EX-12.1 16 dex121.htm EXHIBIT 12.1 Exhibit 12.1

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.