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DuPont Fabros Technology, Inc. Reports First Quarter 2013 Results

      DuPont Fabros Technology, Inc. Reports First Quarter 2013 Results

Revenues up 12%

Adjusted Funds from Operations per share up 23%

Second Quarter Dividend increased by 25%

PR Newswire

WASHINGTON, May 7, 2013

WASHINGTON, May 7, 2013 /PRNewswire/ -- DuPont Fabros Technology, Inc. (NYSE:
DFT) today reported results for the quarter ended March 31, 2013. All per
share results are reported on a fully diluted basis.

(Logo: http://photos.prnewswire.com/prnh/20120104/MM29780LOGO )

Highlights

  oAs of March 31, 2013, the company's overall operating portfolio was 90%
    leased with the stabilized portfolio at 90% leased and the non-stabilized
    portfolio at 93% leased.
  oQuarterly Highlights:

       oReported Funds from Operations ("FFO") of $0.40 per share
         representing an 18% increase over the prior year quarter.
       oReported Adjusted FFO per share of $0.38 representing a 23% increase
         over the prior year quarter.
       oIncreased midpoint of 2013 FFO per share guidance by $0.04.
       oPlaced in service ACC6 Phase II in Ashburn, Virginia, comprising 13.0
         megawatts ("MW") of critical load, 100% leased.
       oSigned one lease totaling 2.28 MW and 11,000 raised square feet.
       oCommenced six leases totaling 15.82 MW and 82,598 raised square feet.
       oIncreased second quarter 2013 common stock dividend 25% to $0.25 per
         share.
       oRepurchased 1.6 million shares of common stock for $38 million.
       oObtained a new $115 million five year secured loan and paid off
         $138.3 million secured loan.

Subsequent to the First Quarter:

     oSigned one lease totaling 1.73 MW and 10,151 raised square feet at CH1
       which is now 100% leased and commenced.
     oCommenced development of ACC7 Phase I (11.89 MW) with expected
       completion in the second quarter of 2014. ACC7 is expected to be built
       in four phases totaling 41.60 MW available for use by tenants.

Hossein Fateh, President and Chief Executive Officer, said, "DFT's plan is to
lease our remaining wholesale data center capacity and to develop new capacity
in existing locations. Substantial progress has been achieved on each front.
We have leased all remaining capacity in Chicago and broken ground on ACC7 on
our high-demand Ashburn, Virginia campus. Our refinancing activity in the
quarter reduced our overall cost of capital and improved our debt maturity
schedule. This focused activity and confidence in leasing supports our board's
decision to increase our common stock dividend by 25%."

First Quarter 2013 Results

For the quarter ended March 31, 2013, the company reported earnings of $0.12
per share compared to $0.08 per share for the first quarter of 2012. Revenues
increased 12%, or $9.4 million, to $87.8 million for the first quarter of 2013
over the first quarter of 2012. The increase in revenues is primarily due to
new leases commencing.

FFO for the quarter ended March 31, 2013 was $0.40 per share which includes a
$0.02 per share charge related to the payoff of a secured loan, compared to
$0.34 per share for the first quarter of 2012. The increase of $0.06 per share
from the prior year quarter is primarily due to:

  oA positive impact of $0.09 per share from higher operating income
    excluding depreciation.
  oA negative impact of $0.02 per share due to the one-time write-off of
    deferred financing costs related to the secured loan payoff.
  oA negative impact of $0.01 per share from higher interest expense
    primarily due to lower capitalized interest.

Portfolio Update

During the first quarter 2013, the company signed one lease at SC1 with a
lease term of 5.3 years totaling 2.28 MW and 11,000 raised square feet. This
leased commenced in the second quarter and SC1 is 88% leased as of March 31,
2013.

Subsequent to the first quarter, the company signed one lease at CH1 with a
weighted average lease term of 5.1 years totaling 1.73 MW and 10,151 raised
square feet. A portion of the lease commenced in the second quarter and the
other portion is a replacement for the 0.43 MW expiring on December 31, 2013
and is expected to commence in the first quarter of 2014.

Year to Date, the company:

  oSigned two leases with a weighted average lease term of 5.2 years totaling
    4.01 MW and 21,151 raised square feet that are expected to generate
    approximately $3.9 million of annualized GAAP base rent revenue.
  oCommenced eight leases totaling 20.69 MW and 110,716 raised square feet.

