DuPont Fabros Technology, Inc. Reports Fourth Quarter 2013 Results

      DuPont Fabros Technology, Inc. Reports Fourth Quarter 2013 Results

Revenues increase 16%; Normalized FFO per share increases 50%

2014 Guidance provided

PR Newswire

WASHINGTON, Jan. 30, 2014

WASHINGTON, Jan. 30, 2014 /PRNewswire/ --DuPont Fabros Technology, Inc.
(NYSE: DFT) is reporting results for the quarter ended December31, 2013. All
per share results are reported on a fully diluted basis.

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

Highlights

  oAs of December31, 2013, our operating portfolio was stabilized at 94%
    leased and commenced.
  oQuarterly Highlights:

       oNormalized Funds from Operations ("Normalized FFO") of $0.57 per
         share representing a 50% increase over the prior year quarter and a
         12% increase sequentially.
       oAdjusted Funds from Operations ("AFFO") per share of $0.56
         representing a 51% increase over the prior year quarter and an 8%
         increase sequentially.
       oCommenced one lease totaling 1.14 megawatts ("MW") and 5,500 computer
         room square feet.
       oRenewed two leases scheduled to expire in 2014, each for five years,
         totaling 1.17 MW and 9,760 computer room square feet.
       oRepaid the remaining 24% of the $550 million 8.5% Senior Notes due
         2017.
       oExercised the accordion on the unsecured term loan, increasing its
         total capacity from $195 million to $250 million.

  oSubsequent to the Fourth Quarter 2013:

       oDeclared first quarter 2014 dividend of $0.35 per share, an increase
         of 40% over the prior quarter.

Hossein Fateh, President and Chief Executive Officer, said, "DFT enters 2014
with a strong balance sheet poised for new growth. We had record lease
commencements of 33 megawatts in 2013 which resulted in 32% growth in
Normalized FFO per share as compared to 2012. We continue to focus on the
lease up of our existing available inventory and our two new developments to
fuel our future growth."

Fourth Quarter 2013 Results

For the quarter ended December31, 2013, earnings were $0.18 per share
compared to earnings of $0.11 per share for the fourth quarter of 2012. The
$0.18 per share of earnings includes an $0.11 per share loss on early
extinguishment of debt related to the call of the remaining 8.5% Senior Notes
due 2017. Excluding the $0.11 per share loss on early extinguishment of debt,
earnings were $0.28 per share, an increase of 155% over the prior year
quarter. Revenues increased 16%, or $13.5 million, to $99.4 million for the
fourth quarter of 2013 over the fourth quarter of 2012. The increase in
revenues is primarily due to new leases commencing.

Normalized FFO is FFO with the loss on early extinguishment of debt added
back. Normalized FFO for the quarter ended December31, 2013 was $0.57 per
share compared to $0.38 per share for the fourth quarter of 2012. The
increase of $0.19 per share, or 50%, from the prior year quarter is primarily
due to the following:

  oHigher operating income excluding depreciation of $0.16 per share and
  oLower interest expense of $0.03 per share from lower interest rates and
    higher capitalized interest.

Full Year 2013 Results

For the year ended December31, 2013, earnings were $0.32 per share compared
to $0.41 per share for 2012. Earnings of $0.32 per share includes losses on
the early extinguishment of debt of $0.50 per share from our refinancing of
the 8.5% Senior Notes Due 2017 and the ACC5 Term Loan. Excluding the $0.50
per share loss on early extinguishment of debt, earnings were $0.82 per share,
an increase of 100% over 2012. Revenues increased 13%, or $42.7 million, to
$375.1 million for 2013 versus 2012. The increase in revenues is primarily
due to new leases commencing.

Normalized FFO for the year ended December31, 2013 was $1.96 per share,
compared to $1.48 per share for 2012. The increase of $0.48 per share, or
32%, from 2012 is primarily due to higher operating income excluding
depreciation.

Portfolio Update

During the fourth quarter 2013, we:

  oRenewed one lease at VA3 for five years totaling 0.60 MW and 7,060
    computer room square feet and one lease for five years at ACC5 totaling
    0.57 MW and 2,700 computer room square feet.

