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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549





FORM 10-K





(Mark One)

|x | Annual Report Pursuant To Section 13 Or 15(d) Of The Securities Exchange Act Of 1934
|- | ------------------------------------------------------------------------------------

For The Fiscal Year Ended December 31, 2010

Or



| ̈ | Transition Report Pursuant To Section 13 Or 15(d) Of The Securities Exchange Act Of 1934
|- | ----------------------------------------------------------------------------------------

For The Transition Period From
                     To

Commission file number 001-33748





DUPONT FABROS TECHNOLOGY, INC.

DUPONT FABROS TECHNOLOGY, L.P.

(Exact name of registrant as specified in
its charter)







|                                                                                    |  |                                     
|----------------------------------------------------------------------------------- |  | ------------------------------------
|Maryland (DuPont Fabros Technology, Inc.)
Maryland (DuPont Fabros Technology, L.P.) |  | 20-8718331 26-0559473               
|(State or other jurisdiction of
Incorporation or organization)                      |  | (IRS employer identification number)
|                                                                                    | 
|1212 New York Avenue, NW, Suite 900
Washington, DC                                  |  | 20005                               
|(Address of principal executive offices)                                            |  | (Zip Code)                          

(202)
728-0044

(Registrants telephone number, including area code)





Securities registered pursuant to Section 12(b) of the Act:



|                                                                                                         |  |                                                
|-------------------------------------------------------------------------------------------------------- |  | -----------------------------------------------
|Title of Class                                                                                           |  | Name of Exchange upon Which Registered         
|Common Stock, $0.001 par value per share
7.875% Series A Cumulative Redeemable Perpetual Preferred Stock |  | New York Stock Exchange New York Stock Exchange

Securities registered pursuant
to Section 12(g) of the Act: None





Indicate by
check mark whether the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  x    No   ̈

Indicate by check mark whether the registrant is not required to file reports
pursuant to Section 13 or Section 15(d) of the Act.    Yes   ̈    No  x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90
days.    Yes  x    No   ̈

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes   ̈    No   ̈

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulations S-K is not contained herein, and will not be contained, to the best of registrants knowledge, in
definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment of this Form 10-K.  x

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller
reporting company. See the definitions of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):



|                        |  |   |  |                                               |  |                           |  |  
|----------------------- |  | - |  | --------------------------------------------- |  | ------------------------- |  | -
|Large accelerated filer |  | x |  |                                               |  | Accelerated filer         |  |  ̈
|Non-accelerated filer   |  |  ̈ |  | (Do not check if a smaller reporting company) |  | Smaller reporting company |  |  ̈

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the
Act).    Yes   ̈    No  x

The aggregate market value of common shares held by non-affiliates of the Registrant was $1,418 million as of June 30, 2010.

As of February 23, 2011, there were 60,837,298 shares of the registrants Common Stock, $0.001 par value per share,
outstanding.

Documents Incorporated By Reference

Portions of the Companys Definitive Proxy Statement relating to its 2011 Annual Meeting of Stockholders scheduled for May 25,
2011 to be filed with the Securities and Exchange Commission by no later than April 30, 2011, are incorporated by reference in Part III, Items 10-14 of this Annual Report on Form 10-K as indicated herein.









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TABLE OF CONTENTS



|                                                  |  |                                                                                                              |     |      |     | 
|------------------------------------------------- |  | ------------------------------------------------------------------------------------------------------------ | --- | ---- | --- | 
|                                                  |  |                                                                                                              |     | Page |    
|SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS |  |                                                                                                              | 1   |     
|                                                  |  |                                                                                                             
|PART I                                            |  |                                                                                                              |     |      |     | 
|                                                  |  |                                                                                                             
|ITEM 1.                                           |  | BUSINESS                                                                                                     |     |      | 3   | 
|                                                  |  |                                                                                                             
|ITEM 1A.                                          |  | RISK FACTORS                                                                                                 |     |      | 11  | 
|                                                  |  |                                                                                                             
|ITEM 1B.                                          |  | UNRESOLVED STAFF COMMENTS                                                                                    |     |      | 30  | 
|                                                  |  |                                                                                                             
|ITEM 2.                                           |  | PROPERTIES                                                                                                   |     |      | 30  | 
|                                                  |  |                                                                                                             
|ITEM 3.                                           |  | LEGAL PROCEEDINGS                                                                                            |     |      | 31  | 
|                                                  |  |                                                                                                             
|ITEM 4.                                           |  | RESERVED                                                                                                     |     |      | 31  | 
|                                                  |  |                                                                                                             
|PART II                                           |  |                                                                                                              |     |      |     | 
|                                                  |  |                                                                                                             
|ITEM 5.                                           |  | MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES |     |      | 32  | 
|                                                  |  |                                                                                                             
|ITEM 6.                                           |  | SELECTED FINANCIAL DATA                                                                                      |     |      | 34  | 
|                                                  |  |                                                                                                             
|ITEM 7.                                           |  | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS                        |     |      | 39  | 
|                                                  |  |                                                                                                             
|ITEM 7A.                                          |  | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK                                                   |     |      | 56  | 
|                                                  |  |                                                                                                             
|ITEM 8.                                           |  | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA                                                                  |     |      | 57  | 
|                                                  |  |                                                                                                             
|ITEM 9.                                           |  | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL
DISCLOSURE                         |     |      | 129 | 
|                                                  |  |                                                                                                             
|ITEM 9A.                                          |  | CONTROLS AND PROCEDURES                                                                                      |     |      | 129 | 
|                                                  |  |                                                                                                             
|ITEM 9B.                                          |  | OTHER INFORMATION                                                                                            |     |      | 131 | 
|                                                  |  |                                                                                                             
|PART III                                          |  |                                                                                                              |     |      |     | 
|                                                  |  |                                                                                                             
|ITEM 10.                                          |  | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE                                                       |     |      | 132 | 
|                                                  |  |                                                                                                             
|ITEM 11.                                          |  | EXECUTIVE COMPENSATION                                                                                       |     |      | 132 | 
|                                                  |  |                                                                                                             
|ITEM 12.                                          |  | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDERS
MATTERS              |     |      | 132 | 
|                                                  |  |                                                                                                             
|ITEM 13.                                          |  | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE                                     |     |      | 132 | 
|                                                  |  |                                                                                                             
|ITEM 14.                                          |  | PRINCIPAL ACCOUNTANT FEES AND SERVICES                                                                       |     |      | 132 | 
|                                                  |  |                                                                                                             
|PART IV                                           |  |                                                                                                              |     |      |     | 
|                                                  |  |                                                                                                             
|ITEM 15.                                          |  | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES                                                                   |     |      | 133 | 
|                                                  | 
|SIGNATURES                                        |  |                                                                                                              | 138 |     



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SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

The following discussion should be read in conjunction with the financial statements and notes thereto appearing
elsewhere in this report. This report contains forward-looking statements within the meaning of the federal securities laws. The Company cautions investors that any forward-looking statements presented in this report, or which management may make
orally or in writing from time to time, are based on managements beliefs and assumptions made by, and information currently available to, management. When used, the words anticipate, believe, expect,
intend, may, might, plan, estimate, project, should, will, result and similar expressions, which do not relate solely to historical matters,
are intended to identify forward-looking statements. Such statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties and
factors that are beyond the Companys control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or projected.
The Company cautions you that while forward-looking statements reflect its good faith beliefs when the Company makes them, they are not guarantees of future performance and are impacted by actual events when they occur after the Company makes such
statements. The Company expressly disclaims any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, investors should use caution in relying
on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

Some of the risks and uncertainties that may cause the Companys actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements
include, among others, the following:



| |  |  | adverse general or local economic or real estate developments in the Companys markets or the technology industry, including a continued and
prolonged economic downturn;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | failure to successfully operate stabilized properties;
| | - |  | ------------------------------------------------------



| |  |  | defaults on or non-renewal of leases by tenants, including by the Companys three largest tenants that accounted for 60% of the Companys
annualized base rent as of December 31, 2010;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | failure to successfully complete or delays in completing the Companys development properties (including, without limitation, as a result of
failing to obtain financing or construction, occupancy or related permits) or failure to lease-up once completed;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | failure to obtain necessary financing, extend the maturity of or refinance the Companys existing debt, or comply with the financial and other
covenants of the agreements that govern the Companys existing debt;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | decreased rental rates, increased vacancy rates or tenant bankruptcies;
| | - |  | -----------------------------------------------------------------------



| |  |  | increased interest rates;
| | - |  | -------------------------



| |  |  | the failure to qualify and maintain qualification as a real estate investment trust, or REIT;
| | - |  | ---------------------------------------------------------------------------------------------



| |  |  | adverse changes in tax laws;
| | - |  | ----------------------------



| |  |  | environmental uncertainties;
| | - |  | ----------------------------



| |  |  | risks related to natural disasters;
| | - |  | -----------------------------------



| |  |  | financial market fluctuations, including disruptions in the credit markets and the availability of capital and other financing; and
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------



| |  |  | changes in real estate and zoning laws.
| | - |  | ---------------------------------------



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For a detailed discussion of certain of the risks and uncertainties that could cause the
Companys future results to differ materially from any forward-looking statements, see the risk factors described in Item 1A herein and in other documents that the Company files from time to time with the Securities and Exchange Commission
(SEC). The risks and uncertainties discussed in these reports are not exhaustive. The Company operates in a very competitive and rapidly changing environment and new risk factors may emerge from time to time. It is not possible for
management to predict all such risk factors, nor can it assess the impact of all such risk factors on the Companys business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those
contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.



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PART I



|ITEM 1. | BUSINESS
|------- | --------

The Company

DuPont Fabros Technology, Inc. (the REIT or DFT) was formed on March 2, 2007 under the laws of the State of
Maryland and is headquartered in Washington, D.C. DFT is a fully integrated, self-administered and self-managed company that owns, acquires, develops and operates wholesale data centers. DFT elected to be taxed as a real estate investment trust, or
REIT, for federal income tax purposes commencing with the taxable year ended December 31, 2007. DFT is the sole general partner of, and, as of December 31, 2010, owned 73.2% of the economic interest in, DuPont Fabros Technology, L.P. (the
Operating Partnership or OP and collectively with DFT and their operating subsidiaries, the Company). The remaining 26.8% economic interest was owned by redeemable noncontrolling interestsoperating
partnership. DFTs common stock trades on the New York Stock Exchange, or NYSE, under the symbol DFT. DFTs preferred stock trades on the NYSE under the symbol DFTPrA.

The Company is a leading owner, developer, operator and manager of large-scale data center facilities leased to tenants under long-term
leasescommonly referred to as wholesale data centers. The Companys data centers are highly specialized, secure facilities used by the Companys tenantsprimarily national and international technology companies,
including Microsoft, Yahoo!, Facebook and Googleto house, power and cool the computer servers which support many of their most critical business processes. The Company leases the raised square footage and available power of each of the
Companys facilities to tenants under long-term triple-net leases, most of which contain annual rental increases. The Companys data centers are strategically located in major population centers with significant electrical power
availability and hubs of extensive fiber network connectivity. For the year ended December 31, 2010, the Company generated $242.5 million of total revenues, $43.7 million in net income and $27.3 million of net income attributable to common
shares, and, as of December 31, 2010, the Company had total assets of $2.4 billion.

As of December 31, 2010, the
Company held a fee simple interest in eight operating data centersreferred to as ACC2, ACC3, ACC4, ACC5, VA3, VA4, CH1 Phase I and NJ1 Phase I; two data center properties currently under developmentreferred to as SC1 Phase I and ACC6
Phase I; four data center properties held for future developmentreferred to as CH1 Phase II, NJ1 Phase II, SC1 Phase II and ACC6 Phase II; and land to be used to develop two additional data centersreferred to as ACC7 and SC2 Phases I/II.
With this portfolio of operating and development properties, the Company believes that it is well positioned as a fully integrated wholesale data center provider, capable of developing, leasing, operating and managing the Companys growing
portfolio.

The Company derives substantially all of its revenue from rents received from tenants under existing leases at
each of the Companys operating properties. The Company believes that its data centers are engineered to the highest specifications commercially available and provide sufficient power to meet the needs of the worlds largest technology
companies. The Companys data center in Northern Virginia known as ACC5 is the prototype for the Companys ground-up developments due to its enhanced power capacity and flexible design, which enables the Company to accommodate both smaller
and larger tenants in a single, secure facility. The ACC5 data center is designed to provide tenants with a total of 36.4 megawatts, or MW, of power, which the Company refers to as critical load. Critical load is that portion of each facilitys
total power capacity that is made available for the exclusive use by the Companys tenants to operate their computer servers. Because the Company believes that critical load is the primary factor used by tenants in evaluating their data center
requirements, the Companys rents are based primarily on the amount of power made available to its tenants, rather than the amount of space that they occupy. Accordingly, throughout this Form 10-K, we discuss our operations in terms of critical
load because it is one of the primary metrics that the Company uses to manage its business. Also provided is information relating to a facilitys total gross building area and its raised square footage, which is the net rentable square footage
of each of the Companys facilities.



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Through the Companys taxable REIT subsidiary, the Company also provides certain
technical services to its tenants as a contractor on a purchase order basis, including layout design and installation of electrical power circuits, data cabling, server cabinets and racks, computer room airflow analyses and monitoring and other
services requested by its tenants.

Market Opportunity

Data centers are buildings that house a large number of computer servers and include the key related infrastructure necessary for operation of the servers, including systems for power distribution,
environmental control, fire suppression and security. Network access is typically provided into a data center using optical fiber. The data center market in North America is highly fragmented with more than 350 companies providing different forms of
internet data center services. Wholesale data center providers lease to a limited number of tenants relatively large amounts of data center space, which are referred to as cells or pods, that generally range in size from 2,500 to 40,000 square feet.
In contrast, colocation providers operate on a retail model and rent space to many customers based on individual racks/cabinets or cages which generally range in size from 500 to 5,000 square feet in size. There are a limited number of wholesale
providers in the data center market to meet the growing demand from technology companies. Wholesale providers generally offer greater power through a single data center facility than can a colocation provider; provide savings on the cost to operate
the data center infrastructure through economies of scale; provide secure facilities with on-site security staffed 24 hours a day, seven days a week to support critical business processes; and allow technology companies to manage their own servers.

The global wholesale data center market is projected to grow approximately 15% each year through 2014, according to
Tier1Researchs January 2011 report Multi-Tenant Datacenter Supply 2011. The Company believes that the total data center market is increasing primarily as a result of the continued strong growth in Internet traffic. Tier1Research
estimates that internet traffic is growing more than 50% per annum. Tier1Research also estimates that market demand for multi-tenant data center space will continue unabated through 2013.

Competitive Strengths

The Company believes that it distinguishes itself from other data center providers through the following competitive strengths:

Data centers strategically located with high power capacity. The Companys operating and planned development
properties are strategically located in the Northern Virginia; suburban Chicago, Illinois; Piscataway, New Jersey and Santa Clara, California markets, each of which is located near sources of abundant and relatively inexpensive power, major
population centers and significant fiber optic networks. The Company believes these locations help attract and retain tenants because access to less expensive power yields significant cost savings for its tenants under the terms of its triple-net
leases, and the proximity to large population centers enhances performance by reducing latency (the time it takes a packet of information to reach the end user). Additionally, the Companys facilities are engineered to provide critical load
sufficient to serve many of the worlds largest technology companies, which require more power than colocation facilities are designed to provide.

Long-term triple net leases to industry-leading tenants with strong credit. The Companys tenant base includes leading national and international technology companies, such as Microsoft,
Yahoo!, Facebook and Google. As of December 31, 2010, the Companys three largest tenants, Microsoft, Yahoo! and Facebook, which are currently under long term leases with staggered lease expirations, collectively accounted for 60% of its
annualized base rent. Under the terms of its triple net leases, the Companys tenants occupy all or a percentage of each of its data centers and are obligated to reimburse it for property-level operating expenses. In addition, under the
Companys triple-net lease structure, its tenants pay for only the power they use and power that is used to cool their space. The Company believes that this lease structure, together with the economies of scale resulting from the size of its
data centers, results in its tenants paying less for power and operating expenses over time than they would in a comparable colocation setting, where power costs and operating expenses are included in the



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license fee paid to the provider. The Companys leases provide for annual rent increases, and, as of December 31, 2010, the Companys weighted average remaining lease term was
approximately 6.9 years.

Strong development track record and pipeline. The Company currently owns and operates eight
data centers, seven of which are 100% leased as of February 8, 2011. NJ1, which is 22% leased as of February 8, 2011, was placed into service in November 2010. The Company believes that its in-house development expertise, together with its
relationships with contractors who are experienced in the construction of data centers, gives it a significant advantage over those of the Companys competitors who are required to rely exclusively on third parties to develop and maintain their
properties. The Company also believes that its development properties and parcels of land suitable for data center development gives it an advantage over those of its competitors who may have to acquire suitable sites for future development.

Business Strategy

The Companys primary business objective is to maximize cash flow through the prudent management of a balanced portfolio of operating and development properties. The Companys business
strategies to achieve these objectives are:

Maximize cash flow from existing properties. The Company derives
substantially all of its revenue from rents received from tenants under existing leases at each of its operating properties. The Company strives to maximize its cash flows under these leases by including a monthly base rent obligation and property
management fee to compensate it for the management of its properties, and a triple net structure, which obligates the Companys tenants to reimburse it for the costs that it incurs to operate the data center, including the cost of
electricity used by tenants to power their computer equipment and their pro rata share of most other operating expenses, such as real estate taxes and insurance. The Companys leases provide for annual increases of base renteither a flat
rate of about 3% or in some cases based on the consumer price index. The Company currently is focused on leasing the first phase of its NJ1 facility, which is 22% leased as of February 8, 2011.

Expand and diversify tenant base.The Companys existing tenant base consists primarily of large technology companies, and
three of its stabilized data center properties are leased by its two largest tenants under long-term leases with staggered lease expirations in each facility. The Company seeks to expand and diversify its tenant base by marketing its remaining
available space at its existing properties and new space at its development properties to other customers, including financial services companies, government agencies and enterprise companies, which demand data center space in smaller
quantitiesgenerally 10 MW or lessthan large technology companies. The Company believes that its wholesale data center model offers these customers a number of important advantages compared to a typical colocation facility, including the
ability to realize economies of scale (such as bulk-priced power contracts) by sharing the facility with larger users, while at the same time enjoying tightly controlled access to their own dedicated and secure computer room. The Companys
triple-net lease terms also enable these customers to control costs during any ramp-up phase (the period before they are utilizing all of the power they have contracted for). The Company has attracted these types of customers to its data center
properties. The Company will continue to market its properties to technology companies, financial services companies, government agencies and enterprise companies.

Prudently build-out the current development pipeline.In May 2010, the Company commenced development of the first phase of its ACC6 data center and resumed development of the first phase of its SC1
data center. The Company expects to complete these two data centers in the third quarter of 2011. Over time, after it has secured adequate financing, the Company plans to develop its existing development properties: ACC7 located in Northern
Virginia, SC2 located in Santa Clara, California, and the second phases of CH1, NJ1, ACC6 and SC1. Through these developments, the Company will diversify its geographic footprint and provide new and existing tenants with various geographic options.
The Company intends to finance future developments through a combination of equity and debt capital.



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Properties

Operating Properties

The following table presents a summary of the
Companys operating properties as December 31, 2010:

Operating Properties

As of December 31, 2010



|                           |  |                   |                       |  |                      |  |           |                       |  |  |                      |         |  |                    |         |       |             |  |      |                |  |  |     |   |  |  |     |  
|-------------------------- |  | ----------------- | --------------------- |  | -------------------- |  | --------- | --------------------- |  |  | -------------------- | ------- |  | ------------------ | ------- | ----- | ----------- |  | ---- | -------------- |  |  | --- | - |  |  | --- | -
|Property                   |  | Property Location |                       |  | Year Built/Renovated |  |           | GrossBuildingArea (2) |  |  | RaisedSquareFeet (3) |         |  | CriticalLoadMW (4) |         |       | %Leased (5) |  |      | %Commenced (5) | 
|Stabilized (1)             |  |                   |                       |  |                      |  |           |                       |  |  |                      |         |  |                    |         |       |             |  |      |                |  |  |     |   |  |  |     |  
|ACC2                       |  |                   | Ashburn, VA           |  |                      |  | 2001/2005 |                       |  |  | 87,000               |         |  |                    | 53,000  |       |             |  | 10.4 |                |  |  | 100 | % |  |  | 100 | %
|ACC3                       |  |                   | Ashburn, VA           |  |                      |  | 2001/2006 |                       |  |  | 147,000              |         |  |                    | 80,000  |       |             |  | 13.9 |                |  |  | 100 | % |  |  | 100 | %
|ACC4                       |  |                   | Ashburn, VA           |  |                      |  | 2007      |                       |  |  | 347,000              |         |  |                    | 172,000 |       |             |  | 36.4 |                |  |  | 100 | % |  |  | 100 | %
|ACC5 (6)                   |  |                   | Ashburn, VA           |  |                      |  | 2009-2010 |                       |  |  | 360,000              |         |  |                    | 176,000 |       |             |  | 36.4 |                |  |  | 88  | % |  |  | 88  | %
|CH1 Phase I                |  |                   | Elk Grove Village, IL |  |                      |  | 2008      |                       |  |  | 285,000              |         |  |                    | 122,000 |       |             |  | 18.2 |                |  |  | 100 | % |  |  | 100 | %
|VA3                        |  |                   | Reston, VA            |  |                      |  | 2003      |                       |  |  | 256,000              |         |  |                    | 147,000 |       |             |  | 13.0 |                |  |  | 100 | % |  |  | 100 | %
|VA4                        |  |                   | Bristow, VA           |  |                      |  | 2005      |                       |  |  | 230,000              |         |  |                    | 90,000  |       |             |  | 9.6  |                |  |  | 100 | % |  |  | 100 | %
|                           |  |                   |                       |  |                      |  |           |                       |  |  |                      |         |  |                    |         |       |             |  |      |                |  |  |     |   |  |  |     |  
|Subtotalstabilized        |  |                   |                       |  |                      |  |           | 1,712,000             |  |  |                      | 840,000 |  |                    |         | 137.9 |             |  |      |                |  |  |     |   | 
|Completed not Stabilized   |  |                   |                       |  |                      |  |           |                       |  |  |                      |         |  |                    |         |       |             |  |      |                |  |  |     |   | 
|NJ1 Phase I (6)            |  |                   | Piscataway, NJ        |  |                      |  | 2010      |                       |  |  | 180,000              |         |  |                    | 88,000  |       |             |  | 18.2 |                |  |  | 22  | % |  |  | 6   | %
|                           |  |                   |                       |  |                      |  |           |                       |  |  |                      |         |  |                    |         |       |             |  |      |                |  |  |     |   |  |  |     |  
|Total Operating Properties |  |                   |                       |  |                      |  |           | 1,892,000             |  |  |                      | 928,000 |  |                    |         | 156.1 |             |  |      |                |  |  |     |   | 
|                           |  |                   |                       |  |                      |  |           |                       |  |  |                      |         |  |                    |         |       |             |  |      |                |  |  |     |   |  |  |     |  



|(1) | Stabilized operating properties are either 85% or more leased or have been in service for 24 months or greater.
|--- | ---------------------------------------------------------------------------------------------------------------

|(2) | Gross building area is the entire building area, including raised square footage (the portion of gross building area where the tenants computer servers are
located), tenant common areas, areas controlled by the Company (such as the mechanical, telecommunications and utility rooms) and, in some facilities, individual office and storage space leased on an as available basis to the tenants.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Raised square footage is that portion of gross building area where the tenants locate their computer servers. The Company considers raised square footage to be the net
rentable square footage in each of its facilities.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | Critical load (also referred to as IT load or load used by tenants servers or related equipment) is the power available for exclusive use by tenants expressed in
terms of megawatt, or MW, or kilowatt, or kW (1 MW is equal to 1,000 kW).
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(5) | Percentage leased is expressed as a percentage of critical load that is subject to an executed lease. Percentage commenced is expressed as a percentage of critical load
where the lease has commenced under generally accepted accounting principles. Leases executed as of December 31, 2010 (including the 16% of NJ1 Phase I leased but not commenced) represent $185 million of base rent on a straight-line basis and
$154 million on a cash basis over the next twelve months. This excludes contractual management fees and approximately $2 million net amortization increase in revenue of above and below market leases.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(6) | As of February 8, 2011, ACC5 is 100% leased and 100% commenced, and NJ1 Phase I is 22% leased and 9% commenced.
|--- | ---------------------------------------------------------------------------------------------------------------

Tenant Diversification

As of December 31, 2010, the Companys portfolio was leased to 27 data center tenants with 58 different lease expiration dates. As of December 31, 2010, the Companys three largest
tenants, Yahoo!, Microsoft and Facebook, accounted for 60% of its annualized base rent. Revenues from Yahoo!, which were $63.0 million in 2010, Microsoft, which were $54.3 million in 2010, and Facebook, which were $40.0 million in 2010, each
accounted for greater than 10% of its 2010 consolidated revenues. The Company has three leases with one of



6



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##### Table of Contents

these tenants with expiration dates ranging from 2012 to 2019 and options by the tenant to renew these leases for five years. The Company has two leases with another of these tenants with
expiration dates ranging from 2012 to 2018 and options by the tenant to renew these leases for periods ranging from 8 to 16 years. The Company has two leases with another of these tenants with expiration dates ranging from 2018 to 2022 with options
by the tenant to renew these leases for five years. For revenue information for these three tenants for the last three years, see Note 5 to the Companys consolidated financial statements included herein.

Lease Expirations

Lease Expirations

As of December 31, 2010

The following table sets forth a summary schedule of lease expirations of the operating properties for each of the
ten calendar years beginning with 2011. The information set forth in the table assumes that tenants exercise no renewal options and takes into account early tenant termination options.



|                         |  |                             |    |  |                                             |  |     |                              |  |  |                               |   |  |               |         |  |                         |  |      |   |  |  |      |  
|------------------------ |  | --------------------------- | -- |  | ------------------------------------------- |  | --- | ---------------------------- |  |  | ----------------------------- | - |  | ------------- | ------- |  | ----------------------- |  | ---- | - |  |  | ---- | -
|Year of Lease Expiration |  | Numberof LeasesExpiring (1) |    |  | RaisedSquare FeetExpiring(in thousands) (2) |  |     | % of LeasedRaisedSquare Feet |  |  | Total kWof ExpiringLeases (3) |   |  | % ofLeased kW |         |  | % ofAnnualizedBase Rent | 
|2011                     |  |                             | 1  |  |                                             |  | 5   |                              |  |  | 0.6                           | % |  |               | 1,138   |  |                         |  | 0.8  | % |  |  | 0.9  | %
|2012                     |  |                             | 2  |  |                                             |  | 82  |                              |  |  | 9.8                           | % |  |               | 7,340   |  |                         |  | 5.3  | % |  |  | 4.8  | %
|2013                     |  |                             | 3  |  |                                             |  | 45  |                              |  |  | 5.4                           | % |  |               | 4,630   |  |                         |  | 3.4  | % |  |  | 2.4  | %
|2014                     |  |                             | 7  |  |                                             |  | 50  |                              |  |  | 5.9                           | % |  |               | 7,887   |  |                         |  | 5.7  | % |  |  | 6.0  | %
|2015                     |  |                             | 7  |  |                                             |  | 99  |                              |  |  | 11.8                          | % |  |               | 17,850  |  |                         |  | 13.0 | % |  |  | 12.0 | %
|2016                     |  |                             | 4  |  |                                             |  | 72  |                              |  |  | 8.6                           | % |  |               | 10,423  |  |                         |  | 7.6  | % |  |  | 7.6  | %
|2017                     |  |                             | 6  |  |                                             |  | 80  |                              |  |  | 9.6                           | % |  |               | 13,388  |  |                         |  | 9.8  | % |  |  | 9.9  | %
|2018                     |  |                             | 4  |  |                                             |  | 75  |                              |  |  | 9.0                           | % |  |               | 15,309  |  |                         |  | 11.2 | % |  |  | 11.4 | %
|2019                     |  |                             | 9  |  |                                             |  | 119 |                              |  |  | 14.3                          | % |  |               | 21,500  |  |                         |  | 15.7 | % |  |  | 14.5 | %
|2020                     |  |                             | 6  |  |                                             |  | 65  |                              |  |  | 7.7                           | % |  |               | 11,862  |  |                         |  | 8.6  | % |  |  | 9.5  | %
|After 2020               |  |                             | 9  |  |                                             |  | 145 |                              |  |  | 17.3                          | % |  |               | 26,003  |  |                         |  | 18.9 | % |  |  | 21.0 | %
|                         |  |                             |    |  |                                             |  |     |                              |  |  |                               |   |  |               |         |  |                         |  |      |   |  |  |      |  
|Total                    |  |                             | 58 |  |                                             |  | 837 |                              |  |  | 100                           | % |  |               | 137,330 |  |                         |  | 100  | % |  |  | 100  | %
|                         |  |                             |    |  |                                             |  |     |                              |  |  |                               |   |  |               |         |  |                         |  |      |   |  |  |      |  



|(1) | The operating properties have a total of 27 tenants with 58 different lease expiration dates. The top three tenants represented 60% of annualized base rent as of
December 31, 2010.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Raised square footage is that portion of gross building area where the tenants locate their computer servers. The Company considers raised square footage to be the net
rentable square footage in each of its facilities.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | One MW is equal to 1,000 kW.
|--- | ----------------------------



7



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##### Table of Contents

Development Projects

The following table presents a summary of the Companys development properties as of December 31, 2010:

Development Projects

As of December 31, 2010

($ in thousands)



|                                   |  |                           |  |                       |           |  |                      |  |         |                    |  |  |                         |  |  |                                                        |                   |  |                      |   |         |  |  |  |   |  
|---------------------------------- |  | ------------------------- |  | --------------------- | --------- |  | -------------------- |  | ------- | ------------------ |  |  | ----------------------- |  |  | ------------------------------------------------------ | ----------------- |  | -------------------- | - | ------- |  |  |  | - | -
|Property                           |  | Property Location         |  | GrossBuildingArea (1) |           |  | RaisedSquareFeet (2) |  |         | CriticalLoadMW (3) |  |  | EstimatedTotal Cost (4) |  |  | Constructionin Progress &
Land Held forDevelopment (5) |                   |  | PercentagePre-Leased |  
|Current Development Projects       |  |                           |  |                       |           |  |                      |  |         |                    |  |  |                         |  |  |                                                        |                   |  |                      |   |         |  |  | 
|SC1 Phase I                        |  | Santa Clara, CA (6)       |  |                       | 180,000   |  |                      |  | 88,000  |                    |  |  | 18.2                    |  |  | $                                                      | 230,000 - 260,000 |  |                      | $ | 146,787 |  |  |  | 0 | %
|ACC6 Phase I                       |  | Ashburn, VA (6)           |  |                       | 131,000   |  |                      |  | 66,000  |                    |  |  | 13.0                    |  |  |                                                        | 110,000 - 130,000 |  |                      |   | 60,167  |  |  |  | 0 | %
|                                   |  |                           |  |                       |           |  |                      |  |         |                    |  |  |                         |  |  |                                                        |                   |  |                      |   |         |  |  |  |   |  
|                                   |  |                           |  |                       | 311,000   |  |                      |  | 154,000 |                    |  |  | 31.2                    |  |  | $                                                      | 340,000 - 390,000 |  |                      |   | 206,954 |  |  |  |   |  
|                                   |  |                           |  |                       |           |  |                      |  |         |                    |  |  |                         |  |  |                                                        |                   |  |                      |   |         |  |  |  |   |  
|Future Development Projects/Phases |  |                           |  |                       |           |  |                      |  |         |                    |  |  |                         |  |  |                                                        |                   |  |                      |   |         |  |  | 
|CH1 Phase II                       |  | Elk Grove Village, IL (7) |  |                       | 200,000   |  |                      |  | 109,000 |                    |  |  | 18.2                    |  |  |                                                        | $ 17,715          |  |                      |   | 17,715  |  |  |  |   |  
|NJ1 Phase II                       |  | Piscataway, NJ            |  |                       | 180,000   |  |                      |  | 88,000  |                    |  |  | 18.2                    |  |  |                                                        | 44,000 -   46,000 |  |                      |   | 39,275  |  |  |  |   |  
|SC1 Phase II                       |  | Santa Clara, CA           |  |                       | 180,000   |  |                      |  | 88,000  |                    |  |  | 18.2                    |  |  |                                                        | 50,000 -   60,000 |  |                      |   | 46,225  |  |  |  |   |  
|ACC6 Phase II                      |  | Ashburn, VA               |  |                       | 131,000   |  |                      |  | 66,000  |                    |  |  | 13.0                    |  |  |                                                        | 25,000 -   30,000 |  |                      |   | 20,053  |  |  |  |   |  
|                                   |  |                           |  |                       |           |  |                      |  |         |                    |  |  |                         |  |  |                                                        |                   |  |                      |   |         |  |  |  |   |  
|                                   |  |                           |  |                       | 691,000   |  |                      |  | 351,000 |                    |  |  | 67.6                    |  |  | $                                                      | 136,715 - 153,715 |  |                      |   | 123,268 |  |  |  |   |  
|                                   |  |                           |  |                       |           |  |                      |  |         |                    |  |  |                         |  |  |                                                        |                   |  |                      |   |         |  |  |  |   |  
|Land Held for Development          |  |                           |  |                       |           |  |                      |  |         |                    |  |  |                         |  |  |                                                        |                   |  |                      |   |         |  |  | 
|ACC7                               |  | Ashburn, VA               |  |                       | 100,000   |  |                      |  | 50,000  |                    |  |  | 10.4                    |  |  |                                                        |                  |  |                      |   | 4,242   |  |  |  |   |  
|SC2 Phase I/II                     |  | Santa Clara, CA           |  |                       | 300,000   |  |                      |  | 171,000 |                    |  |  | 36.4                    |  |  |                                                        |                  |  |                      |   | 2,222   |  |  |  |   |  
|                                   |  |                           |  |                       |           |  |                      |  |         |                    |  |  |                         |  |  |                                                        |                   |  |                      |   |         |  |  |  |   |  
|                                   |  |                           |  |                       | 400,000   |  |                      |  | 221,000 |                    |  |  | 46.8                    |  |  |                                                        |                   |  |                      |   | 6,464   |  |  |  |   |  
|                                   |  |                           |  |                       |           |  |                      |  |         |                    |  |  |                         |  |  |                                                        |                   |  |                      |   |         |  |  |  |   |  
|Total                              |  |                           |  |                       | 1,402,000 |  |                      |  | 726,000 |                    |  |  | 145.6                   |  |  |                                                        |                   |  |                      | $ | 336,686 |  |  |  |   |  
|                                   |  |                           |  |                       |           |  |                      |  |         |                    |  |  |                         |  |  |                                                        |                   |  |                      |   |         |  |  |  |   |  



|(1) | Gross building area is the entire building area, including raised square footage (the portion of gross building area where the tenants computer servers are
located), tenant common areas, areas controlled by the Company (such as the mechanical, telecommunications and utility rooms) and, in some facilities, individual office and storage space leased on an as available basis to the tenants.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Raised square footage is that portion of gross building area where the tenants locate their computer servers. The Company considers raised square footage to be the net
rentable square footage in each of its facilities.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Critical load (also referred to as IT load or load used by tenants servers or related equipment) is the power available for exclusive use by tenants expressed in
terms of MW or kW (1 MW is equal to 1,000 kW).
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | Current development projects include land, capitalization for construction and development, capitalized interest and capitalized operating carrying costs, as
applicable, upon completion. Future Phase II development projects include land, shell, underground work and capitalized interest through Phase I opening only; CH1 Phase II project costs includes land, shell and capitalized interest only.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(5) | Amount capitalized as of December 31, 2010.
|--- | -------------------------------------------

|(6) | Completion expected during the third quarter of 2011.
|--- | -----------------------------------------------------

|(7) | As of February 8, 2011, CH1 Phase II is 29% pre-leased.
|--- | -------------------------------------------------------

Competition

The Company believes it has two types of competitors:



| |  |  | Companies who choose to build, own and operate their own datacenters rather than outsource, and
| | - |  | -----------------------------------------------------------------------------------------------



| |  |  | Developers of both wholesale and colocation data centers.
| | - |  | ---------------------------------------------------------

In operating and managing its portfolio, the Company competes for tenants based on factors including location, available critical load, amount of raised square footage, flexibility and expertise in the
design and operation of data centers.



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##### Table of Contents

The Company also faces competition for the acquisition of land suitable for the development
of wholesale data centers from real estate developers in its and in other industries. Such competition may have the effect of reducing the number of available properties for acquisition, increasing the price of any acquisition, and reducing the
supply of wholesale data center space in the markets the Company seeks to serve.

Regulation

Americans With Disabilities Act

The Companys properties must comply with Title III of the Americans with Disabilities Act, or ADA, to the extent that such properties are public accommodations as defined by the ADA. The
ADA may require removal of structural barriers to access by persons with disabilities in certain public areas of the Companys properties where such removal is readily achievable. While it has not conducted a formal audit or investigation of
its compliance with the ADA, the Company believes that its operating properties are in substantial compliance with the ADA and that it will not be required to make substantial capital expenditures to address the requirements of the ADA. However,
noncompliance with the ADA could result in imposition of fines or an award of damages to private litigants. The obligation to make readily achievable accommodations is an ongoing one, and the Company will continue to assess its properties and make
alterations as appropriate in this respect.

Environmental Matters

Under various federal, state and local laws, regulations and ordinances relating to the protection of the environment, a current or former
owner, operator or tenant of real property may be liable for the cost to remove or remediate contamination resulting from the presence or discharge of hazardous or toxic substances, wastes or petroleum products on, under, from or in such property.
These costs could be substantial and liability under these laws may attach without regard to whether the owner or operator knew of, or was responsible for, the presence of the contaminants, and the liability may be joint and several. Previous owners
used some of the Companys properties for industrial and retail purposes (CH1, NJ1, SC1, SC2 and ACC7), so those properties may contain some level of environmental contamination. In addition, many of the Companys properties presently
contain large fuel storage tanks for emergency power, which is critical to the Companys operations. If any of these tanks has a release of fuel to the environment, the Company would likely have to pay to clean up the contamination. The
presence of contamination or the failure to remediate contamination at the Companys properties may expose it to third-party liability or materially adversely affect its ability to sell, lease or develop the real estate or to borrow using the
real estate as collateral.

Some of the Companys properties may contain asbestos-containing building materials.
Environmental laws require that owners or operators of buildings with asbestos-containing building materials properly manage and maintain these materials, adequately inform or train those who may come into contact with asbestos and undertake special
precautions, including removal or other abatement, in the event that asbestos is disturbed during building renovation or demolition. These laws may impose fines and penalties on building owners or operators for failure to comply with these
requirements. In addition, these laws may also allow third parties to seek recovery from owners or operators for personal injury associated with exposure to asbestos-containing building materials.

Environmental laws and regulations regarding the handling of regulated substances and wastes apply to the Companys properties, in
particular regulations regarding the storage of petroleum for emergency/auxiliary power. The properties in the Companys portfolio are also subject to various federal, state and local health and safety requirements, such as state and local fire
requirements. If the Company or its tenants fail to comply with these various requirements, the Company might incur governmental fines or private damage awards. Moreover, the Company does not know whether existing requirements will change or whether
future requirements will require it to make significant unanticipated expenditures that will materially adversely impact its financial condition, results of operations, cash flow, cash available for distributions, the per share trading price of its



9



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##### Table of Contents

common stock and its ability to satisfy its debt service obligations. The Company requires its tenants to comply with these environmental, health and safety laws and regulations and to indemnify
it for any related liabilities. Environmental noncompliance liability could also affect a tenants ability to make rental payments to the Company.

Although the Companys properties have been subjected to Phase I environmental site assessments, they are limited in scope, and may not identify all potential environmental liabilities or risks
associated with the Companys properties. Unless required by applicable laws or regulations, the Company may not further investigate, remedy or ameliorate the liabilities disclosed in the Phase I assessments.

The Companys NJ1 property located in Piscataway, New Jersey, is subject to New Jerseys Industrial Site Recovery Act, or ISRA.
Under ISRA, the states Department of Environmental Protection, or NJDEP, can require a landowner to undertake efforts to remediate pollution caused by its activities on the site. In this case, the prior owner of the New Jersey site,
GlaxoSmithKline (the Seller) ceased operation at the site in 2004 and has undertaken remediation efforts in accordance with ISRA, including removal of certain structures on the site and remediation of soil and groundwater. The Company
was not involved in the activities that led to the pollution of this site and the Seller remains liable for the cleanup costs. In addition to its responsibilities under ISRA, the Seller is obligated under the surviving provisions of its purchase
contract with the Company to diligently proceed with ISRA compliance, to take all reasonable action to complete the work set forth in the NJDEP-approved remedial actions work plan, and to obtain no further action letters with regard to soils and
groundwater. The Seller has indemnified the Company with regard to any fines, charges or liability in connection with ISRA and compliance therewith. Moreover, the Company is named as an additional insured on a number of the Sellers
environmental, workers compensation, and professional liability insurance policies, and the Company carries insurance regarding some of the risks associated with the known contamination as well. Nonetheless, as the current landowner, under
ISRA, the Company may be held liable for all or a portion of the cost to clean up the site to the extent that Seller is unable or is otherwise not required to pay for the cleanup. The Seller is legally obligated to continue to operate the existing
groundwater remediation system for a number of years in accordance with the Remedial Action Work Plan approved by NJDEP in accordance with ISRA. If the Seller were to cease its monitoring activities, the Company could be required to continue them
under applicable law. However, the Company does not anticipate that such costs would be material and it would seek to recover them from the Seller. The Company does not expect the groundwater remediation system to have a material impact on the
development of the site as presently planned, although it could make it more difficult to sell the property in the future. As a result of the contamination, there are or will be restrictions on certain uses of the property, such as for residential
use. However, the Companys current use is not subject to such restrictions and, furthermore, has been confirmed as a permitted use under applicable zoning regulations and ordinances by the relevant zoning authority, so the Company does not
expect such restrictions to have a material impact on its business. However, if the Company were to be held liable for any unanticipated costs associated with the environmental contamination or on-going cleanup of this site, such costs could be
material and could have a material adverse impact on its financial condition and results of operations.

The Company is
required to obtain a number of permits from various governmental agencies to construct a data center facility, including customary zoning, land use and related permits, and permits from state and local environmental regulatory agencies related to
the installation of the diesel engine generators that it uses for emergency back-up power at its facilities. In addition, various environmental agencies that regulate air quality require that the Company obtains permits for the operation of its
diesel engine generators. These permits set forth specified levels of certain types of emissions permitted from these engines, such as nitrogen oxides. Changes to any applicable regulations, including changes to air quality standards or permitted
emissions levels, that are applicable to the Company could delay or preclude its ability to construct or operate its data center facilities.

Insurance

The Company
carries comprehensive liability, fire, extended coverage, business interruption and rental loss insurance covering all of the properties in its portfolio, which includes coverage for riots, terrorism, acts of God



10



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##### Table of Contents

and floods. The Company has policy specifications and insured limits which it believes to be appropriate given the relative risk of loss, the cost of the coverage and industry practice and, in
the opinion of the Companys management, the properties in its portfolio are currently adequately insured. See Item 1A.Risk FactorsRisks Related to the Companys Business and OperationsAny losses to our properties
that are not covered by insurance, or that exceed our policy coverage limits, would materially adversely affect the Companys financial condition and results of operations. Some risks to the Companys properties, such as losses due
to war, floods and earthquakes, are either not currently insured against or are insured subject to policy limits that may not be sufficient to cover all of the Companys losses.

Employees

As of December 31, 2010, the Company had 83 full-time
employees, with approximately 65 percent located on site at its various data centers in Northern Virginia; suburban Chicago, Illinois; Piscataway, New Jersey and Santa Clara, California, and the remainder located in Washington, D.C. at its corporate
headquarters. The Company believes its relations with its employees are good.

Offices

The Companys headquarters are located at 1212 New York Avenue, N.W., Suite 900, Washington, D.C. 20005, and the Companys phone
number is (202) 728-0044. As of December 31, 2010, the Company leased approximately 9,337 square feet of office space in this building. The Company believes its current offices are adequate for its current operations.

Available Information

The Company maintains a website, http://www.dft.com, which contains additional information concerning the Company. The Company makes
available, free of charge through its website, its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of
the Exchange Act as soon as reasonably practicable after the Company electronically files such material with, or furnish it to, the SEC. The Companys Corporate Governance Guidelines, Code of Business Conduct and Ethics, and the charters of the
Audit, the Compensation and the Nominating and Corporate Governance Committees of its Board of Directors are also available on its website and are available in print to any stockholder upon request in writing to DuPont Fabros Technology, Inc., c/o
Investor Relations, 1212 New York Avenue, NW, Suite 900, Washington, DC 20005. Information on or connected to the Companys website is neither part of nor incorporated by reference into this annual report on Form 10-K or any other SEC
filings.

Financial Information

For required financial information related to the Companys operations, please refer to its consolidated financial statements, including the notes thereto, included with this annual report on Form
10-K.



|ITEM 1A. | RISK FACTORS
|-------- | ------------

Set
forth below are the risks that we believe are material to our stockholders. You should carefully consider the following risks in evaluating our Company, our properties and our business. The occurrence of any of the following risks could materially
adversely impact our financial condition, results of operations, cash flow, the per share trading price of our common stock and our ability to, among other things, satisfy our debt service obligations and to make distributions to our stockholders,
which in turn could cause our stockholders to lose all or a part of their investment. Some statements in this report including statements in the following risk factors constitute forward-looking statements. Please refer to the section entitled
Special Note Regarding Forward-Looking Statements at the beginning of this annual report.



11



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##### Table of Contents

Risks Related to Our Debt and Preferred Stock Financing

We depend on external sources of capital to fund our growth and refinance existing indebtedness, which capital may not be available to
us at all or on terms favorable or acceptable to us.

The cash that we used for the development of data center facilities
exceeded the cash provided by our operating activities in all years since the IPO. Our operating activities are not expected to generate sufficient cash to provide the capital necessary to develop land that we hold for future data center
development, including to construct the second phases of our CH1, NJ1 and SC1 data center facilities or to refinance our existing indebtedness, in part because, as a REIT, DFT is required under the Code to distribute at least 90% of its taxable net
income to its stockholders annually. Consequently, we rely on third-party sources of capital to fund our development projects and refinance our existing indebtedness. Our access to capital depends, in part, on:



| |  |  | general market conditions;
| | - |  | --------------------------



| |  |  | the markets perception of our business prospects and growth potential;
| | - |  | -----------------------------------------------------------------------



| |  |  | our current debt levels;
| | - |  | ------------------------



| |  |  | our current and expected earnings and cash flow; and
| | - |  | ----------------------------------------------------



| |  |  | the market price of our common stock.
| | - |  | -------------------------------------

There is no assurance that we will be able to obtain equity or debt financing at all or on terms favorable or acceptable to us.

Future increases in interest rates and credit spreads would increase interest expense related to our floating rate indebtedness and affect our results of operations negatively, which could in turn reduce
our access to the capital markets.

If we are unable to obtain capital from third parties, we may need to find alternative
ways to increase our liquidity, which may include curtailing development activity or disposing of one or more of our properties possibly on disadvantageous terms.

Disruptions in the financial markets may materially and adversely affect our ability to secure additional financing.

The credit markets continue to experience significant price volatility, dislocations and liquidity disruptions, the concern of which has led many lenders and institutional investors to reduce, and in some
cases cease, to provide credit to businesses and has caused spreads on prospective debt financings to widen considerably. Continued uncertainty in these markets may affect our ability to obtain debt financing at all or on terms favorable or
acceptable to us. These events also may make it more difficult or costly for us to raise capital through the issuance of our common stock or preferred stock. Our inability to secure additional financing may impede our ability to complete on a timely
basis, or at all, our development projects.

We have significant outstanding indebtedness and preferred stock, which
requires that we generate significant cash flow to satisfy the payment and other obligations under our debt instruments, and exposes us to the risk of default under its debt obligations.

As of December 31, 2010, our total consolidated indebtedness was $700.0 million. This level of indebtedness exceeds our cash on
hand and our annual cash flows from operating activities. As of December 31, 2010, we had outstanding $185.0 million of 7.875% Series A cumulative redeemable perpetual preferred stock. We may incur additional debt or issue additional preferred
stock for various purposes, including, without limitation, to fund future acquisition and development activities and operational needs.



12



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##### Table of Contents

Our ability to meet the payment and other obligations under our debt instruments or terms of
our preferred stock depends on our ability to generate significant cash flow in the future. Our ability to generate cash flow, to some extent, is subject to general economic, financial, competitive, legislative and regulatory factors, as well as
other factors that are beyond our control. We cannot assure you that our business will generate cash flow from operations, or that capital will be available to us, in amounts sufficient to enable us to meet our payment obligations under our senior
notes and our credit agreements, our Series A Preferred Stock and to fund our other liquidity needs. If we are not able to generate sufficient cash flow to service our debt obligations, we may need to refinance or restructure our debt, sell assets
(which we may be limited in doing in light of the relatively illiquid nature of our properties), reduce or delay capital investments, or seek to raise additional capital. If we are unable to implement one or more of these alternatives, we may not be
able to meet our payment obligations under our debt obligations, which could materially and adversely affect our liquidity.

Our outstanding indebtedness, and the limitations imposed on us by the agreements that govern our outstanding indebtedness, could have
significant adverse consequences, including the following:



| |  |  | make it more difficult for us to satisfy our debt obligations;
| | - |  | --------------------------------------------------------------



| |  |  | limit our ability to obtain additional financing to fund future working capital, capital expenditures and other general corporate requirements, or to
carry out other aspects of our business plan;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | limit our ability to refinance our indebtedness at maturity or impose refinancing terms that may be less favorable than the terms of the original
indebtedness;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | require us to dedicate a substantial portion of our cash flow from operations to payments on indebtedness, thereby reducing the availability of such
cash flow to fund working capital, capital expenditures and other general corporate requirements, or adversely affect our ability to meet REIT distribution requirements imposed by the Code;
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | cause us to violate restrictive covenants in our loan documents, which would entitle our lenders to accelerate our debt obligations;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------



| |  |  | cause us to default on its obligations, causing lenders or mortgagees to foreclose on properties that secure our loans and receive an assignment of our
rents and leases;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | force us to dispose of one or more of its properties, possibly on unfavorable terms or in violation of certain covenants to which we may be subject;
and
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | limit our ability to make material acquisitions or take advantage of business opportunities that may arise and limit our flexibility in planning for,
or reacting to, changes in its business and industry, thereby limiting our ability to compete effectively or operate successfully.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

If any one of these events was to occur, our operations and financial condition would be materially adversely affected.

The documents that govern our outstanding indebtedness restrict our ability to engage in some business activities, which could materially adversely affect our growth prospects, future operating results
and financial condition.

The documents that govern our outstanding indebtedness contain customary negative covenants and
other financial and operating covenants that place restrictions on DFT, the Operating Partnership and their respective subsidiaries. These covenants restrict, among other things, the ability of DFT, the Operating Partnership and their respective
subsidiaries to:



| |  |  | incur debt and liens;
| | - |  | ---------------------



| |  |  | enter into sale and leaseback transactions;
| | - |  | -------------------------------------------



| |  |  | make certain dividend payments, distributions and investments;
| | - |  | --------------------------------------------------------------



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| |  |  | enter into transactions with affiliates;
| | - |  | ----------------------------------------



| |  |  | enter into agreements limiting the Operating Partnerships ability to make certain transfers and other payments from subsidiaries;
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------



| |  |  | sell assets; and
| | - |  | ----------------



| |  |  | merge or consolidate.
| | - |  | ---------------------

In addition, covenants contained in the documents that govern our outstanding indebtedness require the Operating Partnership and/or its subsidiaries to meet certain financial performance tests.

These restrictive operational and financial covenants will reduce our flexibility in conducting our operations, limit our
flexibility in planning for, or reacting to, changes in our business and industry, and limit our ability to engage in activities that may be in our long-term best interest, including the ability to make acquisitions or take advantage of other
business opportunities that may arise, any of which could materially adversely affect our growth prospects, future operating results and financial condition.

Our failure to comply with these restrictive covenants could result in an event of default that, if not cured or waived, could result in the acceleration of all or a substantial portion of our outstanding
debt (which might also cause cross-defaults with respect to our other debt obligations). For a detailed description of the covenants and restrictions imposed by the documents governing our indebtedness, see Managements Discussion and
Analysis of Financial Condition and Results of OperationsOutstanding Indebtedness.

The documents that govern
our outstanding indebtedness require that we maintain certain financial ratios and, if we fail to do so, we would be in default under the applicable debt instrument, which in turn could trigger defaults under our other debt instruments, which could
result in the maturities of all of our debt obligations being accelerated and would have a material adverse effect on us.

Each of our debt instruments requires that we maintain certain financial ratios. The credit agreement that is secured by our ACC5 and
ACC6 data center facilities provides that the total indebtedness of the Operating Partnership and its subsidiaries cannot exceed 65% of the value of the assets of the Operating Partnership and its subsidiaries, determined based on the appraised
value of stabilized data center properties, the amount of unrestricted cash and the book value of development properties and undeveloped land. Under this credit agreement, the administrative agent periodically has the right to have each of our
stabilized data center properties appraised. If the total indebtedness of the Operating Partnership exceeds 65% of the applicable asset value, the indebtedness in question would have to be reduced to a level that resulted in compliance with this
ratio.

The credit agreement that governs our unsecured revolving credit facility also requires that we maintain financial
ratios relating to the following matters: (i) unsecured debt not exceeding 60% of the value of unencumbered assets; (ii) net operating income generated from unencumbered properties divided by the amount of unsecured debt being not less
than 12.5%; (iii) total indebtedness not exceeding 60% of gross asset value; (iv) fixed charge coverage ratio being not less than 1.70 to 1.00; and (v) tangible net worth being not less than $750 million plus 80% of the sum of
(x) net equity offering proceeds and (y) the value of equity interests issued in connection with a contribution of assets to the Operating Partnership or its subsidiaries.

In addition, the indenture that governs our senior notes requires, among other things, that the Operating Partnership and our
subsidiaries that guaranty the notes maintain total unencumbered assets of at least 150% of their unsecured debt on a consolidated basis.

If we do not continue to satisfy these covenant ratios, we will be in default under the applicable debt instrument, which in turn would trigger defaults under our other debt instruments, which could
result in the maturities of all of our debt obligations being accelerated. These events would have a material adverse effect on our liquidity.



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Indebtedness secured by our properties exposes us to the possibility of foreclosure,
which could result in the loss of the property that secures the indebtedness and any rents to which we would be entitled from leases on that property.

The obligations under one of our credit agreementswith an outstanding principal balance at December 31, 2010 of $150.0 millionis secured by our ACC5 and ACC6 data center facilities.
A default of any of the obligations under this credit agreement could result in foreclosure actions by our lenders and the loss of the property securing the indebtedness and an assignment to the lenders of our rents and leases related to any such
property.

For tax purposes, a foreclosure of any such property would be treated as a sale of the property for a purchase
price equal to the outstanding balance of the underlying indebtedness. If the outstanding balance of this debt exceeds our tax basis in the property, we would recognize taxable income on foreclosure, but would not receive any cash proceeds from the
disposition of the properties.

In the future, we may assume or incur additional indebtedness secured by one or more
properties that we own or in connection with property acquisitions.

We may be unable to satisfy our debt obligations upon
a change of control of us.

Under the documents that govern our indebtedness, if we experience a change of control, we
could be required to repay the entire principal balance of our outstanding indebtedness. Under the credit agreement secured by our ACC5 and ACC6 data center facilities, if we experience a change of control, as defined in the credit agreement, the
lenders have the right to accelerate the maturity of the loan. Under our senior notes indenture, if we experience a change of control, as defined in the indenture, we must offer to purchase the notes at 101% of their principal amount, plus accrued
interest. Under the credit agreement that governs our unsecured revolving credit facility, if we experience a change of control, as defined in the credit agreement, we must repay the principal amount of any outstanding loans, plus accrued interest,
and the obligation of the lenders to fund any additional loans would terminate. We might not have sufficient funds to repay the amounts due under the term loans or the unsecured revolving credit facility or pay the required price for the notes
following a change of control. Under the credit agreement secured by our ACC5 and ACC6 data center facilities, we are deemed to have experienced a change of control if Mr. Fateh ceases to be one of our senior management executives and a
comparable, competent and experienced successor senior management executive has not been approved by the lenders within 150 days of such event. Any of these events could have a material adverse impact on our financial condition and liquidity.

Risks Related to Our Business and Operations

Our revenue growth is dependent on the lease-up of data centers that we develop. We face significant competition and may be unable to lease vacant space, renew existing leases, or re-lease space as
leases expire, which may have a material adverse affect on our business and results of operations.

Our revenue growth is
dependent on the lease-up of data centers that we develop. We compete with numerous developers, owners and operators of technology-related real estate, many of which own properties similar to ours in the same submarkets in which our properties are
located. Some of our competitors and potential competitors have significant advantages over us, including greater name recognition, longer operating histories, pre-existing relationships with current or potential tenants, significantly greater
financial, marketing and other resources and more ready access to capital, all of which allows them to respond more quickly to new or changing opportunities. If our competitors offer space that our tenants or potential tenants perceive to be
superior to ours based on numerous factors, including available power, security considerations, location, or connectivity, or if they offer rental rates below current market rates, or below the rental rates we are offering, we may lose tenants or
potential tenants or be required to incur costs to improve our properties or reduce our rental rates. We may be



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unable to renew leases or re-lease at net effective rental rates equal to or above the current average net effective rental rates. If the rental rates for our properties decrease, or our existing
tenants do not renew their leases or we do not re-lease a significant portion of our available space and space for which leases are scheduled to expire, our business and results of operations could be materially adversely affected.

Any decrease in the demand for data centers, including resulting from a downturn in the technology industry, could materially
adversely affect our business and business prospects.

Our portfolio of properties consists entirely of wholesale data
centers leased primarily by technology companies. A decline in the technology industry could lead to a decrease in the demand for space in our data centers, which would have a greater adverse effect on our business and financial condition than if we
owned a more diversified real estate portfolio. We are also susceptible to adverse developments in the technology industry such as business layoffs or downsizing, industry slowdowns, relocations of businesses, costs of complying with government
regulations or increased regulation and other factors. We also may be materially adversely affected by any downturns in the market for data centers due to, among other things, oversupply of or reduced demand for space or a slowdown in web-based
commerce. Also, a lack of demand for data center space by enterprise customers could have a material adverse effect on our business and business prospects.

Our tenants may choose to develop new data centers or expand their own existing data centers, which could result in the loss of one or more key tenants or reduce demand for our newly developed data
centers, which could have a material adverse effect on our revenues and results of operations.

Some of our tenants,
including Yahoo!, Microsoft and Facebook, have developed or have announced plans to develop their own data center facilities. These and other tenants may choose to develop new data centers or expand any existing data centers of their own in the
future. In the event that any of our key tenants were to do so, it could result in a loss of business to us or put pressure on our pricing. If we lose a tenant, there is no assurance that we would be able to replace that tenant at a competitive rate
or at all, which could have a material adverse effect on our revenues and results of operations.

As of January 1,
2011, our three largest tenants, Yahoo!, Microsoft and Facebook, collectively accounted for 60% of our annualized base rent, and the loss of any such tenant or any other significant tenant could have a materially adverse affect on our business.

Any of our tenants could experience a downturn in their businesses, which in turn could result in their inability or
failure to make timely rental payments under their leases with us. In the event of any tenant default, we may experience delays in enforcing our rights as landlord and may incur substantial costs in protecting our investment. These risks would be
particularly significant if one of our three largest tenants were to default under its lease. In addition, if one or more of our significant tenants fail to renew their leases with us and we could not find new tenants to utilize this space at the
same rental rates, the expiration of these leases, as well as any future lease expirations, could have a material adverse affect on our business. Some of our largest tenants may compete with one another in various aspects of their businesses. The
competitive pressures on our tenants may have a negative impact on our operations.

The bankruptcy or insolvency of a major
tenant would have a material adverse impact on our business.

The bankruptcy or insolvency of a major tenant also may
materially adversely affect the income produced by our properties. If any tenant becomes a debtor in a case under the federal Bankruptcy Code, we cannot evict the tenant solely because of the bankruptcy. In addition, the bankruptcy court might
authorize the tenant to reject and terminate its lease with us. Our claim against the tenant for unpaid future rent would be subject to a statutory cap that might be substantially less than the remaining rent owed under the lease. In either case,
our claim for unpaid rent would likely not be paid in full. Our business, including our revenue and cash available for



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distribution to our stockholders, could be materially adversely affected if any of our significant tenants were to become bankrupt or insolvent, suffer a downturn in its business, or fail to
renew its lease at all or renew on terms less favorable to us than its current terms.

Future consolidation in the
technology industry could materially adversely affect our revenues and results of operations by eliminating some of our potential tenants and could make us more dependent on a more limited number of tenants.

Mergers or consolidations of technology companies in the future could reduce the number of our tenants and potential tenants. If our
tenants merge with or are acquired by other entities that are not our tenants, they may discontinue or reduce the use of our data centers in the future. Any of these developments could have a material adverse effect on our revenues and results of
operations.

Our growth depends upon the successful development of our data centers, and unexpected costs or changes in
permitting or environmental regulations may delay or preclude the construction of our data centers, thereby materially adversely affecting our growth prospects, future operating results and our financial condition.

With respect to our current and any future developments, we will be subject to certain risks, including risks related to financing,
zoning, environmental and other regulatory approvals, construction costs and other risks that would result in a delay in completion of the applicable project. Any delay or denial of an applicable entitlement or permit, including zoning, land use,
environmental, emissions or other related permits would impact our plans for future development adversely. Changes to any applicable regulations, including changes to air quality standards or emissions limitations, that are applicable to us could
delay or preclude our ability to construct or operate our data center facilities, which would have a material adverse effect on our growth and future results of operations and financial condition. In addition, we will be subject to risks and,
potentially, unanticipated costs associated with obtaining access to a sufficient amount of power from local utilities, including the need, in some cases, to develop utility substations on our properties in order to accommodate our power needs,
constraints on the amount of electricity that a particular localitys power grid is capable of providing at any given time, and risks associated with the negotiation of long-term power contracts with utility providers. We may not be able to
successfully negotiate such contracts on acceptable terms or at all. Any inability to negotiate utility contracts on a timely basis or on acceptable financial terms or in volumes sufficient to supply the critical load presently anticipated for each
of our development properties would have a material adverse effect on our growth and future results of operations and financial condition.

We generally commence development of a data center facility prior to having received any commitments from tenants to lease any space in them.

We generally commence development of a data center facility prior to having received any commitments from tenants to lease any space in
themknown as developing on speculation. This type of development involves the risk that we will be unable to attract tenants to the properties that we are developing on a timely basis or at all. Once development of a data center
facility is complete, we incur a certain amount of operating expenses even if there are no tenants occupying any space. Consequently, if any of our properties have significant vacancies for an extended period of time, our business and financial
condition could be materially adversely affected.

The loss of access to key third-party technical service providers and
suppliers could materially adversely affect our current and any future development projects.

Our success depends, to a
significant degree, on having timely access to certain key technical personnel who are in limited supply and great demand, such as engineering firms and construction contractors capable of developing our properties, and to key suppliers of
electrical and mechanical equipment that complement the



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design of our data center facilities. For our current and any future development projects, we will continue to rely on these personnel and suppliers to develop wholesale data centers. Competition
for such technical expertise is intense, and there are a limited number of electrical and mechanical equipment suppliers that design and produce the equipment that we require. We may not always have or retain access to the key service providers and
equipment suppliers on which we rely which could materially adversely affect our current and any future development projects.

We depend on third parties to provide Internet connectivity to the tenants in our data centers and any delays or disruptions in
connectivity may materially adversely affect our operating results and cash flow.

Our tenants require connectivity to the
fiber networks of multiple third party telecommunications carriers, and we depend upon the presence of telecommunications carriers fiber networks serving the locations of our data centers in order to attract and retain tenants. Any carrier may
elect not to offer its services within our data centers, and any carrier that has decided to provide Internet connectivity to our data centers may not continue to do so for any period of time. If carriers were to consolidate or otherwise downsize or
terminate connectivity within our data centers, it could have an adverse effect on the businesses of our tenants and, in turn, our own operating results and cash flow.

Each new data center that we develop requires the construction and operation of a sophisticated redundant fiber network. The construction required to connect multiple carrier facilities to our data
centers is complex and involves factors outside of our control, including regulatory requirements and the availability of construction resources. If the establishment of highly diverse Internet connectivity to our data centers does not occur, is
materially delayed or is discontinued, or is subject to failure, our operating results and cash flow may be materially adversely affected. Any hardware or fiber failures on this network may result in significant loss of connectivity to our data
centers, which could negatively affect our ability to attract new tenants or retain existing tenants.

Failure to abide by
applicable service level commitments could subject us to material liability under the terms of our leases, which could materially adversely affect our business, financial condition and results of operations.

Our leases generally include terms requiring us to meet certain service level commitments primarily in terms of electrical output to, and
maintenance of environmental conditions in, the computing rooms leased by tenants. Any failure to meet these commitments, including as a result of mechanical failure, power outage, human error on our part or for other reasons, could subject us to
liability under our lease terms, including loss of management fee reimbursements or rent abatement, or, in certain cases of repeated failures, give the tenant a right to terminate the lease. Any such failures also could materially adversely affect
our reputation and adversely impact our ability to lease our properties, which could have a material adverse effect on our business, financial condition and results of operations.

Our current portfolio of completed operating properties is located entirely in Northern Virginia, suburban Chicago, Illinois, and
Northern New Jersey, and any adverse developments in the economies or regulatory environments of these areas may materially adversely affect our business and operating results.

Because our current portfolio of completed operating properties is located in three geographic markets, we may be exposed to greater
economic risks than if our portfolio was more geographically diverse. We are susceptible to an adverse economic and regulatory environment, including, but not limited to, business layoffs or downsizing, industry slowdowns, relocations of businesses,
increases in real estate and other taxes and costs of complying with governmental regulations or increased regulation. Any adverse developments in the economy or real estate market in general, or any decrease in demand for data center space
resulting from the Northern Virginia, Chicago and Northern New Jersey regulatory or business environment, could materially adversely impact our business and results of operations.



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Our data center infrastructure may become obsolete and we may not be able to upgrade our
power and cooling systems cost-effectively or at all, which could have a material adverse effect on our business and results of operations.

The data center market is characterized by evolving industry standards and changing tenant demands. Our data center infrastructure may become obsolete due to the development of new systems to deliver
power to or eliminate heat from the servers we house. Additionally, our data center infrastructure could become obsolete as a result of the development of new server technology that does not require the levels of critical load and heat removal that
our facilities are designed to provide and could be run less expensively on a different platform. In addition, our power and cooling systems are difficult and expensive to upgrade. Accordingly, we may not be able to efficiently upgrade or change
these systems to meet new demands or industry standards without incurring significant costs that we may not be able to pass on to our tenants. The obsolescence of our power and cooling systems could have a material adverse effect on our business and
results of operations.

Our properties are not suitable for use other than as data centers, which could make it difficult
to reposition them if we are not able to lease available space.

Our data centers are designed solely to house and run
computer servers and related equipment and, therefore, contain extensive electrical and mechanical systems and infrastructure. As a result, they are not suited for use by tenants as anything other than as data centers and major renovations and
expenditures would be required in order for us to re-lease vacant space for more traditional uses, or for us to sell a property to a buyer for use other than as a data center.

Declining real estate valuations could result in impairment charges, the determination of which involves a significant amount of judgment on our part. Any impairment charge would materially adversely
affect our financial condition and results of operations.

We review our properties for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable. Indicators of impairment include, but are not limited to, a sustained significant decrease in the market price of or the cash flows expected to be derived from the
property. A significant amount of judgment is involved in determining the presence of an indicator of impairment. If the total of the expected undiscounted future cash flows is less than the carrying amount of a property, a loss is recognized for
the difference between the fair value and carrying value of the property. The evaluation of anticipated cash flows requires a significant amount of judgment regarding assumptions that could differ materially from actual results in future periods,
including assumptions regarding future occupancy, rental rates and capital requirements. Any impairment charge would materially adversely affect our financial condition and results of operations.

