DFT Dupont Fabros Technology, Inc. (delisted)

DuPont Fabros Technology, Inc. (NYSE:DFT) announces results for the quarter ended June 30, 2017.  All per share results are reported on a fully diluted basis.

Highlights

• As of July 27, 2017, our operating portfolio was 98% leased and commenced as measured by critical load (in megawatts, or "MW") and computer room square feet ("CRSF"), and 48% of the MW under development have been pre-leased.
• Second Quarter 2017 Highlights:
  • Double digit growth rates versus prior year quarter:
    • Normalized Funds from Operations ("FFO") per share: +22%
    • Adjusted FFO ("AFFO"): +27%
  • Placed ACC9 Phase I, totaling 14.40 MW and 90,000 CRSF, into service 70% leased.
  • As disclosed in our first quarter 2017 earnings release:
    • Executed three pre-leases totaling 28.80 MW and 161,822 CRSF in our ACC9 and CH3 data centers, with a weighted average lease term of 8.5 years.
    • Commenced development of ACC10 Phase I in Ashburn, Virginia, comprising 15.00 MW and 91,000 CRSF, with expected delivery in the second quarter of 2018.
    • Commenced development of CH3 Phase II, comprising 12.80 MW and 89,000 CRSF, with expected delivery in the second quarter of 2018.
• Third Quarter 2017 Highlights to date:
  • Extended the terms of two leases totaling 3.47 MW and 18,116 CRSF by 5.0 years each.

Agreement to Merge with Digital Realty

On June 9, 2017, we and Digital Realty Trust, Inc. (“DLR”) announced that DFT and our OP and DLR, Digital Realty Trust, L.P., DLR’s operating partnership ("DLR OP"), and three other DLR subsidiaries entered into an Agreement and Plan of Merger (the “Merger Agreement”).  Under the Merger Agreement:

• DFT will be merged with and into a DLR merger subsidiary and become a wholly-owned subsidiary of DLR; and
• another DLR merger subsidiary will be merged with and into our OP, and our OP will become a subsidiary of DLR.

The consummation of the mergers are subject to certain customary closing conditions.  Pursuant to the terms and conditions in the Merger Agreement, at the effective time of the mergers:

• each share of DFT's common stock will be converted into the right to receive 0.545 shares of DLR common stock;
• each common unit of partnership interests in the OP will be converted into the right to receive 0.545 common units in the DLR OP, or, in the alternative, each unit holder may elect to redeem his or her units and receive 0.545 shares of DLR common stock for each unit; and
• each share of DFT's 6.625% Series C Cumulative Redeemable Perpetual Preferred Stock will be converted into the right to receive one share of a newly designated class of preferred stock of DLR, which will have substantially similar rights, privileges, preferences and interests as DFT's 6.625% Series C Preferred Stock.

Second Quarter 2017 Results

For the quarter ended June 30, 2017, earnings were $0.38 per share compared to $0.49 per share in the second quarter of 2016.  The decrease in earnings per share was primarily due to:

• Costs incurred in the second quarter of 2017 of $0.08 per share associated with the pending merger with DLR,
• Gain on the sale of the NJ1 data center of $0.23 per share in the second quarter of 2016, partially offset by
• Write-off of issuance costs in the second quarter of 2016 associated with the redemption of preferred shares of $0.10 per share and
• Severance costs and equity accelerations for the NJ1 employees in the second quarter of 2016 totaling $0.01 per share.

Excluding these items, earnings increased $0.09 per share, or 24%, year over year, which was primarily due to new leases that commenced and lower preferred stock dividends.  For the quarter ended June 30, 2017, revenues were $140.7 million, an increase of 9%, or $12.2 million, over the second quarter of 2016.  The increase in revenues was primarily due to new leases commencing, partially offset by lower à la carte project revenue.

For the quarter ended June 30, 2017, NAREIT FFO was $0.70 per share compared to $0.53 per share for the prior year quarter.  NAREIT FFO for the second quarter of 2017 included $0.08 per share of merger costs and, for the second quarter of 2016, included $0.10 per share of issuance costs associated with redeemed preferred shares and $0.01 of severance expense and equity acceleration associated with the sale of the NJ1 data center.  The increase of $0.17 per share of NAREIT FFO is due to the items discussed above and below.

Normalized FFO for the quarter ended June 30, 2017 was $0.78 per share compared to $0.64 per share for the second quarter of 2016.  Normalized FFO increased $0.14 per share, or 22%, from the prior year quarter primarily due to the following:

• Increased operating income, excluding depreciation of $0.10 per share, primarily due to new leases commencing and
• Lower preferred stock dividends of $0.04 per share due to fewer preferred shares outstanding and a lower dividend rate.

First Half 2017 Results

For the six months ended June 30, 2017, earnings were $0.83 per share compared to $0.86 per share in the prior year period.  The decrease in earnings per share was primarily due to:

• Costs incurred in the second quarter of 2017 of $0.08 per share associated with the pending merger with DLR,
• Gain on the sale of the NJ1 data center of $0.23 per share in the second quarter of 2016, partially offset by
• Write-off of issuance costs in the second quarter of 2016 associated with the redemption of preferred shares of $0.10 per share and
• Severance costs and equity accelerations for the Chief Revenue Officer in the first quarter of 2017 and for the NJ1 employees in the second quarter of 2016, each totaling $0.01 per share for each period.

Excluding these items, earnings increased $0.18 per share, or 24%, year over year, which was primarily due to new leases that commenced and lower preferred stock dividends.  For the six months ended June 30, 2017, revenues were $280.2 million, an increase of 11%, or $27.5 million, over the first half of 2016.  The increase in revenues was primarily due to new leases commencing, partially offset by lower à la carte project revenue.

For the six months ended June 30, 2017, NAREIT FFO was $1.46 per share compared to $1.19 per share for the prior year period.  NAREIT FFO for 2017 included $0.08 per share of merger costs and $0.01 per share of severance expense and equity acceleration associated with the departure of our Chief Revenue Officer and for 2016 included $0.10 per share of issuance costs associated with redeemed preferred shares and $0.01 of severance expense and equity acceleration associated with the sale of the NJ1 data center.  The increase of $0.27 per share of NAREIT FFO is due to the items discussed above and below.