In 2013, we:

  oSigned five leases and a pre-lease with a weighted average lease term of
    5.5 years totaling 15.71 MW and 106,130 computer room square feet that are
    expected to generate approximately $16.0 million of annualized GAAP base
    rent revenue which includes $1.0 million of management fees.
  oCommenced 14 leases totaling 33.31 MW and 201,225 computer room square
    feet.
  oRenewed five leases by a weighted average of 3.8 years totaling 5.72 MW
    and 31,460 computer room square feet.

Development Update

We are currently under development at ACC7 Phase I (11.9 MW) and SC1 Phase IIA
(9.1 MW). Both of these developments are on time and on budget, with
completion expected in mid-2014. SC1 Phase IIA is 50% pre-leased.

Balance Sheet and Liquidity

In September 2013, we issued $600 million of Senior Notes due 2021 at par
bearing an interest rate of 5.875%. The proceeds from this issuance were used
to retire our 8.5% Senior Notes due 2017. Bondholders tendered $418.1 million
of these notes outstanding and we settled this tender on September 24, 2013
for $443.4 million which included a premium of $25.3 million. On October 24,
2013, we redeemed the remaining bonds for $139.0 million which included a
premium of $7.1 million.

In September 2013, we entered into a $195 million senior unsecured term loan.
This loan bears interest at LIBOR plus 1.75% and matures on February 15, 2019
with no extension option. In October 2013, we exercised the accordion feature
of this loan which increased its total capacity by $55 million to $250
million. This loan includes a delayed draw feature, and as of December31,
2013 we had drawn $154.0 million of the total $250 million. The remaining
$96.0 million was drawn in January 2014.

In September 2013, the Company's Board of Directors approved a new common
stock repurchase program that commenced in November 2013 and expires on
December 31, 2014. The new program allows purchases of up to $142.2 million.
In the fourth quarter of 2013, we did not repurchase any shares.

As of December31, 2013, we had $39 million of cash, $96 million of available
capacity on our unsecured term loan and $400 million of available capacity
under our revolving credit facility.

Dividend

Yesterday, we announced that our first quarter 2014 dividend is $0.35 per
share which is a 40% increase from the fourth quarter 2013 dividend of $0.25
per share. The increase is due to a forecasted increase in taxable income in
2014 as the Company's policy is to pay out 100% of taxable income as a
dividend. Jeff Foster, Chief Financial Officer, said, "We are pleased to
announce our fourth dividend increase in the last two years. The 2014
annualized dividend of $1.40 per share represents an estimated Normalized FFO
payout ratio of 60 percent at the midpoint of our 2014 guidance." The
Normalized FFO payout ratio in 2013 was 48% and the AFFO payout ratio was 51%.

First Quarter and Full Year 2014 Guidance

Our Normalized FFO guidance range is $0.56 to $0.58 per share for the first
quarter of 2014. The midpoint of this range is equal to our fourth quarter
2013 Normalized FFO per share of $0.57.

Our 2014 Normalized FFO guidance range is $2.28 to $2.38 per share and the
lower end of this range assumes no additional leases will be executed through
the end of this calendar year. The assumptions underlying this guidance can be
found on page 15 of this earnings release. The $0.37 per share, or 19%,
increase between our full year 2013 Normalized FFO per share of $1.96 and the
mid-point of the 2014 guidance range is primarily due to:

  oHigher operating income excluding depreciation of $0.25 per share
    primarily from new leases commencing in 2013 and 2014 and
  oLower interest expense of $0.12 per share of which $0.07 per share is due
    to higher capitalized interest and the remainder is due to decreasing the
    average interest rate of our debt by 185 basis points in 2014, partially
    offset by an increase in our average outstanding debt of $198 million.