Any losses to our properties that are not covered by insurance, or that exceed our policy coverage limits, would materially adversely
affect our financial condition and results of operations.

We carry comprehensive liability, fire, extended coverage,
business interruption and rental loss insurance covering all of the properties in our portfolio, which includes coverage for riots, terrorism, acts of God and floods that are subject to policy specifications and insured limits. In addition, some of
our policies, like those covering losses due to floods, are subject to limitations involving large deductibles or co-payments and policy limits that may not be sufficient to cover potential losses. If we experience a loss that is uninsured or
exceeds policy limits, we could lose the capital invested in the damaged properties as well as the anticipated future cash flows from those properties. In addition, if the damaged properties are subject to recourse indebtedness, we would continue to
be liable for the indebtedness, even if these properties were irreparably damaged. These events would materially adversely affect our financial condition and results of operations.



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We could become subject to liability for failure to comply with environmental and other
laws and regulations.

We are subject to environmental laws and regulations regarding the handling of regulated substances
and wastes, including, in particular, regulations regarding the storage of petroleum for auxiliary or emergency power. The properties in our portfolio are also subject to various federal, state and local laws and regulations, including those related
to: air quality and exhaust emissions; discharges of treated and storm water; and health, safety and fire (See BusinessRegulationEnvironmental Matters). If we or our tenants fail to comply with these various requirements, we
might incur governmental fines or other sanctions or private damage awards. Moreover, existing requirements could change and future requirements could require us to make significant unanticipated expenditures that will materially adversely impact
our financial condition and results of operations.

We may be adversely affected by regulations related to climate change.

If we, or other companies with which we do business, particularly utilities that provide our facilities with electricity,
become subject to laws or regulations related to climate change, our results of operations and financial condition could be impacted adversely.

Hedging transactions may limit our gains or result in material losses.

We
use derivatives to hedge other liabilities of ours from time to time, although, as of December 31, 2010, we had no hedging transaction in place. Any hedging transactions into which we enter could expose us to certain risks, including:



| |  |  | losses on a hedge position may reduce the cash available for distribution to stockholders and such losses may exceed the amount invested in such
instruments;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | counterparties to a hedging arrangement could default on their obligations;
| | - |  | ---------------------------------------------------------------------------



| |  |  | we may have to pay certain costs, such as transaction or brokerage fees; and.
| | - |  | -----------------------------------------------------------------------------



| |  |  | we may incur costs if we elect to terminate a hedging agreement early.
| | - |  | ----------------------------------------------------------------------

Although the REIT rules impose certain restrictions on our ability to utilize hedges, swaps, and other types of derivatives to hedge our
liabilities, we may use these hedging instruments in our risk management strategy to limit the effects of changes in interest rates on our operations. However, hedges may not be effective in eliminating all of the risks inherent in any particular
position. Our profitability may be materially adversely affected during any period as a result of the use of such derivatives.

The departure of any key personnel, including either Messrs. du Pont or Fateh, who have developed significant relationships with
many of our tenants (including with leading technology companies), could have a material adverse impact on us, including our business and our results of operations.

We depend on the efforts of key personnel, particularly Messrs. du Pont and Fateh, the Executive Chairman of our board of directors and our President and Chief Executive Officer and a member of our
board, respectively. In particular, our reputation among and our relationships with our key tenants are the direct result of a significant investment of time and effort by Messrs. du Pont and Fateh to build our credibility in a highly
specialized industry. If we lost their services, our business and investment opportunities and our relationships with existing and prospective tenants and industry personnel and our reputation among our key tenants could be diminished, which could
materially adversely affect our results of operations. This risk may be even more pronounced given the terms of certain of our debt instruments. See Risks Related to Our Debt FinancingWe may be unable to satisfy our debt obligations upon
a change of control of us.



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If we fail to establish and maintain an effective system of integrated internal controls,
we may not be able to accurately and timely report our financial results.

If we fail to maintain proper overall business
controls, our results of operations could be materially adversely affected or we could fail to meet our reporting obligations, including the accurate and timely reporting of our financial results. In addition, the existence of a material weakness
could result in errors in our consolidated financial statements that could require a restatement of our consolidated financial statements, cause us to fail to meet our reporting obligations and cause investors to lose confidence in our reported
financial information, leading to, among other things, a decline in the market value of our common stock.

Risks Related to the Real
Estate Industry

Our performance and value are subject to risks associated with real estate assets and with the real
estate industry.

Real estate investments are subject to various risks and fluctuations and cycles in value and demand,
many of which are beyond our control. Certain events may decrease our cash available for distribution, as well as the value of our properties. These events include, but are not limited to:



| |  |  | inability to collect rent from tenants;
| | - |  | ---------------------------------------



| |  |  | vacancies or our inability to rent space on favorable terms, including possible market pressures to offer tenants rent abatements, tenant improvements,
early termination rights or below-market renewal options;
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | adverse changes in financial conditions of buyers, sellers and tenants of properties, including data centers;
| | - |  | -------------------------------------------------------------------------------------------------------------



| |  |  | reductions in the level of demand or increase in the supply for data center space;
| | - |  | ----------------------------------------------------------------------------------



| |  |  | inability to finance development on favorable terms;
| | - |  | ----------------------------------------------------



| |  |  | fluctuations in interest rates, which could adversely affect our ability, or the ability of buyers and tenants of properties, including data centers,
to obtain financing on favorable terms or at all;
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | increases in expenses that are not paid for by or cannot be passed on to our tenants;
| | - |  | -------------------------------------------------------------------------------------



| |  |  | changes in, and in enforcement of, laws, regulations and governmental policies, and the costs of compliance thereof; and
| | - |  | ------------------------------------------------------------------------------------------------------------------------



| |  |  | the relative illiquidity of real estate investments, especially the specialized real estate properties that we hold and seek to acquire and develop.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------

Illiquidity of real estate investments and the terms of certain of our leases could significantly impede
our ability to respond to adverse changes in the performance of our properties, which could materially adversely affect our financial condition and results of operations.

Because real estate investments are relatively illiquid, our ability to promptly sell one or more properties in our portfolio to raise cash in response to adverse changes in the performance of such
properties may be limited, thus materially adversely affecting our financial condition.

In addition, data centers represent
an illiquid part of the overall real estate market, due to the relatively small number of potential purchasers of such data centersincluding other data center operators and large corporate usersand the relatively high cost per square
foot to develop data centers, which limits a potential buyers ability to purchase a data center property with the intention of redeveloping it for an alternative use, such as an office building, or may substantially reduce the price buyers are
willing to pay for the property.



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In addition, certain of our leases give the tenant a right of first refusal to purchase
certain properties if we propose to sell those properties to a third party or prohibit us from selling certain properties to a third party that is a competitor of the tenant. The existence of such restrictions could hinder our ability to sell one or
more of these properties, which could materially adversely affect our financial condition and results of operations.

The
terms of the agreements that govern our indebtedness limit our ability to sell the data center properties that have been pledged as collateral for our indebtedness, which could reduce our liquidity.

One of our income producing data center propertiesACC5and one of our data center properties under
developmentACC6serves as collateral under an existing credit agreement. This credit agreement limits our ability to sell these properties. The indenture that governs our senior notes and the credit agreement that governs our unsecured
revolving credit facility limit our ability to sell or transfer assets and, under certain circumstances, the indenture requires that we use any net cash proceeds to reduce outstanding indebtedness. Consequently, our ability to raise capital through
the disposition of assets is limited.

Our tax protection agreements could limit our ability to sell or otherwise dispose
of certain properties.

In connection with our formation transactions and IPO, we entered into tax protection agreements
with a number of limited partners of the Operating Partnership, including Messrs. du Pont and Fateh and certain of our directors. The agreements provide that, if we dispose of any interest in ACC2, ACC3, VA3, VA4 or CH1 in a taxable transaction
through the year 2016, we will indemnify these partners for their tax liabilities (in varying amounts, depending on the year in which the disposition occurs) attributable to the built-in gain that exists with respect to such property interest as of
the time of our IPO (and tax liabilities incurred as a result of the reimbursement payment) if those tax liabilities exceed a certain amount. Consequently, although it otherwise may be in our best interest to sell one of these properties, these
obligations may make it prohibitive for us to do so. In addition, any such sale must be approved by at least 75% of our disinterested directors. Additionally, the agreement contains various provisions to achieve minimum liability allocations to
certain limited partners and indemnifies them for their tax liabilities resulting from any gain or income recognized due to breach of those provisions by the Operating Partnership.

As the present or former owner or operator of real property, we could become subject to liability for environmental contamination,
regardless of whether we caused such contamination.

Under various federal, state and local laws, regulations and
ordinances that relate to the protection of the environment, a current or former owner, operator or tenant of real property may be liable for the cost to remove or remediate contamination resulting from the presence or discharge of hazardous or
toxic substances, wastes or petroleum products on, under, from or in such property. These costs could be substantial and liability under these laws may attach without regard to whether the owner or operator knew of, or was responsible for, the
presence of the contaminants, and the liability may be joint and several. Previous owners of some or our propertiesincluding previous owners of sites where our CH1 and NJ1 facilities are located, our SC1 development property is located and the
undeveloped land for our ACC7 facilityused these properties for industrial and retail purposes. As a result, these properties may (and in the case of the NJ1 property, did) contain some level of environmental contamination (See
BusinessRegulationEnvironmental Matters). In addition, many of our properties presently contain large underground fuel storage tanks for emergency power, which is critical to our operations. We likely would be liable for
contamination that results from a release of fuel from any of these storage tanks. Moreover, the presence of contamination or the failure to remediate contamination at our properties may expose us to third-party liability or materially adversely
affect our ability to sell, lease or develop the real estate or to borrow using the real estate as collateral.



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As the owner of real property, we could become subject to liability for
asbestos-containing building materials in the buildings on our property.

Some of our properties may contain
asbestos-containing building materials. Environmental laws require that owners or operators of buildings with asbestos-containing building materials properly manage and maintain these materials, adequately inform or train those who may come into
contact with asbestos and undertake special precautions, including removal or other abatement, in the event that asbestos is disturbed during building renovation or demolition. These laws may impose fines and penalties on building owners or
operators for failure to comply with these requirements. In addition, these laws may also allow third parties to seek recovery from owners or operators for personal injury associated with exposure to asbestos-containing building materials.

Our properties may contain or develop harmful mold or suffer from other adverse conditions, which could lead to liability
for adverse health effects and costs of remediation.

When excessive moisture accumulates in buildings or on building
materials, mold growth may occur, particularly if the moisture problem remains undiscovered or is not addressed over a period of time. Some molds may produce airborne toxins or irritants. Indoor air quality issues can also stem from inadequate
ventilation, chemical contamination from indoor or outdoor sources and other biological contaminants such as pollen, viruses and bacteria. Indoor exposure to airborne toxins or irritants above certain levels can be alleged to cause a variety of
adverse health effects and symptoms, including allergic or other reactions. As a result, the presence of significant mold or other airborne contaminants at any of our properties could require us to undertake a costly remediation program to contain
or remove the mold or other airborne contaminants from the affected property or increase indoor ventilation. In addition, the presence of significant mold or other airborne contaminants could expose us to liability from our tenants, employees of our
tenants and others if property damage or health concerns arise.

We may incur significant costs complying with the
Americans with Disabilities Act, or ADA, and similar laws, which could materially adversely affect our financial condition and operating results.

Under the ADA, all places of public accommodation must meet federal requirements related to access and use by disabled persons. A number of additional federal, state and local laws may also require
modifications to our properties. We have not conducted an audit or investigation of all of our properties to determine our compliance with the ADA. If one of our properties is not in compliance with the ADA, we would be required to incur additional
costs to bring the property into compliance. Additional federal, state and local laws may require modifications to our properties, or restrict our ability to renovate our properties. We cannot predict the ultimate amount of the cost of compliance
with the ADA or other legislation. If we incur substantial costs to comply with the ADA and any other similar legislation, our financial condition and results of operations could be materially adversely affected.

We may incur significant costs complying with other regulations, which could materially adversely affect our operating results.

The properties in our portfolio are subject to various federal, state and local regulatory requirements. If we fail to
comply with these various requirements, we might incur governmental fines or private damage awards. In addition, we do not know whether existing requirements will change or whether future requirements will require us to make significant
unanticipated expenditures that could materially adversely affect our financial condition and results of operations.



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Risks Related to Our Organizational Structure

Conflicts of interest exist or could arise in the future with holders of units of partnership interest in the Operating Partnership, or
OP units, which may impede business decisions that could benefit DFTs stockholders.

Conflicts of interest exist or
could arise in the future as a result of the relationships between DFT and its affiliates, on the one hand, and the Operating Partnership or any of its partners, on the other. DFTs directors and officers have duties to DFT and its stockholders
under applicable Maryland law. At the same time, DFT, as general partner, has fiduciary duties to the Operating Partnership and to its limited partners under Maryland law. DFTs duties as general partner to the Operating Partnership and its
partners may come into conflict with the duties of DFTs directors and officers to DFT and its stockholders. The partnership agreement of the Operating Partnership provides that for so long as DFT is the general partner of the Operating
Partnership, any conflict that cannot be resolved in a manner not adverse to either DFTs stockholders or the limited partners will be resolved in favor of DFTs stockholders.

Additionally, the partnership agreement expressly limits DFTs liability by providing that DFT and its officers, directors, agents
and employees, will not be liable or accountable to the Operating Partnership for losses sustained, liabilities incurred or benefits not derived if DFT, or such officer, director, agent or employee acted in good faith. In addition, the Operating
Partnership is required to indemnify DFT, and its officers, directors, employees, agents and designees to the extent permitted by applicable law from and against any and all claims arising from operations of the Operating Partnership, unless it is
established that (1) the act or omission was committed in bad faith, was fraudulent or was the result of active and deliberate dishonesty, (2) the indemnified party received an improper personal benefit in money, property or services or
(3) in the case of a criminal proceeding, the indemnified person had reasonable cause to believe that the act or omission was unlawful. The provisions of Maryland law that allow the fiduciary duties of a general partner to be modified by a
partnership agreement have not been resolved in a court of law, and we have not obtained an opinion of counsel covering the provisions set forth in the partnership agreement that purport to waive or restrict DFTs fiduciary duties that would be
in effect were it not for the partnership agreement.

DFT is also subject to the following additional conflicts of interest
with holders of OP units:

DFT may pursue less vigorous enforcement of terms of the employment agreements with Messrs.
du Pont and Fateh and their affiliates because of DFTs dependence on them and conflicts of interest. Messrs. du Pont and Fateh entered into employment agreements with DFT, including clauses prohibiting them from competing
with DFT, subject to certain exceptions, in the data center market. Neither of these agreements was negotiated on an arms-length basis. DFT may choose not to enforce, or to enforce less vigorously, its rights under these employment agreements
because of its desire to maintain its ongoing relationship with Messrs. du Pont and Fateh and their affiliates and because of conflicts of interest with them, including allowing them to devote significant time to non-data center projects
outside of the Company, to engage in activities that may compete with DFT, or to engage in transactions with DFT without receiving the appropriate board approval.

Tax consequences upon sale or refinancing. Sales of properties and repayment of related indebtedness will have different effects on holders of OP units than on DFTs stockholders. The
parties that contributed properties to the Operating Partnership may incur tax consequences upon the sale of these properties and on the repayment of related debt which differ from the tax consequences to DFT and its stockholders. Consequently,
these holders of OP units may have different objectives regarding the appropriate pricing and timing of any such sale or repayment of debt. Although DFT has exclusive authority as general partner under the partnership agreement of the Operating
Partnership to determine when to refinance or repay debt or whether, when, and on what terms to sell a property, any such decision would require the approval of DFTs board of directors, and DFTs ability to take such actions, to the
extent that they may reduce the liabilities of the Operating Partnership, may be limited pursuant to the tax protection agreements that DFT entered into upon completion of its IPO. Certain of DFTs directors and executive officers could
exercise their influence in a manner inconsistent with the interests of some,



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or a majority, of its stockholders, including in a manner which could delay or prevent completion of a sale of a property or the repayment of indebtedness.

Messrs. du Pont and Fateh have the right to hold a significant percentage of DFTs stock. DFTs charter
generally authorizes its directors to take such actions as are necessary and desirable to preserve DFTs qualification as a REIT and to limit any person (other than a qualified institutional investor) to actual or constructive ownership of no
more than 3.3% of the outstanding shares of its common stock by value or by number of shares, whichever is more restrictive and 3.3% of its outstanding capital stock by value. DFTs board of directors, however, has granted, and in the future
may grant, exemptions from the ownership limits described above if such exemptions do not jeopardize its status as a REIT. In addition, DFTs charter provides that Mr. du Pont, certain of his affiliates, family members and trusts
formed for the benefit of the foregoing, may own up to 20.0% of the outstanding shares of DFTs common stock by value or by number of shares, whichever is more restrictive, and 20.0% of DFTs outstanding capital stock by value, and that
Mr. Fateh, certain of his affiliates, family members and trusts formed for the benefit of the foregoing, may own up to 20.0% of the outstanding shares of DFTs common stock by value or by number of shares, whichever is more restrictive,
and 20.0% of DFTs outstanding capital stock by value. These exemptions from the general ownership limits give Messrs. du Pont and Fateh the ability to own a combined interest in DFTs stock equal to 40.0% of DFTs shares
outstanding. In addition, pursuant to their employment agreements, each of Messrs. du Pont and Fateh, as long as he holds at least 9.8% of our outstanding shares on a fully diluted basis, will have a contractual right to be nominated to the
board of directors. These exemptions and contractual rights could allow Messrs. du Pont and Fateh to exercise, individually or in concert, a substantial degree of control over DFTs affairs even if they are no longer executive officers.

Our senior management team has significant influence over our affairs. As of December 31, 2010, Messrs.
du Pont and Fateh, own an aggregate of approximately 0.6% of DFTs common stock (including shares of unvested restricted common stock) and approximately 43.4% of the OP units (not including those units held by DFT), equal to approximately
12.1% of DFTs common stock, on a fully diluted basis. As a result, our senior management team, to the extent they vote their shares in a similar manner, can have influence over our affairs and could exercise such influence in a manner that is
not in the best interests of DFTs other stockholders, including by attempting to delay, defer or prevent a change in control transaction that might otherwise be in the best interests of DFTs stockholders. If our senior management team
exercises their redemption rights with respect to their OP units and DFT issues common stock in exchange thereof, our senior management teams influence over our affairs would increase substantially.

Messrs. du Pont and Fateh have outside business interests that could require time and attention and may interfere with their
ability to devote time to our business and affairs. Although under the terms of our employment agreements with Messrs. du Pont and Fateh in which each has agreed to devote substantially all of his business attention and time to our affairs,
Messrs. du Pont and Fateh own interests in non-data center real estate assets, including, among other investments, the office building where our corporate headquarters is located, and undeveloped land located outside of Phoenix, Arizona and in
Northern Virginia. Messrs. du Pont and Fateh have also agreed, for the terms of their employment with us not to sell any of this land to a competitor of our Company, as determined by at least 75% of our independent directors. Any purchase by us of
the undeveloped land held by Messrs. du Pont and Fateh would require the approval of at least 75% of our independent directors.

DFTs charter and Maryland law contain provisions that may delay, defer or prevent a change in control transaction, even if such
a change in control may be in DFTs stockholders interest, and as a result may depress our stock price.

DFTs charter contains a 3.3% ownership limit. DFTs charter, subject to certain exceptions, authorizes its
directors to take such actions as are necessary and desirable to ensure DFTs qualification as a REIT and to limit any person (other than a qualified institutional investor or an excepted holder) to actual or constructive ownership



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of no more than 3.3% of the outstanding shares of its common stock by value or by number of shares, whichever is more restrictive, and 3.3% of its outstanding capital stock by value. This
ownership limit may delay, defer or prevent a transaction or a change in control that might involve a premium price for DFTs common stock or otherwise be in the best interest of its stockholders.

DFT could increase the number of authorized shares of stock and issue stock without stockholder approval. DFTs
charter authorizes its board of directors, without stockholder approval, to increase the aggregate number of authorized shares of stock or the number of authorized shares of stock of any class or series, to issue authorized but unissued shares of
DFTs common stock or preferred stock and to classify or reclassify any unissued shares of its common stock or preferred stock and to set the preferences, rights and other terms of such classified or unclassified shares. DFTs board of
directors could establish a series of preferred stock that could, depending on the terms of such series, delay, defer or prevent a transaction or a change in control that might involve a premium price for its common stock or otherwise be in the best
interest of its stockholders. For instance, under the terms of our 7.875% Series A cumulative redeemable perpetual preferred stock, if, following a change of control of DFT, the Series A preferred stock is not listed on the NYSE or quoted on NASDAQ,
holders would be entitled to receive dividends at an increased rate of 11.875%.

Certain provisions of Maryland law
could inhibit changes in control. Certain provisions of the Maryland General Corporation Law, or MGCL, may have the effect of inhibiting a third party from making a proposal to acquire us or of impeding a change in control under
circumstances that otherwise could provide the holders of shares of our common stock with the opportunity to realize a premium over the then-prevailing market price of such shares, including:



| |  |  | business combination provisions that, subject to limitations, prohibit certain business combinations between us and an interested
stockholder (defined generally as any person who beneficially owns 10% or more of the voting power of our shares or an affiliate or associate of ours who, at any time within the two-year period prior to the date in question, was the beneficial
owner of 10% or more of our then outstanding voting shares) or an affiliate thereof for five years after the most recent date on which the stockholder becomes an interested stockholder, and thereafter imposes special appraisal rights and special
stockholder voting requirements on these combinations; and
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | control share provisions that provide that control shares of our Company (defined as shares which, when aggregated with other
shares controlled by the stockholder, entitle the stockholder to exercise one of three increasing ranges of voting power in electing directors) acquired in a control share acquisition (defined as the direct or indirect acquisition of
ownership or control of control shares) have no voting rights except to the extent approved by our stockholders by the affirmative vote of at least two-thirds of all the votes entitled to be cast on the matter, excluding all interested
shares.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

DFT has opted out of these provisions of the MGCL, in the case of the business combination
provisions of the MGCL by resolution of its board of directors, and in the case of the control share provisions of the MGCL by a provision in its bylaws. However, DFTs board of directors may by resolution elect to opt in to the business
combination provisions of the MGCL and it may, by amendment to its bylaws (which such amendment could be adopted by its board of directors in its sole discretion), opt in to the control share provisions of the MGCL in the future.

The provisions of DFTs charter on removal of directors and the advance notice provisions of its bylaws could delay, defer or
prevent a transaction or a change in control of our Company that might involve a premium price for holders of DFTs common stock or otherwise be in their best interest. Likewise, if DFTs board of directors were to opt in to the business
combination provisions of the MGCL or adopt a classified board of directors pursuant to Title 3, Subtitle 8 of the MGCL, or if the provision in DFTs bylaws opting out of the control share acquisition provisions of the MGCL were rescinded,
these provisions could have similar anti-takeover effects. Further, the partnership agreement provides that DFT may not engage in any merger, consolidation or other combination with or into another person, sale of all or substantially all of our
assets or any



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reclassification or any recapitalization or change in outstanding shares of our common stock, unless in connection with such transaction DFT obtains the consent of holders of at least 50% of the
OP units of the Operating Partnership (not including OP units held by DFT) and/or certain other conditions are met.

Certain provisions in the partnership agreement for the Operating Partnership may delay or prevent unsolicited acquisitions of
us. Provisions in the partnership agreement for the Operating Partnership may delay or make more difficult unsolicited acquisitions of us or changes in our control. These provisions could discourage third parties from making proposals
involving an unsolicited acquisition of us or change of our control, although some stockholders might consider such proposals, if made, desirable. These provisions include, among others:



| |  |  | redemption rights of qualifying parties;
| | - |  | ----------------------------------------



| |  |  | transfer restrictions on the OP units;
| | - |  | --------------------------------------



| |  |  | DFTs ability, as general partner, in some cases, to amend the partnership agreement without the consent of the limited partners; and
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------



| |  |  | the right of the limited partners to consent to transfers of the general partnership interest and mergers under specified circumstances.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------

DFTs rights and the rights of its stockholders to take action against its directors and officers
are limited.

Maryland law provides that a director or officer has no liability in that capacity if he or she performs his
or her duties in good faith, in a manner he or she reasonably believes to be in our best interests and with the care that an ordinarily prudent person in a like position would use under similar circumstances. As permitted by the MGCL, DFTs
charter limits the liability of its directors and officers to DFT and its stockholders for money damages, except for liability resulting from:



| |  |  | actual receipt of an improper benefit or profit in money, property or services; or
| | - |  | ----------------------------------------------------------------------------------



| |  |  | a final judgment based upon a finding of active and deliberate dishonesty by the director or officer that was material to the cause of action
adjudicated.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------

In addition, DFTs charter authorizes DFT to obligate our Company, and DFTs bylaws
require DFT, to indemnify its directors and officers for actions taken by them in those capacities to the maximum extent permitted by Maryland law. As a result, DFT and its stockholders have more limited rights against its directors and officers
than might otherwise exist under common law. Accordingly, in the event that actions taken in good faith by any of our directors or officers impede the performance of our Company, stockholders ability to recover damages from such director or
officer will be limited.

Future offerings of debt or equity securities or preferred stock, which would be senior to our
common stock upon liquidation and for the purpose of distributions, may cause the market price of our common stock to decline.

In the future, we may attempt to increase our capital resources by making additional offerings of debt or equity securities, including commercial paper, medium-term notes, senior or subordinated notes and
classes of preferred stock or common stock. For example, in May 2010, we sold 13.8 million shares of our common stock and in October 2010, we sold 7.4 million shares of preferred stock, both in underwritten public offerings. We will be
able to issue additional shares of common stock or preferred stock without stockholder approval, unless stockholder approval is required by applicable law or the rules of any stock exchange or automated quotation system on which our securities may
be listed or traded. Upon liquidation, holders of our debt securities and shares of preferred stock and lenders with respect to other borrowings will receive a distribution of our available assets prior to the holders of our common stock. Additional
equity offerings may dilute the holdings of our



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existing stockholders or reduce the market price of our common stock, or both. Holders of our common stock are not entitled to preemptive rights or other protections against dilution. As data
center acquisition or development opportunities arise from time to time, we may issue additional shares of common stock or preferred stock to raise the capital necessary to finance these acquisitions or developments or may issue common stock or
preferred stock or OP units, which are redeemable for, at our option, cash or our common stock on a one-to-one basis, to acquire such properties. Such issuances could result in dilution of stockholders equity. Preferred stock and debt, if
issued, could have a preference on liquidating distributions or a preference on dividend or interest payments that could limit our ability to make a distribution to the holders of our common stock. Because our decision to issue securities in any
future offering or acquisition will depend on market conditions and other factors beyond our control, we cannot predict or estimate the amount, timing or nature of our future offerings. Thus, our stockholders bear the risk of our future offerings
reducing the market price of our common stock and diluting their interest.

Risks Related to Our Status as a REIT

Failure to qualify as a REIT would have significant adverse consequences to us and the value of our stock.

DFT is a real estate investment trust, or REIT, for federal income tax purposes. Requirements under the Code for qualification and
taxation as a REIT are extremely complex and interpretations of the federal income tax laws governing qualification and taxation as a REIT are limited. In addition, any new laws, regulations, interpretations, or court decisions could change the
federal income tax laws or the federal income tax consequences of DFTs qualification and taxation as a REIT. As a result, no assurance can be provided that DFT will continue to qualify as a REIT or that new legislation, treasury regulations,
administrative interpretations or court decisions will not significantly change the federal income tax laws with respect to, or the federal income tax consequences of, DFTs qualification and taxation as a REIT. If DFT were to lose its REIT
status, the tax consequences could reduce its cash available for distribution to its stockholders substantially for each of the years involved because:



| |  |  | DFT would not be allowed a deduction for dividends paid to stockholders in computing its taxable income and would be subject to federal income tax at
regular corporate rates;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | DFT could be subject to the federal alternative minimum tax and increased state and local taxes; and
| | - |  | ----------------------------------------------------------------------------------------------------



| |  |  | unless DFT is entitled to relief under applicable statutory provisions, DFT could not elect to be taxed as a REIT for four taxable years following the
year during which it was disqualified.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The additional tax liability to us for the year or years in which
DFT does not qualify as a REIT would reduce our net earnings available for investment, debt service or distribution to DFTs stockholders. Furthermore, if DFT were to fail to qualify as a REIT, non-U.S. stockholders that own 5% or more of any
class of DFTs shares, who otherwise might not be subject to federal income tax on the sale of DFTs shares, could be subject to federal income tax with respect to any gain on a net basis similar to the taxation of a U.S. stockholder. In
addition, if DFT were to fail to qualify as a REIT, DFT would not be required to make distributions to stockholders, and all distributions to stockholders would be subject to tax as ordinary dividend income to the extent of its current and
accumulated earnings and profits. As a result of all these factors, DFTs failure to qualify as a REIT also could impair our ability to expand our business and raise capital, and would materially adversely affect the value of DFTs common
stock.

Qualification as a REIT involves the application of highly technical and complex Code provisions for which there are
only limited judicial and administrative interpretations. The complexity of these provisions and of the applicable Treasury regulations that have been promulgated under the Code is greater in the case of a REIT that, like DFT, holds its assets
through a partnership. The determination of various factual matters and circumstances not entirely within our control may affect DFTs ability to qualify as a REIT. In order to continue to qualify as a



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REIT, DFT must satisfy a number of requirements, including requirements regarding the composition of its assets, the sources of its income and the diversity of its stock ownership. Also, DFT must
make distributions to stockholders aggregating annually at least 90% of its net taxable income, excluding net capital gains. In addition, legislation, new regulations, administrative interpretations or court decisions may materially adversely affect
our investors, DFTs ability to qualify as a REIT for federal income tax purposes or the desirability of an investment in a REIT relative to other investments.

Failure to qualify as a domestically-controlled REIT could subject DFTs non-U.S. stockholders to adverse federal income tax consequences.

DFT will be a domestically-controlled REIT if, at all times during a specified testing period, less than 50% in value of its shares is
held directly or indirectly by non-U.S. stockholders. However, because its shares are publicly traded, DFT cannot guarantee that it will, in fact, be a domestically-controlled REIT. If DFT fails to qualify as a domestically-controlled REIT, its
non-U.S. stockholders that otherwise would not be subject to federal income tax on the gain attributable to a sale of DFTs shares of common stock would be subject to taxation upon such a sale if either (a) the shares of common stock were
not considered to be regularly traded under applicable Treasury Regulations on an established securities market, such as The New York Stock Exchange, or the NYSE, or (b) the selling non-U.S. stockholder owned, actually or constructively, more
than 5% in value of the outstanding shares of common stock being sold during specified testing periods. If gain on the sale or exchange of DFTs shares of common stock was subject to taxation for these reasons, the non-U.S. stockholder would be
subject to regular U.S. income tax with respect to any gain on a net basis in a manner similar to the taxation of a taxable U.S. stockholder, subject to any applicable alternative minimum tax and special alternative minimum tax in the case of
nonresident alien individuals, and corporate non-U.S. stockholders may be subject to an additional branch profits tax.

If
the structural components of our properties were not treated as real property for purposes of the REIT qualification requirements, DFT would fail to qualify as a REIT.

A significant portion of the value of our properties is attributable to structural components related to the provision of electricity, heating ventilation and air conditioning, humidification regulation,
security and fire protection, and telecommunication services. We have received a private letter ruling from the Internal Revenue Service (the IRS) holding, among other things, that our buildings, including the structural components,
constitute real property for purposes of the REIT qualification requirements. We are entitled to rely upon that private letter ruling only to the extent that we did not misstate or omit a material fact in the ruling request we submitted to the IRS
and that we operate in the future in accordance with the material facts described in that request. Moreover, the IRS, in its sole discretion, may revoke the private letter ruling. If our structural components are determined not to constitute real
property for purposes of the REIT qualification requirements, including as a result of our being unable to rely upon the private letter ruling or the IRS revoking that ruling, DFT would fail to qualify as a REIT, which could have a material adverse
impact on the value of DFTs common stock.

If the Operating Partnership failed to qualify as a partnership for
federal income tax purposes, DFT would fail to qualify as a REIT and suffer other adverse consequences.

We believe that
the Operating Partnership is organized and operated in a manner so as to be treated as a partnership, and not an association or publicly traded partnership taxable as a corporation, for federal income tax purposes. As a partnership, it is not
subject to federal income tax on its income. Instead, each of its partners, including DFT, is allocated that partners share of the Operating Partnerships income. No assurance can be provided, however, that the IRS will not challenge the
Operating Partnerships status as a partnership for federal income tax purposes, or that a court would not sustain such a challenge. If the IRS were successful in treating the Operating Partnership as an association or publicly traded
partnership taxable as a corporation for federal income tax purposes, DFT would fail to meet the gross income tests and certain of the asset tests applicable to REITs



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and, accordingly, would cease to qualify as a REIT. Also, the failure of the Operating Partnership to qualify as a partnership would cause it to become subject to federal corporate income tax,
which would reduce significantly the amount of its cash available for debt service and for distribution to its partners, including DFT.

DFT will be subject to some taxes even though it qualifies as a REIT.

Even though DFT qualifies as a REIT for federal income tax purposes, it is subject to some federal, state and local taxes on its income
and property. For example, DFT pays tax on certain types of income that it does not distribute. In addition, if assessed, DFT would incur a 100% excise tax on transactions with its taxable REIT subsidiary, or TRS, that are not conducted on an
arms-length basis. A TRS is a corporation which is owned, directly or indirectly, by DFT and which, together with DFT, makes an election to be treated as our TRS. In addition, our TRS is subject to federal income tax as a corporation on its
taxable income, if any, which consists of the revenues mainly derived from providing technical services, on a contract basis, to our tenants. The after-tax net income of our TRS is available for distribution to us but is not required to be
distributed.

Moreover, if DFT has net income from prohibited transactions, that income will be subject to a 100%
tax. In general, prohibited transactions are sales or other dispositions of property held primarily for sale to customers in the ordinary course of business. The determination as to whether a particular sale is a prohibited transaction depends on
the facts and circumstances related to that sale.

Changes in taxation of corporate dividends may materially adversely
affect the value of DFTs shares.

The maximum marginal rate of tax payable by domestic non-corporate taxpayers on
dividends received from a regular C corporation under current law is 15% through 2010, as opposed to higher ordinary income rates. The reduced tax rate, however, does not apply to distributions paid to taxpayers taxed at individual rates
by a REIT on its stock, except for certain limited amounts. Although the earnings of a REIT that are distributed to its stockholders generally remain subject to less federal income taxation than earnings of a non-REIT C corporation that
are distributed to its stockholders net of corporate-level income tax, legislation that extends the application of the 15% rate to dividends paid after 2010 by C corporations could cause taxpayers taxed at individual rates to view the
stock of regular C corporations as more attractive relative to the stock of a REIT, because the dividends from regular C corporations would continue to be taxed at a lower rate while distributions from REITs (other than
distributions designated as capital gain dividends and qualified dividend income) are generally taxed at the same rate as the taxpayers other ordinary income.

We will have a reduced carryover tax basis on certain of our assets as a result of the formation transactions, which could reduce our depreciation deductions.

All of our operating properties have a carryover tax basis that is lower than the fair market value of the property. This position could
give rise to lower depreciation deductions on these assets that would have the effect of (1) increasing the distribution requirement imposed on us, which could materially adversely affect our ability to satisfy the REIT distribution
requirement, and (2) decreasing the extent to which our distributions are treated as tax-free return of capital distributions.



|ITEM 1B. | UNRESOLVED STAFF COMMENTS
|-------- | -------------------------

None.



|ITEM 2. | PROPERTIES
|------- | ----------

The
information set forth under the captions Properties and Offices in Item 1 of this Annual Report on Form 10-K is incorporated by reference herein.



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|ITEM 3. | LEGAL PROCEEDINGS
|------- | -----------------

The
Company is involved from time to time in other various legal proceedings, lawsuits, examinations by various tax authorities, and claims that have arisen in the ordinary course of business. Management believes that the resolution of such matters will
not have a material adverse effect on the financial condition or results of operations.



|ITEM 4. | RESERVED
|------- | --------



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PART II



|ITEM 5. | MARKET FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
|------- | ------------------------------------------------------------------------------------------------------------

Market Price of and Dividends on the Registrants Common Equity

Shares of the Companys common stock, par value $.001 per share (common stock) trade on the New York Stock Exchange (NYSE) under the symbol DFT. As of
February 24, 2011, the Company had approximately 100 holders of record of its common stock. This figure does not reflect the beneficial ownership of shares held in nominee name. The following table sets forth, for the indicated periods, the
high and low closing sale prices for the Companys common stock on the NYSE and the cash distributions declared per share:



|               |  |             |       |  |                                   |   |       |  |  |   |      | 
|-------------- |  | ----------- | ----- |  | --------------------------------- | - | ----- |  |  | - | ---- | 
|               |  | Price Range |       |  | CashDistributionDeclaredPer Share |  
|               |  | High        |       |  | Low                               |   |      
|2010           |  |             |       |  |                                   |   |       |  |  |   |      | 
|First Quarter  |  | $           | 23.27 |  |                                   | $ | 15.96 |  |  | $ | 0.08 | 
|Second Quarter |  | $           | 27.46 |  |                                   | $ | 21.76 |  |  | $ | 0.12 | 
|Third Quarter  |  | $           | 26.89 |  |                                   | $ | 23.09 |  |  | $ | 0.12 | 
|Fourth Quarter |  | $           | 26.07 |  |                                   | $ | 20.10 |  |  | $ | 0.12 | 
|               |  |             |      
|2009           |  |             |       |  |                                   |   |       |  |  |   |      | 
|First Quarter  |  | $           | 6.90  |  |                                   | $ | 2.39  |  |  | $ |     | 
|Second Quarter |  | $           | 9.75  |  |                                   | $ | 6.87  |  |  | $ |     | 
|Third Quarter  |  | $           | 14.17 |  |                                   | $ | 8.38  |  |  | $ |     | 
|Fourth Quarter |  | $           | 17.99 |  |                                   | $ | 13.59 |  |  | $ | 0.08 | 

To qualify and
maintain its qualification as a REIT, the Company intends to make annual distributions to its stockholders of at least 90% of its taxable income (which does not necessarily equal net income as calculated in accordance with generally accepted
accounting principles). Dividends are declared by the board of directors. The Company currently estimates that it will declare dividends of approximately $0.48 per share in 2011. The Companys ability to pay dividends to its stockholders is
dependent on its receipt of distributions from its Operating Partnership, which in turn is dependent on its data center properties generating operating income. The indenture that governs the Companys 8.5% senior unsecured notes due 2017 limits
the Companys ability to pay dividends, but allows it to pay the minimum necessary to meet its REIT income distribution requirements.

Issuer Purchases of Equity Securities

The Company did not purchase any of its registered equity securities during the quarter ended December 31, 2010.

Unregistered Sales of Equity Securities

During 2010, the Company issued
13.8 million common shares in an underwritten equity offering, which common shares are registered under the Securities Act of 1933, as amended (the Act). Pursuant to the Partnership Agreement of the Operating Partnership (the
Partnership Agreement), the Operating Partnership issued to the Company an equal number of units for the same price at which the common shares were sold, in a transaction that was not registered under the Act in reliance on
Section 4(2) of the Act due to the fact that the units were issued only to the Company and therefore, did not involve a public offering. Accordingly, during 2010, the Operating Partnership issued 13.8 million common units to the Company
for shares issued under the Company equity offering for approximately $305 million.



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The Company from time to time issues common shares pursuant to its equity compensation plans
and pursuant to redemptions by the limited partners of the Operating Partnership of common units of limited partnership interest. Pursuant to the Partnership Agreement, each time the Company issues common shares as described above, the Operating
Partnership issues to the Company, its general partner, an equal number of units for the same price at which the common shares were sold, in transactions that are not registered under the Act in reliance on Section 4(2) of the Act due to the
fact that units were issued only to the Company and therefore, did not involve a public offering. During 2010, the Operating Partnership issued 3,751,121 common units to the Company in connection with such redemptions and the issuances pursuant to
the Companys equity compensation plans, for approximately $69 million.

Performance Graph

The following line graph sets forth, for the period from October 18, 2007 (the date of the Companys IPO) through
December 31, 2010, a comparison of the percentage change in the cumulative total stockholder return on the Companys common stock compared to the cumulative total return of the S&P 500 Index, the Russell 2000 index and the FTSE
National Association of Real Estate Investment Trusts Equity REIT Index. The graph assumes that $100 was invested on October 18, 2007 in shares of the Companys common stock and each of the aforementioned indices and that all dividends
were reinvested without the payment of any commissions. There can be no assurance that the performance of the Companys shares will continue in line with the same or similar trends depicted in the graph below.

LOGO

The foregoing graph and chart shall not be deemed incorporated by reference by any general statement
incorporating by reference this Annual Report on Form 10-K into any filing under the Securities Act of 1933, as amended, or under the Securities Exchange Act of 1934, as amended, except to the extent the Company specifically incorporates this
information by reference, and shall not otherwise be deemed filed under those acts.



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|ITEM 6. | SELECTED FINANCIAL DATA
|------- | -----------------------

DuPont Fabros Technology, Inc. (the REIT or DFT) was formed on March 2, 2007 and is headquartered in
Washington, D.C. DFT is a fully integrated, self-administered and self-managed company that owns, acquires, develops and operates wholesale data centers. DFT is the sole general partner of, and, as of December 31, 2010, owned 73.2% of the
economic interest in, DuPont Fabros Technology, L.P. (the Operating Partnership or OP and collectively with DFT and their operating subsidiaries, the Company). DFTs common stock trades on the New York Stock
Exchange, or NYSE, under the symbol DFT.

The Company is a leading owner, developer, operator and manager of
wholesale data centers. The Companys data centers are highly specialized, secure facilities used by its tenantsprimarily national and international technology companies, including Microsoft, Yahoo!, Facebook and Googleto house,
power and cool the computer servers that support many of their most critical business processes. The Company leases the raised square footage and available power of each of its facilities to its tenants under long-term triple-net leases, which
contain annual rental increases. The phrase wholesale data center, or wholesale infrastructure, refers to specialized real estate assets consisting of large-scale data center facilities provided to tenants under long-term
leases.

The Company completed its IPO on October 24, 2007. The IPO resulted in the sale of 35,075,000 common shares,
generating net proceeds of $676.9 million.

Prior to August 7, 2007, each of the Companys initial properties, or
data centers, was directly owned by a single-property entity. To facilitate the closing of a Credit Facility (defined herein) on August 7, 2007 and in contemplation of the IPO, the Company combined the membership interests in the entities that
hold interests in VA3, VA4, ACC2, ACC3 and CH1 into one holding company, Safari Ventures LLC (Safari), in order for those membership interests and certain of those properties to serve as collateral for the Credit Facility. Following the
closing of the Credit Facility, each of the former members of the property-holding entities held a direct or indirect equity interest in Safari. Safari made borrowings under the Credit Facility to purchase land in Ashburn, Virginia that is being
used for the development of ACC5 and ACC6. For accounting purposes, Quill Ventures LLC, the entity that owns ACC3, was determined to be the accounting acquirer (the Predecessor) in accordance with the authoritative guidance issued by the
Financial Accounting Standards Board (FASB), in the Safari transaction, and ACC2, VA3, VA4 and CH1 were determined to be the Acquired Properties. The financial position and results of operations of the Predecessor are
presented on a historical cost basis and the contribution of the interests of ACC2, VA3, VA4 and CH1 has been recorded at their estimated fair value. Subsequent to August 6, 2007, Safari is the accounting predecessor of the Company, resulting
in the recording of the financial position and results of operations of Safari at historical cost basis at the IPO. Safari was merged into the Operating Partnership on December 30, 2009, with the Operating Partnership being the surviving
entity. The merger resulted in the termination of Safari.

The Company also acquired as part of the IPO formation transactions
on October 24, 2007, a data center known as ACC4, land held for the development of a data center in Ashburn, Virginia (ACC7), land held for development of a data center in Piscataway, New Jersey (NJ1), a contract to acquire land in Santa Clara,
California and property management, development, leasing, asset management and technical services agreements and arrangements for all of the Companys properties from entities affiliated with Lammot J. du Pont, the Executive Chairman of the
Companys board of directors, and Hossein Fateh, the Companys President and Chief Executive Officer. The contribution of the interests of ACC4 and the two undeveloped parcels of land were recorded at their estimated fair value.

Prior to October 24, 2007, operating results are presented for the Predecessor. Operating results for the Acquired
Properties are only reflected for the period subsequent to August 7, 2007. Subsequent to October 24, 2007, operating results are presented for the Company, which includes the Predecessor, the Acquired Properties, ACC4, NJ1 and ACC7 and the
other formation transactions.



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##### Table of Contents

The following tables set forth selected financial data for DFT and the Operating Partnership
and should be read in conjunction with the financial statements and notes thereto included in Item 8 of this report and Managements Discussion and Analysis of Financial Condition and Results of Operations included
in Item 7 of this report.

DuPont Fabros Technology, Inc. (DFT)



|                                                                                            |  |                                                |            |   |                                          |   |            |                                  |  |   |                             |   |  |   |            |   |  |   |         |   |  |   |        |  
|------------------------------------------------------------------------------------------- |  | ---------------------------------------------- | ---------- | - | ---------------------------------------- | - | ---------- | -------------------------------- |  | - | --------------------------- | - |  | - | ---------- | - |  | - | ------- | - |  | - | ------ | -
|                                                                                            |  | DFT                                            |            |   | The Predecessor                          |  
|                                                                                            |  | Year ended December 31,                        |            |   | October 24,2007 (IPO)
toDecember 31,2007 |   |            | January 1,2007 toOctober 23,2007 |  |   | Year 
endedDecember 31,2006 |  
|                                                                                            |  | 2010                                           |            |   | 2009                                     |   |            | 2008                             |  |   |                             |  
|                                                                                            |  | (in thousands except share and per share data) |           
|Statement of Operations:                                                                    |  |                                                |            |   |                                          |   |            |                                  |  |   |                             |   |  |   |            |   |  |   |         |   |  |   |        |  
|Revenues:                                                                                   |  |                                                |            |   |                                          |   |            |                                  |  |   |                             |   |  |   |            |   |  |   |         |   |  |   |        |  
|Total revenues                                                                              |  | $                                              | 242,541    |   |                                          | $ | 200,282    |                                  |  | $ | 173,664                     |   |  | $ | 25,871     |   |  | $ | 35,403  |   |  | $ | 10,685 |  
|                                                                                            |  |                                                |            |   |                                          |   |            |                                  |  |   |                             |   |  |   |            |   |  |   |         |   |  |   |        |  
|Expenses:                                                                                   |  |                                                |            |   |                                          |   |            |                                  |  |   |                             |   |  |   |            |   |  |   |         |   |  |   |        |  
|Property operating costs                                                                    |  |                                                | 67,033     |   |                                          |   | 62,911     |                                  |  |   | 50,918                      |   |  |   | 7,516      |   |  |   | 10,317  |   |  |   | 1,873  |  
|Real estate taxes and insurance                                                             |  |                                                | 5,281      |   |                                          |   | 5,291      |                                  |  |   | 3,986                       |   |  |   | 539        |   |  |   | 669     |   |  |   | 164    |  
|Management fees                                                                             |  |                                                |           |   |                                          |   |           |                                  |  |   |                            |   |  |   |           |   |  |   | 1,772   |   |  |   | 616    |  
|Depreciation and amortization                                                               |  |                                                | 62,483     |   |                                          |   | 56,701     |                                  |  |   | 50,703                      |   |  |   | 8,896      |   |  |   | 8,419   |   |  |   | 2,186  |  
|General and administrative                                                                  |  |                                                | 14,743     |   |                                          |   | 13,358     |                                  |  |   | 10,568                      |   |  |   | 17,013     |   |  |   | 250     |   |  |   | 228    |  
|Acquisition of service agreements                                                           |  |                                                |           |   |                                          |   |           |                                  |  |   |                            |   |  |   | 176,526    |   |  |   |        |   |  |   |       |  
|Other expenses                                                                              |  |                                                | 7,124      |   |                                          |   | 11,485     |                                  |  |   | 9,003                       |   |  |   | 530        |   |  |   |        |   |  |   |       |  
|                                                                                            |  |                                                |            |   |                                          |   |            |                                  |  |   |                             |   |  |   |            |   |  |   |         |   |  |   |        |  
|Total expenses                                                                              |  |                                                | 156,664    |   |                                          |   | 149,746    |                                  |  |   | 125,178                     |   |  |   | 211,020    |   |  |   | 21,427  |   |  |   | 5,067  |  
|                                                                                            |  |                                                |            |   |                                          |   |            |                                  |  |   |                             |   |  |   |            |   |  |   |         |   |  |   |        |  
|Operating income (loss)                                                                     |  |                                                | 85,877     |   |                                          |   | 50,536     |                                  |  |   | 48,486                      |   |  |   | (185,149   | ) |  |   | 13,976  |   |  |   | 5,618  |  
|Interest income                                                                             |  |                                                | 1,074      |   |                                          |   | 381        |                                  |  |   | 308                         |   |  |   | 132        |   |  |   | 280     |   |  |   | 157    |  
|Interest:                                                                                   |  |                                                |            |   |                                          |   |            |                                  |  |   |                             |   |  |   |            |   |  |   |         |   |  |   |        |  
|Expense incurred                                                                            |  |                                                | (36,746    | ) |                                          |   | (25,462    | )                                |  |   | (10,852                     | ) |  |   | (1,301     | ) |  |   | (13,480 | ) |  |   | (5,715 | )
|Amortization of deferred financing costs                                                    |  |                                                | (6,497     | ) |                                          |   | (8,854     | )                                |  |   | (1,782                      | ) |  |   | (230       | ) |  |   | (2,395  | ) |  |   | (565   | )
|Loss on discontinuance of cash flow hedge                                                   |  |                                                |           |   |                                          |   | (13,715    | )                                |  |   |                            |   |  |   |           |   |  |   |        |   |  |   |       |  
|                                                                                            |  |                                                |            |   |                                          |   |            |                                  |  |   |                             |   |  |   |            |   |  |   |         |   |  |   |        |  
|Net income (loss)                                                                           |  |                                                | 43,708     |   |                                          |   | 2,886      |                                  |  |   | 36,160                      |   |  |   | (186,548   | ) |  |   | (1,619  | ) |  |   | (505   | )
|Net (income) loss attributable to redeemable noncontrolling interestsoperating partnership |  |                                                | (13,261    | ) |                                          |   | (1,133     | )                                |  |   | (17,078                     | ) |  |   | 87,242     |   |  |   |        |   |  |   |       |  
|                                                                                            |  |                                                |            |   |                                          |   |            |                                  |  |   |                             |   |  |   |            |   |  |   |         |   |  |   |        |  
|Net income (loss) attributable to controlling interests                                     |  |                                                | 30,447     |   |                                          |   | 1,753      |                                  |  |   | 19,082                      |   |  |   | (99,306    | ) |  |   | (1,619  | ) |  |   | (505   | )
|Preferred stock dividends                                                                   |  |                                                | (3,157     | ) |                                          |   |           |                                  |  |   |                            |   |  |   |           |   |  |   |        |   |  |   |       |  
|                                                                                            |  |                                                |            |   |                                          |   |            |                                  |  |   |                             |   |  |   |            |   |  |   |         |   |  |   |        |  
|Net income (loss) attributable to common shares                                             |  | $                                              | 27,290     |   |                                          | $ | 1,753      |                                  |  | $ | 19,082                      |   |  | $ | (99,306    | ) |  | $ | (1,619  | ) |  | $ | (505   | )
|                                                                                            |  |                                                |            |   |                                          |   |            |                                  |  |   |                             |   |  |   |            |   |  |   |         |   |  |   |        |  
|Earnings per sharebasic:                                                                   |  |                                                |            |   |                                          |   |            |                                  |  |   |                             |   |  |   |            |   |  |   |         |   |  |   |        |  
|Net income (loss) attributable to common shares                                             |  | $                                              | 0.51       |   |                                          | $ | 0.04       |                                  |  | $ | 0.54                        |   |  | $ | (2.80      | ) |  |   | N/A     |   |  |   | N/A    |  
|                                                                                            |  |                                                |            |   |                                          |   |            |                                  |  |   |                             |   |  |   |            |   |  |   |         |   |  |   |        |  
|Weighted average common shares outstanding                                                  |  |                                                | 52,800,712 |   |                                          |   | 39,938,225 |                                  |  |   | 35,428,521                  |   |  |   | 35,382,404 |   |  |   | N/A     |   |  |   | N/A    |  
|                                                                                            |  |                                                |            |   |                                          |   |            |                                  |  |   |                             |   |  |   |            |   |  |   |         |   |  |   |        |  
|Earnings per sharediluted:                                                                 |  |                                                |            |   |                                          |   |            |                                  |  |   |                             |   |  |   |            |   |  |   |         |   |  |   |        |  
|Net income (loss) attributable to common shares                                             |  | $                                              | 0.51       |   |                                          | $ | 0.04       |                                  |  | $ | 0.54                        |   |  | $ | (2.80      | ) |  |   | N/A     |   |  |   | N/A    |  
|                                                                                            |  |                                                |            |   |                                          |   |            |                                  |  |   |                             |   |  |   |            |   |  |   |         |   |  |   |        |  
|Weighted average common shares outstanding                                                  |  |                                                | 54,092,703 |   |                                          |   | 40,636,035 |                                  |  |   | 35,428,521                  |   |  |   | 35,382,404 |   |  |   | N/A     |   |  |   | N/A    |  
|                                                                                            |  |                                                |            |   |                                          |   |            |                                  |  |   |                             |   |  |   |            |   |  |   |         |   |  |   |        |  
|Dividends declared per common share                                                         |  | $                                              | 0.44       |   |                                          | $ | 0.08       |                                  |  | $ | 0.5625                      |   |  | $ | 0.15       |   |  |   | N/A     |   |  |   | N/A    |  
|                                                                                            |  |                                                |            |   |                                          |   |            |                                  |  |   |                             |   |  |   |            |   |  |   |         |   |  |   |        |  



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|                                                          |  |                    |           |  |                |   |           |      |  |   |           |  |  |      |           |  |  |   |         |  
|--------------------------------------------------------- |  | ------------------ | --------- |  | -------------- | - | --------- | ---- |  | - | --------- |  |  | ---- | --------- |  |  | - | ------- | -
|                                                          |  | DFT                |           |  | ThePredecessor |  
|                                                          |  | As of December 31, |          
|                                                          |  | 2010               |           |  | 2009           |   |           | 2008 |  |   | 2007      |  |  | 2006 |          
|                                                          |  | (in thousands)     |          
|Balance Sheet Data:                                       |  |                    |           |  |                |   |           |      |  |   |           |  |  |      |           |  |  |   |         |  
|Net real estate                                           |  | $                  | 1,994,635 |  |                | $ | 1,697,544 |      |  | $ | 1,701,059 |  |  | $    | 1,356,445 |  |  | $ | 92,021  |  
|Total assets                                              |  |                    | 2,397,451 |  |                |   | 2,023,045 |      |  |   | 1,864,763 |  |  |      | 1,454,155 |  |  |   | 113,905 |  
|Mortgage notes payable                                    |  |                    | 150,000   |  |                |   | 348,500   |      |  |   | 433,395   |  |  |      | 296,719   |  |  |   | 112,490 |  
|Unsecured notes payable                                   |  |                    | 550,000   |  |                |   | 550,000   |      |  |   |          |  |  |      |          |  |  |   |        |  
|Line of credit                                            |  |                    |          |  |                |   |          |      |  |   | 233,424   |  |  |      |          |  |  |   |        |  
|Redeemable noncontrolling interestsoperating partnership |  |                    | 466,823   |  |                |   | 448,811   |      |  |   | 484,768   |  |  |      | 610,781   |  |  |   |        |  
|Preferred stock                                           |  |                    | 185,000   |  |                |   |          |      |  |   |          |  |  |      |          |  |  |   |        |  
|Stockholders equity and members equity (deficit)        |  |                    | 1,080,258 |  |                |   | 605,441   |      |  |   | 552,169   |  |  |      | 436,894   |  |  |   | (7,005  | )



|                                                    |  |                         |         |   |                                          |   |        |                                  |  |   |                            |   |  |   |          |   |  |   |        |   |  |   |       |  
|--------------------------------------------------- |  | ----------------------- | ------- | - | ---------------------------------------- | - | ------ | -------------------------------- |  | - | -------------------------- | - |  | - | -------- | - |  | - | ------ | - |  | - | ----- | -
|                                                    |  | DFT                     |         |   | The Predecessor                          |  
|                                                    |  | Year ended December 31, |         |   | October 24,2007 (IPO) toDecember 31,2007 |   |        | January 1,2007 toOctober 23,2007 |  |   | Year endedDecember 31,2006 |  
|                                                    |  | 2010                    |         |   | 2009                                     |   |        | 2008                             |  |   |                            |  
|                                                    |  | (in thousands)          |        
|Other Data:                                         |  |                         |         |   |                                          |   |        |                                  |  |   |                            |   |  |   |          |   |  |   |        |   |  |   |       |  
|Funds from operations (1)                           |  |                         |         |   |                                          |   |        |                                  |  |   |                            |   |  |   |          |   |  |   |        |   |  |   |       |  
|Net income (loss)                                   |  | $                       | 43,708  |   |                                          | $ | 2,886  |                                  |  | $ | 36,160                     |   |  | $ | (186,548 | ) |  | $ | (1,619 | ) |  | $ | (505  | )
|Depreciation and amortization                       |  |                         | 62,483  |   |                                          |   | 56,701 |                                  |  |   | 50,703                     |   |  |   | 8,896    |   |  |   | 8,419  |   |  |   | 2,186 |  
|Less: Non real estate depreciation and amortization |  |                         | (642    | ) |                                          |   | (496   | )                                |  |   | (267                       | ) |  |   | (16      | ) |  |   |       |   |  |   |      |  
|                                                    |  |                         |         |   |                                          |   |        |                                  |  |   |                            |   |  |   |          |   |  |   |        |   |  |   |       |  
|FFO                                                 |  | $                       | 105,549 |   |                                          | $ | 59,091 |                                  |  | $ | 86,596                     |   |  | $ | (177,668 | ) |  | $ | 6,800  |   |  | $ | 1,681 |  
|                                                    |  |                         |         |   |                                          |   |        |                                  |  |   |                            |   |  |   |          |   |  |   |        |   |  |   |       |  



|(1) | Funds from operations, or FFO, is used by industry analysts and investors as a supplemental operating performance measure for REITs. The Company calculates 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 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.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | The Company uses 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 year over year, captures trends in occupancy rates, rental rates and operating expenses. The Company also believes that, as a widely recognized measure of the performance of equity
REITs, FFO will be used by investors as a basis to compare the Companys 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 the Companys properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of the Companys properties, all of which have real
economic effects and could materially impact the Companys results from operations, the utility of FFO as a measure of the Companys 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 the Companys FFO. Therefore, the Company believes that in order to facilitate a clear understanding of its 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 the Companys liquidity, nor is it indicative of funds available to fund the Companys cash needs, including its ability to pay dividends or make distributions.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

DuPont Fabros Technology, L.P. (The Operating Partnership)



|                                                           |  |                                                |            |   |                                          |   |            |                                  |  |   |                            |   |  |   |            |   |  |   |         |   |  |   |        |  
|---------------------------------------------------------- |  | ---------------------------------------------- | ---------- | - | ---------------------------------------- | - | ---------- | -------------------------------- |  | - | -------------------------- | - |  | - | ---------- | - |  | - | ------- | - |  | - | ------ | -
|                                                           |  | The Operating Partnership                      |            |   | The Predecessor                          |  
|                                                           |  | Year ended December 31,                        |            |   | October 24,2007 (IPO) toDecember 31,2007 |   |            | January 1,2007 toOctober 23,2007 |  |   | Year endedDecember 31,2006 |  
|                                                           |  | 2010                                           |            |   | 2009                                     |   |            | 2008                             |  |   |                            |  
|                                                           |  | (in thousands except share and per share data) |           
|Statement of Operations:                                   |  |                                                |            |   |                                          |   |            |                                  |  |   |                            |   |  |   |            |   |  |   |         |   |  |   |        |  
|Revenues:                                                  |  |                                                |            |   |                                          |   |            |                                  |  |   |                            |   |  |   |            |   |  |   |         |   |  |   |        |  
|Total revenues                                             |  | $                                              | 242,541    |   |                                          | $ | 200,282    |                                  |  | $ | 173,664                    |   |  | $ | 25,871     |   |  | $ | 35,403  |   |  | $ | 10,685 |  
|                                                           |  |                                                |            |   |                                          |   |            |                                  |  |   |                            |   |  |   |            |   |  |   |         |   |  |   |        |  
|Expenses:                                                  |  |                                                |            |   |                                          |   |            |                                  |  |   |                            |   |  |   |            |   |  |   |         |   |  |   |        |  
|Property operating costs                                   |  |                                                | 67,033     |   |                                          |   | 62,911     |                                  |  |   | 50,918                     |   |  |   | 7,516      |   |  |   | 10,317  |   |  |   | 1,873  |  
|Real estate taxes and insurance                            |  |                                                | 5,281      |   |                                          |   | 5,291      |                                  |  |   | 3,986                      |   |  |   | 539        |   |  |   | 669     |   |  |   | 164    |  
|Management fees                                            |  |                                                |           |   |                                          |   |           |                                  |  |   |                           |   |  |   |           |   |  |   | 1,772   |   |  |   | 616    |  
|Depreciation and amortization                              |  |                                                | 62,483     |   |                                          |   | 56,701     |                                  |  |   | 50,703                     |   |  |   | 8,896      |   |  |   | 8,419   |   |  |   | 2,186  |  
|General and administrative                                 |  |                                                | 14,743     |   |                                          |   | 13,358     |                                  |  |   | 10,568                     |   |  |   | 17,013     |   |  |   | 250     |   |  |   | 228    |  
|Acquisition of service agreements                          |  |                                                |           |   |                                          |   |           |                                  |  |   |                           |   |  |   | 176,526    |   |  |   |        |   |  |   |       |  
|Other expenses                                             |  |                                                | 7,124      |   |                                          |   | 11,485     |                                  |  |   | 9,003                      |   |  |   | 530        |   |  |   |        |   |  |   |       |  
|                                                           |  |                                                |            |   |                                          |   |            |                                  |  |   |                            |   |  |   |            |   |  |   |         |   |  |   |        |  
|Total expenses                                             |  |                                                | 156,664    |   |                                          |   | 149,746    |                                  |  |   | 125,178                    |   |  |   | 211,020    |   |  |   | 21,427  |   |  |   | 5,067  |  
|                                                           |  |                                                |            |   |                                          |   |            |                                  |  |   |                            |   |  |   |            |   |  |   |         |   |  |   |        |  
|Operating income (loss)                                    |  |                                                | 85,877     |   |                                          |   | 50,536     |                                  |  |   | 48,486                     |   |  |   | (185,149   | ) |  |   | 13,976  |   |  |   | 5,618  |  
|Interest income                                            |  |                                                | 1,074      |   |                                          |   | 381        |                                  |  |   | 308                        |   |  |   | 132        |   |  |   | 280     |   |  |   | 157    |  
|Interest:                                                  |  |                                                |            |   |                                          |   |            |                                  |  |   |                            |   |  |   |            |   |  |   |         |   |  |   |        |  
|Expense incurred                                           |  |                                                | (36,746    | ) |                                          |   | (25,462    | )                                |  |   | (10,852                    | ) |  |   | (1,301     | ) |  |   | (13,480 | ) |  |   | (5,715 | )
|Amortization of deferred financing costs                   |  |                                                | (6,497     | ) |                                          |   | (8,854     | )                                |  |   | (1,782                     | ) |  |   | (230       | ) |  |   | (2,395  | ) |  |   | (565   | )
|Loss on discontinuance of cash flow hedge                  |  |                                                |           |   |                                          |   | (13,715    | )                                |  |   |                           |   |  |   |           |   |  |   |        |   |  |   |       |  
|                                                           |  |                                                |            |   |                                          |   |            |                                  |  |   |                            |   |  |   |            |   |  |   |         |   |  |   |        |  
|Net income (loss)                                          |  |                                                | 43,708     |   |                                          |   | 2,886      |                                  |  |   | 36,160                     |   |  |   | (186,548   | ) |  |   | (1,619  | ) |  |   | (505   | )
|Net (income) loss attributable to noncontrolling interests |  |                                                |           |   |                                          |   | 32         |                                  |  |   | (214                       | ) |  |   | (56        | ) |  |   |        |   |  |   |       |  
|                                                           |  |                                                |            |   |                                          |   |            |                                  |  |   |                            |   |  |   |            |   |  |   |         |   |  |   |        |  
|Net income (loss) attributable to controlling interests    |  |                                                | 43,708     |   |                                          |   | 2,918      |                                  |  |   | 35,946                     |   |  |   | (186,604   | ) |  |   | (1,619  | ) |  |   | (505   | )
|Preferred unit distributions                               |  |                                                | (3,157     | ) |                                          |   |           |                                  |  |   |                           |   |  |   |           |   |  |   |        |   |  |   |       |  
|                                                           |  |                                                |            |   |                                          |   |            |                                  |  |   |                            |   |  |   |            |   |  |   |         |   |  |   |        |  
|Net income (loss) attributable to common units             |  | $                                              | 40,551     |   |                                          | $ | 2,918      |                                  |  | $ | 35,946                     |   |  | $ | (186,604   | ) |  | $ | (1,619  | ) |  | $ | (505   | )
|                                                           |  |                                                |            |   |                                          |   |            |                                  |  |   |                            |   |  |   |            |   |  |   |         |   |  |   |        |  
|Earnings per unitbasic:                                   |  |                                                |            |   |                                          |   |            |                                  |  |   |                            |   |  |   |            |   |  |   |         |   |  |   |        |  
|Net income (loss) attributable to common units             |  | $                                              | 0.53       |   |                                          | $ | 0.04       |                                  |  | $ | 0.54                       |   |  | $ | (2.80      | ) |  |   | N/A     |   |  |   | N/A    |  
|                                                           |  |                                                |            |   |                                          |   |            |                                  |  |   |                            |   |  |   |            |   |  |   |         |   |  |   |        |  
|Weighted average common units outstanding                  |  |                                                | 75,793,868 |   |                                          |   | 66,652,771 |                                  |  |   | 66,590,792                 |   |  |   | 66,544,675 |   |  |   | N/A     |   |  |   | N/A    |  
|                                                           |  |                                                |            |   |                                          |   |            |                                  |  |   |                            |   |  |   |            |   |  |   |         |   |  |   |        |  
|Earnings per unitdiluted:                                 |  |                                                |            |   |                                          |   |            |                                  |  |   |                            |   |  |   |            |   |  |   |         |   |  |   |        |  
|Net income (loss) attributable to common units             |  | $                                              | 0.53       |   |                                          | $ | 0.04       |                                  |  | $ | 0.54                       |   |  | $ | (2.80      | ) |  |   | N/A     |   |  |   | N/A    |  
|                                                           |  |                                                |            |   |                                          |   |            |                                  |  |   |                            |   |  |   |            |   |  |   |         |   |  |   |        |  
|Weighted average common units outstanding                  |  |                                                | 77,085,859 |   |                                          |   | 67,350,581 |                                  |  |   | 66,590,792                 |   |  |   | 66,616,104 |   |  |   | N/A     |   |  |   | N/A    |  
|                                                           |  |                                                |            |   |                                          |   |            |                                  |  |   |                            |   |  |   |            |   |  |   |         |   |  |   |        |  
|Distributions declared per common unit                     |  | $                                              | 0.44       |   |                                          | $ | 0.08       |                                  |  | $ | 0.5625                     |   |  | $ | 0.15       |   |  |   | N/A     |   |  |   | N/A    |  
|                                                           |  |                                                |            |   |                                          |   |            |                                  |  |   |                            |   |  |   |            |   |  |   |         |   |  |   |        |  



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|                                                |  |                           |           |  |                |   |           |      |  |   |           |  |  |      |           |  |  |   |         |  
|----------------------------------------------- |  | ------------------------- | --------- |  | -------------- | - | --------- | ---- |  | - | --------- |  |  | ---- | --------- |  |  | - | ------- | -
|                                                |  | The Operating Partnership |           |  | ThePredecessor |  
|                                                |  | As of December 31,        |          
|                                                |  | 2010                      |           |  | 2009           |   |           | 2008 |  |   | 2007      |  |  | 2006 |          
|                                                |  | (in thousands)            |          
|Balance Sheet Data:                             |  |                           |           |  |                |   |           |      |  |   |           |  |  |      |           |  |  |   |         |  
|Net real estate                                 |  | $                         | 1,994,635 |  |                | $ | 1,697,544 |      |  | $ | 1,701,059 |  |  | $    | 1,356,445 |  |  | $ | 92,021  |  
|Total assets                                    |  |                           | 2,392,929 |  |                |   | 2,018,354 |      |  |   | 1,864,763 |  |  |      | 1,454,155 |  |  |   | 113,905 |  
|Mortgage notes payable                          |  |                           | 150,000   |  |                |   | 348,500   |      |  |   | 433,395   |  |  |      | 296,719   |  |  |   | 112,490 |  
|Unsecured notes payable                         |  |                           | 550,000   |  |                |   | 550,000   |      |  |   |          |  |  |      |          |  |  |   |        |  
|Line of credit                                  |  |                           |          |  |                |   |          |      |  |   | 233,424   |  |  |      |          |  |  |   |        |  
|Redeemable partnership units                    |  |                           | 466,823   |  |                |   | 448,811   |      |  |   | 484,768   |  |  |      | 610,781   |  |  |   |        |  
|Partners capital and members equity (deficit) |  |                           | 1,075,736 |  |                |   | 600,750   |      |  |   | 552,169   |  |  |      | 436,894   |  |  |   | (7,005  | )



38



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##### Table of Contents

|ITEM 7. | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|------- | -------------------------------------------------------------------------------------

Overview

DuPont Fabros Technology, Inc. (the REIT or
DFT) was formed on March 2, 2007 and is headquartered in Washington, D.C. DFT is a fully integrated, self-administered and self-managed company that owns, acquires, develops and operates wholesale data centers. DFT is the sole
general partner of, and, as of December 31, 2010, owned 73.2% of the economic interest in, DuPont Fabros Technology, L.P. (the Operating Partnership or OP and collectively with DFT and their operating subsidiaries, the
Company). DFTs common stock trades on the New York Stock Exchange, or NYSE, under the symbol DFT. DFTs Series A preferred stock trades on the NYSE under the symbol DFTPrA.

