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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549





FORM 10-Q







|x | Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|- | ---------------------------------------------------------------------------------------

For the quarterly period ended March 31, 2008.



| ̈ | 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.

(Exact name of registrant as specified in its
charter)







|                                                               |  |                                     
|-------------------------------------------------------------- |  | ------------------------------------
|Maryland                                                       |  | 20-8718331                          
|(State or other jurisdiction of Incorporation or organization) |  | (IRS employer identification number)



|                                          |  |         
|----------------------------------------- |  | --------
|1212 New York Avenue, NW Washington, D.C. |  | 20005   
|(Address of principal executive offices)  |  | Zip Code

Registrants telephone number, including area code: (202) 728-0044





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 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   ̈    Accelerated filer   ̈    Non-accelerated Filer  x    Smaller reporting company   ̈

(Do not check if a 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

Indicate the number of shares outstanding of each of the issuers classes of common stock, as of the latest
practicable date.



|                                         |  |                            
|---------------------------------------- |  | ---------------------------
|Class                                    |  | Outstanding at May 15, 2008
|Common Stock, $0.001 par value per share |  | 35,455,936                 









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DUPONT FABROS TECHNOLOGY, INC.

FORM 10-Q

FOR THE QUARTER ENDED MARCH 31, 2008

TABLE OF CONTENTS



|                                                                                              |  |         
|--------------------------------------------------------------------------------------------- |  | --------
|                                                                                              |  | PAGE NO.
|PART I. FINANCIAL INFORMATION                                                                 |  | 2       
|                                                                                              | 
|ITEM 1. Financial Statements                                                                  |  | 2       
|                                                                                              | 
|ITEM 2. Managements Discussion and Analysis of Financial Condition and Results of Operations |  | 19      
|                                                                                              | 
|ITEM 3. Quantitative and Qualitative Disclosure about Market Risk                             |  | 28      
|                                                                                              | 
|ITEM 4. Controls and Procedures                                                               |  | 28      
|                                                                                              | 
|PART II. OTHER INFORMATION                                                                    |  | 29      
|                                                                                              | 
|ITEM 1. Legal Proceedings                                                                     |  | 29      
|                                                                                              | 
|ITEM 1A. Risk Factors                                                                         |  | 29      
|                                                                                              | 
|ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds                           |  | 29      
|                                                                                              | 
|ITEM 3. Defaults Upon Senior Securities                                                       |  | 29      
|                                                                                              | 
|ITEM 4. Submission of Matters to a Vote of Security Holders                                   |  | 29      
|                                                                                              | 
|ITEM 5. Other Information                                                                     |  | 29      
|                                                                                              | 
|ITEM 6. Exhibits                                                                              |  | 29      
|                                                                                              | 
|Signatures                                                                                    |  | 30      



1



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##### Table of Contents

PART 1FINANCIAL INFORMATION



|ITEM 1. | FINANCIAL STATEMENTS
|------- | --------------------

DUPONT FABROS TECHNOLOGY,
INC.

CONSOLIDATED BALANCE SHEETS

(in thousands except share and per share data)



|                                                                                                                                                                            |  |               |           |   |                  |   |           |  
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | --------- | - | ---------------- | - | --------- | -
|                                                                                                                                                                            |  | March 31,2008 |           |   | December 31,2007 |  
|                                                                                                                                                                            |  | (unaudited)   |           |   |                  |  
|ASSETS                                                                                                                                                                      |  |               |           |   |                  |   |           |  
|Income producing property:                                                                                                                                                  |  |               |           |   |                  |   |           |  
|Land                                                                                                                                                                        |  | $             | 26,971    |   |                  | $ | 26,971    |  
|Buildings and improvements                                                                                                                                                  |  |               | 1,099,006 |   |                  |   | 1,102,954 |  
|                                                                                                                                                                            |  |               |           |   |                  |   |           |  
|                                                                                                                                                                            |  |               | 1,125,977 |   |                  |   | 1,129,925 |  
|Less: accumulated depreciation                                                                                                                                              |  |               | (28,538   | ) |                  |   | (17,710   | )
|                                                                                                                                                                            |  |               |           |   |                  |   |           |  
|Net income producing property                                                                                                                                               |  |               | 1,097,439 |   |                  |   | 1,112,215 |  
|Construction in progress and land held for development                                                                                                                      |  |               | 282,237   |   |                  |   | 245,636   |  
|                                                                                                                                                                            |  |               |           |   |                  |   |           |  
|Net real estate                                                                                                                                                             |  |               | 1,379,676 |   |                  |   | 1,357,851 |  
|Cash and cash equivalents                                                                                                                                                   |  |               | 11,305    |   |                  |   | 11,510    |  
|Restricted cash                                                                                                                                                             |  |               | 119       |   |                  |   | 119       |  
|Rents and other receivables, net                                                                                                                                            |  |               | 25,102    |   |                  |   | 13,915    |  
|Lease contracts above market value, net of accumulated amortization of $1,738 and $1,022, respectively                                                                      |  |               | 21,362    |   |                  |   | 22,078    |  
|Deferred costs, net                                                                                                                                                         |  |               | 43,969    |   |                  |   | 45,863    |  
|Prepaid expenses and other assets                                                                                                                                           |  |               | 2,115     |   |                  |   | 2,093     |  
|Non-real estate fixed assets, net of depreciation of $96 and $16, respectively                                                                                              |  |               | 819       |   |                  |   | 489       |  
|Due from related parties                                                                                                                                                    |  |               |          |   |                  |   | 237       |  
|                                                                                                                                                                            |  |               |           |   |                  |   |           |  
|Total assets                                                                                                                                                                |  | $             | 1,484,467 |   |                  | $ | 1,454,155 |  
|                                                                                                                                                                            |  |               |           |   |                  |   |           |  
|                                                                                                                                                                            |  |              
|LIABILITIES AND STOCKHOLDERS EQUITY                                                                                                                                        |  |               |           |   |                  |   |           |  
|Liabilities:                                                                                                                                                                |  |               |           |   |                  |   |           |  
|Mortgages and notes payable                                                                                                                                                 |  | $             | 322,580   |   |                  | $ | 296,719   |  
|Accounts payable and accrued liabilities                                                                                                                                    |  |               | 45,098    |   |                  |   | 39,178    |  
|Dividend and distribution payable                                                                                                                                           |  |               | 12,555    |   |                  |   | 10,044    |  
|Lease contracts below market value, net of accumulated amortization of $6,083 and $3,623, respectively                                                                      |  |               | 45,817    |   |                  |   | 48,277    |  
|Advance rents and security deposits                                                                                                                                         |  |               | 4,468     |   |                  |   | 4,392     |  
|Interest rate swap liability                                                                                                                                                |  |               | 14,225    |   |                  |   | 7,870     |  
|Due to related parties                                                                                                                                                      |  |               | 156       |   |                  |   |          |  
|                                                                                                                                                                            |  |               |           |   |                  |   |           |  
|Total liabilities                                                                                                                                                           |  |               | 444,899   |   |                  |   | 406,480   |  
|Minority interestsoperating partnership                                                                                                                                    |  |               | 486,310   |   |                  |   | 490,102   |  
|Commitments and contingencies                                                                                                                                               |  |               |          |   |                  |   |          |  
|Stockholders equity:                                                                                                                                                       |  |               |           |   |                  |   |           |  
|Preferred stock, par value $.001, 50,000,000 shares authorized, no shares issued or outstanding at March 31, 2008 and December 31,
2007                                     |  |               |          |   |                  |   |          |  
|Common stock, par value $.001, 250,000,000 shares authorized, 35,455,936 and 35,453,833 shares issued and outstanding at March 31, 2008
and December 31, 2007, respectively |  |               | 35        |   |                  |   | 35        |  
|Additional paid in capital                                                                                                                                                  |  |               | 661,188   |   |                  |   | 664,714   |  
|Accumulated deficit                                                                                                                                                         |  |               | (93,740   | ) |                  |   | (99,306   | )
|Accumulated other comprehensive loss                                                                                                                                        |  |               | (14,225   | ) |                  |   | (7,870    | )
|                                                                                                                                                                            |  |               |           |   |                  |   |           |  
|Total stockholders equity                                                                                                                                                  |  |               | 553,258   |   |                  |   | 557,573   |  
|                                                                                                                                                                            |  |               |           |   |                  |   |           |  
|Total liabilities and stockholders equity                                                                                                                                  |  | $             | 1,484,467 |   |                  | $ | 1,454,155 |  
|                                                                                                                                                                            |  |               |           |   |                  |   |           |  

See accompanying notes to consolidated financial statements.



2



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DUPONT FABROS TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands except
share and per share data)



|                                                                                                             |  |                                  |            |   |                                  |   |        |  
|------------------------------------------------------------------------------------------------------------ |  | -------------------------------- | ---------- | - | -------------------------------- | - | ------ | -
|                                                                                                             |  | The Company                      |            |   | The Predecessor                  |  
|                                                                                                             |  | Three months endedMarch 31, 2008 |            |   | Three months endedMarch 31, 2007 |  
|Revenue:                                                                                                     |  |                                  |            |   |                                  |   |        |  
|Base rent                                                                                                    |  | $                                | 25,831     |   |                                  | $ | 4,465  |  
|Recoveries from tenants                                                                                      |  |                                  | 12,461     |   |                                  |   | 1,683  |  
|Other revenue                                                                                                |  |                                  | 2,856      |   |                                  |   | 8      |  
|                                                                                                             |  |                                  |            |   |                                  |   |        |  
|Total operating revenue                                                                                      |  |                                  | 41,148     |   |                                  |   | 6,156  |  
|Expenses:                                                                                                    |  |                                  |            |   |                                  |   |        |  
|Real estate taxes                                                                                            |  |                                  | 690        |   |                                  |   | 58     |  
|Insurance                                                                                                    |  |                                  | 195        |   |                                  |   | 33     |  
|Property operating costs                                                                                     |  |                                  | 10,307     |   |                                  |   | 1,322  |  
|Management fees                                                                                              |  |                                  |           |   |                                  |   | 303    |  
|Depreciation and amortization                                                                                |  |                                  | 12,014     |   |                                  |   | 1,090  |  
|General and administrative, including $349 and $0 of non-cash stock based compensation expense, respectively |  |                                  | 2,708      |   |                                  |   | 37     |  
|Other expenses                                                                                               |  |                                  | 2,275      |   |                                  |   |       |  
|                                                                                                             |  |                                  |            |   |                                  |   |        |  
|Total operating expenses                                                                                     |  |                                  | 28,189     |   |                                  |   | 2,843  |  
|                                                                                                             |  |                                  |            |   |                                  |   |        |  
|Operating income                                                                                             |  |                                  | 12,959     |   |                                  |   | 3,313  |  
|Other income and expense:                                                                                    |  |                                  |            |   |                                  |   |        |  
|Interest income                                                                                              |  |                                  | 47         |   |                                  |   | 39     |  
|Interest expense                                                                                             |  |                                  | (2,486     | ) |                                  |   | (2,855 | )
|                                                                                                             |  |                                  |            |   |                                  |   |        |  
|Income before minority interestsoperating partnership                                                       |  |                                  | 10,520     |   |                                  |   | 497    |  
|Minority interestsoperating partnership                                                                     |  |                                  | (4,954     | ) |                                  |   |       |  
|                                                                                                             |  |                                  |            |   |                                  |   |        |  
|Net income                                                                                                   |  | $                                | 5,566      |   |                                  | $ | 497    |  
|                                                                                                             |  |                                  |            |   |                                  |   |        |  
|Earnings per common sharebasic                                                                              |  | $                                | 0.16       |   |                                  |   | N/A    |  
|                                                                                                             |  |                                  |            |   |                                  |   |        |  
|Earnings per common sharediluted                                                                            |  | $                                | 0.16       |   |                                  |   | N/A    |  
|                                                                                                             |  |                                  |            |   |                                  |   |        |  
|Dividends declared per common share                                                                          |  | $                                | 0.1875     |   |                                  |   | N/A    |  
|                                                                                                             |  |                                  |            |   |                                  |   |        |  
|Weighted average number of common shares outstandingbasic                                                   |  |                                  | 35,417,727 |   |                                  |   | N/A    |  
|                                                                                                             |  |                                  |            |   |                                  |   |        |  
|Weighted average number of common shares outstandingdiluted                                                 |  |                                  | 35,418,600 |   |                                  |   | N/A    |  
|                                                                                                             |  |                                  |            |   |                                  |   |        |  