Development Update

In May 2013, the company executed an agreement with its general contractor to
build the entire shell and underground conduit at ACC7 (41.60 MW of critical
load) and to fully develop the first phase of ACC7 (11.89 MW of critical load)
at an estimated out of pocket cost of $155 million to $160 million. The total
cost of the entire ACC7 data center is expected to range from $7.0 million per
MW to $7.9 million per MW, excluding capitalized interest. Hossein Fateh
commented, "ACC7 will be the first data center built using DFT's new, highly
efficient design. With expected Power Usage Efficiency ("PUE") of 1.2,
customers will experienced reduced energy costs and the new design is also
expected to lower operating costs. With our ability to build in modular units
as small as 5.9 MW of critical load, DFT can deliver on a just-in-time basis,
reducing the risk of speculative development."

Balance Sheet and Liquidity

The company announced in November a twelve-month common stock repurchase
program of up to $80 million. In the first quarter of 2013, the company
repurchased $37.8 million or 1,623,673 shares of common stock at an average
price of $23.12 per share.

On March 27, 2013, the company closed a new loan secured by its ACC3 data
center totaling $115 million, and used the proceeds from this loan along with
cash on hand to pay off the ACC5 loan of $138.3 million which was due to
mature in December 2014. The ACC3 loan matures in March 2018 and has a lower
interest rate, LIBOR plus 1.85%, than the ACC5 loan, LIBOR plus 3.00%.

As of March 31, 2013, the company had $18 million of cash available on its
balance sheet and $165 million of available capacity under its revolving
credit facility.

Common Dividend

The company's Board of Directors increased the quarterly common dividend in
the second quarter of 2013 by 25% to $0.25 per share, an annualized rate of
$1.00 per share. This is a yield of 3.9% based on the May 6, 2013 stock
closing price.

Second Quarter and Full Year 2013 Guidance

The company has established an FFO guidance range of $0.45 to $0.47 per share
for the second quarter of 2013. The $0.06 per share difference between the
company's first quarter 2013 FFO of $0.40 per share and the midpoint of the
second quarter guidance range is primarily due to:

  oA positive impact of $0.03 from higher operating income excluding
    depreciation.
  oA positive impact of $0.03 from lower interest expense due to first
    quarter one-time charge of $0.02 per share from the payoff of the ACC5
    loan and a lower interest rate on the new ACC3 loan.

The company is raising and tightening its 2013 FFO guidance range to $1.82 to
$1.92 per share from $1.76 to $1.90 per share. This increased the midpoint by
$0.04 per share, and the 2013 updated lower end of the guidance range still
assumes no additional leases being executed this year.

First Quarter 2013 Conference Call and Webcast Information

The company will host a conference call to discuss these results today,
Tuesday, May 7, 2013 at 1:00 p.m. ET. To access the live call, please visit
the Investor Relations section of the company's website at www.dft.com or dial
1-800-860-2442 (domestic) or 1-412-858-4600 (international). A replay will be
available for seven days by dialing 1-877-344-7529 (domestic) or
1-412-317-0088 (international) using passcode 10027455. The webcast will be
archived on the company's website for one year at www.dft.com on the
Presentations & Webcasts page.

About DuPont Fabros Technology, Inc.

DuPont Fabros Technology, Inc. (NYSE: DFT) is a leading owner, developer,
operator and manager of enterprise-class, carrier neutral, multi-tenant
wholesale data centers. The Company's facilities are designed to offer highly
specialized, efficient and safe computing environments in a low-cost operating
model. The Company's customers outsource their mission critical applications
and include national and international enterprises across numerous industries,
such as technology, Internet content providers, media, communications,
cloud-based, healthcare and financial services. The Company's ten data centers
are located in four major U.S. markets, which total 2.5 million gross square
feet and 218 megawatts of available critical load to power the servers and
computing equipment of its customers. DuPont Fabros Technology, Inc., a real
estate investment trust (REIT) is headquartered in Washington, DC. For more
information, please visit www.dft.com.