Fourth Quarter 2013 Conference Call and Webcast Information

We will host a conference call to discuss these results today, Thursday,
January 30, 2014 at 1:00 p.m. ET. To access the live call, please visit the
Investor Relations section of our website at www.dft.com or dial
1-877-870-4263 (domestic) or 1-412-317-0790 (international). A replay will be
available for seven days by dialing 1-877-344-7529 (domestic) or
1-412-317-0088 (international) using passcode 10039043. The webcast will be
archived on our website for one year at www.dft.comon 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 our control. We face many
risks that could cause our actual performance to differ materially from the
results contemplated by our forward-looking statements, including, without
limitation, the risk that the assumptions underlying our full year and first
quarter 2014 guidance are not realized, the risks related to the leasing of
available space to third-party customers, including delays in executing new
leases and failure to negotiate leases on terms that will enable us to achieve
our expected returns, risks related to the collection of accounts and notes
receivable, the risk that we 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 we will not declare and pay dividends as
anticipated for 2014 and the risk that we may not be able to maintain our
qualification as a REIT for federal tax purposes. The periodic reports that
we file with the Securities and Exchange Commission, including the annual
report on Form 10-K for the year ended December 31, 2012 and the quarterly
reports on Form 10-Q for the quarters ended September 30, 2013, June 30, 2013
and March 31, 2013, contain detailed descriptions of these and many other
risks to which we are subject. These reports are available on our website at
www.dft.com. Because of the risks described above and other unknown risks,
our actual results, performance or achievements may differ materially from the
results, performance or achievements contemplated by our forward-looking
statements. The information set forth in this news release represents our
expectations and intentions only as of the date of this press release. We
assume no responsibility to issue updates to the contents of this press
release.



DUPONT FABROS TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands except share and per share data)
                     Three months ended December 31,  Year ended December 31,
                     2013             2012            2013         2012
Revenues:
Base rent (1)        $   68,904       $   61,000      $  265,695   $  236,810
Recoveries from      28,515           23,702          104,271      91,049
tenants (1)
Other revenues       2,025            1,257           5,143        4,586
Total revenues       99,444           85,959          375,109      332,445
Expenses:
Property operating   28,124           24,286          103,522      94,646
costs
Real estate taxes    3,436            3,474           14,380       12,689
and insurance
Depreciation and     23,285           22,356          93,058       89,241
amortization
General and          3,715            3,310           16,261       17,024
administrative
Other expenses       1,419            4,773           3,650        6,919
Total expenses       59,979           58,199          230,871      220,519
Operating income     39,465           27,760          144,238      111,926
Interest income      52               56              137          168
Interest:
Expense incurred     (8,953)          (11,294)        (46,443)     (47,765)
Amortization of
deferred financing   (807)            (819)           (3,349)      (3,496)
costs
Loss on early
extinguishment of    (8,668)          —               (40,978)     —
debt
Net income           21,089           15,703          53,605       60,833
Net income
attributable to
redeemable
noncontrolling       (2,817)          (2,046)         (5,214)      (7,803)
interests –
operating
partnership
Net income
attributable to      18,272           13,657          48,391       53,030
controlling
interests
Preferred stock      (6,812)          (6,812)         (27,245)     (27,053)
dividends
Net income
attributable to      $   11,460       $   6,845       $  21,146    $  25,977
common shares
Earnings per share –
basic:
Net income
attributable to      $   0.18         $   0.11        $  0.32      $  0.41
common shares
Weighted average
common shares        64,685,508       63,000,839      64,645,316   62,866,189
outstanding
Earnings per share –
diluted:
Net income
attributable to      $   0.18         $   0.11        $  0.32      $  0.41
common shares
Weighted average
common shares        65,439,427       63,833,651      65,474,039   63,754,006
outstanding
Dividends declared   $   0.25         $   0.20        $  0.95      $  0.62
per common share



(1) Effective this quarter, we reclassified the management fee that we
collect from customers from "Recoveries from tenants" to "Base rent." All
periods presented were conformed to this change. We believe that this change
more accurately reflects the true nature of our management fee which is
equivalent to additional rent for the Company with no offsetting direct
expenses. We continue to recover all of our property management expenses
under our triple net lease structure and these recoveries are still reported
in "Recoveries from tenants."





DUPONT FABROS TECHNOLOGY, INC.
RECONCILIATIONS OF NET INCOME TO FFO, NORMALIZED FFO AND AFFO ^(1)
(unaudited and in thousands except share and per share data)
                            Three months ended        Year ended