See accompanying notes to consolidated financial statements.



3



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DUPONT FABROS TECHNOLOGY, INC.

CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY

(unaudited and in
thousands except share data)



|                                                                    |  |              |  |                          |    |  |                    |         |   |                   |   |         |                                   |  |   |        |   |  |   |         |   |  |   |         |  
|------------------------------------------------------------------- |  | ------------ |  | ------------------------ | -- |  | ------------------ | ------- | - | ----------------- | - | ------- | --------------------------------- |  | - | ------ | - |  | - | ------- | - |  | - | ------- | -
|                                                                    |  | Common Stock |  | AdditionalPaid-inCapital |    |  | AccumulatedDeficit |         |   | ComprehensiveLoss |   |         | AccumulatedOtherComprehensiveLoss |  |   | Total  |  
|                                                                    |  | Number       |  | Amount                   |    |  |                    |         |  
|Balance at December 31, 2007                                        |  | 35,453,833   |  | $                        | 35 |  | $                  | 664,714 |   |                   | $ | (99,306 | )                                 |  |   |        |   |  | $ | (7,870  | ) |  | $ | 557,573 |  
|Comprehensive income:                                               |  |              |  |                          |    |  |                    |         |   |                   |   |         |                                   |  |   |        |   |  |   |         |   |  |   |         |  
|Net income                                                          |  |              |  |                          |    |  |                    |         |   |                   |   | 5,566   |                                   |  | $ | 5,566  |   |  |   |         |   |  |   | 5,566   |  
|Other comprehensive losschange in fair value of interest rate swap |  |              |  |                          |    |  |                    |         |   |                   |   |         |                                   |  |   | (6,355 | ) |  |   | (6,355  | ) |  |   | (6,355  | )
|                                                                    |  |              |  |                          |    |  |                    |         |   |                   |   |         |                                   |  |   |        |   |  |   |         |   |  |   |         |  
|Comprehensive loss                                                  |  |              |  |                          |    |  |                    |         |   |                   |   |         |                                   |  | $ | (789   | ) |  |   |         |   |  |   |         |  
|                                                                    |  |              |  |                          |    |  |                    |         |   |                   |   |         |                                   |  |   |        |   |  |   |         |   |  |   |         |  
|Dividends declared                                                  |  |              |  |                          |    |  |                    | (6,648  | ) |                   |   |         |                                   |  |   |        |   |  |   |         |   |  |   | (6,648  | )
|Offering costs                                                      |  |              |  |                          |    |  |                    | (66     | ) |                   |   |         |                                   |  |   |        |   |  |   |         |   |  |   | (66     | )
|Issuance of stock awards                                            |  | 2,103        |  |                          |   |  |                    |        |   |                   |   |         |                                   |  |   |        |   |  |   |         |   |  |   |        |  
|Amortization of deferred compensation costs                         |  |              |  |                          |    |  |                    | 349     |   |                   |   |         |                                   |  |   |        |   |  |   |         |   |  |   | 349     |  
|Adjustment to minority interests in Operating Partnership           |  |              |  |                          |    |  |                    | 2,839   |   |                   |   |         |                                   |  |   |        |   |  |   |         |   |  |   | 2,839   |  
|                                                                    |  |              |  |                          |    |  |                    |         |   |                   |   |         |                                   |  |   |        |   |  |   |         |   |  |   |         |  
|Balance at March 31, 2008                                           |  | 35,455,936   |  | $                        | 35 |  | $                  | 661,188 |   |                   | $ | (93,740 | )                                 |  |   |        |   |  | $ | (14,225 | ) |  | $ | 553,258 |  
|                                                                    |  |              |  |                          |    |  |                    |         |   |                   |   |         |                                   |  |   |        |   |  |   |         |   |  |   |         |  

See accompanying notes to the consolidated financial statements.