Normalized FFO for the six months ended June 30, 2017 was $1.55 per share compared to $1.31 per share for the prior year period.  Normalized FFO increased $0.24 per share, or 18%, from the prior year period primarily due to the following:

• Increased operating income, excluding depreciation of $0.21 per share, primarily due to new leases commencing and
• Lower preferred stock dividends of $0.08 per share due to fewer preferred shares outstanding and a lower dividend rate, partially offset by
• $0.05 per share from the issuance of common equity in the first quarter of 2016.

Portfolio Update

During the second quarter 2017, we:

• Executed three pre-leases totaling 28.80 MW and 161,822 CRSF:
  • One pre-lease was for the entire CH3 Phase I, comprising 14.40 MW and 71,506 CRSF.  This lease is expected to commence in the first quarter of 2018 when CH3 Phase I is placed into service.  CH3 Phase I is now 100% pre-leased with respect to both critical load and CRSF.
  • One pre-lease was for 7.20 MW and 45,158 CRSF in ACC9 Phase I.  This pre-lease commenced on June 1, 2017, and ACC9 Phase I is 70% leased on critical load and CRSF.
  • One pre-lease was for 7.20 MW and 45,158 CRSF in ACC9 Phase II.  This pre-lease is expected to commence in the third quarter of 2017 when ACC9 Phase II is placed into service.  ACC9 Phase II is now 50% pre-leased on both critical load and CRSF.

Subsequent to the second quarter 2017, we:

• Extended the terms of two leases totaling 3.47 MW and 18,116 CRSF.
  • One lease at ACC6 totaling 2.17 MW and 9,966 CRSF was extended by 5.0 years.  Cash base rent will increase by 3.0% when the extension period begins on July 1, 2018 and GAAP base rent will increase by 10.5% immediately.
  • One lease at CH1 totaling 1.30 MW and 8,150 CRSF was extended by 5.0 years.  Cash base rent will increase by 3.0% when the extension period begins on July 1, 2018 and GAAP base rent will increase by 10.5% immediately.

Year to date, we:

• Executed six new leases (including lease amendments and pre-leases), with a weighted average lease term of 8.1 years, totaling 34.42 MW and 200,765 CRSF, which are expected to generate approximately $36.7 million of annualized GAAP base rent revenue, which is equivalent to a GAAP rate of $89 per kW per month.  These leases are expected to generate approximately $46.4 million of GAAP annualized revenue, which includes estimated amounts of operating expense recoveries, net of recovery of metered power, which results in a GAAP rate of $112 per kW per month.
• Extended the terms of two leases totaling 3.47 MW by 5.0 years.  On a weighted average basis, cash base rents will increase 3.0% when the extension periods begin and GAAP base rents increased 10.5% immediately.  The average GAAP base rent rate related to these extensions was $128 per kW per month and, including operating expense recoveries, was $154 per kW per month.
• Commenced six leases totaling 20.25 MW and 123,501 CRSF.

Development Update

Below is a summary of our projects currently under development:

Data Center Phase			Critical LoadCapacity (MW)				AnticipatedPlaced in Service Date			Percentage Pre-Leased CRSF / Critical Load
SC1 Phase III			16.0				Q3 2017			100% / 100%
ACC9 Phase II			14.4				Q3 2017			50% / 50%
TOR1 Phase IA			6.0				Q4 2017			—
CH3 Phase I			14.4				Q1 2018			100% / 100%
CH3 Phase II			12.8				Q2 2018			—
ACC10 Phase I			15.0				Q2 2018			—
			78.6

Balance Sheet and Liquidity

As of July 27, 2017, we had $423.5 million in borrowings under our revolving credit facility, leaving $326.5 million available for additional borrowings.

In order to provide liquidity through the outside merger closing date of November 15, 2017, we have obtained a 364-day bridge loan commitment of $200 million from Goldman Sachs Bank USA.  As of July 27, 2017, there are no borrowings under this bridge loan commitment.

Dividend

Our second quarter 2017 dividend of $0.50 per share was paid on July 17, 2017 to shareholders of record as of July 3, 2017.  The anticipated 2017 annualized dividend of $2.00 per share represents a yield of approximately 3.3% based on our current stock price.

Guidance

We are no longer giving guidance due to the pending merger with Digital Realty Trust.

About DuPont Fabros Technology, Inc.

DuPont Fabros Technology, Inc. (NYSE:DFT) is a leading owner, developer, operator and manager of enterprise-class, carrier neutral, multi-tenant 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 12 data centers are located in three major U.S. markets, which total 3.5 million gross square feet and 301.5 megawatts of available critical load to power the servers and computing equipment of its customers.  The Company is in the process of expanding into two new markets.  DuPont Fabros Technology, Inc., a real estate investment trust (REIT), 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 our control.  We face many risks that could cause our actual performance to differ materially from the results contemplated by our forward-looking statements, including, without limitation, the risk that the proposed merger with DLR will not be consummated, the risks related to the leasing of available space to third-party customers, including delays in executing new leases, failure to negotiate leases on terms that will enable us to achieve our expected returns and declines in rental rates at new and existing facilities, risks related to the collection of accounts and notes receivable, the risk that we may be unable to obtain new financing on favorable terms to facilitate, among other things, future development projects, the risks commonly associated with the acquisition of development sites, construction and development of new facilities (including delays and/or cost increases associated with the completion of new developments), risks relating to obtaining required permits and compliance with permitting, zoning, land-use and environmental requirements, the risk that we will not declare and pay dividends as anticipated for future periods and the risk that we may not be able to maintain our qualification as a REIT for federal tax purposes.  The periodic reports that we file with the Securities and Exchange Commission, including the annual report on Form 10-K for the year ended December 31, 2016 and the quarterly report on Form 10-Q for the quarter ended March 31, 2017 contain detailed descriptions of these and many other risks to which we are subject.  These reports are available on our website at www.dft.com.  Because of the risks described above and other unknown risks, our actual results, performance or achievements may differ materially from the results, performance or achievements contemplated by our forward-looking statements.  The information set forth in this news release represents our expectations and intentions only as of the date of this press release.  We assume no responsibility to issue updates to the contents of this press release.