                            December 31,              December 31,
                            2013         2012         2013         2012
Net income                  $  21,089    $  15,703    $  53,605    $  60,833
Depreciation and            23,285       22,356       93,058       89,241
amortization
Less: Non real estate
depreciation and            (186)        (238)        (875)        (1,023)
amortization
FFO                         44,188       37,821       145,788      149,051
Preferred stock dividends   (6,812)      (6,812)      (27,245)     (27,053)
FFO attributable to common  $  37,376    $  31,009    $  118,543   $  121,998
shares and OP units
Loss on early               8,668        —            40,978       —
extinguishment of debt
Normalized FFO              46,044       31,009       159,521      121,998
Straight-line revenues, net (1,597)      (1,143)      (6,920)      (17,967)
of reserve
Amortization of lease
contracts above and below   (598)        (599)        (2,391)      (3,194)
market value
Compensation paid with      1,012        1,647        6,088        6,980
Company common shares
Non real estate
depreciation and            186          238          875          1,023
amortization
Amortization of deferred    807          819          3,349        3,496
financing costs
Improvements to real estate (722)        (1,093)      (5,757)      (4,426)
Capitalized leasing         (52)         (362)        (2,134)      (1,143)
commissions
AFFO                        $  45,080    $  30,516    $  152,631   $  106,767
FFO attributable to common
shares and OP units per     $  0.46      $  0.38      $  1.46      $  1.48
share - diluted
Normalized FFO per share -  $  0.57      $  0.38      $  1.96      $  1.48
diluted
AFFO per share - diluted    $  0.56      $  0.37      $  1.87      $  1.29
Weighted average common
shares and OP units         81,197,007   82,662,537   81,409,279   82,638,775
outstanding - diluted



(1) Funds from operations, or FFO, is used by industry analysts and investors
as a supplemental operating performance measure for REITs. We calculate 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. We also present 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.

We use 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. We also believe that, as a widely recognized measure of
the performance of equity REITs, FFO may be used by investors as a basis to
compare our 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 our properties that result from use or
market conditions nor the level of capital expenditures and leasing
commissions necessary to maintain the operating performance of our properties,
all of which have real economic effects and could materially impact our
results from operations, the utility of FFO as a measure of our 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 our FFO. Therefore, we believe that in order to facilitate a
clear understanding of our 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 our liquidity, nor is it
indicative of funds available to meet our cash needs, including our ability to
pay dividends or make distributions.

We present FFO with adjustments to arrive at Normalized FFO. Normalized FFO
is FFO attributable to common shares and units excluding gain or loss on early
extinguishment of debt and gain or loss on derivative instruments. We also
present FFO with supplemental adjustments to arrive at Adjusted FFO ("AFFO").
AFFO is Normalized FFO excluding straight-line revenue, compensation paid with
Company common shares, below market lease amortization net of above market
lease amortization, 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 our 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 our cash needs including our ability to pay dividends. In addition, AFFO
may not be comparable to similarly titled measurements employed by other
companies. We use 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)
                                                    December31,  December31,
                                                    2013          2012
ASSETS
Income producing property:
Land                                                $ 75,956      $ 73,197
Buildings and improvements                          2,420,986     2,315,499
                                                    2,496,942     2,388,696
Less: accumulated depreciation                      (413,394)     (325,740)
Net income producing property                       2,083,548     2,062,956
Construction in progress and land held for          302,068       218,934
development
Net real estate                                     2,385,616     2,281,890
Cash and cash equivalents                           38,733        23,578
Rents and other receivables, net                    12,674        3,840
Deferred rent, net                                  150,038       144,829
Lease contracts above market value, net             9,154         10,255
Deferred costs, net                                 39,866        35,670
Prepaid expenses and other assets                   44,507        30,797
Total assets                                        $ 2,680,588   $ 2,530,859
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Line of credit                                      $ —           $ 18,000
Mortgage notes payable                              115,000       139,600
Unsecured term loan                                 154,000       —
Unsecured notes payable                             600,000       550,000
Accounts payable and accrued liabilities            23,566        22,280
Construction costs payable                          45,444        6,334
Accrued interest payable                            9,983         2,601
Dividend and distribution payable                   25,971        22,177
Lease contracts below market value, net             10,530        14,022
Prepaid rents and other liabilities                 56,576        35,524
Total liabilities                                   1,041,070     810,538
Redeemable noncontrolling interests – operating     387,244       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 December
 31, 2013 and 2012
Series B cumulative redeemable perpetual preferred
 stock, 6,650,000 issued and       166,250       166,250
outstanding at December
 31, 2013 and 2012
Common stock, $.001 par value, 250,000,000 shares
 authorized, 65,205,274 shares issued and
outstanding at                                      65            63
 December 31, 2013 and 63,340,929 shares
issued and
 outstanding at December31, 2012
Additional paid in capital                          900,959       915,119
Retained earnings                                   —             —
Total stockholders' equity                          1,252,274     1,266,432
Total liabilities and stockholders' equity          $ 2,680,588   $ 2,530,859