Forward-Looking Statements

Certain statements contained in this press release may be deemed to be
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. The matters described in these forward-looking
statements include expectations regarding future events, results and trends
and are subject to known and unknown risks, uncertainties and other
unpredictable factors, many of which are beyond the company's control. The
company faces many risks that could cause its actual performance to differ
materially from the results contemplated by its forward-looking statements,
including, without limitation, the risk that its assumptions underlying its
full year and second quarter 2013 FFO guidance are not realized, the risks
related to the leasing of available space to third-party tenants, including
delays in executing new leases and failure to negotiate leases on terms that
will enable it to achieve its expected returns, risks related to the
collection of accounts and notes receivable, the risk that the company may be
unable to obtain new financing on favorable terms to facilitate, among other
things, future development projects, the risks commonly associated with
construction and development of new facilities (including delays and/or cost
increases associated with the completion of new developments), risks relating
to obtaining required permits and compliance with permitting, zoning, land-use
and environmental requirements, the risk that the company will not declare and
pay dividends as anticipated for 2013 and the risk that the company may not be
able to maintain its qualification as a REIT for federal tax purposes. The
periodic reports that the company files with the Securities and Exchange
Commission, including its annual report on Form 10-K for the year ended
December 31, 2012, contain detailed descriptions of these and many other risks
to which the company is subject. These reports are available on our website at
www.dft.com. Because of the risks described above and other unknown risks, the
company's actual results, performance or achievements may differ materially
from the results, performance or achievements contemplated by its
forward-looking statements. The information set forth in this news release
represents management's expectations and intentions only as of the date of
this press release. The company assumes no responsibility to issue updates to
the contents of this press release.



DUPONT FABROS TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands except share and per share data)
                                                  Three months ended March 31,
                                                  2013            2012
Revenues:
Base rent                                         $ 60,483        $ 53,170
Recoveries from tenants                           26,339          24,086
Other revenues                                    937             1,126
Total revenues                                    87,759          78,382
Expenses:
Property operating costs                          23,512          22,363
Real estate taxes and insurance                   3,641           2,171
Depreciation and amortization                     23,039          21,870
General and administrative                        4,550           5,236
Other expenses                                    772             668
Total expenses                                    55,514          52,308
Operating income                                  32,245          26,074
Interest income                                   37              34
Interest:
Expense incurred                                  (12,937)        (11,863)
Amortization of deferred financing costs          (2,618)         (887)
Net income                                        16,727          13,358
Net income attributable to redeemable             (1,973)         (1,570)
noncontrolling interests — operating partnership
Net income attributable to controlling interests  14,754          11,788
Preferred stock dividends                         (6,811)         (6,619)
Net income attributable to common shares          $ 7,943         $ 5,169
Earnings per share — basic:
Net income attributable to common shares          $ 0.12          $ 0.08
Weighted average common shares outstanding        65,089,972      62,568,547
Earnings per share — diluted:
Net income attributable to common shares          $ 0.12          $ 0.08
Weighted average common shares outstanding        65,928,717      63,548,098
Dividends declared per common share               $ 0.20          $ 0.12



DUPONT FABROS TECHNOLOGY, INC.

RECONCILIATIONS OF NET INCOME TO FFO AND AFFO ^(1)

(unaudited and in thousands except share and per share data)
                                                  Three months ended March 31,
                                                  2013            2012
Net income                                        $ 16,727        $ 13,358
Depreciation and amortization                     23,039          21,870
Less: Non real estate depreciation and            (242)           (274)
amortization
FFO                                               39,524          34,954
Preferred stock dividends                         (6,811)         (6,619)
FFO attributable to common shares and OP units    $ 32,713        $ 28,335
Straight-line revenues, net of reserve            (4,607)         (5,023)
Amortization of lease contracts above and below   (598)           (979)
market value
Compensation paid with Company common shares      1,903           2,034
Non real estate depreciation and amortization     242             274
Amortization of deferred financing costs          918             887
Write-off of deferred financing costs             1,700           —
Improvements to real estate                       (809)           (179)
Capitalized leasing commissions                   (112)           (162)
AFFO                                              $ 31,350        $ 25,187
FFO attributable to common shares and OP units    $ 0.40          $ 0.34
 per share - diluted
AFFO per share - diluted                          $ 0.38          $ 0.31
Weighted average common shares and OP units       82,096,356      82,553,495
 outstanding - diluted