DUPONT FABROS TECHNOLOGY, INC.CONSOLIDATED STATEMENTS OF OPERATIONS(unaudited and in thousands except share and per share data)
		Three months ended June 30,										Six months ended June 30,
		2017					2016					2017					2016
Revenues:
Base rent		$	92,931				$	83,362				$	184,199				$	165,895
Recoveries from tenants		46,073					41,695					91,368					80,389
Other revenues		1,706					3,481					4,627					6,403
Total revenues		140,710					128,538					280,194					252,687
Expenses:
Property operating costs		41,472					37,933					81,663					73,888
Real estate taxes and insurance		5,029					5,840					10,039					11,156
Depreciation and amortization		28,948					26,323					57,155					52,166
General and administrative		6,276					5,274					13,088					10,849
Transaction expenses		7,128					—					7,128					—
Other expenses		1,307					3,193					4,012					5,542
Total expenses		90,160					78,563					173,085					153,601
Operating income		50,550					49,975					107,109					99,086
Interest:
Expense incurred		(11,793		)			(11,563		)			(23,252		)			(23,132		)
Amortization of deferred financing costs		(794		)			(919		)			(1,619		)			(1,764		)
Gain on sale of real estate		—					23,064					—					23,064
Net income		37,963					60,557					82,238					97,254
Net income attributable to redeemable noncontrolling interests – operating partnership		(4,506		)			(7,467		)			(10,218		)			(12,945		)
Net income attributable to controlling interests		33,457					53,090					72,020					84,309
Preferred stock dividends		(3,333		)			(6,964		)			(6,666		)			(13,775		)
Issuance costs associated with redeemed preferred stock		—					(8,827		)			—					(8,827		)
Net income attributable to common shares		$	30,124				$	37,299				$	65,354				$	61,707
Earnings per share – basic:
Net income attributable to common shares		$	0.39				$	0.50				$	0.84				$	0.87
Weighted average common shares outstanding		77,486,297					74,370,577					77,080,615					70,661,406
Earnings per share – diluted:
Net income attributable to common shares		$	0.38				$	0.49				$	0.83				$	0.86
Weighted average common shares outstanding		78,487,973					75,231,634					78,071,944					71,518,495
Dividends declared per common share		$	0.50				$	0.47				$	1.00				$	0.94

DUPONT FABROS TECHNOLOGY, INC.RECONCILIATIONS OF NET INCOME TO NAREIT FFO, NORMALIZED FFO AND AFFO (1)(unaudited and in thousands except share and per share data)
		Three months ended June 30,										Six months ended June 30,
		2017					2016					2017					2016
Net income		$	37,963				$	60,557				$	82,238				$	97,254
Depreciation and amortization		28,948					26,323					57,155					52,166
Less: Non-real estate depreciation and amortization		(231		)			(200		)			(435		)			(394		)
Gain on sale of real estate		—					(23,064		)			—					(23,064		)
NAREIT FFO		66,680					63,616					138,958					125,962
Preferred stock dividends		(3,333		)			(6,964		)			(6,666		)			(13,775		)
Issuance costs associated with redeemed preferred shares		—					(8,827		)			—					(8,827		)
NAREIT FFO attributable to common shares and common units		63,347					47,825					132,292					103,360
Transaction expenses		7,128					—					7,128					—
Severance expense and equity acceleration		—					891					532					891
Issuance costs associated with redeemed preferred shares		—					8,827					—					8,827
Normalized FFO attributable to common shares and common units		70,475					57,543					139,952					113,078
Straight-line revenues, net of reserve		741					696					2,459					(1,041		)
Amortization and write-off of lease contracts above and below market value		(94		)			(106		)			(365		)			(222		)
Compensation paid with Company common shares		2,198					1,521					4,570					3,290
Non-real estate depreciation and amortization		231					200					435					394
Amortization of deferred financing costs		794					919					1,619					1,764
Improvements to real estate		(232		)			(999		)			(418		)			(3,098		)
Capitalized leasing commissions		(614		)			(1,839		)			(890		)			(3,450		)
AFFO attributable to common shares and common units		$	73,499				$	57,935				$	147,362				$	110,715
NAREIT FFO attributable to common shares and common units per share – diluted		$	0.70				$	0.53				$	1.46				$	1.19
Normalized FFO attributable to common shares and common units per share – diluted		$	0.78				$	0.64				$	1.55				$	1.31
Weighted average common shares and common units outstanding – diluted		90,303,991					89,985,913					90,307,954					86,520,893