DUPONT FABROS TECHNOLOGY, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
                                                       Year ended December 31,
                                                       2013         2012
Cash flow from operating activities
Net income                                             $   53,605   $  60,833
Adjustments to reconcile net income to net cash
provided by operating activities
Depreciation and amortization                          93,058       89,241
Loss on early extinguishment of debt                   40,978       —
Straight line rent, net of reserve                     (6,920)      (17,967)
Amortization of deferred financing costs               3,349        3,496
Amortization of lease contracts above and below market (2,391)      (3,194)
value
Compensation paid with Company common shares           6,088        6,980
Changes in operating assets and liabilities
Rents and other receivables                            (5,900)      (2,452)
Deferred costs                                         (2,082)      (1,278)
Prepaid expenses and other assets                      (14,760)     (5,854)
Accounts payable and accrued liabilities               1,520        (1,112)
Accrued interest payable                               7,382        73
Prepaid rents and other liabilities                    19,834       3,997
Net cash provided by operating activities              193,761      132,763
Cash flow from investing activities
Investments in real estate – development               (129,332)    (94,753)
Land acquisition costs                                 (14,186)     (3,830)
Interest capitalized for real estate under development (3,774)      (4,434)
Improvements to real estate                            (5,757)      (4,426)
Additions to non-real estate property                  (71)         (57)
Net cash used in investing activities                  (153,120)    (107,500)
Cash flow from financing activities
Line of credit:
Proceeds                                               102,000      48,000
Repayments                                             (120,000)    (50,000)
Mortgage notes payable:
Proceeds                                               115,000      —
Lump sum payoffs                                       (138,300)    —
Repayments                                             (1,300)      (5,200)
Unsecured term loan:
Proceeds                                               154,000      —
Unsecured notes payable:
Proceeds                                               600,000      —
Repayments                                             (550,000)    —
Payments of financing costs                            (18,200)     (2,109)
Payments for early extinguishment of debt              (32,544)     —
Issuance of preferred stock, net of offering costs     —            62,685
Exercises of stock options                             1,711        868
Common stock repurchases                               (37,792)     —
Dividends and distributions:
Common shares                                          (57,927)     (34,112)
Preferred shares                                       (27,245)     (26,006)
Redeemable noncontrolling interests – operating        (14,889)     (10,213)
partnership
Net cash used in financing activities                  (25,486)     (16,087)
Net increase in cash and cash equivalents              15,155       9,176
Cash and cash equivalents, beginning                   23,578       14,402
Cash and cash equivalents, ending                      $   38,733   $  23,578
Supplemental information:
Cash paid for interest                                 $   42,835   $  52,127
Deferred financing costs capitalized for real estate   $   226      $  277
under development
Construction costs payable capitalized for real estate $   45,444   $  6,334
under development
Redemption of operating partnership units              $   75,600   $  6,800
Adjustments to redeemable noncontrolling interests -   $   18,791   $  2,830
operating partnership



DUPONT FABROS TECHNOLOGY, INC.
Operating Properties
As of January 1, 2014
                                              Gross       Computer    Critical  %       %
Property  PropertyLocation      YearBuilt/  Building    Room        Load      Leased  Commenced
                                 Renovated    Area(2)    Square      MW(3)    (4)     (5)
                                                          Feet(2)
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      Ashburn, VA            2011-2013    262,000     130,000     26.0      100  %  100   %
CH1       ElkGroveVillage,IL  2008-2012    485,000     231,000     36.4      100  %  100   %
NJ1       Piscataway, NJ         2010         180,000     88,000      18.2      52   %  52    %
Phase I
SC1       Santa Clara, CA        2011         180,000     88,000      18.2      100  %  100   %
Phase I
VA3       Reston,VA             2003         256,000     147,000     13.0      71   %  71    %
VA4       Bristow,VA            2005         230,000     90,000      9.6       100  %  100   %
Total Operating Properties                    2,534,000   1,255,000   218.5     94   %  94    %

(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 computer
room square footage (the portion of gross building area where our customers'
computer servers are located), common areas, areas controlled by us (such as
the mechanical, telecommunications and utility rooms) and, in some facilities,
individual office and storage space leased on an as available basis to our
customers.