(1) Funds from operations, or FFO, is used by industry analysts and investors
as a supplemental operating performance measure for REITs. The Company
calculates FFO in accordance with the definition that was adopted by the Board
of Governors of the National Association of Real Estate Investment Trusts, or
NAREIT. FFO, as defined by NAREIT, represents net income determined in
accordance with GAAP, excluding extraordinary items as defined under GAAP,
impairment charges on depreciable real estate assets and gains or losses from
sales of previously depreciated operating real estate assets, plus specified
non-cash items, such as real estate asset depreciation and amortization, and
after adjustments for unconsolidated partnerships and joint ventures. The
Company also presents FFO attributable to common shares and OP units, which is
FFO excluding preferred stock dividends. FFO attributable to common shares and
OP units per share is calculated on a basis consistent with net income
attributable to common shares and OP units and reflects adjustments to net
income for preferred stock dividends.

The Company uses FFO as a supplemental performance measure because, in
excluding real estate related depreciation and amortization and gains and
losses from property dispositions, it provides a performance measure that,
when compared period over period, captures trends in occupancy rates, rental
rates and operating expenses. The Company also believes that, as a widely
recognized measure of the performance of equity REITs, FFO may be used by
investors as a basis to compare the Company's operating performance with that
of other REITs. However, because FFO excludes real estate related depreciation
and amortization and captures neither the changes in the value of the
Company's properties that result from use or market conditions nor the level
of capital expenditures and leasing commissions necessary to maintain the
operating performance of the Company's properties, all of which have real
economic effects and could materially impact the Company's results from
operations, the utility of FFO as a measure of the Company's performance is
limited.

While FFO is a relevant and widely used measure of operating performance of
equity REITs, other equity REITs may use different methodologies for
calculating FFO and, accordingly, FFO as disclosed by such other REITs may not
be comparable to the Company's FFO. Therefore, the Company believes that in
order to facilitate a clear understanding of its historical operating results,
FFO should be examined in conjunction with net income as presented in the
consolidated statements of operations. FFO should not be considered as an
alternative to net income or to cash flow from operating activities (each as
computed in accordance with GAAP) or as an indicator of the Company's
liquidity, nor is it indicative of funds available to meet the Company's cash
needs, including its ability to pay dividends or make distributions.

The Company also presents FFO with supplemental adjustments to arrive at
Adjusted FFO ("AFFO"). AFFO is FFO attributable to common shares and OP units
excluding straight-line revenue, compensation paid with Company common shares,
gain or loss on derivative instruments, acquisition of service agreements,
below market lease amortization net of above market lease amortization early
extinguishment of debt costs, non real estate depreciation and amortization,
amortization of deferred financing costs, improvements to real estate and
capitalized leasing commissions. AFFO does not represent cash generated from
operating activities in accordance with GAAP and therefore should not be
considered an alternative to net income as an indicator of the Company's
operating performance or as an alternative to cash flow provided by operations
as a measure of liquidity and is not necessarily indicative of funds available
to fund the Company's cash needs including the Company's ability to pay
dividends. In addition, AFFO may not be comparable to similarly titled
measurements employed by other companies. The Company's management uses AFFO
in management reports to provide a measure of REIT operating performance that
can be compared to other companies using AFFO.