(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, impairment charges on depreciable real estate assets 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 also present FFO attributable to common shares and OP units, which is FFO excluding preferred stock dividends. FFO attributable to common shares and OP units per share is calculated on a basis consistent with net income attributable to common shares and OP units and reflects adjustments to net income for preferred stock dividends.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 period over period, 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 may 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 meet our cash needs, including our ability to pay dividends or make distributions.We present FFO with adjustments to arrive at Normalized FFO. Normalized FFO is FFO attributable to common shares and units excluding transaction expenses, severance expense and equity accelerations, gain or loss on early extinguishment of debt, gain or loss on derivative instruments and write-offs of original issuance costs for redeemed preferred shares.  We also present FFO with supplemental adjustments to arrive at Adjusted FFO (“AFFO”). AFFO is Normalized FFO excluding straight-line revenue, compensation paid with Company common shares, below market lease amortization and write-offs net of above market lease amortization and write-offs, non-real estate depreciation and amortization, amortization of deferred financing costs, improvements to real estate and capitalized leasing commissions. 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. We use 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)
		June 30,  2017					December 31,  2016
		(unaudited)
ASSETS
Income producing property:
Land		$	107,539				$	105,890
Buildings and improvements		3,141,102					3,018,361
		3,248,641					3,124,251
Less: accumulated depreciation		(716,719		)			(662,183		)
Net income producing property		2,531,922					2,462,068
Construction in progress and property held for development		551,258					330,983
Net real estate		3,083,180					2,793,051
Cash and cash equivalents		31,125					38,624
Rents and other receivables, net		9,422					11,533
Deferred rent, net		120,599					123,058
Deferred costs, net		23,673					25,776
Prepaid expenses and other assets		48,467					46,422
Total assets		$	3,316,466				$	3,038,464
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities:
Line of credit		$	335,997				$	50,926
Mortgage notes payable, net of deferred financing costs		107,175					110,733
Unsecured term loan, net of deferred financing costs		249,143					249,036
Unsecured notes payable, net of discount and deferred financing costs		838,461					837,323
Accounts payable and accrued liabilities		39,426					36,909
Construction costs payable		74,795					56,428
Accrued interest payable		11,515					11,592
Dividend and distribution payable		46,431					46,352
Prepaid rents and other liabilities		67,629					81,062
Total liabilities		1,770,572					1,480,361
Redeemable noncontrolling interests – operating partnership		714,494					591,101
Commitments and contingencies		—					—
Stockholders’ equity:
Preferred stock, $.001 par value, 50,000,000 shares authorized:
Series C cumulative redeemable perpetual preferred stock, 8,050,000 shares issued and outstanding at June 30, 2017 and December 31, 2016		201,250					201,250
Common stock, $.001 par value, 250,000,000 shares authorized, 77,845,588  shares issued and outstanding at June 30, 2017 and 75,914,763 shares issued and outstanding at December 31, 2016		78					76
Additional paid in capital		631,022					766,732
Retained earnings		—					—
Accumulated other comprehensive loss		(950		)			(1,056		)
Total stockholders’ equity		831,400					967,002
Total liabilities and stockholders’ equity		$	3,316,466				$	3,038,464

DUPONT FABROS TECHNOLOGY, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited and in thousands)
		Six months ended June 30,
		2017					2016
Cash flow from operating activities
Net income		$	82,238				$	97,254
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization		57,155					52,166
Gain on sale of real estate		—					(23,064		)
Straight-line revenues, net of reserve		2,459					(1,041		)
Amortization of deferred financing costs		1,619					1,764
Amortization and write-off of lease contracts above and below market value		(365		)			(222		)
Compensation paid with Company common shares		4,734					3,290
Changes in operating assets and liabilities
Rents and other receivables		2,111					192
Deferred costs		(891		)			(3,465		)
Prepaid expenses and other assets		(1,328		)			1,750
Accounts payable and accrued liabilities		2,130					27
Accrued interest payable		(82		)			189
Prepaid rents and other liabilities		(12,437		)			(4,399		)
Net cash provided by operating activities		137,343					124,441
Cash flow from investing activities
Net proceeds from sale of real estate		—					123,545
Investments in real estate – development		(301,504		)			(101,867		)
Acquisition of real estate		(12,250		)			—
Acquisition of real estate – related party		—					(20,168		)
Interest capitalized for real estate under development		(8,895		)			(6,118		)
Improvements to real estate		(418		)			(3,098		)
Additions to non-real estate property		(196		)			(426		)
Net cash used in investing activities		(323,263		)			(8,132		)
Cash flow from financing activities
Line of credit:
Proceeds		282,432					60,000
Repayments		—					(60,000		)
Mortgage notes payable:
Repayments		(3,750		)			(1,250		)
Payments of financing costs		(110		)			(96		)
Issuance of common stock, net of offering costs		—					275,720
Issuance of preferred stock, net of offering costs		—					194,502
Redemption of preferred stock		—					(251,250		)
Equity compensation (payments) proceeds		(4,041		)			8,285
Dividends and distributions:
Common shares		(76,857		)			(66,048		)
Preferred shares		(6,666		)			(16,288		)
Redeemable noncontrolling interests – operating partnership		(12,587		)			(14,078		)
Net cash provided by financing activities		178,421					129,497
Net (decrease) increase in cash and cash equivalents		(7,499		)			245,806
Cash and cash equivalents, beginning of period		38,624					31,230
Cash and cash equivalents, ending of period		$	31,125				$	277,036
Supplemental information:
Cash paid for interest, net of amounts capitalized		$	23,331				$	23,101
Deferred financing costs capitalized for real estate under development		$	635				$	364
Construction costs payable capitalized for real estate under development		$	74,795				$	26,914
Redemption of operating partnership units		$	77,894				$	49,468
Adjustments to redeemable noncontrolling interests – operating partnership		$	202,734				$	227,425

DUPONT FABROS TECHNOLOGY, INC.Operating PropertiesAs of July 1, 2017
Property			Property Location			Year Built/ Renovated			Gross Building Area (2)				Computer Room Square Feet ("CRSF") (2)				CRSF % Leased (3)				CRSF % Commenced (4)				Critical Load MW (5)				Critical Load % Leased (3)				Critical Load % Commenced (4)
Stabilized (1)
ACC2			Ashburn, VA			2001/2005			87,000				53,000				100	%			100	%			10.4				100	%			100	%
ACC3			Ashburn, VA			2001/2006			147,000				80,000				100	%			100	%			13.9				100	%			100	%
ACC4			Ashburn, VA			2007			347,000				172,000				100	%			100	%			36.4				97	%			97	%
ACC5			Ashburn, VA			2009-2010			360,000				176,000				99	%			99	%			36.4				100	%			100	%
ACC6			Ashburn, VA			2011-2013			262,000				130,000				100	%			100	%			26.0				100	%			100	%
ACC7			Ashburn, VA			2014-2016			446,000				238,000				100	%			100	%			41.6				100	%			100	%
CH1			Elk Grove Village, IL			2008-2012			485,000				231,000				100	%			100	%			36.4				100	%			100	%
CH2			Elk Grove Village, IL			2015-2016			328,000				158,000				100	%			100	%			26.8				100	%			100	%
SC1 Phases I-II			Santa Clara, CA			2011-2015			360,000				173,000				100	%			100	%			36.6				100	%			100	%
VA3			Reston, VA			2003			256,000				147,000				94	%			94	%			13.0				95	%			95	%
VA4			Bristow, VA			2005			230,000				90,000				100	%			100	%			9.6				100	%			100	%
Subtotal – stabilized									3,308,000				1,648,000				99	%			99	%			287.1				99	%			99	%
Completed, not Stabilized
ACC9 Phase I			Ashburn, VA			2017			163,000				90,000				70	%			70	%			14.4				70	%			70	%
Subtotal – not stabilized									163,000				90,000				70	%			70	%			14.4				70	%			70	%
Total Operating Properties									3,471,000				1,738,000				98	%			98	%			301.5				98	%			98	%

