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Press Release -- February 10th, 2010
Source: Dupont Fabros Technology
Tags: Construction, Earnings, Equipment, Exchange

DUPONT FABROS TECHNOLOGY, INC. REPORTS 2009 RESULTS

Revenues Up 15.3% Year Over Year

Provides Outlook for 2010 Performance

WASHINGTON, DC, — February 10, 2010 – DuPont Fabros Technology, Inc. (NYSE:DFT, news, filings) today reported results for the quarter and year ended December 31, 2009. All per share results are reported on a fully diluted basis.

Highlights

Executed four new leases totaling 6.32 megawatts (“MW”) in the fourth quarter, representing approximately $165 million of total contract value over the respective lease terms.
Renewed one lease totaling 5.69 MW in the fourth quarter.
CH1 Phase I is 48% leased, ACC5 Phase I is 84% leased and ACC5 Phase II is 50% pre-leased.
Obtained $700 million of new financing and paid off $504 million of existing debt, eliminating all maturities until the fourth quarter of 2012, assuming the company’s election of its one year extension of a secured loan.
Obtained corporate and bond ratings of Ba2/stable from Moody’s Investor Service and BB-/stable from Standard & Poor’s.
Restarted development on Phase I of NJ1 and commenced development on Phase II of ACC5.
Revenues increased 10.8% in the fourth quarter as compared to the prior year quarter.

Hossein Fateh, President and Chief Executive Officer of the company, said, “Over the course of the year, we substantially strengthened our balance sheet. This included $700 million of new financing obtained in the fourth quarter which included, for the first time, capital from the unsecured bond market. In 2009, we also executed 15 leases representing 37.17 megawatts of critical load, 208,250 raised square feet of space and over $800 million of contract value to the company. Our principal focus for 2010 is to maximize portfolio leasing and we are optimistic regarding our expectations.”

Fourth Quarter 2009 Results

For the quarter ended December 31, 2009, the company reported a loss of $0.16 per share compared to earnings of $0.10 per share for the fourth quarter of 2008. The difference is primarily due to:

A previously announced interest rate swap termination charge of $13.7 million, or $0.20 per share, and
The write-off of unamortized deferred financing costs of $2.8 million, or $0.04 per share.

Revenues increased 10.8%, or $5.1 million, to $52.7 million for the fourth quarter of 2009 over the fourth quarter of 2008.

FFO for the quarter ended December 31, 2009 was $0.05 per share compared to $0.30 per share for the quarter ended December 31, 2008. Excluding the aforementioned one-time charges, FFO was $0.29 per share for the fourth quarter of 2009 and at the high end of the company’s guidance range provided on November 3, 2009.

– 1 –


Year Ended December 31, 2009

For the year ended December 31, 2009, the company reported earnings of $0.04 per share compared to $0.54 per share for the year ended December 31, 2008. Revenues increased 15.3%, or $26.6 million, to $200.3 million for the year ended December 31, 2009 versus the prior year.

FFO for the year ended December 31, 2009 was $0.88 per share compared to $1.30 per share for 2008. The $0.42 per share decrease from 2008 is primarily due to the $0.24 per share write-offs previously noted and $0.18 per share of higher interest expense related to higher debt balances and lower capitalized interest, partially offset by higher operating income. FFO was $1.12 per share for 2009 excluding the one-time charges in the fourth quarter as noted.

Portfolio Update

During the fourth quarter of 2009, the company executed four new leases totaling 6.32 MW of critical load and 42,300 raised square feet with an average lease term of 10.9 years. These leases represent approximately $165 million of contract value to the company.

Three leases were signed at ACC5 Phase I in Ashburn, Virginia comprising 4.37 MW of critical load and 20,900 raised square feet.
One lease was signed at VA3 in Reston, Virginia comprising 1.95 MW of critical load and 21,400 raised square feet. This is a new lease of space that was vacated at the end of 2009.

Also, during the fourth quarter of 2009, the company renewed a lease at VA3 that was scheduled to expire in 2010. This renewal represents 5.69 MW of critical load and 66,661 raised square feet. The Company has no lease expirations until the end of the first quarter in 2011. In addition, the company exercised its option to move a tenant with a lease for 2.28 MW in Phase I of ACC5 to Phase II of ACC5.

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 84% leased, respectively. ACC5 Phase II, a new development yet to be completed, is 50% pre-leased.