DUPONT FABROS TECHNOLOGY, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands except share data)
                                                     March 31,
                                                     2013         December 31,
                                                                  2012
                                                     (unaudited)
ASSETS
Income producing property:
Land                                                 $ 75,956     $ 73,197
Buildings and improvements                           2,412,485    2,315,499
                                                     2,488,441    2,388,696
Less: accumulated depreciation                       (347,482)    (325,740)
Net income producing property                        2,140,959    2,062,956
Construction in progress and land held for           123,175      218,934
development
Net real estate                                      2,264,134    2,281,890
Cash and cash equivalents                            17,670       23,578
Rents and other receivables, net                     11,949       3,840
Deferred rent, net                                   147,724      144,829
Lease contracts above market value, net              9,980        10,255
Deferred costs, net                                  33,934       35,670
Prepaid expenses and other assets                    39,528       30,797
Total assets                                         $ 2,524,919  $ 2,530,859
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Line of credit                                       $ 60,000     $ 18,000
Mortgage notes payable                               115,000      139,600
Unsecured notes payable                              550,000      550,000
Accounts payable and accrued liabilities             29,761       22,280
Construction costs payable                           2,609        6,334
Accrued interest payable                             14,047       2,601
Dividend and distribution payable                    21,868       22,177
Lease contracts below market value, net              13,149       14,022
Prepaid rents and other liabilities                  41,289       35,524
Total liabilities                                    847,723      810,538
Redeemable noncontrolling interests —operating      386,786      453,889
partnership
Commitments and contingencies                        —            —
Stockholders' equity:
Preferred stock, $.001 par value, 50,000,000 shares
authorized:
Series A cumulative redeemable perpetual preferred
stock,
 7,400,000 issued and        185,000      185,000
outstanding at March 31, 2013 and
December 31, 2012
Series B cumulative redeemable perpetual preferred
stock,
 6,650,000 issued and        166,250      166,250
outstanding at March 31, 2013 and
 December 31, 2012
Common stock, $.001 par value, 250,000,000 shares
authorized,
 64,645,117 shares issued and          65           63
outstanding at March 31, 2013
 and 63,340,929 shares issued and
outstanding at December 31, 2012
Additional paid in capital                           939,095      915,119
Retained earnings                                    —            —
Total stockholders' equity                           1,290,410    1,266,432
Total liabilities and stockholders' equity           $ 2,524,919  $ 2,530,859



DUPONT FABROS TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)
                                                 Three months ended March 31,
                                                 2013             2012
Cash flow from operating activities
Net income                                       $ 16,727         $ 13,358
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation and amortization                    23,039           21,870
Straight line rent, net of reserve               (4,607)          (5,023)
Amortization of deferred financing costs         918              887
Write-off of deferred financing costs            1,700            —
Amortization of lease contracts above and below  (598)            (979)
market value
Compensation paid with Company common shares     1,903            2,034
Changes in operating assets and liabilities
Rents and other receivables                      (6,360)          (3,129)
Deferred costs                                   (119)            (175)
Prepaid expenses and other assets                (7,173)          (3,329)
Accounts payable and accrued liabilities         6,299            727
Accrued interest payable                         11,446           11,658
Prepaid rents and other liabilities              4,637            2,294
Net cash provided by operating activities        47,812           40,193
Cash flow from investing activities
Investments in real estate — development         (7,340)          (22,410)
Interest capitalized for real estate under       (210)            (1,155)
development
Improvements to real estate                      (809)            (179)
Additions to non-real estate property            (18)             (54)
Net cash used in investing activities            (8,377)          (23,798)
Cash flow from financing activities
Issuance of preferred stock, net of offering     —                62,696
costs
Line of credit:
Proceeds                                         62,000           15,000
Repayments                                       (20,000)         (35,000)
Mortgage notes payable:
Proceeds                                         115,000          —
Lump sum payoffs                                 (138,300)        —
Repayments                                       (1,300)          (1,300)
Exercises of stock options                       —                429
Payments of financing costs                      (1,715)          (2,015)
Common stock repurchases                         (37,792)         —
Dividends and distributions:
Common shares                                    (12,668)         (7,550)
Preferred shares                                 (6,811)          (5,572)
Redeemable noncontrolling interests— operating  (3,757)          (2,287)
partnership
Net cash (used in) provided by financing         (45,343)         24,401
activities
Net increase (decrease) in cash and cash         (5,908)          40,796
equivalents
Cash and cash equivalents, beginning             23,578           14,402
Cash and cash equivalents, ending                $ 17,670         $ 55,198
Supplemental information:
Cash paid for interest                           $ 1,700          $ 1,361
Deferred financing costs capitalized for real    $ 15             $ 76
estate under development
Construction costs payable capitalized for real  $ 2,609          $ 7,299
estate under development
Redemption of operating partnership units        $ 68,900         $ 2,400
Adjustments to redeemable noncontrolling         $ 3,011          $ 5,107
interests — operating partnership



DUPONT FABROS TECHNOLOGY, INC.

