|Company Release – 06/03/2010 08:00
|Revises FFO Guidance
WASHINGTON, June 3 /PRNewswire-FirstCall/ — DuPont Fabros Technology, Inc. (NYSE:DFT, news, filings) today announced that the Company’s Board of Directors has authorized and declared a cash dividend of $0.12 per share on the Company’s common stock for the second quarter 2010. This represents an increase of $0.04 per share, or 50 percent, over the Company’s previous quarterly cash dividend of $0.08 per share. The dividend will be paid on July 9, 2010 to shareholders of record as of June 29, 2010.
“As a result of our continuing strong leasing and financial performance, we are increasing the quarterly common stock dividend in anticipation of increased REIT taxable income and distribution requirements for 2010,” commented Mark L. Wetzel, Chief Financial Officer and Treasurer.
As previously announced, the Company issued 13.8 million shares of common stock on May 18, 2010; raising $304.6 million of net proceeds to develop datacenters in Santa Clara, California and Ashburn, Virginia. As a result, the Company is revising its Funds from Operations (“FFO”) per share guidance range to $0.29 to $0.32 and $1.25 to $1.35 for the second quarter and full year, respectively. This supersedes the company’s previously issued FFO per share guidance of $0.30 to $0.34 and $1.25 to $1.45 for the second quarter and full year, respectively. See page 3 for details.
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 Internet and enterprise 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.
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 EPS and FFO guidance per share are not realized, the risks commonly associated with construction and development of new facilities, including the timing thereof, the risk that the company may be unable to obtain financing as needed 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, risks relating to obtaining required permits and 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, 2009 and quarterly report on Form 10-Q for period ended March 31, 2010 contain detailed descriptions of these and many other risks to which the company is subject. These reports are available on the company’s 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.
SOURCE DuPont Fabros Technology, Inc.
Contact: Christopher Warnke, Manager, Investor Relations of DuPont Fabros Technology, Inc., +1-202-478-2330, email@example.com