As of December 31, 2010, the Company owns and operates eight data centers, six of which are located in Northern Virginia, one of
which is located in suburban Chicago, Illinois and one of which is located in Piscataway, New Jersey. The New Jersey data center and the second phase of a data center in Northern Virginia were placed into service on November 1, 2010. The
Company has two data centers currently under development: ACC6 Phase I, located in Northern Virginia and SC1 Phase I, located in Santa Clara, California. The Company currently expects that ACC6 Phase I and SC1 Phase I will be completed in the third
quarter of 2011. The table below captioned Development Projects provides current estimates of the total costs to complete these development projects. As discussed below, the Company also owns certain properties for future development and
parcels of land that it intends to develop in the future, into wholesale data centers. With this portfolio of properties, the Company believes that it is well positioned as a fully integrated wholesale data center provider, capable of developing,
leasing, operating and managing the its growing portfolio.

During 2010, the Company sold 13.8 million shares of its
common stock in an underwritten public offering, raising approximately $305 million. The Company also entered into a $100 million unsecured revolving three-year credit facility. The Company intends to use all of the net proceeds from its common
stock offering, together with borrowings under its new revolving credit facility and a portion of its cash and cash equivalents, to complete development of SC1 Phase I and ACC6 Phase I. Additionally, the Company sold 7.4 million shares of
Series A 7.7875% perpetual preferred stock, raising net proceeds of approximately $179 million. The Company used these proceeds along with a portion of its available cash balances to pay off in full the $196.5 million outstanding balance under a
term loan that was secured by its ACC4 datacenter.



39



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##### Table of Contents

The following tables present the Companys operating properties and development
projects as of December 31, 2010:

Operating Properties

As of December 31, 2010



|                           |  |                       |  |                      |           |  |                       |  |         |                      |         |  |                    |  |       |             |      |  |                |  |     |   |  |  |     |  
|-------------------------- |  | --------------------- |  | -------------------- | --------- |  | --------------------- |  | ------- | -------------------- | ------- |  | ------------------ |  | ----- | ----------- | ---- |  | -------------- |  | --- | - |  |  | --- | -
|Property                   |  | Property Location     |  | Year Built/Renovated |           |  | GrossBuildingArea (2) |  |         | RaisedSquareFeet (3) |         |  | CriticalLoadMW (4) |  |       | %Leased (5) |      |  | %Commenced (5) | 
|Stabilized (1)             |  |                       |  |                      |           |  |                       |  |         |                      |         |  |                    |  |       |             |      |  |                |  |     |   |  |  |     |  
|ACC2                       |  | Ashburn, VA           |  |                      | 2001/2005 |  |                       |  | 87,000  |                      |         |  | 53,000             |  |       |             | 10.4 |  |                |  | 100 | % |  |  | 100 | %
|ACC3                       |  | Ashburn, VA           |  |                      | 2001/2006 |  |                       |  | 147,000 |                      |         |  | 80,000             |  |       |             | 13.9 |  |                |  | 100 | % |  |  | 100 | %
|ACC4                       |  | Ashburn, VA           |  |                      | 2007      |  |                       |  | 347,000 |                      |         |  | 172,000            |  |       |             | 36.4 |  |                |  | 100 | % |  |  | 100 | %
|ACC5 (6)                   |  | Ashburn, VA           |  |                      | 2009-2010 |  |                       |  | 360,000 |                      |         |  | 176,000            |  |       |             | 36.4 |  |                |  | 88  | % |  |  | 88  | %
|CH1 Phase I                |  | Elk Grove Village, IL |  |                      | 2008      |  |                       |  | 285,000 |                      |         |  | 122,000            |  |       |             | 18.2 |  |                |  | 100 | % |  |  | 100 | %
|VA3                        |  | Reston, VA            |  |                      | 2003      |  |                       |  | 256,000 |                      |         |  | 147,000            |  |       |             | 13.0 |  |                |  | 100 | % |  |  | 100 | %
|VA4                        |  | Bristow, VA           |  |                      | 2005      |  |                       |  | 230,000 |                      |         |  | 90,000             |  |       |             | 9.6  |  |                |  | 100 | % |  |  | 100 | %
|                           |  |                       |  |                      |           |  |                       |  |         |                      |         |  |                    |  |       |             |      |  |                |  |     |   |  |  |     |  
|Subtotalstabilized        |  |                       |  |                      |           |  | 1,712,000             |  |         |                      | 840,000 |  |                    |  | 137.9 |             |      |  |                |  |     |   |  | 
|Completed not Stabilized   |  |                       |  |                      |           |  |                       |  |         |                      |         |  |                    |  |       |             |      |  |                |  |     |   |  | 
|NJ1 Phase I (6)            |  | Piscataway, NJ        |  |                      | 2010      |  |                       |  | 180,000 |                      |         |  | 88,000             |  |       |             | 18.2 |  |                |  | 22  | % |  |  | 6   | %
|                           |  |                       |  |                      |           |  |                       |  |         |                      |         |  |                    |  |       |             |      |  |                |  |     |   |  |  |     |  
|Total Operating Properties |  |                       |  |                      |           |  | 1,892,000             |  |         |                      | 928,000 |  |                    |  | 156.1 |             |      |  |                |  |     |   |  | 
|                           |  |                       |  |                      |           |  |                       |  |         |                      |         |  |                    |  |       |             |      |  |                |  |     |   |  |  |     |  



|(1) | Stabilized operating properties are either 85% or more leased or have been in service for 24 months or greater.
|--- | ---------------------------------------------------------------------------------------------------------------

|(2) | Gross building area is the entire building area, including raised square footage (the portion of gross building area where the tenants computer servers are
located), tenant common areas, areas controlled by the Company (such as the mechanical, telecommunications and utility rooms) and, in some facilities, individual office and storage space leased on an as available basis to the tenants.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Raised square footage is that portion of gross building area where the tenants locate their computer servers. The Company considers raised square footage to be the net
rentable square footage in each of its facilities.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | Critical load (also referred to as IT load or load used by tenants servers or related equipment) is the power available for exclusive use by tenants expressed in
terms of megawatt, or MW, or kilowatt, or kW (1 MW is equal to 1,000 kW).
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(5) | Percentage leased is expressed as a percentage of critical load that is subject to an executed lease. Percentage commenced is expressed as a percentage of critical load
where the lease has commenced under generally accepted accounting principles. Leases executed as of December 31, 2010 (including the 16% of NJ1 Phase I leased but not commenced) represent $185 million of base rent on a straight-line basis and
$154 million on a cash basis over the next twelve months. This excludes contractual management fees and approximately $2 million net amortization increase in revenue of above and below market leases.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(6) | As of February 8, 2011, ACC5 is 100% leased and 100% commenced, and NJ1 Phase I is 22% leased and 9% commenced.
|--- | ---------------------------------------------------------------------------------------------------------------



40



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##### Table of Contents

Development Projects

As of December 31, 2010

($ in thousands)



|                                   |  |                   |                          |  |                       |  |           |                      |  |  |                    |  |  |                         |       |  |                                                        |   |                   |                      |  |   |         |  |  |  |   |  
|---------------------------------- |  | ----------------- | ------------------------ |  | --------------------- |  | --------- | -------------------- |  |  | ------------------ |  |  | ----------------------- | ----- |  | ------------------------------------------------------ | - | ----------------- | -------------------- |  | - | ------- |  |  |  | - | -
|Property                           |  | Property Location |                          |  | GrossBuildingArea (1) |  |           | RaisedSquareFeet (2) |  |  | CriticalLoadMW (3) |  |  | EstimatedTotal Cost (4) |       |  | Constructionin Progress &Land Held forDevelopment 
(5) |   |                   | PercentagePre-Leased | 
|Current Development Projects       |  |                   |                          |  |                       |  |           |                      |  |  |                    |  |  |                         |       |  |                                                        |   |                   |                      |  |   |         |  | 
|SC1 Phase I                        |  |                   | Santa Clara, CA (6)      |  |                       |  | 180,000   |                      |  |  | 88,000             |  |  |                         | 18.2  |  |                                                        | $ | 230,000 - 260,000 |                      |  | $ | 146,787 |  |  |  | 0 | %
|ACC6 Phase I                       |  |                   | Ashburn, VA (6)          |  |                       |  | 131,000   |                      |  |  | 66,000             |  |  |                         | 13.0  |  |                                                        |   | 110,000 - 130,000 |                      |  |   | 60,167  |  |  |  | 0 | %
|                                   |  |                   |                          |  |                       |  |           |                      |  |  |                    |  |  |                         |       |  |                                                        |   |                   |                      |  |   |         |  |  |  |   |  
|                                   |  |                   |                          |  |                       |  | 311,000   |                      |  |  | 154,000            |  |  |                         | 31.2  |  |                                                        | $ | 340,000 - 390,000 |                      |  |   | 206,954 |  |  |  |   |  
|                                   |  |                   |                          |  |                       |  |           |                      |  |  |                    |  |  |                         |       |  |                                                        |   |                   |                      |  |   |         |  |  |  |   |  
|Future Development Projects/Phases |  |                   |                          |  |                       |  |           |                      |  |  |                    |  |  |                         |       |  |                                                        |   |                   |                      | 
|CH1 Phase II                       |  |                   | Elk Grove Village, IL(7) |  |                       |  | 200,000   |                      |  |  | 109,000            |  |  |                         | 18.2  |  |                                                        |   | $ 17,715          |                      |  |   | 17,715  |  |  |  |   |  
|NJ1 Phase II                       |  |                   | Piscataway, NJ           |  |                       |  | 180,000   |                      |  |  | 88,000             |  |  |                         | 18.2  |  |                                                        |   | 44,000 -   46,000 |                      |  |   | 39,275  |  |  |  |   |  
|SC1 Phase II                       |  |                   | Santa Clara, CA          |  |                       |  | 180,000   |                      |  |  | 88,000             |  |  |                         | 18.2  |  |                                                        |   | 50,000 -   60,000 |                      |  |   | 46,225  |  |  |  |   |  
|ACC6 Phase II                      |  |                   | Ashburn, VA              |  |                       |  | 131,000   |                      |  |  | 66,000             |  |  |                         | 13.0  |  |                                                        |   | 25,000 -   30,000 |                      |  |   | 20,053  |  |  |  |   |  
|                                   |  |                   |                          |  |                       |  |           |                      |  |  |                    |  |  |                         |       |  |                                                        |   |                   |                      |  |   |         |  |  |  |   |  
|                                   |  |                   |                          |  |                       |  | 691,000   |                      |  |  | 351,000            |  |  |                         | 67.6  |  |                                                        | $ | 136,715 - 153,715 |                      |  |   | 123,268 |  |  |  |   |  
|                                   |  |                   |                          |  |                       |  |           |                      |  |  |                    |  |  |                         |       |  |                                                        |   |                   |                      |  |   |         |  |  |  |   |  
|Land Held for Development          |  |                   |                          |  |                       |  |           |                      |  |  |                    |  |  |                         |       |  |                                                        |   |                   |                      |  |   |         |  | 
|ACC7                               |  |                   | Ashburn, VA              |  |                       |  | 100,000   |                      |  |  | 50,000             |  |  |                         | 10.4  |  |                                                        |   |                  |                      |  |   | 4,242   |  |  |  |   |  
|SC2 Phase I/II                     |  |                   | Santa Clara, CA          |  |                       |  | 300,000   |                      |  |  | 171,000            |  |  |                         | 36.4  |  |                                                        |   |                  |                      |  |   | 2,222   |  |  |  |   |  
|                                   |  |                   |                          |  |                       |  |           |                      |  |  |                    |  |  |                         |       |  |                                                        |   |                   |                      |  |   |         |  |  |  |   |  
|                                   |  |                   |                          |  |                       |  | 400,000   |                      |  |  | 221,000            |  |  |                         | 46.8  |  |                                                        |   |                   |                      |  |   | 6,464   |  |  |  |   |  
|                                   |  |                   |                          |  |                       |  |           |                      |  |  |                    |  |  |                         |       |  |                                                        |   |                   |                      |  |   |         |  |  |  |   |  
|                                   |  |                   |                          |  |                       |  |          
|Total                              |  |                   |                          |  |                       |  | 1,402,000 |                      |  |  | 726,000            |  |  |                         | 145.6 |  |                                                        |   |                   |                      |  | $ | 336,686 |  |  |  |   |  
|                                   |  |                   |                          |  |                       |  |           |                      |  |  |                    |  |  |                         |       |  |                                                        |   |                   |                      |  |   |         |  |  |  |   |  



|(1) | Gross building area is the entire building area, including raised square footage (the portion of gross building area where the tenants computer servers are
located), tenant common areas, areas controlled by the Company (such as the mechanical, telecommunications and utility rooms) and, in some facilities, individual office and storage space leased on an as available basis to the tenants.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Raised square footage is that portion of gross building area where the tenants locate their computer servers. The Company considers raised square footage to be the net
rentable square footage in each of its facilities.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Critical load (also referred to as IT load or load used by tenants servers or related equipment) is the power available for exclusive use by tenants expressed in
terms of MW or kW (1 MW is equal to 1,000 kW).
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | Current development projects include land, capitalization for construction and development, capitalized interest and capitalized operating carrying costs, as
applicable, upon completion. Future Phase II development projects include land, shell, underground work and capitalized interest through Phase I opening only; CH1 Phase II project costs includes land, shell and capitalized interest only.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(5) | Amount capitalized as of December 31, 2010.
|--- | -------------------------------------------

|(6) | Completion expected during the third quarter of 2011.
|--- | -----------------------------------------------------

|(7) | As of February 8, 2011, CH1 Phase II is 29% pre-leased.
|--- | -------------------------------------------------------

The Company derives substantially all of its revenue from rents received from tenants under existing leases at each of the operating properties. Because the Company believes that critical load is the
primary factor used by tenants in evaluating data center requirements, rents are based primarily on the amount of power that is made available to tenants, rather than the amount of space that they occupy. In 2010, the Company executed 14 leases
representing 23.18 megawatts of critical load and 128,869 raised square feet of space.

Each of the Companys leases
includes pass-through provisions under which tenants are required to pay for their pro rata share of most of the property-level operating expenses, such as real estate taxes and insurancecommonly referred to as a triple net lease. In addition,
under the Companys triple-net lease structure, tenants pay for only the power they use and power that is used to cool their space. The Company



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intends to continue to structure future leases as triple net leases. The Companys leases also provide it with a property management fee based on a percentage of base rent collected and
property-level operating expenses, other than charges for power used by tenants to run their servers and cool their space.

Although most of the Companys leases provide for annual escalation of rents, generally at a rate of 3% or a function of the
consumer price index, the Companys revenue growth in the near term is expected to result primarily from future lease commencements at ACC5 Phase II and NJ1 Phase I, which were placed into service on November 1, 2010. ACC5 Phase II and NJ1
Phase I were respectively 100% and 22% leased as of February 8, 2011. Additionally, under the Companys triple net leases, the Company receives expense reimbursement from tenants only on space that is leased. Vacant space results in
portions of the Companys operating expenses being unreimbursed, which in turn negatively impacts revenues and net income.

The amount of rental income generated by the properties in the Companys portfolio depends on its ability to maintain the historical
lease rates of currently leased space and to re-lease space available from leases that expire or are terminated. The Companys operating properties are located in Northern Virginia, New Jersey and suburban Chicago, Illinois, and one of its
development properties is located in Santa Clara, California. Changes in the conditions of these markets could impact the overall performance of the Companys current and future operating properties, and the Companys ability to fully
lease its properties. The ability of the Companys tenants to fulfill their lease commitments could be impacted by future economic or regional downturns in the markets in which the Company operates or downturns in the technology industry. If
these or other conditions cause a tenant to default on its payment or other obligations, the Company could elect to terminate the related lease. Nevertheless, if the Company cannot attract replacement tenants on similar terms in a timely manner for
any leases that are not renewed or are terminated, the Companys rental income will be impacted adversely in future periods.

The Companys taxable REIT subsidiary (TRS), DF Technical Services, LLC, generates revenue by providing certain technical services to the Companys tenants on a contract or
purchase-order basis, which the Company refers to as a la carte services. Such services include the installation of circuits, racks, breakers and other tenant requested items. The TRS will generally charge tenants for these services on a
cost-plus basis. Because the degree of utilization of the TRS for these services varies from period to period depending on the needs of the tenants for technical services, the Company has limited ability to forecast future revenue from this source.
Moreover, as a taxable corporation, the TRS is subject to federal, state and local corporate taxes and is not required to distribute its income, if any, to the Company for purposes of making additional distributions to DFTs stockholders.
Because demand for its services is unpredictable, the Company anticipates that the TRS may retain a significant amount of its cash to fund future operations, and therefore the Company does not expect to receive distributions from the TRS on a
regular basis.

In the current economic environment, certain types of real estate have experienced declines in value. If this
trend were to be experienced by any of the Companys data centers, the Company may have to write down the value of that data center, which would result in the Company recording a charge against earnings.

Results of Operations

This Annual Report on Form 10-K contains stand-alone audited and unaudited financial statements and other financial data for each of DFT
and the Operating Partnership. DFT is the sole general partner of the Operating Partnership and, as of December 31, 2010, owned 73.2% of the partnership interests in the Operating Partnership, of which approximately 1% is held as general
partnership units. All of the Companys operations are conducted by the Operating Partnership which is consolidated by DFT, and therefore the following information is the same for DFT and the Operating Partnership, except for net income
attributable to common shares is not a line item in the Operating Partnerships consolidated statement of operations.



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Year Ended December 31, 2010 Compared to Year Ended December 31, 2009

Operating Revenue.Operating revenue for the year ended December 31, 2010 was $242.5 million. This includes base rent of
$154.3 million, tenant recoveries of $78.4 million, which includes our property management fee, and other revenue of $9.8 million, primarily from a la carte projects for our tenants performed by our TRS. This compares to revenue of $200.3 million
for the year ended December 31, 2009. The increase of $42.2 million, or 21%, was due to the lease-up of CH1 Phase I and ACC5 Phase I, and the opening of ACC5 Phase II and NJ1 Phase I in November 2010, partially offset by a decrease in revenue
from a la carte services provided to the tenants on a non-recurring basis due to a lower volume of a la carte projects. These projects include the purchase and installation of circuits, racks, breakers and other tenant requested items. Also
offsetting the increase in revenue is a $5.1 million reduction in 2010 due to energy costs savings from the Companys participation in load management and rate setting programs. These energy savings, while a reduction of revenue to the Company,
represent a direct reduction of property operating costs as well, due to the triple net lease structure in place with tenants.

Operating Expenses. Operating expenses for the year ended December 31, 2010 were $156.7 million compared to $149.7 million
for the year ended December 31, 2009. The increase of $7.0 million, or 5%, was primarily due to the following: $4.1 million of increased operating costs as ACC4, CH1 Phase I and ACC5 Phase I matured in their operations and ACC5 Phase II
and NJ1 Phase I were opened in November 2010 which was partially offset by the decrease in energy costs discussed above, $5.8 million increase of depreciation and amortization resulting from a full year of depreciation and amortization of ACC5 Phase
I and two months of depreciation and amortization in 2010 from ACC5 Phase II and NJ1 Phase I, $1.4 million of increased general and administrative expenses primarily for compensation partially offset by a decrease of $4.4 million of other expenses
for non-recurring tenant projects.

Interest Expense.Interest expense, including amortization of deferred financing
costs, for the year ended December 31, 2010 was $43.2 million compared to interest expense of $34.3 million for the year ended December 31, 2009. Included in interest in 2010 is $2.5 million for the write-off of deferred financing costs
for debt retired in 2010 as compared to $3.9 million in 2009. Total interest incurred for the year ended December 31, 2010 was $69.6 million, of which $26.4 million was capitalized, as compared to $41.3 million incurred for the year
ending December 31, 2009, of which $7.0 million was capitalized. The increase in total interest incurred period over period was primarily due to higher overall debt balances following the unsecured senior notes offering in 2009. Interest
capitalized increased period over period as the Company had four projects under development in 2010 as compared to one project under development in 2009.

Loss on discontinuance of cash flow hedge.On December 16, 2009, we completed a $550 million debt offering and repaid and terminated a credit facility, as discussed further below. In addition,
the Company paid $13.7 million to terminate the related interest rate swap agreement. In connection with the termination of the credit facility and swap agreement, the Company determined that the forecasted transaction under this swap agreement was
no longer probable as originally forecasted and therefore all amounts previously recorded in accumulated other comprehensive loss were recognized in the statement of operations, resulting in $13.7 million being recorded as loss on the discontinuance
of cash flow hedge. We did not incur any such loss in 2010.

Net Income Attributable to Common Shares.Net income
attributable to common shares for the year ended December 31, 2010 was $27.3 million as compared to $1.8 million for the year ended December 31, 2009. The increase of $25.5 million was primarily due to the discontinuance of cash flow hedge
in 2009, higher operating income primarily due to the lease up of ACC5 Phase I and CH1 Phase I, partially offset by higher interest expense and $3.2 million of preferred stock dividends related to the $185 million of preferred stock issued in
October 2010.



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Year Ended December 31, 2009 Compared to Year Ended December 31, 2008

Operating Revenue.Operating revenue for the year ended December 31, 2009 was $200.3 million. This includes base rent of
$116.8 million, tenant recoveries of $69.0 million, which includes our property management fee, and other revenue of $14.5 million, primarily from a la carte projects for our tenants performed by our TRS. This compares to revenue of $173.7 million
for the year ended December 31, 2008. The increase of $26.6 million, or 15%, was due primarily to the lease-up of ACC4 and, to a lesser degree, CH1 Phase I, the opening of ACC5 Phase I in September 2009 and an increase in revenue from a la
carte services provided to our tenants. The increase of $26.6 million was partially offset by a decrease of straight line rent of $8.1 million; therefore, cash rents increased $34.7 million year over year.

Operating Expenses. Operating expenses for the year ended December 31, 2009 were $149.7 million compared to $125.2 million
for the year ended December 31, 2008. The increase of $24.5 million, or 20%, was primarily due to the following: $8.3 million of increased operating costs at ACC4 as the property was fully operational in 2009, $2.6 million of increased CH1
property operating costs, $6.0 million of depreciation and amortization resulting from a full year of depreciation and amortization of CH1 Phase I, which was still in development during the first seven months of 2008, and the opening of ACC5 in
September 2009, $1.3 million increase in real estate taxes and insurance, $2.8 million of increased general and administrative expenses primarily for compensation, $2.5 million of other expenses for non-recurring tenant projects, and $1.0 million of
expenses related the temporary suspension of development of NJ1 and SC1.

Interest Expense.Interest expense, including
amortization of deferred financing costs, for the year ended December 31, 2009 was $34.3 million compared to interest expense of $12.6 million for the year ended December 31, 2008. Included in interest in 2009 is $3.9 million for the
write-off of deferred financing costs for debt retired in 2009 as compared to none in 2008. Total interest incurred for the year ended December 31, 2009 was $41.3 million, of which $7.0 million was capitalized as compared to $28.0
million for the year ending December 31, 2008, of which $15.4 million was capitalized. The increase in total interest increased year over year was due to higher debt balances partially offset by lower interest rates. Interest capitalized
decreased year over year as there was less development activity in 2009 versus 2008.

Loss on discontinuance of cash flow
hedge.On December 16, 2009, we completed a $550 million debt offering and repaid and terminated a credit facility, as discussed further below. In addition, the Company paid $13.7 million to terminate the related interest rate swap
agreement. In connection with the termination of the credit facility and swap agreement, the Company determined that the forecasted transaction under this swap agreement was no longer probable as originally forecasted and therefore all amounts
previously recorded in accumulated other comprehensive loss were recognized in the statement of operations, resulting in $13.7 million being recorded as loss on the discontinuance of cash flow hedge. There was no such loss in 2008.

Net Income Attributable to Common Shares.Net income attributable to common shares for the year ended December 31, 2009 was
$1.8 million as compared to $19.1 million for the year ended December 31, 2008. The decrease of $17.3 million was primarily due to the discontinuance of cash flow hedge, higher interest expense and the operating expenses at CH1 due to its
opening in August 2008, partially offset by the redemption of OP units in 2009, which were converted into shares of our common stock and resulted in a greater percentage of net income being allocated to controlling interests.

Liquidity and Capital Resources

Discussion of Cash Flows

Year
Ended December 31, 2010 Compared to Year Ended December 31, 2009

The discussion of cash flows below is for both
DFT and the Operating Partnership. The only difference between the cash flows of DFT and the Operating Partnership for the year ending December 31, 2010 is a $4.5 million bank account at DFT that is not part of the Operating Partnership and a
$0.2 million payment of taxes by DFT that is not reflected as a use of cash on the Operating Partnerships cash flow statement.



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Net cash provided by operating activities increased by $10.8 million to
$76.7 million for the year ended December 31, 2010, as compared to $65.9 million for the year ended December 31, 2009. The increase is primarily due to increased cash rents collected.

Net cash used in investing activities decreased by $107.4 million to $155.0 million for the year ended December 31, 2010 compared to
$262.4 million for the year ended December 31, 2009. Cash used in investing activities for 2010 and 2009 primarily consisted of expenditures for projects under development. In addition in 2010 and 2009, we invested $60.0 million and $139.0
million, respectively, in marketable securities held to maturity with funds from proceeds from our common stock and debt issuances, which were redeemed as of December 31, 2010. Our development expenditures increased by $151.3 million in 2010 as
compared to 2009. In 2010, we had four projects under development, while there was only one project under development for most of 2009.

Net cash provided by financing activities increased by $85.8 million to $267.0 million for the year ended December 31, 2010 compared to $181.2 million for the year ended December 31,
2009. Cash provided by financing activities for 2010 primarily consisted of $305.2 million of net proceeds from the issuance of 13.8 million shares of common stock, $178.6 million of net proceeds from the issuance of 7.4 million shares of
preferred stock and $8.9 million return of proceeds escrowed for the ACC5 Term Loan, as defined below, partially offset by $198.5 million of principal payments on the ACC4 Term Loan, as defined below, which was paid off in its entirety in October
2010 and $25.0 million paid for dividends and distributions. Cash provided by financing activities for 2009 primarily consisted of $881.7 million of proceeds from the issuance of debt, partially offset by the repayment of $650.0 million of debt.
Additionally, cash was used to fund an interest reserve of $10.0 million related to the ACC5 Term Loan and pay $21.3 million of financing costs, $13.7 million to terminate an interest rate swap and $5.4 million of dividends and distributions.

Year Ended December 31, 2009 Compared to Year Ended December 31, 2008

The discussion of cash flows below is for both DFT and the Operating Partnership. The only difference between the cash flows of DFT and
the Operating Partnership for the year ending December 31, 2009 is a $4.7 million bank account at DFT that is not part of the Operating Partnership.

Net cash provided by operating activities increased by $6.6 million to $65.9 million for the year ended December 31, 2009, as compared to $59.3 million for the year ended December 31,
2008. The increase is primarily due to additional operating cash generated by the lease-up of ACC4 in 2009, an increase in cash-based rents and an increase in prepaid rents and other liabilities.

Net cash used in investing activities decreased by $72.4 million to $262.4 million for the year ended December 31, 2009 compared to
$334.8 million for the year ended December 31, 2008. Cash used in investing activities for 2009 and 2008 primarily consisted of expenditures for projects under development. In addition in 2009, we invested $139.0 million in marketable
securities held to maturity with funds from proceeds from our debt issuances. Our development expenditures decreased by $203.4 million in 2009 as compared to 2008. In 2008, we had four projects under development, while there was only one project
under development for most of 2009.

Net cash provided by financing activities decreased by $136.3 million to
$181.2 million for the year ended December 31, 2009 compared to $317.5 million for the year ended December 31, 2008. Cash provided by financing activities for 2009 primarily consisted of $881.7 million of proceeds from the issuance of
debt, partially offset by the repayment of $650.0 million of debt. Additionally, cash was used to fund an interest reserve of $10.0 million related to the ACC5 Term Loan, as defined below, and pay $21.3 million of financing costs, $13.7 million to
terminate an interest rate swap and $5.4 million of dividends and distributions. Cash provided by financing activities for the year ended December 31, 2008 consisted of $233.7 million of proceeds from a line of credit, $36.7 million of proceeds
from a construction loan and $100.0 million of proceeds from the ACC4 Term Loan, defined below, partially offset by dividends and distributions of $47.7 million, $4.8 million of financing costs and $0.3 million of repayments to our line of credit.



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Market Capitalization

The following table sets forth the Companys total market capitalization as of December 31, 2010 (in thousands except per share data):

Capital Structure as of December 31, 2010

(in thousands except per share data)



|                                                       |  |  |     |   |  |   |        |  |  |   |           |  |  |   |           |  |  |  |       |  
|------------------------------------------------------ |  |  | --- | - |  | - | ------ |  |  | - | --------- |  |  | - | --------- |  |  |  | ----- | -
|Mortgage Notes Payable                                 |  |  |     |   |  |   |        |  |  |   |           |  |  | $ | 150,000   |  |  |  |       |  
|Unsecured Notes                                        |  |  |     |   |  |   |        |  |  |   |           |  |  |   | 550,000   |  |  |  |       |  
|                                                       |  |  |     |   |  |   |        |  |  |   |           |  |  |   |           |  |  |  |       |  
|Total Debt                                             |  |  |     |   |  |   |        |  |  |   |           |  |  |   | 700,000   |  |  |  | 26.7  | %
|Common Shares                                          |  |  | 73  | % |  |   | 59,827 |  |  |   |           |  |  |   |           |  |  |  |       |  
|Operating Partnership (OP) Units                     |  |  | 27  | % |  |   | 21,948 |  |  |   |           |  |  |   |           |  |  |  |       |  
|                                                       |  |  |     |   |  |   |        |  |  |   |           |  |  |   |           |  |  |  |       |  
|Total Shares and Units                                 |  |  | 100 | % |  |   | 81,775 |  |  |   |           |  |  |   |           |  |  |  |       |  
|Common Share Price at December 31, 2010                |  |  |     |   |  | $ | 21.27  |  |  |   |           |  |  |   |           |  |  |  |       |  
|                                                       |  |  |     |   |  |   |        |  |  |   |           |  |  |   |           |  |  |  |       |  
|Common Share and OP Unit Capitalization                |  |  |     |   |  |   |        |  |  | $ | 1,739,354 |  |  |   |           |  |  |  |       |  
|Preferred Stock ($25 per share liquidation preference) |  |  |     |   |  |   |        |  |  |   | 185,000   |  |  |   |           |  |  |  |       |  
|                                                       |  |  |     |   |  |   |        |  |  |   |           |  |  |   |           |  |  |  |       |  
|Total Equity                                           |  |  |     |   |  |   |        |  |  |   |           |  |  |   | 1,924,354 |  |  |  | 73.3  | %
|                                                       |  |  |     |   |  |   |        |  |  |   |           |  |  |   |           |  |  |  |       |  
|Total Market Capitalization                            |  |  |     |   |  |   |        |  |  |   |           |  |  | $ | 2,624,354 |  |  |  | 100.0 | %
|                                                       |  |  |     |   |  |   |        |  |  |   |           |  |  |   |           |  |  |  |       |  

Capital Resources

The development and construction of wholesale data centers is very capital intensive. This development not only requires the Company to make substantial capital investments, but also increases its
operating expenses, which impacts its cash flows from operations negatively until leases are executed and the Company begins to collect cash rents from these leases. In addition, because DFT has elected to be taxed as a REIT for federal income tax
purposes, DFT is required to distribute at least 90% of its taxable income to its stockholders annually.

The Company
generally funds the cost of data center development from additional capital, which, for future developments, the Company would expect to obtain through unsecured and secured borrowings, construction financings and the issuance of additional
preferred and /or common equity, when market conditions permit (such as the Companys December 2009 note offering, May 2010 common stock offering and October 2010 perpetual preferred stock offering). Any increases in project development costs
(including the cost of labor and materials and costs resulting from construction delays), and rising interest rates would increase the funds necessary to complete a project and, in turn, the amount of additional capital that the Company would need
to raise. In determining the source of capital to meet the Companys long-term liquidity needs, the Company will evaluate its level of indebtedness and covenants, in particular with respect to the covenants under the Companys unsecured
notes and unsecured line of credit, its expected cash flow from operations, the state of the capital markets, interest rates and other terms for borrowing, and the relative timing considerations and costs of borrowing or issuing equity securities.

In October 2010, the Company sold 7.4 million shares of Series A 7.875% perpetual preferred stock raising net proceeds
of approximately $179 million. The Company used these proceeds along with a portion of its available cash balances to pay off in full the $196.5 million outstanding balance under the ACC4 Term Loan.

In May 2010, the Operating Partnership entered into an $85 million unsecured revolving credit facility. The facility has an initial
maturity date of May 6, 2013, with a one-year extension option, subject to the payment of



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an extension fee equal to 50 basis points on the amount of the facility at initial maturity and certain other customary conditions. In August 2010, the Company utilized the accordion feature of
its $85 million unsecured revolving three-year credit facility to increase the facilitys borrowing capacity by $15 million for an aggregate borrowing capacity of $100 million. As of the date hereof, the Company has not drawn down any funds
under the facility.

In May 2010, the Company sold 13.8 million shares of its common stock, raising net proceeds to
it before offering expenses of approximately $305 million. The Company intends to use the proceeds along with amounts available under its $100 million line of credit to complete ACC6 Phase I and SC1 Phase I.

In the future, the Company intends to develop additional data centers and will rely on third-party sources of capital, as well as the
capital markets, to fund its development projects. See the table above captioned Development Projects for the estimated total costs to complete some of the Companys development projects.

The ability to pay dividends to stockholders is dependent on the receipt of distributions from the Operating Partnership, which in turn
is dependent on the data center properties generating operating income. The Indenture that governs the Unsecured Notes limits DFTs ability to pay dividends, but allows DFT to pay the minimum necessary to meet its REIT income distribution
requirements. The Companys current estimate of 2011 dividends is $0.48 per common share.

Outstanding Indebtedness

A summary of the Companys total debt as of December 31, 2010 and 2009 is as follows:

Debt Summary as of December 31, 2010 and December 31, 2009

($ in thousands)



|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|------------------------- |  | ----------------- | ------- |  | ----------------- |  | ----- | --------- |  |  | ----------------- | - |  | ------- | --- |  |  | - | ------- | 
|                          |  | December 31, 2010 |         |  | December 31, 2009 | 
|                          |  | Amounts           |         |  | % of Total        |  |       | Rates (1) |  |  | Maturities(years) |   |  | Amounts |    
|Secured                   |  | $                 | 150,000 |  |                   |  | 21.4  | %         |  |  | 5.8               | % |  |         | 3.9 |  |  | $ | 348,500 | 
|Unsecured                 |  |                   | 550,000 |  |                   |  | 78.6  | %         |  |  | 8.5               | % |  |         | 6.3 |  |  |   | 550,000 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Total                     |  | $                 | 700,000 |  |                   |  | 100.0 | %         |  |  | 7.9               | % |  |         | 5.8 |  |  | $ | 898,500 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Fixed Rate Debt:          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Unsecured Notes           |  | $                 | 550,000 |  |                   |  | 78.6  | %         |  |  | 8.5               | % |  |         | 6.3 |  |  | $ | 550,000 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Fixed Rate Debt           |  |                   | 550,000 |  |                   |  | 78.6  | %         |  |  | 8.5               | % |  |         | 6.3 |  |  |   | 550,000 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Floating Rate Debt:       |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Unsecured Credit Facility |  |                   |        |  |                   |  |      |           |  |  |                  |   |  |         | 2.3 |  |  |   |        | 
|ACC5 Term Loan            |  |                   | 150,000 |  |                   |  | 21.4  | %         |  |  | 5.8               | % |  |         | 3.9 |  |  |   | 150,000 | 
|ACC4 Term Loan (2)        |  |                   |        |  |                   |  |      |           |  |  |                  |   |  |         |    |  |  |   | 198,500 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Floating Rate Debt        |  |                   | 150,000 |  |                   |  | 21.4  | %         |  |  | 5.8               | % |  |         | 3.9 |  |  |   | 348,500 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Total                     |  | $                 | 700,000 |  |                   |  | 100.0 | %         |  |  | 7.9               | % |  |         | 5.8 |  |  | $ | 898,500 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 



|Note: | The Company capitalized interest and deferred financing cost amortization of $6.0 million and $26.4 million during the three months and year ended December 31,
2010, respectively.
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(1) | Rate as of December 31, 2010.
|--- | -----------------------------

|(2) | The ACC4 Term Loan was paid off in full on October 25, 2010.
|--- | ------------------------------------------------------------



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ACC5 Term Loan

On December 2, 2009, the Company entered into a $150 million term loan facility (the ACC5 Term Loan). An interest reserve in the amount of $10.0 million was withheld from the loan
proceeds and the remaining interest reserve is classified as restricted cash on the Companys consolidated balance sheets. The ACC5 Term Loan matures on December 2, 2014 and borrowings bear interest at LIBOR plus 4.25% with a LIBOR floor
of 1.5%. As of December 31, 2010, the interest rate for this loan was 5.75%. The loan is secured by the ACC5 data center, the land and development of a data center known as ACC6, and an assignment of the lease agreements between the Company and
the tenants of ACC5. The Operating Partnership has guaranteed the outstanding principal amount of the ACC5 Term Loan, plus interest and certain costs under the loan.

The original terms of the ACC5 Term Loan required that, within 120 days of the Closing Date, the Company enter into an interest rate swap or cap agreement with a notional principal amount equal to the
outstanding principal amount of the loan. On March 24, 2010 the Company executed an amendment to the ACC5 Term Loan that, among other things, eliminated the 120 day requirement. The Operating Partnership is now required to enter into an
interest rate protection agreement only upon the earlier to occur of (i) 30 days following the date on which U.S. dollar one month LIBOR equals or exceeds 3.75% or (ii) the occurrence of a default under the ACC5 Term Loan.

The loan requires quarterly installments of principal of $1.3 million that began in January 2011, and may be prepaid in whole or in part
without penalty any time after November 30, 2010, subject to the payment of certain LIBOR rate breakage fees. The Company may increase the total loan at any time after March 30, 2010 and on or before June 30, 2012 to not more than
$250 million, subject to lender commitments, receipt of new appraisals of the ACC5 and ACC6 property, a minimum debt service coverage ratio of no less than 1.65 to 1, and a maximum loan-to-value of 50%.

The ACC5 Term Loan requires ongoing compliance with various covenants, including with respect to restrictions on liens, incurring
indebtedness, making investments, effecting mergers and/or assets sales and maintenance of certain leases. In addition, the ACC5 Term Loan requires ongoing compliance with certain financial covenants, including, without limitation, the following:



| |  |  | The principal amount of the loan may not exceed 60% of the appraised value of ACC5;
| | - |  | -----------------------------------------------------------------------------------



| |  |  | The Company must maintain the following minimum debt service coverage ratios:
| | - |  | -----------------------------------------------------------------------------



| |  |  | Calendar quarters ending March 31, 2011 and June 30, 20111.00 to 1;
| | - |  | --------------------------------------------------------------------



| |  |  | Calendar quarter ending September 30, 2011 and December 31, 20111.15 to 1; and
| | - |  | -------------------------------------------------------------------------------



| |  |  | Commencing with the calendar quarter ending March 31, 2012 and continuing for the remainder of the term1.50 to 1; provided, however, that if
the Company exercises its right to increase the total amount of the loan above $150 million, 1.65 to 1.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Consolidated total indebtedness of the Operating Partnership and its subsidiaries to gross asset value of the Operating Partnership and its
subsidiaries must not exceed 65% during the term of the loan;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Ratio of adjusted consolidated Earnings Before Interest Taxes Depreciation and Amortization to consolidated fixed charges must not be less than 1.45 to
1 during the term of the loan; and
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Minimum consolidated tangible net worth of the Operating Partnership and its subsidiaries must not be less than approximately $575 million (plus 75% of
the sum of (i) the net proceeds from any offerings after December 2, 2009 and (ii) the value of any interests in the Operating Partnership or DFT issued upon the contribution of assets to DFT, the Operating Partnership or its
subsidiaries after December 2, 2009) during the term of the loan.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The terms of the ACC5 Term Loan
limit the Companys investment in development properties to $1 billion and the Company is not permitted to have more than five properties in development at any time. If a development



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property is being developed in multiple phases, only the phase actually being constructed shall be considered a development property for this test. Once construction of a phase is substantially
complete and the phase is 80% leased, it is no longer deemed a development property for purposes of this covenant.

The credit
agreement that governs the ACC5 Term Loan also has customary events of default, including, but not limited to, nonpayment, breach of covenants, and payment or acceleration defaults in certain other of the Companys indebtedness. Upon an event
of default, the lenders may declare the loan due and immediately payable. Also, upon a change in control, lenders that hold two-thirds of the outstanding principal amount of the loan may declare it due and payable.

The credit agreement that governs the ACC5 Term Loan contains definitions of many of the terms used in this summary of covenants. The
Company was in compliance with all of the covenants under the loan as of December 31, 2010.

Unsecured Notes

On December 16, 2009, the Operating Partnership completed the sale of $550 million of 8.5% senior notes due 2017 (the Unsecured
Notes). The Unsecured Notes were issued at face value. The Company pays interest on the Unsecured Notes semi-annually, in arrears, on December 15 and June 15 of each year, beginning June 15, 2010. On each of December 15,
2015 and December 15, 2016, $125 million in principal amount of the Unsecured Notes will become due and payable, with the remaining $300 million due on December 15, 2017.

The Unsecured Notes are unconditionally guaranteed, jointly and severally on a senior unsecured basis by DFT and certain of the Operating
Partnerships subsidiaries, including the subsidiaries that own the ACC2, ACC3, ACC4, ACC5, VA3, VA4, CH1 and NJ1 data centers and the ACC6 development property (collectively, the Subsidiary Guarantors), but excluding the
subsidiaries that own the SC1 development property, the SC2 parcel of land, the ACC7 parcel of land and the TRS.

The
Unsecured Notes rank (i) equally in right of payment with all of the Operating Partnerships existing and future senior unsecured indebtedness, (ii) senior in right of payment with all of its existing and future subordinated
indebtedness, (iii) effectively subordinate to any of the Operating Partnerships existing and future secured indebtedness and (iv) effectively junior to any liabilities of any subsidiaries of the Operating Partnership that do not
guarantee the Unsecured Notes. The guarantees of the Unsecured Notes by DFT and the Subsidiary Guarantors rank (i) equally in right of payment with such guarantors existing and future senior unsecured indebtedness, (ii) senior in
right of payment with all of such guarantors existing and future subordinated indebtedness and (iii) effectively subordinate to any of such guarantors existing and future secured indebtedness.

At any time prior to December 15, 2013, the Operating Partnership may redeem the Unsecured Notes, in whole or in part, at a price
equal to the sum of (i) 100% of the principal amount of the Unsecured Notes to be redeemed, plus (ii) a make-whole premium and accrued and unpaid interest. On or after December 15, 2013, the Operating Partnership may redeem the
Unsecured Notes, in whole or in part, at (i) 104.250% from December 15, 2013 to December 14, 2014, (ii) 102.125% from December 15, 2014 to December 14, 2015 and (iii) 100% of the principal amount of the Unsecured
Notes from December 15, 2015 and thereafter, in each case plus accrued and unpaid interest. In addition, on or prior to December 15, 2012, the Operating Partnership may redeem up to 35% of the Unsecured Notes at 108.500% of the principal
amount thereof, plus accrued and unpaid interest, with the net cash proceeds of certain equity offerings consummated by DFT or the Operating Partnership.

If there is a change of control (as defined in the Indenture) of the Operating Partnership or DFT, Unsecured Note holders can require the Operating Partnership to purchase their Unsecured Notes at a price
equal to 101% of the principal amount thereof, plus accrued and unpaid interest. In addition, in certain circumstances the Operating Partnership may be required to use the net proceeds of asset sales to purchase a portion of the Unsecured Notes at
100% of the principal amount thereof, plus accrued and unpaid interest.



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The Unsecured Notes have certain covenants limiting or prohibiting the ability of the
Operating Partnership and certain of its subsidiaries from, among other things, (i) incurring secured or unsecured indebtedness, (ii) entering into sale and leaseback transactions, (iii) making certain dividend payments, distributions
and investments, (iv) entering into transactions with affiliates, (v) entering into agreements limiting the ability to make certain transfers and other payments from subsidiaries or (vi) engaging in certain mergers, consolidations or
transfers/sales of assets. The Unsecured Notes also require the Operating Partnership and the Subsidiary Guarantors to maintain total unencumbered assets of at least 150% of their unsecured debt on a consolidated basis. All of the covenants are
subject to a number of important qualifications and exceptions.

The Unsecured Notes also have customary events of default,
including, but not limited to, nonpayment, breach of covenants, and payment or acceleration defaults in certain other indebtedness of the Company or certain of its subsidiaries. Upon an event of default, the holders of the Unsecured Notes or the
trustee may declare the Unsecured Notes due and immediately payable.

The Operating Partnership also entered into a
registration rights agreement under which the Operating Partnership agreed to use commercially reasonable efforts to file, on or before 120 days after December 16, 2009, and cause to become effective, on or before 270 days after
December 16, 2009, an exchange offer registration statement that would offer to exchange the Unsecured Notes for bonds identical in terms, except that the newly-issued bonds would not be subject to transfer restrictions. The exchange offer
registration statement was declared effective as of June 17, 2010 and the exchange of all of the notes was completed by July 22, 2010, each within the time limits provided in the registration rights agreement. Having completed the exchange
offer, the Operating Partnership will not be required to pay additional interest to the Unsecured Note holders.

Unsecured
Credit Facility

On May 6, 2010, the Operating Partnership entered into a credit agreement providing for an $85
million unsecured revolving credit facility. The facility was increased to $100 million in August 2010 through the use of its accordion feature. The facility has an initial maturity date of May 6, 2013, with a one-year extension option, subject
to the payment of an extension fee equal to 50 basis points on the amount of the facility at initial maturity and certain other customary conditions. As of December 31, 2010, the Operating Partnership has not drawn down any funds under the
facility.

The facility is unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Company and
all of the Operating Partnerships subsidiaries that currently guaranty the obligations under the Companys Indenture governing the terms of the Operating Partnerships 8.5% senior notes due 2017, including the subsidiaries that own
the ACC2, ACC3, ACC4, ACCS, VA3, VA4, CH1 and NJ1 data centers and ACC6 development property, but excluding the subsidiaries that own the SC1 development property and the SC2 parcel of land, the ACC7 parcel of land and the TRS.

The Operating Partnership may elect to have borrowings under the facility bear interest at (i) LIBOR plus 450 basis points (with
LIBOR at no time being less than 1%) or (ii) a base rate plus 300 basis points. The amount available for borrowings under the facility will be determined according to a calculation comparing the value of certain unencumbered properties
designated by the Operating Partnership at such time relative to the amount of the Operating Partnerships unsecured debt. Up to $25 million of borrowings under the facility may be used for letters of credit.

The facility requires that the Company, the Operating Partnership and their subsidiaries comply with various covenants, including with
respect to restrictions on liens, incurring indebtedness, making investments, effecting mergers and/or asset sales, and certain restrictions on dividend payments. In addition, the facility imposes financial maintenance covenants relating to, among
other things, the following matters:



| |  |  | unsecured debt not exceeding 60% of the value of unencumbered assets;
| | - |  | ---------------------------------------------------------------------



| |  |  | net operating income generated from unencumbered properties divided by the amount of unsecured debt being not less than 12.5%;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------



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| |  |  | total indebtedness not exceeding 60% of gross asset value;
| | - |  | ----------------------------------------------------------



| |  |  | fixed charge coverage ratio being not less than 1.70 to 1.00; and
| | - |  | -----------------------------------------------------------------



| |  |  | tangible net worth being not less than $750 million plus 80% of the sum of (i) net equity offering proceeds and (ii) the value of equity
interests issued in connection with a contribution of assets to the Operating Partnership or its subsidiaries.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The facility includes customary events of default, the occurrence of which, following any applicable cure period, would permit the lenders to, among other things, declare the principal, accrued interest
and other obligations of the Operating Partnership under the facility to be immediately due and payable.

A summary of the Companys debt
maturity schedule as of December 31, 2010 is as follows:

Debt Maturity as of December 31, 2010

($ in thousands)



|      |  |            |         |     |               |   |         |       |  |   |            |  |  |           |      |   |  |  |     |  
|----- |  | ---------- | ------- | --- | ------------- | - | ------- | ----- |  | - | ---------- |  |  | --------- | ---- | - |  |  | --- | -
|Year  |  | Fixed Rate |         |     | Floating Rate |   |         | Total |  |   | % of Total |  |  | Rates (3) |     
|2011  |  | $          |        |     |               | $ | 5,200   | (2)   |  | $ | 5,200      |  |  |           | 0.7  | % |  |  | 5.8 | %
|2012  |  |            |        |     |               |   | 5,200   | (2)   |  |   | 5,200      |  |  |           | 0.7  | % |  |  | 5.8 | %
|2013  |  |            |        |     |               |   | 5,200   | (2)   |  |   | 5,200      |  |  |           | 0.7  | % |  |  | 5.8 | %
|2014  |  |            |        |     |               |   | 134,400 | (2)   |  |   | 134,400    |  |  |           | 19.2 | % |  |  | 5.8 | %
|2015  |  |            | 125,000 | (1) |               |   |        |       |  |   | 125,000    |  |  |           | 17.9 | % |  |  | 8.5 | %
|2016  |  |            | 125,000 | (1) |               |   |        |       |  |   | 125,000    |  |  |           | 17.9 | % |  |  | 8.5 | %
|2017  |  |            | 300,000 | (1) |               |   |        |       |  |   | 300,000    |  |  |           | 42.9 | % |  |  | 8.5 | %
|      |  |            |         |     |               |   |         |       |  |   |            |  |  |           |      |   |  |  |     |  
|Total |  | $          | 550,000 |     |               | $ | 150,000 |       |  | $ | 700,000    |  |  |           | 100  | % |  |  | 7.9 | %
|      |  |            |         |     |               |   |         |       |  |   |            |  |  |           |      |   |  |  |     |  



|(1) | The Unsecured Notes have mandatory amortizations of $125.0 million due in 2015, $125.0 million due in 2016 and $300.0 million due in 2017.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------

|(2) | The ACC5 Term Loan matures on December 2, 2014 with no extension option. Scheduled quarterly principal amortization payments of $1.3 million started in the first
quarter of 2011.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Rate as of December 31, 2010.
|--- | -----------------------------

Indebtedness Retired During 2010 and 2009

ACC4 Term Loan

On
October 24, 2008, the Company entered into a credit agreement relating to a $100.0 million term loan with a syndicate of lenders (the ACC4 Term Loan). The Company increased this loan to $250.0 million in February 2009 through
the exercise of the loans accordion feature. In December 2009, the Company repaid $50.0 million of the outstanding principal amount. In October 2010, the Company paid off the $196.5 million remaining balance of the ACC4 Term Loan
which resulted in a write-off of unamortized deferred financing costs of $2.5 million in the fourth quarter of 2010.

Credit Facility

On August 7, 2007, the Company entered into a credit facility that consisted of a $200.0 million secured term and a
$275.0 million senior secured revolving credit facility (the Credit Facility). The Company retired the Credit Facility on December 16, 2009.

On August 15, 2007, the Company entered into a $200.0 million interest rate swap to manage the interest rate risk associated with a portion of the principal amount outstanding under this Credit
Facility effective



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August 17, 2007. In connection with the sale of Unsecured Notes on December 16, 2009, the Company repaid and terminated the Credit facility. In addition, the Company paid $13.7 million
to terminate the swap agreement. With the termination of the Credit Facility and swap agreement, the Company determined that the forecasted transaction under this swap agreement was no longer probable as originally forecasted and therefore all
amounts previously recorded in accumulated other comprehensive loss were recognized in the consolidated statement of operations, resulting in $13.7 million being recorded as loss on the discontinuance of cash flow hedge.

CH1 Construction Loan

On December 20, 2007, the Company entered into a $148.9 million construction loan to which CH1 was pledged as collateral. The Company
repaid this loan on February 10, 2009.

ACC5 Construction Loan

On February 6, 2009, the Company entered into a construction loan agreement to borrow up to $25.0 million to pay for a portion of the
costs to complete the construction of Phase I of ACC5. The Company repaid this loan on December 3, 2009.

SC1 Loan

On February 6, 2009, the Company received a $5.0 million term loan that was secured by the SC1 development property. The Company
repaid this loan on December 16, 2009.

Contractual Obligations

The following table summarizes the Companys contractual obligations as of December 31, 2010, including the maturities assuming
extension options are not exercised and scheduled principal repayments of the ACC5 Term Loan and the Unsecured Notes (in thousands):



|                                            |  |      |         |  |           |   |         |           |  |   |            |  |  |       |         |  |  |   |           | 
|------------------------------------------- |  | ---- | ------- |  | --------- | - | ------- | --------- |  | - | ---------- |  |  | ----- | ------- |  |  | - | --------- | 
|Obligation                                  |  | 2011 |         |  | 2012-2013 |   |         | 2014-2015 |  |   | Thereafter |  |  | Total |        
|Long-term debt obligations                  |  | $    | 5,200   |  |           | $ | 10,400  |           |  | $ | 259,400    |  |  | $     | 425,000 |  |  | $ | 700,000   | 
|Interest on long-term debt obligations      |  |      | 55,305  |  |           |   | 109,723 |           |  |   | 100,104    |  |  |       | 60,120  |  |  |   | 325,252   | 
|Construction costs payable                  |  |      | 67,262  |  |           |   |        |           |  |   |           |  |  |       |        |  |  |   | 67,262    | 
|Commitments under development contracts (1) |  |      | 81,204  |  |           |   |        |           |  |   |           |  |  |       |        |  |  |   | 81,204    | 
|Operating leases                            |  |      | 378     |  |           |   | 790     |           |  |   | 292        |  |  |       |        |  |  |   | 1,460     | 
|                                            |  |      |         |  |           |   |         |           |  |   |            |  |  |       |         |  |  |   |           | 
|Total                                       |  | $    | 209,349 |  |           | $ | 120,913 |           |  | $ | 359,796    |  |  | $     | 485,120 |  |  | $ | 1,175,178 | 
|                                            |  |      |         |  |           |   |         |           |  |   |            |  |  |       |         |  |  |   |           | 



|(1) | Contracts related to the development of the ACC6 Phase I and SC1 Phase I data centers are not fully included above due to the cost plus nature of these contracts.
Amount represents committed costs only as of December 31, 2010. For an estimate of the total costs associated with these developments, see the table captioned Development Projects above. Also, see Note 9 of the Companys
Financial Statements.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Off-Balance Sheet Arrangements

As December 31, 2010, the Company did not have any off-balance sheet arrangements.

Critical Accounting Policies

The Company has provided a summary of its significant accounting policies in Note 2 to its financial statements included elsewhere in this Form 10-K. The preparation of these financial statements in
conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amount of revenues and expenses during the



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reporting period. The Companys actual results may differ from these estimates. The Company describes below those accounting policies that it deems critical and requires material subjective
or complex judgments and that have the most significant impact on its financial condition and results of operations. The Companys management evaluates these estimates on an ongoing basis, based upon information currently available and on
various assumptions management believes are reasonable as of the date hereof.

Revenue Recognition.Rental income is
recognized using the straight-line method over the terms of the tenant leases, which commences when control of the space and the critical power have been provided to the tenant. Deferred rent included in the Companys consolidated balance
sheets represents the aggregate excess of rental revenue recognized on a straight-line basis over the contractual rental payments that will be recognized under the remaining terms of the leases. The Companys leases contain provisions under
which the tenants reimburse it for a portion of property operating expenses it incurs. Such reimbursements are recognized in the period that the expenses are incurred. The Company recognizes amortization of the value of acquired above market tenant
leases as a reduction of rental revenue and of below market leases as an increase to rental revenue.

The Company must make
subjective estimates as to when its revenue is earned, including a determination of the lease commencement date for accounting purposes, the existence of lease inducements and early termination clauses with penalty payments and the collectability of
its accounts receivable related to rent, deferred rent, expense reimbursements and other income. The Company analyzes individual accounts receivable and historical bad debts, tenant concentrations, tenant creditworthiness and current economic trends
when evaluating the adequacy of the allowance for bad debts. These estimates have a direct impact on net income because a higher bad debt allowance would result in lower net income, and recognizing rental revenue as earned in one period versus
another would result in higher or lower net income for a particular period.

Capitalization of costs. The Company
capitalizes direct and indirect costs related to construction and development, including property taxes, insurance and financing costs relating to properties under development. In addition, the Company ceases cost capitalization after a development
is placed in service and a certificate of occupancy is obtained, or if a project is temporarily suspended. The Company capitalizes pre-acquisition costs related to probable property acquisitions. The selection of costs to capitalize and the
determination of whether a proposed acquisition is probable are subjective and depends on many assumptions including the timing of potential acquisitions and the probability that future acquisitions occur. Variations in these assumptions would yield
different amounts of capitalized costs in the periods presented. All capital improvements for the income producing properties that extend the propertys useful life are capitalized.

Useful lives of assets.The Company is required to make subjective assessments as to the useful lives of the major components of
its properties for purposes of determining the amount of depreciation to record on an annual basis with respect to its investments in real estate. These assessments have a direct impact on the Companys net income. The following presents the
major components of the Companys properties and the useful lives over which they are depreciated.



|                                                               |  |                   |     |   |                       |  |     | 
|-------------------------------------------------------------- |  | ----------------- | --- | - | --------------------- |  | --- | 
|Component                                                      |  | Average %of Total |     |   | ComponentLife (years) | 
|Land                                                           |  |                   | 3   | % |                       |  | N/A | 
|Building improvements                                          |  |                   | 27  | % |                       |  | 40  | 
|Electrical structurepower distribution units                  |  |                   | 3   | % |                       |  | 20  | 
|Electrical structureuninterrupted power supply                |  |                   | 22  | % |                       |  | 25  | 
|Electrical structureswitchgear/transformers                   |  |                   | 19  | % |                       |  | 30  | 
|Fire protection                                                |  |                   | 2   | % |                       |  | 40  | 
|Security systems                                               |  |                   | 1   | % |                       |  | 20  | 
|Mechanical structureheating, ventilating and air conditioning |  |                   | 6   | % |                       |  | 20  | 
|Mechanical structurechiller pumps/building automation         |  |                   | 6   | % |                       |  | 25  | 
|Mechanical structurechilled water storage and pipes           |  |                   | 11  | % |                       |  | 30  | 
|                                                               |  |                   |     |   |                       |  |     | 
|Total/weighted average life                                    |  |                   | 100 | % |                       |  | 30  | 
|                                                               |  |                   |     |   |                       |  |     | 



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The Company regularly performs preventive maintenance on its data center components to
ensure continual operation and avoid downtime at its data centers. These maintenance costs are expensed as incurred and included as property operating costs in the Companys consolidated statement of operations. The Companys triple-net
leases provide for the reimbursement of the tenants share of these costs and the reimbursements are included as recoveries from tenants on the Companys consolidated statement of operations.

Asset impairment evaluation.The Company reviews the carrying value of its net real estate on a quarterly and annual basis. The
Company bases its review on an estimate of the undiscounted future cash flows (excluding interest charges) expected to result from the real estate investments use and eventual disposition. The Company considers factors such as future operating
income, trends and prospects, as well as the effects of leasing demand, competition and other factors. If the Companys evaluation indicates that it may be unable to recover the carrying value of a real estate investment, an impairment loss
would be recorded to the extent that the carrying value exceeds the estimated fair value of the property, which would result in an immediate negative adjustment to net income. The evaluation of anticipated cash flows is highly subjective and is
based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results in future periods.

Since cash flows from properties considered to be long-lived assets to be held and used are considered on an undiscounted basis to determine whether an asset has been impaired, the Companys strategy
of holding properties over the long-term directly decreases the likelihood of recording an impairment loss. If this strategy changes or market conditions dictate an earlier sale date or if the Company determines that development of a project is no
longer viable, an impairment loss may be recognized and such loss could be material. If the Company determines that impairment has occurred, the affected assets must be reduced to their fair value. No such impairment losses have been recognized to
date. The Company estimates the fair value of rental properties utilizing a discounted cash flow analysis that includes projections of future revenues, expenses and capital improvement costs, similar to the income approach that is commonly utilized
by appraisers.

Recent Accounting Pronouncements

In June 2009, the FASB issued guidance to significantly amend the consolidation guidance applicable to variable interest entitles (VIEs). The consolidation model was modified to one based on
control and economics, and replaces the current quantitative primary beneficiary analysis with a qualitative analysis. The primary beneficiary of a VIE will be the entity that has (i) the power to direct the activities of the VIE that most
significantly impact the VIEs economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share power, as defined, no party will be
required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE and adds an additional reconsideration event for determination of whether an entity is a VIE. The amendments also require
expanded disclosures related to VIEs which are largely consistent with the disclosure framework currently applied by the Company. The new guidance was effective January 1, 2010 for the Company. The adoption of this guidance did not impact the
Companys financial position or results of operations.

Funds From Operations



|                                                    |  |                         |         |   |      |   |        |      |  |   |        |  
|--------------------------------------------------- |  | ----------------------- | ------- | - | ---- | - | ------ | ---- |  | - | ------ | -
|                                                    |  | Year ended December 31, |        
|                                                    |  | 2010                    |         |   | 2009 |   |        | 2008 | 
|Net income                                          |  | $                       | 43,708  |   |      | $ | 2,886  |      |  | $ | 36,160 |  
|Depreciation and amortization                       |  |                         | 62,483  |   |      |   | 56,701 |      |  |   | 50,703 |  
|Less: Non real estate depreciation and amortization |  |                         | (642    | ) |      |   | (496   | )    |  |   | (267   | )
|                                                    |  |                         |         |   |      |   |        |      |  |   |        |  
|FFO (1)                                             |  | $                       | 105,549 |   |      | $ | 59,091 |      |  | $ | 86,596 |  
|                                                    |  |                         |         |   |      |   |        |      |  |   |        |  



|(1) | Funds from operations, or FFO, is used by industry analysts and investors as a supplemental operating performance measure for REITs. The Company
calculates FFO in accordance with the definition that was
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | 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 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. FFO 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.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | The Company uses 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 year over year, captures trends in occupancy rates, rental rates and operating expenses. The Company also believes that, as a widely recognized measure of the performance of equity
REITs, FFO will be used by investors as a basis to compare the Companys 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 the Companys properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of the Companys properties, all of which have real
economic effects and could materially impact the Companys results from operations, the utility of FFO as a measure of the Companys 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 the Companys FFO. Therefore, the Company believes that in order to facilitate a clear understanding of its 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 fund the Companys cash needs, including its ability to pay dividends or make distributions.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Related Party Transactions

Leasing Arrangements

As of December 31, 2010 the Company leased approximately 9,337 square feet of office space in Washington, D.C., an office building
owned by entities affiliated with DFTs Executive Chairman and President and Chief Executive Officer. This lease expires in September 2016. The Company believes that the terms of this lease are fair and reasonable and reflect the terms it could
expect to obtain in an arms length transaction for comparable space elsewhere in Washington, D.C. Rent expense under this lease was $0.4 million for the year ended December 31, 2010.

Aircraft Charter

From time to time during 2010, the Company chartered an aircraft owned by its President and Chief Executive Officer for business-related
travel. For the year end December 31, 2010, the Company incurred a total of $0.3 million of expense under these charters. The Company believes that the rates paid for these charters are fair and reasonable and reflect the terms that it would
expect to obtain in an arms length transaction for use of a comparable aircraft.

Subsequent Events

Unsecured Credit Facility Amendment

On February 4, 2011, the Operating Partnership entered into a first amendment to its Unsecured Credit Facility, which removes the 1% floor for LIBOR established under the original agreement and
establishes applicable margins for LIBOR based loans and base rate loans that are based on the Companys ratio of total



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indebtedness to gross asset value. Under the amendment, the Company may still elect to have borrowings under the facility bear interest at either LIBOR or a base rate, in each case plus an
applicable margin. The applicable margin added to LIBOR now is based on the table below instead of a flat 450 basis points, and the applicable margin added to the base rate now is based on the table below instead of a flat 300 basis points.



|                |  |                                                  |  |  |  |                   |  |                
|--------------- |  | ------------------------------------------------ |  |  |  | ----------------- |  | ---------------
|                |  |                                                  |  |  |  | Applicable Margin
|Pricing Level   |  | Ratio of Total Indebtedness
to Gross Asset Value |  |  |  | LIBOR Rate Loans  |  | Base Rate Loans
|Pricing Level 1 |  | Less than or equal to 35%                        |  |  |  | 3.25%             |  | 1.25%          
|Pricing Level 2 |  | Greater than 35% but less than or equal to 45%   |  |  |  | 3.50%             |  | 1.50%          
|Pricing Level 3 |  | Greater than 45% but less than or equal to 55%   |  |  |  | 3.75%             |  | 1.75%          
|Pricing Level 4 |  | Greater than 55%                                 |  |  |  | 4.25%             |  | 2.25%          

Under the amendment,
the initial applicable margin is set at pricing level 1. The terms of the amendment provide for the adjustment to the applicable margin from time to time.

CH1 Phase II Development, Elk Grove Village, Illinois

The Company
anticipates commencing development of CH1 Phase II in the first half of 2011 and currently estimates that approximately $170.0 million of additional capital will be required to complete this development.



|ITEM 7A. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|-------- | ----------------------------------------------------------

The Companys future income, cash flows and fair values relevant to financial instruments are dependent upon prevalent market interest rates. Market risk refers to the risk of loss from adverse
changes in market prices and interest rates.

Because the Companys variable rate loan has a LIBOR floor of 1.5% and
LIBOR was approximately 0.3% at December 31, 2010, the Company would not be impacted by an interest rate increase or decrease of 1%.



