This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

DuPont Fabros Technology, Inc. Announces Over $900 Million Invested In Ashburn, Virginia Under Sales Tax Exemption Program

Stocks in this article: DFT

WASHINGTON, Oct. 15, 2013 /PRNewswire/ -- DuPont Fabros Technology, Inc. (NYSE: DFT) today announced that legislation signed into law by Governor Bob McDonnell last year that expanded a sales and use tax exemption for the purchase or lease of computer equipment and software by data centers is encouraging investment and making Virginia more competitive in creating and retaining construction and high-tech jobs. The Company and its participating Ashburn campus tenants have invested over $900 million at the DFT Ashburn Corporate Center ("ACC") campus since January 1, 2009. 

Speaking about today's announcement, Governor McDonnell said, "When we put in place smart policies at the state level we help the private-sector grow and create good jobs for our people. This legislation is a perfect example. Through this bill we have helped to ensure that, when companies look for a place to start or relocate their datacenter, Virginia is at the top of their list.  We have the highest concentration of high-tech workers in the nation and as a result of this initiative we have helped to bring more of these good jobs to our skilled workforce."

Hossein Fateh, President and Chief Executive Officer of the Company said, "This sales tax exemption enabled DFT to begin development of the second phase of its ACC6 data center last year. Since ACC6 Phase II opened 100% leased in early 2013, we were able to commence development of the first phase of our ACC7 data center. This sales tax exemption is helping to keep Virginia as the optimal location for data centers on the east coast of the United States.

DFT's entire expanding Ashburn Corporate Center benefits from the sales tax exemption legislation, including the ACC7 data center facility currently under development. The exemption is effective from July 1, 2012 to June 30, 2020, and applies to purchases of servers and other qualified equipment that are the heart of a data center operation. To obtain this exemption, DFT, along with its tenants, committed to invest at least $150 million and create at least 50 qualifying jobs from July 1, 2009 to June 30, 2016 within the Ashburn campus. As of June 30, 2013 the investment criteria has been achieved over six fold and the majority of the 50 jobs have been created.

About DuPont Fabros Technology, Inc. DuPont Fabros Technology, Inc. (NYSE: DFT) is a leading owner, developer, operator and manager of enterprise-class, carrier-neutral, large multi-tenanted 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

SOURCE DuPont Fabros Technology, Inc.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,678.70 +6.10 0.03%
S&P 500 2,057.09 +5.27 0.26%
NASDAQ 4,771.7630 +13.8840 0.29%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs