WASHINGTON, June 06, 2016 (GLOBE NEWSWIRE) -- DuPont Fabros Technology, Inc. (NYSE:DFT) announced today that it has completed the sale of its NJ1 data center to QTS Realty Trust, Inc. for $125 million, subject to customary prorations and adjustments.
DFT intends to use a portion of the purchase price to redeem the remaining $100 million of Series B Preferred shares that is outstanding. The remaining proceeds will be used to fund developments that are currently in process. The purchase price exceeds the $100 million appraised value of the NJ1 asset and, therefore, DFT will recognize a gain in the second quarter of 2016. This transaction does not change the Company’s previously announced guidance ranges for Normalized Funds From Operations and Adjusted Funds From Operations.
Christopher P. Eldredge, President and Chief Executive Officer, said, “In January, DFT announced its intent to market our NJ1 data center facility because we felt that it is best suited for retail-oriented operations. We are happy to announce the completion of the sale process. This transaction allows DFT to focus its capital and other resources on our core strategy, the development and operation of wholesale data centers.”
NJ1 is a 360,000 gross square foot facility located in Piscataway, New Jersey. The data center consists of two phases. NJ1 Phase I contains approximately 88,000 square feet or raised floor area, and has 18.2 megawatts of critical load power available for use by customers. NJ1 Phase II is available for future development.
Stifel, Nicolaus & Company, Incorporated served as exclusive financial advisor to DFT for this transaction.
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-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 11 data centers are located in three major U.S. markets, which total 3.1 million gross square feet and 267 megawatts of available critical load to power the servers and computing equipment of its customers. DuPont Fabros Technology is a real estate investment trust (REIT) headquartered in Washington, D.C. For more information, please visit www.dft.com