Operating Properties

As of March 31, 2013
                              Year       Gross      Raised     Critical  %       %
Property         Property     Built/     Building   Square     Load      Leased
                 Location     Renovated  Area       Feet       MW        (4)     Commenced
                                         (2)        (2)        (3)               (5)
Stabilized (1)
ACC2             Ashburn, VA  2001/2005  87,000     53,000     10.4      100%    100%
ACC3             Ashburn, VA  2001/2006  147,000    80,000     13.9      100%    100%
ACC4             Ashburn, VA  2007       347,000    172,000    36.4      100%    100%
ACC5             Ashburn, VA  2009-2010  360,000    176,000    36.4      98%     98%
ACC6 Phase I     Ashburn, VA  2011       131,000    65,000     13.0      100%    100%
CH1 Phase I      Elk Grove    2008       285,000    122,000    18.2      100%    100%
                 Village, IL
CH1 Phase II (6) Elk Grove    2012       200,000    109,000    18.2      93%     86%
                 Village, IL
NJ1 Phase I      Piscataway,  2010       180,000    88,000     18.2      39%     39%
                 NJ
VA3              Reston, VA   2003       256,000    147,000    13.0      51%     51%
VA4              Bristow, VA  2005       230,000    90,000     9.6       100%    100%
Subtotal                                 2,223,000  1,102,000  187.3     90%     89%
—stabilized
Completed not Stabilized
ACC6 Phase II    Ashburn, VA  2013       131,000    65,000     13.0      100%    67%
SC1 Phase I (7)  Santa        2011       180,000    88,000     18.2      88%     69%
                 Clara, CA
Subtotal                                 311,000    153,000    31.2      93%     68%
—non-stabilized
Total Operating                          2,534,000  1,255,000  218.5     90%     86%
Properties

(1) Stabilized operating properties are either 85% or more leased and
commenced or have been in service for 24 months or greater.

(2) Gross building area is the entire building area, including raised square
footage (the portion of gross building area where the tenants' computer
servers are located), tenant common areas, areas controlled by the Company
(such as the mechanical, telecommunications and utility rooms) and, in some
facilities, individual office and storage space leased on an as available
basis to the tenants.

(3) Critical load (also referred to as IT load or load used by tenants'
servers or related equipment) is the power available for exclusive use by
tenants expressed in terms of megawatt, or MW, or kilowatt, or kW (1 MW is
equal to 1,000 kW).

(4) Percentage leased is expressed as a percentage of critical load that is
subject to an executed lease totaling 196.9 MW. Leases executed as of March
31, 2013 represent $245 million of base rent on a GAAP basis and cash basis
over the next twelve months.

(5) Percentage commenced is expressed as a percentage of critical load where
the lease has commenced under generally accepted accounting principles.

(6) As of May 6, 2013 CH1 Phase II is 100% leased and commenced.

(7) As of May 6, 2013, SC1 Phase I is 81% commenced.



DUPONT FABROS TECHNOLOGY, INC.

Lease Expirations

As of March 31, 2013
                           Raised       % of    Total kW
                Number     Square Feet  Leased  of          % of    % of
Year of Lease   of Leases  Expiring     Raised  Expiring    Leased  Annualized
Expiration      Expiring   (in          Square  Commenced   kW      Base Rent
                (1)        thousands)   Feet    Leases (2)          (3)
                           (2)
2013 (4)        2          8            0.8%    1,567       0.8%    1.0%
2014            6          35           3.3%    6,287       3.3%    3.8%
2015            4          70           6.6%    13,812      7.4%    6.9%
2016            4          32           3.0%    4,686       2.5%    2.5%
2017            11         80           7.6%    14,206      7.6%    7.1%
2018            13         141          13.3%   28,411      15.1%   15.0%
2019            11         168          15.9%   31,035      16.5%   15.4%
2020            9          96           9.1%    15,196      8.1%    8.5%
2021            7          131          12.4%   24,269      12.9%   13.6%
2022            6          75           7.1%    12,812      6.8%    7.5%
After 2022      15         222          20.9%   35,567      19.0%   18.7%
Total           88         1,058        100%    187,848     100%    100%

(1) Represents 33 tenants with 88 lease expiration dates. Top four tenants
represent 60% of annualized base rent.

(2) Raised square footage is that portion of gross building area where the
tenants locate their computer servers. One MW is equal to 1,000 kW.

(3) Annualized base rent represents the monthly contractual base rent (defined
as cash base rent before abatements) multiplied by 12 for commenced leases
totaling 187.8 MW as of March 31, 2013.

