Nov. 3, 2009 (PR Newswire) -- WASHINGTON, Nov. 3 /PRNewswire-FirstCall/ -- DuPont Fabros Technology, Inc. (NYSE: DFT) today reported results for the three and nine months ended September 30, 2009. All per share results are reported on a fully diluted basis.

Highlights

--  Executed five leases totaling 15.90 megawatts in third quarter,
representing approximately $310 million of total contract value over
respective lease terms.
--  CH1 Phase I 48% leased, ACC5 Phase I 73% leased and ACC5 Phase II 38%
pre-leased.
--  Subsequent to the end of the third quarter executed one lease totaling
1.95 megawatts in Reston, Virginia.  This lease, which commences in
January 2010, fully re-leases the 27,268 raised square feet expiring on
December 31, 2009.
--  Opened Phase I of ACC5, which adds 18% of critical load to our operating
portfolio.
--  Funds From Operations ("FFO") of $0.29 per share for third quarter of
2009, which was in the upper half of guidance range.
--  Revenues increased 21.0% in the third quarter and 17.0% year to date.
--  Raised the lower end of 2009 FFO per share guidance range by $0.04 per
share to $1.09 to $1.12 per share.

--  Raised the 2009 required dividend payout per share guidance by $0.04 per
share to $0.24 to $0.30 per share.

Hossein Fateh, President and Chief Executive Officer of the Company, said, "During the third quarter, we continued to focus on leasing and operations, and are pleased with the progress made. Year to date we have signed 12 leases totaling 32.80 megawatts of critical load, 187,350 raised square feet of space and approximately $700 million of contract value to the Company. In the third quarter we also achieved a solid quarter of earnings and opened our ACC5 Phase I development. Looking ahead, a principal objective will be raising the funds necessary to start the next two developments in early 2010 in order to capitalize on market demand for our product."

Third Quarter 2009 Results

For the quarter ended September 30, 2009, the Company reported earnings per share of $0.08 compared to $0.12 for the third quarter of 2008. Revenues increased 21.0%, or $9.0 million, to $51.9 million for the third quarter of 2009 over the third quarter of 2008. The $0.04 per share decrease in earnings per share is primarily due to higher interest expense, which is attributable to higher debt balances and lower capitalized interest, partially offset by higher operating income.

FFO per share for the quarter ended September 30, 2009 was $0.29 compared to $0.31 for the quarter ended September 30, 2008. The $0.02 per share decrease is primarily due to higher interest expense, partially offset by higher operating income, as referenced above.

Nine Months Ended September 30, 2009

For the nine months ended September 30, 2009, the Company reported earnings per share of $0.22 compared to $0.44 for the nine months ended September 30, 2008. Revenues increased 17.0%, or $21.5 million, to $147.6 million for the nine months ended September 30, 2009 over the year ago period. The overall decrease in earnings per share is primarily attributable to higher interest expense, which is due to higher debt balances and lower capitalized interest, and increased depreciation and amortization in the current period.

FFO per share for the nine months ended September 30, 2009 was $0.83 compared to $1.00 for the corresponding period in 2008. The $0.17 per share decrease is primarily due to higher interest expense, as referenced above.

Portfolio Update/Status

During the third quarter of 2009, the Company executed five new leases totaling 15.90 megawatts of critical load and 90,460 raised square feet with an average lease term of 10.6 years. This represents approximately $310 million of contract value to the Company.

--  One lease was signed at CH1 Phase I in Elk Grove Village, Illinois
representing 5.63 megawatts of critical load and 36,700 raised square
feet.
--  Two leases were signed at ACC5 Phase I in Ashburn, Virginia comprising
2.84 megawatts of critical load and 13,700 raised square feet.
--  One lease was signed at VA3 in Reston, Virginia comprising 0.60
megawatts of critical load and 7,060 raised square feet.  This is a new
lease of space being vacated at the end of 2009.

--  One pre-lease was signed at ACC5 Phase II in Ashburn, Virginia
comprising 6.83 megawatts of critical load and 33,000 raised square feet
with a January 1, 2011 move-in date.

Subsequent to the end of the third quarter, the Company executed one lease at VA3 in Reston, Virginia totaling 1.95 megawatts of critical load, which, combined with the lease mentioned above, fully re-leases the space being vacated at the end of 2009.

As of the date of this press release, the Company's stabilized operating portfolio's critical load is 100% leased. CH1 Phase I and ACC5 Phase I, both currently in lease-up, are 48% and 73% leased, respectively. ACC5 Phase II, a new development yet to be completed, is 38% pre-leased.

Liquidity

The Company has no debt maturities until the third quarter of 2011 assuming the election of the extension options on the Company's line of credit and the loans secured by ACC5 and SC1. As of the date of this press release, the Company has approximately $24 million of unrestricted cash and $20 million available on its revolving credit facility.

Development Update

The Company has obtained the certificate of occupancy and commissioning report for ACC5 Phase I. The building was designed and constructed to obtain LEED gold certification.

As of the date of this press release, the Company is actively pursuing additional funds for both the ACC5 Phase II in Ashburn, Virginia and NJ1 Phase I in Piscataway, New Jersey developments. The commencement of one or both is subject to obtaining adequate financing.

Dividend

The Company has increased its 2009 REIT dividend requirement estimate by $0.04, and the payment range is now $0.24 to $0.30 per share. The Company has available funds sufficient to pay the dividend in cash, and the Board of Directors will determine the method and timing of the dividend prior to the end of the fourth quarter.

2009 Guidance

The Company has established a FFO guidance range of $0.26 to $0.29 per share for the fourth quarter of 2009 and is reaffirming and tightening its annual FFO guidance range by $0.04 per share from $1.05 to $1.12 per share to $1.09 to $1.12 per share. The assumptions underlying this guidance are outlined on page 15 of this press release.

Third Quarter 2009 Conference Call and Webcast Information

The Company will host a conference call to discuss these results tomorrow, Wednesday, November 4, 2009 at 10:00 a.m. ET. To access the live call, please visit the Investor Relations section of the Company's website at www.dft.com or dial 1-888-726-2419 (domestic) or 1-913-312-0397 (international). A replay will be available for seven days by dialing 1-888-203-1112 (domestic) or 1-719-457-0820 (international) using conference ID 3352492. The webcast will be archived on the Company's website for one year at www.dft.com on the Presentations & Webcasts page.

Fourth Quarter 2009 Conference Call

DuPont Fabros Technology, Inc. expects to announce fourth quarter 2009 results on Wednesday, February 10, 2010 and to host a conference call to discuss those results at 10:00 a.m. ET on Thursday, February 11, 2010.

About DuPont Fabros Technology, Inc.

DuPont Fabros Technology, Inc. (NYSE: DFT) is a real estate investment trust (REIT) and leading owner, developer, operator and manager of wholesale data centers. The Company's data centers are highly specialized, secure facilities used primarily by national and international technology companies to house, power and cool the computer servers that support many of their most critical business processes. DuPont Fabros Technology, Inc. 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 the Company may be unable to obtain financing on favorable terms or pre-leasing on its development properties sufficient to enable it to resume construction, the risk that the Company is unable to satisfy the conditions required to exercise the extension options for its line of credit and loans, the risks commonly associated with construction and development of new facilities, risks relating to compliance with permitting, zoning, land-use and environmental requirements, the risks related to the leasing of space to third-party tenants, including the ability of the Company to negotiate leases on terms that will enable it to achieve its expected returns, the risk that the Company may be unable to acquire additional properties on favorable terms or at all, 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, 2008, 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.