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DUPONT FABROS TECHNOLOGY, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)



|                                                                                           |  |                                  |         |   |                                  |   |        |  
|------------------------------------------------------------------------------------------ |  | -------------------------------- | ------- | - | -------------------------------- | - | ------ | -
|                                                                                           |  | The Company                      |         |   | The Predecessor                  |  
|                                                                                           |  | Three months endedMarch 31, 2008 |         |   | Three months endedMarch 31, 2007 |  
|Cash flow from operating activities                                                        |  |                                  |         |   |                                  |   |        |  
|Net income                                                                                 |  | $                                | 5,566   |   |                                  | $ | 497    |  
|Adjustments to reconcile net income to net cash provided by (used in) operating activities |  |                                  |         |   |                                  |   |        |  
|Minority interests                                                                         |  |                                  | 4,954   |   |                                  |   |       |  
|Non-cash stock based compensation expense                                                  |  |                                  | 349     |   |                                  |   |       |  
|Depreciation and amortization                                                              |  |                                  | 12,014  |   |                                  |   | 1,090  |  
|Amortization of loan costs                                                                 |  |                                  | 374     |   |                                  |   | 238    |  
|Amortization of lease contracts above and below market value                               |  |                                  | (1,744  | ) |                                  |   |       |  
|Changes in operating assets and liabilities                                                |  |                                  |         |   |                                  |   |        |  
|Rents and other receivables, net                                                           |  |                                  | (11,187 | ) |                                  |   |       |  
|Deferred costs                                                                             |  |                                  | (91     | ) |                                  |   | (1,435 | )
|Prepaid expenses and other assets                                                          |  |                                  | (22     | ) |                                  |   | (92    | )
|Accounts payable and accrued liabilities                                                   |  |                                  | 2,044   |   |                                  |   | (328   | )
|Advance rents and security deposits                                                        |  |                                  | 76      |   |                                  |   | (1,038 | )
|Due to/from related parties                                                                |  |                                  |        |   |                                  |   | (1,562 | )
|                                                                                           |  |                                  |         |   |                                  |   |        |  
|Net cash provided by (used in) operating activities                                        |  |                                  | 12,333  |   |                                  |   | (2,630 | )
|                                                                                           |  |                                  |         |   |                                  |   |        |  
|Cash flow from investing activities                                                        |  |                                  |         |   |                                  |   |        |  
|Acquisition and development of real estate                                                 |  |                                  | (28,649 | ) |                                  |   | (376   | )
|                                                                                           |  |                                  |         |   |                                  |   |        |  
|Net cash used in investing activities                                                      |  |                                  | (28,649 | ) |                                  |   | (376   | )
|                                                                                           |  |                                  |         |   |                                  |   |        |  
|Cash flow from financing activities                                                        |  |                                  |         |   |                                  |   |        |  
|Proceeds from issuance of debt                                                             |  |                                  | 25,861  |   |                                  |   | 2,695  |  
|Dividends and distributions                                                                |  |                                  | (10,044 | ) |                                  |   |       |  
|IPO transaction costs                                                                      |  |                                  | (66     | ) |                                  |   |       |  
|Principal repayments of debt                                                               |  |                                  |        |   |                                  |   | (447   | )
|Payments of financing costs                                                                |  |                                  | (33     | ) |                                  |   |       |  
|Related party borrowings (repayments)                                                      |  |                                  | 393     |   |                                  |   | (948   | )
|                                                                                           |  |                                  |         |   |                                  |   |        |  
|Net cash provided by financing activities                                                  |  |                                  | 16,111  |   |                                  |   | 1,300  |  
|                                                                                           |  |                                  |         |   |                                  |   |        |  
|Net decrease in cash and cash equivalents                                                  |  |                                  | (205    | ) |                                  |   | (1,706 | )
|Cash and cash equivalents, beginning                                                       |  |                                  | 11,510  |   |                                  |   | 4,861  |  
|                                                                                           |  |                                  |         |   |                                  |   |        |  
|Cash and cash equivalents, ending                                                          |  | $                                | 11,305  |   |                                  | $ | 3,155  |  
|                                                                                           |  |                                  |         |   |                                  |   |        |  
|Supplemental disclosure of cash flow information                                           |  |                                  |         |   |                                  |   |        |  
|Cash paid during the period for interest (excluding interest capitalized)                  |  | $                                | 1,715   |   |                                  | $ | 2,487  |  
|                                                                                           |  |                                  |         |   |                                  |   |        |  

See accompanying notes to consolidated financial statements.



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DUPONT FABROS TECHNOLOGY, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

MARCH 31, 2008

(unaudited)

1. Description of Business

DuPont Fabros Technology, Inc. (we, us, the Company or DFT) was formed on March 2,
2007 and is headquartered in Washington, D.C. The Company is a fully integrated, self-administered and self-managed company formed primarily to own, acquire, develop and operate wholesale data centers. We will elect to be taxed as a real estate
investment trust, or REIT, for federal income tax purposes commencing with our taxable year ended December 31, 2007 upon filing our federal income tax return for such year. We are the sole general partner of, and own 53.2% of the economic
interest in, DuPont Fabros Technology, L.P. (the Operating Partnership). Through the Operating Partnership, we hold a fee simple interest in each of the properties we own.

We completed our initial public offering of common stock (the IPO) on October 24, 2007. The IPO resulted in the sale of 35,075,000
shares of common stock, including 4,575,000 shares as a result of the underwriters exercising their over-allotment option, at a price per share of $21.00, generating gross proceeds to the Company of $736.6 million. The proceeds to the Company, net
of underwriters discounts, commissions, financial advisory fees and other offering costs, were $676.9 million. We contributed the proceeds of our IPO to our Operating Partnership in exchange for a number of units of limited partnership
interest of our Operating Partnership (OP units) equal to the number of common shares sold in the IPO.

Prior to August 7,
2007, each of our initial properties, or data centers, was directly owned by a single-property entity. To facilitate the closing of a credit facility with KeyBank National Association (the KeyBank Credit Facility) on August 7, 2007
and in contemplation of the IPO, we combined the membership interests in the entities that hold interests in several of our operating and development properties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 KeyBank Credit Facility. Following the closing of the KeyBank 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 KeyBank Credit Facility to purchase land in Ashburn, Virginia that is being held for use in 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) based on the guidance in Statement of Financial Accounting Standards (SFAS) No. 141,
Business Combinations, in the Safari transaction, and the other data center properties  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, resulting
in the recording of the financial position and results of operations of Safari at historical cost basis at the IPO.

