixed Charges and Preferred Stock Dividends: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | 11,629 | | | | 5,407 | | | | 25,462 | | | | 10,852 | | | | 1,301 | | | | 13,480 | | | | 5,715 | | | | 44 | | | | — | |
Capitalized interest | | | 4,074 | | | | 1,642 | | | | 5,691 | | | | 13,150 | | | | 2,567 | | | | 970 | | | | 2,253 | | | | 43 | | | | — | |
Amortization of deferred financing costs | | | 947 | | | | 2,144 | | | | 8,854 | | | | 1,782 | | | | 230 | | | | 2,395 | | | | 565 | | | | — | | | | — | |
Capitalization of amortization of deferred financing costs | | | 329 | | | | 405 | | | | 1,330 | | | | 2,298 | | | | 275 | | | | 57 | | | | 377 | | | | 19 | | | | | |
Interest factor in rents | | | 31 | | | | 30 | | | | 118 | | | | 117 | | | | 20 | | | | — | | | | — | | | | — | | | | — | |
Preferred stock dividend requirements | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Combined Fixed Charges and Preferred Stock Dividends | | $ | 17,010 | | | $ | 9,628 | | | $ | 41,455 | | | $ | 28,199 | | | $ | 4,393 | | | $ | 16,902 | | | $ | 8,910 | | | $ | 106 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
Ratio of earnings (loss) to combined fixed charges (1) | | | 1.05 | | | | 1.13 | | | | (2 | ) | | | 1.73 | | | | (2 | ) | | | (2 | ) | | | (2 | ) | | | (2 | ) | | | N/A | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | The Operating Partnership and its Predecessor did not have any preferred stock outstanding for the periods presented. |
(2) | The shortfall of earnings (loss) to combined fixed charges for the year ended December 31, 2009 was $4.1 million. Included in earnings (loss) for the year was a charge of $13.7 million related to the discontinuance of a cash flow hedge. The shortfall of earnings (loss) to combined fixed charges for the period from October 24, 2007 to December 31, 2007 was $189.4 million. Included in earnings (loss) for this period was a charge of $176.5 million related to the acquisition of service agreements in connection with DFT’s IPO and $13.4 million of non-cash stock based compensation expense incurred at the time of the IPO. The shortfall of earnings (loss) to combined fixed charges was $2.6 million, $3.1 million, $0.7 million and $0.4 million for the period from January 1, 2007 to October 23, 2007 and the years ending December 31, 2006 and 2005, respectively. |