EX-12.1 40 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     The Predecessor  
     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		  

Earnings:

             

Net Income (loss)

    $ 2,886      $ 36,160      $ (186,548 )    $ (1,619 )    $ (505 )    $ (608 ) 

Add: Fixed charges

      41,455        28,199        4,393        16,902        8,910        106   

Less: Capitalized interest

      (7,021 )      (15,448 )      (2,842 )      (1,027 )      (2,630 )      (62 ) 
                                                

Total earnings (loss)

      37,320        48,911        (184,997 )      14,256        5,775        (564 ) 
                                                

Fixed Charges and Preferred Stock Dividends:

             

Interest expense

      25,462        10,852        1,301        13,480        5,715        44   

Capitalized interest

      5,691        13,150        2,567        970        2,253        43   

Amortization of deferred financing costs

      8,854        1,782        230        2,395        565        —     

Capitalization of amortization of deferred financing costs

      1,330        2,298        275        57        377        19   

Interest factor in rents

      118        117        20        —          —          —     

Preferred stock dividend requirements

      —          —          —          —          —          —     
                                                

Combined Fixed Charges and Preferred Stock Dividends

    $ 41,455      $ 28,199      $ 4,393      $ 16,902      $ 8,910      $ 106   
                                                

Ratio of earnings (loss) to combined fixed charges (1)

      (2 )      1.73        (2 )      (2 )      (2 )      (2 ) 
                                                

 

(1) DFT and the 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 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 and $0.7 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     The Predecessor  
     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		  

Earnings:

             

Net Income (loss)

    $ 2,886      $ 36,160      $ (186,548 )    $ (1,619 )    $ (505 )    $ (608 ) 

Add: Fixed charges

      41,455        28,199        4,393        16,902        8,910        106   

Less: Capitalized interest

      (7,021 )      (15,448 )      (2,842 )      (1,027 )      (2,630 )      (62 ) 
                                                

Total earnings (loss)

      37,320        48,911        (184,997 )      14,256        5,775        (564 ) 
                                                

Fixed Charges and Preferred Stock Dividends:

             

Interest expense

      25,462        10,852        1,301        13,480        5,715        44   

Capitalized interest

      5,691        13,150        2,567        970        2,253        43   

Amortization of deferred financing costs

      8,854        1,782        230        2,395        565        —     

Capitalization of amortization of deferred financing costs

      1,330        2,298        275        57        377        19   

Interest factor in rents

      118        117        20        —          —          —     

Preferred stock dividend requirements

      —          —          —          —          —          —     
                                                

Combined Fixed Charges and Preferred Stock Dividends

    $ 41,455      $ 28,199      $ 4,393      $ 16,902      $ 8,910      $ 106   
                                                

Ratio of earnings (loss) to combined fixed charges (1)

      (2 )      1.73        (2 )      (2 )      (2 )      (2 ) 
                                                

 

(1) The Operating Partnership and the 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 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 and $0.7 million for the period from January 1, 2007 to October 23, 2007 and the years ended December 31, 2006 and 2005, respectively.