(1)		Stabilized operating properties are either 85% or more leased and commenced or have been in service for 24 months or greater.
(2)		Gross building area is the entire building area, including CRSF (the portion of gross building area where our customers' computer servers are located), 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 customers.
(3)		Percentage leased is expressed as a percentage of CRSF or critical load, as applicable, that is subject to an executed lease. Leases executed as of July 1, 2017 represent $399 million of base rent on a GAAP basis and $403 million of base rent on a cash basis over the next twelve months.  Both amounts include $19 million of revenue from management fees over the next twelve months.
(4)		Percentage commenced is expressed as a percentage of CRSF or critical load, as applicable, where the lease has commenced under GAAP.
(5)		Critical load (also referred to as IT load or load used by customers' servers or related equipment) is the power available for exclusive use by customers expressed in terms of megawatt, or MW, or kilowatt, or kW (One MW is equal to 1,000 kW).

DUPONT FABROS TECHNOLOGY, INC.Lease ExpirationsAs of July 1, 2017
The following table sets forth a summary schedule of lease expirations at our operating properties for each of the ten calendar years beginning with 2017.  The information set forth in the table below assumes that customers exercise no renewal options and takes into account customers’ early termination options in determining the life of their leases under GAAP.
Year of Lease Expiration			Number of Leases Expiring (1)				CRSF of Expiring Commenced Leases (in thousands) (2)				% of Leased CRSF				Total kW of Expiring Commenced Leases (2)				% of Leased kW				% of Annualized Base Rent (3)
2017 (4)			3				19				1.1	%			3,846				1.3	%			1.5	%
2018			18				159				9.4	%			29,981				10.1	%			10.9	%
2019			26				330				19.4	%			57,404				19.4	%			20.9	%
2020			15				182				10.7	%			31,754				10.7	%			11.3	%
2021			17				293				17.2	%			51,514				17.4	%			17.2	%
2022			11				158				9.3	%			27,389				9.3	%			9.4	%
2023			10				110				6.5	%			16,772				5.7	%			5.4	%
2024			9				138				8.1	%			23,479				7.9	%			7.3	%
2025			4				47				2.8	%			7,750				2.6	%			2.9	%
2026			8				100				5.9	%			17,334				5.9	%			5.8	%
After 2026			8				164				9.6	%			28,244				9.7	%			7.4	%
Total			129				1,700				100	%			295,467				100	%			100	%

(1)		Represents 33 customers with 129 lease expiration dates.
(2)		CRSF is that portion of gross building area where customers locate their computer servers.  One MW is equal to 1,000 kW.
(3)		Annualized base rent represents the monthly contractual base rent (defined as cash base rent before abatements) multiplied by 12 for commenced leases as of July 1, 2017.
(4)		A customer at ACC4 whose lease expires on July 31, 2017 has informed us that it does not intend to renew this lease.  This lease is for 1.14 MW and 5,400 CRSF.  Additionally, a customer at ACC6, whose lease expires on August 31, 2017, has informed us that it does not intend to renew this lease.  This lease is for 0.54 MW and 2,523 CRSF.  These leases total 0.9% of Annualized Base Rent.  We are marketing these computer rooms for re-lease.

DUPONT FABROS TECHNOLOGY, INC.Leasing Statistics - New Leases
Period			Number of Leases			Total CRSF Leased (1)			Total MW Leased (1)
Q2 2017			3			161,822			28.80
Q1 2017			3			38,943			5.62
Q4 2016			1			18,000			2.88
Q3 2016			2			16,319			2.42
Trailing Twelve Months			9			235,084			39.72
Q2 2016			4			72,657			12.52

Leasing Statistics - Renewals/Extensions
Period			Number ofRenewals			Total CRSFRenewed (1)			Total MWRenewed (1)			GAAP Rentchange (2)				Cash RentChange (2)
Q2 2017			—			—			—			—	%			—	%
Q1 2017			—			—			—			—	%			—	%
Q4 2016			1			13,696			1.30			5.8	%			4.0	%
Q3 2016			2			16,400			3.41			1.2	%			3.0	%
Trailing Twelve Months			3			30,096			4.71
Q2 2016			4			21,526			2.72			3.5	%			2.9	%

(1)		CRSF is that portion of gross building area where customers locate their computer servers.  One MW is equal to 1,000 kW.
(2)		GAAP rent change compares the change in annualized base rent before and after the renewal.  Cash rent change compares cash base rent at renewal execution to cash base rent at the start of the renewal period.

Booked Not Billed($ in thousands)
The following table outlines the incremental and annualized revenue excluding direct electric from leases that have been executed but have not been billed as of June 30, 2017.
			2017					2018					Total
Incremental Revenue			$	15,155				$	19,447
Annualized Revenue			$	38,316				$	20,206				$	58,522

DUPONT FABROS TECHNOLOGY, INC.Top 15 CustomersAs of July 1, 2017
The following table presents our top 15 customers based on annualized monthly contractual base rent at our operating properties as of July 1, 2017:
	Customer			NumberofBuildings				NumberofMarkets				AverageRemainingTerm				% of Annualized Base Rent (1)
1	Microsoft			10				3				6.0				25.4	%
2	Facebook			4				1				3.6				20.9	%
3	Fortune 25 Investment Grade-Rated Company			4				3				4.5				12.6	%
4	Rackspace			3				2				8.1				8.7	%
5	Fortune 500 leading Software as a Service (SaaS) Provider, Not Rated			4				2				6.7				7.9	%
6	Yahoo! (2)			1				1				1.2				4.0	%
7	Server Central			1				1				4.1				2.4	%
8	Fortune 50 Investment Grade-Rated Company			2				1				3.4				2.0	%
9	Dropbox			1				1				1.5				1.5	%
10	IAC			1				1				1.8				1.5	%
11	Symantec			2				1				2.0				1.3	%
12	GoDaddy			1				1				9.3				1.1	%
13	UBS			1				1				8.0				0.9	%
14	Anexio			3				1				6.5				0.9	%
15	Sanofi Aventis			2				1				4.0				0.8	%
Total												5.2				91.9	%

(1)		Annualized base rent represents monthly contractual base rent for commenced leases (defined as cash base rent before abatements) multiplied by 12 for commenced leases as of July 1, 2017.
(2)		Comprised of a lease at ACC4 that has been fully subleased to another DFT customer.