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|ITEM 8. | FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
|------- | -------------------------------------------

Report of Independent Registered Public Accounting Firm

The Board of Directors and
Stockholders of DuPont Fabros Technology, Inc.

We have audited the accompanying consolidated balance sheets of DuPont Fabros
Technology, Inc. (the Company) as of December 31, 2010 and 2009, and the related consolidated statements of operations, stockholders equity, and cash flows for each of the three years in the period ended December 31,
2010. Our audits also included the financial statement schedule listed in the Index at Item 15(a). These financial statements and schedule are the responsibility of the Companys management. Our responsibility is to express an
opinion on these financial statements and schedule based on our audits.

We conducted our audits in accordance with the
standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our
opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of DuPont Fabros Technology, Inc. at December 31, 2010 and 2009, and the consolidated results of its operations
and its cash flows for each of the three years in the period ended December 31, 2010 in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation
to the basic financial statements taken as a whole, presents fairly in all material respects, the information set forth herein.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), DuPont
Fabros Technology, Inc.s internal control over financial reporting as of December 31, 2010, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission and our report dated February 24, 2011 expressed an unqualified opinion thereon.

/s/
Ernst & Young LLP

McLean, Virginia

February 24, 2011



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Report of Independent Registered Public Accounting Firm

The Board of Directors and Stockholders of DuPont Fabros Technology, Inc.

We have audited DuPont Fabros Technology, Inc.s (the Company) internal control over financial reporting as of December 31, 2010, based on criteria established in Internal
ControlIntegrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). DuPont Fabros Technology Inc.s management is responsible for maintaining effective internal control over
financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Managements Report on Internal Control Over Financial Reporting in Item 9A. Our responsibility is
to express an opinion on the companys internal control over financial reporting based on our audit.

We conducted our
audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over
financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A companys internal control over financial reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the companys assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.

In our opinion, DuPont Fabros Technology, Inc. maintained, in all material respects, effective internal control
over financial reporting as of December 31, 2010, based on the COSO criteria.

We also have audited, in accordance with
the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of DuPont Fabros Technology, Inc. as of December 31, 2010 and 2009, and the related consolidated statements of operations,
stockholders equity, and cash flows for each of the three years in the period ended December 31, 2010, and our report dated February 24, 2011 expressed an unqualified opinion thereon.

/s/ Ernst & Young LLP

McLean, Virginia

February 24, 2011



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DUPONT FABROS TECHNOLOGY, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except share data)



|                                                                                                                                                                                              |  |              |           |   |      |   |           |  
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------ | --------- | - | ---- | - | --------- | -
|                                                                                                                                                                                              |  | December 31, |          
|                                                                                                                                                                                              |  | 2010         |           |   | 2009 |  
|ASSETS                                                                                                                                                                                        |  |              |           |   |      |   |           |  
|Income producing property:                                                                                                                                                                    |  |              |           |   |      |   |           |  
|Land                                                                                                                                                                                          |  | $            | 50,531    |   |      | $ | 44,001    |  
|Buildings and improvements                                                                                                                                                                    |  |              | 1,779,955 |   |      |   | 1,438,598 |  
|                                                                                                                                                                                              |  |              |           |   |      |   |           |  
|                                                                                                                                                                                              |  |              | 1,830,486 |   |      |   | 1,482,599 |  
|Less: accumulated depreciation                                                                                                                                                                |  |              | (172,537  | ) |      |   | (115,225  | )
|                                                                                                                                                                                              |  |              |           |   |      |   |           |  
|Net income producing property                                                                                                                                                                 |  |              | 1,657,949 |   |      |   | 1,367,374 |  
|Construction in progress and land held for development                                                                                                                                        |  |              | 336,686   |   |      |   | 330,170   |  
|                                                                                                                                                                                              |  |              |           |   |      |   |           |  
|Net real estate                                                                                                                                                                               |  |              | 1,994,635 |   |      |   | 1,697,544 |  
|Cash and cash equivalents                                                                                                                                                                     |  |              | 226,950   |   |      |   | 38,279    |  
|Marketable securities held to maturity                                                                                                                                                        |  |              |          |   |      |   | 138,978   |  
|Restricted cash                                                                                                                                                                               |  |              | 1,600     |   |      |   | 10,222    |  
|Rents and other receivables                                                                                                                                                                   |  |              | 3,227     |   |      |   | 2,550     |  
|Deferred rent                                                                                                                                                                                 |  |              | 92,767    |   |      |   | 57,364    |  
|Lease contracts above market value, net                                                                                                                                                       |  |              | 13,484    |   |      |   | 16,349    |  
|Deferred costs, net                                                                                                                                                                           |  |              | 45,543    |   |      |   | 52,208    |  
|Prepaid expenses and other assets                                                                                                                                                             |  |              | 19,245    |   |      |   | 9,551     |  
|                                                                                                                                                                                              |  |              |           |   |      |   |           |  
|Total assets                                                                                                                                                                                  |  | $            | 2,397,451 |   |      | $ | 2,023,045 |  
|                                                                                                                                                                                              |  |              |           |   |      |   |           |  
|LIABILITIES AND STOCKHOLDERS EQUITY                                                                                                                                                          |  |              |           |   |      |   |           |  
|Liabilities:                                                                                                                                                                                  |  |              |           |   |      |   |           |  
|Mortgage notes payable                                                                                                                                                                        |  | $            | 150,000   |   |      | $ | 348,500   |  
|Unsecured notes payable                                                                                                                                                                       |  |              | 550,000   |   |      |   | 550,000   |  
|Accounts payable and accrued liabilities                                                                                                                                                      |  |              | 21,409    |   |      |   | 16,301    |  
|Construction costs payable                                                                                                                                                                    |  |              | 67,262    |   |      |   | 6,229     |  
|Accrued interest payable                                                                                                                                                                      |  |              | 2,766     |   |      |   | 3,510     |  
|Dividend and distribution payable                                                                                                                                                             |  |              | 12,970    |   |      |   |          |  
|Lease contracts below market value, net                                                                                                                                                       |  |              | 23,319    |   |      |   | 28,689    |  
|Prepaid rents and other liabilities                                                                                                                                                           |  |              | 22,644    |   |      |   | 15,564    |  
|                                                                                                                                                                                              |  |              |           |   |      |   |           |  
|Total liabilities                                                                                                                                                                             |  |              | 850,370   |   |      |   | 968,793   |  
|Redeemable noncontrolling interestsoperating partnership                                                                                                                                     |  |              | 466,823   |   |      |   | 448,811   |  
|Commitments and contingencies                                                                                                                                                                 |  |              |          |   |      |   |          |  
|Stockholders equity:                                                                                                                                                                         |  |              |           |   |      |   |           |  
|Preferred stock, par value $.001, 50,000,000 shares authorized, 7,400,000 issued and outstanding at December 31, 2010 and no
shares issued or outstanding at December 31, 2009                |  |              | 185,000   |   |      |   |          |  
|Common stock, par value $.001, 250,000,000 shares authorized, 59,827,005 shares issued and outstanding at December 31, 2010
and 42,373,340 shares issued and outstanding at December 31, 2009 |  |              | 60        |   |      |   | 42        |  
|Additional paid in capital                                                                                                                                                                    |  |              | 946,379   |   |      |   | 683,870   |  
|Accumulated deficit                                                                                                                                                                           |  |              | (51,181   | ) |      |   | (78,471   | )
|                                                                                                                                                                                              |  |              |           |   |      |   |           |  
|Total stockholders equity                                                                                                                                                                    |  |              | 1,080,258 |   |      |   | 605,441   |  
|                                                                                                                                                                                              |  |              |           |   |      |   |           |  
|Total liabilities and stockholders equity                                                                                                                                                    |  | $            | 2,397,451 |   |      | $ | 2,023,045 |  
|                                                                                                                                                                                              |  |              |           |   |      |   |           |  

See accompanying notes



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DUPONT FABROS TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)



|                                                                                     |  |                         |            |   |      |   |            |      |  |   |            |  
|------------------------------------------------------------------------------------ |  | ----------------------- | ---------- | - | ---- | - | ---------- | ---- |  | - | ---------- | -
|                                                                                     |  | Year ended December 31, |           
|                                                                                     |  | 2010                    |            |   | 2009 |   |            | 2008 | 
|Revenues:                                                                            |  |                         |            |   |      |   |            |      |  |   |            |  
|Base rent                                                                            |  | $                       | 154,258    |   |      | $ | 116,829    |      |  | $ | 104,032    |  
|Recoveries from tenants                                                              |  |                         | 78,447     |   |      |   | 69,014     |      |  |   | 58,802     |  
|Other revenues                                                                       |  |                         | 9,836      |   |      |   | 14,439     |      |  |   | 10,830     |  
|                                                                                     |  |                         |            |   |      |   |            |      |  |   |            |  
|Total revenues                                                                       |  |                         | 242,541    |   |      |   | 200,282    |      |  |   | 173,664    |  
|Expenses:                                                                            |  |                         |            |   |      |   |            |      |  |   |            |  
|Property operating costs                                                             |  |                         | 67,033     |   |      |   | 62,911     |      |  |   | 50,918     |  
|Real estate taxes and insurance                                                      |  |                         | 5,281      |   |      |   | 5,291      |      |  |   | 3,986      |  
|Depreciation and amortization                                                        |  |                         | 62,483     |   |      |   | 56,701     |      |  |   | 50,703     |  
|General and administrative                                                           |  |                         | 14,743     |   |      |   | 13,358     |      |  |   | 10,568     |  
|Other expenses                                                                       |  |                         | 7,124      |   |      |   | 11,485     |      |  |   | 9,003      |  
|                                                                                     |  |                         |            |   |      |   |            |      |  |   |            |  
|Total expenses                                                                       |  |                         | 156,664    |   |      |   | 149,746    |      |  |   | 125,178    |  
|                                                                                     |  |                         |            |   |      |   |            |      |  |   |            |  
|Operating income                                                                     |  |                         | 85,877     |   |      |   | 50,536     |      |  |   | 48,486     |  
|Interest income                                                                      |  |                         | 1,074      |   |      |   | 381        |      |  |   | 308        |  
|Interest:                                                                            |  |                         |            |   |      |   |            |      |  |   |            |  
|Expense incurred                                                                     |  |                         | (36,746    | ) |      |   | (25,462    | )    |  |   | (10,852    | )
|Amortization of deferred financing costs                                             |  |                         | (6,497     | ) |      |   | (8,854     | )    |  |   | (1,782     | )
|Loss on discontinuance of cash flow hedge                                            |  |                         |           |   |      |   | (13,715    | )    |  |   |           |  
|                                                                                     |  |                         |            |   |      |   |            |      |  |   |            |  
|Net income                                                                           |  |                         | 43,708     |   |      |   | 2,886      |      |  |   | 36,160     |  
|Net income attributable to redeemable noncontrolling interestsoperating partnership |  |                         | (13,261    | ) |      |   | (1,133     | )    |  |   | (17,078    | )
|                                                                                     |  |                         |            |   |      |   |            |      |  |   |            |  
|Net income attributable to controlling interests                                     |  |                         | 30,447     |   |      |   | 1,753      |      |  |   | 19,082     |  
|Preferred stock dividends                                                            |  |                         | (3,157     | ) |      |   |           |      |  |   |           |  
|                                                                                     |  |                         |            |   |      |   |            |      |  |   |            |  
|Net income attributable to common shares                                             |  | $                       | 27,290     |   |      | $ | 1,753      |      |  | $ | 19,082     |  
|                                                                                     |  |                         |            |   |      |   |            |      |  |   |            |  
|Earnings per sharebasic:                                                            |  |                         |            |   |      |   |            |      |  |   |            |  
|Net income attributable to common shares                                             |  | $                       | 0.51       |   |      | $ | 0.04       |      |  | $ | 0.54       |  
|                                                                                     |  |                         |            |   |      |   |            |      |  |   |            |  
|Weighted average common shares outstanding                                           |  |                         | 52,800,712 |   |      |   | 39,938,225 |      |  |   | 35,428,521 |  
|                                                                                     |  |                         |            |   |      |   |            |      |  |   |            |  
|Earnings per sharediluted:                                                          |  |                         |            |   |      |   |            |      |  |   |            |  
|Net income attributable to common shares                                             |  | $                       | 0.51       |   |      | $ | 0.04       |      |  | $ | 0.54       |  
|                                                                                     |  |                         |            |   |      |   |            |      |  |   |            |  
|Weighted average common shares outstanding                                           |  |                         | 54,092,703 |   |      |   | 40,636,035 |      |  |   | 35,428,521 |  
|                                                                                     |  |                         |            |   |      |   |            |      |  |   |            |  

See accompanying notes



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DUPONT FABROS TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY

(in thousands, except share data)



|                                                                                                              |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   |           |  
|------------------------------------------------------------------------------------------------------------- |  | -------------- | ------- |  | ------------- |  | ---------- | ------------------------ |  | - | ------------------ |  |  | ------------------- | ------- | - | --------------------------------- | - | ------- | ----- |  | - | ------ | - |  | - | ------ | - |  | - | --------- | -
|                                                                                                              |  | PreferredStock |         |  | Common Shares |  |            | AdditionalPaid-inCapital |  |   | AccumulatedDeficit |  |  | ComprehensiveIncome |         |   | AccumulatedOtherComprehensiveLoss |   |         | Total | 
|                                                                                                              |  | Number         |         |  | Amount        |  |            |                          |  |   |                   
|Balance at December 31, 2007                                                                                  |  | $              |        |  |               |  | 35,453,833 |                          |  | $ | 35                 |  |  | $                   | 540,353 |   |                                   | $ | (99,306 | )     |  |   |        |   |  | $ | (4,188 | ) |  | $ | 436,894   |  
|Comprehensive income attributable to controlling interests:                                                   |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   |           |  
|Net income attributable to controlling interests                                                              |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   | 19,082  |       |  | $ | 19,082 |   |  |   |        |   |  |   | 19,082    |  
|Other comprehensive income attributable to controlling interestschange in fair value of interest rate
swap   |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   |         |       |  |   | (5,265 | ) |  |   | (5,265 | ) |  |   | (5,265    | )
|                                                                                                              |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   |           |  
|Comprehensive income attributable to controlling interests                                                    |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   |         |       |  | $ | 13,817 |   |  |   |        |   |  |   |           |  
|                                                                                                              |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   |           |  
|Dividends declared                                                                                            |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     | (19,954 | ) |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   | (19,954   | )
|Offering costs                                                                                                |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     | (87     | ) |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   | (87       | )
|Issuance of stock awards                                                                                      |  |                |         |  |               |  | 53,270     |                          |  |   |                   |  |  |                     |        |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   |          |  
|Retirement of stock awards                                                                                    |  |                |         |  |               |  | (11,846    | )                        |  |   |                   |  |  |                     | (200    | ) |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   | (200      | )
|Amortization of deferred compensation costs                                                                   |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     | 963     |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   | 963       |  
|Adjustment to redeemable noncontrolling interestsoperating partnership                                       |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     | 120,744 |   |                                   |   |         |       |  |   |        |   |  |   | (8     | ) |  |   | 120,736   |  
|                                                                                                              |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   |           |  
|Balance at December 31, 2008                                                                                  |  |                |        |  |               |  | 35,495,257 |                          |  |   | 35                 |  |  |                     | 641,819 |   |                                   |   | (80,224 | )     |  |   |        |   |  |   | (9,461 | ) |  |   | 552,169   |  
|Comprehensive income attributable to controlling interests:                                                   |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   |           |  
|Net income attributable to controlling interests                                                              |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   | 1,753   |       |  | $ | 1,753  |   |  |   |        |   |  |   | 1,753     |  
|Other comprehensive income attribute-able to controlling interestschange in fair value of interest rate
swap |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   |         |       |  |   | 10,646 |   |  |   | 10,646 |   |  |   | 10,646    |  
|                                                                                                              |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   |           |  
|Comprehensive income attributable to controlling interests                                                    |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   |         |       |  | $ | 12,399 |   |  |   |        |   |  |   |           |  
|                                                                                                              |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   |           |  
|Dividends declared                                                                                            |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     | (3,390  | ) |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   | (3,390    | )
|Redemption of Operating Partnership units                                                                     |  |                |         |  |               |  | 6,214,441  |                          |  |   | 6                  |  |  |                     | 96,694  |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   | 96,700    |  
|Issuance of stock awards                                                                                      |  |                |         |  |               |  | 666,218    |                          |  |   | 1                  |  |  |                     | 79      |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   | 80        |  
|Retirement of stock awards                                                                                    |  |                |         |  |               |  | (2,576     | )                        |  |   |                   |  |  |                     | (11     | ) |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   | (11       | )
|Amortization of deferred compensation                                                                         |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     | 2,006   |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   | 2,006     |  
|Adjustment to redeemable noncontrolling interestsoperating partnership                                       |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     | (53,327 | ) |                                   |   |         |       |  |   |        |   |  |   | (1,185 | ) |  |   | (54,512   | )
|                                                                                                              |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   |           |  
|Balance at December 31, 2009                                                                                  |  | $              |        |  |               |  | 42,373,340 |                          |  | $ | 42                 |  |  | $                   | 683,870 |   |                                   | $ | (78,471 | )     |  |   |        |   |  | $ |       |   |  | $ | 605,441   |  
|Comprehensive income attributable to controlling interests:                                                   |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   |           |  
|Net income attributable to controlling interests                                                              |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   | 30,447  |       |  | $ | 30,447 |   |  |   |        |   |  |   | 30,447    |  
|                                                                                                              |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   |           |  
|Comprehensive income attributable to controlling interests                                                    |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   |         |       |  | $ | 30,447 |   |  |   |        |   |  |   |           |  
|                                                                                                              |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   |           |  
|Issuance of common stock                                                                                      |  |                |         |  |               |  | 13,800,000 |                          |  |   | 14                 |  |  |                     | 305,162 |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   | 305,176   |  
|Issuance of preferred stock                                                                                   |  |                | 185,000 |  |               |  |            |                          |  |   |                    |  |  |                     | (6,380  | ) |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   | 178,620   |  
|Dividends declared on common stock                                                                            |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     | (24,975 | ) |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   | (24,975   | )
|Dividends declared on preferred stock                                                                         |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   | (3,157  | )     |  |   |        |   |  |   |        |   |  |   | (3,157    | )
|Redemption of Operating Partnership units                                                                     |  |                |         |  |               |  | 3,341,474  |                          |  |   | 3                  |  |  |                     | 67,997  |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   | 68,000    |  
|Issuance of stock awards                                                                                      |  |                |         |  |               |  | 247,668    |                          |  |   | 1                  |  |  |                     | 268     |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   | 269       |  
|Stock option exercises                                                                                        |  |                |         |  |               |  | 161,979    |                          |  |   |                   |  |  |                     | 820     |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   | 820       |  
|Retirement of stock awards                                                                                    |  |                |         |  |               |  | (97,456    | )                        |  |   |                   |  |  |                     | (1,542  | ) |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   | (1,542    | )
|Amortization of deferred compensation                                                                         |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     | 3,791   |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   | 3,791     |  
|Adjustment to redeemable noncontrolling interestsoperating partnership                                       |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     | (82,632 | ) |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   | (82,632   | )
|                                                                                                              |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   |           |  
|Balance at December 31, 2010                                                                                  |  | $              | 185,000 |  |               |  | 59,827,005 |                          |  | $ | 60                 |  |  | $                   | 946,379 |   |                                   | $ | (51,181 | )     |  |   |        |   |  | $ |       |   |  | $ | 1,080,258 |  
|                                                                                                              |  |                |         |  |               |  |            |                          |  |   |                    |  |  |                     |         |   |                                   |   |         |       |  |   |        |   |  |   |        |   |  |   |           |  

See accompanying notes



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DUPONT FABROS TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)



|                                                                                 |  |                         |          |   |      |   |          |      |  |   |          |  
|-------------------------------------------------------------------------------- |  | ----------------------- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | -
|                                                                                 |  | Year ended December 31, |         
|                                                                                 |  | 2010                    |          |   | 2009 |   |          | 2008 | 
|Cash flow from operating activities                                              |  |                         |          |   |      |   |          |      |  |   |          |  
|Net income                                                                       |  | $                       | 43,708   |   |      | $ | 2,886    |      |  | $ | 36,160   |  
|Adjustments to reconcile net income to net cash provided by operating activities |  |                         |          |   |      |   |          |      |  |   |          |  
|Depreciation and amortization                                                    |  |                         | 62,483   |   |      |   | 56,701   |      |  |   | 50,703   |  
|Straight line rent                                                               |  |                         | (35,403  | ) |      |   | (18,312  | )    |  |   | (26,441  | )
|Loss on discontinuance of cash flow hedge                                        |  |                         |         |   |      |   | 13,715   |      |  |   |         |  
|Amortization of deferred financing costs                                         |  |                         | 3,950    |   |      |   | 4,982    |      |  |   | 1,782    |  
|Write-off of deferred financing costs                                            |  |                         | 2,547    |   |      |   | 3,872    |      |  |   |         |  
|Amortization of lease contracts above and below market value                     |  |                         | (2,505   | ) |      |   | (6,881   | )    |  |   | (6,978   | )
|Compensation paid with Company common shares                                     |  |                         | 3,803    |   |      |   | 1,944    |      |  |   | 963      |  
|Changes in operating assets and liabilities                                      |  |                         |          |   |      |   |          |      |  |   |          |  
|Restricted cash                                                                  |  |                         | (274     | ) |      |   | (88      | )    |  |   | (15      | )
|Rents and other receivables                                                      |  |                         | (852     | ) |      |   | (1,472   | )    |  |   | 226      |  
|Deferred costs                                                                   |  |                         | (2,563   | ) |      |   | (2,866   | )    |  |   | (790     | )
|Prepaid expenses and other assets                                                |  |                         | (7,811   | ) |      |   | (1,373   | )    |  |   | (2,809   | )
|Accounts payable and accrued liabilities                                         |  |                         | 5,083    |   |      |   | 4,824    |      |  |   | 1,206    |  
|Accrued interest payable                                                         |  |                         | (744     | ) |      |   | 1,729    |      |  |   | 658      |  
|Prepaid rents and other liabilities                                              |  |                         | 5,261    |   |      |   | 6,237    |      |  |   | 4,611    |  
|                                                                                 |  |                         |          |   |      |   |          |      |  |   |          |  
|Net cash provided by operating activities                                        |  |                         | 76,683   |   |      |   | 65,898   |      |  |   | 59,276   |  
|                                                                                 |  |                         |          |   |      |   |          |      |  |   |          |  
|Cash flow from investing activities                                              |  |                         |          |   |      |   |          |      |  |   |          |  
|Investments in real estatedevelopment                                           |  |                         | (265,217 | ) |      |   | (113,918 | )    |  |   | (317,299 | )
|Marketable securities held to maturity:                                          |  |                         |          |   |      |   |          |      |  |   |          |  
|Purchase                                                                         |  |                         | (60,000  | ) |      |   | (138,978 | )    |  |   |         |  
|Redemption                                                                       |  |                         | 198,978  |   |      |   |         |      |  |   |         |  
|Interest capitalized for real estate under development                           |  |                         | (25,177  | ) |      |   | (5,691   | )    |  |   | (13,150  | )
|Improvements to real estate                                                      |  |                         | (2,985   | ) |      |   | (3,384   | )    |  |   | (3,701   | )
|Additions to non-real estate property                                            |  |                         | (630     | ) |      |   | (404     | )    |  |   | (642     | )
|                                                                                 |  |                         |          |   |      |   |          |      |  |   |          |  
|Net cash used in investing activities                                            |  |                         | (155,031 | ) |      |   | (262,375 | )    |  |   | (334,792 | )
|                                                                                 |  |                         |          |   |      |   |          |      |  |   |          |  
|Cash flow from financing activities                                              |  |                         |          |   |      |   |          |      |  |   |          |  
|Issuance of common stock, net of offering costs                                  |  |                         | 305,176  |   |      |   |         |      |  |   |         |  
|Issuance of preferred stock, net of offering costs                               |  |                         | 178,620  |   |      |   |         |      |  |   |         |  
|Line of credit:                                                                  |  |                         |          |   |      |   |          |      |  |   |          |  
|Proceeds                                                                         |  |                         |         |   |      |   |         |      |  |   | 233,700  |  
|Repayments                                                                       |  |                         |         |   |      |   | (233,424 | )    |  |   | (276     | )
|Unsecured notes payable:                                                         |  |                         |          |   |      |   |          |      |  |   |          |  
|Proceeds                                                                         |  |                         |         |   |      |   | 550,000  |      |  |   |         |  
|Mortgage notes payable:                                                          |  |                         |          |   |      |   |          |      |  |   |          |  
|Proceeds                                                                         |  |                         |         |   |      |   | 331,726  |      |  |   | 136,676  |  
|Lump sum payoffs                                                                 |  |                         | (196,500 | ) |      |   | (365,121 | )    |  |   |         |  
|Repayments                                                                       |  |                         | (2,000   | ) |      |   | (51,500  | )    |  |   |         |  
|Return (payment) of escrowed proceeds                                            |  |                         | 8,896    |   |      |   | (10,000  | )    |  |   |         |  
|Exercises of stock options                                                       |  |                         | 820      |   |      |   |         |      |  |   |         |  
|Payments of financing costs                                                      |  |                         | (2,950   | ) |      |   | (21,310  | )    |  |   | (4,776   | )
|Payment for termination of cash flow hedge                                       |  |                         |         |   |      |   | (13,715  | )    |  |   |         |  
|Offering costs                                                                   |  |                         |         |   |      |   |         |      |  |   | (87      | )
|Dividends and distributions:                                                     |  |                         |          |   |      |   |          |      |  |   |          |  
|Common shares                                                                    |  |                         | (17,796  | ) |      |   | (3,389   | )    |  |   | (25,273  | )
|Redeemable noncontrolling interestsoperating partnership                        |  |                         | (7,247   | ) |      |   | (2,023   | )    |  |   | (22,446  | )
|                                                                                 |  |                         |          |   |      |   |          |      |  |   |          |  
|Net cash provided by financing activities                                        |  |                         | 267,019  |   |      |   | 181,244  |      |  |   | 317,518  |  
|                                                                                 |  |                         |          |   |      |   |          |      |  |   |          |  
|Net increase (decrease) in cash and cash equivalents                             |  |                         | 188,671  |   |      |   | (15,233  | )    |  |   | 42,002   |  
|Cash and cash equivalents, beginning                                             |  |                         | 38,279   |   |      |   | 53,512   |      |  |   | 11,510   |  
|                                                                                 |  |                         |          |   |      |   |          |      |  |   |          |  
|Cash and cash equivalents, ending                                                |  | $                       | 226,950  |   |      | $ | 38,279   |      |  | $ | 53,512   |  
|                                                                                 |  |                         |          |   |      |   |          |      |  |   |          |  
|Supplemental information:                                                        |  |                         |          |   |      |   |          |      |  |   |          |  
|Cash paid for interest, net of amounts capitalized                               |  | $                       | 37,490   |   |      | $ | 23,732   |      |  | $ | 10,195   |  
|                                                                                 |  |                         |          |   |      |   |          |      |  |   |          |  
|Deferred financing costs capitalized for real estate under development           |  | $                       | 1,198    |   |      | $ | 1,330    |      |  | $ | 2,298    |  
|                                                                                 |  |                         |          |   |      |   |          |      |  |   |          |  
|Construction costs payable capitalized for real estate under development         |  | $                       | 67,262   |   |      | $ | 6,229    |      |  | $ | 82,241   |  
|                                                                                 |  |                         |          |   |      |   |          |      |  |   |          |  
|Redemption of OP units for common shares                                         |  | $                       | 68,000   |   |      | $ | 96,700   |      |  | $ |         |  
|                                                                                 |  |                         |          |   |      |   |          |      |  |   |          |  
|Adjustments to redeemable noncontrolling interests                               |  | $                       | 82,632   |   |      | $ | 58,105   |      |  | $ | (124,361 | )
|                                                                                 |  |                         |          |   |      |   |          |      |  |   |          |  

See accompanying notes



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DUPONT FABROS TECHNOLOGY, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2010

1. Description of Business

DuPont Fabros Technology, Inc. (the REIT or DFT) was formed on March 2, 2007 and is headquartered in
Washington, D.C. DFT is a fully integrated, self-administered and self-managed company that owns, acquires, develops and operates wholesale data centers. DFT completed its initial public offering of common stock (the IPO) on
October 24, 2007. DFT elected to be taxed as a real estate investment trust, or REIT, for federal income tax purposes commencing with the taxable year ended December 31, 2007. DFT is the sole general partner of, and, as of
December 31, 2010, owns 73.2% of the economic interest in, DuPont Fabros Technology, L.P. (the Operating Partnership or OP and collectively with DFT and their operating subsidiaries, the Company). The
remaining 26.8% economic interest was owned by redeemable noncontrolling interestsoperating partnership. Through the Operating Partnership as of December 31, 2010, DFT holds a fee simple interest in the following properties:



| |  |  | eight operating data centersreferred to as ACC2, ACC3, ACC4, ACC5, VA3, VA4, CH1 Phase I and NJ1 Phase I;
| | - |  | ----------------------------------------------------------------------------------------------------------



| |  |  | data center projects under current developmentreferred to as ACC6 Phase I and SC1 Phase I;
| | - |  | -------------------------------------------------------------------------------------------



| |  |  | data center projects available for future development the second phases of ACC6, CH1, NJ1 and SC1; and
| | - |  | -------------------------------------------------------------------------------------------------------



| |  |  | land that may be used to develop additional data centersreferred to as ACC7 and SC2 Phase I/II.
| | - |  | ------------------------------------------------------------------------------------------------

On November 1, 2010, NJ1 Phase I and ACC5 Phase II, were placed into operations.

2. Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. All significant intercompany accounts and
transactions have been eliminated in the consolidated financial statements.

The Company has one reportable segment consisting
of investments in data centers located in the United States.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting
period. Actual results could differ from those estimates.

Property

All capital improvements for the income-producing properties that extend their useful life are capitalized to individual building
components, including interest and real estate taxes incurred during the period of development, and depreciated over their estimated useful lives. Interest is capitalized during the period of development based upon applying the propertys
specific borrowing rate to the actual development costs expended up to specific borrowings and then applying the weighted-average borrowing rate of the Company to the residual actual development costs expended during the construction period.
Interest is capitalized until the property has reached substantial completion and is ready for its intended use. Interest costs capitalized totaled $26.4 million, $7.0 million and $15.4 million for the years ended December 31, 2010, 2009 and
2008, respectively. The Company ceases interest capitalization when a development is temporarily suspended.



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The Company capitalizes pre-development costs, including internal costs, incurred in pursuit
of new development opportunities for which the Company currently believes future development is probable. Future development is dependent upon various factors, including zoning and regulatory approval, rental market conditions, construction costs
and availability of capital. Pre-development costs incurred for which future development is not yet considered probable are expensed as incurred. In addition, if the status of such a pre-development opportunity changes, making future development by
the Company no longer probable, any capitalized pre-development costs are written-off with a charge to expense. Furthermore, the revenue from incidental operations received from the current improvements in excess of any incremental costs are being
recorded as a reduction of total capitalized costs of the development project and not as a part of net income. The capitalization of costs during the development of assets (including interest and related loan fees, property taxes and other direct
and indirect costs) begins when development efforts commence and ends when the asset, or a portion of the asset, is substantially complete and ready for its intended use.

The fair value of in-place leases consists of the following components as applicable(1) the estimated cost to replace the leases, including foregone rents during the period of finding a new
tenant, foregone recovery of tenant pass-through, tenant improvements, and other direct costs associated with obtaining a new tenant (referred to as Tenant Origination Costs); (2) the estimated leasing commissions associated with obtaining a
new tenant (referred to as Leasing Commissions); and (3) the above/below market cash flow of the leases, determined by comparing the projected cash flows of the leases in place to projected cash flows of comparable market-rate leases (referred
to as Lease Intangibles). Tenant Origination Costs are included in buildings and improvements on the Companys consolidated balance sheet and are amortized as depreciation expense on a straight-line basis over the average remaining life of the
underlying leases. Leasing Commissions are classified as deferred costs and are amortized as amortization expense on a straight-line basis over the remaining life of the underlying leases. Lease Intangible assets and liabilities are classified as
lease contracts above and below market value, respectively, and amortized on a straight-line basis as decreases and increases, respectively, to rental revenue over the remaining term of the underlying leases. Should a tenant terminate its lease, the
unamortized portions of the Tenant Origination Cost, Leasing Commissions, and Lease Intangibles associated with that lease are written off to depreciation expense, amortization expense, or rental revenue, respectively.

Depreciation on buildings is generally provided on a straight-line basis over 40 years from the date the buildings were placed in
service. Building components are depreciated over the life of the respective improvement ranging from 20 to 40 years from the date the components were placed in service. Personal property is depreciated over three to seven years. Depreciation
expense was $58.0 million, $52.0 million and $46.0 million for the years ended December 31, 2010, 2009 and 2008, respectively. Included in these amounts is amortization expense related to tenant origination costs, which was $4.8 million for
each of the years ended December 31, 2010, 2009 and 2008. Repairs and maintenance costs are expensed as incurred.

The
Company records impairment losses on long-lived assets used in operations or in development when events or changes in circumstances indicate that the assets might be impaired, and the estimated undiscounted cash flows to be generated by those assets
are less than the carrying amounts. If circumstances indicating impairment of a property are present, the Company would determine the fair value of that property, and an impairment loss would be recognized in an amount equal to the excess of the
carrying amount of the impaired asset over its fair value. Management assesses the recoverability of the carrying value of its assets on a property-by-property basis. No impairment losses were recorded during the three years ended December 31,
2010.

The Company classifies a data center property as held-for-sale when it meets the necessary criteria, which include when
the Company commits to and actively embarks on a plan to sell the asset, the sale is expected to be completed within one year under terms usual and customary for such sales, and actions required to complete the plan indicate that it is unlikely that
significant changes to the plan will be made or that the plan will be withdrawn. Data center properties held-for-sale are carried at the lower of cost or fair value less costs to sell. As of December 31, 2010, there were no data center
properties classified as held-for-sale and discontinued operations.



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Cash and Cash Equivalents

The Company considers all demand deposits and money market accounts purchased with a maturity date of three months or less, at the date of
purchase to be cash equivalents. The Companys account balances at one or more institutions periodically exceed the Federal Deposit Insurance Corporation (FDIC) insurance coverage and, as a result, there is a concentration of credit
risk related to amounts on deposit in excess of FDIC insurance coverage. The Company has not experienced any losses and believes that the risk is not significant.

Marketable Securities Held to Maturity

Debt securities that the
Company intends to hold until maturity are classified as held to maturity. Unrealized gains and losses are not recognized in the accompanying consolidated balance sheets and statements of operations. If any of the securities were deemed to be
permanently impaired, the Company would record the loss in earnings. As of December 31, 2010, the Company did not have any marketable securities held to maturity.

The following presents the Companys marketable securities as of December 31, 2009, which were realized during the year ended December 31, 2010 pursuant to their scheduled maturities
(dollars in thousands):



|                           |  |                     |         |  |                                |   |   |                                 |  |   |                             |  |  |                       |         |  |  |  |                 | 
|-------------------------- |  | ------------------- | ------- |  | ------------------------------ | - | - | ------------------------------- |  | - | --------------------------- |  |  | --------------------- | ------- |  |  |  | --------------- | 
|Type of Security           |  | AggregateFair Value |         |  | GrossUnrecognizedHolding Gains |   |   | GrossUnrecognizedHolding Losses |  |   | Net CarryingAmount(at cost) |  |  | ContractualMaturities |        
|U.S. Agency Notes          |  | $                   | 103,969 |  |                                | $ |  |                                 |  | $ | 18                          |  |  | $                     | 103,987 |  |  |  | April-June 2010 | 
|Corporate Commercial Paper |  |                     | 34,980  |  |                                |   |  |                                 |  |   | 11                          |  |  |                       | 34,991  |  |  |  | March 2010      | 
|                           |  |                     |         |  |                                |   |   |                                 |  |   |                             |  |  |                       |         |  |  |  |                 | 
|Total                      |  | $                   | 138,949 |  |                                | $ |  |                                 |  | $ | 29                          |  |  | $                     | 138,978 |  |  |  |                 | 
|                           |  |                     |         |  |                                |   |   |                                 |  |   |                             |  |  |                       |         |  |  |  |                 | 

Deferred Costs

Deferred costs, net on the Companys consolidated balance sheets include both financing costs and leasing costs.

Financing costs, which represent fees and other costs incurred in obtaining debt, are amortized on a straight-line basis, which approximates the effective-interest method, over the term of the loan and
are included in interest expense. In 2010, the Company paid off the $196.5 million balance of the ACC4 Term Loan which resulted in a write-off of $2.5 million of unamortized deferred financing costs. In 2009, the Company paid off the CH1
construction loan, a credit facility, the ACC5 construction loan and the SC1 term loan resulting in the write-off of $3.9 million of unamortized deferred financing costs. Amortization of deferred financing costs included in interest expense totaled
$4.0 million, $5.0 million and $1.8 million for the years ended December 31, 2010, 2009 and 2008. Balances, net of accumulated amortization, at December 31, 2010 and 2009 are as follows (in thousands):



|                         |  |              |        |   |      |   |        |  
|------------------------ |  | ------------ | ------ | - | ---- | - | ------ | -
|                         |  | December 31, |       
|                         |  | 2010         |        |   | 2009 |  
|Financing costs          |  | $            | 19,788 |   |      | $ | 24,250 |  
|Accumulated amortization |  |              | (3,077 | ) |      |   | (2,827 | )
|                         |  |              |        |   |      |   |        |  
|Financing costs, net     |  | $            | 16,711 |   |      | $ | 21,423 |  
|                         |  |              |        |   |      |   |        |  



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Leasing costs, which are either external fees and costs incurred in the successful
negotiations of leases, internal costs expended in the successful negotiations of leases or the estimated leasing commissions resulting from the allocation of the purchase price of ACC2, VA3, VA4 and ACC4, are deferred and amortized over the terms
of the related leases on a straight-line basis. If an applicable lease terminates prior to the expiration of its initial term, the carrying amount of the costs are written off to amortization expense. Amortization of deferred leasing costs totaled
$4.5 million, $4.7 million and $4.4 million for the years ended December 31, 2010, 2009 and 2008, respectively. Balances, net of accumulated amortization, at December 31, 2010 and 2009 are as follows (in thousands):



|                         |  |              |         |   |      |   |         |  
|------------------------ |  | ------------ | ------- | - | ---- | - | ------- | -
|                         |  | December 31, |        
|                         |  | 2010         |         |   | 2009 |  
|Leasing costs            |  | $            | 44,355  |   |      | $ | 41,793  |  
|Accumulated amortization |  |              | (15,523 | ) |      |   | (11,008 | )
|                         |  |              |         |   |      |   |         |  
|Leasing costs, net       |  | $            | 28,832  |   |      | $ | 30,785  |  
|                         |  |              |         |   |      |   |         |  

Inventory

The Company maintains fuel inventory for its generators, which is recorded at the lower of cost (on a first-in, first-out basis) or market. At December 31, 2010 and 2009, the fuel inventory was $2.0
million and $1.6 million, respectively, and is included in prepaid expenses and other assets in the accompanying consolidated balance sheets.

Interest Rate Derivative Instruments

All derivative instruments are required to be carried at fair value as either assets or liabilities on the consolidated balance sheets. For those derivative instruments that are designated, and qualify,
as hedging instruments, the Company designates the hedging instrument, based upon the exposure being hedged, as a fair value hedge or a cash flow hedge. For derivatives that do not meet the criteria for hedge accounting, changes in fair value are
immediately recognized in earnings. For those derivatives that qualify for hedge accounting, the effective portion of the gain or loss on the hedge instruments is reported as a component of accumulated other comprehensive income (loss) and
reclassified into earnings in the same line item associated with the forecasted transaction in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of a derivatives change in fair value is
immediately recognized in earnings.

Prepaid Rents

Prepaid rents, typically prepayment of the following months rent, consist of payments received from tenants prior to the time the payments are earned and are recognized as revenue in subsequent
periods when earned.

Rental Income

The Company, as a lessor, has retained substantially all the risks and benefits of ownership and accounts for its leases as operating leases. For lease agreements that provide for scheduled fixed and
determinable rent increases, rental income is recognized on a straight-line basis over the non-cancellable term of the lease, which commences when control of the space and critical power have been provided to the tenant. If the lease contains an
early termination clause with a penalty payment, the Company determines the lease termination date by evaluating whether the penalty reasonably assures that the lease will not be terminated early. Lease inducements, which include free rent or cash
payments to tenants, are amortized as a reduction of rental income over the non-cancellable lease term. Straight-line rents receivable are included in deferred rent on the consolidated balance sheets. Lease intangible assets and liabilities that
have resulted from above-market and below-market leases that were acquired are amortized on a straight-line basis as decreases and increases, respectively, to rental revenue over the remaining non-cancellable term of the underlying leases. If a
lease terminates prior to the



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expiration of its initial term, the unamortized portion of lease intangibles associated with that lease will be written off to rental revenue. Balances, net of accumulated amortization, at
December 31, 2010 and 2009 are as follows (in thousands):



|                                        |  |              |        |   |      |   |        |  
|--------------------------------------- |  | ------------ | ------ | - | ---- | - | ------ | -
|                                        |  | December 31, |       
|                                        |  | 2010         |        |   | 2009 |  
|Lease contracts above market value      |  | $            | 23,100 |   |      | $ | 23,100 |  
|Accumulated amortization                |  |              | (9,616 | ) |      |   | (6,751 | )
|                                        |  |              |        |   |      |   |        |  
|Lease contracts above market value, net |  | $            | 13,484 |   |      | $ | 16,349 |  
|                                        |  |              |        |   |      |   |        |  



|                                        |  |              |         |   |      |   |         |  
|--------------------------------------- |  | ------------ | ------- | - | ---- | - | ------- | -
|                                        |  | December 31, |        
|                                        |  | 2010         |         |   | 2009 |  
|Lease contracts below market value      |  | $            | 45,700  |   |      | $ | 45,700  |  
|Accumulated amortization                |  |              | (22,381 | ) |      |   | (17,011 | )
|                                        |  |              |         |   |      |   |         |  
|Lease contracts below market value, net |  | $            | 23,319  |   |      | $ | 28,689  |  
|                                        |  |              |         |   |      |   |         |  

The Companys policy is to record a provision for losses on accounts receivable equal to the estimated
uncollectible accounts. The estimate is based on managements historical experience and a review of the current status of the Companys receivables. The Company will also establish, as necessary, an appropriate allowance for doubtful
accounts for receivables arising from the straight-lining of rents. These receivables arise from revenue recognized in excess of amounts currently due under the lease.

Tenant leases generally contain provisions under which the tenants reimburse the Company for a portion of the propertys operating expenses and real estate taxes incurred by the property. Recoveries
from tenants are included in revenue in the consolidated statements of operations in the period the applicable expenditures are incurred. Recoveries from tenants also include the property management fees that the Company earns from its tenants.

Other Revenue

Other revenue primarily consists of services provided to tenants on a non-recurring basis. This includes projects such as the purchase and installation of circuits, racks, breakers and other tenant
requested items. Revenue is recognized on a completed contract basis. Costs of providing these services are included in other expenses in the accompanying consolidated statements of operations.

Income Taxes

DFT
elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the Code), commencing with the taxable year ended December 31, 2007. In general, a REIT that meets certain organizational and operational
requirements and distributes at least 90 percent of its REIT taxable income to its shareholders in a year will not be subject to income tax to the extent of the income it distributes. The Company currently qualifies and intends to continue to
qualify as a REIT under the Code. As a result, no provision for federal income taxes on income from continuing operations is required, except for taxes on certain property sales and on income, if any, of the Companys taxable REIT subsidiary
(TRS). If DFT fails to qualify as a REIT in any taxable year, it will be subject to federal income tax (including any applicable alternative minimum tax) on its income at regular corporate tax rates for the year in which it does not
qualify and the succeeding four years. Although DFT expects to qualify for taxation as a REIT, the Company may be subject to state and local income and franchise taxes and to federal income and excise taxes on any undistributed income.

The Company has elected to treat DF Technical Services LLC, a 100% owned subsidiary of the Operating Partnership, as a TRS. In general, a
TRS may perform non-customary services for tenants, hold assets that the Company cannot hold directly and generally may engage in any real estate or non-real estate related business. A TRS is subject to corporate federal and state income taxes on
its taxable income at regular statutory tax rates. For the years ending December 31, 2010, 2009 and 2008, the Company incurred income taxes of $0.3 million, $0.4 million and $0.3 million, respectively, and recorded these taxes as general and
administrative expenses in the consolidated statements of operations.



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Redeemable Noncontrolling InterestsOperating Partnership

Redeemable noncontrolling interestsoperating partnership, which require cash payment, or allow settlement in shares, but with the
ability to deliver the shares outside of the control of DFT, are reported outside of the permanent equity section of DFTs consolidated balance sheets. Redeemable noncontrolling interestsoperating partnership are adjusted for income,
losses and distributions allocated to OP units not held by DFT (normal noncontrolling interest accounting amount). Adjustments to redeemable noncontrolling interestsoperating partnership are recorded to reflect increases or decreases in the
ownership of the Operating Partnership by holders of OP units, including in the case of redemptions of OP units for cash or in exchange for shares of DFTs common stock. If such adjustments result in redeemable noncontrolling
interestsoperating partnership being recorded at less than the redemption value of the OP units, redeemable noncontrolling interestsoperating partnership are further adjusted to their redemption value (see Note 10). Redeemable
noncontrolling interestsoperating partnership are recorded at the greater of the normal noncontrolling interest accounting amount or redemption value. The following is a summary of activity for redeemable noncontrolling
interestsoperating partnership for the years ended December 31, 2010, 2009 and 2008 (dollars in thousands):



|                                                                                                                                                |  |          |            |   |                     |   |          |   |  |   |        |  
|----------------------------------------------------------------------------------------------------------------------------------------------- |  | -------- | ---------- | - | ------------------- | - | -------- | - |  | - | ------ | -
|                                                                                                                                                |  | OP Units |            |   | ComprehensiveIncome |  
|                                                                                                                                                |  | Number   |            |   | Amount              |   |         
|Balance at December 31, 2007                                                                                                                    |  |          | 31,162,271 |   |                     | $ | 610,781  |   |  |   |        |  
|Comprehensive income attributable to redeemable noncontrolling interestsoperating partnership:                                                 |  |          |            |   |                     |   |          |   |  |   |        |  
|Net income attributable to redeemable noncontrolling interestsoperating partnership                                                            |  |          |           |   |                     |   | 17,078   |   |  | $ | 17,078 |  
|Other comprehensive loss attributable to redeemable noncontrolling interestsoperating partnershipchange in fair value
of interest rate swap   |  |          |           |   |                     |   | (4,632   | ) |  |   | (4,632 | )
|                                                                                                                                                |  |          |            |   |                     |   |          |   |  |   |        |  
|Comprehensive income attributable to redeemable noncontrolling interestsoperating partnership                                                  |  |          |            |   |                     |   |          |   |  | $ | 12,446 |  
|                                                                                                                                                |  |          |            |   |                     |   |          |   |  |   |        |  
|Distributions declared                                                                                                                          |  |          |           |   |                     |   | (17,529  | ) |  |   |        |  
|Adjustment to redeemable noncontrolling interestsoperating partnership                                                                         |  |          |           |   |                     |   | (120,930 | ) |  |   |        |  
|                                                                                                                                                |  |          |            |   |                     |   |          |   |  |   |        |  
|Balance at December 31, 2008                                                                                                                    |  |          | 31,162,271 |   |                     |   | 484,768  |   |  |   |        |  
|Comprehensive income attributable to redeemable noncontrolling interestsoperating partnership:                                                 |  |          |            |   |                     |   |          |   |  |   |        |  
|Net income attributable to redeemable noncontrolling interestsoperating partnership                                                            |  |          |           |   |                     |   | 1,133    |   |  | $ | 1,133  |  
|Other comprehensive income attributable to redeemable noncontrolling interestsoperating partnershipchange in fair
value of interest rate swap |  |          |           |   |                     |   | 7,121    |   |  |   | 7,121  |  
|                                                                                                                                                |  |          |            |   |                     |   |          |   |  |   |        |  
|Comprehensive income attributable to redeemable noncontrolling interestsoperating partnership                                                  |  |          |            |   |                     |   |          |   |  | $ | 8,254  |  
|                                                                                                                                                |  |          |            |   |                     |   |          |   |  |   |        |  
|Distributions declared                                                                                                                          |  |          |           |   |                     |   | (2,023   | ) |  |   |        |  
|Redemption of OP units                                                                                                                          |  |          | (6,214,441 | ) |                     |   | (96,700  | ) |  |   |        |  
|Adjustment to redeemable noncontrolling interestsoperating partnership                                                                         |  |          |           |   |                     |   | 54,512   |   |  |   |        |  
|                                                                                                                                                |  |          |            |   |                     |   |          |   |  |   |        |  
|Balance at December 31, 2009                                                                                                                    |  |          | 24,947,830 |   |                     |   | 448,811  |   |  |   |        |  
|Comprehensive income attributable to redeemable noncontrolling interestsoperating partnership:                                                 |  |          |            |   |                     |   |          |   |  |   |        |  
|Net income attributable to redeemable noncontrolling interestsoperating partnership                                                            |  |          |           |   |                     |   | 13,261   |   |  | $ | 13,261 |  
|                                                                                                                                                |  |          |            |   |                     |   |          |   |  |   |        |  
|Comprehensive income attributable to redeemable noncontrolling interestsoperating partnership                                                  |  |          |            |   |                     |   |          |   |  | $ | 13,261 |  
|                                                                                                                                                |  |          |            |   |                     |   |          |   |  |   |        |  
|Distributions declared                                                                                                                          |  |          |           |   |                     |   | (9,881   | ) |  |   |        |  
|Redemption of OP units                                                                                                                          |  |          | (3,341,474 | ) |                     |   | (68,000  | ) |  |   |        |  
|LTIP conversion                                                                                                                                 |  |          | 341,145    |   |                     |   |         |   |  |   |        |  
|Adjustment to redeemable noncontrolling interestsoperating partnership                                                                         |  |          |           |   |                     |   | 82,632   |   |  |   |        |  
|                                                                                                                                                |  |          |            |   |                     |   |          |   |  |   |        |  
|Balance at December 31, 2010                                                                                                                    |  |          | 21,947,501 |   |                     | $ | 466,823  |   |  |   |        |  
|                                                                                                                                                |  |          |            |   |                     |   |          |   |  |   |        |  



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The following is a summary of net income attributable to controlling interests and transfers
from redeemable noncontrolling interestsoperating partnership for the years ended December 31, 2010, 2009 and 2008 (dollars in thousands):



|                                                                                                                                                                                                                                                  |  |                         |         |   |      |   |        |      |  |   |         | 
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ----------------------- | ------- | - | ---- | - | ------ | ---- |  | - | ------- | 
|                                                                                                                                                                                                                                                  |  | Year ended December 31, |        
|                                                                                                                                                                                                                                                  |  | 2010                    |         |   | 2009 |   |        | 2008 | 
|Net income attributable to controlling interests                                                                                                                                                                                                  |  | $                       | 30,447  |   |      | $ | 1,753  |      |  | $ | 19,082  | 
|Transfers from noncontrolling interests:                                                                                                                                                                                                          |  |                         |         |   |      |   |        |      |  |   |         | 
|Net increase (decrease) in the Companys common stock, additional paid in capital and accumulated other comprehensive income
due to the redemption of OP units and other adjustments to redeemable noncontrolling interestsoperating partnership |  |                         | (14,632 | ) |      |   | 54,512 |      |  |   | 120,930 | 
|                                                                                                                                                                                                                                                  |  |                         |         |   |      |   |        |      |  |   |         | 
|                                                                                                                                                                                                                                                  |  | $                       | 15,815  |   |      | $ | 56,265 |      |  | $ | 140,012 | 
|                                                                                                                                                                                                                                                  |  |                         |         |   |      |   |        |      |  |   |         | 

Comprehensive Income

Comprehensive income, as reflected on the consolidated statement of stockholders equity and within redeemable noncontrolling interestsoperating partnership, is defined as all changes in equity
and redeemable noncontrolling interestsoperating partnership during each period except those resulting from investments by or distributions to shareholders or members. Accumulated other comprehensive loss, as also reflected on the consolidated
statement of stockholders equity and within redeemable noncontrolling interestsoperating partnership, reflects the effective portion of cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships.

Earnings Per Share

Basic earnings per share is calculated by dividing the net income attributable to common shares for the period by the weighted average number of common shares outstanding during the period using the two
class method. Diluted earnings per share is calculated by dividing the net income attributable to common shares for the period by the weighted average number of common and dilutive securities outstanding during the period.

Stock-based Compensation

The Company has awarded stock-based compensation to employees and members of the Board of Directors in the form of common stock and LTIP units. The Company estimates the fair value of the awards and
recognizes this value over the requisite vesting period. The fair value of restricted stock-based compensation is based on the market value of the Companys common stock on the date of the grant. The fair value of LTIP units is based on the
market value of the Companys common stock on the date of the grant less a discount for post-vesting transferability restrictions estimated by a third-party consultant. Compensation paid with Company common shares, which is included in general
and administrative expense on the consolidated statements of operations, totaled $3.8 million, $1.9 million and $1.0 million for the years ended December 31, 2010, 2009 and 2008, respectively.

Recently Adopted Accounting Pronouncements

In June 2009, the FASB issued guidance to significantly amend the consolidation guidance applicable to variable interest entitles (VIEs). The consolidation model was modified to one based on
control and economics, and replaces the current quantitative primary beneficiary analysis with a qualitative analysis. The primary beneficiary of a VIE will be the entity that has (i) the power to direct the activities of the VIE that most
significantly impact the VIEs economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. If multiple unrelated parties share power, as defined, no party



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will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE and adds an additional reconsideration event for
determination of whether an entity is a VIE. The amendments also require expanded disclosures related to VIEs which are largely consistent with the disclosure framework currently applied by the Company. The new guidance was effective January 1,
2010 for the Company. The adoption of this guidance did not impact the Companys financial position or results of operations.

3. Real
Estate Assets

The following is a summary of properties owned by the Company at December 31, 2010:



|                                                       |  |          |                       |   |      |   |        |                           |  |   |                                                    |  |  |            |         |  |  |   |           | 
|------------------------------------------------------ |  | -------- | --------------------- | - | ---- | - | ------ | ------------------------- |  | - | -------------------------------------------------- |  |  | ---------- | ------- |  |  | - | --------- | 
|(dollars in thousands)                                 |  |          |                       |   |      |   |        |                           |  |   |                                                    |  |  |            |        
|Property                                               |  | Location |                       |   | Land |   |        | Buildings andImprovements |  |   | Constructionin Progressand Land HeldforDevelopment |  |  | Total Cost |        
|ACC2                                                   |  |          | Ashburn, VA           |   |      | $ | 2,500  |                           |  | $ | 158,595                                            |  |  | $          |        |  |  | $ | 161,095   | 
|ACC3                                                   |  |          | Ashburn, VA           |   |      |   | 1,071  |                           |  |   | 94,569                                             |  |  |            |        |  |  |   | 95,640    | 
|ACC4                                                   |  |          | Ashburn, VA           |   |      |   | 6,600  |                           |  |   | 535,295                                            |  |  |            |        |  |  |   | 541,895   | 
|ACC5                                                   |  |          | Ashburn, VA           |   |      |   | 6,442  |                           |  |   | 298,998                                            |  |  |            |        |  |  |   | 305,440   | 
|VA3                                                    |  |          | Reston, VA            |   |      |   | 9,000  |                           |  |   | 174,298                                            |  |  |            |        |  |  |   | 183,298   | 
|VA4                                                    |  |          | Bristow, VA           |   |      |   | 6,800  |                           |  |   | 141,992                                            |  |  |            |        |  |  |   | 148,792   | 
|CH1 Phase I                                            |  |          | Elk Grove Village, IL |   |      |   | 13,807 |                           |  |   | 182,652                                            |  |  |            |        |  |  |   | 196,459   | 
|NJ1 Phase I                                            |  |          | Piscataway, NJ        |   |      |   | 4,311  |                           |  |   | 193,556                                            |  |  |            |        |  |  |   | 197,867   | 
|                                                       |  |          |                       |   |      |   |        |                           |  |   |                                                    |  |  |            |         |  |  |   |           | 
|                                                       |  |          |                       |   |      |   | 50,531 |                           |  |   | 1,779,955                                          |  |  |            |        |  |  |   | 1,830,486 | 
|                                                       |  |          |                       |   |     
|Construction in progress and land held for development |  |          | (1                    | ) |      |   |       |                           |  |   |                                                   |  |  |            | 336,686 |  |  |   | 336,686   | 
|                                                       |  |          |                       |   |      |   |        |                           |  |   |                                                    |  |  |            |         |  |  |   |           | 
|                                                       |  |          |                       |   |      | $ | 50,531 |                           |  | $ | 1,779,955                                          |  |  | $          | 336,686 |  |  | $ | 2,167,172 | 
|                                                       |  |          |                       |   |      |   |        |                           |  |   |                                                    |  |  |            |         |  |  |   |           | 



|(1) | Properties located in Ashburn, VA (ACC6 and ACC7); Elk Grove Village, IL (CH1 Phase II); Piscataway, NJ (NJ1 Phase II) and Santa Clara, CA (SC1 and SC2).
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------

The following presents the major components of the Companys properties and the useful lives over which
they are depreciated.



|                                                               |  |                       |     | 
|-------------------------------------------------------------- |  | --------------------- | --- | 
|Component                                                      |  | ComponentLife (years) |    
|Land                                                           |  |                       | N/A | 
|Building improvements                                          |  |                       | 40  | 
|Electrical structurepower distribution units                  |  |                       | 20  | 
|Electrical structureuninterrupted power supply                |  |                       | 25  | 
|Electrical structureswitchgear/transformers                   |  |                       | 30  | 
|Fire protection                                                |  |                       | 40  | 
|Security systems                                               |  |                       | 20  | 
|Mechanical structureheating, ventilating and air conditioning |  |                       | 20  | 
|Mechanical structurechiller pumps/building automation         |  |                       | 25  | 
|Mechanical structurechilled water storage and pipes           |  |                       | 30  | 



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4. Intangible Assets and Liabilities

Leasing Costs are classified as deferred costs and are amortized as amortization expense on a straight-line basis over the remaining life
of the underlying leases. As of December 31, 2010, these assets have a weighted average remaining life of 7.0 years with estimated future amortization as follows (in thousands):



|                         |  |   |        | 
|------------------------ |  | - | ------ | 
|Year Ending December 31, |  |   |       
|2011                     |  | $ | 4,558  | 
|2012                     |  |   | 4,404  | 
|2013                     |  |   | 4,258  | 
|2014                     |  |   | 4,134  | 
|2015                     |  |   | 3,798  | 
|2016 and thereafter      |  |   | 7,680  | 
|                         |  |   |        | 
|                         |  | $ | 28,832 | 
|                         |  |   |        | 

Lease Intangible assets and liabilities are classified as lease contracts above and below market value,
respectively, and amortized on a straight-line basis as decreases and increases, respectively, to rental revenue over the remaining term of the underlying leases. As of December 31, 2010, these net Lease Intangible liabilities have a weighted
average remaining life of 5.7 years for above market leases and 5.8 years for below market leases with estimated net future amortization (increase to rental income) as follows (in thousands):



|                         |  |   |       | 
|------------------------ |  | - | ----- | 
|Year Ending December 31, |  |   |      
|2011                     |  | $ | 2,141 | 
|2012                     |  |   | 1,789 | 
|2013                     |  |   | 1,590 | 
|2014                     |  |   | 1,343 | 
|2015                     |  |   | 1,546 | 
|2016 and thereafter      |  |   | 1,426 | 
|                         |  |   |       | 
|                         |  | $ | 9,835 | 
|                         |  |   |       | 

Tenant Origination Costs are included in buildings and improvements on the Companys consolidated
balance sheet and are amortized as depreciation expense on a straight-line basis over the average remaining life of the underlying leases. As of December 31, 2010, these assets have a weighted average remaining life of 5.4 years with estimated
future amortization as follows (in thousands):



|                         |  |   |        | 
|------------------------ |  | - | ------ | 
|Year Ending December 31, |  |   |       
|2011                     |  | $ | 4,333  | 
|2012                     |  |   | 3,148  | 
|2013                     |  |   | 3,148  | 
|2014                     |  |   | 3,148  | 
|2015                     |  |   | 2,019  | 
|2016 and thereafter      |  |   | 3,233  | 
|                         |  |   |        | 
|                         |  | $ | 19,029 | 
|                         |  |   |        | 



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5. Leases

For the years ended December 31, 2010, 2009 and 2008, the following tenants comprised more than 10% of the Companys consolidated revenues:



|                             |  |        |      |   |           |  |      |          |  |  |      |  
|---------------------------- |  | ------ | ---- | - | --------- |  | ---- | -------- |  |  | ---- | -
|                             |  | Yahoo! |      |   | Microsoft |  |      | Facebook | 
|Year ended December 31, 2010 |  |        | 26.0 | % |           |  | 22.4 | %        |  |  | 16.5 | %
|Year ended December 31, 2009 |  |        | 33.1 | % |           |  | 28.4 | %        |  |  | 10.8 | %
|Year ended December 31, 2008 |  |        | 36.6 | % |           |  | 33.6 | %        |  |  | 8.7  | %

As of December 31,
2010, these three tenants accounted for $16.1 million, $13.6 million and $23.8 million of deferred rent and $5.1 million, $4.7 million and $0 of prepaid rents, respectively. As of December 31, 2009, these three tenants accounted for $13.2
million, $12.7 million and $10.6 million of deferred rent and $4.9 million, $4.8 million and $0 of prepaid rents, respectively. The Company does not hold security deposits from these tenants. The majority of the Companys tenants operate within
the technology industry and, as such, their viability is subject to market fluctuations in that industry.

As of
December 31, 2010, future minimum lease payments to be received under noncancelable operating leases are as follows for the years ending December 31, excluding properties under development (in thousands):



|                    |  |   |           | 
|------------------- |  | - | --------- | 
|2011                |  | $ | 153,673   | 
|2012                |  |   | 176,663   | 
|2013                |  |   | 181,246   | 
|2014                |  |   | 181,111   | 
|2015                |  |   | 167,372   | 
|2016 and thereafter |  |   | 595,615   | 
|                    |  |   |           | 
|                    |  | $ | 1,455,680 | 
|                    |  |   |           | 

6. Debt

Debt Summary as of December 31, 2010 and December 31, 2009

($ in thousands)



|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|------------------------- |  | ----------------- | ------- |  | ----------------- |  | ----- | --------- |  |  | ----------------- | - |  | ------- | --- |  |  | - | ------- | 
|                          |  | December 31, 2010 |         |  | December 31, 2009 | 
|                          |  | Amounts           |         |  | % of Total        |  |       | Rates (1) |  |  | Maturities(years) |   |  | Amounts |    
|Secured                   |  | $                 | 150,000 |  |                   |  | 21.4  | %         |  |  | 5.8               | % |  |         | 3.9 |  |  | $ | 348,500 | 
|Unsecured                 |  |                   | 550,000 |  |                   |  | 78.6  | %         |  |  | 8.5               | % |  |         | 6.3 |  |  |   | 550,000 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Total                     |  | $                 | 700,000 |  |                   |  | 100.0 | %         |  |  | 7.9               | % |  |         | 5.8 |  |  | $ | 898,500 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Fixed Rate Debt:          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Unsecured Notes           |  | $                 | 550,000 |  |                   |  | 78.6  | %         |  |  | 8.5               | % |  |         | 6.3 |  |  | $ | 550,000 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Fixed Rate Debt           |  |                   | 550,000 |  |                   |  | 78.6  | %         |  |  | 8.5               | % |  |         | 6.3 |  |  |   | 550,000 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Floating Rate Debt:       |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Unsecured Credit Facility |  |                   |        |  |                   |  |      |           |  |  |                  |   |  |         | 2.3 |  |  |   |        | 
|ACC5 Term Loan            |  |                   | 150,000 |  |                   |  | 21.4  | %         |  |  | 5.8               | % |  |         | 3.9 |  |  |   | 150,000 | 
|ACC4 Term Loan (2)        |  |                   |        |  |                   |  |      |           |  |  |                  |   |  |         |    |  |  |   | 198,500 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Floating Rate Debt        |  |                   | 150,000 |  |                   |  | 21.4  | %         |  |  | 5.8               | % |  |         | 3.9 |  |  |   | 348,500 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Total                     |  | $                 | 700,000 |  |                   |  | 100.0 | %         |  |  | 7.9               | % |  |         | 5.8 |  |  | $ | 898,500 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 



|Note: | The Company capitalized interest and deferred financing cost amortization of $6.0 million and $26.4 million during the three months and year ended December 31,
2010, respectively.
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(1) | Rate as of December 31, 2010.
|--- | -----------------------------

|(2) | The ACC4 Term Loan was paid off in full on October 25, 2010.
|--- | ------------------------------------------------------------



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Outstanding Indebtedness

ACC5 Term Loan

On December 2, 2009, the Company entered into a $150
million term loan facility (the ACC5 Term Loan). An interest reserve in the amount of $10.0 million was withheld from the loan proceeds and the remaining interest reserve is classified as restricted cash on the Companys
consolidated balance sheets. The ACC5 Term Loan matures on December 2, 2014 and borrowings bear interest at LIBOR plus 4.25% with a LIBOR floor of 1.5%. As of December 31, 2010, the interest rate for this loan was 5.75%. The loan is
secured by the ACC5 data center, the land and development of a data center to be known as ACC6, and an assignment of the lease agreements between the Company and the tenants of ACC5. The Operating Partnership has guaranteed the outstanding principal
amount of the ACC5 Term Loan, plus interest and certain costs under the loan.

The original terms of the ACC5 Term Loan
required that, within 120 days of the closing date, the Company enter into an interest rate swap or cap agreement with a notional principal amount equal to the outstanding principal amount of the loan. On March 24, 2010 the Company executed an
amendment to the ACC5 Term Loan that, among other things, eliminated the 120 day requirement. The Operating Partnership is now required to enter into an interest rate protection agreement only upon the earlier to occur of (i) 30 days following
the date on which U.S. dollar one month LIBOR equals or exceeds 3.75% or (ii) the occurrence of a default under the ACC5 Term Loan.

The loan requires quarterly installments of principal of $1.3 million that began in January 2011, and may be prepaid in whole or in part without penalty any time after November 30, 2010, subject to
the payment of certain LIBOR rate breakage fees. The Company may increase the total loan at any time after March 30, 2010 and on or before June 30, 2012 to not more than $250 million, subject to lender commitments, receipt of new
appraisals of the ACC5 and ACC6 property, a minimum debt service coverage ratio of no less than 1.65 to 1, and a maximum loan-to-value of 50%.

The ACC5 Term Loan requires ongoing compliance with various covenants, including with respect to restrictions on liens, incurring indebtedness, making investments, effecting mergers and/or assets sales
and maintenance of certain leases. In addition, the ACC5 Term Loan requires ongoing compliance with certain financial covenants, including, without limitation, the following:



| |  |  | The principal amount of the loan may not exceed 60% of the appraised value of ACC5;
| | - |  | -----------------------------------------------------------------------------------



| |  |  | The Company must maintain the following minimum debt service coverage ratios:
| | - |  | -----------------------------------------------------------------------------



| |  |  | Calendar quarters ending March 31, 2011 and June 30, 20111.00 to 1;
| | - |  | --------------------------------------------------------------------



| |  |  | Calendar quarter ending September 30, 2011 and December 31, 20111.15 to 1; and
| | - |  | -------------------------------------------------------------------------------



| |  |  | Commencing with the calendar quarter ending March 31, 2012 and continuing for the remainder of the term1.50 to 1; provided, however, that if
the Company exercises its right to increase the total amount of the loan above $150 million, 1.65 to 1.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Consolidated total indebtedness of the Operating Partnership and its subsidiaries to gross asset value of the Operating Partnership and its
subsidiaries must not exceed 65% during the term of the loan;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Ratio of adjusted consolidated Earnings Before Interest Taxes Depreciation and Amortization to consolidated fixed charges must not be less than 1.45 to
1 during the term of the loan; and
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Minimum consolidated tangible net worth of the Operating Partnership and its subsidiaries must not be less than approximately $575 million (plus 75% of
the sum of (i) the net proceeds from any offerings after December 2, 2009 and (ii) the value of any interests in the Operating Partnership or DFT issued upon the contribution of assets to DFT, the Operating Partnership or its
subsidiaries after December 2, 2009) during the term of the loan.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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The terms of the ACC5 Term Loan limit the Companys investment in development
properties to $1 billion and the Company is not permitted to have more than five properties in development at any time. If a development property is being developed in multiple phases, only the phase actually being constructed shall be considered a
development property for this test. Once construction of a phase is substantially complete and the phase is 80% leased, it is no longer deemed a development property for purposes of this covenant.