Capital Markets Update

In the fourth quarter of 2009 and as previously announced, the company sold $550 million of 8.5% unsecured senior notes due December 2017 and completed a $150 million secured mortgage loan due December 2014. The company used $504 million of the proceeds from these financings to retire various secured mortgages and pay down a portion of another secured mortgage. Accordingly, the company has no debt maturities until the fourth quarter of 2012, assuming the company’s election of the extension option on its ACC4 term loan. The company’s debt to total market capitalization ratio was 43% as of December 31, 2009.

Development Update

After the financing activity in the fourth quarter of 2009, the company believes it has sufficient funds to complete both Phase I of NJ1 in Piscataway, New Jersey and Phase II of ACC5 in Ashburn, Virginia. Both of these projects were placed into development in December 2009 and the company expects each to be completed in the fourth quarter of 2010.

Dividend

The company declared and paid 2009 cash dividends of $0.08 per share in the fourth quarter of 2009. This dividend is 100% taxable with no capital gains or return of capital. The company anticipates paying quarterly cash dividends of $0.08 per share in 2010.

2010 Guidance

The company has established an FFO guidance range of $0.28 to $0.31 per share for the first quarter of 2010. The primary differences between the company’s fourth quarter FFO and the midpoint of the first quarter 2010 FFO guidance are:

Interest rate swap termination charge of $0.20 per share in the fourth quarter of 2009.
Write-off of unamortized deferred financing costs of $0.04 per share in the fourth quarter of 2009.
Operating income increase of $0.04 per share due to increased revenue.
Higher interest expense of $0.04 per share due to increased debt levels and higher interest rates partially offset by increased interest capitalization on development.

The company has established an FFO guidance range of $1.25 to $1.45 for the full year 2010. The primary differences between the company’s 2009 FFO and the midpoint of the 2010 FFO guidance are:

Interest rate swap termination charge of $0.20 per share in 2009.
Write-off of unamortized deferred financing costs of $0.06 per share in 2009.
Operating income increase of $0.55 per share due to increased revenues.
Higher interest expense of $0.34 per share due to increased debt levels and higher interest rates partially offset by increased interest capitalization on development.

The assumptions underlying this guidance can be found on page 15 of this press release.

Fourth Quarter 2009 Conference Call and Webcast Information

The company will host a conference call to discuss these results tomorrow, Thursday, February 11, 2010 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 1-888-267-6301 (domestic) or 1-719-325-2392 (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 3722964. The webcast will be archived on the company’s website for one year at www.dft.com on the Presentations & Webcasts page .

First Quarter 2010 Conference Call

DuPont Fabros Technology, Inc. expects to announce first quarter 2010 results on Tuesday, May 4, 2010 and to host a conference call to discuss those results at 10:00 a.m. ET on Wednesday, May 5, 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 its assumptions underlying its 2010 FFO guidance are not realized, the risk that the company may be unable to obtain financing on favorable terms, the risk that the company is unable to satisfy the conditions required to exercise the extension option for the term loan secured by its ACC4 data center, 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 will be unable to acquire additional properties on favorable terms or at all, the risk that the company will not declare and pay dividends as anticipated for 2010 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 and its Form 10-Q for the quarter ended September 30, 2009, 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 forward-looking matters discussed in this press release.

DUPONT FABROS TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands except share and per share data)

Quarter ended December 31, Year ended December 31,
2009 2008 2009 2008
Revenues:
Base rent $ 32,936 $ 26,211 $ 116,829 $ 104,032
Recoveries from tenants 17,954 16,959 69,014 58,802
Other revenues 1,786 4,360 14,439 10,830
Total revenues 52,676 47,530 200,282 173,664
Expenses:
Property operating costs 16,412 15,020 62,911 50,918
Real estate taxes and insurance 1,657 1,091 5,291 3,986
Depreciation and amortization 15,150 13,587 56,701 50,703
General and administrative 3,216 2,675 13,358 10,568
Other expenses 1,310 3,669 11,485 9,003
Total expenses 37,745 36,042 149,746 125,178
Operating income 14,931 11,488 50,536 48,486
Interest income 31 161 381 308
Interest:
Expense incurred (8,361 ) (4,327 ) (25,462 ) (10,852 )
Amortization of deferred financing costs (4,321 ) (726 ) (8,854 ) (1,782 )
Loss on discontinuance of cash flow hedge (13,715 ) (13,715 )
Net (loss) income (11,435 ) 6,596 2,886 36,160
Net loss (income) attributable to redeemable noncontrolling interests – operating partnership 4,620 (3,143 ) (1,133 ) (17,078 )
Net (loss) income attributable to controlling interests $ (6,815 ) $ 3,453 $ 1,753 $ 19,082
Earnings per share – basic:
Net (loss) income attributable to controlling interests per common share $ (0.16 ) $ 0.10 $ 0.04 $ 0.54
Weighted average common shares outstanding 41,514,002 35,441,987 39,938,225 35,428,521
Earnings per share – diluted:
Net (loss) income attributable to controlling interests per common share $ (0.16 ) $ 0.10 $ 0.04 $ 0.54
Weighted average common shares outstanding 41,514,002 35,441,987 40,636,035 35,428,521
Dividends declared per common share $ 0.08 $ $ 0.08 $ 0.5625