DUPONT FABROS TECHNOLOGY, INC.Same Store Analysis($ in thousands)
Same Store Properties	Three Months Ended																		Six Months Ended
	30-Jun-17				30-Jun-16				% Change			31-Mar-17				% Change			30-Jun-17				30-Jun-16				% Change
Revenue:
Base rent	$	91,799			$	81,450			12.7	%		$	91,268			0.6	%		$	183,067			$	161,019			13.7	%
Recoveries from tenants	45,960				40,443				13.6	%		45,295				1.5	%		91,255				77,114				18.3	%
Other revenues	631				470				34.3	%		632				(0.2	)%		1,263				907				39.3	%
Total revenues	138,390				122,363				13.1	%		137,195				0.9	%		275,585				239,040				15.3	%
Expenses:
Property operating costs	40,985				36,369				12.7	%		40,191				2.0	%		81,176				69,994				16.0	%
Real estate taxes and insurance	4,917				4,963				(0.9	)%		4,985				(1.4	)%		9,902				9,188				7.8	%
Other expenses	64				(41		)		N/M			58				10.3	%		122				73				67.1	%
Total expenses	45,966				41,291				11.3	%		45,234				1.6	%		91,200				79,255				15.1	%
Net operating income (1)	92,424				81,072				14.0	%		91,961				0.5	%		184,385				159,785				15.4	%
Straight-line revenues, net of reserve	1,383				592				N/M			1,718				(19.5	)%		3,101				(1,372		)		N/M
Amortization and write-off of lease contracts above and below market value	(95		)		(106		)		(10.4	)%		(271		)		(64.9	)%		(366		)		(222		)		64.9	%
Cash net operating income (1)	$	93,712			$	81,558			14.9	%		$	93,408			0.3	%		$	187,120			$	158,191			18.3	%
Note: Same Store Properties represent those properties placed into service on or before January 1, 2016 and excludes ACC9. NJ1 is excluded as it was sold in June 2016.
Same Store, Same Capital Properties	Three Months Ended																		Six Months Ended
	30-Jun-17				30-Jun-16				% Change			31-Mar-17				% Change			30-Jun-17				30-Jun-16				% Change
Revenue:
Base rent	$	70,446			$	69,913			0.8	%		$	70,875			(0.6	)%		$	141,321			$	140,570			0.5	%
Recoveries from tenants	38,508				36,991				4.1	%		38,557				(0.1	)%		77,065				71,602				7.6	%
Other revenues	459				399				15.0	%		471				(2.5	)%		930				791				17.6	%
Total revenues	109,413				107,303				2.0	%		109,903				(0.4	)%		219,316				212,963				3.0	%
Expenses:
Property operating costs	34,402				32,673				5.3	%		34,099				0.9	%		68,501				63,948				7.1	%
Real estate taxes and insurance	4,021				4,418				(9.0	)%		4,127				(2.6	)%		8,148				8,307				(1.9	)%
Other expenses	24				(52		)		N/M			20				20.0	%		44				55				(20.0	)%
Total expenses	38,447				37,039				3.8	%		38,246				0.5	%		76,693				72,310				6.1	%
Net operating income (1)	70,966				70,264				1.0	%		71,657				(1.0	)%		142,623			140,653				1.4	%
Straight-line revenues, net of reserve	4,146				3,076				34.8	%		4,015				3.3	%		8,161				3,946				N/M
Amortization and write-off of lease contracts above and below market value	(95		)		(106		)		(10.4	)%		(271		)		(64.9	)%		(366		)		(222		)		64.9	%
Cash net operating income (1)	$	75,017			$	73,234			2.4	%		$	75,401			(0.5	)%		$	150,418			$	144,377			4.2	%
Note: Same Store, Same Capital properties represent those properties placed into service on or before January 1, 2016 and have less than 10% of additional critical load developed after January 1, 2016. Excludes ACC9, ACC7 and CH2. NJ1 is also excluded as it was sold in June 2016.
(1) See next page for a reconciliation of Net Operating Income and Cash Net Operating Income to GAAP measures.

