DuPont Fabros Technology, Inc. Announces $80 Million Stock Repurchase Program
WASHINGTON, Nov. 29, 2012 /PRNewswire/ -- DuPont Fabros Technology, Inc. (NYSE: DFT) announced today that the Company's Board of Directors has authorized a share repurchase program to acquire up to $80 million of the Company's common stock from time to time over the next twelve months.
"We believe this initiative provides us with an attractive opportunity to increase shareholder value and reflects our confidence in the strength and growth potential of our business," said Mark L. Wetzel, Chief Financial Officer and Treasurer of DuPont Fabros Technology, Inc.
The Company may repurchase its common shares in amounts and prices as it deems appropriate, all subject to various factors, including the Company's capital position and needs, market conditions, other capital management objectives and opportunities. Under the terms of the repurchase program, repurchases can be made in the open market or in privately negotiated transactions. The repurchase program does not obligate the Company to acquire any specified amount of common stock and, at the Company's discretion, may be modified or suspended at any time. The Company intends to finance any stock repurchases through available cash and its revolving credit facility.
About DuPont Fabros Technology, Inc.
DuPont Fabros Technology, Inc. (NYSE: DFT) is a leading owner, developer, operator and manager of large multi-tenanted wholesale data centers. The Company's facilities are designed to offer highly specialized, efficient, carrier-neutral 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 2.4 million gross square feet and 205 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.
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 in connection with the repurchase program, some of which are outside of the control of the Company, including without limitation market conditions. 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, 2011 and its quarterly reports on Form 10-Q for the quarters ended March 31, 2012, June 30, 2012 and September 30, 2012, 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 contents of this press release.
SOURCE DuPont Fabros Technology, Inc.