DuPont Fabros Technology, Inc.: CH1 Data Center Is 100% Leased; SC1 Data Center Is 75% Leased
WASHINGTON, Dec. 13, 2012 /PRNewswire/ -- DuPont Fabros Technology, Inc. (NYSE: DFT) announced today that the Company's CH1 data center located in Elk Grove Village, Illinois is 100% leased. CH1 was constructed in two phases totaling 485,000 gross square feet, 231,000 raised square feet and 36.4 megawatts ("MW") of critical load.
The Company recently executed two new leases at CH1 to complete the lease-up: one in Phase I for 0.43 MW and the second in Phase II for 2.6 MW. The first lease is with an existing financial tenant in the Company's New Jersey facility and will commence in the first quarter of 2013. The second lease is with an existing tenant from the Company's Northern Virginia facilities and commences in three phases. The first phase of 1.3 MW will commence in the first quarter of 2013. The remaining 1.3 MW will commence in equal parts in the third and fourth quarters of 2013. All of these above leases commence on the first day of the quarters referenced. At 100% leased, CH1 has nine tenants with a weighted average lease term of 9.9 years and will achieve a 13 percent unlevered GAAP return on invested capital, based on the terms of the existing CH1 leases. As previously disclosed, one tenant in Phase II has the right to relinquish 2.6 MW, or 7% of the building, by notifying the Company in the first quarter of 2013. No notice has been received as of today.
Additionally, the Company also executed a new lease at its SC1 data center located in Santa Clara, California for 5.69 MW, increasing SC1 Phase I from 44% to 75% leased. This lease will commence on the first day of the following three quarters: 2.28 MW in the first quarter, 2.28 MW in the second quarter and 1.13 MW in the fourth quarter of 2013. The weighted average lease term is 8.8 years. This new lease is with an existing tenant which recently renewed a lease at ACC3 and also leased space in Chicago as noted above.
"It has always been our goal to provide our tenants with the best quality and services," commented Hossein Fateh, President and Chief Executive Officer of DuPont Fabros Technology, Inc. "We have further strengthened our relationship with these two tenants and are delighted they have elected to expand with us in new markets."
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 that could cause its actual performance to differ materially from the results contemplated by its forward-looking statements, including, without limitation, the risk that the Company fails to achieve expected returns and the risks associated with the timing of the commencement of leases. 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.