Upon completion of the
IPO, the Company entered into various formation transactions. The formation transactions included the issuance of 23,045,366 Operating Partnership Units (OP Units) and cash payments of $372.5 million (which included $274.0 million of
cash used to retire the debt and fund other obligations at ACC4) for total consideration of $856.5 million for the acquisition of the equity interests in Safari, the entity that owns ACC4 (a data center that was fully completed on October 30,
2007), land that is being held for use in the future development of data centers we refer to as NJ1 and ACC7 and a contract to acquire the land that will be used to develop SC1 and SC2. The contribution of the interests of ACC4 and the two
undeveloped parcels of land were recorded at their estimated fair value. The Company also issued 8,116,906 OP units and made a cash payment of $6.1 million for total consideration of $176.5 million for the acquisition of the management, development,
leasing, asset management and technical services agreements for these properties.

As of March 31, 2008, the Company is comprised of
the following data center properties:



|                     |  |                    |  |                      
|-------------------- |  | ------------------ |  | ---------------------
|Operating Properties |  | Date Formed        |  | State of Organization
|ACC2                 |  | December 2, 2005   |  | Delaware             
|                     |  |                   
|ACC3                 |  | September 21, 2005 |  | Delaware             
|                     |  |                   
|ACC4                 |  | March 2, 2006      |  | Delaware             
|                     |  |                   
|VA3                  |  | March 26, 2003     |  | Delaware             
|                     |  |                   
|VA4                  |  | June 27, 2005      |  | Delaware             



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##### Table of Contents

|                          |  |                  |  |                      
|------------------------- |  | ---------------- |  | ---------------------
|Development Properties    |  | Date Formed      |  | State of Organization
|CH1                       |  | February 7, 2007 |  | Delaware             
|                          |  |                 
|ACC5                      |  | August 7, 2007   |  | Delaware             
|                          |  |                 
|NJ1                       |  | February 5, 2007 |  | Delaware             
|                          |  |                 
|SC1                       |  | June 25, 2007    |  | Delaware             
|                          |  |                 
|Land Held for Development |  |                  |  |                      
|ACC6                      |  | August 7, 2007   |  | Delaware             
|                          |  |                 
|ACC7                      |  | May 3, 2007      |  | Delaware             

2. Significant Accounting Policies

Basis of Presentation

The accompanying unaudited consolidated financial statements have been
prepared by management in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these consolidated
financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair
presentation have been included. All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The results of operations for the three months ended March 31, 2008 are not indicative of the
results that may be expected for the full year. These consolidated financial statements should be read in conjunction with Managements Discussion and Analysis of Financial Condition and Results of Operations contained elsewhere in this Form
10-Q and the audited financial statements for the year ended December 31, 2007 and the notes thereto included in the Companys Form 10-K.

We have one reportable segment consisting of investments in data centers located in the United States.

These consolidated
financial statements include the financial position and results of operations of our Predecessor through August 6, 2007 and reflect its acquisition of the Acquired Properties (effective August 7, 2007) and the acquisition of ACC4 and land
held for the development of ACC7 and NJ1 (effective October 24, 2007) at their estimated fair values. Accordingly, the results of operations for 2007 include the results of operations of the Predecessor for all months in the reporting periods
and the results of operations of the Acquired Properties from their date of acquisition, August 7, 2007 and ACC4, ACC7 and NJ1 from their date of acquisition, October 24, 2007. The financial statements up through October 23, 2007 also
do not reflect the Companys acquisition of property management and other services agreements and thus, the internalization of these services.

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.

Income-Producing Property

The Predecessors data center, ACC3, is recorded at cost, including the external direct costs of the acquisition. The Acquired Properties data
centers (ACC2, VA3, VA4 and CH1) are recorded at their estimated fair value on the date of acquisition, August 7, 2007. ACC4, ACC7, NJ1 and SC1 are recorded at their estimated fair value on the date of acquisition, October 24, 2007.

We allocated the purchase price of the Acquired Properties, ACC4, ACC7, and NJ1, to the related physical assets and in-place leases based
on their relative fair values, in accordance with SFAS No. 141. The fair values of acquired buildings are determined on an as-if-vacant basis considering a variety of factors, including the physical condition and quality of the
buildings, estimated rental and absorption rates, estimated future cash flows, and valuation assumptions consistent with current market conditions. The as-if-vacant fair value is allocated to land, building, improvements, and any
personal property based on replacement cost estimates and other relevant information.

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,



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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
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 prior to the expiration of the initial term, 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.

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 weighted-average 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 in accordance with SFAS No. 34, Capitalization of Interest Cost.
Interest costs capitalized totaled $3.5 million and $1.1 million for the three months ended March 31, 2008 and 2007, respectively.

In
accordance with SFAS No. 67, Accounting for Costs and Initial Rental Operations of Real Estate Projects, 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, as provided under the guidance of SFAS No. 67, 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 delivered and ready for its intended use.

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 improvements 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 totaled $10.9
million and $0.8 million for the three months ended March 31, 2008 and 2007, respectively. Repairs and maintenance costs are expensed as incurred.

We record impairment losses on long-lived assets used in operations or in development when events or changes in circumstances indicate that the value of those 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 are present, an impairment loss is recognized based on 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 months ended March 31, 2008 and 2007.

In accordance with SFAS No. 144, Accounting for the Impairment or Disposal of Long-Lived Assets, we classify a data center property as
held-for-sale when it meets the necessary criteria, which include when we commit to and actively embark 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 March 31, 2008, there were no data center properties classified as held-for-sale and discontinued operations.

Cash and Cash Equivalents

We consider 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. Our 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. We mitigate this risk by depositing a majority of our funds with major financial institutions. We have not experienced any losses and believe that the risk is not significant.