DUPONT FABROS TECHNOLOGY, INC.

RECONCILIATIONS OF NET INCOME TO FFO AND AFFO (1)

(in thousands except per share data)

Quarter ended
December 31,
Year ended
December 31,
2009 2008 2009 2008
Net (loss) income $ (11,435 ) $ 6,596 $ 2,886 $ 36,160
Depreciation and amortization 15,150 13,587 56,701 50,703
Less: Non real estate depreciation and amortization (141 ) (93 ) (496 ) (267 )
FFO $ 3,574 $ 20,090 $ 59,091 $ 86,596
Straight-line revenues (6,808 ) (4,323 ) (18,312 ) (26,441 )
Amortization of lease contracts above and below market value (1,648 ) (1,744 ) (6,881 ) (6,978 )
Loss on discontinuance of cash flow hedge 13,715 13,715
Loss on early extinguishment of debt 2,825 3,872
Compensation paid with Company common shares 513 89 1,944 963
AFFO $ 12,171 $ 14,112 $ 53,429 $ 54,140
FFO per share – diluted $ 0.05 $ 0.30 $ 0.88 $ 1.30
FFO per share before loss on discontinuance of cash flow hedge and loss on early extinguishment of debt – diluted $ 0.29 $ 0.30 $ 1.12 $ 1.30
AFFO per share – diluted $ 0.18 $ 0.21 $ 0.79 $ 0.81
Weighted average common shares and OP units outstanding – diluted 67,937,872 66,604,258 67,350,581 66,590,792
(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 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 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 year over year, 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 will 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 fund our cash needs, including our ability to pay dividends or make distributions.

FFO before loss on discontinuance of cash flow hedge and loss on early extinguishment of debt adjusts FFO with respect to two one-time charges taken in the fourth quarter 2009 related to the retirement of three term loans and a line of credit using a portion of the proceeds from the Company’s fourth quarter debt financings.

We also present FFO with a supplemental adjustment which we call Adjusted FFO (“AFFO”). AFFO is FFO excluding straight-line revenue, non-cash stock based compensation, gain or loss on derivative instruments, acquisition of service agreements, below market lease amortization net of above market lease amortization and early extinguishment of debt costs. 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. Our 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)

December 31,
2009
December 31,
2008
ASSETS
Income producing property:
Land $ 44,001 $ 39,617
Buildings and improvements 1,438,598 1,277,230
1,482,599 1,316,847
Less: accumulated depreciation (115,225 ) (63,669 )
Net income producing property 1,367,374 1,253,178
Construction in progress and land held for development 330,170 447,881
Net real estate 1,697,544 1,701,059
Cash and cash equivalents 38,279 53,512
Marketable securities held to maturity 138,978
Restricted cash 10,222 134
Rents and other receivables 2,550 1,078
Deferred rent 57,364 39,052
Lease contracts above market value, net 16,349 19,213
Deferred costs, net 52,208 42,917
Prepaid expenses and other assets 9,551 7,798
Total assets $ 2,023,045 $ 1,864,763
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Mortgage notes payable $ 348,500 $ 433,395
Unsecured notes payable 550,000
Line of credit 233,424
Accounts payable and accrued liabilities 19,811 13,257
Construction costs payable 6,229 82,241
Lease contracts below market value, net 28,689 38,434
Prepaid rents and other liabilities 15,564 27,075
Total liabilities 968,793 827,826
Redeemable noncontrolling interests – operating partnership 448,811 484,768
Commitments and contingencies
Stockholders’ equity:
Preferred stock, par value $.001, 50,000,000 shares authorized, no shares issued or outstanding at December 31, 2009 and December 31, 2008
Common stock, par value $.001, 250,000,000 shares authorized, 42,373,340 shares issued and outstanding at December 31, 2009 and 35,495,257 shares issued and outstanding at December 31, 2008 42 35
Additional paid in capital 683,870 641,819
Accumulated deficit (78,471 ) (80,224 )
Accumulated other comprehensive loss (9,461 )
Total stockholders’ equity 605,441 552,169
Total liabilities and stockholders’ equity $ 2,023,045 $ 1,864,763

