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DuPont Fabros Technology, Inc. Reports First Quarter 2012 Results

WASHINGTON April 26, 2012 March 31

http://photos.prnewswire.com/prnh/20120104/MM29780LOGO

Highlights

  • As of today, the company’s stabilized operating portfolio is 99% leased, the non-stabilized portfolio is 57% leased and in the development portfolio, ACC6 Phase II is 67% pre-leased.
    • Elk Grove Village, Illinois
    • $62.7 million
    • Signed three leases totaling 4.83 MW and 23,385 raised square feet.
    • Commenced seven leases totaling 15.23 MW and 83,191 raised square feet.
    • Signed two leases and a pre-lease totaling 18.42 MW and 92,917 raised square feet. ACC6 Phase I is now 83% leased and Phase II is 67% pre-leased. 
    • Commenced development of ACC6 Phase II which we expect to complete at the end of 2012.  

Hossein Fateh $0.60

First Quarter 2012 Results

March 31, 2012 $0.08 $0.15 $9.9 million $78.4 million

March 31, 2012 $0.34 $0.38 March 31 $0.04

  • $0.05 $0.07 $0.02
  • $0.09 $0.06 $0.03

Portfolio Update

During the first quarter 2012, the company:

    • Two leases were at SC1 Phase I for 4.55 MW of critical load and 22,000 raised square feet.  Both of these leases commenced in the first quarter.
    • One lease was at NJ1 Phase I for 0.28 MW of critical load and 1,385 raised square feet.  This lease commenced in the first quarter.

Subsequent to the first quarter the company:

    • Two leases were at ACC6 Phase I totaling 9.75 MW and 48,984 raised square feet.  One lease for 8.67 MW commenced in the second quarter and the other 1.08 MW lease will commence in the third quarter of 2012.
    • January 2013
    • Commenced development of ACC6 Phase II, which is 67% pre-leased.  Completion is anticipated in late 2012. 

Year-to-date, the company:

  • $600 million

Capital Markets Update

January 2012 $25 $62.7 million

March 2012 $100 million to $225 million March 2016 $175 million

As of today, there are no borrowings outstanding under the line of credit.

Common Dividend

$0.15 $0.60

2012 Guidance

$1.44 to $1.54 $1.31 to $1.51 $0.08 $1.49

$0.35 to $0.37 $0.02 $0.34

  • $0.03
  • $0.01

First Quarter 2012 Conference Call and Webcast Information

Thursday, April 26, 2012 10:00 a.m. ET www.dft.com 1-866-524-3160 (domestic) or 1-412-317-6760 (international).  A replay will be available for seven days by dialing 1-877-344-7529 (domestic) or 1-412-317-0088 (international) using passcode 10012584 .  The webcast will be archived on the company’s website for one year at www.dft.com on the Presentations & Webcasts page.

Second Quarter 2012 Conference Call

Wednesday, July 25, 2012 10:00 a.m. ET Thursday, July 26, 2012

About DuPont Fabros Technology, Inc.

Washington www.dft.com

Forward-Looking Statements

December 31, 2011 www.dft.com



(unaudited and in thousands except share and per share data)

Three months ended March 31,

2012

2011

Revenues:

Base rent

$            53,170

$            47,188

Recoveries from tenants

24,086

20,858

Other revenues

1,126

453

Total revenues

78,382

68,499

Expenses:

Property operating costs

22,363

18,100

Real estate taxes and insurance

2,171

1,656

Depreciation and amortization

21,870

18,091

General and administrative

5,236

4,798

Other expenses

668

198

Total expenses

52,308

42,843

Operating income

26,074

25,656

Interest income

34

211

Interest:

Expense incurred

(11,863 )

(7,659 )

Amortization of deferred financing costs

(887 )

(624 )

Net income

13,358

17,584

Net income attributable to redeemable noncontrolling interests – operating partnership

(1,570 )

(3,472 )

Net income attributable to controlling interests

11,788

14,112

Preferred stock dividends

(6,619 )

(4,157 )

Net income attributable to common shares

$              5,169

$              9,955

Earnings per share – basic:

Net income attributable to common shares

$                0.08

$                0.15

Weighted average common shares outstanding

62,568,547

60,210,596

Earnings per share – diluted:

Net income attributable to common shares

$                0.08

$                0.15

Weighted average common shares outstanding

63,548,098

61,382,290

Dividends declared per common share

$                0.12

$                0.12




(unaudited and in thousands except share and per share data)

Three months ended March 31,

2012

2011

Net income

$            13,358

$            17,584

Depreciation and amortization

21,870

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