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Deferred 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. Amortization of the deferred financing costs included in interest expense totaled $0.4 million and $0.2 million for the three months ended March 31, 2008 and 2007, respectively. Balances, net of accumulated amortization, at
March 31, 2008 and December 31, 2007 are as follows (in thousands):



|                         |  |               |        |   |                  |   |        |  
|------------------------ |  | ------------- | ------ | - | ---------------- | - | ------ | -
|                         |  | March 31,2008 |        |   | December 31,2007 |  
|Financing costs          |  | $             | 10,663 |   |                  | $ | 10,630 |  
|Accumulated amortization |  |               | (1,942 | ) |                  |   | (1,030 | )
|                         |  |               |        |   |                  |   |        |  
|Financing costs, net     |  | $             | 8,721  |   |                  | $ | 9,600  |  
|                         |  |               |        |   |                  |   |        |  

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 the Acquired Properties and ACC4 under SFAS No. 141, 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 $1.1 million and $0.3 million for the three months ended March 31, 2008 and 2007, respectively. Balances, net of accumulated amortization, at March 31, 2008 and December 31, 2007 are as follows (in thousands):



|                         |  |               |        |   |                  |   |        |  
|------------------------ |  | ------------- | ------ | - | ---------------- | - | ------ | -
|                         |  | March 31,2008 |        |   | December 31,2007 |  
|Leasing costs            |  | $             | 38,850 |   |                  | $ | 38,759 |  
|Accumulated amortization |  |               | (3,602 | ) |                  |   | (2,496 | )
|                         |  |               |        |   |                  |   |        |  
|Leasing costs, net       |  | $             | 35,248 |   |                  | $ | 36,263 |  
|                         |  |               |        |   |                  |   |        |  

Inventory

We maintain fuel inventory for our generators, which is recorded at the lower of cost (on a first-in, first-out basis) or market. As of March 31, 2008 and December 31, 2007, the fuel inventory was $1.1
million and $1.0 million, respectively, and is included in prepaid expenses and other assets in the accompanying consolidated balance sheets.

Debt
Obligations

Prior to the IPO, we entered into a debt agreement whose terms required certain additional costs and fees to be paid
upon retirement of the debt. These additional costs and fees were accrued using the effective interest method and were recorded in interest expense with the related liability included in accounts payable and accrued liabilities on the accompanying
consolidated balance sheets. This debt was retired in August 2007.

Interest Rate Derivative Instruments

We account for derivative activities in accordance with SFAS No. 133, Accounting for Derivative Instruments and Hedging Activitiesand SFAS
No. 149, Amendment of Statement 133 on Derivative Instruments and Hedging Activities, which requires all derivative instruments 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, we designate 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.



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Advance Rents

Advance 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

We, as a
lessor, have retained substantially all the risks and benefits of ownership and account for our leases as operating leases. For lease agreements that provide for scheduled rent increases, rental income is recognized on a straight-line basis over the
non-cancellable term of the leases, which commences when control of the space and the critical power have been provided to the tenant. The amount of the straight-line rent receivable on the consolidated balance sheets included in rents and other
receivables, net was $20.5 million and $12.6 million as of March 31, 2008 and December 31, 2007, respectively. 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 term of the underlying leases. As of March 31, 2008, the balance of unamortized Lease Intangible assets for above-market contracts
was $21.4 million and the balance of unamortized Lease Intangible liabilities for below-market contracts was $45.8 million. Should a tenant terminate its lease, the unamortized portion of Lease Intangibles associated with that lease will be written
off to rental revenue.

We 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 our receivables. We will also establish, as necessary, an appropriate allowance for doubtful accounts for receivables arising from the straight-lining of
rents. This receivable arises from revenue recognized in excess of amounts currently due under the lease. As of March 31, 2008 and December 31, 2007, no allowance was considered necessary.

Tenant leases generally contain provisions under which the tenants reimburse us for a portion of the propertys operating expenses and real estate
taxes incurred by us. The reimbursements are included in rental income in the consolidated statements of operations in the period the applicable expenditures are incurred.

Other Revenue

Other revenue primarily consists of services provided to our tenants on an
ad-hoc basis. Once the project is complete, the revenue is recognized.

Income Taxes

We will elect to be taxed as a REIT under the Internal Revenue Code of 1986, as amended (the Code), commencing with our taxable year ended
December 31, 2007 upon filing our federal income tax return for such year. 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 taxable year will not be subject to income tax to the extent of the income it distributes. We qualify and intend 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 our taxable REIT subsidiary (TRS). If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax (including any
applicable alternative minimum tax) on our income at regular corporate tax rates for the year in which we do not qualify and the succeeding four years. Even if we qualify for taxation as a REIT, we may be subject to state and local income and
franchise taxes and to federal income and excise taxes on any undistributed income.

We have jointly elected with DF Technical Services
LLC, a 100% owned subsidiary of our Operating Partnership, to treat it as a TRS of ours. 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.

The Predecessor was not subject to U.S. federal income tax on its income. Results of operations of the Predecessor are included proportionately in the federal income tax returns of the individual members;
therefore, no provision for federal income taxes is included in the accompanying consolidated financial statements for periods prior to October 24, 2007.

Comprehensive Income

Comprehensive income, as reflected on the Consolidated Statement of Stockholders Equity,
is defined as all changes in equity during each period except those resulting from investments by or distributions to stockholders or members. Accumulated other comprehensive loss, as also reflected on the Consolidated Statement of
Stockholders Equity, reflects the effective portion of cumulative changes in the fair value of derivatives in qualifying cash flow hedge relationships. For the three months ended March 31, 2007, comprehensive income consisted only of net
income.