(3) Critical load (also referred to as IT load or load used by customers'
servers or related equipment) is the power available for exclusive use by
customers expressed in terms of megawatt, or MW, or kilowatt, or kW (1MW 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 205.3 MW. Leases executed as of
January 1, 2014 represent $275 million of base rent on a GAAP basis and $283
million of base rent on a cash basis over the next twelve months. Both amounts
include $17 million of revenue from management fees 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.



DUPONT FABROS TECHNOLOGY, INC.

Lease Expirations
As of January 1, 2014

The following table sets forth a summary schedule of lease expirations at our
operating properties for each of the ten calendar years beginning with 2014.
The information set forth in the table below assumes that customers exercise
no renewal options and takes into account customers' early termination options
in determining the life of their leases under GAAP.



                          Computer
Year of     Number        RoomSquare Feet  %ofLeased  TotalkW                %of
Lease       ofLeases     of Expiring       Computer     ofExpiring  %of       Annualized
Expiration  Expiring(1)  CommencedLeases  Room Square  Commenced    LeasedkW  BaseRent(3)
                          (inthousands)   Feet         Leases (2)
                          (2)
2014        2             8                 0.7     %    1,705        0.8    %   1.1      %
2015        4             70                6.0     %    13,812       6.7    %   6.7      %
2016        4             32                2.7     %    4,686        2.3    %   2.4      %
2017        13            96                8.2     %    17,619       8.6    %   8.7      %
2018        19            215               18.3    %    39,298       19.1   %   18.4     %
2019        13            171               14.5    %    31,337       15.3   %   14.8     %
2020        10            106               9.0     %    16,496       8.0    %   8.7      %
2021        9             159               13.5    %    27,682       13.5   %   13.8     %
2022        6             75                6.4     %    12,812       6.1    %   7.2      %
2023        4             48                4.1     %    6,475        3.2    %   2.7      %
After 2023  12            196               16.6    %    33,425       16.4   %   15.5     %
Total       96            1,176             100     %    205,347      100    %   100      %



(1) Represents 33 customers with 96 lease expiration dates. Top four
customers represent 62% of annualized base rent.

(2) Computer room square footage is that portion of gross building area
where customers 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 205.3 MW as of January 1, 2014.





DUPONT FABROS TECHNOLOGY, INC.
Development Projects
As of December 31, 2013
($ in thousands)
                                         Computer                       Construction
                             Gross       Room      Critical  Estimated  inProgress&  %
Property  PropertyLocation  Building    Square    Load      Total      LandHeldfor  Pre-
                             Area(1)    Feet(2)  MW(3)    Cost (4)   Development   leased
                                                                        (5)
Current Development
Projects
SC1                                                          $105,000
Phase     Santa Clara, CA    90,000      44,000    9.1       -          $  64,972      50  %
IIA                                                          $115,000
ACC7      Ashburn, VA        126,000     70,000    11.9      85,000    68,402         0   %
Phase I                                                      - 90,000
                             216,000     114,000   21.0      190,000 -  133,374
                                                             205,000
Future Development
Projects/Phases
SC1                                                          46,000 -
Phase     SantaClara,CA    90,000      44,000    9.1       50,000     44,610
IIB
ACC7                                                         78,000 -
Phases    Ashburn, VA        320,000     176,000   29.7      82,000     59,705
II to IV
NJ1       Piscataway, NJ     180,000     88,000    18.2      39,212     39,212
Phase II
                                                             $163,212
                             590,000     308,000   57.0      -          143,527
                                                             $171,212
Land Held for Development
ACC8      Ashburn, VA        100,000     50,000    10.4                 3,855
CH2       Elk Grove          338,000     167,000   25.6                 15,702
          Village, IL
SC2       Santa Clara, CA    200,000     125,000   26.0                 5,610
                             638,000     342,000   62.0                 25,167
Total                        1,444,000   764,000   140.0                $  302,068



(1) Gross building area is the entire building area, including computer
room square footage (the portion of gross building area where our customers'
computer servers are located), common areas, areas controlled by us (such as
the mechanical, telecommunications and utility rooms) and, in some facilities,
individual office and storage space leased on an as available basis to our
customers. The amount listed for CH2 is an estimate.