The credit agreement that governs the ACC5 Term Loan also has customary events of default, including, but not limited to, nonpayment,
breach of covenants, and payment or acceleration defaults in certain other of the Companys indebtedness. Upon an event of default, the lenders may declare the loan due and immediately payable. Also, upon a change in control, lenders that hold
two-thirds of the outstanding principal amount of the loan may declare it due and payable.

The credit agreement that governs
the ACC5 Term Loan contains definitions of many of the terms used in this summary of covenants. The Company was in compliance with all of the covenants under the loan as of December 31, 2010.

Unsecured Notes

On
December 16, 2009, the Operating Partnership completed the sale of $550 million of 8.5% senior notes due 2017 (the Unsecured Notes). The Unsecured Notes were issued at face value. The Company pays interest on the Unsecured Notes
semi-annually, in arrears, on December 15 and June 15 of each year, beginning June 15, 2010. On each of December 15, 2015 and December 15, 2016, $125 million in principal amount of the Unsecured Notes will become due and
payable, with the remaining $300 million due on December 15, 2017.

The Unsecured Notes are unconditionally guaranteed,
jointly and severally on a senior unsecured basis by DFT and certain of the Operating Partnerships subsidiaries, including the subsidiaries that own the ACC2, ACC3, ACC4, ACC5, VA3, VA4, CH1 and NJ1 data centers and the ACC6 development
property (collectively, the Subsidiary Guarantors), but excluding the subsidiaries that own the SC1 development property, the SC2 parcel of land, the ACC7 parcel of land and the TRS.

The Unsecured Notes rank (i) equally in right of payment with all of the Operating Partnerships existing and future senior
unsecured indebtedness, (ii) senior in right of payment with all of its existing and future subordinated indebtedness, (iii) effectively subordinate to any of the Operating Partnerships existing and future secured indebtedness and
(iv) effectively junior to any liabilities of any subsidiaries of the Operating Partnership that do not guarantee the Unsecured Notes. The guarantees of the Unsecured Notes by DFT and the Subsidiary Guarantors rank (i) equally in right of
payment with such guarantors existing and future senior unsecured indebtedness, (ii) senior in right of payment with all of such guarantors existing and future subordinated indebtedness and (iii) effectively subordinate to any
of such guarantors existing and future secured indebtedness.

At any time prior to December 15, 2013, the Operating
Partnership may redeem the Unsecured Notes, in whole or in part, at a price equal to the sum of (i) 100% of the principal amount of the Unsecured Notes to be redeemed, plus (ii) a make-whole premium and accrued and unpaid interest. On or
after December 15, 2013, the Operating Partnership may redeem the Unsecured Notes, in whole or in part, at (i) 104.250% from December 15, 2013 to December 14, 2014, (ii) 102.125% from December 15, 2014 to
December 14, 2015 and (iii) 100% of the principal amount of the Unsecured Notes from December 15, 2015 and thereafter, in each case plus accrued and unpaid interest. In addition, on or prior to December 15, 2012, the Operating
Partnership may redeem up to 35% of the Unsecured Notes at 108.500% of the principal amount thereof, plus accrued and unpaid interest, with the net cash proceeds of certain equity offerings consummated by DFT or the Operating Partnership.

If there is a change of control (as defined in the Indenture) of the Operating Partnership or DFT, Unsecured Note holders can
require the Operating Partnership to purchase their Unsecured Notes at a price equal to 101% of the principal amount thereof, plus accrued and unpaid interest. In addition, in certain circumstances the Operating



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Partnership may be required to use the net proceeds of asset sales to purchase a portion of the Unsecured Notes at 100% of the principal amount thereof, plus accrued and unpaid interest.

The Unsecured Notes have certain covenants limiting or prohibiting the ability of the Operating Partnership and certain of
its subsidiaries from, among other things, (i) incurring secured or unsecured indebtedness, (ii) entering into sale and leaseback transactions, (iii) making certain dividend payments, distributions and investments, (iv) entering
into transactions with affiliates, (v) entering into agreements limiting the ability to make certain transfers and other payments from subsidiaries or (vi) engaging in certain mergers, consolidations or transfers/sales of assets. The
Unsecured Notes also require the Operating Partnership and the Subsidiary Guarantors to maintain total unencumbered assets of at least 150% of their unsecured debt on a consolidated basis. All of the covenants are subject to a number of important
qualifications and exceptions.

The Unsecured Notes also have customary events of default, including, but not limited to,
nonpayment, breach of covenants, and payment or acceleration defaults in certain other indebtedness of the Company or certain of its subsidiaries. Upon an event of default, the holders of the Unsecured Notes or the trustee may declare the Unsecured
Notes due and immediately payable.

The Operating Partnership also entered into a registration rights agreement under which
the Operating Partnership agreed to use commercially reasonable efforts to file, on or before 120 days after December 16, 2009, and cause to become effective, on or before 270 days after December 16, 2009, an exchange offer registration
statement that would offer to exchange the Unsecured Notes for bonds identical in terms, except that the newly-issued bonds would not be subject to transfer restrictions. The exchange offer registration statement was declared effective as of
June 17, 2010 and the exchange of all of the notes was completed by July 22, 2010, each within the time limits provided in the registration rights agreement. Having completed the exchange offer, the Operating Partnership will not be
required to pay additional interest to the Unsecured Note holders.

Unsecured Credit Facility

On May 6, 2010, the Operating Partnership entered into a credit agreement providing for an $85 million unsecured revolving credit
facility. The facility was increased to $100 million in August 2010 through the use of its accordion feature. The facility has an initial maturity date of May 6, 2013, with a one-year extension option, subject to the payment of an extension fee
equal to 50 basis points on the amount of the facility at initial maturity and certain other customary conditions. As of December 31, 2010, the Operating Partnership has not drawn down any funds under the facility.

The facility is unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Company and all of the Operating
Partnerships subsidiaries that currently guaranty the obligations under the Companys Indenture governing the terms of the Operating Partnerships 8.5% senior notes due 2017, including the subsidiaries that own the ACC2, ACC3, ACC4,
ACC5, VA3, VA4, CH1 and NJ1 data centers and ACC6 development property, but excluding the subsidiaries that own the SC1 development property, the SC2 parcel of land, the ACC7 parcel of land and the TRS.

The Operating Partnership may elect to have borrowings under the facility bear interest at (i) LIBOR plus 450 basis points (with
LIBOR at no time being less than 1%) or (ii) a base rate plus 300 basis points. The amount available for borrowings under the facility will be determined according to a calculation comparing the value of certain unencumbered properties
designated by the Operating Partnership at such time relative to the amount of the Operating Partnerships unsecured debt. Up to $25 million of borrowings under the facility may be used for letters of credit.



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The facility requires that the Company, the Operating Partnership and their subsidiaries
comply with various covenants, including with respect to restrictions on liens, incurring indebtedness, making investments, effecting mergers and/or asset sales, and certain restrictions on dividend payments. In addition, the facility imposes
financial maintenance covenants relating to, among other things, the following matters:



| |  |  | unsecured debt not exceeding 60% of the value of unencumbered assets;
| | - |  | ---------------------------------------------------------------------



| |  |  | net operating income generated from unencumbered properties divided by the amount of unsecured debt being not less than 12.5%;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------



| |  |  | total indebtedness not exceeding 60% of gross asset value;
| | - |  | ----------------------------------------------------------



| |  |  | fixed charge coverage ratio being not less than 1.70 to 1.00; and
| | - |  | -----------------------------------------------------------------



| |  |  | tangible net worth being not less than $750 million plus 80% of the sum of (i) net equity offering proceeds and (ii) the value of equity
interests issued in connection with a contribution of assets to the Operating Partnership or its subsidiaries.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The facility includes customary events of default, the occurrence of which, following any applicable cure period, would permit the lenders to, among other things, declare the principal, accrued interest
and other obligations of the Operating Partnership under the facility to be immediately due and payable.

A summary of the
Companys debt maturity schedule as of December 31, 2010 is as follows:

Debt Maturity as of December 31,
2010

($ in thousands)



|      |  |            |         |     |               |   |         |       |  |   |            |  |  |           |      |   |  |  |     |  
|----- |  | ---------- | ------- | --- | ------------- | - | ------- | ----- |  | - | ---------- |  |  | --------- | ---- | - |  |  | --- | -
|Year  |  | Fixed Rate |         |     | Floating Rate |   |         | Total |  |   | % of Total |  |  | Rates (3) |     
|2011  |  | $          |        |     |               | $ | 5,200   | (2)   |  | $ | 5,200      |  |  |           | 0.7  | % |  |  | 5.8 | %
|2012  |  |            |        |     |               |   | 5,200   | (2)   |  |   | 5,200      |  |  |           | 0.7  | % |  |  | 5.8 | %
|2013  |  |            |        |     |               |   | 5,200   | (2)   |  |   | 5,200      |  |  |           | 0.7  | % |  |  | 5.8 | %
|2014  |  |            |        |     |               |   | 134,400 | (2)   |  |   | 134,400    |  |  |           | 19.2 | % |  |  | 5.8 | %
|2015  |  |            | 125,000 | (1) |               |   |        |       |  |   | 125,000    |  |  |           | 17.9 | % |  |  | 8.5 | %
|2016  |  |            | 125,000 | (1) |               |   |        |       |  |   | 125,000    |  |  |           | 17.9 | % |  |  | 8.5 | %
|2017  |  |            | 300,000 | (1) |               |   |        |       |  |   | 300,000    |  |  |           | 42.9 | % |  |  | 8.5 | %
|      |  |            |         |     |               |   |         |       |  |   |            |  |  |           |      |   |  |  |     |  
|Total |  | $          | 550,000 |     |               | $ | 150,000 |       |  | $ | 700,000    |  |  |           | 100  | % |  |  | 7.9 | %
|      |  |            |         |     |               |   |         |       |  |   |            |  |  |           |      |   |  |  |     |  



|(1) | The Unsecured Notes have mandatory amortizations of $125.0 million due in 2015, $125.0 million due in 2016 and $300.0 million due in 2017.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------

|(2) | The ACC5 Term Loan matures on December 2, 2014 with no extension option. Scheduled quarterly principal amortization payments of $1.3 million started in the first
quarter of 2011.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Rate as of December 31, 2010.
|--- | -----------------------------

Indebtedness Retired During 2010 and 2009

ACC4 Term Loan

On
October 24, 2008, the Company entered into a credit agreement relating to a $100.0 million term loan with a syndicate of lenders (the ACC4 Term Loan). The Company increased this loan to $250.0 million in February 2009 through
the exercise of the loans accordion feature. In December 2009, the Company repaid $50.0 million of the outstanding principal amount. In October 2010, the Company paid off the $196.5 million remaining balance of the ACC4 Term Loan
which resulted in a write-off of unamortized deferred financing costs of $2.5 million in the fourth quarter of 2010. The ACC4 Term Loan bore interest at LIBOR plus 3.50%.



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Credit Facility

On August 7, 2007, the Company entered into a credit facility that consisted of a $200.0 million secured term loan and a $275.0 million senior secured revolving credit facility (the Credit
Facility). The term loan bore interest at LIBOR plus 1.50%, and the revolving credit facility bore interest at LIBOR plus 1.25%. The Company retired the Credit Facility on December 16, 2009.

On August 15, 2007, the Company entered into a $200.0 million interest rate swap to manage the interest rate risk associated with a
portion of the principal amount outstanding under this Credit Facility effective August 17, 2007. The swap agreement fixed the interest rate at 4.997% plus 1.50%. In connection with the sale of Unsecured Notes on December 16, 2009, the
Company repaid and terminated the Credit facility. In addition, the Company paid $13.7 million to terminate the swap agreement. With the termination of the Credit Facility and swap agreement, the Company determined that the forecasted transaction
under this swap agreement was no longer probable as originally forecasted and therefore all amounts previously recorded in accumulated other comprehensive loss were recognized in the consolidated statement of operations, resulting in $13.7 million
being recorded as loss on the discontinuance of cash flow hedge.

CH1 Construction Loan

On December 20, 2007, the Company entered into a $148.9 million construction loan to which CH1 was pledged as collateral. This loan
bore interest at LIBOR plus 2.25%. The Company repaid this loan on February 10, 2009.

ACC5 Construction Loan

On February 6, 2009, the Company entered into a construction loan agreement to borrow up to $25.0 million to pay for a portion of the
costs to complete the construction of Phase I of ACC5. This loan bore interest at 12%. The Company repaid this loan on December 3, 2009.

SC1 Loan

On
February 6, 2009, the Company received a $5.0 million term loan that was secured by the SC1 development property. This loan bore interest at 12%. The Company repaid this loan on December 16, 2009.

7. Derivative Instruments

On August 15, 2007, the Company entered into a $200.0 million interest rate swap agreement to manage the interest rate risk
associated with a portion of the Credit Facility. The interest rate swap agreement was effective August 17, 2007 with a maturity date of August 7, 2011 and effectively fixed the interest rate on $200.0 million of the Credit Facility at
4.997% plus the credit spread of 1.5%. The Company had designated this agreement as a hedge for accounting purposes. Therefore, the effective portion of the changes in the fair value of the interest rate swap had been recorded in other comprehensive
income (loss) and reclassified into interest expense as the hedged forecasted interest payments were recognized.

On
December 16, 2009, in connection with the Companys completion of a $550 million debt offering and repayment and termination of the Credit Facility, the Company paid $13.7 million to terminate the swap agreement, which was recorded as a
loss on discontinuance of cash flow hedge on the consolidated statement of operations for the year ended December 31, 2009.

The Company has no outstanding derivative instruments as of December 31, 2010 and 2009.

8. Related Party Transactions

For the years ended December 31, 2010 and 2009, the Company incurred $0.3 million and $0.2 million of expense, respectively, to charter an aircraft that was jointly owned by the Executive Chairman
and the President and CEO in 2009 and was owned by the President and CEO in 2010. No expense was incurred during the year ended December 31, 2008 for aircraft charters.



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Subsequent to the closing of the IPO in 2007, the Company has been paying rent for its
headquarters building to an affiliate of the Executive Chairman and the President and CEO. Rent expense was $0.4 million for each of the years ended December 31, 2010, 2009 and 2008.

9. Commitments and Contingencies

The Company is involved from time to time
in various legal proceedings, lawsuits, examinations by various tax authorities and claims that have arisen in the ordinary course of business. Management currently believes that the resolution of such matters will not have a material adverse effect
on the Companys financial condition or results of operations.

Contracts related to the development of the ACC6 Phase I
and SC1 Phase I data centers were in place as of December 31, 2010. These contracts are cost-plus in nature whereby the contract sum is the aggregate of the cost of the actual work performed and equipment purchased plus a contractor fee.
Control estimates, which are adjusted from time to time to reflect any contract changes, are estimates of the total contract cost at completion. As of December 31, 2010, the ACC6 Phase I control estimate was $122.1 million of which $68.8
million has been incurred and the SC1 Phase I control estimate was $239.7 million of which $155.2 million has been incurred. Because of the cost-plus nature of these contracts, if development was halted on these projects, the Company would incur
liabilities less than what is remaining within the control estimates. As of December 31, 2010, the Company had entered into commitments through its construction general contractor to purchase $81.2 million in equipment and labor for the ACC6
Phase I and SC1 Phase I development properties.

Concurrent with DFTs IPO, the Company entered into tax protection
agreements with some of the contributors of the initial properties including DFTs Executive Chairman and President and CEO. Pursuant to the terms of these agreements, if the Company disposes of any interest in the initial contributed
properties that generates more than a certain allowable amount of built-in gain for the contributors, as a group, in any single year through 2017, the Company will indemnify the contributors for tax liabilities incurred with respect to the amount of
built-in gain and tax liabilities incurred as a result of the reimbursement payment. The amount of initial built-in gain that can be recognized in each tax year without triggering the tax protection provisions is 10% of the initial built in gain,
accumulating to 100% by the end of 2017. The estimated aggregate built-in gain attributed to the initial contributors as of December 31, 2009 was approximately $480$500 million (unaudited). Additionally the Company must provide an
opportunity for certain of the contributors of the initial properties to guarantee a secured loan. Any sale by the Company that requires payments to any of DFTs executive officers or directors pursuant to these agreements requires the approval
of at least 75% of the disinterested members of DFTs Board of Directors.

10. Redeemable noncontrolling interestsOperating
Partnership

Redeemable noncontrolling interests represent the limited partnership interests in the Operating Partnership,
or OP units, held by individuals and entities other than DFT. The redemption value of the redeemable noncontrolling interests at December 31, 2010 and 2009 was $466.8 million and $448.8 million based on the closing share price of the
Companys common stock of $21.27 and $17.99, respectively, on those dates. Holders of OP units are entitled to receive distributions in a per unit amount equal to the per share dividends made with respect to each share of DFTs common
stock, if and when DFTs Board of Directors declares such a dividend. Holders of OP units have the right to tender their units for redemption, in an amount equal to the fair market value of DFTs common stock. DFT may elect to redeem
tendered OP units for cash or for shares of DFTs common stock. During the years ended December 31, 2010 and 2009, OP unitholders redeemed 3,341,474 and 6,214,441 OP units, respectively, in exchange for an equal number of shares of
DFTs common stock. There were no OP unit redemptions during the year ended December 31, 2008. See Note 2.

The
Company had 341,145 fully vested LTIP units outstanding as of December 31, 2009, which are a special class of partnership interests in the Operating Partnership. During the year ended December 31, 2010, all of the LTIP units were converted into
OP units. As of December 31, 2010, the company did not have any LTIP units outstanding.



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11. Preferred Stock

On October 13, 2010, DFT issued 7,400,000 shares of 7.7875% Series A Cumulative Redeemable Perpetual Preferred Stock (Preferred Stock) for $185.0 million in an underwritten public
offering that resulted in proceeds to the Company, net of underwriting discounts, commissions, advisory fees and other offering costs of $178.6 million. The liquidation preference on the Series A Preferred Stock is $25 per share and dividends are
scheduled quarterly. A dividend of $.503125 per share was declared in December 2010 and paid in January 2011. This dividend was taxable in 2010 as ordinary taxable income (unaudited).

Except in instances relating to preservation of the Companys qualification as a REIT or pursuant to the special optional redemption
right discussed below, the Series A Preferred Stock is not redeemable prior to October 15, 2015. On and after October 15, 2015, the Company may, at its option, redeem the Series A Preferred Stock, in whole, at any time, or in part, from
time to time, for cash at a redemption price of $25 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption.

If, at any time following a change of control, the Series A Preferred Stock is not listed on the NYSE or quoted on NASDAQ (or listed or quoted on a successor exchange or quotation system), holders will be
entitled to receive dividends at an increased rate of 11.875%, and the Company will have the option to redeem the Series A Preferred Stock, in whole but not in part, within 90 days after the first date on which both the change of control has
occurred and the Series A Preferred Stock is not so listed or quoted, for cash at $25 per share, plus accrued and unpaid dividends (whether or not declared) to, but not including, the redemption date.

12. Stockholders Equity

During the year ended December 31, 2010, DFT issued 14,047,668 shares of common stock:



| |  |  | 11,501 shares of restricted stock to certain employees on December 7, 2010, which vest in equal increments on October 1,
2011, October 1, 2012 and October 1, 2013.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | 1,564 shares of restricted stock to certain employees on September 16, 2010, which vest in equal increments on March 1,
2011, March 1, 2012 and March 1, 2013.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | 11,484 fully vested shares to independent members of its Board of Directors and 2,778 shares of restricted stock to certain employees on
May 19, 2010, which vest in equal increments on March 1, 2011, March 1, 2012 and March 1, 2013.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | 13,800,000 shares of common stock in an underwritten public offering on May 18, 2010 that resulted in proceeds to the Company, net of underwriting
discounts, commissions, advisory fees and other offering costs of $305.2 million.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | 220,341 shares of restricted stock to employees on February 25, 2010, which vest in equal increments on March 1, 2011, March 1,
2012 and March 1, 2013.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------

During the year ended December 31, 2009, DFT issued 666,218 shares of
common stock:



| |  |  | 700 fully vested shares to certain employees on December 9, 2009.
| | - |  | -----------------------------------------------------------------



| |  |  | 57,886 fully vested shares to independent members of its Board of Directors on May 19, 2009.
| | - |  | ---------------------------------------------------------------------------------------------



| |  |  | 607,632 shares of restricted stock to employees on February 26, 2009, which vest in equal increments on March 1, 2010, March 1,
2011 and March 1, 2012.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------

During the year ended December 31, 2008, DFT issued 53,270 shares of
common stock:



| |  |  | 2,103 shares of restricted stock to a certain employee on February 15, 2008, which vest in equal increments on January 2, 2009, January
2, 2010 and January 2, 2011.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | 17,627 shares of restricted stock to a certain employee on May 20, 2008, which vest in equal increments on January 2, 2009, January 2,
2010 and January 2, 2011.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



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| |  |  | 27,278 shares of restricted stock to a certain employee on July 8, 2008, which vest in equal increments on July 8, 2009, July 8, 2010
and July 8, 2011.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | 6,262 shares of restricted stock to a certain employee on August 7, 2008, which vest in equal increments on August 7,
2009, August 7, 2010 and August 7, 2011.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------

During the years ended December 31, 2010 and
2009, OP unitholders redeemed 3,341,474 and 6,214,441 OP units, respectively, in exchange for an equal number of shares of common stock. There were no OP unit redemptions during the year ended December 31, 2008.

For the years ended December 31, 2010, the Company declared and paid the following cash dividends:



|            |  |              |            |  |               |   |      |                                     |  |   |                                                     |  |  |   |      | 
|----------- |  | ------------ | ---------- |  | ------------- | - | ---- | ----------------------------------- |  | - | --------------------------------------------------- |  |  | - | ---- | 
|Record Date |  | Payment Date |            |  | Cash Dividend |   |      | OrdinaryTaxable Dividend(Unaudited) |  |   | NontaxableReturn of CapitalDistributions(Unaudited) | 
|03/31/2010  |  |              | 04/09/2010 |  |               | $ | 0.08 |                                     |  | $ | 0.08                                                |  |  | $ | 0.00 | 
|06/29/2010  |  |              | 07/09/2010 |  |               |   | 0.12 |                                     |  |   | 0.12                                                |  |  |   | 0.00 | 
|09/29/2010  |  |              | 10/08/2008 |  |               |   | 0.12 |                                     |  |   | 0.12                                                |  |  |   | 0.00 | 
|12/28/2010  |  |              | 01/07/2011 |  |               |   | 0.12 |                                     |  |   | 0.02                                                |  |  |   | 0.00 | 
|            |  |              |            |  |               |   |      |                                     |  |   |                                                     |  |  |   |      | 
|            |  |              |            |  |               | $ | 0.44 |                                     |  | $ | 0.34                                                |  |  | $ | 0.00 | 
|            |  |              |            |  |               |   |      |                                     |  |   |                                                     |  |  |   |      | 

Of the $0.12 dividend paid in January 2011, $0.10 (unaudited) will be included in 2011 taxable common
dividends.

For the year ended December 31, 2009, the Company declared and paid the following cash dividend:



|            |  |              |            |  |               |   |      |                                     |  |   |                                                     |  |  |   |      | 
|----------- |  | ------------ | ---------- |  | ------------- | - | ---- | ----------------------------------- |  | - | --------------------------------------------------- |  |  | - | ---- | 
|Record Date |  | Payment Date |            |  | Cash Dividend |   |      | OrdinaryTaxable Dividend(Unaudited) |  |   | NontaxableReturn of CapitalDistributions(Unaudited) | 
|12/24/2009  |  |              | 12/30/2009 |  |               | $ | 0.08 |                                     |  | $ | 0.08                                                |  |  | $ | 0.00 | 

For the year ended
December 31, 2008, the Company declared and paid the following cash dividends:



|            |  |              |            |  |               |   |         |                                     |  |   |                                                     |  |  |   |         | 
|----------- |  | ------------ | ---------- |  | ------------- | - | ------- | ----------------------------------- |  | - | --------------------------------------------------- |  |  | - | ------- | 
|Record Date |  | Payment Date |            |  | Cash Dividend |   |         | OrdinaryTaxable Dividend(Unaudited) |  |   | NontaxableReturn of CapitalDistributions(Unaudited) | 
|03/28/2008  |  |              | 04/11/2008 |  |               | $ | 0.18750 |                                     |  | $ | 0.15005                                             |  |  | $ | 0.03745 | 
|06/27/2008  |  |              | 07/11/2008 |  |               |   | 0.18750 |                                     |  |   | 0.15005                                             |  |  |   | 0.03745 | 
|09/26/2008  |  |              | 10/10/2008 |  |               |   | 0.18750 |                                     |  |   | 0.15005                                             |  |  |   | 0.03745 | 
|            |  |              |            |  |               |   |         |                                     |  |   |                                                     |  |  |   |         | 
|            |  |              |            |  |               | $ | 0.56250 |                                     |  | $ | 0.45015                                             |  |  | $ | 0.11235 | 
|            |  |              |            |  |               |   |         |                                     |  |   |                                                     |  |  |   |         | 

13. Equity Compensation Plan

Concurrent with the IPO, DFTs Board of Directors adopted the 2007 Equity Compensation Plan (the
Plan). The Plan is administered by the Compensation Committee of the Board of Directors. The Plan allows for the issuance of common stock, stock options, stock appreciation rights (SARs), performance unit awards and LTIP units.
Beginning January 1, 2008, and on each January 1 thereafter during the term of the Plan, the maximum aggregate number of shares of common stock that may be issued under this Plan pursuant to the exercise of options and SARs, the grant of
stock awards or other-equity based awards and the settlement of performance units shall be increased by seven and one-half percent (71/2%) of any additional shares of common stock or interests in the Operating Partnership issued by the Company or the Operating
Partnership; provided, however, that the maximum aggregate number of shares of common stock that may be issued under this Plan shall be 11,655,525 shares.



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As of December 31, 2010, the maximum aggregate number of shares of common stock that
may be issued under this Plan pursuant to the exercise of options and SARs, the grant of stock awards, or LTIP units and the settlement of performance units is equal to 4,967,795, of which 3,299,765 share equivalents had been issued as of such date
leaving 1,668,030 shares available for future issuance. As a result of the 13,800,000 shares issued in the Companys May 2010 underwritten public offering, the Company will be authorized to issue an additional 1,035,000 shares of common stock
under the Plan effective January 1, 2011.

If any award or grant under the Plan expires, is forfeited or is terminated
without having been exercised or paid, then any shares of common stock covered by such lapsed, cancelled, expired or unexercised portion of such award or grant and any forfeited, lapsed, cancelled or expired LTIP units shall be available for the
grant of other options, SARs, stock awards, other equity-based awards and settlement of performance units under this Plan.

Restricted
Stock

Restricted stock awards vest over specified periods of time as long as the employee remains employed with the
Company, and are not subject to any performance criteria. The following table sets forth the number of unvested shares of restricted stock and the weighted average fair value of these shares at the date of grant:



|                                      |  |                           |          |   |                                            |   |       | 
|------------------------------------- |  | ------------------------- | -------- | - | ------------------------------------------ | - | ----- | 
|                                      |  | Shares ofRestricted Stock |          |   | Weighted AverageFair Value atDate of Grant |  
|Unvested balance at December 31, 2007 |  |                           | 71,429   |   |                                            | $ | 21.00 | 
|Granted                               |  |                           | 53,270   |   |                                            | $ | 18.00 | 
|Vested                                |  |                           | (71,429  | ) |                                            | $ | 21.00 | 
|Forfeited                             |  |                           |         |   |                                            |   | N/A   | 
|                                      |  |                           |          |   |                                            |   |       | 
|Unvested balance at December 31, 2008 |  |                           | 53,270   |   |                                            | $ | 18.00 | 
|Granted                               |  |                           | 607,632  |   |                                            | $ | 5.13  | 
|Vested                                |  |                           | (19,160  | ) |                                            | $ | 17.90 | 
|Forfeited                             |  |                           | (1,365   | ) |                                            | $ | 5.13  | 
|                                      |  |                           |          |   |                                            |   |       | 
|Unvested balance at December 31, 2009 |  |                           | 640,377  |   |                                            | $ | 5.82  | 
|Granted                               |  |                           | 236,184  |   |                                            | $ | 19.88 | 
|Vested                                |  |                           | (219,157 | ) |                                            | $ | 6.14  | 
|Forfeited                             |  |                           | (20,553  | ) |                                            | $ | 9.19  | 
|                                      |  |                           |          |   |                                            |   |       | 
|Unvested balance at December 31, 2010 |  |                           | 636,851  |   |                                            | $ | 10.82 | 
|                                      |  |                           |          |   |                                            |   |       | 

During the years ended December 31, 2010, 2009 and 2008, the Company issued 236,184, 607,632 and 53,270
shares of restricted stock, respectively, which had values of $4.7 million, $3.1 million and $1.0 million, respectively, on the grant dates. These amounts are amortized to expense over a three year vesting period. Also during the years ended
December 31, 2010, 2009 and 2008, 219,157, 19,160 and 71,429 shares of restricted stock, respectively, vested at values of $4.4 million, $0.1 million and $1.3 million, respectively, on the vesting dates.

As of December 31, 2010 and 2009, total unearned compensation on restricted stock was $4.6 million and $2.7 million, respectively,
and the weighted average vesting period was 0.8 years and 1.1 years, respectively.

Stock Options

Stock option awards are granted with an exercise price equal to the closing market price of DFTs common stock at the date of grant
and vest over specified periods of time as long as the employee remains employed with the Company. All shares to be issued upon option exercises will be newly issued shares and the options have 10-year contractual terms.



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No stock options were issued during the year ended December 31, 2008. A summary of the
Companys stock option activity under the Plan for the years ended December 31, 2010 and 2009 is presented in the tables below.



|                                |  |                  |           |   |                                |   |       | 
|------------------------------- |  | ---------------- | --------- | - | ------------------------------ | - | ----- | 
|                                |  | Number ofOptions |           |   | Weighted AverageExercise Price |  
|Under option, December 31, 2008 |  |                  |          |   |                                |   | N/A   | 
|Granted                         |  |                  | 1,274,696 |   |                                | $ | 5.06  | 
|Forfeited                       |  |                  |          |   |                                |   | N/A   | 
|Exercised                       |  |                  |          |   |                                |   | N/A   | 
|                                |  |                  |           |   |                                |   |       | 
|Under option, December 31, 2009 |  |                  | 1,274,696 |   |                                | $ | 5.06  | 
|Granted                         |  |                  | 290,560   |   |                                | $ | 19.89 | 
|Forfeited                       |  |                  |          |   |                                |   | N/A   | 
|Exercised                       |  |                  | (161,979  | ) |                                | $ | 5.06  | 
|                                |  |                  |           |   |                                |   |       | 
|Under option, December 31, 2010 |  |                  | 1,403,277 |   |                                | $ | 8.13  | 
|                                |  |                  |           |   |                                |   |       | 



|                        |  |                         |           |  |                            |   |             |                                |  |  |                                           |  |  |  |           | 
|----------------------- |  | ----------------------- | --------- |  | -------------------------- | - | ----------- | ------------------------------ |  |  | ----------------------------------------- |  |  |  | --------- | 
|                        |  | Shares Subjectto
Option |           |  | Total UnearnedCompensation |   |             | Weighted AverageVesting Period |  |  | Weighted AverageRemainingContractual Term | 
|As of December 31, 2009 |  |                         | 1,274,696 |  |                            | $ | 1.4 million |                                |  |  | 1.2 years                                 |  |  |  | 9.2 years | 
|As of December 31, 2010 |  |                         | 1,403,277 |  |                            | $ | 2.6 million |                                |  |  | 0.8 years                                 |  |  |  | 8.4 years | 

The following table
sets forth the number of unvested options as of December 31, 2010 and 2009 and the weighted average fair value of these options at the grant date.



|                                      |  |                  |           |   |                                            |   |      | 
|------------------------------------- |  | ---------------- | --------- | - | ------------------------------------------ | - | ---- | 
|                                      |  | Number ofOptions |           |   | Weighted AverageFair Valueat Date of Grant |  
|Unvested balance at December 31, 2008 |  |                  |          |   |                                            |   | N/A  | 
|Granted                               |  |                  | 1,274,696 |   |                                            | $ | 1.48 | 
|Forfeited                             |  |                  |          |   |                                            |   | N/A  | 
|Vested                                |  |                  |          |   |                                            |   | N/A  | 
|                                      |  |                  |           |   |                                            |   |      | 
|Unvested balance at December 31, 2009 |  |                  | 1,274,696 |   |                                            | $ | 1.48 | 
|Granted                               |  |                  | 290,560   |   |                                            | $ | 9.00 | 
|Forfeited                             |  |                  |          |   |                                            |   | N/A  | 
|Vested                                |  |                  | (424,903  | ) |                                            | $ | 1.48 | 
|                                      |  |                  |           |   |                                            |   |      | 
|Unvested balance at December 31, 2010 |  |                  | 1,140,353 |   |                                            | $ | 3.40 | 
|                                      |  |                  |           |   |                                            |   |      | 

The following table sets forth the number of exercisable options as of December 31, 2010 and 2009 and
the weighted average fair value and exercise price of these options at the grant date.



|                                         |  |                  |          |   |                                            |   |      | 
|---------------------------------------- |  | ---------------- | -------- | - | ------------------------------------------ | - | ---- | 
|                                         |  | Number ofOptions |          |   | Weighted AverageFair Valueat Date of Grant |  
|Options Exercisable at December 31, 2008 |  |                  |         |   |                                            |   |     | 
|Vested                                   |  |                  |         |   |                                            |   |     | 
|Exercised                                |  |                  |         |   |                                            |   |     | 
|                                         |  |                  |          |   |                                            |   |      | 
|Options Exercisable at December 31, 2009 |  |                  |         |   |                                            |   |     | 
|Vested                                   |  |                  | 424,903  |   |                                            | $ | 1.48 | 
|Exercised                                |  |                  | (161,979 | ) |                                            | $ | 1.48 | 
|                                         |  |                  |          |   |                                            |   |      | 
|Options Exercisable at December 31, 2010 |  |                  | 262,924  |   |                                            | $ | 1.48 | 
|                                         |  |                  |          |   |                                            |   |      | 



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|                        |  |                    |         |  |                              |   |      |                                         |  |  |                 |  |  |   |             | 
|----------------------- |  | ------------------ | ------- |  | ---------------------------- | - | ---- | --------------------------------------- |  |  | --------------- |  |  | - | ----------- | 
|                        |  | ExercisableOptions |         |  | WeightedAverageExercisePrice |   |      | WeightedAverageRemainingContractualTerm |  |  | Intrinsic Value | 
|As of December 31, 2009 |  |                    |        |  |                              |   |     |                                         |  |  |                |  |  |   |            | 
|As of December 31, 2010 |  |                    | 262,924 |  |                              | $ | 5.06 |                                         |  |  | 8.2 years       |  |  | $ | 4.3 million | 

No stock options were
exercised during the years ended December 31, 2009 and 2008. The intrinsic value of stock options exercised during the year ended December 31, 2010 was $3.2 million.

The fair value of each option award is estimated on the date of grant using a Black-Scholes option valuation model. As DFT has been a publicly traded company only since October 24, 2007, expected
volatilities used in the Black-Scholes model are based on the historical volatility of a group of comparable REITs. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the
time of grant. The following table summarizes the assumptions used to value the stock options granted and the fair value of these options granted during the years ended December 31, 2010 and 2009.



|                            |  |      |             |   |      |   |             |  
|--------------------------- |  | ---- | ----------- | - | ---- | - | ----------- | -
|                            |  | 2010 |             |   | 2009 |  
|Number of options granted   |  |      | 290,560     |   |      |   | 1,274,696   |  
|Exercise price              |  | $    | 19.89       |   |      | $ | 5.06        |  
|Expected term (in years)    |  |      | 6           |   |      |   | 6           |  
|Expected volatility         |  |      | 54          | % |      |   | 41          | %
|Expected annual dividend    |  |      | 1.88        | % |      |   | 3.75        | %
|Risk-free rate              |  |      | 2.86        | % |      |   | 2.76        | %
|Fair value at date of grant |  | $    | 2.6 million |   |      | $ | 1.9 million |  

14. Earnings Per Share

The following table sets forth the reconciliation of basic and diluted average shares outstanding used in the computation
of earnings per share of common stock (in thousands except for share and per share amounts):



|                                                         |  |                         |            |   |      |   |            |      |  |   |            | 
|-------------------------------------------------------- |  | ----------------------- | ---------- | - | ---- | - | ---------- | ---- |  | - | ---------- | 
|                                                         |  | Year ended December 31, |           
|                                                         |  | 2010                    |            |   | 2009 |   |            | 2008 | 
|Basic and Diluted Shares Outstanding                     |  |                         |            |   |      |   |            |      |  |   |            | 
|Weighted average common sharesbasic                     |  |                         | 52,800,712 |   |      |   | 39,938,225 |      |  |   | 35,428,521 | 
|Effect of dilutive securities                            |  |                         | 1,291,991  |   |      |   | 697,810    |      |  |   |           | 
|                                                         |  |                         |            |   |      |   |            |      |  |   |            | 
|Weighted average common sharesdiluted                   |  |                         | 54,092,703 |   |      |   | 40,636,035 |      |  |   | 35,428,521 | 
|                                                         |  |                         |            |   |      |   |            |      |  |   |            | 
|Calculation of Earnings per ShareBasic                  |  |                         |            |   |      |   |            |      |  |   |            | 
|Net income attributable to common shares                 |  | $                       | 27,290     |   |      | $ | 1,753      |      |  | $ | 19,082     | 
|Net income allocated to unvested restricted shares       |  |                         | (311       | ) |      |   | (29        | )    |  |   | 1          | 
|                                                         |  |                         |            |   |      |   |            |      |  |   |            | 
|Net income attributable to common shares, adjusted       |  |                         | 26,979     |   |      |   | 1,724      |      |  | $ | 19,083     | 
|Weighted average common sharesbasic                     |  |                         | 52,800,712 |   |      |   | 39,938,225 |      |  |   | 35,428,521 | 
|                                                         |  |                         |            |   |      |   |            |      |  |   |            | 
|Earnings per common sharebasic                          |  | $                       | 0.51       |   |      | $ | 0.04       |      |  | $ | 0.54       | 
|                                                         |  |                         |            |   |      |   |            |      |  |   |            | 
|Calculation of Earnings per ShareDiluted                |  |                         |            |   |      |   |            |      |  |   |            | 
|Net income attributable to common shares                 |  | $                       | 27,290     |   |      | $ | 1,753      |      |  | $ | 19,082     | 
|Adjustments to redeemable noncontrolling interests       |  |                         | 223        |   |      |   | 12         |      |  |   |           | 
|                                                         |  |                         |            |   |      |   |            |      |  |   |            | 
|Adjusted net income available to common shares, adjusted |  |                         | 27,513     |   |      |   | 1,765      |      |  |   | 19,082     | 
|Weighted average common sharesdiluted                   |  |                         | 54,092,703 |   |      |   | 40,636,035 |      |  |   | 35,428,521 | 
|                                                         |  |                         |            |   |      |   |            |      |  |   |            | 
|Earnings per common sharediluted                        |  | $                       | 0.51       |   |      | $ | 0.04       |      |  | $ | 0.54       | 
|                                                         |  |                         |            |   |      |   |            |      |  |   |            | 



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For the year ended December 31, 2010, 0.3 million stock options have been excluded
from the calculation of diluted earnings per share as their effect would have been antidilutive. For the years ended December 31, 2009 and 2008, 0.3 million LTIP units have been excluded from the calculation of diluted earnings per share
as their effect would have been antidilutive.

15. Employee Benefit Plan

Upon completion of the IPO, the Company established a tax qualified retirement plan (401(k) Plan) that provides employees with
an opportunity to save for retirement on a tax advantaged basis. Employees participate in the 401(k) Plan on their first day of employment and are able to defer compensation up to the limits established by the Internal Revenue Service. The Company
matches 50% of the employees contributions up to a maximum match contribution of 4% of the employees salary. The Companys contributions vest immediately. During the years ended December 31, 2010, 2009 and 2008, the Company
contributed $0.3 million, $0.3 million and $0.2 million, respectively, to the 401(k) Plan.

16. Fair Value of Financial Instruments

Assets and Liabilities Measured at Fair Value

The Company follows the authoritative guidance issued by the FASB relating to fair value measurements that defines fair value, establishes a framework for measuring fair value, and expands disclosures
about fair value measurements. The guidance applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the guidance does not require any new fair value measurements
of reported balances. The guidance excludes the accounting for leases, as well as other authoritative guidance that address fair value measurements on lease classification and measurement. The authoritative guidance issued by the FASB emphasizes
that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability.

Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability
to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active
markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable
inputs for the asset or liability, which are typically based on an entitys own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from
different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The
Companys assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

The authoritative guidance issued by the FASB requires disclosure of the fair value of financial instruments. Fair value estimates are
subjective in nature and are dependent on a number of important assumptions, including estimates of future cash flows, risks, discount rates, and relevant comparable market information associated with each financial instrument. The use of different
market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the amounts are not necessarily indicative of the amounts the Company would realize in a current market exchange.



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The following methods and assumptions were used in estimating the fair value amounts and
disclosures for financial instruments as of December 31, 2010:



| |  |  | Cash and cash equivalents: The carrying amount of cash and cash equivalents reported in the consolidated balance sheet approximates fair value because
of the short maturity of these instruments (i.e., less than 90 days).
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Marketable securities held to maturity: See Note 2.
| | - |  | ---------------------------------------------------



| |  |  | Restricted cash: The carrying amount of restricted cash reported in the consolidated balance sheets approximates fair value because of the short
maturities of these instruments.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Rents and other receivables, accounts payable and accrued liabilities, and prepaid rents: The carrying amount of these assets and liabilities reported
in the balance sheet approximates fair value because of the short-term nature of these amounts.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Debt: As of December 31, 2010, the combined balance of our Unsecured Notes and mortgage notes payable was $700.0 million with a fair value of
$745.7 million based on Level 1 and Level 3 data. The Level 1 data is for the Unsecured Notes and consisted of a quote from the market maker in the Unsecured Notes. The Level 3 data is for the ACC5 Term Loan and is based on discounted cash flows
using the one-month LIBOR rate as of December 31, 2010 plus the 4.25% spread on the ACC5 Term loan.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

17. Quarterly
Financial Information (unaudited)

The table below reflects the selected quarterly information for the years ended
December 31, 2010 and 2009 (in thousands except share data):



|                                                                      |  |                    |            |  |                    |   |            |               |  |   |                |  |  |   |            | 
|--------------------------------------------------------------------- |  | ------------------ | ---------- |  | ------------------ | - | ---------- | ------------- |  | - | -------------- |  |  | - | ---------- | 
|                                                                      |  | Three months ended |           
|                                                                      |  | December 31, 2010  |            |  | September 30, 2010 |   |            | June 30, 2010 |  |   | March 31, 2010 | 
|Total revenue                                                         |  | $                  | 66,011     |  |                    | $ | 60,329     |               |  | $ | 59,292         |  |  | $ | 56,909     | 
|Net income                                                            |  |                    | 13,003     |  |                    |   | 15,279     |               |  |   | 10,195         |  |  |   | 5,231      | 
|Net income attributable to common shares                              |  |                    | 6,254      |  |                    |   | 10,824     |               |  |   | 6,921          |  |  |   | 3,291      | 
|Net income attributable to common shares per common sharebasic (1)   |  |                    | 0.10       |  |                    |   | 0.18       |               |  |   | 0.13           |  |  |   | 0.08       | 
|Net income attributable to common shares per common sharediluted (1) |  |                    | 0.10       |  |                    |   | 0.18       |               |  |   | 0.13           |  |  |   | 0.08       | 
|Weighted average shares of common stock outstandingbasic             |  |                    | 59,055,307 |  |                    |   | 58,739,792 |               |  |   | 51,087,845     |  |  |   | 42,067,964 | 
|Weighted average shares of common stock outstandingdiluted           |  |                    | 60,310,402 |  |                    |   | 60,070,867 |               |  |   | 52,408,654     |  |  |   | 43,339,741 | 



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|                                                                             |  |                    |            |   |                    |   |            |               |  |   |                |  |  |   |            | 
|---------------------------------------------------------------------------- |  | ------------------ | ---------- | - | ------------------ | - | ---------- | ------------- |  | - | -------------- |  |  | - | ---------- | 
|                                                                             |  | Three months ended |           
|                                                                             |  | December 31, 2009  |            |   | September 30, 2009 |   |            | June 30, 2009 |  |   | March 31, 2009 | 
|Total revenue                                                                |  | $                  | 52,676     |   |                    | $ | 51,920     |               |  | $ | 48,867         |  |  | $ | 46,819     | 
|Net (loss) income (2)                                                        |  |                    | (11,435    | ) |                    |   | 5,524      |               |  |   | 5,540          |  |  |   | 3,257      | 
|Net (loss) income attributable to common shares                              |  |                    | (6,815     | ) |                    |   | 3,387      |               |  |   | 3,295          |  |  |   | 1,886      | 
|Net (loss) income attributable to common shares per common sharebasic (1)   |  |                    | (0.16      | ) |                    |   | 0.08       |               |  |   | 0.08           |  |  |   | 0.05       | 
|Net (loss) income attributable to common shares per common sharediluted (1) |  |                    | (0.16      | ) |                    |   | 0.08       |               |  |   | 0.08           |  |  |   | 0.05       | 
|Weighted average shares of common stock outstandingbasic                    |  |                    | 41,514,002 |   |                    |   | 41,041,140 |               |  |   | 40,035,504     |  |  |   | 37,101,648 | 
|Weighted average shares of common stock outstandingdiluted                  |  |                    | 41,514,002 |   |                    |   | 41,992,512 |               |  |   | 40,617,869     |  |  |   | 37,101,648 | 



|(1) | Amounts may not equal full year results due to rounding.
|--- | --------------------------------------------------------

|(2) | Quarter ended December 31, 2009 includes a $13.7 million loss on discontinuance of cash flow hedge.
|--- | ---------------------------------------------------------------------------------------------------

18. Subsequent Events

Unsecured
Credit Facility Amendment

On February 4, 2011, the Operating Partnership entered into a first amendment to its
Unsecured Credit Facility, which removes the 1% floor for LIBOR established under the original agreement and establishes applicable margins for LIBOR based loans and base rate loans that are based on the Companys ratio of total
indebtedness to gross asset value. Under the amendment, the Company may still elect to have borrowings under the facility bear interest at either LIBOR or a base rate, in each case plus an applicable margin. The applicable margin added to LIBOR now
is based on the table below instead of a flat 450 basis points, and the applicable margin added to the base rate now is based on the table below instead of a flat 300 basis points.



|                |  |                                                  |  |                   |  |                
|--------------- |  | ------------------------------------------------ |  | ----------------- |  | ---------------
|                |  |                                                  |  | Applicable Margin
|Pricing Level   |  | Ratio of Total Indebtedness
to Gross Asset Value |  | LIBOR Rate Loans  |  | Base Rate Loans
|Pricing Level 1 |  | Less than or equal to 35%                        |  | 3.25%             |  | 1.25%          
|Pricing Level 2 |  | Greater than 35% but less than or equal to 45%   |  | 3.50%             |  | 1.50%          
|Pricing Level 3 |  | Greater than 45% but less than or equal to 55%   |  | 3.75%             |  | 1.75%          
|Pricing Level 4 |  | Greater than 55%                                 |  | 4.25%             |  | 2.25%          

Under the amendment,
the initial applicable margin is set at pricing level 1. The terms of the amendment provide for the adjustment to the applicable margin from time to time.



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DUPONT FABROS TECHNOLOGY, INC.

SCHEDULE III

CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2010

(in thousands)



|                         |  |               |         |  |                         |   |        |                                          |  |   |                                        |  |  |                                            |       |  |                         |   |         |              |  |   |        |  |  |   |           |  |  |   |           |  |  |   |          |   |  |  |           |  |  |  |      | 
|------------------------ |  | ------------- | ------- |  | ----------------------- | - | ------ | ---------------------------------------- |  | - | -------------------------------------- |  |  | ------------------------------------------ | ----- |  | ----------------------- | - | ------- | ------------ |  | - | ------ |  |  | - | --------- |  |  | - | --------- |  |  | - | -------- | - |  |  | --------- |  |  |  | ---- | 
|                         |  | Encum-brances |         |  | Initial Cost            |   |        | Cost CapitalizedSubsequent toAcquisition |  |   | Gross Carry Amount atDecember 31, 2010 |  |  | AccumulatedDepreciation atDecember 31,2010 |       |  | YearBuilt/Renovated     |   |         | YearAcquired | 
|                         |  | Land          |         |  | Buildings &Improvements |   |        | Land                                     |  |   | Buildings &Improvements                |  |  | Land                                       |       |  | Buildings &Improvements |   |         | Total        |  |   |        | 
|Operating Properties (1) |  |               |         |  |                         |   |        |                                          |  |   |                                        |  |  |                                            |       |  |                         |   |         |              |  |   |        |  |  |   |           |  |  |   |           |  |  |   |          |   |  |  |           |  |  |  |      | 
|ACC2                     |  | $             |        |  |                         | $ | 2,500  |                                          |  | $ | 157,100                                |  |  | $                                          |      |  |                         | $ | 1,495   |              |  | $ | 2,500  |  |  | $ | 158,595   |  |  | $ | 161,095   |  |  | $ | (22,927  | ) |  |  | 2005      |  |  |  | 2001 | 
|ACC3                     |  |               |        |  |                         |   | 1,071  |                                          |  |   |                                       |  |  |                                            |      |  |                         |   | 94,569  |              |  |   | 1,071  |  |  |   | 94,569    |  |  |   | 95,640    |  |  |   | (15,752  | ) |  |  | 2006      |  |  |  | 2001 | 
|ACC4                     |  |               |        |  |                         |   | 6,600  |                                          |  |   | 506,081                                |  |  |                                            |      |  |                         |   | 29,214  |              |  |   | 6,600  |  |  |   | 535,295   |  |  |   | 541,895   |  |  |   | (60,822  | ) |  |  | 2007      |  |  |  | 2006 | 
|ACC5                     |  |               | 150,000 |  |                         |   | 6,442  |                                          |  |   | 43                                     |  |  |                                            |      |  |                         |   | 298,955 |              |  |   | 6,442  |  |  |   | 298,998   |  |  |   | 305,440   |  |  |   | (8,070   | ) |  |  | 2009-2010 |  |  |  | 2007 | 
|VA3                      |  |               |        |  |                         |   | 9,000  |                                          |  |   | 172,881                                |  |  |                                            |      |  |                         |   | 1,417   |              |  |   | 9,000  |  |  |   | 174,298   |  |  |   | 183,298   |  |  |   | (28,819  | ) |  |  | 2003-2004 |  |  |  | 2003 | 
|VA4                      |  |               |        |  |                         |   | 6,800  |                                          |  |   | 140,575                                |  |  |                                            |      |  |                         |   | 1,417   |              |  |   | 6,800  |  |  |   | 141,992   |  |  |   | 148,792   |  |  |   | (20,311  | ) |  |  | 2005      |  |  |  | 2005 | 
|CH1 Phase I              |  |               |        |  |                         |   | 12,646 |                                          |  |   | 70,190                                 |  |  |                                            | 1,161 |  |                         |   | 112,462 |              |  |   | 13,807 |  |  |   | 182,652   |  |  |   | 196,459   |  |  |   | (14,733  | ) |  |  | 2007-2008 |  |  |  | 2007 | 
|NJ1 Phase I              |  |               |        |  |                         |   | 4,311  |                                          |  |   | 193,556                                |  |  |                                            |      |  |                         |   |        |              |  |   | 4,311  |  |  |   | 193,556   |  |  |   | 197,867   |  |  |   | (1,103   | ) |  |  | 2008-2010 |  |  |  | 2007 | 
|                         |  |               |         |  |                         |   |        |                                          |  |   |                                        |  |  |                                            |       |  |                         |   |         |              |  |   |        |  |  |   |           |  |  |   |           |  |  |   |          |   |  |  |           |  |  |  |      | 
|Subtotal                 |  |               | 150,000 |  |                         |   | 49,370 |                                          |  |   | 1,240,426                              |  |  |                                            | 1,161 |  |                         |   | 539,529 |              |  |   | 50,531 |  |  |   | 1,779,955 |  |  |   | 1,830,486 |  |  |   | (172,537 | ) |  |  |           |  |  |  |      | 
|                         |  |               |         |  |                         |   |        |                                          |  |   |                                        |  |  |                                            |       |  |                         |   |         |              |  |   |        |  |  |   |           |  |  |   |           |  |  |   |          |   |  |  |           |  |  |  |      | 
|Development Properties   |  |               |         |  |                         |   |        |                                          |  |   |                                        |  |  |                                            |       |  |                         |   |         |              |  |   |        |  |  |   |           |  |  |   |           |  |  |   |          |   |  |  |           |  |  |  |      | 
|ACC6 (1)(2)              |  |               |        |  |                         |   | 5,518  |                                          |  |   |                                       |  |  |                                            |      |  |                         |   | 74,702  |              |  |   | 5,518  |  |  |   | 74,702    |  |  |   | 80,220    |  |  |   |         |   |  |  |           |  |  |  | 2007 | 
|SC1 and SC2              |  |               |        |  |                         |   | 22,415 |                                          |  |   |                                       |  |  |                                            |      |  |                         |   | 172,819 |              |  |   | 22,415 |  |  |   | 172,819   |  |  |   | 195,234   |  |  |   |         |   |  |  |           |  |  |  | 2007 | 
|CH1 Phase II (1)         |  |               |        |  |                         |   | 9,805  |                                          |  |   |                                       |  |  |                                            |      |  |                         |   | 7,910   |              |  |   | 9,805  |  |  |   | 7,910     |  |  |   | 17,715    |  |  |   |         |   |  |  |           |  |  |  | 2007 | 
|NJ1 Phase II (1)         |  |               |        |  |                         |   | 4,312  |                                          |  |   |                                       |  |  |                                            |      |  |                         |   | 34,963  |              |  |   | 4,312  |  |  |   | 34,963    |  |  |   | 39,275    |  |  |   |         |   |  |  |           |  |  |  | 2007 | 
|ACC7                     |  |               |        |  |                         |   | 4,242  |                                          |  |   |                                       |  |  |                                            |      |  |                         |   |        |              |  |   | 4,242  |  |  |   |          |  |  |   | 4,242     |  |  |   |         |   |  |  |           |  |  |  | 2007 | 
|                         |  |               |         |  |                         |   |        |                                          |  |   |                                        |  |  |                                            |       |  |                         |   |         |              |  |   |        |  |  |   |           |  |  |   |           |  |  |   |          |   |  |  |           |  |  |  |      | 
|Subtotal                 |  |               |        |  |                         |   | 46,292 |                                          |  |   |                                       |  |  |                                            |      |  |                         |   | 290,394 |              |  |   | 46,292 |  |  |   | 290,394   |  |  |   | 336,686   |  |  |   |         |   |  |  |           |  |  |  |      | 
|                         |  |               |         |  |                         |   |        |                                          |  |   |                                        |  |  |                                            |       |  |                         |   |         |              |  |   |        |  |  |   |           |  |  |   |           |  |  |   |          |   |  |  |           |  |  |  |      | 
|Grand Total              |  | $             | 150,000 |  |                         | $ | 95,662 |                                          |  | $ | 1,240,426                              |  |  | $                                          | 1,161 |  |                         | $ | 829,923 |              |  | $ | 96,823 |  |  | $ | 2,070,349 |  |  | $ | 2,167,172 |  |  | $ | (172,537 | ) |  |  |           |  |  |  |      | 
|                         |  |               |         |  |                         |   |        |                                          |  |   |                                        |  |  |                                            |       |  |                         |   |         |              |  |   |        |  |  |   |           |  |  |   |           |  |  |   |          |   |  |  |           |  |  |  |      | 



|(1) | The subsidiaries that own these data centers are guarantors of the Companys $550.0 million 8.5% Unsecured Notes.
|--- | -----------------------------------------------------------------------------------------------------------------

|(2) | The subsidiary that owns this data center is encumbered by the Companys ACC5 Term Loan.
|--- | ----------------------------------------------------------------------------------------



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DUPONT FABROS TECHNOLOGY, INC.

SCHEDULE III

CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2010

The following is a reconciliation of real estate assets
and accumulated depreciation for the years ended December 31, 2010, 2009 and 2008:



|                                |  |                |           |  |      |   |           |      |  |   |           | 
|------------------------------- |  | -------------- | --------- |  | ---- | - | --------- | ---- |  | - | --------- | 
|                                |  | 2010           |           |  | 2009 |   |           | 2008 | 
|                                |  | (in thousands) |          
|Real estate assets              |  |                |           |  |      |   |           |      |  |   |           | 
|Balance, beginning of period    |  | $              | 1,812,769 |  |      | $ | 1,764,728 |      |  | $ | 1,374,117 | 
|Additionsproperty acquisitions |  |                |          |  |      |   |          |      |  |   |          | 
|improvements                   |  |                | 354,403   |  |      |   | 48,041    |      |  |   | 390,611   | 
|                                |  |                |           |  |      |   |           |      |  |   |           | 
|Balance, end of period          |  | $              | 2,167,172 |  |      | $ | 1,812,769 |      |  | $ | 1,764,728 | 
|                                |  |                |           |  |      |   |           |      |  |   |           | 
|Accumulated depreciation        |  |                |           |  |      |   |           |      |  |   |           | 
|Balance, beginning of period    |  | $              | 115,225   |  |      | $ | 63,669    |      |  | $ | 17,672    | 
|Additionsdepreciation          |  |                | 57,312    |  |      |   | 51,556    |      |  |   | 45,997    | 
|                                |  |                |           |  |      |   |           |      |  |   |           | 
|Balance, end of period          |  | $              | 172,537   |  |      | $ | 115,225   |      |  | $ | 63,669    | 
|                                |  |                |           |  |      |   |           |      |  |   |           | 



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Report of Independent Registered Public Accounting Firm

The Partners of DuPont Fabros Technology, L.P.

We have audited the accompanying consolidated balance sheets of DuPont Fabros Technology, L.P. (the Company) as of December 31, 2010 and 2009, and the related consolidated statements of
operations, partners capital, and cash flows for each of the three years in the period ended December 31, 2010. Our audits also included the financial statement schedule listed in the Index at Item 15(a). These financial
statements and schedule are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements and schedule based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all
material respects, the consolidated financial position of DuPont Fabros Technology, L.P. at December 31, 2010 and 2009, and the consolidated results of its operations and its cash flows for each of the three years in the period ended
December 31, 2010, in conformity with U.S. generally accepted accounting principles. Also, in our opinion, the related financial statement schedule, when considered in relation to the basic financial statements taken as a whole, presents fairly
in all material respects, the information set forth herein.

We also have audited, in accordance with the standards of the
Public Company Accounting Oversight Board (United States), DuPont Fabros Technology, L.Ps internal control over financial reporting as of December 31, 2010, based on criteria established in Internal Control-Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 24, 2011 expressed an unqualified opinion thereon.

/s/ Ernst & Young LLP

McLean, Virginia

February 24, 2011



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Report of Independent Registered Public Accounting Firm

The Partners of DuPont Fabros Technology, L.P.

We have audited DuPont Fabros Technology, L.P.s (the Company) internal control over financial reporting as of December 31, 2010, based on criteria established in Internal
ControlIntegrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (the COSO criteria). DuPont Fabros Technology L.P.s management is responsible for maintaining effective internal control over
financial reporting, and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Managements Report on Internal Control Over Financial Reporting in Item 9A. Our responsibility is
to express an opinion on the companys internal control over financial reporting based on our audit.

We conducted our
audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over
financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and
operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

A companys internal control over financial reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companys internal control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management
and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the companys assets that could have a material effect on the financial
statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.

In our opinion, DuPont Fabros Technology, L.P. maintained, in all material respects, effective internal control
over financial reporting as of December 31, 2010, based on the COSO criteria.

We also have audited, in accordance with
the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of DuPont Fabros Technology, L.P. as of December 31, 2010 and 2009, and the related consolidated statements of operations,
partners capital, and cash flows for each of the three years in the period ended December 31, 2010, and our report dated February 24, 2011 expressed an unqualified opinion thereon.

/s/ Ernst & Young LLP

McLean, Virginia

February 24, 2011



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DUPONT FABROS TECHNOLOGY, L.P.

CONSOLIDATED BALANCE SHEETS

(in thousands)



|                                                       |  |              |           |   |      |   |           |  
|------------------------------------------------------ |  | ------------ | --------- | - | ---- | - | --------- | -
|                                                       |  | December 31, |          
|                                                       |  | 2010         |           |   | 2009 |  
|ASSETS                                                 |  |              |           |   |      |   |           |  
|Income producing property:                             |  |              |           |   |      |   |           |  
|Land                                                   |  | $            | 50,531    |   |      | $ | 44,001    |  
|Buildings and improvements                             |  |              | 1,779,955 |   |      |   | 1,438,598 |  
|                                                       |  |              |           |   |      |   |           |  
|                                                       |  |              | 1,830,486 |   |      |   | 1,482,599 |  
|Less: accumulated depreciation                         |  |              | (172,537  | ) |      |   | (115,225  | )
|                                                       |  |              |           |   |      |   |           |  
|Net income producing property                          |  |              | 1,657,949 |   |      |   | 1,367,374 |  
|Construction in progress and land held for development |  |              | 336,686   |   |      |   | 330,170   |  
|                                                       |  |              |           |   |      |   |           |  
|Net real estate                                        |  |              | 1,994,635 |   |      |   | 1,697,544 |  
|Cash and cash equivalents                              |  |              | 222,428   |   |      |   | 33,588    |  
|Marketable securities held to maturity                 |  |              |          |   |      |   | 138,978   |  
|Restricted cash                                        |  |              | 1,600     |   |      |   | 10,222    |  
|Rents and other receivables                            |  |              | 3,227     |   |      |   | 2,550     |  
|Deferred rent                                          |  |              | 92,767    |   |      |   | 57,364    |  
|Lease contracts above market value, net                |  |              | 13,484    |   |      |   | 16,349    |  
|Deferred costs, net                                    |  |              | 45,543    |   |      |   | 52,208    |  
|Prepaid expenses and other assets                      |  |              | 19,245    |   |      |   | 9,551     |  
|                                                       |  |              |           |   |      |   |           |  
|Total assets                                           |  | $            | 2,392,929 |   |      | $ | 2,018,354 |  
|                                                       |  |              |           |   |      |   |           |  
|LIABILITIES AND PARTNERS CAPITAL                      |  |              |           |   |      |   |           |  
|Liabilities:                                           |  |              |           |   |      |   |           |  
|Mortgage notes payable                                 |  | $            | 150,000   |   |      | $ | 348,500   |  
|Unsecured notes payable                                |  |              | 550,000   |   |      |   | 550,000   |  
|Accounts payable and accrued liabilities               |  |              | 21,409    |   |      |   | 16,301    |  
|Construction costs payable                             |  |              | 67,262    |   |      |   | 6,229     |  
|Accrued interest payable                               |  |              | 2,766     |   |      |   | 3,510     |  
|Distribution payable                                   |  |              | 12,970    |   |      |   |          |  
|Lease contracts below market value, net                |  |              | 23,319    |   |      |   | 28,689    |  
|Prepaid rents and other liabilities                    |  |              | 22,644    |   |      |   | 15,564    |  
|                                                       |  |              |           |   |      |   |           |  
|Total liabilities                                      |  |              | 850,370   |   |      |   | 968,793   |  
|Redeemable partnership units                           |  |              | 466,823   |   |      |   | 448,811   |  
|Commitments and contingencies                          |  |              |          |   |      |   |          |  
|Partners capital:                                     |  |              |           |   |      |   |           |  
|General partners capital                              |  |              | 11,910    |   |      |   | 9,391     |  
|Limited partners capital                              |  |              | 1,063,826 |   |      |   | 591,359   |  
|                                                       |  |              |           |   |      |   |           |  
|Total partners capital                                |  |              | 1,075,736 |   |      |   | 600,750   |  
|                                                       |  |              |           |   |      |   |           |  
|Total liabilities & partners capital                  |  | $            | 2,392,929 |   |      | $ | 2,018,354 |  
|                                                       |  |              |           |   |      |   |           |  

See accompanying notes



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DUPONT FABROS TECHNOLOGY, L.P.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except unit and per unit data)



|                                                    |  |                         |            |   |      |   |            |      |  |   |            |  
|--------------------------------------------------- |  | ----------------------- | ---------- | - | ---- | - | ---------- | ---- |  | - | ---------- | -
|                                                    |  | Year ended December 31, |           
|                                                    |  | 2010                    |            |   | 2009 |   |            | 2008 | 
|Revenues:                                           |  |                         |            |   |      |   |            |      |  |   |            |  
|Base rent                                           |  | $                       | 154,258    |   |      | $ | 116,829    |      |  | $ | 104,032    |  
|Recoveries from tenants                             |  |                         | 78,447     |   |      |   | 69,014     |      |  |   | 58,802     |  
|Other revenues                                      |  |                         | 9,836      |   |      |   | 14,439     |      |  |   | 10,830     |  
|                                                    |  |                         |            |   |      |   |            |      |  |   |            |  
|Total revenues                                      |  |                         | 242,541    |   |      |   | 200,282    |      |  |   | 173,664    |  
|Expenses:                                           |  |                         |            |   |      |   |            |      |  |   |            |  
|Property operating costs                            |  |                         | 67,033     |   |      |   | 62,911     |      |  |   | 50,918     |  
|Real estate taxes and insurance                     |  |                         | 5,281      |   |      |   | 5,291      |      |  |   | 3,986      |  
|Depreciation and amortization                       |  |                         | 62,483     |   |      |   | 56,701     |      |  |   | 50,703     |  
|General and administrative                          |  |                         | 14,743     |   |      |   | 13,358     |      |  |   | 10,568     |  
|Other expenses                                      |  |                         | 7,124      |   |      |   | 11,485     |      |  |   | 9,003      |  
|                                                    |  |                         |            |   |      |   |            |      |  |   |            |  
|Total expenses                                      |  |                         | 156,664    |   |      |   | 149,746    |      |  |   | 125,178    |  
|                                                    |  |                         |            |   |      |   |            |      |  |   |            |  
|Operating income                                    |  |                         | 85,877     |   |      |   | 50,536     |      |  |   | 48,486     |  
|Interest income                                     |  |                         | 1,074      |   |      |   | 381        |      |  |   | 308        |  
|Interest:                                           |  |                         |            |   |      |   |            |      |  |   |            |  
|Expense incurred                                    |  |                         | (36,746    | ) |      |   | (25,462    | )    |  |   | (10,852    | )
|Amortization of deferred financing costs            |  |                         | (6,497     | ) |      |   | (8,854     | )    |  |   | (1,782     | )
|Loss on discontinuance of cash flow hedge           |  |                         |           |   |      |   | (13,715    | )    |  |   |           |  
|                                                    |  |                         |            |   |      |   |            |      |  |   |            |  
|Net income                                          |  |                         | 43,708     |   |      |   | 2,886      |      |  |   | 36,160     |  
|Net income attributable to noncontrolling interests |  |                         |           |   |      |   | 32         |      |  |   | (214       | )
|                                                    |  |                         |            |   |      |   |            |      |  |   |            |  
|Net income attributable to controlling interests    |  |                         | 43,708     |   |      |   | 2,918      |      |  |   | 35,946     |  
|Preferred unit distributions                        |  |                         | (3,157     | ) |      |   |           |      |  |   |           |  
|                                                    |  |                         |            |   |      |   |            |      |  |   |            |  
|Net income attributable to common units             |  | $                       | 40,551     |   |      | $ | 2,918      |      |  | $ | 35,946     |  
|                                                    |  |                         |            |   |      |   |            |      |  |   |            |  
|Earnings per unitbasic:                            |  |                         |            |   |      |   |            |      |  |   |            |  
|Net income attributable to common units             |  | $                       | 0.53       |   |      | $ | 0.04       |      |  | $ | 0.54       |  
|                                                    |  |                         |            |   |      |   |            |      |  |   |            |  
|Weighted average common units outstanding           |  |                         | 75,793,868 |   |      |   | 66,652,771 |      |  |   | 66,590,792 |  
|                                                    |  |                         |            |   |      |   |            |      |  |   |            |  
|Earnings per unitdiluted:                          |  |                         |            |   |      |   |            |      |  |   |            |  
|Net income attributable to common units             |  | $                       | 0.53       |   |      | $ | 0.04       |      |  | $ | 0.54       |  
|                                                    |  |                         |            |   |      |   |            |      |  |   |            |  
|Weighted average common units outstanding           |  |                         | 77,085,859 |   |      |   | 67,350,581 |      |  |   | 66,590,792 |  
|                                                    |  |                         |            |   |      |   |            |      |  |   |            |  

See accompanying notes



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DUPONT FABROS TECHNOLOGY, L.P.