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Earnings Per Share

Basic earnings per share is calculated by dividing the net income applicable to common stockholders for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings per
share is calculated by dividing the net income applicable to common stockholders for the period by the weighted-average number of common and dilutive securities outstanding during the period using the treasury stock method.

Stock-based Compensation

We have awarded
stock-based compensation to employees, contractors and members of our Board of Directors in the form of common stock and LTIP units. These awards are accounted for under SFAS No. 123(R), Accounting for Stock-Based Compensation, as
amended by SFAS No. 148, Accounting for Stock-Based Compensation  Transition and Disclosure  an amendment to FASB Statement No. 123, which was effective January 1, 2006. We had no stock-based compensation awards
outstanding prior to our IPO in October 2007. This pronouncement requires that we estimate the fair value of the awards and recognize this value over the requisite vesting period. The fair value of LTIP units is based on the market value of our
common stock on the date of the grant less a discount for post-vesting transferability restrictions estimated by a third-party consultant.

Profits,
Losses and Distributions

For periods prior to October 24, 2007, the profits and losses of the Predecessor were allocated to
the individual members in accordance with their respective limited liability company agreements.

Recent Accounting Pronouncements

In February 2007, the Financial Accounting Standards Board (FASB) issued SFAS No. 159, The Fair Value Option
for Financial Assets and Financial LiabilitiesIncluding an Amendment of FASB Statement No. 115. This statement permits an entity to elect to measure eligible items at fair value (fair value option) including many financial
instruments. The objective of this statement is to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to
apply complex hedge accounting provisions. The provisions of this statement were effective for us as of January 1, 2008. If the fair value option is elected, the Company would report unrealized gains and losses on items for which the fair value
option has been elected in earnings at each subsequent reporting date. Upfront costs and fees related to items for which the fair value option is elected shall be recognized in earnings as incurred and not deferred. The fair value option may be
applied for a single eligible item without electing it for other identical items, with certain exceptions, and must be applied to the entire eligible item and not to a portion of the eligible item. The Company did not elect the fair value option
with respect to any eligible item and, therefore, the adoption of this standard did not have a material effect on the Companys financial position and results of operations.

In December 2007, the FASB issued SFAS No. 141(R), Business Combinations.This statement changes the accounting for acquisitions specifically
eliminating the step acquisition model, changing the recognition of contingent consideration from being recognized when it is probable to being recognized at the time of acquisition, disallowing the capitalization of transaction costs and delays
when restructurings related to acquisitions can be recognized. The standard is effective for fiscal years ending after December 15, 2008 and will impact the accounting only for acquisitions we make after its adoption.

In December 2007, the FASB issued SFAS No. 160, Noncontrolling Interests in Consolidated Financial Statements, an Amendment of ARB No. 51.Under this statement, noncontrolling interests are considered equity and thus our practice of reporting minority interests in the mezzanine section of the balance sheet will be eliminated. Also, under the new standard, net income will encompass
the total income of all consolidated subsidiaries and there will be separate disclosure on the face of the income statement of the attribution of that income between controlling and noncontrolling interests. Last, increases and decreases in
noncontrolling interests will be treated as equity transactions. The standard is effective for fiscal years ending after December 15, 2008.



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3. Real Estate Assets

The following is a summary of properties owned by the Company at March 31, 2008:



|                                |  |                       |  |                                |  |      |        |                           |   |                                                    |  |            |         |  |   |          
|------------------------------- |  | --------------------- |  | ------------------------------ |  | ---- | ------ | ------------------------- | - | -------------------------------------------------- |  | ---------- | ------- |  | - | ---------
|(dollars in thousands) Property |  | Location              |  | RentableSquare Feet(Unaudited) |  | Land |        | Buildings andImprovements |   | Constructionin Progressand Land HeldforDevelopment |  | Total Cost
|Operating Properties            |  |                       |  |                                |  |      |        |                           |   |                                                    |  |            |         |  |   |          
|ACC2                            |  | Ashburn, VA           |  | 53,397                         |  | $    | 2,500  |                           | $ | 157,102                                            |  | $          | 1,165   |  | $ | 160,767  
|ACC3                            |  | Ashburn, VA           |  | 79,600                         |  |      | 1,071  |                           |   | 94,005                                             |  |            |        |  |   | 95,076   
|ACC4                            |  | Ashburn, VA           |  | 171,300                        |  |      | 6,600  |                           |   | 534,228                                            |  |            | 548     |  |   | 541,376  
|VA3                             |  | Reston, VA            |  | 144,901                        |  |      | 10,000 |                           |   | 173,051                                            |  |            | 165     |  |   | 183,216  
|VA4                             |  | Bristow, VA           |  | 90,000                         |  |      | 6,800  |                           |   | 140,620                                            |  |            | 1,264   |  |   | 148,684  
|                                |  |                       |  |                                |  |      |        |                           |   |                                                    |  |            |         |  |   |          
|                                |  |                       |  | 539,198                        |  |      | 26,971 |                           |   | 1,099,006                                          |  |            | 3,142   |  |   | 1,129,119
|Development Properties          |  |                       |  |                                |  |      |        |                           |   |                                                    |  |            |         |  |   |          
|CH1                             |  | Elk Grove Village, IL |  | 211,140                        |  |      |       |                           |   |                                                   |  |            | 199,316 |  |   | 199,316  
|ACC5                            |  | Ashburn, VA           |  | 171,200                        |  |      |       |                           |   |                                                   |  |            | 27,169  |  |   | 27,169   
|NJ1                             |  | Piscataway, NJ        |  | 171,200                        |  |      |       |                           |   |                                                   |  |            | 14,655  |  |   | 14,655   
|SC1                             |  | Santa Clara, CA       |  | 171,200                        |  |      |       |                           |   |                                                   |  |            | 28,282  |  |   | 28,282   
|Land Held for Development       |  |                       |  |                                |  |      |        |                           |   |                                                    |  |            |         |  |   |          
|ACC6                            |  | Ashburn, VA           |  | 155,000                        |  |      |       |                           |   |                                                   |  |            | 5,521   |  |   | 5,521    
|ACC7                            |  | Ashburn, VA           |  | 50,000                         |  |      |       |                           |   |                                                   |  |            | 4,152   |  |   | 4,152    
|                                |  |                       |  |                                |  |      |        |                           |   |                                                    |  |            |         |  |   |          
|                                |  |                       |  | 1,468,938                      |  | $    | 26,971 |                           | $ | 1,099,006                                          |  | $          | 282,237 |  | $ | 1,408,214
|                                |  |                       |  |                                |  |      |        |                           |   |                                                    |  |            |         |  |   |          