(2) Computer room square footage is that portion of gross building area
where customers locate their computer servers. The amount listed for CH2 is an
estimate.

(3) Critical load (also referred to as IT load or load used by customers'
servers or related equipment) is the power available for exclusive use by
customers expressed in terms of MW or kW (1MW is equal to 1,000 kW). The
amount listed for CH2 is an estimate.

(4) Current development projects include land, capitalization for
construction and development and capitalized operating carrying costs, as
applicable, upon completion. Capitalized interest is excluded. Future
development projects/phases other than SC1 Phase IIB include land, shell and
underground work through Phase I opening only. SC1 Phase IIB also includes a
portion of the electrical and mechanical infrastructure.

(5) Amount capitalized as of December31, 2013. Future development
projects/phases other than SC1 Phase IIB include land, shell and underground
work through Phase I opening only. SC1 Phase IIB also includes a portion of
the electrical and mechanical infrastructure.



DUPONT FABROS TECHNOLOGY, INC.
Debt Summary as of December 31, 2013
($ in thousands)
                          December31, 2013
                                                         Maturities
                          Amounts     %ofTotal  Rates
                                                         (years)
Secured                   $ 115,000   13     %    2.0 %  4.2
Unsecured                 754,000     87     %    5.1 %  7.2
Total                     $ 869,000   100    %    4.7 %  6.8
Fixed Rate Debt:
Unsecured Notes due 2021  $ 600,000   69     %    5.9 %  7.7
FixedRateDebt           600,000     69     %    5.9 %  7.7
Floating Rate Debt:
Unsecured Credit Facility —           —           —      2.2
Unsecured Term Loan       154,000     18     %    1.9 %  5.1
ACC3 Term Loan            115,000     13     %    2.0 %  4.2
Floating Rate Debt        269,000     31     %    2.0 %  4.7
Total                     $ 869,000   100    %    4.7 %  6.8



Note:  We capitalized interest and deferred financing cost amortization of
$2.4 million and $4.0 million during the three months and year ended
December31, 2013, respectively.





Debt Maturity as of December 31, 2013
($ in thousands)
Year   FixedRate      FloatingRate      Total       %ofTotal  Rates
2014   —               —                  —           —           —
2015   —               —                  —           —           —
2016   —               3,750         (2)  3,750       0.4    %    2.0 %
2017   —               8,750         (2)  8,750       1.0    %    2.0 %
2018   —               102,500       (2)  102,500     11.8   %    2.0 %
2019   —               154,000       (3)  154,000     17.7   %    1.9 %
2020   —               —                  —           —           —
2021   600,000    (1)  —                  600,000     69.1   %    5.9 %
Total  $ 600,000       $  269,000         $ 869,000   100    %    4.7 %



(1) The 5.875% Unsecured Notes are due September 15, 2021.

(2) The ACC3 Term Loan matures on March27, 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.

(3) The $250 million Unsecured Term Loan matures on February 15, 2019 with
no extension option. In January 2014, we drew the remaining $96.0 million.





DUPONT FABROS TECHNOLOGY, INC.
Selected Unsecured Debt Metrics^(1)
                                                            12/31/13  12/31/12
Interest Coverage Ratio (not less than 2.0)                 5.8       4.0
Total Debt to Gross Asset Value (not to exceed 60%)         28.2%     24.9%
Secured Debt to Total Assets (not to exceed 40%)            3.7%      4.9%
Total Unsecured Assets to Unsecured Debt (not less than     364.8%    334.3%
150%)



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





Capital Structure as of December 31, 2013
(in thousands except per share data)
Line of Credit                                           $ —
Mortgage Notes Payable                                   115,000
Unsecured Term Loan                                      154,000
Unsecured Notes                                          600,000
Total Debt                                               869,000       27.0  %
Common Shares             81  %  65,205
Operating Partnership     19  %  15,672
("OP") Units
Total Shares and Units    100 %  80,877
Common Share Price at            $ 24.71
December 31, 2013
Common Share and OP Unit                   $ 1,998,471
Capitalization
Preferred Stock ($25 per
share liquidation                          351,250
preference)
Total Equity                                             2,349,721     73.0  %
Total Market                                             $ 3,218,721   100.0 %
Capitalization



DUPONT FABROS TECHNOLOGY, INC.