(4) One lease has a rolling option to terminate on six months' notice and has
a scheduled maturity on September 30, 2013 with no notice received as of
today. The second lease will expire on December 31, 2013, representing 2,800
raised square feet, 430 kW of critical load and 0.2% of annualized base rent
as notice was provided. This space has been re-leased with the new lease
expected to commence on January 1, 2014 and expire in 2019.

DUPONT FABROS TECHNOLOGY, INC.

Development Projects

As of March 31, 2013

($ in thousands)
                                Gross      Raised    Critical  Construction
Property       Property         Building   Square    Load      in Progress &
               Location         Area (1)   Feet (2)  MW (3)    Land Held for
                                                               Development (4)
Future Development
Projects/Phases
SC1 Phase II   Santa Clara, CA  180,000    88,000    18.2      61,672
NJ1 Phase II   Piscataway, NJ   180,000    88,000    18.2      39,212
                                360,000    176,000   36.4      100,884
Land Held for Development
ACC7 Phases I  Ashburn, VA      405,000    237,000   41.6      12,836
to IV (5)
ACC8           Ashburn, VA      100,000    50,000    10.4      3,658
SC2 Phase      Santa Clara, CA  200,000    125,000   26.0      5,797
I/II
                                705,000    412,000   78.0      22,291
Total                           1,065,000  588,000   114.4     $ 123,175

(1) Gross building area is the entire building area, including raised square
footage (the portion of gross building area where the tenants' computer
servers are located), tenant common areas, areas controlled by the Company
(such as the mechanical, telecommunications and utility rooms) and, in some
facilities, individual office and storage space leased on an as available
basis to the tenants.

(2) Raised square footage is that portion of gross building area where the
tenants locate their computer servers.

(3) Critical load (also referred to as IT load or load used by tenants'
servers or related equipment) is the power available for exclusive use by
tenants expressed in terms of MW or kW (1 MW is equal to 1,000 kW).

(4) Amount capitalized as of March 31, 2013. Future Phase II development
projects include only land, shell, underground work and capitalized interest
through Phase I opening.

(5) In May 2013, the company commenced development of Phase I of ACC7 totaling
11.89 MW of critical load.

DUPONT FABROS TECHNOLOGY, INC.

Debt Summary as of March 31, 2013

($ in thousands)
                          Amounts    % of Total  Rates  Maturities
                                                        (years)
Secured                   $ 115,000  16 %        2.1 %  5.0
Unsecured                 610,000    84 %        7.9 %  3.9
Total                     $ 725,000  100 %       6.9 %  4.1
Fixed Rate Debt:
Unsecured Notes           $ 550,000  76 %        8.5 %  4.0
Fixed Rate Debt           550,000    76 %        8.5 %  4.0
Floating Rate Debt:
Unsecured Credit Facility 60,000     8 %         2.1 %  3.0
ACC3 Term Loan            115,000    16 %        2.1 %  5.0
Floating Rate Debt        175,000    24 %        2.1 %  4.3
Total                     $ 725,000  100 %       6.9 %  4.1

Note: The Company capitalized interest and deferred financing cost
amortization of $0.2 million during the three months ended March 31, 2013.



Debt Maturity as of March 31, 2013

($ in thousands)
Year  Fixed Rate   Floating Rate  Total      % of Total  Rates
2013  $ —          $ —            $ —        —           —
2014  —            —              —          —           —
2015  125,000 (1)  —              125,000    17.2 %      8.5 %
2016  125,000 (1)  63,750(2)(3)   188,750    26.0 %      6.3 %
2017  300,000 (1)  8,750(3)       308,750    42.7 %      8.3 %
2018  —            102,500(3)     102,500    14.1 %      2.1 %
Total $ 550,000    $ 175,000      $ 725,000  100 %       6.9 %

(1) The Unsecured Notes have mandatory amortization payments due December 15
of each respective year.

(2) The Unsecured Credit Facility matures on March 21, 2016 with a one-year
extension option.

(3) The ACC3 Term Loan matures on March 27, 2018 with no extension option.
Quarterly principal payments of $1.25 million begin on April 1, 2016, increase
to $2.5 million on April 1, 2017 and continue through maturity.

DUPONT FABROS TECHNOLOGY, INC.

