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DuPont Fabros Technology Management Discusses Q2 2012 Results - Earnings Call Transcript

We remain confident about the fundamentals of the data center space and our ability to lease up our available inventory. In April, we commenced development of the Phase II of ACC6 in Ashburn, Virginia. As stated on the last call, we expect to fund this development with cash on hand and with the unsecured loan. We expect to deliver this property at the end of this year.

In May, the Governor of Virginia signed new legislation eliminating sales tax on servers and computer equipment, if certain conditions are met. This enables Virginia to compete with other states which have offer similar incentives.

Leasing continues to be everyone's focus for 2012. Although we have done a significant amount of leasing year-to-date, we have plenty of work which needs to be done. As I have said, we are very confident in our ability to lease our vacant space with terms favorable to the company.

Now I will turn the call over to Mark, who will take you through our financial results.

Mark L. Wetzel

Thank you, Hossein. Good morning, everyone, and thank you for joining us. I want to cover 2 main topics today, our second quarter results and the 2012 guidance update.

For the second quarter of 2012, the company's FFO was $0.37 per share compared to $0.42 per share in the second quarter of 2011. The $0.05 per share decrease was primarily due to lower capitalized interest expense and increased preferred dividends. Quarterly revenues were $83 million, an increase of $12 million or 17% over the second quarter of 2011. This represents our highest revenue quarter-to-date ever.

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