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DuPont Fabros Technology, Inc. Announces 11.7 Megawatts Of New Fortune 50 Leasing, Commencement Of A New Development, Land Acquisition And 2013 Guidance Increase

Stocks in this article: DFT

WASHINGTON, Aug. 29, 2013 /PRNewswire/ -- DuPont Fabros Technology, Inc. (NYSE: DFT), today announced that the Company has executed a new lease totaling 6.83 megawatts ("MW") with an existing super wholesale Fortune 50 customer for data center space at its Santa Clara, California facility ('SC1").  The rent for this lease is the same as their previous executed lease within the building at the then escalated rate.  In Phase I of SC1, this tenant leased 2.28 MW of critical load for a term of 5.3 years, bringing Phase I to 100% leased and 94% commenced.  The estimated GAAP return on investment of SC1 Phase I is 9.2%.  The same Fortune 50 customer also pre-leased 4.55 MW of critical load in Phase II of SC1.  With this pre-lease, the Company has commenced development of 9.10 MW of critical load in Phase IIA of SC1.  Phase IIA is currently 50% pre-leased and is expected to be completed in the second quarter of 2014. 

In addition, the company executed the following at its other data center locations to date in the third quarter:

  • One new lease in Piscataway, New Jersey ("NJ1") with a new Fortune 25 tenant for 2.28 MW of critical load with a lease term of 7.6 years.  The available critical load of NJ1 is now 52% leased and commenced, up from 39%.  The raised floor space is now 64% occupied up from 39% as this lease has a lower power density per square foot.
  • One new lease in Reston, Virginia ("VA3") with the same Fortune 50 customer referenced above for 2.60 MW of critical load with a lease term of 5.1 years.  VA3 is now 71% leased and commenced, up from 51%.
  • Acquired 15 acres of vacant land in Elk Grove Village, Illinois to develop a second data center facility.

"We have remained consistently focused on leasing our available inventory and are pleased to announce this significant execution towards our goal.  Our overall operating portfolio is now 94% leased and 93% commenced.  The newly acquired land in Chicago enables us to capture future demand in one of our best markets and expand upon our campus environment," commented Hossein Fateh, President and Chief Executive officer of DuPont Fabros Technology, Inc.

The tenant at NJ1 leased 12.5% of the total available critical load and occupies 25% of the total raised floor space of Phase I.  During the term of the lease, the tenant has the right to utilize all or a portion of the remaining available critical load up to 4.55 MW for their occupied space and pay for the additional critical load at the then escalated rate.  Should the Phase I raised floor space become fully occupied and this tenant does not fully utilize all of their available critical load, the Company anticipates the remaining unused critical load will be diverted to Phase II.  Should this occur, the incremental development cost per MW will be lower compared to Phase I, as there would be less infrastructure required. 

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