DUPONT FABROS TECHNOLOGY, INC.Same Store Analysis - Reconciliations of Operating Income to Net Operating Income and Cash Net Operating Income (1)($ in thousands)
Reconciliation of Operating Income to Same Store Net Operating Income and Cash Net Operating Income
	Three Months Ended																		Six Months Ended
	30-Jun-17				30-Jun-16				% Change			31-Mar-17				% Change			30-Jun-17				30-Jun-16				% Change
Operating income	$	50,550			$	49,975			1.2	%		$	56,559			(10.6	)%		$	107,109			$	99,086			8.1	%
Add-back: non-same store operating loss	13,684				5,318				N/M			7,239				N/M			20,923				9,999				N/M
Same Store:
Operating income	64,234				55,293				16.2	%		63,798				0.7	%		128,032				109,085				17.4	%
Depreciation and amortization	28,190				25,779				9.4	%		28,163				0.1	%		56,353				50,700				11.1	%
Net operating income	92,424				81,072				14.0	%		91,961				0.5	%		184,385				159,785				15.4	%
Straight-line revenues, net of reserve	1,383				592				N/M			1,718				(19.5	)%		3,101				(1,372		)		N/M
Amortization and write-off of lease contracts above and below market value	(95		)		(106		)		(10.4	)%		(271		)		(64.9	)%		(366		)		(222		)		64.9	%
Cash net operating income	$	93,712			$	81,558			14.9	%		$	93,408			0.3	%		$	187,120			$	158,191			18.3	%
Reconciliation of Operating Income to Same Store, Same Capital Net Operating Income and Cash Net Operating Income
	Three Months Ended																		Six Months Ended
	30-Jun-17				30-Jun-16				% Change			31-Mar-17				% Change			30-Jun-17				30-Jun-16				% Change
Operating income	$	50,550			$	49,975			1.2	%		$	56,559			(10.6	)%		$	107,109			$	99,086			8.1	%
Less: non-same store, same capital operating income	(2,307		)		(2,455		)		(6.0	)%		(7,629		)		(69.8	)%		(9,936		)		(3,855		)		N/M
Same Store, Same Capital:
Operating income	48,243				47,520				1.5	%		48,930				(1.4	)%		97,173				95,231				2.0	%
Depreciation and amortization	22,723				22,744				(0.1	)%		22,727				—	%		45,450				45,422				0.1	%
Net operating income	70,966				70,264				1.0	%		71,657				(1.0	)%		142,623				140,653				1.4	%
Straight-line revenues, net of reserve	4,146				3,076				34.8	%		4,015				3.3	%		8,161				3,946				N/M
Amortization and write-off of lease contracts above and below market value	(95		)		(106		)		(10.4	)%		(271		)		(64.9	)%		(366		)		(222		)		64.9	%
Cash net operating income	$	75,017			$	73,234			2.4	%		$	75,401			(0.5	)%		$	150,418			$	144,377			4.2	%

(1)

Net Operating Income ("NOI") represents total revenues less property operating costs, real estate taxes and insurance, and other expenses (each as reflected in the consolidated statements of operations) for the properties included in the analysis. Cash Net Operating Income ("Cash NOI") is NOI less straight-line revenues, net of reserve and amortization of lease contracts above and below market value for the properties included in the analysis.We use NOI and Cash NOI as supplemental performance measures because, in excluding depreciation and amortization, impairment charges on depreciable real estate assets and gains and losses from property dispositions, each provides a performance measure that, when compared period over period, captures trends in occupancy rates, rental rates and operating expenses. However, because NOI and Cash NOI exclude depreciation and amortization, impairment charges on depreciable real estate assets and gains and losses from property dispositions, and capture 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 NOI and Cash NOI as a measure of our performance is limited.Other REITs may not calculate NOI and Cash NOI in the same manner we do and, accordingly, our NOI and Cash NOI may not be comparable to the NOI and Cash NOI of other REITs. NOI and Cash NOI should not be considered as an alternative to operating income (as computed in accordance with GAAP).

DUPONT FABROS TECHNOLOGY, INC.Development ProjectsAs of June 30, 2017($ in thousands)
Property			Property Location			Gross Building Area (1)				CRSF (2)				Critical Load MW (3)				Estimated Total Cost (4)			Construction in Progress & Land Held for Development (5)					CRSF % Pre- leased				Critical Load % Pre- leased
Current Development Projects
ACC9 Phase II			Ashburn, VA			163,000				90,000				14.4				$126,000 - $130,000			$	114,699				50	%			50	%
ACC10 Phase I			Ashburn, VA			161,000				91,000				15.0				126,000 - 132,000			20,650					—	%			—	%
CH3 Phase I			Elk Grove Village, IL			153,000				71,000				14.4				138,000 - 142,000			61,203					100	%			100	%
CH3 Phase II			Elk Grove Village, IL			152,000				89,000				12.8				132,000 - 138,000			59,970					—	%			—	%
SC1 Phase III			Santa Clara, CA			111,000				60,000				16.0				166,000 - 168,000			148,983					100	%			100	%
TOR1 Phase IA			Vaughan, ON			104,000				35,000				6.0				63,000 - 69,000			45,627					—	%			—	%
						844,000				436,000				78.6				751,000 - 779,000			451,132
Future Development Projects/Phases
ACC10 Phase II			Ashburn, VA			128,000				72,000				12.0				49,000 - 53,000			10,302
TOR1 Phase IB/C			Vaughan, ON			210,000				78,000				14.5				93,000 - 99,000			27,319
TOR1 Phase II			Vaughan, ON			397,000				113,000				19.5				34,000 - 42,000			25,393
						735,000				263,000				46.0				176,000 - 194,000			63,014
Land Held for Development (6)
ACC8			Ashburn, VA			100,000				50,000				10.4							4,252
ACC11			Ashburn, VA			150,000				80,000				16.0							4,892
OR1			Hillsboro, OR			777,000				347,000				48.0							8,323
OR2			Hillsboro, OR			798,000				347,000				48.0							7,385
PHX1			Mesa, AZ			968,000				408,000				60.0							6,130
PHX2			Mesa, AZ			968,000				408,000				60.0							6,130
						3,761,000				1,640,000				242.4							37,112
Total						5,340,000				2,339,000				367.0							$	551,258

(1)		Gross building area is the entire building area, including CRSF (the portion of gross building area where our customers’ computer servers are located), 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 customers.  The respective amounts listed for each of the “Land Held for Development” sites are estimates.
(2)		CRSF is that portion of gross building area where customers locate their computer servers.  The respective amounts listed for each of the “Land Held for Development” sites are estimates.
(3)		Critical load (also referred to as IT load or load used by customers’ servers or related equipment) is the power available for exclusive use by customers expressed in terms of MW or kW (1 MW is equal to 1,000 kW).  The respective amounts listed for each of the “Land Held for Development” sites are estimates.
(4)		Current development projects include land, capitalization for construction and development and capitalized interest and operating carrying costs, as applicable, upon completion.  Future development projects/phases include land, shell and underground work through the opening of the phase(s) that are either under current development or in service.
(5)		Amount capitalized as of June 30, 2017.  Future development projects/phases include land, shell and underground work through the opening of the phase(s) that are either under current development or in service.
(6)		Amounts listed for gross building area, CRSF and critical load are current estimates.