CONSOLIDATED STATEMENTS OF PARTNERS CAPITAL

(in thousands, except unit data)



|                                                                                                            |  |                |         |  |             |  |            |                         |  |   |                         |   |  |                         |           |   |                     |   |        |       |  |   |        |   |  |   |           |  
|----------------------------------------------------------------------------------------------------------- |  | -------------- | ------- |  | ----------- |  | ---------- | ----------------------- |  | - | ----------------------- | - |  | ----------------------- | --------- | - | ------------------- | - | ------ | ----- |  | - | ------ | - |  | - | --------- | -
|                                                                                                            |  | PreferredUnits |         |  | CommonUnits |  |            | GeneralPartnersCapital |  |   | LimitedPartnersCapital |   |  | NoncontrollingInterests |           |   | ComprehensiveIncome |   |        | Total | 
|Balance at December 31, 2007                                                                                |  |                |        |  |             |  | 35,453,833 |                         |  | $ | 8,070                   |   |  | $                       | 423,879   |   |                     | $ | 4,945  |       |  |   |        |   |  | $ | 436,894   |  
|Comprehensive income attributable to controlling interests:                                                 |  |                |         |  |             |  |            |                         |  |   |                         |   |  |                         |           |   |                     |   |        |       |  |   |        |   |  |   |           |  
|Net income attributable to controlling interests                                                            |  |                |         |  |             |  |            |                         |  |   | 671                     |   |  |                         | 35,275    |   |                     |   |        |       |  | $ | 35,946 |   |  |   | 35,946    |  
|Other comprehensive income attributable to controlling interestschange in fair value of interest rate swap |  |                |         |  |             |  |            |                         |  |   | (185                    | ) |  |                         | (9,712    | ) |                     |   |        |       |  |   | (9,897 | ) |  |   | (9,897    | )
|                                                                                                            |  |                |         |  |             |  |            |                         |  |   |                         |   |  |                         |           |   |                     |   |        |       |  |   |        |   |  |   |           |  
|Comprehensive income attributable to controlling interests                                                  |  |                |         |  |             |  |            |                         |  |   |                         |   |  |                         |           |   |                     |   |        |       |  | $ | 26,049 |   |  |   |           |  
|                                                                                                            |  |                |         |  |             |  |            |                         |  |   |                         |   |  |                         |           |   |                     |   |        |       |  |   |        |   |  |   |           |  
|Net income attributable to non-controlling interests                                                        |  |                |         |  |             |  |            |                         |  |   |                         |   |  |                         |           |   |                     |   | 214    |       |  |   |        |   |  |   | 214       |  
|Distributions                                                                                               |  |                |         |  |             |  |            |                         |  |   | (372                    | ) |  |                         | (19,582   | ) |                     |   |        |       |  |   |        |   |  |   | (19,954   | )
|Offering costs                                                                                              |  |                |         |  |             |  |            |                         |  |   | (2                      | ) |  |                         | (85       | ) |                     |   |        |       |  |   |        |   |  |   | (87       | )
|Issuance of OP units                                                                                        |  |                |         |  |             |  | 53,270     |                         |  |   |                        |   |  |                         |           |   |                     |   |        |       |  |   |        |   |  |   |          |  
|Retirement of OP units                                                                                      |  |                |         |  |             |  | (11,846    | )                       |  |   |                        |   |  |                         | (200      | ) |                     |   |        |       |  |   |        |   |  |   | (200      | )
|Amortization of deferred compensation costs                                                                 |  |                |         |  |             |  |            |                         |  |   |                         |   |  |                         | 963       |   |                     |   |        |       |  |   |        |   |  |   | 963       |  
|Adjustment to redeemable partnership units                                                                  |  |                |         |  |             |  |            |                         |  |   | 2,056                   |   |  |                         | 107,879   |   |                     |   | (1,645 | )     |  |   |        |   |  |   | 108,290   |  
|                                                                                                            |  |                |         |  |             |  |            |                         |  |   |                         |   |  |                         |           |   |                     |   |        |       |  |   |        |   |  |   |           |  
|Balance at December 31, 2008                                                                                |  |                |        |  |             |  | 35,495,257 |                         |  |   | 10,238                  |   |  |                         | 538,417   |   |                     |   | 3,514  |       |  |   |        |   |  |   | 552,169   |  
|Comprehensive income attributable to controlling interests:                                                 |  |                |         |  |             |  |            |                         |  |   |                         |   |  |                         |           |   |                     |   |        |       |  |   |        |   |  |   |           |  
|Net income attributable to controlling interests                                                            |  |                |         |  |             |  |            |                         |  |   | 46                      |   |  |                         | 2,872     |   |                     |   |        |       |  | $ | 2,918  |   |  |   | 2,918     |  
|Other comprehensive income attributable to controlling interestschange in fair value of interest rate swap |  |                |         |  |             |  |            |                         |  |   | 278                     |   |  |                         | 17,489    |   |                     |   |        |       |  |   | 17,767 |   |  |   | 17,767    |  
|                                                                                                            |  |                |         |  |             |  |            |                         |  |   |                         |   |  |                         |           |   |                     |   |        |       |  |   |        |   |  |   |           |  
|Comprehensive income attributable to controlling interests                                                  |  |                |         |  |             |  |            |                         |  |   |                         |   |  |                         |           |   |                     |   |        |       |  | $ | 20,685 |   |  |   |           |  
|                                                                                                            |  |                |         |  |             |  |            |                         |  |   |                         |   |  |                         |           |   |                     |   |        |       |  |   |        |   |  |   |           |  
|Net loss attributable to non-controlling interests                                                          |  |                |         |  |             |  |            |                         |  |   |                         |   |  |                         |           |   |                     |   | (32    | )     |  |   |        |   |  |   | (32       | )
|Distributions                                                                                               |  |                |         |  |             |  |            |                         |  |   | (53                     | ) |  |                         | (3,337    | ) |                     |   |        |       |  |   |        |   |  |   | (3,390    | )
|Issuance of OP units to REIT when redeemable partnership units redeemed                                     |  |                |         |  |             |  | 6,214,441  |                         |  |   |                        |   |  |                         | 96,700    |   |                     |   |        |       |  |   |        |   |  |   | 96,700    |  
|Issuance of OP units                                                                                        |  |                |         |  |             |  | 666,218    |                         |  |   |                        |   |  |                         | 80        |   |                     |   |        |       |  |   |        |   |  |   | 80        |  
|Retirement of OP units                                                                                      |  |                |         |  |             |  | (2,576     | )                       |  |   |                        |   |  |                         | (11       | ) |                     |   |        |       |  |   |        |   |  |   | (11       | )
|Amortization of deferred compensation costs                                                                 |  |                |         |  |             |  |            |                         |  |   |                        |   |  |                         | 2,006     |   |                     |   |        |       |  |   |        |   |  |   | 2,006     |  
|Issuance of OP unitsacquisition of Safari                                                                  |  |                |         |  |             |  | 268,668    |                         |  |   | 54                      |   |  |                         | 3,428     |   |                     |   | (3,482 | )     |  |   |        |   |  |   |          |  
|Redemption of OP unitsSafari                                                                               |  |                |         |  |             |  | (268,668   | )                       |  |   | (73                     | ) |  |                         | (4,618    | ) |                     |   |        |       |  |   |        |   |  |   | (4,691    | )
|Adjustment to redeemable partnership units                                                                  |  |                |         |  |             |  |            |                         |  |   | (1,099                  | ) |  |                         | (61,667   | ) |                     |   |        |       |  |   |        |   |  |   | (62,766   | )
|                                                                                                            |  |                |         |  |             |  |            |                         |  |   |                         |   |  |                         |           |   |                     |   |        |       |  |   |        |   |  |   |           |  
|Balance at December 31, 2009                                                                                |  |                |        |  |             |  | 42,373,340 |                         |  |   | 9,391                   |   |  |                         | 591,359   |   |                     |   |       |       |  |   |        |   |  |   | 600,750   |  
|Comprehensive income attributable to controlling interests:                                                 |  |                |         |  |             |  |            |                         |  |   |                         |   |  |                         |           |   |                     |   |        |       |  |   |        |   |  |   |           |  
|Net income attributable to controlling interests                                                            |  |                |         |  |             |  |            |                         |  |   | 484                     |   |  |                         | 43,224    |   |                     |   |        |       |  | $ | 43,708 |   |  |   | 43,708    |  
|                                                                                                            |  |                |         |  |             |  |            |                         |  |   |                         |   |  |                         |           |   |                     |   |        |       |  |   |        |   |  |   |           |  
|Comprehensive income attributable to controlling interests                                                  |  |                |         |  |             |  |            |                         |  |   |                         |   |  |                         |           |   |                     |   |        |       |  | $ | 43,708 |   |  |   |           |  
|                                                                                                            |  |                |         |  |             |  |            |                         |  |   |                         |   |  |                         |           |   |                     |   |        |       |  |   |        |   |  |   |           |  
|Issuance of OP units for common stock offering                                                              |  |                |         |  |             |  | 13,800,000 |                         |  |   |                        |   |  |                         | 305,176   |   |                     |   |        |       |  |   |        |   |  |   | 305,176   |  
|Issuance of OP units for preferred stock offering                                                           |  |                | 185,000 |  |             |  |            |                         |  |   |                        |   |  |                         | 178,620   |   |                     |   |        |       |  |   |        |   |  |   | 178,620   |  
|Common unit distributions                                                                                   |  |                |         |  |             |  |            |                         |  |   | (386                    | ) |  |                         | (34,470   | ) |                     |   |        |       |  |   |        |   |  |   | (34,856   | )
|Preferred unit distributions                                                                                |  |                |         |  |             |  |            |                         |  |   | (35                     | ) |  |                         | (3,122    | ) |                     |   |        |       |  |   |        |   |  |   | (3,157    | )
|Issuance of OP units to REIT when redeemable partnership units redeemed                                     |  |                |         |  |             |  | 3,341,474  |                         |  |   |                        |   |  |                         | 68,000    |   |                     |   |        |       |  |   |        |   |  |   | 68,000    |  
|Issuance of OP units                                                                                        |  |                |         |  |             |  | 247,668    |                         |  |   |                        |   |  |                         | 269       |   |                     |   |        |       |  |   |        |   |  |   | 269       |  
|Issuance of OP units due to option exercises                                                                |  |                |         |  |             |  | 161,979    |                         |  |   |                        |   |  |                         | 820       |   |                     |   |        |       |  |   |        |   |  |   | 820       |  
|Retirement of OP units                                                                                      |  |                |         |  |             |  | (97,456    | )                       |  |   |                        |   |  |                         | (1,542    | ) |                     |   |        |       |  |   |        |   |  |   | (1,542    | )
|Amortization of deferred compensation costs                                                                 |  |                |         |  |             |  |            |                         |  |   |                        |   |  |                         | 3,791     |   |                     |   |        |       |  |   |        |   |  |   | 3,791     |  
|Adjustment to redeemable partnership units                                                                  |  |                |         |  |             |  |            |                         |  |   | 2,456                   |   |  |                         | (88,299   | ) |                     |   |        |       |  |   |        |   |  |   | (85,843   | )
|                                                                                                            |  |                |         |  |             |  |            |                         |  |   |                         |   |  |                         |           |   |                     |   |        |       |  |   |        |   |  |   |           |  
|Balance at December 31, 2010                                                                                |  |                | 185,000 |  |             |  | 59,827,005 |                         |  | $ | 11,910                  |   |  | $                       | 1,063,826 |   |                     | $ |       |       |  |   |        |   |  | $ | 1,075,736 |  
|                                                                                                            |  |                |         |  |             |  |            |                         |  |   |                         |   |  |                         |           |   |                     |   |        |       |  |   |        |   |  |   |           |  

See accompanying notes



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DUPONT FABROS TECHNOLOGY, L.P.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)



|                                                                                             |  |                         |          |   |      |   |          |      |  |   |          |  
|-------------------------------------------------------------------------------------------- |  | ----------------------- | -------- | - | ---- | - | -------- | ---- |  | - | -------- | -
|                                                                                             |  | Year ended December 31, |         
|                                                                                             |  | 2010                    |          |   | 2009 |   |          | 2008 | 
|Cash flow from operating activities                                                          |  |                         |          |   |      |   |          |      |  |   |          |  
|Net income                                                                                   |  | $                       | 43,708   |   |      | $ | 2,886    |      |  | $ | 36,160   |  
|Adjustments to reconcile net income to net cash provided by operating activities             |  |                         |          |   |      |   |          |      |  |   |          |  
|Depreciation and amortization                                                                |  |                         | 62,483   |   |      |   | 56,701   |      |  |   | 50,703   |  
|Straight line rent                                                                           |  |                         | (35,403  | ) |      |   | (18,312  | )    |  |   | (26,441  | )
|Loss on discontinuance of cash flow hedge                                                    |  |                         |         |   |      |   | 13,715   |      |  |   |         |  
|Amortization of deferred financing costs                                                     |  |                         | 3,950    |   |      |   | 4,982    |      |  |   | 1,782    |  
|Write-off of deferred financing costs                                                        |  |                         | 2,547    |   |      |   | 3,872    |      |  |   |         |  
|Amortization of lease contracts above and below market value                                 |  |                         | (2,505   | ) |      |   | (6,881   | )    |  |   | (6,978   | )
|Compensation paid with Company common shares                                                 |  |                         | 3,803    |   |      |   | 1,944    |      |  |   | 963      |  
|Changes in operating assets and liabilities                                                  |  |                         |          |   |      |   |          |      |  |   |          |  
|Restricted cash                                                                              |  |                         | (274     | ) |      |   | (88      | )    |  |   | (15      | )
|Rents and other receivables                                                                  |  |                         | (852     | ) |      |   | (1,472   | )    |  |   | 226      |  
|Deferred costs                                                                               |  |                         | (2,563   | ) |      |   | (2,866   | )    |  |   | (790     | )
|Prepaid expenses and other assets                                                            |  |                         | (7,811   | ) |      |   | (1,373   | )    |  |   | (2,809   | )
|Accounts payable and accrued liabilities                                                     |  |                         | 5,252    |   |      |   | 4,824    |      |  |   | 1,206    |  
|Accrued interest payable                                                                     |  |                         | (744     | ) |      |   | 1,729    |      |  |   | 658      |  
|Prepaid rents and other liabilities                                                          |  |                         | 5,261    |   |      |   | 6,237    |      |  |   | 4,611    |  
|                                                                                             |  |                         |          |   |      |   |          |      |  |   |          |  
|Net cash provided by operating activities                                                    |  |                         | 76,852   |   |      |   | 65,898   |      |  |   | 59,276   |  
|                                                                                             |  |                         |          |   |      |   |          |      |  |   |          |  
|Cash flow from investing activities                                                          |  |                         |          |   |      |   |          |      |  |   |          |  
|Investments in real estate  development                                                     |  |                         | (265,217 | ) |      |   | (113,918 | )    |  |   | (317,299 | )
|Marketable securities held to maturity:                                                      |  |                         |          |   |      |   |          |      |  |   |          |  
|Purchase                                                                                     |  |                         | (60,000  | ) |      |   | (138,978 | )    |  |   |         |  
|Redemption                                                                                   |  |                         | 198,978  |   |      |   |         |      |  |   |         |  
|Interest capitalized for real estate under development                                       |  |                         | (25,177  | ) |      |   | (5,691   | )    |  |   | (13,150  | )
|Improvements to real estate                                                                  |  |                         | (2,985   | ) |      |   | (3,384   | )    |  |   | (3,701   | )
|Additions to non-real estate property                                                        |  |                         | (630     | ) |      |   | (404     | )    |  |   | (642     | )
|                                                                                             |  |                         |          |   |      |   |          |      |  |   |          |  
|Net cash used in investing activities                                                        |  |                         | (155,031 | ) |      |   | (262,375 | )    |  |   | (334,792 | )
|                                                                                             |  |                         |          |   |      |   |          |      |  |   |          |  
|Cash flow from financing activities                                                          |  |                         |          |   |      |   |          |      |  |   |          |  
|Issuance of OP units to DFT for issuance of common stock, net of offering costs              |  |                         | 305,176  |   |      |   |         |      |  |   |         |  
|Issuance of preferred OP units to DFT for issuance of preferred stock, net of offering costs |  |                         | 178,620  |   |      |   |         |      |  |   |         |  
|Line of credit:                                                                              |  |                         |          |   |      |   |          |      |  |   |          |  
|Proceeds                                                                                     |  |                         |         |   |      |   |         |      |  |   | 233,700  |  
|Repayments                                                                                   |  |                         |         |   |      |   | (233,424 | )    |  |   | (276     | )
|Unsecured notes payable:                                                                     |  |                         |          |   |      |   |          |      |  |   |          |  
|Proceeds                                                                                     |  |                         |         |   |      |   | 550,000  |      |  |   |         |  
|Mortgage notes payable:                                                                      |  |                         |          |   |      |   |          |      |  |   |          |  
|Proceeds                                                                                     |  |                         |         |   |      |   | 331,726  |      |  |   | 136,676  |  
|Lump sum payoffs                                                                             |  |                         | (196,500 | ) |      |   | (365,121 | )    |  |   |         |  
|Repayments                                                                                   |  |                         | (2,000   | ) |      |   | (51,500  | )    |  |   |         |  
|Return (payment) of escrowed proceeds                                                        |  |                         | 8,896    |   |      |   | (10,000  | )    |  |   |         |  
|Issuance of OP units for stock option exercises                                              |  |                         | 820      |   |      |   |         |      |  |   |         |  
|Payments of financing costs                                                                  |  |                         | (2,950   | ) |      |   | (21,310  | )    |  |   | (4,776   | )
|Payment for termination of cash flow hedge                                                   |  |                         |         |   |      |   | (13,715  | )    |  |   |         |  
|Offering costs                                                                               |  |                         |         |   |      |   |         |      |  |   | (87      | )
|Distributions                                                                                |  |                         | (25,043  | ) |      |   | (10,103  | )    |  |   | (47,719  | )
|                                                                                             |  |                         |          |   |      |   |          |      |  |   |          |  
|Net cash provided by financing activities                                                    |  |                         | 267,019  |   |      |   | 176,553  |      |  |   | 317,518  |  
|                                                                                             |  |                         |          |   |      |   |          |      |  |   |          |  
|Net increase (decrease) in cash and cash equivalents                                         |  |                         | 188,840  |   |      |   | (19,924  | )    |  |   | 42,002   |  
|Cash and cash equivalents, beginning                                                         |  |                         | 33,588   |   |      |   | 53,512   |      |  |   | 11,510   |  
|                                                                                             |  |                         |          |   |      |   |          |      |  |   |          |  
|Cash and cash equivalents, ending                                                            |  | $                       | 222,428  |   |      | $ | 33,588   |      |  | $ | 53,512   |  
|                                                                                             |  |                         |          |   |      |   |          |      |  |   |          |  
|Supplemental information:                                                                    |  |                         |          |   |      |   |          |      |  |   |          |  
|Cash paid for interest, net of amounts capitalized                                           |  | $                       | 37,490   |   |      | $ | 23,732   |      |  | $ | 10,195   |  
|                                                                                             |  |                         |          |   |      |   |          |      |  |   |          |  
|Deferred financing costs capitalized for real estate under development                       |  | $                       | 1,198    |   |      | $ | 1,330    |      |  | $ | 2,298    |  
|                                                                                             |  |                         |          |   |      |   |          |      |  |   |          |  
|Construction costs payable capitalized for real estate under development                     |  | $                       | 67,262   |   |      | $ | 6,229    |      |  | $ | 82,241   |  
|                                                                                             |  |                         |          |   |      |   |          |      |  |   |          |  
|Redemption of OP units for common shares                                                     |  | $                       | 68,000   |   |      | $ | 96,700   |      |  | $ |         |  
|                                                                                             |  |                         |          |   |      |   |          |      |  |   |          |  
|Adjustments to redeemable partnership units                                                  |  | $                       | 82,632   |   |      | $ | 58,105   |      |  | $ | (124,361 | )
|                                                                                             |  |                         |          |   |      |   |          |      |  |   |          |  

See accompanying notes



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DUPONT FABROS TECHNOLOGY, L.P.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

DECEMBER 31, 2010

1. Description of Business

DuPont Fabros Technology, L.P. (the Operating Partnership or OP and collectively with DuPont Fabros Technology,
Inc. (DFT) and their operating subsidiaries, the Company) was formed on March 2, 2007 and is headquartered in Washington, D.C. The OP is a fully integrated, self-administered and self-managed company that owns, acquires,
develops and operates wholesale data centers. DFT is the OPs parent company and completed its initial public offering of common stock (the IPO) on October 24, 2007. DFT elected to be taxed as a real estate investment trust, or
REIT, for federal income tax purposes commencing with the taxable year ended December 31, 2007. DFT is the sole general partner of, and, as of December 31, 2010, owns 73.2% of the economic interest in the OP of which approximately 1% is
held as general partnership units. The remaining 26.8% economic interest was owned by redeemable partnership units. Through the Operating Partnership as of December 31, 2010, DFT holds a fee simple interest in the following properties:



| |  |  | eight operating data centersreferred to as ACC2, ACC3, ACC4, ACC5, VA3, VA4, CH1 Phase I and NJ1 Phase I;
| | - |  | ----------------------------------------------------------------------------------------------------------



| |  |  | data center projects under current developmentreferred to as ACC6 Phase I and SC1 Phase I;
| | - |  | -------------------------------------------------------------------------------------------



| |  |  | data center projects available for future developmentthe second phases of ACC6, CH1, NJ1 and SC1; and
| | - |  | ------------------------------------------------------------------------------------------------------



| |  |  | land that may be used to develop additional data centersreferred to as ACC7 and SC2 Phase I/II.
| | - |  | ------------------------------------------------------------------------------------------------

On November 1, 2010, NJ1 Phase I and ACC5 Phase II were placed into operations.

2. Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements have been prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP. All significant intercompany accounts and
transactions have been eliminated in the consolidated financial statements.

The Company has one reportable segment consisting
of investments in data centers located in the United States.

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make
estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting
period. Actual results could differ from those estimates.

Property

All capital improvements for the income-producing properties that extend their useful life are capitalized to individual building
components, including interest and real estate taxes incurred during the period of development, and depreciated over their estimated useful lives. Interest is capitalized during the period of development based upon applying the propertys
specific borrowing rate to the actual development costs expended up to specific borrowings and then applying the weighted-average borrowing rate of the Company to the residual actual development costs expended during the construction period.
Interest is capitalized until the property has reached substantial completion and is ready for its intended use. Interest costs capitalized totaled



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$26.4 million, $7.0 million and $15.4 million for the years ended December 31, 2010, 2009 and 2008, respectively. The Company ceases interest capitalization when a development is temporarily
suspended.

The Company capitalizes pre-development costs, including internal costs, incurred in pursuit of new development
opportunities for which the Company currently believes future development is probable. Future development is dependent upon various factors, including zoning and regulatory approval, rental market conditions, construction costs and availability of
capital. Pre-development costs incurred for which future development is not yet considered probable are expensed as incurred. In addition, if the status of such a pre-development opportunity changes, making future development by the Company no
longer probable, any capitalized pre-development costs are written-off with a charge to expense. Furthermore, the revenue from incidental operations received from the current improvements in excess of any incremental costs are being recorded as a
reduction of total capitalized costs of the development project and not as a part of net income. The capitalization of costs during the development of assets (including interest and related loan fees, property taxes and other direct and indirect
costs) begins when development efforts commence and ends when the asset, or a portion of the asset, is substantially complete and ready for its intended use.

The fair value of in-place leases consists of the following components as applicable(1) the estimated cost to replace the leases, including foregone rents during the period of finding a new
tenant, foregone recovery of tenant pass-through, tenant improvements, and other direct costs associated with obtaining a new tenant (referred to as Tenant Origination Costs); (2) the estimated leasing commissions associated with obtaining a
new tenant (referred to as Leasing Commissions); and (3) the above/below market cash flow of the leases, determined by comparing the projected cash flows of the leases in place to projected cash flows of comparable market-rate leases (referred
to as Lease Intangibles). Tenant Origination Costs are included in buildings and improvements on the Companys consolidated balance sheet and are amortized as depreciation expense on a straight-line basis over the average remaining life of the
underlying leases. Leasing Commissions are classified as deferred costs and are amortized as amortization expense on a straight-line basis over the remaining life of the underlying leases. Lease Intangible assets and liabilities are classified as
lease contracts above and below market value, respectively, and amortized on a straight-line basis as decreases and increases, respectively, to rental revenue over the remaining term of the underlying leases. Should a tenant terminate its lease, the
unamortized portions of the Tenant Origination Cost, Leasing Commissions, and Lease Intangibles associated with that lease are written off to depreciation expense, amortization expense, or rental revenue, respectively.

Depreciation on buildings is generally provided on a straight-line basis over 40 years from the date the buildings were placed in
service. Building components are depreciated over the life of the respective improvement ranging from 20 to 40 years from the date the components were placed in service. Personal property is depreciated over three to seven years. Depreciation
expense was $58.0 million, $52.0 million and $46.0 million for the years ended December 31, 2010, 2009 and 2008, respectively. Included in these amounts is amortization expense related to tenant origination costs, which was $4.8 million for
each of the years ended December 31, 2010, 2009 and 2008. Repairs and maintenance costs are expensed as incurred.

The
Company records impairment losses on long-lived assets used in operations or in development when events or changes in circumstances indicate that the assets might be impaired, and the estimated undiscounted cash flows to be generated by those assets
are less than the carrying amounts. If circumstances indicating impairment of a property are present, the Company would determine the fair value of that property, and an impairment loss would be recognized in an amount equal to the excess of the
carrying amount of the impaired asset over its fair value. Management assesses the recoverability of the carrying value of its assets on a property-by-property basis. No impairment losses were recorded during the three years ended December 31,
2010.

The Company classifies a data center property as held-for-sale when it meets the necessary criteria, which include when
the Company commits to and actively embarks on a plan to sell the asset, the sale is expected to be completed within one year under terms usual and customary for such sales, and actions required to complete the plan indicate that it is unlikely that
significant changes to the plan will be made or that the plan will be



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withdrawn. Data center properties held-for-sale are carried at the lower of cost or fair value less costs to sell. As of December 31, 2010, there were no data center properties classified as
held-for-sale and discontinued operations.

Cash and Cash Equivalents

The Company considers all demand deposits and money market accounts purchased with a maturity date of three months or less, at the date of
purchase to be cash equivalents. The Companys account balances at one or more institutions periodically exceed the Federal Deposit Insurance Corporation (FDIC) insurance coverage and, as a result, there is a concentration of credit
risk related to amounts on deposit in excess of FDIC insurance coverage. The Company has not experienced any losses and believes that the risk is not significant.

Marketable Securities Held to Maturity

Debt securities that the
Company intends to hold until maturity are classified as held to maturity. Unrealized gains and losses are not recognized in the accompanying consolidated balance sheets and statements of operations. If any of the securities were deemed to be
permanently impaired, the Company would record the loss in earnings. As of December 31, 2010, the Company did not have any marketable securities held to maturity.

The following presents the Companys marketable securities as of December 31, 2009, which were realized during the year ended December 31, 2010 pursuant to their scheduled maturities
(dollars in thousands):



|                           |  |                     |           |  |                                |  |     |                                 |  |  |                             |  |  |                       |           |  |  |  |                 | 
|-------------------------- |  | ------------------- | --------- |  | ------------------------------ |  | --- | ------------------------------- |  |  | --------------------------- |  |  | --------------------- | --------- |  |  |  | --------------- | 
|Type of Security           |  | AggregateFair Value |           |  | GrossUnrecognizedHolding Gains |  |     | GrossUnrecognizedHolding Losses |  |  | Net CarryingAmount(at cost) |  |  | ContractualMaturities |          
|U.S. Agency Notes          |  |                     | $ 103,969 |  |                                |  | $  |                                 |  |  | $ 18                        |  |  |                       | $ 103,987 |  |  |  | April-June 2010 | 
|Corporate Commercial Paper |  |                     | 34,980    |  |                                |  |    |                                 |  |  | 11                          |  |  |                       | 34,991    |  |  |  | March 2010      | 
|                           |  |                     |           |  |                                |  |     |                                 |  |  |                             |  |  |                       |           |  |  |  |                 | 
|Total                      |  |                     | $138,949  |  |                                |  | $  |                                 |  |  | $29                         |  |  |                       | $138,978  |  |  |  |                 | 
|                           |  |                     |           |  |                                |  |     |                                 |  |  |                             |  |  |                       |           |  |  |  |                 | 

Deferred Costs

Deferred costs, net on the Companys consolidated balance sheets include both financing costs and leasing costs.

Financing costs, which represent fees and other costs incurred in obtaining debt, are amortized on a straight-line basis, which approximates the effective-interest method, over the term of the loan and
are included in interest expense. In 2010, the Company paid off the $196.5 million balance of the ACC4 Term Loan which resulted in a write-off of $2.5 million of unamortized deferred financing costs. In 2009, the Company paid off the CH1
construction loan, a credit facility, the ACC5 construction loan and the SC1 term loan resulting in the write-off of $3.9 million of unamortized deferred financing costs. Amortization of deferred financing costs included in interest expense totaled
$4.0 million, $5.0 million and $1.8 million for the years ended December 31, 2010, 2009 and 2008. Balances, net of accumulated amortization, at December 31, 2010 and 2009 are as follows (in thousands):



|                         |  |              |        |   |      |   |        |  
|------------------------ |  | ------------ | ------ | - | ---- | - | ------ | -
|                         |  | December 31, |       
|                         |  | 2010         |        |   | 2009 |  
|Financing costs          |  | $            | 19,788 |   |      | $ | 24,250 |  
|Accumulated amortization |  |              | (3,077 | ) |      |   | (2,827 | )
|                         |  |              |        |   |      |   |        |  
|Financing costs, net     |  | $            | 16,711 |   |      | $ | 21,423 |  
|                         |  |              |        |   |      |   |        |  



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Leasing costs, which are either external fees and costs incurred in the successful
negotiations of leases, internal costs expended in the successful negotiations of leases or the estimated leasing commissions resulting from the allocation of the purchase price of ACC2, VA3, VA4 and ACC4, are deferred and amortized over the terms
of the related leases on a straight-line basis. If an applicable lease terminates prior to the expiration of its initial term, the carrying amount of the costs are written off to amortization expense. Amortization of deferred leasing costs totaled
$4.5 million, $4.7 million and $4.4 million for the years ended December 31, 2010, 2009 and 2008, respectively. Balances, net of accumulated amortization, at December 31, 2010 and 2009 are as follows (in thousands):



|                         |  |              |         |   |      |   |         |  
|------------------------ |  | ------------ | ------- | - | ---- | - | ------- | -
|                         |  | December 31, |        
|                         |  | 2010         |         |   | 2009 |  
|Leasing costs            |  | $            | 44,355  |   |      | $ | 41,793  |  
|Accumulated amortization |  |              | (15,523 | ) |      |   | (11,008 | )
|                         |  |              |         |   |      |   |         |  
|Leasing costs, net       |  | $            | 28,832  |   |      | $ | 30,785  |  
|                         |  |              |         |   |      |   |         |  

Inventory

The Company maintains fuel inventory for its generators, which is recorded at the lower of cost (on a first-in, first-out basis) or market. At December 31, 2010 and 2009, the fuel inventory was $2.0
million and $1.6 million, respectively, and is included in prepaid expenses and other assets in the accompanying consolidated balance sheets.

Interest Rate Derivative Instruments

All derivative instruments are required to be carried at fair value as either assets or liabilities on the consolidated balance sheets. For those derivative instruments that are designated, and qualify,
as hedging instruments, the Company designates the hedging instrument, based upon the exposure being hedged, as a fair value hedge or a cash flow hedge. For derivatives that do not meet the criteria for hedge accounting, changes in fair value are
immediately recognized in earnings. For those derivatives that qualify for hedge accounting, the effective portion of the gain or loss on the hedge instruments is reported as a component of accumulated other comprehensive income (loss) and
reclassified into earnings in the same line item associated with the forecasted transaction in the same period or periods during which the hedged transaction affects earnings. Any ineffective portion of a derivatives change in fair value is
immediately recognized in earnings.

Prepaid Rents

Prepaid rents, typically prepayment of the following months rent, consist of payments received from tenants prior to the time the payments are earned and are recognized as revenue in subsequent
periods when earned.

Rental Income

The Company, as a lessor, has retained substantially all the risks and benefits of ownership and accounts for its leases as operating leases. For lease agreements that provide for scheduled fixed and
determinable rent increases, rental income is recognized on a straight-line basis over the non-cancellable term of the lease, which commences when control of the space and critical power have been provided to the tenant. If the lease contains an
early termination clause with a penalty payment, the Company determines the lease termination date by evaluating whether the penalty reasonably assures that the lease will not be terminated early. Lease inducements, which include free rent or cash
payments to tenants, are amortized as a reduction of rental income over the non-cancellable lease term. Straight-line rents receivable are included in deferred rent on the consolidated balance sheets. Lease intangible assets and liabilities that
have resulted from above-market and below-market leases that were acquired are amortized on a straight-line basis as decreases and increases, respectively, to rental revenue over the remaining non-cancellable term of the underlying leases. If a
lease terminates prior to the



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expiration of its initial term, the unamortized portion of lease intangibles associated with that lease will be written off to rental revenue. Balances, net of accumulated amortization, at
December 31, 2010 and 2009 are as follows (in thousands):



|                                        |  |              |        |   |      |   |        |  
|--------------------------------------- |  | ------------ | ------ | - | ---- | - | ------ | -
|                                        |  | December 31, |       
|                                        |  | 2010         |        |   | 2009 |  
|Lease contracts above market value      |  | $            | 23,100 |   |      | $ | 23,100 |  
|Accumulated amortization                |  |              | (9,616 | ) |      |   | (6,751 | )
|                                        |  |              |        |   |      |   |        |  
|Lease contracts above market value, net |  | $            | 13,484 |   |      | $ | 16,349 |  
|                                        |  |              |        |   |      |   |        |  



|                                        |  |              |         |   |      |   |         |  
|--------------------------------------- |  | ------------ | ------- | - | ---- | - | ------- | -
|                                        |  | December 31, |        
|                                        |  | 2010         |         |   | 2009 |  
|Lease contracts below market value      |  | $            | 45,700  |   |      | $ | 45,700  |  
|Accumulated amortization                |  |              | (22,381 | ) |      |   | (17,011 | )
|                                        |  |              |         |   |      |   |         |  
|Lease contracts below market value, net |  | $            | 23,319  |   |      | $ | 28,689  |  
|                                        |  |              |         |   |      |   |         |  

The Companys policy is to record a provision for losses on accounts receivable equal to the estimated
uncollectible accounts. The estimate is based on managements historical experience and a review of the current status of the Companys receivables. The Company will also establish, as necessary, an appropriate allowance for doubtful
accounts for receivables arising from the straight-lining of rents. These receivables arise from revenue recognized in excess of amounts currently due under the lease.

Tenant leases generally contain provisions under which the tenants reimburse the Company for a portion of the propertys operating expenses and real estate taxes incurred by the property. Recoveries
from tenants are included in revenue in the consolidated statements of operations in the period the applicable expenditures are incurred. Recoveries from tenants also include the property management fees that the Company earns from its tenants.

Other Revenue

Other revenue primarily consists of services provided to tenants on a non-recurring basis. This includes projects such as the purchase and installation of circuits, racks, breakers and other tenant
requested items. Revenue is recognized on a completed contract basis. Costs of providing these services are included in other expenses in the accompanying consolidated statements of operations.

Income Taxes

DFT
elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the Code), commencing with the taxable year ended December 31, 2007. In general, a REIT that meets certain organizational and operational
requirements and distributes at least 90 percent of its REIT taxable income to its shareholders in a year will not be subject to income tax to the extent of the income it distributes. The Company currently qualifies and intends to continue to
qualify as a REIT under the Code. As a result, no provision for federal income taxes on income from continuing operations is required, except for taxes on certain property sales and on income, if any, of the Companys taxable REIT subsidiary
(TRS). If DFT fails to qualify as a REIT in any taxable year, it will be subject to federal income tax (including any applicable alternative minimum tax) on its income at regular corporate tax rates for the year in which it does not
qualify and the succeeding four years. Although DFT expects to qualify for taxation as a REIT, the Company may be subject to state and local income and franchise taxes and to federal income and excise taxes on any undistributed income.

The Company has elected to treat DF Technical Services LLC, a 100% owned subsidiary of the Operating Partnership, as a TRS. In general, a
TRS may perform non-customary services for tenants, hold assets that the Company cannot hold directly and generally may engage in any real estate or non-real estate related business. A TRS is subject to corporate federal and state income taxes on
its taxable income at regular statutory tax rates. For the years ending December 31, 2010, 2009 and 2008, the Company incurred income taxes of $0.3 million, $0.4 million and $0.3 million, respectively, and recorded these taxes as general and
administrative expenses in the consolidated statements of operations.



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Redeemable Partnership Units

Redeemable partnership units, which require cash payment, or allow settlement in DFTs common shares, but with the ability to deliver
the shares outside of the control of DFT, are reported outside of the permanent equity section of the Companys consolidated balance sheets. Redeemable partnership units are adjusted for income, losses and distributions allocated to OP units
not held by DFT (normal noncontrolling interest accounting amount). Adjustments to redeemable partnership units are recorded to reflect increases or decreases in the ownership of the Operating Partnership by holders of OP units, including in the
case of redemptions of OP units for cash or in exchange for shares of DFTs common stock. If such adjustments result in redeemable partnership units being recorded at less than the redemption value, redeemable partnership units are further
adjusted to their redemption value (see Note 10). Redeemable partnership units are recorded at the greater of the normal noncontrolling interest accounting amount or redemption value. The following is a summary of activity for redeemable partnership
units for the years ended December 31, 2010, 2009 and 2008 (dollars in thousands):



|                                                                                                                   |  |          |            |   |                     |   |          |   |  |   |        |  
|------------------------------------------------------------------------------------------------------------------ |  | -------- | ---------- | - | ------------------- | - | -------- | - |  | - | ------ | -
|                                                                                                                   |  | OP Units |            |   | ComprehensiveIncome |  
|                                                                                                                   |  | Number   |            |   | Amount              |   |         
|Balance at December 31, 2007                                                                                       |  |          | 31,162,271 |   |                     | $ | 610,781  |   |  |   |        |  
|Comprehensive income attributable to redeemable partnership units:                                                 |  |          |            |   |                     |   |          |   |  |   |        |  
|Net income attributable to redeemable partnership units                                                            |  |          |           |   |                     |   | 17,078   |   |  | $ | 17,078 |  
|Other comprehensive loss attributable to redeemable partnership unitschange in fair value of interest rate
swap   |  |          |           |   |                     |   | (4,632   | ) |  |   | (4,632 | )
|                                                                                                                   |  |          |            |   |                     |   |          |   |  |   |        |  
|Comprehensive income attributable redeemable partnership units                                                     |  |          |            |   |                     |   |          |   |  | $ | 12,446 |  
|                                                                                                                   |  |          |            |   |                     |   |          |   |  |   |        |  
|Distributions declared                                                                                             |  |          |           |   |                     |   | (17,529  | ) |  |   |        |  
|Adjustment to redeemable partnership units                                                                         |  |          |           |   |                     |   | (120,930 | ) |  |   |        |  
|                                                                                                                   |  |          |            |   |                     |   |          |   |  |   |        |  
|Balance at December 31, 2008                                                                                       |  |          | 31,162,271 |   |                     |   | 484,768  |   |  |   |        |  
|Comprehensive income attributable to redeemable partnership units:                                                 |  |          |            |   |                     |   |          |   |  |   |        |  
|Net income attributable to redeemable partnership units                                                            |  |          |           |   |                     |   | 1,133    |   |  | $ | 1,133  |  
|Other comprehensive income attributable to redeemable partnership unitschange in fair value of interest rate
swap |  |          |           |   |                     |   | 7,121    |   |  |   | 7,121  |  
|                                                                                                                   |  |          |            |   |                     |   |          |   |  |   |        |  
|Comprehensive income attributable to redeemable partnership units                                                  |  |          |            |   |                     |   |          |   |  | $ | 8,254  |  
|                                                                                                                   |  |          |            |   |                     |   |          |   |  |   |        |  
|Distributions declared                                                                                             |  |          |           |   |                     |   | (2,023   | ) |  |   |        |  
|Redemption of OP units                                                                                             |  |          | (6,214,441 | ) |                     |   | (96,700  | ) |  |   |        |  
|Adjustment to redeemable partnership units                                                                         |  |          |           |   |                     |   | 54,512   |   |  |   |        |  
|                                                                                                                   |  |          |            |   |                     |   |          |   |  |   |        |  
|Balance at December 31, 2009                                                                                       |  |          | 24,947,830 |   |                     |   | 448,811  |   |  |   |        |  
|Comprehensive income attributable to redeemable partnership units:                                                 |  |          |            |   |                     |   |          |   |  |   |        |  
|Net income attributable to redeemable partnership units                                                            |  |          |           |   |                     |   | 13,261   |   |  | $ | 13,261 |  
|                                                                                                                   |  |          |            |   |                     |   |          |   |  |   |        |  
|Comprehensive income attributable to redeemable partnership units                                                  |  |          |            |   |                     |   |          |   |  | $ | 13,261 |  
|                                                                                                                   |  |          |            |   |                     |   |          |   |  |   |        |  
|Distributions declared                                                                                             |  |          |           |   |                     |   | (9,881   | ) |  |   |        |  
|Redemption of OP units                                                                                             |  |          | (3,341,474 | ) |                     |   | (68,000  | ) |  |   |        |  
|LTIP conversion                                                                                                    |  |          | 341,145    |   |                     |   |         |   |  |   |        |  
|Adjustment to redeemable partnership units                                                                         |  |          |           |   |                     |   | 82,632   |   |  |   |        |  
|                                                                                                                   |  |          |            |   |                     |   |          |   |  |   |        |  
|Balance at December 31, 2010                                                                                       |  |          | 21,947,501 |   |                     | $ | 466,823  |   |  |   |        |  
|                                                                                                                   |  |          |            |   |                     |   |          |   |  |   |        |  

Comprehensive Income

Comprehensive income, as reflected on the consolidated statement of partners capital and within redeemable partnership units is defined as all changes in partners capital and redeemable
partnership units during each period except those resulting from investments by or distributions to partners or members. Accumulated other comprehensive loss, as also reflected on the consolidated statements of partners capital and within
redeemable partnership units, reflects the cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships.



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Earnings Per Unit

Basic earnings per unit is calculated by dividing the net income attributable to common shares for the period by the weighted average number of common units outstanding during the period using the two
class method. Diluted earnings per unit is calculated by dividing the net income attributable to common units for the period by the weighted average number of common and dilutive securities outstanding during the period.

Stock-based Compensation

DFT has awarded stock-based compensation to employees and members of its Board of Directors in the form of common stock and LTIP units. For each stock award granted by DFT, the OP issues an equivalent
common unit, which may be referred to herein as a common share, common stock, or common unit. The Company estimates the fair value of the awards and recognizes this value over the requisite vesting period. The fair value of restricted stock-based
compensation is based on the market value of DFTs common stock on the date of the grant. The fair value of LTIP units is based on the market value of DFTs common stock on the date of the grant less a discount for post-vesting
transferability restrictions estimated by a third-party consultant. Compensation paid with Company common units, which is included in general and administrative expense on the consolidated statements of operations, totaled $3.8 million, $1.9 million
and $1.0 million for the years ended December 31, 2010, 2009 and 2008, respectively.

Recently Adopted Accounting Pronouncements

In June 2009, the FASB issued guidance to significantly amend the consolidation guidance applicable to variable
interest entitles (VIEs). The consolidation model was modified to one based on control and economics, and replaces the current quantitative primary beneficiary analysis with a qualitative analysis. The primary beneficiary of a VIE will
be the entity that has (i) the power to direct the activities of the VIE that most significantly impact the VIEs economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant
to the VIE. If multiple unrelated parties share power, as defined, no party will be required to consolidate the VIE. Further, the guidance requires continual reconsideration of the primary beneficiary of a VIE and adds an additional reconsideration
event for determination of whether an entity is a VIE. The amendments also require expanded disclosures related to VIEs which are largely consistent with the disclosure framework currently applied by the Company. The new guidance was effective
January 1, 2010 for the Company. The adoption of this guidance did not impact the Companys financial position or results of operations.

3. Real Estate Assets

The following is a summary of properties owned by
the Company at December 31, 2010:



|                                                       |  |          |                       |   |      |   |        |                           |  |   |                                                    |  |  |            |         |  |  |   |           | 
|------------------------------------------------------ |  | -------- | --------------------- | - | ---- | - | ------ | ------------------------- |  | - | -------------------------------------------------- |  |  | ---------- | ------- |  |  | - | --------- | 
|(dollars in thousands)                                 |  |          |                       |   |      |   |        |                           |  |   |                                                    |  |  |            |        
|Property                                               |  | Location |                       |   | Land |   |        | Buildings andImprovements |  |   | Constructionin Progressand Land HeldforDevelopment |  |  | Total Cost |        
|ACC2                                                   |  |          | Ashburn, VA           |   |      | $ | 2,500  |                           |  | $ | 158,595                                            |  |  | $          |        |  |  | $ | 161,095   | 
|ACC3                                                   |  |          | Ashburn, VA           |   |      |   | 1,071  |                           |  |   | 94,569                                             |  |  |            |        |  |  |   | 95,640    | 
|ACC4                                                   |  |          | Ashburn, VA           |   |      |   | 6,600  |                           |  |   | 535,295                                            |  |  |            |        |  |  |   | 541,895   | 
|ACC5                                                   |  |          | Ashburn, VA           |   |      |   | 6,442  |                           |  |   | 298,998                                            |  |  |            |        |  |  |   | 305,440   | 
|VA3                                                    |  |          | Reston, VA            |   |      |   | 9,000  |                           |  |   | 174,298                                            |  |  |            |        |  |  |   | 183,298   | 
|VA4                                                    |  |          | Bristow, VA           |   |      |   | 6,800  |                           |  |   | 141,992                                            |  |  |            |        |  |  |   | 148,792   | 
|CH1 Phase I                                            |  |          | Elk Grove Village, IL |   |      |   | 13,807 |                           |  |   | 182,652                                            |  |  |            |        |  |  |   | 196,459   | 
|NJ1 Phase I                                            |  |          | Piscataway, NJ        |   |      |   | 4,311  |                           |  |   | 193,556                                            |  |  |            |        |  |  |   | 197,867   | 
|                                                       |  |          |                       |   |      |   |        |                           |  |   |                                                    |  |  |            |         |  |  |   |           | 
|                                                       |  |          |                       |   |      |   | 50,531 |                           |  |   | 1,779,955                                          |  |  |            |        |  |  |   | 1,830,486 | 
|Construction in progress and land held for development |  |          | (1                    | ) |      |   |       |                           |  |   |                                                   |  |  |            | 336,686 |  |  |   | 336,686   | 
|                                                       |  |          |                       |   |      |   |        |                           |  |   |                                                    |  |  |            |         |  |  |   |           | 
|                                                       |  |          |                       |   |      | $ | 50,531 |                           |  | $ | 1,779,955                                          |  |  | $          | 336,686 |  |  | $ | 2,167,172 | 
|                                                       |  |          |                       |   |      |   |        |                           |  |   |                                                    |  |  |            |         |  |  |   |           | 



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|(1) | Properties located in Ashburn, VA (ACC6 and ACC7); Elk Grove Village, IL (CH1 Phase II); Piscataway, NJ (NJ1 Phase II) and Santa Clara, CA (SC1 and SC2).
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------

The following presents the major components of the Companys properties and the useful lives over which
they are depreciated.



|                                                               |  |                       |     | 
|-------------------------------------------------------------- |  | --------------------- | --- | 
|Component                                                      |  | ComponentLife (years) |    
|Land                                                           |  |                       | N/A | 
|Building improvements                                          |  |                       | 40  | 
|Electrical structurepower distribution units                  |  |                       | 20  | 
|Electrical structureuninterrupted power supply                |  |                       | 25  | 
|Electrical structureswitchgear/transformers                   |  |                       | 30  | 
|Fire protection                                                |  |                       | 40  | 
|Security systems                                               |  |                       | 20  | 
|Mechanical structureheating, ventilating and air conditioning |  |                       | 20  | 
|Mechanical structurechiller pumps/building automation         |  |                       | 25  | 
|Mechanical structurechilled water storage and pipes           |  |                       | 30  | 

4. Intangible Assets and
Liabilities

Leasing Costs are classified as deferred costs and are amortized as amortization expense on a straight-line
basis over the remaining life of the underlying leases. As of December 31, 2010, these assets have a weighted average remaining life of 7.0 years with estimated future amortization as follows (in thousands):



|                         |  |   |        | 
|------------------------ |  | - | ------ | 
|Year Ending December 31, |  |   |       
|2011                     |  | $ | 4,558  | 
|2012                     |  |   | 4,404  | 
|2013                     |  |   | 4,258  | 
|2014                     |  |   | 4,134  | 
|2015                     |  |   | 3,798  | 
|2016 and thereafter      |  |   | 7,680  | 
|                         |  |   |        | 
|                         |  | $ | 28,832 | 
|                         |  |   |        | 

Lease Intangible assets and liabilities are classified as lease contracts above and below market value,
respectively, and amortized on a straight-line basis as decreases and increases, respectively, to rental revenue over the remaining term of the underlying leases. As of December 31, 2010, these net Lease Intangible liabilities have a weighted
average remaining life of 5.7 years for above market leases and 5.8 years for below market leases with estimated net future amortization (increase to rental income) as follows (in thousands):



|                         |  |   |       | 
|------------------------ |  | - | ----- | 
|Year Ending December 31, |  |   |      
|2011                     |  | $ | 2,141 | 
|2012                     |  |   | 1,789 | 
|2013                     |  |   | 1,590 | 
|2014                     |  |   | 1,343 | 
|2015                     |  |   | 1,546 | 
|2016 and thereafter      |  |   | 1,426 | 
|                         |  |   |       | 
|                         |  | $ | 9,835 | 
|                         |  |   |       | 



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Tenant Origination Costs are included in buildings and improvements on the Companys
consolidated balance sheet and are amortized as depreciation expense on a straight-line basis over the average remaining life of the underlying leases. As of December 31, 2010, these assets have a weighted average remaining life of 5.8 years
with estimated future amortization as follows (in thousands):



|                         |  |   |        | 
|------------------------ |  | - | ------ | 
|Year Ending December 31, |  |   |       
|2011                     |  | $ | 4,333  | 
|2012                     |  |   | 3,148  | 
|2013                     |  |   | 3,148  | 
|2014                     |  |   | 3,148  | 
|2015                     |  |   | 2,019  | 
|2016 and thereafter      |  |   | 3,233  | 
|                         |  |   |        | 
|                         |  | $ | 19,029 | 
|                         |  |   |        | 

5. Leases

For the years ended December 31, 2010, 2009 and 2008, the following tenants comprised more than 10% of the Companys consolidated revenues:



|                             |  |        |      |   |           |  |      |          |  |  |      |  
|---------------------------- |  | ------ | ---- | - | --------- |  | ---- | -------- |  |  | ---- | -
|                             |  | Yahoo! |      |   | Microsoft |  |      | Facebook | 
|Year ended December 31, 2010 |  |        | 26.0 | % |           |  | 22.4 | %        |  |  | 16.5 | %
|Year ended December 31, 2009 |  |        | 33.1 | % |           |  | 28.4 | %        |  |  | 10.8 | %
|Year ended December 31, 2008 |  |        | 36.6 | % |           |  | 33.6 | %        |  |  | 8.7  | %

As of December 31,
2010, these three tenants accounted for $16.1 million, $13.6 million and $23.8 million of deferred rent and $5.1 million, $4.7 million and $0 of prepaid rents, respectively. As of December 31, 2009, these three tenants accounted for $13.2
million, $12.7 million and $10.6 million of deferred rent and $4.9 million, $4.8 million and $0 of prepaid rents, respectively. The Company does not hold security deposits from these tenants. The majority of the Companys tenants operate within
the technology industry and, as such, their viability is subject to market fluctuations in that industry.

As of
December 31, 2010, future minimum lease payments to be received under noncancelable operating leases are as follows for the years ending December 31, excluding properties under development (in thousands):



|                    |  |   |           | 
|------------------- |  | - | --------- | 
|2011                |  | $ | 153,673   | 
|2012                |  |   | 176,663   | 
|2013                |  |   | 181,246   | 
|2014                |  |   | 181,111   | 
|2015                |  |   | 167,372   | 
|2016 and thereafter |  |   | 595,615   | 
|                    |  |   |           | 
|                    |  | $ | 1,455,680 | 
|                    |  |   |           | 



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6. Debt

Debt Summary as of December 31, 2010 and December 31, 2009

($ in thousands)



|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|------------------------- |  | ----------------- | ------- |  | ----------------- |  | ----- | --------- |  |  | ----------------- | - |  | ------- | --- |  |  | - | ------- | 
|                          |  | December 31, 2010 |         |  | December 31, 2009 | 
|                          |  | Amounts           |         |  | % of Total        |  |       | Rates (1) |  |  | Maturities(years) |   |  | Amounts |    
|Secured                   |  | $                 | 150,000 |  |                   |  | 21.4  | %         |  |  | 5.8               | % |  |         | 3.9 |  |  | $ | 348,500 | 
|Unsecured                 |  |                   | 550,000 |  |                   |  | 78.6  | %         |  |  | 8.5               | % |  |         | 6.3 |  |  |   | 550,000 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Total                     |  | $                 | 700,000 |  |                   |  | 100.0 | %         |  |  | 7.9               | % |  |         | 5.8 |  |  | $ | 898,500 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Fixed Rate Debt:          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Unsecured Notes           |  | $                 | 550,000 |  |                   |  | 78.6  | %         |  |  | 8.5               | % |  |         | 6.3 |  |  | $ | 550,000 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Fixed Rate Debt           |  |                   | 550,000 |  |                   |  | 78.6  | %         |  |  | 8.5               | % |  |         | 6.3 |  |  |   | 550,000 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Floating Rate Debt:       |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Unsecured Credit Facility |  |                   |        |  |                   |  |      |           |  |  |                  |   |  |         | 2.3 |  |  |   |        | 
|ACC5 Term Loan            |  |                   | 150,000 |  |                   |  | 21.4  | %         |  |  | 5.8               | % |  |         | 3.9 |  |  |   | 150,000 | 
|ACC4 Term Loan (2)        |  |                   |        |  |                   |  |      |           |  |  |                  |   |  |         |    |  |  |   | 198,500 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Floating Rate Debt        |  |                   | 150,000 |  |                   |  | 21.4  | %         |  |  | 5.8               | % |  |         | 3.9 |  |  |   | 348,500 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 
|Total                     |  | $                 | 700,000 |  |                   |  | 100.0 | %         |  |  | 7.9               | % |  |         | 5.8 |  |  | $ | 898,500 | 
|                          |  |                   |         |  |                   |  |       |           |  |  |                   |   |  |         |     |  |  |   |         | 



|Note: | The Company capitalized interest and deferred financing cost amortization of $6.0 million and $26.4 million during the three months and year ended December 31,
2010, respectively.
|----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(1) | Rate as of December 31, 2010.
|--- | -----------------------------

|(2) | The ACC4 Term Loan was paid off in full on October 25, 2010.
|--- | ------------------------------------------------------------

Outstanding Indebtedness

ACC5 Term Loan

On December 2, 2009, the Company entered into a $150 million term loan facility (the ACC5 Term Loan). An interest reserve
in the amount of $10.0 million was withheld from the loan proceeds and the remaining interest reserve is classified as restricted cash on the Companys consolidated balance sheets. The ACC5 Term Loan matures on December 2, 2014 and
borrowings bear interest at LIBOR plus 4.25% with a LIBOR floor of 1.5%. As of December 31, 2010, the interest rate for this loan was 5.75%. The loan is secured by the ACC5 data center, the land and development of a data center to be known as
ACC6, and an assignment of the lease agreements between the Company and the tenants of ACC5. The Operating Partnership has guaranteed the outstanding principal amount of the ACC5 Term Loan, plus interest and certain costs under the loan.

The original terms of the ACC5 Term Loan required that, within 120 days of the closing date, the Company enter into an interest rate swap
or cap agreement with a notional principal amount equal to the outstanding principal amount of the loan. On March 24, 2010 the Company executed an amendment to the ACC5 Term Loan that, among other things, eliminated the 120 day requirement. The
Operating Partnership is now required to enter into an interest rate protection agreement only upon the earlier to occur of (i) 30 days following the date on which U.S. dollar one month LIBOR equals or exceeds 3.75% or (ii) the occurrence
of a default under the ACC5 Term Loan.

The loan requires quarterly installments of principal of $1.3 million that began in
January 2011, and may be prepaid in whole or in part without penalty any time after November 30, 2010, subject to the payment of certain LIBOR rate breakage fees. The Company currently anticipates that principal payments will commence in the
first quarter of 2011. The Company may increase the total loan at any time after March 30, 2010 and on or before



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June 30, 2012 to not more than $250 million, subject to lender commitments, receipt of new appraisals of the ACC5 and ACC6 property, a minimum debt service coverage ratio of no less than
1.65 to 1, and a maximum loan-to-value of 50%.

The ACC5 Term Loan requires ongoing compliance with various covenants,
including with respect to restrictions on liens, incurring indebtedness, making investments, effecting mergers and/or assets sales and maintenance of certain leases. In addition, the ACC5 Term Loan requires ongoing compliance with certain financial
covenants, including, without limitation, the following:



| |  |  | The principal amount of the loan may not exceed 60% of the appraised value of ACC5;
| | - |  | -----------------------------------------------------------------------------------



| |  |  | The Company must maintain the following minimum debt service coverage ratios:
| | - |  | -----------------------------------------------------------------------------



| |  |  | Calendar quarters ending March 31, 2011 and June 30, 20111.00 to 1;
| | - |  | --------------------------------------------------------------------



| |  |  | Calendar quarter ending September 30, 2011 and December 31, 20111.15 to 1; and
| | - |  | -------------------------------------------------------------------------------



| |  |  | Commencing with the calendar quarter ending March 31, 2012 and continuing for the remainder of the term1.50 to 1; provided, however, that if
the Company exercises its right to increase the total amount of the loan above $150 million, 1.65 to 1.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Consolidated total indebtedness of the Operating Partnership and its subsidiaries to gross asset value of the Operating Partnership and its
subsidiaries must not exceed 65% during the term of the loan;
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Ratio of adjusted consolidated Earnings Before Interest Taxes Depreciation and Amortization to consolidated fixed charges must not be less than 1.45 to
1 during the term of the loan; and
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Minimum consolidated tangible net worth of the Operating Partnership and its subsidiaries must not be less than approximately $575 million (plus 75% of
the sum of (i) the net proceeds from any offerings after December 2, 2009 and (ii) the value of any interests in the Operating Partnership or DFT issued upon the contribution of assets to DFT, the Operating Partnership or its
subsidiaries after December 2, 2009) during the term of the loan.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The terms of the ACC5 Term Loan
limit the Companys investment in development properties to $1 billion and the Company is not permitted to have more than five properties in development at any time. If a development property is being developed in multiple phases, only the
phase actually being constructed shall be considered a development property for this test. Once construction of a phase is substantially complete and the phase is 80% leased, it is no longer deemed a development property for purposes of this
covenant.

The credit agreement that governs the ACC5 Term Loan also has customary events of default, including, but not
limited to, nonpayment, breach of covenants, and payment or acceleration defaults in certain other of the Companys indebtedness. Upon an event of default, the lenders may declare the loan due and immediately payable. Also, upon a change in
control, lenders that hold two-thirds of the outstanding principal amount of the loan may declare it due and payable.

The
credit agreement that governs the ACC5 Term Loan contains definitions of many of the terms used in this summary of covenants. The Company was in compliance with all of the covenants under the loan as of December 31, 2010.

Unsecured Notes

On
December 16, 2009, the Operating Partnership completed the sale of $550 million of 8.5% senior notes due 2017 (the Unsecured Notes). The Unsecured Notes were issued at face value. The Company pays interest on the Unsecured Notes
semi-annually, in arrears, on December 15 and June 15 of each year, beginning June 15, 2010. On each of December 15, 2015 and December 15, 2016, $125 million in principal amount of the Unsecured Notes will become due and
payable, with the remaining $300 million due on December 15, 2017.



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The Unsecured Notes are unconditionally guaranteed, jointly and severally on a senior
unsecured basis by DFT and certain of the Operating Partnerships subsidiaries, including the subsidiaries that own the ACC2, ACC3, ACC4, ACC5, VA3, VA4, CH1 and NJ1 data centers and the ACC6 development property (collectively, the
Subsidiary Guarantors), but excluding the subsidiaries that own the SC1 development property, the SC2 parcel of land, the ACC7 parcel of land and the TRS.

The Unsecured Notes rank (i) equally in right of payment with all of the Operating Partnerships existing and future senior unsecured indebtedness, (ii) senior in right of payment with all
of its existing and future subordinated indebtedness, (iii) effectively subordinate to any of the Operating Partnerships existing and future secured indebtedness and (iv) effectively junior to any liabilities of any subsidiaries of
the Operating Partnership that do not guarantee the Unsecured Notes. The guarantees of the Unsecured Notes by DFT and the Subsidiary Guarantors rank (i) equally in right of payment with such guarantors existing and future senior unsecured
indebtedness, (ii) senior in right of payment with all of such guarantors existing and future subordinated indebtedness and (iii) effectively subordinate to any of such guarantors existing and future secured indebtedness.

At any time prior to December 15, 2013, the Operating Partnership may redeem the Unsecured Notes, in whole or in part,
at a price equal to the sum of (i) 100% of the principal amount of the Unsecured Notes to be redeemed, plus (ii) a make-whole premium and accrued and unpaid interest. On or after December 15, 2013, the Operating Partnership may redeem
the Unsecured Notes, in whole or in part, at (i) 104.250% from December 15, 2013 to December 14, 2014, (ii) 102.125% from December 15, 2014 to December 14, 2015 and (iii) 100% of the principal amount of the
Unsecured Notes from December 15, 2015 and thereafter, in each case plus accrued and unpaid interest. In addition, on or prior to December 15, 2012, the Operating Partnership may redeem up to 35% of the Unsecured Notes at 108.500% of the
principal amount thereof, plus accrued and unpaid interest, with the net cash proceeds of certain equity offerings consummated by DFT or the Operating Partnership.

If there is a change of control (as defined in the Indenture) of the Operating Partnership or DFT, Unsecured Note holders can require the Operating Partnership to purchase their Unsecured Notes at a price
equal to 101% of the principal amount thereof, plus accrued and unpaid interest. In addition, in certain circumstances the Operating Partnership may be required to use the net proceeds of asset sales to purchase a portion of the Unsecured Notes at
100% of the principal amount thereof, plus accrued and unpaid interest.

The Unsecured Notes have certain covenants limiting
or prohibiting the ability of the Operating Partnership and certain of its subsidiaries from, among other things, (i) incurring secured or unsecured indebtedness, (ii) entering into sale and leaseback transactions, (iii) making
certain dividend payments, distributions and investments, (iv) entering into transactions with affiliates, (v) entering into agreements limiting the ability to make certain transfers and other payments from subsidiaries or
(vi) engaging in certain mergers, consolidations or transfers/sales of assets. The Unsecured Notes also require the Operating Partnership and the Subsidiary Guarantors to maintain total unencumbered assets of at least 150% of their unsecured
debt on a consolidated basis. All of the covenants are subject to a number of important qualifications and exceptions.

The
Unsecured Notes also have customary events of default, including, but not limited to, nonpayment, breach of covenants, and payment or acceleration defaults in certain other indebtedness of the Company or certain of its subsidiaries. Upon an event of
default, the holders of the Unsecured Notes or the trustee may declare the Unsecured Notes due and immediately payable.

The
Operating Partnership also entered into a registration rights agreement under which the Operating Partnership agreed to use commercially reasonable efforts to file, on or before 120 days after December 16, 2009, and cause to become effective,
on or before 270 days after December 16, 2009, an exchange offer registration statement that would offer to exchange the Unsecured Notes for bonds identical in terms, except that the newly-issued bonds would not be subject to transfer
restrictions. The exchange offer registration statement was declared effective as of June 17, 2010 and the exchange of all of the notes was completed by July 22, 2010, each within the time limits provided in the registration rights
agreement. Having completed the exchange offer, the Operating Partnership will not be required to pay additional interest to the Unsecured Note holders.



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Unsecured Credit Facility

On May 6, 2010, the Operating Partnership entered into a credit agreement providing for an $85 million unsecured revolving credit
facility. The facility was increased to $100 million in August 2010 through the use of its accordion feature. The facility has an initial maturity date of May 6, 2013, with a one-year extension option, subject to the payment of an extension fee
equal to 50 basis points on the amount of the facility at initial maturity and certain other customary conditions. As of December 31, 2010, the Operating Partnership has not drawn down any funds under the facility.

The facility is unconditionally guaranteed, jointly and severally, on a senior unsecured basis by the Company and all of the Operating
Partnerships subsidiaries that currently guaranty the obligations under the Companys Indenture governing the terms of the Operating Partnerships 8.5% senior notes due 2017, including the subsidiaries that own the ACC2, ACC3, ACC4,
ACC5, VA3, VA4, CH1 and NJ1 data centers and ACC6 development property, but excluding the subsidiaries that own the SC1 development property, the SC2 parcel of land, the ACC7 parcel of land and the TRS.

The Operating Partnership may elect to have borrowings under the facility bear interest at (i) LIBOR plus 450 basis points (with
LIBOR at no time being less than 1%) or (ii) a base rate plus 300 basis points. The amount available for borrowings under the facility will be determined according to a calculation comparing the value of certain unencumbered properties
designated by the Operating Partnership at such time relative to the amount of the Operating Partnerships unsecured debt. Up to $25 million of borrowings under the facility may be used for letters of credit.

The facility requires that the Company, the Operating Partnership and their subsidiaries comply with various covenants, including with
respect to restrictions on liens, incurring indebtedness, making investments, effecting mergers and/or asset sales, and certain restrictions on dividend payments. In addition, the facility imposes financial maintenance covenants relating to, among
other things, the following matters:



| |  |  | unsecured debt not exceeding 60% of the value of unencumbered assets;
| | - |  | ---------------------------------------------------------------------



| |  |  | net operating income generated from unencumbered properties divided by the amount of unsecured debt being not less than 12.5%;
| | - |  | ------------------------------------------------------------------------------------------------------------------------------



| |  |  | total indebtedness not exceeding 60% of gross asset value;
| | - |  | ----------------------------------------------------------



| |  |  | fixed charge coverage ratio being not less than 1.70 to 1.00; and
| | - |  | -----------------------------------------------------------------



| |  |  | tangible net worth being not less than $750 million plus 80% of the sum of (i) net equity offering proceeds and (ii) the value of equity
interests issued in connection with a contribution of assets to the Operating Partnership or its subsidiaries.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The facility includes customary events of default, the occurrence of which, following any applicable cure period, would permit the lenders to, among other things, declare the principal, accrued interest
and other obligations of the Operating Partnership under the facility to be immediately due and payable.