Selected Unsecured Debt Metrics
                                                             3/31/13  12/31/12
Interest Coverage Ratio (not less than 2.0)                  4.2      4.0
Total Debt to Gross Asset Value (not to exceed 60%)          25.3%    24.9%
Secured Debt to Total Assets (not to exceed 40%)             4.0%     4.9%
Total Unsecured Assets to Unsecured Debt (not less than      440.0%   334.3%
150%)

These selected metrics relate to DuPont Fabros Technology, LP's outstanding
unsecured debt. DuPont Fabros Technology, Inc. is the general partner of
DuPont Fabros Technology, LP.

Capital Structure as of March 31, 2013

(in thousands except per share data)
Line of Credit                                            $ 60,000
Mortgage Notes Payable                                    115,000
Unsecured Notes                                           550,000
Total Debt                                                725,000      23.9 %
Common Shares                80 %    64,645
Operating Partnership ("OP") 20 %    15,937
Units
Total Shares and Units       100 %   80,582
Common Share Price at March 31, 2013 $ 24.27
Common Share and OP Unit                      $ 1,955,725
Capitalization
Preferred Stock ($25 per share liquidation    351,250
preference)
Total Equity                                              2,306,975    76.1 %
Total Market Capitalization                               $ 3,031,975  100.0 %



DUPONT FABROS TECHNOLOGY, INC.

Common Share and OP Unit

Weighted Average Amounts Outstanding
                                          Q1 2013     Q1 2012
Weighted Average Amounts

Outstanding for EPS Purposes:
Common Shares — basic                     65,089,972  62,568,547
Shares issued from assumed conversion of:
- Restricted Shares                       99,720      206,609
- Stock Options                           739,025     772,942
- Performance Units                       —           —
Total Common Shares - diluted             65,928,717  63,548,098
Weighted Average Amounts Outstanding
for FFO and AFFO Purposes:
Common Shares — basic                     65,089,972  62,568,547
OP Units — basic                          16,167,639  19,005,397
Total Common Shares and OP Units          81,257,611  81,573,944
Shares and OP Units issued from
assumed conversion of:
- Restricted Shares                       99,720      206,609
- Stock Options                           739,025     772,942
- Performance Units                       —           —
Total Common Shares and Units - diluted   82,096,356  82,553,495
Period Ending Amounts Outstanding:
Common Shares                             64,645,117
OP Units                                  15,936,806
Total Common Shares and Units             80,581,923



DUPONT FABROS TECHNOLOGY, INC.

2013 Guidance

The earnings guidance/projections provided below are based on current
expectations and are forward-looking.
                                         Expected Q2 2013      Expected 2013

                                         per share             per share
Net income per common share and unit —   $0.16 to $0.18        $0.66 to $0.76
diluted
Depreciation and amortization, net       0.29                  1.16
FFO per share — diluted (1)              $0.45 to $0.47        $1.82 to $1.92



2013 Debt Assumptions
Weighted average debt outstanding                     $740.0 million
Weighted average interest rate                        7.00%
Total interest costs                                  $51.8 million
Amortization of deferred financing costs (2)          3.2 million
Interest expense capitalized (3)                      (1.7) million
Deferred financing costs amortization capitalized (3) (0.1) million
Total interest expense after capitalization           $53.2 million
2013 Other Guidance Assumptions
Total revenues                                        $365 to $380 million
Base rent (included in total revenues)                $245 to $255 million
Straight-line revenues (included in base rent)        $7 to $12 million
General and administrative expense                    $18 million
Investments in real estate — development (3)          $65 million
Improvements to real estate excluding development     $6 million
Preferred stock dividends                             $27 million
Annualized common stock dividend                      $1.00 per share
Weighted average common shares and OP units - diluted 81 million
Common share repurchase                               $38 million
Acquisition of income producing properties            No amounts budgeted



(1) For information regarding FFO, see "Reconciliations of Net Income to FFO
and AFFO" on page 6 of this earnings release.

(2) Excludes $1.7 million write-off of deferred financing costs related to the
payoff of a secured loan.

(3) Represents development of ACC7.

SOURCE DuPont Fabros Technology, Inc.

Website: http://www.dft.com
Contact: Investor Relations Contacts - Mr. Mark L. Wetzel, EVP, CFO &
Treasurer, mwetzel@dft.com, (202) 728-0033, or Mr. Christopher A. Warnke,
Manager, Investor Relations, investorrelations@dft.com, (202) 478-2330
 
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