DUPONT FABROS TECHNOLOGY, INC.Debt Summary as of June 30, 2017 ($ in thousands)
		June 30, 2017
		Amounts (1)				% of Total			Rates			Maturities(years)
Secured		$	107,500			7	%		2.8	%		0.7
Unsecured		1,435,997				93	%		4.5	%		4.3
Total		$	1,543,497			100	%		4.4	%		4.1
Fixed Rate Debt:
Unsecured Notes due 2021		$	600,000			39	%		5.9	%		4.2
Unsecured Notes due 2023 (2)		250,000				16	%		5.6	%		6.0
Fixed Rate Debt		850,000				55	%		5.8	%		4.7
Floating Rate Debt:
Unsecured Credit Facility		335,997				22	%		2.7	%		3.1
Unsecured Term Loan		250,000				16	%		2.7	%		4.6
ACC3 Term Loan		107,500				7	%		2.8	%		0.7
Floating Rate Debt		693,497				45	%		2.7	%		3.2
Total		$	1,543,497			100	%		4.4	%		4.1

Note:		We capitalized interest and deferred financing cost amortization of $5.2 million and $9.5 million during the three and six months ended June 30, 2017, respectively.
(1)		Principal amounts exclude deferred financing costs.
(2)		Principal amount excludes original issue discount of $1.6 million as of June 30, 2017.

Debt Principal Repayments as of June 30, 2017 ($ in thousands)
Year			Fixed Rate (1)							Floating Rate (1)							Total (1)					% of Total				Rates
2017			—							5,000			(4)				5,000					0.3	%			2.8	%
2018			—							102,500			(4)				102,500					6.6	%			2.8	%
2019			—							—							—					—	%			—	%
2020			—							335,997			(5)				335,997					21.8	%			2.7	%
2021			600,000			(2)				—							600,000					38.9	%			5.9	%
2022			—							250,000			(6)				250,000					16.2	%			2.7	%
2023			250,000			(3)				—							250,000					16.2	%			5.6	%
Total			$	850,000						$	693,497						$	1,543,497				100.0	%			4.4	%

(1)		Principal amounts exclude deferred financing costs.
(2)		The 5.875% Unsecured Notes due 2021 mature on September 15, 2021.
(3)		The 5.625% Unsecured Notes due 2023 mature on June 15, 2023.  Principal amount excludes original issue discount of $1.6 million as of June 30, 2017.
(4)		The ACC3 Term Loan matures on March 27, 2018 with no extension option.  Quarterly principal payments of $1.25 million began on April 1, 2016, increased to $2.5 million on April 1, 2017 and continue through maturity.
(5)		The Unsecured Credit Facility matures on July 25, 2020 with a one-year extension option.
(6)		The Unsecured Term Loan matures on January 21, 2022 with no extension option.

DUPONT FABROS TECHNOLOGY, INC.Selected Unsecured Debt Metrics(1)
		6/30/17				12/31/16
Interest Coverage Ratio (not less than 2.0)		4.9				5.4
Total Debt to Gross Asset Value (not to exceed 60%)		38.2	%			34.0	%
Secured Debt to Total Assets (not to exceed 40%)		2.7	%			3.0	%
Total Unsecured Assets to Unsecured Debt (not less than 150%)		188	%			231	%

(1)

These selected metrics relate to DuPont Fabros Technology, LP's outstanding unsecured notes.  DuPont Fabros Technology, Inc. is the general partner of DuPont Fabros Technology, LP.

Capital Structure as of June 30, 2017 (in thousands except per share data)
Line of Credit																$	335,997
Mortgage Notes Payable																107,500
Unsecured Term Loan																250,000
Unsecured Notes																850,000
Total Debt																1,543,497					21.4	%
Common Shares		87	%			77,846
Operating Partnership (“OP”) Units		13	%			11,682
Total Shares and Units		100	%			89,528
Common Share Price at June 30, 2017						$	61.16
Common Share and OP Unit Capitalization											$	5,475,532
Preferred Stock ($25 per share liquidation preference)											201,250
Total Equity																5,676,782					78.6	%
Total Market Capitalization																$	7,220,279				100.0	%

DUPONT FABROS TECHNOLOGY, INC.Common Share and OP UnitWeighted Average Amounts Outstanding
		Q2 2017				Q2 2016				YTD 2Q2017				YTD 2Q2016
Weighted Average Amounts Outstanding for EPS Purposes:
Common Shares - basic		77,486,297				74,370,577				77,080,615				70,661,406
Effect of dilutive securities		1,001,676				861,057				991,329				857,089
Common Shares - diluted		78,487,973				75,231,634				78,071,944				71,518,495
Weighted Average Amounts Outstanding for FFO,Normalized FFO and AFFO Purposes:
Common Shares - basic		77,486,297				74,370,577				77,080,615				70,661,406
OP Units - basic		11,682,368				14,607,330				12,051,751				14,822,570
Total Common Shares and OP Units		89,168,665				88,977,907				89,132,366				85,483,976
Effect of dilutive securities		1,135,326				1,008,006				1,175,588				1,036,917
Common Shares and Units - diluted		90,303,991				89,985,913				90,307,954				86,520,893
Period Ending Amounts Outstanding:
Common Shares		77,845,588
OP Units		11,682,368
Total Common Shares and Units		89,527,956

Note: This press release supplement contains certain non-GAAP financial measures that we believe are helpful in understanding our business, as further discussed within this press release supplement.  These financial measures, which include NAREIT Funds From Operations, Normalized Funds From Operations, Adjusted Funds From Operations, Net Operating Income, Cash Net Operating Income, NAREIT Funds From Operations per share and Normalized Funds From Operations per share, should not be considered as an alternative to net income, operating income, earnings per share or any other GAAP measurement of performance or as an alternative to cash flows from operating, investing or financing activities.  Furthermore, these non-GAAP financial measures are not intended to be a measure of cash flow or liquidity.  Information included in this supplemental package is unaudited.

Investor Relations Contacts:

Jeffrey H. Foster
Chief Financial Officer
jfoster@dft.com
(202) 478-2333

Steven Rubis
Vice President, Investor Relations
srubis@dft.com
(202) 478-2330