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A summary of the Companys debt maturity schedule as of December 31, 2010 is as
follows:

Debt Maturity as of December 31, 2010

($ in thousands)



|      |  |            |         |     |               |   |         |       |  |   |            |  |  |           |      |   |  |  |     |  
|----- |  | ---------- | ------- | --- | ------------- | - | ------- | ----- |  | - | ---------- |  |  | --------- | ---- | - |  |  | --- | -
|Year  |  | Fixed Rate |         |     | Floating Rate |   |         | Total |  |   | % of Total |  |  | Rates (3) |     
|2011  |  | $          |        |     |               | $ | 5,200   | (2)   |  | $ | 5,200      |  |  |           | 0.7  | % |  |  | 5.8 | %
|2012  |  |            |        |     |               |   | 5,200   | (2)   |  |   | 5,200      |  |  |           | 0.7  | % |  |  | 5.8 | %
|2013  |  |            |        |     |               |   | 5,200   | (2)   |  |   | 5,200      |  |  |           | 0.7  | % |  |  | 5.8 | %
|2014  |  |            |        |     |               |   | 134,400 | (2)   |  |   | 134,400    |  |  |           | 19.2 | % |  |  | 5.8 | %
|2015  |  |            | 125,000 | (1) |               |   |        |       |  |   | 125,000    |  |  |           | 17.9 | % |  |  | 8.5 | %
|2016  |  |            | 125,000 | (1) |               |   |        |       |  |   | 125,000    |  |  |           | 17.9 | % |  |  | 8.5 | %
|2017  |  |            | 300,000 | (1) |               |   |        |       |  |   | 300,000    |  |  |           | 42.9 | % |  |  | 8.5 | %
|      |  |            |         |     |               |   |         |       |  |   |            |  |  |           |      |   |  |  |     |  
|Total |  | $          | 550,000 |     |               | $ | 150,000 |       |  | $ | 700,000    |  |  |           | 100  | % |  |  | 7.9 | %
|      |  |            |         |     |               |   |         |       |  |   |            |  |  |           |      |   |  |  |     |  



|(1) | The Unsecured Notes have mandatory amortizations of $125.0 million due in 2015, $125.0 million due in 2016 and $300.0 million due in 2017.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------

|(2) | The ACC5 Term Loan matures on December 2, 2014 with no extension option. Scheduled quarterly principal amortization payments of $1.3 million started in the first
quarter of 2011.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(3) | Rate as of December 31, 2010.
|--- | -----------------------------

Indebtedness Retired During 2010 and 2009

ACC4 Term Loan

On
October 24, 2008, the Company entered into a credit agreement relating to a $100.0 million term loan with a syndicate of lenders (the ACC4 Term Loan). The Company increased this loan to $250.0 million in February 2009 through
the exercise of the loans accordion feature. In December 2009, the Company repaid $50.0 million of the outstanding principal amount. In October 2010, the Company paid off the $196.5 million remaining balance of the ACC4 Term Loan
which resulted in a write-off of unamortized deferred financing costs of $2.5 million in the fourth quarter of 2010. The ACC4 Term Loan bore interest at LIBOR plus 3.50%.

Credit Facility

On August 7, 2007, the Company entered into a credit
facility that consisted of a $200.0 million secured term loan and a $275.0 million senior secured revolving credit facility (the Credit Facility). The term loan bore interest at LIBOR plus 1.50%, and the revolving credit facility bore
interest at LIBOR plus 1.25%. The Company retired the Credit Facility on December 16, 2009.

On August 15, 2007, the
Company entered into a $200.0 million interest rate swap to manage the interest rate risk associated with a portion of the principal amount outstanding under this Credit Facility effective August 17, 2007. The swap agreement fixed the interest
rate at 4.997% plus 1.50%. In connection with the sale of Unsecured Notes on December 16, 2009, the Company repaid and terminated the Credit facility. In addition, the Company paid $13.7 million to terminate the swap agreement. With the
termination of the Credit Facility and swap agreement, the Company determined that the forecasted transaction under this swap agreement was no longer probable as originally forecasted and therefore all amounts previously recorded in accumulated
other comprehensive loss were recognized in the consolidated statement of operations, resulting in $13.7 million being recorded as loss on the discontinuance of cash flow hedge.

CH1 Construction Loan

On December 20, 2007, the Company entered into
a $148.9 million construction loan to which CH1 was pledged as collateral. This loan bore interest at LIBOR plus 2.25%. The Company repaid this loan on February 10, 2009.



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ACC5 Construction Loan

On February 6, 2009, the Company entered into a construction loan agreement to borrow up to $25.0 million to pay for a portion of the costs to complete the construction of Phase I of ACC5. This loan
bore interest at 12%. The Company repaid this loan on December 3, 2009.

SC1 Loan

On February 6, 2009, the Company received a $5.0 million term loan that was secured by the SC1 development property. This loan bore
interest at 12%. The Company repaid this loan on December 16, 2009.

7. Derivative Instruments

On August 15, 2007, the Company entered into a $200.0 million interest rate swap agreement to manage the interest rate risk
associated with a portion of the Credit Facility. The interest rate swap agreement was effective August 17, 2007 with a maturity date of August 7, 2011 and effectively fixed the interest rate on $200.0 million of the Credit Facility at
4.997% plus the credit spread of 1.5%. The Company had designated this agreement as a hedge for accounting purposes. Therefore, the effective portion of the changes in the fair value of the interest rate swap had been recorded in other comprehensive
income (loss) and reclassified into interest expense as the hedged forecasted interest payments were recognized.

On
December 16, 2009, in connection with the Companys completion of a $550 million debt offering and repayment and termination of the Credit Facility, the Company paid $13.7 million to terminate the swap agreement, which was recorded as a
loss on discontinuance of cash flow hedge on the consolidated statement of operations for the year ended December 31, 2009.

The Company has no outstanding derivative instruments as of December 31, 2010 and 2009.

8. Related Party Transactions

For the years ended December 31, 2010 and 2009, the Company incurred $0.3 million and $0.2 million of expense, respectively, to charter an aircraft that was jointly owned by the Executive Chairman
and the President and CEO in 2009 and was owned by the President and CEO in 2010. No expense was incurred during the year ended December 31, 2008 for aircraft charters.

Subsequent to the closing of the IPO in 2007, the Company has been paying rent for its headquarters building to an affiliate of the Executive Chairman and the President and CEO. Rent expense was $0.4
million for each of the years ended December 31, 2010, 2009 and 2008.

9. Commitments and Contingencies

The Company is involved from time to time in various legal proceedings, lawsuits, examinations by various tax authorities and claims that
have arisen in the ordinary course of business. Management currently believes that the resolution of such matters will not have a material adverse effect on the Companys financial condition or results of operations.

Contracts related to the development of the ACC6 Phase I and SC1 Phase I data centers were in place as of December 31, 2010. These
contracts are cost-plus in nature whereby the contract sum is the aggregate of the cost of the actual work performed and equipment purchased plus a contractor fee. Control estimates, which are adjusted from time to time to reflect any contract
changes, are estimates of the total contract cost at completion. As of December 31, 2010, the ACC6 Phase I control estimate was $122.1 million of which $68.8 million has been incurred and the SC1 Phase I control estimate was $239.7 million of
which $155.2 million has been incurred. Because of the cost-plus nature of these contracts, if development was halted on these projects, the



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Company would incur liabilities less than what is remaining within the control estimates. As of December 31, 2010, the Company had entered into commitments through its construction general
contractor to purchase $81.2 million in equipment and labor for the ACC6 Phase I and SC1 Phase I development properties.

Concurrent with DFTs IPO, the Company entered into tax protection agreements with some of the contributors of the initial
properties including DFTs Executive Chairman and President and CEO. Pursuant to the terms of these agreements, if the Company disposes of any interest in the initial contributed properties that generates more than a certain allowable amount of
built-in gain for the contributors, as a group, in any single year through 2017, the Company will indemnify the contributors for tax liabilities incurred with respect to the amount of built-in gain and tax liabilities incurred as a result of the
reimbursement payment. The amount of initial built-in gain that can be recognized in each tax year without triggering the tax protection provisions is 10% of the initial built in gain, accumulating to 100% by the end of 2017. The estimated aggregate
built-in gain attributed to the initial contributors as of December 31, 2009 was approximately $480  $500 million (unaudited). Additionally the Company must provide an opportunity for certain of the contributors of the initial properties
to guarantee a secured loan. Any sale by the Company that requires payments to any of DFTs executive officers or directors pursuant to these agreements requires the approval of at least 75% of the disinterested members of DFTs Board of
Directors.

10. Redeemable Partnership Units

Redeemable partnership units represent the limited partnership interests in the Operating Partnership, or OP units, held by individuals and entities other than DFT. The redemption value of the redeemable
partnership units at December 31, 2010 and 2009 was $466.8 million and $448.8 million based on the closing share price of DFTs common stock of $21.27 and $17.99, respectively, on those dates. Holders of OP units are entitled to receive
distributions in a per unit amount equal to the per share dividends made with respect to each share of DFTs common stock, if and when DFTs Board of Directors declares such a dividend. Holders of OP units have the right to tender their
units for redemption, in an amount equal to the fair market value of DFTs common stock. DFT may elect to redeem tendered OP units for cash or for shares of DFTs common stock. During the years ended December 31, 2010 and 2009, OP
unitholders redeemed 3,341,474 and 6,214,441 OP units, respectively, in exchange for an equal number of shares of DFTs common stock. There were no OP unit redemptions during the year ended December 31, 2008. See Note 2.

The Company had 341,145 fully vested LTIP units outstanding as of December 31, 2009, which are a special class of partnership
interests in the Operating Partnership. During the year ended December 31, 2010, all of the LTIP units were converted into OP units. As of December 31, 2010, the company did not have any LTIP units outstanding.

11. Preferred Partnership Units

On October 13, 2010, the OP issued 7,400,000 shares of 7.7875% Series A Preferred Partnership Units to DFT to issue the same number of shares of 7.875% Series A Cumulative Redeemable
Perpetual Preferred Stock for $185.0 million in an underwritten public offering that resulted in proceeds to the Company, net of underwriting discounts, commissions, advisory fees and other offering costs of $178.6 million. The liquidation
preference on the Preferred Units is $25 per unit and distributions are scheduled quarterly. A distribution of $.503125 per unit was declared in December 2010 and paid in January 2011. This distribution was taxable in 2010 as ordinary taxable income
(unaudited).

Except in instances relating to preservation of DFTs qualification as a REIT or pursuant to the special
optional redemption right discussed below, the Series A Preferred Stock is not redeemable prior to October 15, 2015. On and after October 15, 2015, DFT may, at its option, redeem the Series A Preferred Stock, in whole, at any time, or in
part, from time to time, for cash at a redemption price of $25 per share, plus any accrued and unpaid dividends to, but not including, the date of redemption.



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If, at any time following a change of control, DFTs Series A Preferred Stock is not
listed on the NYSE or quoted on NASDAQ (or listed or quoted on a successor exchange or quotation system), holders will be entitled to receive distributions at an increased rate of 11.875%, and DFT will have the option to redeem its Series A
Preferred Stock, in whole but not in part, within 90 days after the first date on which both the change of control has occurred and its Series A Preferred Stock is not so listed or quoted, for cash at $25 per share, plus accrued and unpaid dividends
(whether or not declared) to, but not including, the redemption date.

12. Partners Capital

During the year ended December 31, 2010, the OP issued 14,047,668 OP units to DFT to issue the following shares of common stock:



| |  |  | 11,501 shares of restricted stock to certain employees on December 7, 2010, which vest in equal increments on October 1,
2011, October 1, 2012 and October 1, 2013.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | 1,564 shares of restricted stock to certain employees on September 16, 2010, which vest in equal increments on March 1,
2011, March 1, 2012 and March 1, 2013.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | 11,484 fully vested shares to independent members of its Board of Directors and 2,778 shares of restricted stock to certain employees on
May 19, 2010, which vest in equal increments on March 1, 2011, March 1, 2012 and March 1, 2013.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | 13,800,000 shares of common stock in an underwritten public offering on May 18, 2010 that resulted in proceeds to the Company, net of underwriting
discounts, commissions, advisory fees and other offering costs of $305.2 million.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | 220,341 shares of restricted stock to employees on February 25, 2010, which vest in equal increments on March 1, 2011, March 1,
2012 and March 1, 2013.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------

During the year ended December 31, 2009, the OP issued 666,218 OP units
to DFT to issue the following shares of common stock:



| |  |  | 700 fully vested shares to certain employees on December 9, 2009.
| | - |  | -----------------------------------------------------------------



| |  |  | 57,886 fully vested shares to independent members of its Board of Directors on May 19, 2009.
| | - |  | ---------------------------------------------------------------------------------------------



| |  |  | 607,632 shares of restricted stock to employees on February 26, 2009, which vest in equal increments on March 1, 2010, March 1,
2011 and March 1, 2012.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------

During the year ended December 31, 2008, the OP issued 53,270 OP units to
DFT to issue the following shares of common stock:



| |  |  | 2,103 shares of restricted stock to a certain employee on February 15, 2008, which vest in equal increments on January 2, 2009, January
2, 2010 and January 2, 2011.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | 17,627 shares of restricted stock to a certain employee on May 20, 2008, which vest in equal increments on January 2, 2009, January 2,
2010 and January 2, 2011.
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | 27,278 shares of restricted stock to a certain employee on July 8, 2008, which vest in equal increments on July 8, 2009, July 8, 2010
and July 8, 2011.
| | - |  | -------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | 6,262 shares of restricted stock to a certain employee on August 7, 2008, which vest in equal increments on August 7,
2009, August 7, 2010 and August 7, 2011.
| | - |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------

During the years ended December 31, 2010 and
2009, OP unitholders redeemed 3,341,474 and 6,214,441 OP units, respectively, in exchange for an equal number of shares of DFTs common stock. There were no OP unit redemptions during the year ended December 31, 2008.



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13. Equity Compensation Plan

Concurrent with the IPO, DFTs Board of Directors adopted the 2007 Equity Compensation Plan (the
Plan). The Plan is administered by the Compensation Committee of the Board of Directors. The Plan allows for the issuance of common stock, stock options, stock appreciation rights (SARs), performance unit awards and LTIP units.
Beginning January 1, 2008, and on each January 1 thereafter during the term of the Plan, the maximum aggregate number of shares of common stock that may be issued under this Plan pursuant to the exercise of options and SARs, the grant of
stock awards or other-equity based awards and the settlement of performance units shall be increased by seven and one-half percent (71/2%) of any additional shares of common stock or interests in the Operating Partnership issued by the Company or the Operating
Partnership; provided, however, that the maximum aggregate number of shares of common stock that may be issued under this Plan shall be 11,655,525 shares.

As of December 31, 2010, the maximum aggregate number of shares of common stock that may be issued under this Plan pursuant to the exercise of options and SARs, the grant of stock awards, or LTIP
units and the settlement of performance units is equal to 4,967,795, of which 3,299,765 share equivalents had been issued as of such date leaving 1,668,030 shares available for future issuance. As a result of the 13,800,000 shares issued in the
Companys May 2010 underwritten public offering, the Company will be authorized to issue an additional 1,035,000 shares of common stock under the Plan effective January 1, 2011.

If any award or grant under the Plan expires, is forfeited or is terminated without having been exercised or paid, then any shares of
common stock covered by such lapsed, cancelled, expired or unexercised portion of such award or grant and any forfeited, lapsed, cancelled or expired LTIP units shall be available for the grant of other options, SARs, stock awards, other
equity-based awards and settlement of performance units under this Plan.

Restricted Stock

Restricted stock awards vest over specified periods of time as long as the employee remains employed with the Company, and are not subject
to any performance criteria. The following table sets forth the number of unvested shares of restricted stock and the weighted average fair value of these shares at the date of grant:



|                                      |  |                           |          |   |                                            |   |       | 
|------------------------------------- |  | ------------------------- | -------- | - | ------------------------------------------ | - | ----- | 
|                                      |  | Shares ofRestricted Stock |          |   | Weighted AverageFair Value atDate of Grant |  
|Unvested balance at December 31, 2007 |  |                           | 71,429   |   |                                            | $ | 21.00 | 
|Granted                               |  |                           | 53,270   |   |                                            | $ | 18.00 | 
|Vested                                |  |                           | (71,429  | ) |                                            | $ | 21.00 | 
|Forfeited                             |  |                           |         |   |                                            |   | N/A   | 
|                                      |  |                           |          |   |                                            |   |       | 
|Unvested balance at December 31, 2008 |  |                           | 53,270   |   |                                            | $ | 18.00 | 
|Granted                               |  |                           | 607,632  |   |                                            | $ | 5.13  | 
|Vested                                |  |                           | (19,160  | ) |                                            | $ | 17.90 | 
|Forfeited                             |  |                           | (1,365   | ) |                                            | $ | 5.13  | 
|                                      |  |                           |          |   |                                            |   |       | 
|Unvested balance at December 31, 2009 |  |                           | 640,377  |   |                                            | $ | 5.82  | 
|Granted                               |  |                           | 236,184  |   |                                            | $ | 19.88 | 
|Vested                                |  |                           | (219,157 | ) |                                            | $ | 6.14  | 
|Forfeited                             |  |                           | (20,553  | ) |                                            | $ | 9.19  | 
|                                      |  |                           |          |   |                                            |   |       | 
|Unvested balance at December 31, 2010 |  |                           | 636,851  |   |                                            | $ | 10.82 | 
|                                      |  |                           |          |   |                                            |   |       | 

During the years ended December 31, 2010, 2009 and 2008, the Company issued 236,184, 607,632 and 53,270
shares of restricted stock, respectively, which had values of $4.7 million, $3.1 million and $1.0 million, respectively, on the grant dates. These amounts are amortized to expense over a three year vesting period. Also during the years ended
December 31, 2010, 2009 and 2008, 219,157, 19,160 and 71,429 shares of restricted stock, respectively, vested at values of $4.4 million, $0.1 million and $1.3 million, respectively, on the vesting dates.



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As of December 31, 2010 and 2009, total unearned compensation on restricted stock was
$4.6 million and $2.7 million, respectively, and the weighted average vesting period was 0.8 years and 1.1 years, respectively.

Stock
Options

Stock option awards are granted with an exercise price equal to the closing market price of DFTs common
stock at the date of grant and vest over specified periods of time as long as the employee remains employed with the Company. All shares to be issued upon option exercises will be newly issued shares and the options have 10-year contractual terms.

No stock options were issued during the year ended December 31, 2008. A summary of the Companys stock option
activity under the Plan for the years ended December 31, 2010 and 2009 is presented in the tables below.



|                                |  |                  |           |   |                                |   |       | 
|------------------------------- |  | ---------------- | --------- | - | ------------------------------ | - | ----- | 
|                                |  | Number ofOptions |           |   | Weighted AverageExercise Price |  
|Under option, December 31, 2008 |  |                  |          |   |                                |   | N/A   | 
|Granted                         |  |                  | 1,274,696 |   |                                | $ | 5.06  | 
|Forfeited                       |  |                  |          |   |                                |   | N/A   | 
|Exercised                       |  |                  |          |   |                                |   | N/A   | 
|                                |  |                  |           |   |                                |   |       | 
|Under option, December 31, 2009 |  |                  | 1,274,696 |   |                                | $ | 5.06  | 
|Granted                         |  |                  | 290,560   |   |                                | $ | 19.89 | 
|Forfeited                       |  |                  |          |   |                                |   | N/A   | 
|Exercised                       |  |                  | (161,979  | ) |                                | $ | 5.06  | 
|                                |  |                  |           |   |                                |   |       | 
|Under option, December 31, 2010 |  |                  | 1,403,277 |   |                                | $ | 8.13  | 
|                                |  |                  |           |   |                                |   |       | 



|                        |  |                         |           |  |                            |   |             |                                |  |  |                                           |  |  |  |           | 
|----------------------- |  | ----------------------- | --------- |  | -------------------------- | - | ----------- | ------------------------------ |  |  | ----------------------------------------- |  |  |  | --------- | 
|                        |  | Shares Subjectto
Option |           |  | Total UnearnedCompensation |   |             | Weighted AverageVesting Period |  |  | Weighted AverageRemainingContractual Term | 
|As of December 31, 2009 |  |                         | 1,274,696 |  |                            | $ | 1.4 million |                                |  |  | 1.2 years                                 |  |  |  | 9.2 years | 
|As of December 31, 2010 |  |                         | 1,403,277 |  |                            | $ | 2.6 million |                                |  |  | 0.8 years                                 |  |  |  | 8.4 years | 

The following table
sets forth the number of unvested options as of December 31, 2010 and 2009 and the weighted average fair value of these options at the grant date.



|                                      |  |                  |           |   |                                            |   |      | 
|------------------------------------- |  | ---------------- | --------- | - | ------------------------------------------ | - | ---- | 
|                                      |  | Number ofOptions |           |   | Weighted AverageFair Valueat Date of Grant |  
|Unvested balance at December 31, 2008 |  |                  |          |   |                                            |   | N/A  | 
|Granted                               |  |                  | 1,274,696 |   |                                            | $ | 1.48 | 
|Forfeited                             |  |                  |          |   |                                            |   | N/A  | 
|Vested                                |  |                  |          |   |                                            |   | N/A  | 
|                                      |  |                  |           |   |                                            |   |      | 
|Unvested balance at December 31, 2009 |  |                  | 1,274,696 |   |                                            | $ | 1.48 | 
|Granted                               |  |                  | 290,560   |   |                                            | $ | 9.00 | 
|Forfeited                             |  |                  |          |   |                                            |   | N/A  | 
|Vested                                |  |                  | (424,903  | ) |                                            | $ | 1.48 | 
|                                      |  |                  |           |   |                                            |   |      | 
|Unvested balance at December 31, 2010 |  |                  | 1,140,353 |   |                                            | $ | 3.40 | 
|                                      |  |                  |           |   |                                            |   |      | 



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The following table sets forth the number of exercisable options as of December 31,
2010 and 2009 and the weighted average fair value and exercise price of these options at the grant date.



|                                         |  |                  |          |   |                                            |   |      | 
|---------------------------------------- |  | ---------------- | -------- | - | ------------------------------------------ | - | ---- | 
|                                         |  | Number ofOptions |          |   | Weighted AverageFair Valueat Date of Grant |  
|Options Exercisable at December 31, 2008 |  |                  |         |   |                                            |   |     | 
|Vested                                   |  |                  |         |   |                                            |   |     | 
|Exercised                                |  |                  |         |   |                                            |   |     | 
|                                         |  |                  |          |   |                                            |   |      | 
|Options Exercisable at December 31, 2009 |  |                  |         |   |                                            |   |     | 
|Vested                                   |  |                  | 424,903  |   |                                            | $ | 1.48 | 
|Exercised                                |  |                  | (161,979 | ) |                                            | $ | 1.48 | 
|                                         |  |                  |          |   |                                            |   |      | 
|Options Exercisable at December 31, 2010 |  |                  | 262,924  |   |                                            | $ | 1.48 | 
|                                         |  |                  |          |   |                                            |   |      | 



|                        |  |                    |         |  |                                |   |      |                                           |  |  |                 |  |  |   |             | 
|----------------------- |  | ------------------ | ------- |  | ------------------------------ | - | ---- | ----------------------------------------- |  |  | --------------- |  |  | - | ----------- | 
|                        |  | ExercisableOptions |         |  | Weighted AverageExercise Price |   |      | Weighted AverageRemainingContractual Term |  |  | Intrinsic Value | 
|As of December 31, 2009 |  |                    |        |  |                                |   |     |                                           |  |  |                |  |  |   |            | 
|As of December 31, 2010 |  |                    | 262,924 |  |                                | $ | 5.06 |                                           |  |  | 8.2 years       |  |  | $ | 4.3 million | 

No stock options were
exercised during the years ended December 31, 2009 and 2008. The intrinsic value of stock options exercised during the year ended December 31, 2010 was $3.2 million.

The fair value of each option award is estimated on the date of grant using a Black-Scholes option valuation model. As DFT has been a publicly traded company only since October 24, 2007, expected
volatilities used in the Black-Scholes model are based on the historical volatility of a group of comparable REITs. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the
time of grant. The following table summarizes the assumptions used to value the stock options granted and the fair value of these options granted during the years ended December 31, 2010 and 2009.



|                            |  |      |             |   |      |   |             |  
|--------------------------- |  | ---- | ----------- | - | ---- | - | ----------- | -
|                            |  | 2010 |             |   | 2009 |  
|Number of options granted   |  |      | 290,560     |   |      |   | 1,274,696   |  
|Exercise price              |  | $    | 19.89       |   |      | $ | 5.06        |  
|Expected term (in years)    |  |      | 6           |   |      |   | 6           |  
|Expected volatility         |  |      | 54          | % |      |   | 41          | %
|Expected annual dividend    |  |      | 1.88        | % |      |   | 3.75        | %
|Risk-free rate              |  |      | 2.86        | % |      |   | 2.76        | %
|Fair value at date of grant |  | $    | 2.6 million |   |      | $ | 1.9 million |  

14. Earnings Per Unit

The following table sets forth the reconciliation of basic and diluted average units outstanding used in the computation
of earnings per unit:



|                                                                                                                      |  |                         |            |  |      |  |            |      |  |  |            | 
|--------------------------------------------------------------------------------------------------------------------- |  | ----------------------- | ---------- |  | ---- |  | ---------- | ---- |  |  | ---------- | 
|                                                                                                                      |  | Year ended December 31, |           
|                                                                                                                      |  | 2010                    |            |  | 2009 |  |            | 2008 | 
|Basic and Diluted Units Outstanding                                                                                   |  |                         |            |  |      |  |            |      |  |  |            | 
|Weighted average common unitsbasic (includes redeemable partnership units and units of general and limited
partners) |  |                         | 75,793,868 |  |      |  | 66,652,771 |      |  |  | 66,590,792 | 
|Effect of dilutive securities                                                                                         |  |                         | 1,291,991  |  |      |  | 697,810    |      |  |  |           | 
|                                                                                                                      |  |                         |            |  |      |  |            |      |  |  |            | 
|Weighted average common unitsdiluted                                                                                 |  |                         | 77,085,859 |  |      |  | 67,350,581 |      |  |  | 66,590,792 | 
|                                                                                                                      |  |                         |            |  |      |  |            |      |  |  |            | 



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For the year ended December 31, 2010, 0.3 million stock options have been excluded
from the calculation of diluted earnings per unit as their effect would have been antidilutive. For the years ended December 31, 2009 and 2008, 0.3 million LTIP units have been excluded from the calculation of diluted earnings per unit as
their effect would have been antidilutive.

15. Employee Benefit Plan

Upon completion of the IPO, the Company established a tax qualified retirement plan (401(k) Plan) that provides employees with
an opportunity to save for retirement on a tax advantaged basis. Employees participate in the 401(k) Plan on their first day of employment and are able to defer compensation up to the limits established by the Internal Revenue Service. The Company
matches 50% of the employees contributions up to a maximum match contribution of 4% of the employees salary. The Companys contributions vest immediately. During the years ended December 31, 2010, 2009 and 2008, the Company
contributed $0.3 million, $0.3 million and $0.2 million, respectively, to the 401(k) Plan.

16. Fair Value of Financial Instruments

Assets and Liabilities Measured at Fair Value

The Company follows the authoritative guidance issued by the FASB relating to fair value measurements that defines fair value, establishes a framework for measuring fair value, and expands disclosures
about fair value measurements. The guidance applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the guidance does not require any new fair value measurements
of reported balances. The guidance excludes the accounting for leases, as well as other authoritative guidance that address fair value measurements on lease classification and measurement. The authoritative guidance issued by the FASB emphasizes
that fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability.

Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability
to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active
markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable
inputs for the asset or liability, which are typically based on an entitys own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from
different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The
Companys assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability.

The authoritative guidance issued by the FASB requires disclosure of the fair value of financial instruments. Fair value estimates are
subjective in nature and are dependent on a number of important assumptions, including estimates of future cash flows, risks, discount rates, and relevant comparable market information associated with each financial instrument. The use of different
market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the amounts are not necessarily indicative of the amounts the Company would realize in a current market exchange.



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The following methods and assumptions were used in estimating the fair value amounts and
disclosures for financial instruments as of December 31, 2010:



| |  |  | Cash and cash equivalents: The carrying amount of cash and cash equivalents reported in the consolidated balance sheet approximates fair value because
of the short maturity of these instruments (i.e., less than 90 days).
| | - |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Marketable securities held to maturity: See Note 2.
| | - |  | ---------------------------------------------------



| |  |  | Restricted cash: The carrying amount of restricted cash reported in the consolidated balance sheets approximates fair value because of the short
maturities of these instruments.
| | - |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Rents and other receivables, accounts payable and accrued liabilities, and prepaid rents: The carrying amount of these assets and liabilities reported
in the balance sheet approximates fair value because of the short-term nature of these amounts.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| |  |  | Debt: As of December 31, 2010, the combined balance of the Companys Unsecured Notes and mortgage notes payable was $700.0 million with a
fair value of $745.7 million based on Level 1 and Level 3 data. The Level 1 data is for the Unsecured Notes and consisted of a quote from the market maker in the Unsecured Notes. The Level 3 data is for the ACC5 Term Loan and is based on discounted
cash flows using the one-month LIBOR rate as of December 31, 2010 plus the 4.25% spread on the ACC5 Term loan.
| | - |  | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

17.
Quarterly Financial Information (unaudited)

The table below reflects the selected quarterly information for the years
ended December 31, 2010 and 2009 (in thousands except share data):



|                                                                           |  |                    |            |   |                    |   |            |               |  |   |                |  |  |   |            | 
|-------------------------------------------------------------------------- |  | ------------------ | ---------- | - | ------------------ | - | ---------- | ------------- |  | - | -------------- |  |  | - | ---------- | 
|                                                                           |  | Three months ended |           
|                                                                           |  | December 31, 2010  |            |   | September 30, 2010 |   |            | June 30, 2010 |  |   | March 31, 2010 | 
|Total revenue                                                              |  | $                  | 66,011     |   |                    | $ | 60,329     |               |  | $ | 59,292         |  |  | $ | 56,909     | 
|Net income                                                                 |  |                    | 13,003     |   |                    |   | 15,279     |               |  |   | 10,195         |  |  |   | 5,231      | 
|Net income attributable to common units                                    |  |                    | 9,846      |   |                    |   | 15,279     |               |  |   | 10,195         |  |  |   | 5,231      | 
|Net income attributable to common units per common unitbasic (1)          |  |                    | 0.10       |   |                    |   | 0.18       |               |  |   | 0.13           |  |  |   | 0.08       | 
|Net income attributable to common units per common unitdiluted (1)        |  |                    | 0.10       |   |                    |   | 0.18       |               |  |   | 0.13           |  |  |   | 0.08       | 
|Weighted average units outstandingbasic                                   |  |                    | 81,137,656 |   |                    |   | 81,072,220 |               |  |   | 73,879,205     |  |  |   | 66,871,617 | 
|Weighted average units outstandingdiluted                                 |  |                    | 82,392,751 |   |                    |   | 82,403,295 |               |  |   | 75,200,014     |  |  |   | 68,143,394 | 
|                                                                           | 
|                                                                           |  | Three months ended |           
|                                                                           |  | December 31, 2009  |            |   | September 30, 2009 |   |            | June 30, 2009 |  |   | March 31, 2009 | 
|Total revenue                                                              |  | $                  | 52,676     |   |                    | $ | 51,920     |               |  | $ | 48,867         |  |  | $ | 46,819     | 
|Net (loss) income (2)                                                      |  |                    | (11,435    | ) |                    |   | 5,524      |               |  |   | 5,540          |  |  |   | 3,257      | 
|Net (loss) income attributable to common units                             |  |                    | (11,315    | ) |                    |   | 5,492      |               |  |   | 5,502          |  |  |   | 3,239      | 
|Net income (loss) attributable to common units per common unitbasic (1)   |  |                    | (0.16      | ) |                    |   | 0.08       |               |  |   | 0.08           |  |  |   | 0.05       | 
|Net income (loss) attributable to common units per common unitdiluted (1) |  |                    | (0.16      | ) |                    |   | 0.08       |               |  |   | 0.08           |  |  |   | 0.05       | 
|Weighted average units outstandingbasic                                   |  |                    | 66,680,372 |   |                    |   | 66,679,663 |               |  |   | 66,639,051     |  |  |   | 66,610,944 | 
|Weighted average units outstandingdiluted                                 |  |                    | 67,937,872 |   |                    |   | 67,631,035 |               |  |   | 67,221,416     |  |  |   | 66,610,944 | 



|(1) | Amounts may not equal full year results due to rounding.
|--- | --------------------------------------------------------

|(2) | Quarter ended December 31, 2009 includes a $13.7 million loss on discontinuance of cash flow hedge.
|--- | ---------------------------------------------------------------------------------------------------



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18. Supplemental Consolidating Financial Data for Subsidiary Guarantors of 8.5% Senior Unsecured Notes

On December 16, 2009, the Operating Partnership issued the Unsecured Notes (See Note 6). The Unsecured Notes are
unconditionally guaranteed, jointly and severally on a senior unsecured basis by DFT and certain of the Companys subsidiaries, including the subsidiaries that own the ACC2, ACC3, ACC4, ACC5, VA3, VA4, CH1 and NJ1 data centers, and the ACC6
development property, but excluding the subsidiaries that own the SC1 development property and the SC2 parcel of land, the ACC7 parcel of land and the TRS. The following consolidating financial information sets forth the financial position as of
December 31, 2010 and 2009, and the results of operations and cash flows for the years ended December 31, 2010, 2009 and 2008 of the Operating Partnership, Subsidiary Guarantors and the Subsidiary Non-Guarantors.



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DUPONT FABROS TECHNOLOGY, L.P.

SUPPLEMENTAL CONSOLIDATING BALANCE SHEETS

(in thousands)



|                                                       |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|------------------------------------------------------ |  | -------------------- | --------- |  | -------------------- | - | --------- | ------------------------ |  | - | ------------ |  |  | ----------------- | ---------- | - |  | - | --------- | -
|                                                       |  | December 31, 2010    |          
|                                                       |  | OperatingPartnership |           |  | SubsidiaryGuarantors |   |           | SubsidiaryNon-Guarantors |  |   | Eliminations |  |  | ConsolidatedTotal |           
|ASSETS                                                 |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|Income producing property:                             |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|Land                                                   |  | $                    |          |  |                      | $ | 50,531    |                          |  | $ |             |  |  | $                 |           |   |  | $ | 50,531    |  
|Buildings and improvements                             |  |                      |          |  |                      |   | 1,779,955 |                          |  |   |              |  |  |                   |            |   |  |   | 1,779,955 |  
|                                                       |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|                                                       |  |                      |          |  |                      |   | 1,830,486 |                          |  |   |             |  |  |                   |           |   |  |   | 1,830,486 |  
|Less: accumulated depreciation                         |  |                      |          |  |                      |   | (172,537  | )                        |  |   |             |  |  |                   |           |   |  |   | (172,537  | )
|                                                       |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|Net income producing property                          |  |                      |          |  |                      |   | 1,657,949 |                          |  |   |             |  |  |                   |           |   |  |   | 1,657,949 |  
|Construction in progress and land held for development |  |                      | 493       |  |                      |   | 137,210   |                          |  |   | 198,983      |  |  |                   |           |   |  |   | 336,686   |  
|                                                       |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|Net real estate                                        |  |                      | 493       |  |                      |   | 1,795,159 |                          |  |   | 198,983      |  |  |                   |           |   |  |   | 1,994,635 |  
|Cash and cash equivalents                              |  |                      | 221,055   |  |                      |   | 669       |                          |  |   | 704          |  |  |                   |           |   |  |   | 222,428   |  
|Restricted cash                                        |  |                      |          |  |                      |   | 1,600     |                          |  |   |             |  |  |                   |           |   |  |   | 1,600     |  
|Rents and other receivables                            |  |                      | 9         |  |                      |   | 1,538     |                          |  |   | 1,680        |  |  |                   |           |   |  |   | 3,227     |  
|Deferred rent                                          |  |                      |          |  |                      |   | 92,767    |                          |  |   |             |  |  |                   |           |   |  |   | 92,767    |  
|Lease contracts above market value, net                |  |                      |          |  |                      |   | 13,484    |                          |  |   |             |  |  |                   |           |   |  |   | 13,484    |  
|Deferred costs, net                                    |  |                      | 14,071    |  |                      |   | 31,472    |                          |  |   |             |  |  |                   |           |   |  |   | 45,543    |  
|Investment in affiliates                               |  |                      | 1,875,147 |  |                      |   |          |                          |  |   |             |  |  |                   | (1,875,147 | ) |  |   |          |  
|Prepaid expenses and other assets                      |  |                      | 1,435     |  |                      |   | 16,624    |                          |  |   | 1,186        |  |  |                   |           |   |  |   | 19,245    |  
|                                                       |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|Total assets                                           |  | $                    | 2,112,210 |  |                      | $ | 1,953,313 |                          |  | $ | 202,553      |  |  | $                 | (1,875,147 | ) |  | $ | 2,392,929 |  
|                                                       |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|LIABILITIES AND PARTNERS CAPITAL                      |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|Liabilities:                                           |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|Mortgage notes payable                                 |  | $                    |          |  |                      | $ | 150,000   |                          |  | $ |             |  |  | $                 |           |   |  | $ | 150,000   |  
|Unsecured notes payable                                |  |                      | 550,000   |  |                      |   |          |                          |  |   |             |  |  |                   |           |   |  |   | 550,000   |  
|Accounts payable and accrued liabilities               |  |                      | 4,469     |  |                      |   | 15,273    |                          |  |   | 1,667        |  |  |                   |           |   |  |   | 21,409    |  
|Construction costs payable                             |  |                      | 10        |  |                      |   | 30,925    |                          |  |   | 36,327       |  |  |                   |           |   |  |   | 67,262    |  
|Accrued interest payable                               |  |                      | 2,167     |  |                      |   | 599       |                          |  |   |             |  |  |                   |           |   |  |   | 2,766     |  
|Distribution payable                                   |  |                      | 12,970    |  |                      |   |          |                          |  |   |             |  |  |                   |           |   |  |   | 12,970    |  
|Lease contracts below market value, net                |  |                      |          |  |                      |   | 23,319    |                          |  |   |             |  |  |                   |           |   |  |   | 23,319    |  
|Prepaid rents and other liabilities                    |  |                      | 35        |  |                      |   | 21,967    |                          |  |   | 642          |  |  |                   |           |   |  |   | 22,644    |  
|                                                       |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|Total liabilities                                      |  |                      | 569,651   |  |                      |   | 242,083   |                          |  |   | 38,636       |  |  |                   |           |   |  |   | 850,370   |  
|Redeemable partnership units                           |  |                      | 466,823   |  |                      |   |          |                          |  |   |             |  |  |                   |           |   |  |   | 466,823   |  
|Commitments and contingencies                          |  |                      |          |  |                      |   |          |                          |  |   |             |  |  |                   |           |   |  |   |          |  
|Partners capital:                                     |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|General partners capital                              |  |                      | 11,910    |  |                      |   |          |                          |  |   |             |  |  |                   |           |   |  |   | 11,910    |  
|Limited partners capital                              |  |                      | 1,063,826 |  |                      |   | 1,711,230 |                          |  |   | 163,917      |  |  |                   | (1,875,147 | ) |  |   | 1,063,826 |  
|                                                       |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|Total partners capital                                |  |                      | 1,075,736 |  |                      |   | 1,711,230 |                          |  |   | 163,917      |  |  |                   | (1,875,147 | ) |  |   | 1,075,736 |  
|                                                       |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|Total liabilities & partners capital                  |  | $                    | 2,112,210 |  |                      | $ | 1,953,313 |                          |  | $ | 202,553      |  |  | $                 | (1,875,147 | ) |  | $ | 2,392,929 |  
|                                                       |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  



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DUPONT FABROS TECHNOLOGY, L.P.

SUPPLEMENTAL CONSOLIDATING BALANCE SHEETS

(in thousands)



|                                                       |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|------------------------------------------------------ |  | -------------------- | --------- |  | -------------------- | - | --------- | ------------------------ |  | - | ------------ |  |  | ----------------- | ---------- | - |  | - | --------- | -
|                                                       |  | December 31, 2009    |          
|                                                       |  | OperatingPartnership |           |  | SubsidiaryGuarantors |   |           | SubsidiaryNon-Guarantors |  |   | Eliminations |  |  | ConsolidatedTotal |           
|ASSETS                                                 |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|Income producing property:                             |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|Land                                                   |  | $                    |          |  |                      | $ | 44,001    |                          |  | $ |             |  |  | $                 |           |   |  | $ | 44,001    |  
|Buildings and improvements                             |  |                      |          |  |                      |   | 1,438,598 |                          |  |   |              |  |  |                   |            |   |  |   | 1,438,598 |  
|                                                       |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|                                                       |  |                      |          |  |                      |   | 1,482,599 |                          |  |   |             |  |  |                   |           |   |  |   | 1,482,599 |  
|Less: accumulated depreciation                         |  |                      |          |  |                      |   | (115,225  | )                        |  |   |             |  |  |                   |           |   |  |   | (115,225  | )
|                                                       |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|Net income producing property                          |  |                      |          |  |                      |   | 1,367,374 |                          |  |   |             |  |  |                   |           |   |  |   | 1,367,374 |  
|Construction in progress and land held for development |  |                      |          |  |                      |   | 250,634   |                          |  |   | 79,536       |  |  |                   |           |   |  |   | 330,170   |  
|                                                       |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|Net real estate                                        |  |                      |          |  |                      |   | 1,618,008 |                          |  |   | 79,536       |  |  |                   |           |   |  |   | 1,697,544 |  
|Cash and cash equivalents                              |  |                      | 15,119    |  |                      |   | 17,787    |                          |  |   | 682          |  |  |                   |           |   |  |   | 33,588    |  
|Marketable securities held to maturity                 |  |                      | 138,978   |  |                      |   |          |                          |  |   |             |  |  |                   |           |   |  |   | 138,978   |  
|Restricted cash                                        |  |                      |          |  |                      |   | 10,222    |                          |  |   |             |  |  |                   |           |   |  |   | 10,222    |  
|Rents and other receivables                            |  |                      | 13        |  |                      |   | 381       |                          |  |   | 2,156        |  |  |                   |           |   |  |   | 2,550     |  
|Deferred rent                                          |  |                      |          |  |                      |   | 57,364    |                          |  |   |             |  |  |                   |           |   |  |   | 57,364    |  
|Lease contracts above market value, net                |  |                      |          |  |                      |   | 16,349    |                          |  |   |             |  |  |                   |           |   |  |   | 16,349    |  
|Deferred costs, net                                    |  |                      | 13,425    |  |                      |   | 38,783    |                          |  |   |             |  |  |                   |           |   |  |   | 52,208    |  
|Investment in affiliates                               |  |                      | 1,437,687 |  |                      |   |          |                          |  |   |             |  |  |                   | (1,437,687 | ) |  |   |          |  
|Prepaid expenses and other assets                      |  |                      | 1,306     |  |                      |   | 6,484     |                          |  |   | 1,761        |  |  |                   |           |   |  |   | 9,551     |  
|                                                       |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|Total assets                                           |  | $                    | 1,606,528 |  |                      | $ | 1,765,378 |                          |  | $ | 84,135       |  |  | $                 | (1,437,687 | ) |  | $ | 2,018,354 |  
|                                                       |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|LIABILITIES AND PARTNERS CAPITAL                      |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|Liabilities:                                           |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|Mortgage notes payable                                 |  | $                    |          |  |                      | $ | 348,500   |                          |  | $ |             |  |  | $                 |           |   |  | $ | 348,500   |  
|Unsecured notes payable                                |  |                      | 550,000   |  |                      |   |          |                          |  |   |             |  |  |                   |           |   |  |   | 550,000   |  
|Accounts payable and accrued liabilities               |  |                      | 5,000     |  |                      |   | 8,939     |                          |  |   | 2,362        |  |  |                   |           |   |  |   | 16,301    |  
|Construction costs payable                             |  |                      |          |  |                      |   | 5,586     |                          |  |   | 643          |  |  |                   |           |   |  |   | 6,229     |  
|Accrued interest payable                               |  |                      | 1,948     |  |                      |   | 1,562     |                          |  |   |             |  |  |                   |           |   |  |   | 3,510     |  
|Lease contracts below market value, net                |  |                      |          |  |                      |   | 28,689    |                          |  |   |             |  |  |                   |           |   |  |   | 28,689    |  
|Prepaid rents and other liabilities                    |  |                      | 19        |  |                      |   | 13,705    |                          |  |   | 1,840        |  |  |                   |           |   |  |   | 15,564    |  
|                                                       |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|Total liabilities                                      |  |                      | 556,967   |  |                      |   | 406,981   |                          |  |   | 4,845        |  |  |                   |           |   |  |   | 968,793   |  
|Redeemable partnership units                           |  |                      | 448,811   |  |                      |   |          |                          |  |   |             |  |  |                   |           |   |  |   | 448,811   |  
|Commitments and contingencies                          |  |                      |          |  |                      |   |          |                          |  |   |             |  |  |                   |           |   |  |   |          |  
|Partners capital:                                     |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|General partners capital                              |  |                      | 9,391     |  |                      |   |          |                          |  |   |             |  |  |                   |           |   |  |   | 9,391     |  
|Limited partners capital                              |  |                      | 591,359   |  |                      |   | 1,358,397 |                          |  |   | 79,290       |  |  |                   | (1,437,687 | ) |  |   | 591,359   |  
|                                                       |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|Total partners capital                                |  |                      | 600,750   |  |                      |   | 1,358,397 |                          |  |   | 79,290       |  |  |                   | (1,437,687 | ) |  |   | 600,750   |  
|                                                       |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  
|Total liabilities & partners capital                  |  | $                    | 1,606,528 |  |                      | $ | 1,765,378 |                          |  | $ | 84,135       |  |  | $                 | (1,437,687 | ) |  | $ | 2,018,354 |  
|                                                       |  |                      |           |  |                      |   |           |                          |  |   |              |  |  |                   |            |   |  |   |           |  



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DUPONT FABROS TECHNOLOGY, L.P.

SUPPLEMENTAL CONSOLIDATING STATEMENTS OF OPERATIONS

(in thousands)



|                                                       |                      |                              |         |                      |  |   |                          |   |  |              |       |   |                   |   |          |   |  |   |         |  
|------------------------------------------------------ | -------------------- | ---------------------------- | ------- | -------------------- |  | - | ------------------------ | - |  | ------------ | ----- | - | ----------------- | - | -------- | - |  | - | ------- | -
|                                                       |                      | Year ended December 31, 2010 |        
|                                                       | OperatingPartnership |                              |         | SubsidiaryGuarantors |  |   | SubsidiaryNon-Guarantors |   |  | Eliminations |       |   | ConsolidatedTotal |  
|Revenues:                                              |                      |                              |         |                      |  |   |                          |   |  |              |       |   |                   |   |          |   |  |   |         |  
|Base rent                                              |                      | $                            |        |                      |  | $ | 154,258                  |   |  | $            |      |   |                   | $ |         |   |  | $ | 154,258 |  
|Recoveries from tenants                                |                      |                              |        |                      |  |   | 78,447                   |   |  |              |      |   |                   |   |         |   |  |   | 78,447  |  
|Other revenues                                         |                      |                              |        |                      |  |   | 1,423                    |   |  |              | 8,413 |   |                   |   |         |   |  |   | 9,836   |  
|                                                       |                      |                              |         |                      |  |   |                          |   |  |              |       |   |                   |   |          |   |  |   |         |  
|Total revenues                                         |                      |                              |        |                      |  |   | 234,128                  |   |  |              | 8,413 |   |                   |   |         |   |  |   | 242,541 |  
|Expenses:                                              |                      |                              |         |                      |  |   |                          |   |  |              |       |   |                   |   |          |   |  |   |         |  
|Property operating costs                               |                      |                              |        |                      |  |   | 66,896                   |   |  |              | 137   |   |                   |   |         |   |  |   | 67,033  |  
|Real estate taxes and insurance                        |                      |                              |        |                      |  |   | 5,093                    |   |  |              | 188   |   |                   |   |          |   |  |   | 5,281   |  
|Depreciation and amortization                          |                      |                              | 103     |                      |  |   | 62,376                   |   |  |              | 4     |   |                   |   |         |   |  |   | 62,483  |  
|General and administrative                             |                      |                              | 12,531  |                      |  |   | 261                      |   |  |              | 1,951 |   |                   |   |         |   |  |   | 14,743  |  
|Other expenses                                         |                      |                              | 55      |                      |  |   | 110                      |   |  |              | 6,959 |   |                   |   |         |   |  |   | 7,124   |  
|                                                       |                      |                              |         |                      |  |   |                          |   |  |              |       |   |                   |   |          |   |  |   |         |  
|Total expenses                                         |                      |                              | 12,689  |                      |  |   | 134,736                  |   |  |              | 9,239 |   |                   |   |         |   |  |   | 156,664 |  
|                                                       |                      |                              |         |                      |  |   |                          |   |  |              |       |   |                   |   |          |   |  |   |         |  
|Operating income (loss)                                |                      |                              | (12,689 | )                    |  |   | 99,392                   |   |  |              | (826  | ) |                   |   |         |   |  |   | 85,877  |  
|Interest income                                        |                      |                              | 1,065   |                      |  |   | 9                        |   |  |              |      |   |                   |   |          |   |  |   | 1,074   |  
|Interest:                                              |                      |                              |         |                      |  |   |                          |   |  |              |       |   |                   |   |          |   |  |   |         |  
|Expense incurred                                       |                      |                              | (46,967 | )                    |  |   | 4,938                    |   |  |              | 5,283 |   |                   |   |         |   |  |   | (36,746 | )
|Amortization of deferred financing costs               |                      |                              | (2,294  | )                    |  |   | (4,403                   | ) |  |              | 200   |   |                   |   |         |   |  |   | (6,497  | )
|Equity in earnings                                     |                      |                              | 104,593 |                      |  |   |                         |   |  |              |      |   |                   |   | (104,593 | ) |  |   |        |  
|                                                       |                      |                              |         |                      |  |   |                          |   |  |              |       |   |                   |   |          |   |  |   |         |  
|Net income (loss)                                      |                      |                              | 43,708  |                      |  |   | 99,936                   |   |  |              | 4,657 |   |                   |   | (104,593 | ) |  |   | 43,708  |  
|Net income attributable to noncontrolling interests    |                      |                              |        |                      |  |   |                         |   |  |              |      |   |                   |   |         |   |  |   |        |  
|                                                       |                      |                              |         |                      |  |   |                          |   |  |              |       |   |                   |   |          |   |  |   |         |  
|Net income(loss) attributable to controlling interests |                      |                              | 43,708  |                      |  |   | 99,936                   |   |  |              | 4,657 |   |                   |   | (104,593 | ) |  |   | 43,708  |  
|Preferred unit distributions                           |                      |                              | (3,157  | )                    |  |   |                         |   |  |              |      |   |                   |   |         |   |  |   | (3,157  | )
|                                                       |                      |                              |         |                      |  |   |                          |   |  |              |       |   |                   |   |          |   |  |   |         |  
|Net income (loss) attributable to common units         |                      | $                            | 40,551  |                      |  | $ | 99,936                   |   |  | $            | 4,657 |   |                   | $ | (104,593 | ) |  | $ | 40,551  |  
|                                                       |                      |                              |         |                      |  |   |                          |   |  |              |       |   |                   |   |          |   |  |   |         |  



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DUPONT FABROS TECHNOLOGY, L.P.

SUPPLEMENTAL CONSOLIDATING STATEMENTS OF OPERATIONS

(in thousands)



|                                                        |                      |                              |         |                      |  |   |                          |   |  |              |        |   |                   |   |         |   |  |   |         |  
|------------------------------------------------------- | -------------------- | ---------------------------- | ------- | -------------------- |  | - | ------------------------ | - |  | ------------ | ------ | - | ----------------- | - | ------- | - |  | - | ------- | -
|                                                        |                      | Year ended December 31, 2009 |        
|                                                        | OperatingPartnership |                              |         | SubsidiaryGuarantors |  |   | SubsidiaryNon-Guarantors |   |  | Eliminations |        |   | ConsolidatedTotal |  
|Revenues:                                               |                      |                              |         |                      |  |   |                          |   |  |              |        |   |                   |   |         |   |  |   |         |  
|Base rent                                               |                      | $                            |        |                      |  | $ | 116,829                  |   |  | $            |       |   |                   | $ |        |   |  | $ | 116,829 |  
|Recoveries from tenants                                 |                      |                              |        |                      |  |   | 69,014                   |   |  |              |       |   |                   |   |        |   |  |   | 69,014  |  
|Other revenues                                          |                      |                              |        |                      |  |   | 957                      |   |  |              | 13,482 |   |                   |   |        |   |  |   | 14,439  |  
|                                                        |                      |                              |         |                      |  |   |                          |   |  |              |        |   |                   |   |         |   |  |   |         |  
|Total revenues                                          |                      |                              |        |                      |  |   | 186,800                  |   |  |              | 13,482 |   |                   |   |        |   |  |   | 200,282 |  
|Expenses:                                               |                      |                              |         |                      |  |   |                          |   |  |              |        |   |                   |   |         |   |  |   |         |  
|Property operating costs                                |                      |                              |        |                      |  |   | 62,478                   |   |  |              | 433    |   |                   |   |        |   |  |   | 62,911  |  
|Real estate taxes and insurance                         |                      |                              |        |                      |  |   | 4,865                    |   |  |              | 426    |   |                   |   |         |   |  |   | 5,291   |  
|Depreciation and amortization                           |                      |                              | 27      |                      |  |   | 56,671                   |   |  |              | 3      |   |                   |   |        |   |  |   | 56,701  |  
|General and administrative                              |                      |                              | 11,334  |                      |  |   | 304                      |   |  |              | 1,720  |   |                   |   |        |   |  |   | 13,358  |  
|Other expenses                                          |                      |                              | 5       |                      |  |   | 113                      |   |  |              | 11,367 |   |                   |   |         |   |  |   | 11,485  |  
|                                                        |                      |                              |         |                      |  |   |                          |   |  |              |        |   |                   |   |         |   |  |   |         |  
|Total expenses                                          |                      |                              | 11,366  |                      |  |   | 124,431                  |   |  |              | 13,949 |   |                   |   |        |   |  |   | 149,746 |  
|                                                        |                      |                              |         |                      |  |   |                          |   |  |              |        |   |                   |   |         |   |  |   |         |  
|Operating income (loss)                                 |                      |                              | (11,366 | )                    |  |   | 62,369                   |   |  |              | (467   | ) |                   |   |        |   |  |   | 50,536  |  
|Interest income                                         |                      |                              | 84      |                      |  |   | 294                      |   |  |              | 3      |   |                   |   |         |   |  |   | 381     |  
|Interest:                                               |                      |                              |         |                      |  |   |                          |   |  |              |        |   |                   |   |         |   |  |   |         |  
|Expense incurred                                        |                      |                              | (1,950  | )                    |  |   | (22,990                  | ) |  |              | (522   | ) |                   |   |        |   |  |   | (25,462 | )
|Amortization of deferred financing costs                |                      |                              | (73     | )                    |  |   | (8,545                   | ) |  |              | (236   | ) |                   |   |        |   |  |   | (8,854  | )
|Equity in earnings                                      |                      |                              | 16,191  |                      |  |   |                         |   |  |              |       |   |                   |   | (16,191 | ) |  |   |        |  
|Loss on discontinuance of cash flow hedge               |                      |                              |        |                      |  |   | (13,715                  | ) |  |              |       |   |                   |   |        |   |  |   | (13,715 | )
|                                                        |                      |                              |         |                      |  |   |                          |   |  |              |        |   |                   |   |         |   |  |   |         |  
|Net income (loss)                                       |                      |                              | 2,886   |                      |  |   | 17,413                   |   |  |              | (1,222 | ) |                   |   | (16,191 | ) |  |   | 2,886   |  
|Net loss attributable to noncontrolling interests       |                      |                              | 32      |                      |  |   |                         |   |  |              |       |   |                   |   |        |   |  |   | 32      |  
|                                                        |                      |                              |         |                      |  |   |                          |   |  |              |        |   |                   |   |         |   |  |   |         |  
|Net income (loss) attributable to controlling interests |                      |                              | 2,918   |                      |  |   | 17,413                   |   |  |              | (1,222 | ) |                   |   | (16,191 | ) |  |   | 2,918   |  
|Preferred unit distributions                            |                      |                              |        |                      |  |   |                         |   |  |              |       |   |                   |   |        |   |  |   |        |  
|                                                        |                      |                              |         |                      |  |   |                          |   |  |              |        |   |                   |   |         |   |  |   |         |  
|Net income (loss) attributable to common units          |                      | $                            | 2,918   |                      |  | $ | 17,413                   |   |  | $            | (1,222 | ) |                   | $ | (16,191 | ) |  | $ | 2,918   |  
|                                                        |                      |                              |         |                      |  |   |                          |   |  |              |        |   |                   |   |         |   |  |   |         |  



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DUPONT FABROS TECHNOLOGY, L.P.

SUPPLEMENTAL CONSOLIDATING STATEMENTS OF OPERATIONS

(in thousands)



|                                                        |  |                              |        |   |                      |   |         |                          |  |   |              |  |  |                   |         |   |  |   |         |  
|------------------------------------------------------- |  | ---------------------------- | ------ | - | -------------------- | - | ------- | ------------------------ |  | - | ------------ |  |  | ----------------- | ------- | - |  | - | ------- | -
|                                                        |  | Year ended December 31, 2008 |       
|                                                        |  | OperatingPartnership         |        |   | SubsidiaryGuarantors |   |         | SubsidiaryNon-Guarantors |  |   | Eliminations |  |  | ConsolidatedTotal |        
|Revenues:                                               |  |                              |        |   |                      |   |         |                          |  |   |              |  |  |                   |         |   |  |   |         |  
|Base rent                                               |  | $                            |       |   |                      | $ | 104,032 |                          |  | $ |             |  |  | $                 |        |   |  | $ | 104,032 |  
|Recoveries from tenants                                 |  |                              |       |   |                      |   | 58,802  |                          |  |   |             |  |  |                   |        |   |  |   | 58,802  |  
|Other revenues                                          |  |                              |       |   |                      |   | 681     |                          |  |   | 10,149       |  |  |                   |        |   |  |   | 10,830  |  
|                                                        |  |                              |        |   |                      |   |         |                          |  |   |              |  |  |                   |         |   |  |   |         |  
|Total revenues                                          |  |                              |       |   |                      |   | 163,515 |                          |  |   | 10,149       |  |  |                   |        |   |  |   | 173,664 |  
|Expenses:                                               |  |                              |        |   |                      |   |         |                          |  |   |              |  |  |                   |         |   |  |   |         |  
|Property operating costs                                |  |                              |       |   |                      |   | 50,918  |                          |  |   |             |  |  |                   |        |   |  |   | 50,918  |  
|Real estate taxes and insurance                         |  |                              |       |   |                      |   | 3,776   |                          |  |   | 210          |  |  |                   |         |   |  |   | 3,986   |  
|Depreciation and amortization                           |  |                              | 61     |   |                      |   | 50,641  |                          |  |   | 1            |  |  |                   |        |   |  |   | 50,703  |  
|General and administrative                              |  |                              | 9,246  |   |                      |   | 426     |                          |  |   | 896          |  |  |                   |        |   |  |   | 10,568  |  
|Other expenses                                          |  |                              | 95     |   |                      |   | 256     |                          |  |   | 8,652        |  |  |                   |         |   |  |   | 9,003   |  
|                                                        |  |                              |        |   |                      |   |         |                          |  |   |              |  |  |                   |         |   |  |   |         |  
|Total expenses                                          |  |                              | 9,402  |   |                      |   | 106,017 |                          |  |   | 9,759        |  |  |                   |        |   |  |   | 125,178 |  
|                                                        |  |                              |        |   |                      |   |         |                          |  |   |              |  |  |                   |         |   |  |   |         |  
|Operating income (loss)                                 |  |                              | (9,402 | ) |                      |   | 57,498  |                          |  |   | 390          |  |  |                   |        |   |  |   | 48,486  |  
|Interest income                                         |  |                              | 154    |   |                      |   | 148     |                          |  |   | 6            |  |  |                   |         |   |  |   | 308     |  
|Interest:                                               |  |                              |        |   |                      |   |         |                          |  |   |              |  |  |                   |         |   |  |   |         |  
|Expense incurred                                        |  |                              | (3     | ) |                      |   | (12,535 | )                        |  |   | 1,686        |  |  |                   |        |   |  |   | (10,852 | )
|Amortization of deferred financing costs                |  |                              |       |   |                      |   | (2,062  | )                        |  |   | 280          |  |  |                   |        |   |  |   | (1,782  | )
|Equity in earnings                                      |  |                              | 45,411 |   |                      |   |        |                          |  |   |             |  |  |                   | (45,411 | ) |  |   |        |  
|                                                        |  |                              |        |   |                      |   |         |                          |  |   |              |  |  |                   |         |   |  |   |         |  
|Net income (loss)                                       |  |                              | 36,160 |   |                      |   | 43,049  |                          |  |   | 2,362        |  |  |                   | (45,411 | ) |  |   | 36,160  |  
|Net income attributable to noncontrolling interests     |  |                              | (214   | ) |                      |   |        |                          |  |   |             |  |  |                   |        |   |  |   | (214    | )
|                                                        |  |                              |        |   |                      |   |         |                          |  |   |              |  |  |                   |         |   |  |   |         |  
|Net income (loss) attributable to controlling interests |  |                              | 35,946 |   |                      |   | 43,049  |                          |  |   | 2,362        |  |  |                   | (45,411 | ) |  |   | 35,946  |  
|Preferred unit distributions                            |  |                              |       |   |                      |   |        |                          |  |   |             |  |  |                   |        |   |  |   |        |  
|                                                        |  |                              |        |   |                      |   |         |                          |  |   |              |  |  |                   |         |   |  |   |         |  
|Net income (loss) attributable to common units          |  | $                            | 35,946 |   |                      | $ | 43,049  |                          |  | $ | 2,362        |  |  | $                 | (45,411 | ) |  | $ | 35,946  |  
|                                                        |  |                              |        |   |                      |   |         |                          |  |   |              |  |  |                   |         |   |  |   |         |  



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DUPONT FABROS TECHNOLOGY, L.P.

SUPPLEMENTAL CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)



|                                                       |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|------------------------------------------------------ |  | ---------------------------- | -------- | - | -------------------- | - | -------- | ------------------------ |  | - | ------------ | - |  | ----------------- | - |  |  | - | -------- | -
|                                                       |  | Year ended December 31, 2010 |         
|                                                       |  | OperatingPartnership         |          |   | SubsidiaryGuarantors |   |          | SubsidiaryNon-Guarantors |  |   | Eliminations |   |  | ConsolidatedTotal |  
|Cash flow from operating activities                    |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|                                                       |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Net cash provided by (used in) operating activities    |  | $                            | (58,779  | ) |                      | $ | 131,315  |                          |  | $ | 4,316        |   |  | $                 |  |  |  | $ | 76,852   |  
|                                                       |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Cash flow from investing activities                    |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Investments in real estatedevelopment                 |  |                              |         |   |                      |   | (180,813 | )                        |  |   | (84,404      | ) |  |                   |  |  |  |   | (265,217 | )
|Marketable securities held to maturity                 |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Purchase                                               |  |                              | (60,000  | ) |                      |   |         |                          |  |   |             |   |  |                   |  |  |  |   | (60,000  | )
|Redemption                                             |  |                              | 198,978  |   |                      |   |         |                          |  |   |             |   |  |                   |  |  |  |   | 198,978  |  
|Investments in affiliates                              |  |                              | (330,841 | ) |                      |   | 245,446  |                          |  |   | 85,395       |   |  |                   |  |  |  |   |         |  
|Interest capitalized for real estate under development |  |                              |         |   |                      |   | (19,895  | )                        |  |   | (5,282       | ) |  |                   |  |  |  |   | (25,177  | )
|Improvements to real estate                            |  |                              |         |   |                      |   | (2,985   | )                        |  |   |             |   |  |                   |  |  |  |   | (2,985   | )
|Additions to non-real estate property                  |  |                              | (64      | ) |                      |   | (563     | )                        |  |   | (3           | ) |  |                   |  |  |  |   | (630     | )
|                                                       |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Net cash (used in) provided by investing activities    |  |                              | (191,927 | ) |                      |   | 41,190   |                          |  |   | (4,294       | ) |  |                   |  |  |  |   | (155,031 | )
|                                                       |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Cash flow from financing activities                    |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Issuance of common units, net of offering costs        |  |                              | 305,176  |   |                      |   |         |                          |  |   |             |   |  |                   |  |  |  |   | 305,176  |  
|Issuance of preferred units, net of offering costs     |  |                              | 178,620  |   |                      |   |         |                          |  |   |             |   |  |                   |  |  |  |   | 178,620  |  
|Mortgage notes payable:                                |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Lump sum payoffs                                       |  |                              |         |   |                      |   | (196,500 | )                        |  |   |             |   |  |                   |  |  |  |   | (196,500 | )
|Repayments                                             |  |                              |         |   |                      |   | (2,000   | )                        |  |   |             |   |  |                   |  |  |  |   | (2,000   | )
|Return of escrowed proceeds                            |  |                              |         |   |                      |   | 8,896    |                          |  |   |             |   |  |                   |  |  |  |   | 8,896    |  
|Exercises of stock options                             |  |                              | 820      |   |                      |   |         |                          |  |   |             |   |  |                   |  |  |  |   | 820      |  
|Payments of financing costs                            |  |                              | (2,931   | ) |                      |   | (19      | )                        |  |   |             |   |  |                   |  |  |  |   | (2,950   | )
|Distributions                                          |  |                              | (25,043  | ) |                      |   |         |                          |  |   |             |   |  |                   |  |  |  |   | (25,043  | )
|                                                       |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Net cash provided by (used in) financing activities    |  |                              | 456,642  |   |                      |   | (189,623 | )                        |  |   |             |   |  |                   |  |  |  |   | 267,019  |  
|                                                       |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Net increase (decrease) in cash and cash equivalents   |  |                              | 205,936  |   |                      |   | (17,118  | )                        |  |   | 22           |   |  |                   |  |  |  |   | 188,840  |  
|Cash and cash equivalents, beginning                   |  |                              | 15,119   |   |                      |   | 17,787   |                          |  |   | 682          |   |  |                   |  |  |  |   | 33,588   |  
|                                                       |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Cash and cash equivalents, ending                      |  | $                            | 221,055  |   |                      | $ | 669      |                          |  | $ | 704          |   |  | $                 |  |  |  | $ | 222,428  |  
|                                                       |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  



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DUPONT FABROS TECHNOLOGY, L.P.