Common Share and OP Unit
Weighted Average Amounts Outstanding
                            Q4 2013      Q4 2012      2013         2012
Weighted Average Amounts
Outstanding for EPS
Purposes:
Common Shares - basic       64,685,508   63,000,839   64,645,316   62,866,189
Shares issued from assumed
conversion of:
- Restricted Shares         87,317       115,880      77,999       126,534
- Stock Options             666,602      716,932      723,917      761,283
- Performance Units         —            —            26,807       —
Total Common Shares -       65,439,427   63,833,651   65,474,039   63,754,006
diluted
Weighted Average Amounts
Outstanding for FFO,

Normalized FFO and AFFO
Purposes:
Common Shares - basic       64,685,508   63,000,839   64,645,316   62,866,189
OP Units - basic            15,757,580   18,828,886   15,935,240   18,884,769
Total Common Shares and OP  80,443,088   81,829,725   80,580,556   81,750,958
Units
Shares and OP Units issued
from assumed conversion of:
- Restricted Shares         87,317       115,880      77,999       126,534
- Stock Options             666,602      716,932      723,917      761,283
- Performance Units         —            —            26,807       —
Total Common Shares and     81,197,007   82,662,537   81,409,279   82,638,775
Units - diluted
Period Ending Amounts
Outstanding:
Common Shares               65,205,274
OP Units                    15,671,537
Total Common Shares and     80,876,811
Units



DUPONT FABROS TECHNOLOGY, INC.

2014 Guidance

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



                                              Expected Q1 2014  Expected 2014

                                              per share         per share
Net income per common share and unit -        $0.27 to $0.29    $1.09 to $1.19
diluted
Depreciation and amortization, net            0.29              1.19
FFO per share - diluted (1)                   $0.56 to $0.58    $2.28 to $2.38
Loss on early extinguishment of debt          —                 —
Normalized FFO per share - diluted (1)        $0.56 to $0.58    $2.28 to $2.38



2014 Debt Assumptions
Weighted average debt outstanding                         $977.0 million
Weighted average interest rate (one month LIBOR average   4.59%
0.36%)
Total interest costs                                      $44.8 million
Amortization of deferred financing costs                  3.7 million
Interest expense capitalized                              (8.8) million
Deferred financing costs amortization capitalized         (0.6) million
Total interest expense after capitalization               $39.1 million
2014 Other Guidance Assumptions
Total revenues                                            $400 to $415 million
Base rent (included in total revenues)                    $280 to $290 million
Straight-line revenues (included in base rent) (2)        $(4) to $(9) million
General and administrative expense                        $17 to $19 million
Investments in real estate - development (3)              $225 to $275 million
Improvements to real estate excluding development         $4 million
Preferred stock dividends                                 $27 million
Annualized common stock dividend                          $1.40 per share
Weighted average common shares and OP units - diluted     81 million
Common share repurchase                                   No amounts budgeted
Acquisitions of income producing properties               No amounts budgeted



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

(2) Straight-line revenues are projected to reduce total revenues in 2014
as cash rents are projected to be higher than GAAP rents.

(3) Represents cash spend expected in 2014 for the ACC7, SC1 Phase IIA and
CH2 developments. The CH2 development is forecasted to begin in the second
quarter of 2014 with an in service date in the first half of 2015.

Note: This press release supplement contains certain non-GAAP financial
measures that we believe are helpful in understanding our business, as further
discussed within this press release supplement. These financial measures,
which include Funds From Operations, Normalized Funds From Operations,
Adjusted Funds From Operations, Funds From Operations per share, Normalized
Funds From Operations per share and Adjusted Funds From Operations per share,
should not be considered as an alternative to net income, earnings per share
or any other GAAP measurement of performance or as an alternative to cash
flows from operating, investing or financing activities. Furthermore, these
non-GAAP financial measures are not intended to be a measure of cash flow or
liquidity. Information included in this supplemental package is unaudited.



SOURCE DuPont Fabros Technology, Inc.

Website: http://www.dft.com
Contact: Investor Relations Contacts: Jeffrey H. Foster, Chief Financial
Officer, jfoster@dft.com, (202) 478-2333, or Christopher A. Warnke, Manager,
Investor Relations, investorrelations@dft.com, (202) 478-2330
 
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