DUPONT FABROS TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Year ended December 31,
2009 2008
Cash flow from operating activities
Net income $ 2,886 $ 36,160
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization 56,701 50,703
Straight line rent (18,312 ) (26,441 )
Loss on discontinuance of cash flow hedge 13,715
Amortization of deferred financing costs 4,982 1,782
Write-off of deferred financing costs 3,872
Amortization of lease contracts above and below market value (6,881 ) (6,978 )
Compensation paid with Company common shares 1,944 963
Changes in operating assets and liabilities
Restricted cash (88 ) (15 )
Rents and other receivables (1,472 ) 226
Deferred costs (2,866 ) (790 )
Prepaid expenses and other assets (1,373 ) (2,809 )
Accounts payable and accrued liabilities 6,553 1,864
Prepaid rents and other liabilities 6,237 4,611
Net cash provided by operating activities 65,898 59,276
Cash flow from investing activities
Investments in real estate – development (113,918 ) (317,299 )
Purchases of marketable securities held to maturity (138,978 )
Interest capitalized for real estate under development (5,691 ) (13,150 )
Improvements to real estate (3,384 ) (3,701 )
Additions to non-real estate property (404 ) (642 )
Net cash used in investing activities (262,375 ) (334,792 )
Cash flow from financing activities
Line of credit:
Proceeds 233,700
Repayments (233,424 ) (276 )
Unsecured notes payable:
Proceeds 550,000
Mortgage notes payable:
Proceeds 331,726 136,676
Lump sum payoffs (365,121 )
Repayments (51,500 )
Escrowed proceeds (10,000 )
Offering costs (87 )
Payments of financing costs (21,310 ) (4,776 )
Payment for termination of cash flow hedge (13,715 )
Dividends and distributions:
Common shares (3,389 ) (25,273 )
Noncontrolling interests – operating partnership (2,023 ) (22,446 )
Net cash provided by financing activities 181,244 317,518
Net (decrease) increase in cash and cash equivalents (15,233 ) 42,002
Cash and cash equivalents, beginning 53,512 11,510
Cash and cash equivalents, ending $ 38,279 $ 53,512
Supplemental information:
Cash paid for interest, net of amounts capitalized $ 23,732 $ 10,195
Deferred financing costs capitalized for real estate under development $ 1,330 $ 2,298
Construction costs payable capitalized to real estate $ 6,229 $ 82,241
Redemptions of OP units for common shares $ 96,700 $
Adjustments to redeemable non-controlling interests $ 58,105 $

DUPONT FABROS TECHNOLOGY, INC.

Operating Properties

As of December 31, 2009

Property Property
Location
Year Built/
Renovated
Gross
Building
Area

(2)
Raised Square
Feet

(3)
Critical Load
MW

(4)
%
Leased
(5)
Stabilized (1)
ACC2 Ashburn, VA 2001/2005 87,000 53,000 10.4 100 %
ACC3 Ashburn, VA 2001/2006 147,000 80,000 13.0 100 %
ACC4 Ashburn, VA 2007 347,000 172,000 36.4 100 %
VA3 Reston, VA 2003 256,000 145,000 13.0 100 %
VA4 Bristow, VA 2005 230,000 90,000 9.6 100 %
Subtotal – stabilized 1,067,000 540,000 82.4 100 %
Completed not Stabilized
ACC5 Phase I Ashburn, VA 2009 181,000 86,000 18.2 84 %
CH1 Phase I Elk Grove Village, IL 2008 285,000 121,000 18.2 48 %
Total Operating Properties 1,533,000 747,000 118.8
(1) Stabilized operating properties are either 85% or more leased 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 our tenants’ computer servers are located), tenant 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 tenants.
(3) Raised square footage is that portion of gross building area where our tenants locate their computer servers. We consider raised square footage to be the net rentable square footage in each of our facilities.
(4) 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 our tenants expressed in terms of megawatt, or MW, or kilowatt, or kW (1 MW is equal to 1,000 kW).
(5) Percentage leased is expressed as a percentage of critical load that is subject to an executed lease. Represents $141 million of base rent for the next twelve months on a straight-line basis for leases executed and/or amended as of December 31, 2009 over the non-cancellable terms of the respective leases and excludes approximately $3 million net amortization increase in revenue of above and below market leases. Base rent for the next 12 months on a cash basis as of December 31, 2009 is $114 million assuming no additional leasing or changes to existing leases.