SUPPLEMENTAL CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)



|                                                       |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|------------------------------------------------------ |  | ---------------------------- | -------- | - | -------------------- | - | -------- | ------------------------ |  | - | ------------ | - |  | ----------------- | - |  |  | - | -------- | -
|                                                       |  | Year ended December 31, 2009 |         
|                                                       |  | OperatingPartnership         |          |   | SubsidiaryGuarantors |   |          | SubsidiaryNon-Guarantors |  |   | Eliminations |   |  | ConsolidatedTotal |  
|Cash flow from operating activities                    |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|                                                       |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Net cash provided by (used in) operating activities    |  | $                            | (8,472   | ) |                      | $ | 76,043   |                          |  | $ | (1,673       | ) |  | $                 |  |  |  | $ | 65,898   |  
|                                                       |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Cash flow from investing activities                    |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Investments in real estatedevelopment                 |  |                              |         |   |                      |   | (113,918 | )                        |  |   |             |   |  |                   |  |  |  |   | (113,918 | )
|Marketable securities held to maturity                 |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Purchase                                               |  |                              | (138,978 | ) |                      |   |         |                          |  |   |             |   |  |                   |  |  |  |   | (138,978 | )
|Investments in affiliates                              |  |                              | (385,883 | ) |                      |   | 385,087  |                          |  |   | 796          |   |  |                   |  |  |  |   |         |  
|Interest capitalized for real estate under development |  |                              |         |   |                      |   | (5,691   | )                        |  |   |             |   |  |                   |  |  |  |   | (5,691   | )
|Improvements to real estate                            |  |                              |         |   |                      |   | (3,384   | )                        |  |   |             |   |  |                   |  |  |  |   | (3,384   | )
|Additions to non-real estate property                  |  |                              | (41      | ) |                      |   | (363     | )                        |  |   |              |   |  |                   |   |  |  |   | (404     | )
|                                                       |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Net cash (used in) provided by investing activities    |  |                              | (524,902 | ) |                      |   | 261,731  |                          |  |   | 796          |   |  |                   |  |  |  |   | (262,375 | )
|                                                       |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Cash flow from financing activities                    |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Line of credit:                                        |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Repayments                                             |  |                              |         |   |                      |   | (233,424 | )                        |  |   |             |   |  |                   |  |  |  |   | (233,424 | )
|Unsecured notes:                                       |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Proceeds                                               |  |                              | 550,000  |   |                      |   |         |                          |  |   |             |   |  |                   |  |  |  |   | 550,000  |  
|Mortgage notes payable:                                |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Proceeds                                               |  |                              |         |   |                      |   | 326,726  |                          |  |   | 5,000        |   |  |                   |  |  |  |   | 331,726  |  
|Lump sum payoffs                                       |  |                              |         |   |                      |   | (360,121 | )                        |  |   | (5,000       | ) |  |                   |  |  |  |   | (365,121 | )
|Repayments                                             |  |                              |         |   |                      |   | (51,500  | )                        |  |   |             |   |  |                   |  |  |  |   | (51,500  | )
|Escrowed proceeds                                      |  |                              |         |   |                      |   | (10,000  | )                        |  |   |             |   |  |                   |  |  |  |   | (10,000  | )
|Payments of financing costs                            |  |                              | (13,498  | ) |                      |   | (7,812   | )                        |  |   |             |   |  |                   |  |  |  |   | (21,310  | )
|Payment for termination of cash flow hedge             |  |                              |         |   |                      |   | (13,715  | )                        |  |   |             |   |  |                   |  |  |  |   | (13,715  | )
|Distributions                                          |  |                              | (10,103  | ) |                      |   |         |                          |  |   |             |   |  |                   |  |  |  |   | (10,103  | )
|                                                       |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Net cash provided by (used in) financing activities    |  |                              | 526,399  |   |                      |   | (349,846 | )                        |  |   |             |   |  |                   |  |  |  |   | 176,553  |  
|                                                       |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Net decrease in cash and cash equivalents              |  |                              | (6,975   | ) |                      |   | (12,072  | )                        |  |   | (877         | ) |  |                   |  |  |  |   | (19,924  | )
|Cash and cash equivalents, beginning                   |  |                              | 22,094   |   |                      |   | 29,859   |                          |  |   | 1,559        |   |  |                   |  |  |  |   | 53,512   |  
|                                                       |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  
|Cash and cash equivalents, ending                      |  | $                            | 15,119   |   |                      | $ | 17,787   |                          |  | $ | 682          |   |  | $                 |  |  |  | $ | 33,588   |  
|                                                       |  |                              |          |   |                      |   |          |                          |  |   |              |   |  |                   |   |  |  |   |          |  



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DUPONT FABROS TECHNOLOGY, L.P.

SUPPLEMENTAL CONSOLIDATING STATEMENTS OF CASH FLOWS

(in thousands)



|                                                       |                      |                              |         |                      |  |   |                          |   |  |              |         |   |                   |   |   |  |  |   |          |  
|------------------------------------------------------ | -------------------- | ---------------------------- | ------- | -------------------- |  | - | ------------------------ | - |  | ------------ | ------- | - | ----------------- | - | - |  |  | - | -------- | -
|                                                       |                      | Year ended December 31, 2008 |        
|                                                       | OperatingPartnership |                              |         | SubsidiaryGuarantors |  |   | SubsidiaryNon-Guarantors |   |  | Eliminations |         |   | ConsolidatedTotal |  
|Cash flow from operating activities                    |                      |                              |         |                      |  |   |                          |   |  |              |         |   |                   |   |   |  |  |   |          |  
|                                                       |                      |                              |         |                      |  |   |                          |   |  |              |         |   |                   |   |   |  |  |   |          |  
|Net cash provided by (used in) operating activities    |                      | $                            | (8,939  | )                    |  | $ | 66,715                   |   |  | $            | 1,500   |   |                   | $ |  |  |  | $ | 59,276   |  
|                                                       |                      |                              |         |                      |  |   |                          |   |  |              |         |   |                   |   |   |  |  |   |          |  
|Cash flow from investing activities                    |                      |                              |         |                      |  |   |                          |   |  |              |         |   |                   |   |   |  |  |   |          |  
|Investments in real estatedevelopment                 |                      |                              |        |                      |  |   | (251,157                 | ) |  |              | (66,142 | ) |                   |   |  |  |  |   | (317,299 | )
|Investments in affiliates                              |                      |                              | 79,184  |                      |  |   | (147,071                 | ) |  |              | 67,887  |   |                   |   |  |  |  |   |         |  
|Interest capitalized for real estate under development |                      |                              |        |                      |  |   | (11,464                  | ) |  |              | (1,686  | ) |                   |   |  |  |  |   | (13,150  | )
|Improvements to real estate                            |                      |                              |        |                      |  |   | (3,701                   | ) |  |              |        |   |                   |   |  |  |  |   | (3,701   | )
|Additions to non-real estate property                  |                      |                              | (432    | )                    |  |   | (210                     | ) |  |              |        |   |                   |   |  |  |  |   | (642     | )
|                                                       |                      |                              |         |                      |  |   |                          |   |  |              |         |   |                   |   |   |  |  |   |          |  
|Net cash (used in) provided by investing activities    |                      |                              | 78,752  |                      |  |   | (413,603                 | ) |  |              | 59      |   |                   |   |  |  |  |   | (334,792 | )
|                                                       |                      |                              |         |                      |  |   |                          |   |  |              |         |   |                   |   |   |  |  |   |          |  
|Cash flow from financing activities                    |                      |                              |         |                      |  |   |                          |   |  |              |         |   |                   |   |   |  |  |   |          |  
|Line of credit:                                        |                      |                              |         |                      |  |   |                          |   |  |              |         |   |                   |   |   |  |  |   |          |  
|Proceeds                                               |                      |                              |        |                      |  |   | 233,700                  |   |  |              |        |   |                   |   |  |  |  |   | 233,700  |  
|Repayments                                             |                      |                              |        |                      |  |   | (276                     | ) |  |              |        |   |                   |   |  |  |  |   | (276     | )
|Mortgage notes payable:                                |                      |                              |         |                      |  |   |                          |   |  |              |         |   |                   |   |   |  |  |   |          |  
|Proceeds                                               |                      |                              |        |                      |  |   | 136,676                  |   |  |              |        |   |                   |   |  |  |  |   | 136,676  |  
|Offering costs                                         |                      |                              |        |                      |  |   | (87                      | ) |  |              |        |   |                   |   |  |  |  |   | (87      | )
|Payments of financing costs                            |                      |                              |        |                      |  |   | (4,776                   | ) |  |              |        |   |                   |   |  |  |  |   | (4,776   | )
|Distributions                                          |                      |                              | (47,719 | )                    |  |   |                         |   |  |              |        |   |                   |   |  |  |  |   | (47,719  | )
|                                                       |                      |                              |         |                      |  |   |                          |   |  |              |         |   |                   |   |   |  |  |   |          |  
|Net cash provided by (used in) financing activities    |                      |                              | (47,719 | )                    |  |   | 365,237                  |   |  |              |        |   |                   |   |  |  |  |   | 317,518  |  
|                                                       |                      |                              |         |                      |  |   |                          |   |  |              |         |   |                   |   |   |  |  |   |          |  
|Net increase in cash and cash equivalents              |                      |                              | 22,094  |                      |  |   | 18,349                   |   |  |              | 1,559   |   |                   |   |  |  |  |   | 42,002   |  
|Cash and cash equivalents, beginning                   |                      |                              |        |                      |  |   | 11,510                   |   |  |              |        |   |                   |   |  |  |  |   | 11,510   |  
|                                                       |                      |                              |         |                      |  |   |                          |   |  |              |         |   |                   |   |   |  |  |   |          |  
|Cash and cash equivalents, ending                      |                      | $                            | 22,094  |                      |  | $ | 29,859                   |   |  | $            | 1,559   |   |                   | $ |  |  |  | $ | 53,512   |  
|                                                       |                      |                              |         |                      |  |   |                          |   |  |              |         |   |                   |   |   |  |  |   |          |  



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19. Subsequent Events

Unsecured Credit Facility Amendment

On February 4, 2011, the
Operating Partnership entered into a first amendment to its Unsecured Credit Facility, which removes the 1% floor for LIBOR established under the original agreement and establishes applicable margins for LIBOR based loans and base rate loans
that are based on the Companys ratio of total indebtedness to gross asset value. Under the amendment, the Company may still elect to have borrowings under the facility bear interest at either LIBOR or a base rate, in each case plus an
applicable margin. The applicable margin added to LIBOR now is based on the table below instead of a flat 450 basis points, and the applicable margin added to the base rate now is based on the table below instead of a flat 300 basis points.



|                |  |                                                  |  |  |  |                   |  |                
|--------------- |  | ------------------------------------------------ |  |  |  | ----------------- |  | ---------------
|                |  |                                                  |  |  |  | Applicable Margin
|Pricing Level   |  | Ratio of Total Indebtedness
to Gross Asset Value |  |  |  | LIBOR Rate Loans  |  | Base Rate Loans
|Pricing Level 1 |  | Less than or equal to 35%                        |  |  |  | 3.25%             |  | 1.25%          
|Pricing Level 2 |  | Greater than 35% but less than or equal to 45%   |  |  |  | 3.50%             |  | 1.50%          
|Pricing Level 3 |  | Greater than 45% but less than or equal to 55%   |  |  |  | 3.75%             |  | 1.75%          
|Pricing Level 4 |  | Greater than 55%                                 |  |  |  | 4.25%             |  | 2.25%          

Under the
amendment, the initial applicable margin is set at pricing level 1. The terms of the amendment provide for the adjustment to the applicable margin from time to time.



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DUPONT FABROS TECHNOLOGY, L.P.

SCHEDULE III

CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2010

(in thousands)



|                         |  |               |         |  |                         |   |        |                                          |  |   |                                        |  |  |                                            |       |  |                         |   |         |              |  |   |        |  |  |   |           |  |  |   |           |  |  |   |          |   |  |  |           |  |  |  |      | 
|------------------------ |  | ------------- | ------- |  | ----------------------- | - | ------ | ---------------------------------------- |  | - | -------------------------------------- |  |  | ------------------------------------------ | ----- |  | ----------------------- | - | ------- | ------------ |  | - | ------ |  |  | - | --------- |  |  | - | --------- |  |  | - | -------- | - |  |  | --------- |  |  |  | ---- | 
|                         |  | Encum-brances |         |  | Initial Cost            |   |        | Cost CapitalizedSubsequent toAcquisition |  |   | Gross Carry Amount atDecember 31, 2010 |  |  | AccumulatedDepreciation atDecember 31,2010 |       |  | YearBuilt/Renovated     |   |         | YearAcquired | 
|                         |  | Land          |         |  | Buildings &Improvements |   |        | Land                                     |  |   | Buildings &Improvements                |  |  | Land                                       |       |  | Buildings &Improvements |   |         | Total        |  |   |        | 
|Operating Properties (1) |  |               |         |  |                         |   |        |                                          |  |   |                                        |  |  |                                            |       |  |                         |   |         |              |  |   |        |  |  |   |           |  |  |   |           |  |  |   |          |   |  |  |           |  |  |  |      | 
|ACC2                     |  | $             |        |  |                         | $ | 2,500  |                                          |  | $ | 157,100                                |  |  | $                                          |      |  |                         | $ | 1,495   |              |  | $ | 2,500  |  |  | $ | 158,595   |  |  | $ | 161,095   |  |  | $ | (22,927  | ) |  |  | 2005      |  |  |  | 2001 | 
|ACC3                     |  |               |        |  |                         |   | 1,071  |                                          |  |   |                                       |  |  |                                            |      |  |                         |   | 94,569  |              |  |   | 1,071  |  |  |   | 94,569    |  |  |   | 95,640    |  |  |   | (15,752  | ) |  |  | 2006      |  |  |  | 2001 | 
|ACC4                     |  |               |        |  |                         |   | 6,600  |                                          |  |   | 506,081                                |  |  |                                            |      |  |                         |   | 29,214  |              |  |   | 6,600  |  |  |   | 535,295   |  |  |   | 541,895   |  |  |   | (60,822  | ) |  |  | 2007      |  |  |  | 2006 | 
|ACC5                     |  |               | 150,000 |  |                         |   | 6,442  |                                          |  |   | 43                                     |  |  |                                            |      |  |                         |   | 298,955 |              |  |   | 6,442  |  |  |   | 298,998   |  |  |   | 305,440   |  |  |   | (8,070   | ) |  |  | 2009-2010 |  |  |  | 2007 | 
|VA3                      |  |               |        |  |                         |   | 9,000  |                                          |  |   | 172,881                                |  |  |                                            |      |  |                         |   | 1,417   |              |  |   | 9,000  |  |  |   | 174,298   |  |  |   | 183,298   |  |  |   | (28,819  | ) |  |  | 2003-2004 |  |  |  | 2003 | 
|VA4                      |  |               |        |  |                         |   | 6,800  |                                          |  |   | 140,575                                |  |  |                                            |      |  |                         |   | 1,417   |              |  |   | 6,800  |  |  |   | 141,992   |  |  |   | 148,792   |  |  |   | (20,311  | ) |  |  | 2005      |  |  |  | 2005 | 
|CH1 Phase I              |  |               |        |  |                         |   | 12,646 |                                          |  |   | 70,190                                 |  |  |                                            | 1,161 |  |                         |   | 112,462 |              |  |   | 13,807 |  |  |   | 182,652   |  |  |   | 196,459   |  |  |   | (14,733  | ) |  |  | 2007-2008 |  |  |  | 2007 | 
|NJ1 Phase I              |  |               |        |  |                         |   | 4,311  |                                          |  |   | 193,556                                |  |  |                                            |      |  |                         |   |        |              |  |   | 4,311  |  |  |   | 193,556   |  |  |   | 197,867   |  |  |   | (1,103   | ) |  |  | 2008-2010 |  |  |  | 2007 | 
|                         |  |               |         |  |                         |   |        |                                          |  |   |                                        |  |  |                                            |       |  |                         |   |         |              |  |   |        |  |  |   |           |  |  |   |           |  |  |   |          |   |  |  |           |  |  |  |      | 
|Subtotal                 |  |               | 150,000 |  |                         |   | 49,370 |                                          |  |   | 1,240,426                              |  |  |                                            | 1,161 |  |                         |   | 539,529 |              |  |   | 50,531 |  |  |   | 1,779,955 |  |  |   | 1,830,486 |  |  |   | (172,537 | ) |  |  |           |  |  |  |      | 
|                         |  |               |         |  |                         |   |        |                                          |  |   |                                        |  |  |                                            |       |  |                         |   |         |              |  |   |        |  |  |   |           |  |  |   |           |  |  |   |          |   |  |  |           |  |  |  |      | 
|Development Properties   |  |               |         |  |                         |   |        |                                          |  |   |                                        |  |  |                                            |       |  |                         |   |         |              |  |   |        |  |  |   |           |  |  |   |           |  |  |   |          |   |  |  |           |  |  |  |      | 
|ACC6 (1)(2)              |  |               |        |  |                         |   | 5,518  |                                          |  |   |                                       |  |  |                                            |      |  |                         |   | 74,702  |              |  |   | 5,518  |  |  |   | 74,702    |  |  |   | 80,220    |  |  |   |         |   |  |  |           |  |  |  | 2007 | 
|SC1 and SC2              |  |               |        |  |                         |   | 22,415 |                                          |  |   |                                       |  |  |                                            |      |  |                         |   | 172,819 |              |  |   | 22,415 |  |  |   | 172,819   |  |  |   | 195,234   |  |  |   |         |   |  |  |           |  |  |  | 2007 | 
|CH1 Phase II (1)         |  |               |        |  |                         |   | 9,805  |                                          |  |   |                                       |  |  |                                            |      |  |                         |   | 7,910   |              |  |   | 9,805  |  |  |   | 7,910     |  |  |   | 17,715    |  |  |   |         |   |  |  |           |  |  |  | 2007 | 
|NJ1 Phase II (1)         |  |               |        |  |                         |   | 4,312  |                                          |  |   |                                       |  |  |                                            |      |  |                         |   | 34,963  |              |  |   | 4,312  |  |  |   | 34,963    |  |  |   | 39,275    |  |  |   |         |   |  |  |           |  |  |  | 2007 | 
|ACC7                     |  |               |        |  |                         |   | 4,242  |                                          |  |   |                                       |  |  |                                            |      |  |                         |   |        |              |  |   | 4,242  |  |  |   |          |  |  |   | 4,242     |  |  |   |         |   |  |  |           |  |  |  | 2007 | 
|                         |  |               |         |  |                         |   |        |                                          |  |   |                                        |  |  |                                            |       |  |                         |   |         |              |  |   |        |  |  |   |           |  |  |   |           |  |  |   |          |   |  |  |           |  |  |  |      | 
|Subtotal                 |  |               |        |  |                         |   | 46,292 |                                          |  |   |                                       |  |  |                                            |      |  |                         |   | 290,394 |              |  |   | 46,292 |  |  |   | 290,394   |  |  |   | 336,686   |  |  |   |         |   |  |  |           |  |  |  |      | 
|                         |  |               |         |  |                         |   |        |                                          |  |   |                                        |  |  |                                            |       |  |                         |   |         |              |  |   |        |  |  |   |           |  |  |   |           |  |  |   |          |   |  |  |           |  |  |  |      | 
|Grand Total              |  | $             | 150,000 |  |                         | $ | 95,662 |                                          |  | $ | 1,240,426                              |  |  | $                                          | 1,161 |  |                         | $ | 829,923 |              |  | $ | 96,823 |  |  | $ | 2,070,349 |  |  | $ | 2,167,172 |  |  | $ | (172,537 | ) |  |  |           |  |  |  |      | 
|                         |  |               |         |  |                         |   |        |                                          |  |   |                                        |  |  |                                            |       |  |                         |   |         |              |  |   |        |  |  |   |           |  |  |   |           |  |  |   |          |   |  |  |           |  |  |  |      | 



|(1) | The subsidiaries that own these data centers are guarantors of the Companys $550.0 million 8.5% Unsecured Notes.
|--- | -----------------------------------------------------------------------------------------------------------------

|(2) | The subsidiary that owns this data center is encumbered by the Companys ACC5 Term Loan.
|--- | ----------------------------------------------------------------------------------------



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DUPONT FABROS TECHNOLOGY, L.P.

SCHEDULE III

CONSOLIDATED REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2010

The following is a reconciliation of real estate assets
and accumulated depreciation for the years ended December 31, 2010, 2009 and 2008:



|                                |  |                |           |  |      |   |           |      |  |   |           | 
|------------------------------- |  | -------------- | --------- |  | ---- | - | --------- | ---- |  | - | --------- | 
|                                |  | 2010           |           |  | 2009 |   |           | 2008 | 
|                                |  | (in thousands) |          
|Real estate assets              |  |                |           |  |      |   |           |      |  |   |           | 
|Balance, beginning of period    |  | $              | 1,812,769 |  |      | $ | 1,764,728 |      |  | $ | 1,374,117 | 
|Additionsproperty acquisitions |  |                |          |  |      |   |          |      |  |   |          | 
|improvements                   |  |                | 354,403   |  |      |   | 48,041    |      |  |   | 390,611   | 
|                                |  |                |           |  |      |   |           |      |  |   |           | 
|Balance, end of period          |  | $              | 2,167,172 |  |      | $ | 1,812,769 |      |  | $ | 1,764,728 | 
|                                |  |                |           |  |      |   |           |      |  |   |           | 
|Accumulated depreciation        |  |                |           |  |      |   |           |      |  |   |           | 
|Balance, beginning of period    |  | $              | 115,225   |  |      | $ | 63,669    |      |  | $ | 17,672    | 
|Additionsdepreciation          |  |                | 57,312    |  |      |   | 51,556    |      |  |   | 45,997    | 
|                                |  |                |           |  |      |   |           |      |  |   |           | 
|Balance, end of period          |  | $              | 172,537   |  |      | $ | 115,225   |      |  | $ | 63,669    | 
|                                |  |                |           |  |      |   |           |      |  |   |           | 



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|ITEM 9. | CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
|------- | ------------------------------------------------------------------------------------

Not applicable.



|ITEM 9A. | CONTROLS AND PROCEDURES
|-------- | -----------------------

Controls and
Procedures with respect to DFT

Evaluation of Disclosure Controls and Procedures

Under the supervision and with the participation of DFTs management, including DFTs principal executive officer and principal
financial officer, DFT conducted an evaluation of the effectiveness of the design and operation of DFTs disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended,
as of the end of the period covered by this report (the Evaluation Date). Based on this evaluation, DFTs principal executive officer and principal financial officer concluded as of the Evaluation Date that DFTs disclosure
controls and procedures were effective such that the information relating to DFT, including DFTs consolidated subsidiaries, required to be disclosed in DFTs Securities and Exchange Commission (SEC) reports (i) is
recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to DFTs management, including DFTs principal executive officer and principal financial
officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control over Financial Reporting

Under the supervision and with the participation of DFTs management, including DFTs principal executive
officer and principal financial officer, DFT conducted an evaluation of any changes in DFTs internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during
DFTs most recently completed fiscal quarter. Based on that evaluation, DFTs principal executive officer and principal financial officer concluded that there has not been any change in DFTs internal control over financial reporting
during that quarter that has materially affected, or is reasonably likely to materially affect, DFTs internal control over financial reporting.

Managements Report on Internal Control over Financial Reporting

DFTs management is responsible for establishing and maintaining adequate internal control over financial reporting. DFTs
internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with U.S. generally
accepted accounting principles. DFTs internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of its assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that
receipts and expenditures are being made only in accordance with authorizations of its management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of
its assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.

DFTs management assessed the effectiveness of
its internal control over financial reporting as of December 31, 2010, utilizing the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control-Integrated Framework. Based on the
assessment by its



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management, DFT determined that its internal control over financial reporting was effective as of December 31, 2010. The effectiveness of DFTs internal control over financial reporting
as of December 31, 2010 has been audited by Ernst & Young LLP, DFTs independent registered public accounting firm, as stated in their report which appears on page 58 of this Annual Report on Form 10-K.

Controls and Procedures with respect to the Operating Partnership

Evaluation of Disclosure Controls and Procedures

Under the
supervision and with the participation of DFTs management, including DFTs principal executive officer and principal financial officer, DFT conducted an evaluation of the effectiveness of the design and operation of the Operating
Partnerships disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, as of the end of the period covered by this report (the Evaluation Date).
Based on this evaluation, DFTs principal executive officer and principal financial officer concluded as of the Evaluation Date that the Operating Partnerships disclosure controls and procedures were effective such that the information
relating to the Operating Partnership, including the Operating Partnerships consolidated subsidiaries, required to be disclosed in the Operating Partnerships SEC reports (i) is recorded, processed, summarized and reported within the
time periods specified in SEC rules and forms, and (ii) is accumulated and communicated to DFTs management, including DFTs principal executive officer and principal financial officer, as appropriate to allow timely decisions
regarding required disclosure.

Changes in Internal Control over Financial Reporting

Under the supervision and with the participation of DFTs management, including DFTs principal executive officer and principal
financial officer, DFT conducted an evaluation of any changes in the Operating Partnerships internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during
the Operating Partnerships most recently completed fiscal quarter. Based on that evaluation, DFTs principal executive officer and principal financial officer concluded that there has not been any change in the Operating
Partnerships internal control over financial reporting during that quarter that has materially affected, or is reasonably likely to materially affect, the Operating Partnerships internal control over financial reporting.

Managements Report on Internal Control over Financial Reporting

DTFs management is responsible for establishing and maintaining adequate internal control over financial reporting. The Operating
Partnerships internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with
U.S. generally accepted accounting principles. The Operating Partnerships internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of its assets; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted
accounting principles, and that receipts and expenditures are being made only in accordance with authorizations of its management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of its assets that could have a material effect on the financial statements.

Because of its
inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

DFTs
management assessed the effectiveness of the Operating Partnerships internal control over financial reporting as of December 31, 2010, utilizing the criteria set forth by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO) in Internal Control-Integrated Framework. Based on the assessment by



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DFTs management, the Operating Partnership determined that its internal control over financial reporting was effective as of December 31, 2010. The effectiveness of the Operating
Partnerships internal control over financial reporting as of December 31, 2010 has been audited by Ernst & Young LLP, the Operating Partnerships independent registered public accounting firm, as stated in their report
which appears on page 90 of this Annual Report on Form 10-K.



|ITEM 9B. | OTHER INFORMATION
|-------- | -----------------

Not
applicable.



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PART III



|ITEM 10. | DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
|-------- | ------------------------------------------------------

Information on our directors and executive officers and the Audit Committee of our Board of Directors is incorporated by reference from the Companys Proxy Statement (under the headings
Proposal 1: Election of Directors, Committees and Meetings of our Board of Directors and its Committees, Executive Officers and Section 16(a) Beneficial Ownership Reporting Compliance) with
respect to the 2011 Annual Meeting of Stockholders to be filed with the SEC no later than April 30, 2011.

Because our
common stock is listed on the New York Stock Exchange (NYSE), our President and Chief Executive Officer is required to make, and will make, an annual certification to the NYSE stating that he was not aware of any violation by us of the
corporate governance listing standards of the NYSE. Our President and Chief Executive Officer will make his annual certification to that effect to the NYSE within the 30-day period following the 2011 Annual Meeting of Stockholders. In addition, we
have filed, as exhibits to this Annual Report on Form 10-K for the year ended December 31, 2010, the certifications of our principal executive officer and principal financial officer required under Section 302 of the Sarbanes Oxley Act of
2002.



|ITEM 11. | EXECUTIVE COMPENSATION
|-------- | ----------------------

This information is incorporated by reference from the Companys Proxy Statement (under the headings Executive
Compensation, Compensation of Directors, Compensation Committee Interlocks and Insider Participation and Compensation Committee Report) with respect to the 2011 Annual Meeting of Stockholders to be filed
with the SEC no later than April 30, 2011.



|ITEM 12. | SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDERS MATTERS
|-------- | -----------------------------------------------------------------------------------------------

This information is incorporated by reference to the Companys Proxy Statement (under the headings Security Owenrship of
Directors and Executive Officers, Security Ownership of Certain Beneficial Owners and Executive CompensationEquity Compensation Plan Information) with respect to the 2011 Annual Meeting of Stockholders to be filed
with the SEC no later than April 30, 2011.



|ITEM 13. | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE
|-------- | ------------------------------------------------------------------------

This information is incorporated by reference from the Companys Proxy Statement (under the headings Certain Relationships and Related Transactions and Information About of Our
Board of Directors and its Committees) with respect to the 2011 Annual Meeting of Stockholders to be filed with the SEC no later than April 30, 2011.



|ITEM 14. | PRINCIPAL ACCOUNTANT FEES AND SERVICES
|-------- | --------------------------------------

This information is incorporated by reference from the Companys Proxy Statement (under the heading Relationship with Independent Registered Public Accounting FirmPrincipal Accountant
Fees and Services) with respect to the 2011 Annual Meeting of Stockholders to be filed with the SEC no later than April 30, 2011.



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PART IV



|ITEM 15. | EXHIBITS AND FINANCIAL STATEMENT SCHEDULES
|-------- | ------------------------------------------

(a) Financial Statements and Schedules. The following financial statements and schedules are included in this report:



| | (1) | FINANCIAL STATEMENTS
| | --- | --------------------

The
response to this portion of Item 15 is submitted under Item 8 of this Report on Form 10-K.



| | (2) | FINANCIAL STATEMENT SCHEDULES
| | --- | -----------------------------

Schedule IIIConsolidated Real Estate and Accumulated Depreciation.

All other schedules for which provision is made in the applicable accounting regulation of the Securities and Exchange Commission are not
required under the related instructions or are inapplicable and therefore have been omitted.



| | (3) | EXHIBITS
| | --- | --------

Any shareholder who
wants a copy of the following Exhibits may obtain one from us upon request at a charge that reflects the reproduction cost of such Exhibits. Requests should be made to DuPont Fabros Technology, Inc., 1212 New York Avenue, NW, Suite 900, Washington,
DC 20005.

(b) Exhibits. The exhibits required by Item 601 of Regulation S-K are listed below. Management
contracts or compensatory plans are filed as Exhibits 10.13 through 10.16 and 10.20 through 10.25.



|            |  |             |  |                                                                                                                                                                                                                                                                                                                                                                                     
|----------- |  | ----------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description
|            |  |            
|(3)         |  |             |  | Articles of Incorporation and Bylaws:                                                                                                                                                                                                                                                                                                                                               
|            |  |            
|            |  | 3.1         |  | Articles of Amendment and Restatement of Incorporation of DuPont Fabros Technology, Inc. (Incorporated by reference to Exhibit 3.1 of the Registrants Registration Statement
on Form S-4, filed by the Registrant on March 15, 2010 (Registration No. 333-165465).)                                                                                                                
|            |  |            
|            |  | 3.2         |  | Articles Supplementary designating DuPont Fabros Technology, Inc.s 7.875% Series A Cumulative Redeemable Perpetual Preferred Stock, liquidation preference $25.00 per
share, par value $0.001 per share (Incorporated by reference to Exhibit 3.2 of the Registrants Registration Statement on Form 8-A filed by the Registrant on October 18, 2010 (Registration No. 333-33748)).
|            |  |            
|            |  | 3.3         |  | Amended and Restated Bylaws of DuPont Fabros Technology, Inc. (Incorporated by reference to Exhibit 3.2 of the Registrants Registration Statement on Form S-4, filed by the
Registrant on March 15, 2010 (Registration No. 333-165465).)                                                                                                                                           
|            |  |            
|(4)         |  |             |  | Instruments Defining the Rights of DuPont Fabros Technologies Security Holders:                                                                                                                                                                                                                                                                                                     
|            |  |            
|            |  | 4.1         |  | Form of Common Share Certificate (Incorporated by reference to Exhibit 4.1 of Amendment No. 3 to the Registrants Registration Statement on Form S-11/A, filed by the
Registrant on October 18, 2007 (Registration No. 333-145294).)                                                                                                                                                
|            |  |            
|            |  | 4.2         |  | Form of stock certificate evidencing the 7.875% Series A Cumulative Redeemable Perpetual Preferred Stock, liquidation preference $25.00 per share, par value $0.001 per share
(Incorporated by reference to Exhibit 4.1 of the Registrants Registration Statement on Form 8-A filed by the Registrant on October 18, 2010 (Registration No. 333-33748)).                           
|            |  |            
|            |  | 4.3         |  | Indenture, dated December 16, 2009, by and among DuPont Fabros Technology, L.P., DuPont Fabros Technology, Inc., certain of its subsidiaries and U.S. Bank National
Association (Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K, filed by the Registrant on December 18, 2009 (Registration No. 001-33748) (the December 18, 2009
Form 8-K)).             



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|            |  |             |  |                                                                                                                                                                                                                                                                                                                                                                                                             
|----------- |  | ----------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description
|            |  |            
|(10)        |  |             |  | Material Contracts:                                                                                                                                                                                                                                                                                                                                                                                         
|            |  |            
|            |  | 10.1.1      |  | Amended and Restated Agreement of Limited Partnership of DuPont Fabros Technology, L.P. (Incorporated by reference to Exhibit 3.2 of the Registrants Registration Statement
on Form S-4, filed by the Registrant on March 15, 2010 (Registration No. 333-165465).)                                                                                                                                         
|            |  |            
|            |  | 10.1.2      |  | First Amendment to the Amended and Restated Agreement of Limited Partnership of DuPont Fabros Technology, L.P.*                                                                                                                                                                                                                                                                                             
|            |  |            
|            |  | 10.1.3      |  | Amendment No. 2 to Amended and Restated Agreement of Limited Partnership of DuPont Fabros Technology, L.P. (Incorporated by reference to Exhibit 10.1 to Current Report on
Form 8-K, filed by the Registrant on October 19, 2010).                                                                                                                                                                          
|            |  |            
|            |  | 10.2.1      |  | Agreement and Plan of Merger, Safari Ventures LLC dated as of August 9, 2007 by and among Safari Ventures LLC, DuPont Fabros Technology, Inc., DuPont Fabros Technology L.P. and
Safari Interests LLC (Incorporated by reference to Exhibit 10.2 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007 (Registration No.
333-145294).)
|            |  |            
|            |  | 10.2.2      |  | Agreement and Plan of Merger, Meerkat Interests LLC dated as of August 9, 2007 by and among Meerkat Interests LLC, DuPont Fabros Technology, Inc. and DuPont Technology L.P.
(Incorporated by reference to Exhibit 10.3 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007 (Registration No. 333-145294).)                         
|            |  |            
|            |  | 10.2.3      |  | Agreement and Plan of Merger, Lemur Ventures LLC dated as of August 9, 2007 by and among Lemur Ventures LLC, DuPont Fabros Technology, Inc. and DuPont Fabros Technology L.P.
(Incorporated by reference to Exhibit 10.4 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007 (Registration No. 333-145294).)                        
|            |  |            
|            |  | 10.2.4      |  | Agreement and Plan of Merger, Rhino Interests LLC dated as of August 9, 2007 by and among Rhino Interests LLC, DuPont Fabros Technology, Inc. and DuPont Fabros Technology L.P.
(Incorporated by reference to Exhibit 10.5 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007 (Registration No. 333-145294).)                      
|            |  |            
|            |  | 10.2.5      |  | Agreement and Plan of Merger, Quill Ventures LLC dated as of August 9, 2007 by and among Quill Ventures LLC, DuPont Fabros Technology, Inc. and DuPont Fabros Technology L.P.
(Incorporated by reference to Exhibit 10.6 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007 (Registration No. 333-145294).)                        
|            |  |            
|            |  | 10.2.6      |  | Agreement and Plan of Merger, Grizzly Interests LLC dated as of August 9, 2007 by and among Grizzly Interests LLC, DuPont Fabros Technology, Inc. and DuPont Fabros Technology
L.P. (Incorporated by reference to Exhibit 10.7 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007 (Registration No. 333-145294).)                  
|            |  |            
|            |  | 10.2.7      |  | Contribution Agreement, DuPont Fabros Development LLC dated as of August 9, 2007 by and between DuPont Fabros Development LLC and DuPont Fabros Technology, L.P. (Incorporated
by reference to Exhibit 10.8 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007 (Registration No.
333-145294).)                                     



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|            |  |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              
|----------- |  | ----------- |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description
|            |  |            
|            |  | 10.2.8      |  | Contribution Agreement, DFD Technical Services LLC dated as of August 9, 2007 by and between DFD Technical Services LLC and DuPont Fabros Technology, L.P. (Incorporated by
reference to Exhibit 10.9 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007 (Registration No. 333-145294).)                                                                                                                                                                                                                                            
|            |  |            
|            |  | 10.2.9      |  | Contribution Agreement, Xeres Management LLC dated as of August 9, 2007 by and among Panda Interests LLC, Mercer Interests LLC and DuPont Fabros Technology, L.P.
(Incorporated by reference to Exhibit 10.10 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007 (Registration No. 333-145294).)                                                                                                                                                                                                                                    
|            |  |            
|            |  | 10.2.10     |  | Contribution Agreement, Whale Holdings LLC dated as of August 9, 2007 by and among Panda Interests LLC, Mercer Interests LLC and DuPont Fabros Technology, L.P. (Incorporated
by reference to Exhibit 10.11 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007 (Registration No. 333-145294).)                                                                                                                                                                                                                                      
|            |  |            
|            |  | 10.2.11     |  | Contribution Agreement, Yak Management LLC dated as of August 9, 2007 by and among Panda Interests LLC, Mercer Interests LLC and DuPont Fabros Technology, L.P. (Incorporated by
reference to Exhibit 10.12 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007 (Registration No. 333-145294).)                                                                                                                                                                                                                                      
|            |  |            
|            |  | 10.3.1      |  | Credit Agreement, dated as of December 2, 2009, by and among Fox Properties LLC, as Borrower, DuPont Fabros Technology, L.P., as Guarantor, TD Bank, National Association, as
Agent and a Lender, and the other lending institutions that are parties thereto (and the other lending institutions that may become party thereto), as Lenders, and TD Securities (USA) LLC, as Sole Lead Arranger and Sole Book Manager (Incorporated by
reference to Exhibit 10.1 to Current Report on Form 8-K, filed by the Registrant on December 4, 2009 (Registration No. 001-33748) (the December 4, 2009 Form 8-K)).
|            |  |            
|            |  | 10.3.2      |  | Guaranty, dated as of December 2, 2009, by DuPont Fabros Technology, L.P. for the benefit of the Agent and the Lenders (Incorporated by reference to Exhibit 10.2 to the
December 4, 2009 Form 8-K).                                                                                                                                                                                                                                                                                                                                                                                                         
|            |  |            
|            |  | 10.3.3      |  | First Amendment to $150 million term loan facility with TD Bank, National Association, as a Lender and Agent, and the other lending institutions that are parties thereto (or that
may become party thereto), and TD Securities (USA) LLC, as Sole Lead Arranger and Sole Book Manager (Incorporated by reference to Exhibit 10.4 to the May 5, 2010 Form 10-Q).                                                                                                                                                                                                                                             
|            |  |            
|            |  | 10.3.4      |  | Second Amendment to $150 million term loan facility with TD Bank, National Association, as a Lender and Agent, and the other lending institutions that are parties thereto (or
that may become party thereto), and TD Securities (USA) LLC, as Sole Lead Arranger and Sole Book Manager (Incorporated by reference to Exhibit 99.2 to the April 1, 2010 Form 8-K).                                                                                                                                                                                                                                           
|            |  |            
|            |  | 10.4.1      |  | Credit Agreement, dated as of May 6, 2010, by and among DuPont Fabros Technology, L.P., as Borrower, KeyBank National Association as Agent and a Lender, and the other
lending institutions that are parties thereto (and the other lending institutions that may become party thereto), as Lenders, and KeyBanc Capital Markets, as Sole Lead Arranger and Sole Book Manager (Incorporated by reference to Exhibit 10.1 to
Current Report on Form 8-K, filed by the Registrant on May 11, 2010 (Registration No. 001-33748) (the May 11, 2010 Form 8-K)).                                                 
|            |  |            
|            |  | 10.4.2      |  | Guaranty, dated as of May 6, 2010, by DuPont Fabros Technology, Inc., Grizzly Equity LLC, Grizzly Ventures LLC, Lemur Properties LLC, Porpoise Ventures LLC, Quill Equity
LLC, Rhino Equity LLC, Tarantula Interests LLC, Tarantula Ventures LLC, Whale Holdings LLC, Whale Interests LLC, Whale Ventures LLC, Yak Management LLC, Yak Interests LLC, Xeres Management LLC, Xeres Interests LLC, and Fox Properties LLC for the
benefit of the Agent and the Lenders (Incorporated by reference to Exhibit 10.2 to the May 11, 2010 Form 8-K.                                                                



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|            |  |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|----------- |  | ----------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description
|            |  |            
|            |  | 10.4.3      |  | First Amendment to Credit Agreement, dated as of February 4, 2011, by and among DuPont Fabros Technology, L.P., as Borrower, DuPont Fabros Technology, Inc., as a guarantor,
and the subsidiaries of Borrower that are parties thereto, as Subsidiary Guarantors, KeyBank National Association as Agent and a Lender, and the other lending institutions that are parties thereto (and the other lending institutions that may become
party thereto), as Lenders (Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K, filed by the Registrant on February 9, 2011).
|(10)        |  |             |  | Executive Compensation Plans and Arrangements:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|            |  |            
|            |  | 10.5        |  | Employment Agreement, dated October 18, 2007, between the Company and Lammot J. du Pont (including Indemnification Agreement and Non-Competition, Non-Solicitation and
Confidentiality Agreement) (Incorporated by reference to Exhibit 10.7 to the May 5, 2010 Form 10-Q).                                                                                                                                                                                                                                                                                                             
|            |  |            
|            |  | 10.6        |  | Employment Agreement, dated October 18, 2007, between the Company and Hossein Fateh (including Indemnification Agreement and Non-Competition, Non-Solicitation and
Confidentiality Agreement) (Incorporated by reference to Exhibit 10.8 to the May 5, 2010 Form 10-Q).                                                                                                                                                                                                                                                                                                                 
|            |  |            
|            |  | 10.7.1      |  | Employment Agreement between Mark L. Wetzel and DuPont Fabros Technology, Inc. dated June 13, 2008 (Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K,
filed by the Registrant on June 17, 2008 (Registration No. 001-33748).)                                                                                                                                                                                                                                                                                                                                    
|            |  |            
|            |  | 10.7.2      |  | First Amendment to Employment Agreement by and between DuPont Fabros Technology, Inc. and Mark L. Wetzel dated as of January 6, 2009 (Incorporated by reference to
Exhibit 10.7 of the Quarterly Report on Form 10-Q, filed by the Registrant on May 5, 2009 (Registration No. 001-33748) (the May 5, 2009 Form 10-Q)).                                                                                                                                                                                                                                                               
|            |  |            
|            |  | 10.8        |  | Severance Agreement by and between Richard A. Montfort, Jr. and DuPont Fabros Technology, Inc. March 13, 2009 (Incorporated by reference to Exhibit 10.12 of the
May 5, 2009 Form 10-Q).                                                                                                                                                                                                                                                                                                                                                                                                
|            |  |            
|            |  | 10.9        |  | Severance Agreement between Jeffrey H. Foster and DuPont Fabros Technology, Inc. dated March 13, 2009 (Incorporated by reference to Exhibit 10.1 to Current Report on
Form 8-K, filed by the Registrant on March 19, 2009 (Registration No. 001-33748) (the March 19, 2009 Form 8-K)).                                                                                                                                                                                                                                                                                                
|            |  |            
|            |  | 10.10       |  | Form of Non-Disclosure, Assignment and Non-Solicitation Agreement (Incorporated by reference to Exhibit 10.2 to the March 19, 2009 Form 8-K).                                                                                                                                                                                                                                                                                                                                                                                                                                           
|            |  |            
|            |  | 10.11       |  | Form of Indemnification Agreement (Incorporated by reference to Exhibit 10.15 of Amendment No. 3 to the Registrants Registration Statement on Form S-11/A, filed by the
Registrant on October 18, 2007 (Registration No. 333-145294).)                                                                                                                                                                                                                                                                                                                                                 
|            |  |            
|            |  | 10.12.1     |  | 2007 Equity Compensation Plan (Incorporated by reference to Exhibit 10.16 of Amendment No. 2 to the Registrants Registration Statement on Form S-11/A, filed by the
Registrant on October 5, 2007 (Registration No. 333-145294).)                                                                                                                                                                                                                                                                                                                                                      
|            |  |            
|            |  | 10.12.2     |  | First Amendment to Equity Compensation Plan (Incorporated by reference to Exhibit 10.8 of the May 5, 2009 Form 10-Q).                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|            |  |            
|            |  | 10.12.3     |  | Form of Stock Award Agreement under 2007 Equity Compensation Plan (Incorporated by reference to Exhibit 10.2 to Quarterly Report on Form 10-Q, filed by the Registrant on
August 8, 2008 (Registration No. 001-33748).)                                                                                                                                                                                                                                                                                                                                                                 



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|            |  |             |  |                                                                                                                                                                                                                                                                       
|----------- |  | ----------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description
|            |  |            
|            |  | 10.12.4     |  | Form of Restricted Stock Award Agreement (Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K, filed by the Registrant on March 4, 2009
(Registration No. 001-33748) (the March 4, 2009 Form 8-K)).                                             
|            |  |            
|            |  | 10.12.5     |  | Form of Stock Option Award Agreement (Incorporated by reference to Exhibit 10.2 to the March 4, 2009 Form 8-K).                                                                                                                                                       
|            |  |            
|            |  | 10.13.1     |  | 2009 Short-Term Incentive Compensation Plan (Incorporated by reference to Exhibit 10.3 to Current Report on Form 8-K/A, filed by the Registrant on May 22, 2009
(Registration No. 001-33748) (the May 22, 2009 Form 8-K)).                                          
|            |  |            
|            |  | 10.13.2     |  | Modification to 2009 Short-Term Incentive Compensation Plan (Incorporated by reference to Item 5.02 of Current Report on Form 8-K, filed by the Registrant on
January 15, 2010 (Registration No. 001-33748).)                                                         
|            |  |            
|            |  | 10.14       |  | 2009 Long-Term Incentive Compensation Plan (Incorporated by reference to Exhibit 10.4 to the May 22, 2009 Form 8-K).                                                                                                                                                  
|            |  |            
|            |  | 10.15.1     |  | 2010 Short-Term Incentive Compensation Plan (Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K, filed by the Registrant on March 3, 2010
(Registration No. 001-33748) (the March 3, 2010 Form 8-K)).                                          
|            |  |            
|            |  | 10.15.2     |  | Modification to 2010 Short-Term Incentive Compensation Plan (Incorporated by reference to Item 5.02 of Current Report on Form 8-K, filed by the Registrant on
January 15, 2011 (Registration No. 001-33748).)                                                         
|            |  |            
|            |  | 10.16       |  | 2010 Long-Term Incentive Compensation Plan (Incorporated by reference to Exhibit 10.2 to the March 3, 2010 Form 8-K).                                                                                                                                                 
|            |  |            
|            |  | 21.1        |  | List of Subsidiaries of DuPont Fabros Technology, Inc.*                                                                                                                                                                                                               
|            |  |            
|            |  | 23.1        |  | Consent of Ernst & Young LLP, independent registered public accounting firm (DuPont Fabros Technology, Inc.)*                                                                                                                                                         
|            |  |            
|            |  | 23.2        |  | Consent of Ernst & Young LLP, independent registered public accounting firm (DuPont Fabros Technology, L.P.)*                                                                                                                                                         
|            |  |            
|            |  | 31.1        |  | Certification by President and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (DuPont Fabros Technology, Inc.)*                                                                                                                    
|            |  |            
|            |  | 31.2        |  | Certification by Executive Vice President, Chief Financial Officer and Treasurer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (DuPont Fabros Technology,
Inc.)*                                                                                         
|            |  |            
|            |  | 31.3        |  | Certification by President and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (DuPont Fabros Technology, L.P.)*                                                                                                                    
|            |  |            
|            |  | 31.4        |  | Certification by Executive Vice President, Chief Financial Officer and Treasurer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (DuPont Fabros Technology,
L.P.)*                                                                                         
|            |  |            
|            |  | 32.1        |  | Certifications of President and Chief Executive Officer and Executive Vice President, Chief Financial Officer and Treasurer pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (DuPont Fabros Technology, Inc.)*
|            |  |            
|            |  | 32.2        |  | Certifications of President and Chief Executive Officer and Executive Vice President, Chief Financial Officer and Treasurer pursuant to 18 U.S.C. Section 1350, as adopted
pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (DuPont Fabros Technology, L.P.)*



|* | Filed herewith.
|- | ---------------



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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, the Registrant has duly
caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



DUPONT FABROS TECHNOLOGY, INC.By:

/S/    JEFFREY H.
FOSTERJeffrey H. FosterChief Accounting OfficerDate: February 24, 2011


Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, this report has been signed below by the following
persons on behalf of the Registrant and in the capacities and on the dates indicated.



|                                           |  |                                                                                               |  |                  
|------------------------------------------ |  | --------------------------------------------------------------------------------------------- |  | -----------------
|Signature                                  |  | Title                                                                                         |  | Date             
|                                           |  |                                                                                              
|/S/    LAMMOT J. DU
PONT Lammot J. du Pont |  | Executive Chairman of the Board of Directors                                                  |  | February 24, 2011
|                                           |  |                                                                                              
|/S/    HOSSEIN
FATEH Hossein Fateh         |  | President and Chief Executive Officer and Director (Principal Executive Officer)              |  | February 24, 2011
|                                           |  |                                                                                              
|/S/    MARK L.
WETZEL Mark L. Wetzel       |  | Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial Officer) |  | February 24, 2011
|                                           |  |                                                                                              
|/S/    JEFFREY H.
FOSTER Jeffrey H. Foster |  | Chief Accounting Officer (Principal Accounting Officer)                                       |  | February 24, 2011
|                                           |  |                                                                                              
|/S/    MICHAEL A.
COKE Michael A. Coke     |  | Director                                                                                      |  | February 24, 2011
|                                           |  |                                                                                              
|/S/    THOMAS D.
ECKERT Thomas D. Eckert   |  | Director                                                                                      |  | February 24, 2011
|                                           |  |                                                                                              
|/S/    FREDERIC V.
MALEK Frederic V. Malek |  | Director                                                                                      |  | February 24, 2011
|                                           |  |                                                                                              
|John T. Roberts, Jr.                       |  | Director                                                                                      |  |                  
|                                           |  |                                                                                              
|/S/    JOHN H.
TOOLE John H. Toole         |  | Director                                                                                      |  | February 24, 2011



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EXHIBIT INDEX



|            |  |             |  |                                                                                                                                                                                                                                                                                                                                                                                                             
|----------- |  | ----------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description
|            |  |            
|(3)         |  |             |  | Articles of Incorporation and Bylaws:                                                                                                                                                                                                                                                                                                                                                                       
|            |  |            
|            |  | 3.1         |  | Articles of Amendment and Restatement of Incorporation of DuPont Fabros Technology, Inc. (Incorporated by reference to Exhibit 3.1 of the Registrants Registration Statement
on Form S-4, filed by the Registrant on March 15, 2010 (Registration No. 333-165465).)                                                                                                                                        
|            |  |            
|            |  | 3.2         |  | Articles Supplementary designating DuPont Fabros Technology, Inc.s 7.875% Series A Cumulative Redeemable Perpetual Preferred Stock, liquidation preference $25.00 per
share, par value $0.001 per share (Incorporated by reference to Exhibit 3.2 of the Registrants Registration Statement on Form 8-A filed by the Registrant on October 18, 2010 (Registration No. 333-33748)).                        
|            |  |            
|            |  | 3.3         |  | Amended and Restated Bylaws of DuPont Fabros Technology, Inc. (Incorporated by reference to Exhibit 3.2 of the Registrants Registration Statement on Form S-4, filed by the
Registrant on March 15, 2010 (Registration No. 333-165465).)                                                                                                                                                                   
|            |  |            
|(4)         |  |             |  | Instruments Defining the Rights of DuPont Fabros Technologies Security Holders:                                                                                                                                                                                                                                                                                                                             
|            |  |            
|            |  | 4.1         |  | Form of Common Share Certificate (Incorporated by reference to Exhibit 4.1 of Amendment No. 3 to the Registrants Registration Statement on Form S-11/A, filed by the
Registrant on October 18, 2007 (Registration No. 333-145294).)                                                                                                                                                                        
|            |  |            
|            |  | 4.2         |  | Form of stock certificate evidencing the 7.875% Series A Cumulative Redeemable Perpetual Preferred Stock, liquidation preference $25.00 per share, par value $0.001 per share
(Incorporated by reference to Exhibit 4.1 of the Registrants Registration Statement on Form 8-A filed by the Registrant on October 18, 2010 (Registration No. 333-33748)).                                                   
|            |  |            
|            |  | 4.3         |  | Indenture, dated December 16, 2009, by and among DuPont Fabros Technology, L.P., DuPont Fabros Technology, Inc., certain of its subsidiaries and U.S. Bank National
Association (Incorporated by reference to Exhibit 4.1 to Current Report on Form 8-K, filed by the Registrant on December 18, 2009 (Registration No. 001-33748) (the December 18, 2009 Form 8-K)).                                     
|            |  |            
|(10)        |  |             |  | Material Contracts:                                                                                                                                                                                                                                                                                                                                                                                         
|            |  |            
|            |  | 10.1.1      |  | Amended and Restated Agreement of Limited Partnership of DuPont Fabros Technology, L.P. (Incorporated by reference to Exhibit 3.2 of the Registrants Registration Statement
on Form S-4, filed by the Registrant on March 15, 2010 (Registration No. 333-165465).)                                                                                                                                         
|            |  |            
|            |  | 10.1.2      |  | First Amendment to the Amended and Restated Agreement of Limited Partnership of DuPont Fabros Technology, L.P.*                                                                                                                                                                                                                                                                                             
|            |  |            
|            |  | 10.1.3      |  | Amendment No. 2 to Amended and Restated Agreement of Limited Partnership of DuPont Fabros Technology, L.P. (Incorporated by reference to Exhibit 10.1 to Current Report on
Form 8-K, filed by the Registrant on October 19, 2010).                                                                                                                                                                          
|            |  |            
|            |  | 10.2.1      |  | Agreement and Plan of Merger, Safari Ventures LLC dated as of August 9, 2007 by and among Safari Ventures LLC, DuPont Fabros Technology, Inc., DuPont Fabros Technology L.P.
and Safari Interests LLC (Incorporated by reference to Exhibit 10.2 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007 (Registration No.
333-145294).)
|            |  |            
|            |  | 10.2.2      |  | Agreement and Plan of Merger, Meerkat Interests LLC dated as of August 9, 2007 by and among Meerkat Interests LLC, DuPont Fabros Technology, Inc. and DuPont Technology L.P.
(Incorporated by reference to Exhibit 10.3 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007
(Registration No. 333-145294).)                         



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|            |  |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
|----------- |  | ----------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description
|            |  |            
|            |  | 10.2.3      |  | Agreement and Plan of Merger, Lemur Ventures LLC dated as of August 9, 2007 by and among Lemur Ventures LLC, DuPont Fabros Technology, Inc. and DuPont Fabros Technology L.P.
(Incorporated by reference to Exhibit 10.4 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007 (Registration No. 333-145294).)                                                                                                                                                                                                                        
|            |  |            
|            |  | 10.2.4      |  | Agreement and Plan of Merger, Rhino Interests LLC dated as of August 9, 2007 by and among Rhino Interests LLC, DuPont Fabros Technology, Inc. and DuPont Fabros Technology
L.P. (Incorporated by reference to Exhibit 10.5 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007
(Registration No. 333-145294).)                                                                                                                                                                                                                      
|            |  |            
|            |  | 10.2.5      |  | Agreement and Plan of Merger, Quill Ventures LLC dated as of August 9, 2007 by and among Quill Ventures LLC, DuPont Fabros Technology, Inc. and DuPont Fabros Technology L.P.
(Incorporated by reference to Exhibit 10.6 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007 (Registration No. 333-145294).)                                                                                                                                                                                                                        
|            |  |            
|            |  | 10.2.6      |  | Agreement and Plan of Merger, Grizzly Interests LLC dated as of August 9, 2007 by and among Grizzly Interests LLC, DuPont Fabros Technology, Inc. and DuPont Fabros Technology
L.P. (Incorporated by reference to Exhibit 10.7 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007
(Registration No. 333-145294).)                                                                                                                                                                                                                  
|            |  |            
|            |  | 10.2.7      |  | Contribution Agreement, DuPont Fabros Development LLC dated as of August 9, 2007 by and between DuPont Fabros Development LLC and DuPont Fabros Technology, L.P. (Incorporated
by reference to Exhibit 10.8 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007 (Registration No. 333-145294).)                                                                                                                                                                                                                                     
|            |  |            
|            |  | 10.2.8      |  | Contribution Agreement, DFD Technical Services LLC dated as of August 9, 2007 by and between DFD Technical Services LLC and DuPont Fabros Technology, L.P. (Incorporated by
reference to Exhibit 10.9 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007 (Registration No. 333-145294).)                                                                                                                                                                                                                                           
|            |  |            
|            |  | 10.2.9      |  | Contribution Agreement, Xeres Management LLC dated as of August 9, 2007 by and among Panda Interests LLC, Mercer Interests LLC and DuPont Fabros Technology, L.P. (Incorporated
by reference to Exhibit 10.10 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007 (Registration No. 333-145294).)                                                                                                                                                                                                                                   
|            |  |            
|            |  | 10.2.10     |  | Contribution Agreement, Whale Holdings LLC dated as of August 9, 2007 by and among Panda Interests LLC, Mercer Interests LLC and DuPont Fabros Technology, L.P. (Incorporated by
reference to Exhibit 10.11 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007 (Registration No. 333-145294).)                                                                                                                                                                                                                                     
|            |  |            
|            |  | 10.2.11     |  | Contribution Agreement, Yak Management LLC dated as of August 9, 2007 by and among Panda Interests LLC, Mercer Interests LLC and DuPont Fabros Technology, L.P. (Incorporated by
reference to Exhibit 10.12 of Amendment No. 1 to the Registrants Registration Statement on Form S-11/A, filed by the Registrant on September 18, 2007 (Registration No. 333-145294).)                                                                                                                                                                                                                                     
|            |  |            
|            |  | 10.3.1      |  | Credit Agreement, dated as of December 2, 2009, by and among Fox Properties LLC, as Borrower, DuPont Fabros Technology, L.P., as Guarantor, TD Bank, National Association, as
Agent and a Lender, and the other lending institutions that are parties thereto (and the other lending institutions that may become party thereto), as Lenders, and TD Securities (USA) LLC, as Sole Lead Arranger and Sole Book Manager (Incorporated by
reference to Exhibit 10.1 to Current Report on Form 8-K, filed by the Registrant on December 4, 2009(Registration No. 001-33748) (the December 4, 2009
Form 8-K)).



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|            |  |             |  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
|----------- |  | ----------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description
|            |  |            
|            |  | 10.3.2      |  | Guaranty, dated as of December 2, 2009, by DuPont Fabros Technology, L.P. for the benefit of the Agent and the Lenders (Incorporated by reference to Exhibit 10.2 to the
December 4, 2009 Form 8-K).                                                                                                                                                                                                                                                                                                                                                                                    
|            |  |            
|            |  | 10.3.3      |  | First Amendment to $150 million term loan facility with TD Bank, National Association, as a Lender and Agent, and the other lending institutions that are parties thereto (or that
may become party thereto), and TD Securities (USA) LLC, as Sole Lead Arranger and Sole Book Manager (Incorporated by reference to Exhibit 10.4 to the May 5, 2010 Form 10-Q).                                                                                                                                                                                                                        
|            |  |            
|            |  | 10.3.4      |  | Second Amendment to $150 million term loan facility with TD Bank, National Association, as a Lender and Agent, and the other lending institutions that are parties thereto (or that
may become party thereto), and TD Securities (USA) LLC, as Sole Lead Arranger and Sole Book Manager (Incorporated by reference to Exhibit 99.2 to the April 1, 2010 Form 8-K).                                                                                                                                                                                                                      
|            |  |            
|            |  | 10.4.1      |  | Credit Agreement, dated as of May 6, 2010, by and among DuPont Fabros Technology, L.P., as Borrower, KeyBank National Association as Agent and a Lender, and the other lending
institutions that are parties thereto (and the other lending institutions that may become party thereto), as Lenders, and KeyBanc Capital Markets, as Sole Lead Arranger and Sole Book Manager (Incorporated by reference to Exhibit 10.1 to Current
Report on Form 8-K, filed by the Registrant on May 11, 2010 (Registration No. 001-33748) (the May 11, 2010 Form 8-K)).                            
|            |  |            
|            |  | 10.4.2      |  | Guaranty, dated as of May 6, 2010, by DuPont Fabros Technology, Inc., Grizzly Equity LLC, Grizzly Ventures LLC, Lemur Properties LLC, Porpoise Ventures LLC, Quill Equity
LLC, Rhino Equity LLC, Tarantula Interests LLC, Tarantula Ventures LLC, Whale Holdings LLC, Whale Interests LLC, Whale Ventures LLC, Yak Management LLC, Yak Interests LLC, Xeres Management LLC, Xeres Interests LLC, and Fox Properties LLC for the
benefit of the Agent and the Lenders (Incorporated by reference to Exhibit 10.2 to the May 11, 2010 Form 8-K.                                           
|            |  |            
|            |  | 10.4.3      |  | First Amendment to Credit Agreement, dated as of February 4, 2011, by and among DuPont Fabros Technology, L.P., as Borrower, DuPont Fabros Technology, Inc., as a guarantor,
and the subsidiaries of Borrower that are parties thereto, as Subsidiary Guarantors, KeyBank National Association as Agent and a Lender, and the other lending institutions that are parties thereto (and the other lending institutions that may become
party thereto), as Lenders (Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K, filed by the Registrant on February 9, 2011).
|            |  |            
|(10)        |  |             |  | Executive Compensation Plans and Arrangements:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
|            |  |            
|            |  | 10.5        |  | Employment Agreement, dated October 18, 2007, between the Company and Lammot J. du Pont (including Indemnification Agreement and Non-Competition, Non-Solicitation and
Confidentiality Agreement) (Incorporated by reference to Exhibit 10.7 to the May 5, 2010 Form 10-Q).                                                                                                                                                                                                                                                                                                             
|            |  |            
|            |  | 10.6        |  | Employment Agreement, dated October 18, 2007, between the Company and Hossein Fateh (including Indemnification Agreement and Non-Competition, Non-Solicitation and
Confidentiality Agreement) (Incorporated by reference to Exhibit 10.8 to the May 5, 2010 Form 10-Q).                                                                                                                                                                                                                                                                                                                 
|            |  |            
|            |  | 10.7.1      |  | Employment Agreement between Mark L. Wetzel and DuPont Fabros Technology, Inc. dated June 13, 2008 (Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K,
filed by the Registrant on June 17, 2008 (Registration No. 001-33748).)                                                                                                                                                                                                                                                                                                                                    
|            |  |            
|            |  | 10.7.2      |  | First Amendment to Employment Agreement by and between DuPont Fabros Technology, Inc. and Mark L. Wetzel dated as of January 6, 2009 (Incorporated by reference to
Exhibit 10.7 of the Quarterly Report on Form 10-Q, filed by the Registrant on May 5, 2009 (Registration No. 001-33748) (the May 5, 2009
Form 10-Q)).                                                                                                                                                                                                                                                               



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|            |  |             |  |                                                                                                                                                                                                                                                                                         
|----------- |  | ----------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description
|            |  |            
|            |  | 10.8        |  | Severance Agreement by and between Richard A. Montfort, Jr. and DuPont Fabros Technology, Inc. March 13, 2009 (Incorporated by reference to Exhibit 10.12 of the
May 5, 2009 Form 10-Q).                                                                                                
|            |  |            
|            |  | 10.9        |  | Severance Agreement between Jeffrey H. Foster and DuPont Fabros Technology, Inc. dated March 13, 2009 (Incorporated by reference to Exhibit 10.1 to Current Report on
Form 8-K, filed by the Registrant on March 19, 2009 (Registration No. 001-33748) (the March 19, 2009 Form 8-K)).
|            |  |            
|            |  | 10.10       |  | Form of Non-Disclosure, Assignment and Non-Solicitation Agreement (Incorporated by reference to Exhibit 10.2 to the March 19, 2009 Form 8-K).                                                                                                                                           
|            |  |            
|            |  | 10.11       |  | Form of Indemnification Agreement (Incorporated by reference to Exhibit 10.15 of Amendment No. 3 to the Registrants Registration Statement on Form S-11/A, filed by the
Registrant on October 18, 2007 (Registration No. 333-145294).)                                                 
|            |  |            
|            |  | 10.12.1     |  | 2007 Equity Compensation Plan (Incorporated by reference to Exhibit 10.16 of Amendment No. 2 to the Registrants Registration Statement on Form S-11/A, filed by the
Registrant on October 5, 2007 (Registration No. 333-145294).)                                                      
|            |  |            
|            |  | 10.12.2     |  | First Amendment to Equity Compensation Plan (Incorporated by reference to Exhibit 10.8 of the May 5, 2009 Form 10-Q).                                                                                                                                                                   
|            |  |            
|            |  | 10.12.3     |  | Form of Stock Award Agreement under 2007 Equity Compensation Plan (Incorporated by reference to Exhibit 10.2 to Quarterly Report on Form 10-Q, filed by the Registrant on
August 8, 2008 (Registration No. 001-33748).)                                                                 
|            |  |            
|            |  | 10.12.4     |  | Form of Restricted Stock Award Agreement (Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K, filed by the Registrant on March 4, 2009
(Registration No. 001-33748) (the March 4, 2009 Form 8-K)).                                                               
|            |  |            
|            |  | 10.12.5     |  | Form of Stock Option Award Agreement (Incorporated by reference to Exhibit 10.2 to the March 4, 2009 Form 8-K).                                                                                                                                                                         
|            |  |            
|            |  | 10.13.1     |  | 2009 Short-Term Incentive Compensation Plan (Incorporated by reference to Exhibit 10.3 to Current Report on Form 8-K/A, filed by the Registrant on May 22, 2009
(Registration No. 001-33748) (the May 22, 2009 Form 8-K)).                                                            
|            |  |            
|            |  | 10.13.2     |  | Modification to 2009 Short-Term Incentive Compensation Plan (Incorporated by reference to Item 5.02 of Current Report on Form 8-K, filed by the Registrant on
January 15, 2010 (Registration No. 001-33748).)                                                                           
|            |  |            
|            |  | 10.14       |  | 2009 Long-Term Incentive Compensation Plan (Incorporated by reference to Exhibit 10.4 to the May 22, 2009 Form 8-K).                                                                                                                                                                    
|            |  |            
|            |  | 10.15.1     |  | 2010 Short-Term Incentive Compensation Plan (Incorporated by reference to Exhibit 10.1 to Current Report on Form 8-K, filed by the Registrant on March 3, 2010
(Registration No. 001-33748) (the March 3, 2010 Form 8-K)).                                                            
|            |  |            
|            |  | 10.15.2     |  | Modification to 2010 Short-Term Incentive Compensation Plan (Incorporated by reference to Item 5.02 of Current Report on Form 8-K, filed by the Registrant on
January 15, 2011 (Registration No. 001-33748).)                                                                           
|            |  |            
|            |  | 10.16       |  | 2010 Long-Term Incentive Compensation Plan (Incorporated by reference to Exhibit 10.2 to the March 3, 2010 Form 8-K).                                                                                                                                                                   
|            |  |            
|            |  | 21.1        |  | List of Subsidiaries of DuPont Fabros Technology, Inc.*                                                                                                                                                                                                                                 



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|            |  |             |  |                                                                                                                                                                                                                                                                       
|----------- |  | ----------- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description
|            |  |            
|            |  | 23.1        |  | Consent of Ernst & Young LLP, independent registered public accounting firm (DuPont Fabros Technology, Inc.)*                                                                                                                                                         
|            |  |            
|            |  | 23.2        |  | Consent of Ernst & Young LLP, independent registered public accounting firm (DuPont Fabros Technology, L.P.)*                                                                                                                                                         
|            |  |            
|            |  | 31.1        |  | Certification by President and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (DuPont Fabros Technology, Inc.)*                                                                                                                    
|            |  |            
|            |  | 31.2        |  | Certification by Executive Vice President, Chief Financial Officer and Treasurer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (DuPont Fabros Technology,
Inc.)*                                                                                         
|            |  |            
|            |  | 31.3        |  | Certification by President and Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (DuPont Fabros Technology, L.P.)*                                                                                                                    
|            |  |            
|            |  | 31.4        |  | Certification by Executive Vice President, Chief Financial Officer and Treasurer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. (DuPont Fabros Technology,
L.P.)*                                                                                         
|            |  |            
|            |  | 32.1        |  | Certifications of President and Chief Executive Officer and Executive Vice President, Chief Financial Officer and Treasurer pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 (DuPont Fabros Technology, Inc.)*
|            |  |            
|            |  | 32.2        |  | Certifications of President and Chief Executive Officer and Executive Vice President, Chief Financial Officer and Treasurer pursuant to 18 U.S.C. Section 1350, as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002 (DuPont Fabros Technology, L.P.)*



|* | Filed herewith.
|- | ---------------



143