DUPONT FABROS TECHNOLOGY, INC.

Lease Expirations

As of December 31, 2009

The following table sets forth a summary schedule of lease expirations of our operating properties for each of the ten calendar years beginning with 2010. The information set forth in the table assumes that tenants exercise no renewal options and considers early tenant termination options.

Year of Lease Expiration Number
of Leases
Expiring
(1)
Raised Square
Feet Expiring
(in thousands)
(2)
% of Leased
Net Raised
Square Feet
Total kW
of Expiring
Leases

(3)
% of
Leased kW
% of
Annualized
Base Rent
2010
2011 2 20 2.9 % 2,438 2.3 % 1.8 %
2012 2 82 12.1 % 7,340 6.9 % 6.3 %
2013 3 45 6.7 % 4,630 4.4 % 3.2 %
2014 8 58 8.7 % 8,700 8.2 % 8.5 %
2015 2 68 10.1 % 12,000 11.3 % 9.8 %
2016 2 55 8.1 % 8,100 7.6 % 8.6 %
2017 5 71 10.5 % 12,324 11.6 % 12.5 %
2018 4 75 11.2 % 15,113 14.2 % 15.1 %
2019 9 119 17.7 % 21,500 20.2 % 19.0 %
After 2019 5 81 12.0 % 14,277 13.3 % 15.2 %
Total 42 674 100 % 106,422 100 % 100 %
(1) The operating properties have 22 tenants with 42 different lease expiration dates. Top three tenants represent 66% of annualized base rent.
(2) Raised square footage is that portion of gross building area where our tenants locate their computer servers. We consider raised square footage to be the net rentable square footage in each of our facilities.
(3) One megawatt is equal to 1,000 kW.

DUPONT FABROS TECHNOLOGY, INC.

Development Projects

As of December 31, 2009

($ in thousands)

Property Property Location Gross
Building
Area

(1)
Raised
Square
Feet

(2)
Critical
Load
MW
(3)
Estimated
Total Cost
(4)
Construction
in Progress &
Land Held for
Development
(5)
Percentage
Pre-Leased
Current Development Projects
ACC5 Phase II Ashburn, VA 181,000 86,000 18.2 $140,000 - $150,000 $ 60,479 50 %
NJ1 Phase I Piscataway, NJ 181,000 86,000 18.2 $200,000 - $215,000 133,579 0 %
362,000 172,000 36.4 $340,000 - $365,000 194,058
Future Development Projects/Phases
CH1 Phase II Elk Grove Village, IL 200,000 90,000 18.2 *
NJ1 Phase II Piscataway, NJ 181,000 86,000 18.2 *
SC1 Phase I Santa Clara, CA 181,000 86,000 18.2 *
SC1 Phase II Santa Clara, CA 181,000 86,000 18.2 *
743,000 348,000 72.8 118,811
Land Held for Development
ACC6 Phase I/II Ashburn, VA 240,000 155,000 31.2 *
ACC7 Ashburn, VA 100,000 50,000 10.4 *
SC2 Phase I/II Santa Clara, CA 300,000 171,000 36.4 *
640,000 376,000 78.0 17,301
Total 1,745,000 896,000 187.2 $ 330,170
* Development costs have not yet been estimated.
(1) Gross building area is the entire building area, including raised square footage (the portion of gross building area where our tenants’ computer servers are located), tenant 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 tenants.
(2) Raised square footage is that portion of gross building area where our tenants locate their computer servers. We consider raised square footage to be the net rentable square footage in each of our facilities.
(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 our tenants expressed in terms of MW or kW (1 MW is equal to 1,000 kW).
(4) Includes estimated capitalization for construction and development, including closing costs, capitalized interest and capitalized operating carrying costs, as applicable, upon completion.
(5) Amount capitalized as of December 31, 2009.

DUPONT FABROS TECHNOLOGY, INC.

Debt Summary as of December 31, 2009

($ in thousands)

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