4. Leases

For the three months ended March 31, 2008, two tenants accounted for approximately 71% of our total operating revenue. As of March 31, 2008, these two tenants accounted for $9.6 million and $5.7 million of
rents and other receivables, respectively, of which $9.0 million and $5.4 million, respectively, are straight-line rent receivables. As of March 31, 2008, these two tenants also accounted for $0 million and $3.5 million of advance rents,
respectively. For the three months ended March 31, 2007, one tenant accounted for 100% of the total consolidated data center rental income. The Company does not hold security deposits from these two tenants. All tenants operate within the
technology industry and, as such, their viability is subject to market fluctuations in that industry.

5. Debt

On August 7, 2007, Safari entered into a $200.0 million secured term loan and a $275.0 million senior secured revolving credit facility (together the
KeyBank Credit Facility), of which a principal balance of $214.0 million was outstanding as of March 31, 2008.

Upon
consent of the lender, the revolving facility may be increased by up to $200.0 million to a total borrowing capacity of $475.0 million depending on certain factors, including the value of, and debt service on, the properties included in our
borrowing base. In order to take advantage of all of the $200.0 million increase in the revolving credit facility, we anticipate that we would need to add properties to the borrowing base. The revolving facility matures on August 7, 2010, but
includes an option whereby we may elect, once, to extend the maturity date by 12 months. The term loan is an interest-only loan with the full principal amount due at maturity on August 7, 2011, with no option to extend.

As of March 31, 2008, the interest rate on our term loan was LIBOR (2.70% at March 31, 2008) plus 1.50%, which we have effectively fixed at
6.497% through the use of an interest rate swap. The interest rate associated with the revolving facility is LIBOR plus 1.25% as of March 31, 2008.

Four of our operating propertiesVA3, VA4, ACC2 and ACC3comprise our current borrowing base with an aggregate book value of $587.7 million as of March 31, 2008, along with the assignments of rents and
leases at these properties. In addition, we may in the future choose to add some or all of the other properties that we acquired upon the completion of the IPO or other properties that we may acquire or develop in the future to the borrowing base in
order to, among other things, increase the amount that we may borrow under the revolving facility. Once added to the borrowing base, properties may be removed only with the approval of our lenders. In addition, the revolving facility and term loan
contain customary covenants. As of March 31, 2008, we were in compliance with all covenants.



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As part of the KeyBank refinancing, Safari repaid the mortgage loan on ACC3 totaling $125.2 million in
the third quarter of 2007. On December 20, 2007, Tarantula Ventures LLC, the owner of CH1, entered into a $148.9 million construction loan with KeyBank National Association relating to the refinancing of CH1, of which $108.6 million was
outstanding at March 31, 2008. The loan bears interest at a variable interest rate equal to the sum of the one-month LIBOR (2.70% at March 31, 2008) plus 2.25%. The loan matures on December 20, 2009 and can be extended for an
additional 12 months subject to certain conditions and payment of an extension fee equal to $0.4 million (0.25% of the note amount). The loan is collateralized by the CH1 assets with an aggregate net book value of $199.3 million at March 31,
2008.

At March 31, 2008 and December 31, 2007, debt balances outstanding were as follows (dollars in thousands):



|                                                                                                                                                                     |  |               |         |                  |   |        
|-------------------------------------------------------------------------------------------------------------------------------------------------------------------- |  | ------------- | ------- | ---------------- | - | -------
|                                                                                                                                                                     |  | March 31,2008 |         | December 31,2007
|KeyBank Credit Facility  $200,000 secured term loan, variable interest rate of LIBOR plus 1.50% (4.20% at March 31, 2008), matures
August 2011                      |  | $             | 200,000 |                  | $ | 200,000
|CH1 construction loan, variable interest rate of LIBOR plus 2.25% (4.95% at March 31, 2008), matures December 2009                                                   |  |               | 108,580 |                  |   | 96,719 
|KeyBank Credit Facility$275,000 senior secured revolving credit facility, variable interest rate of LIBOR plus 1.25% (3.95% at
March 31, 2008), matures August 2010 |  |               | 14,000  |                  |   |       
|                                                                                                                                                                     |  |               |         |                  |   |        
|                                                                                                                                                                     |  | $             | 322,580 |                  | $ | 296,719
|                                                                                                                                                                     |  |               |         |                  |   |        

6. Derivative Instruments

On August 15, 2007, Safari entered into a $200.0 million interest rate swap agreement with KeyBank National Association to manage the interest rate risk associated with a portion of the KeyBank Credit Facility
effective August 17, 2007 with a maturity date of August 7, 2011. This swap agreement effectively fixes the interest rate on $200.0 million of the KeyBank Credit Facility at 4.997% plus the credit spread of 1.5%. We have 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 has been recorded in other comprehensive income (loss) and will be reclassified into interest expense as the
hedged forecasted interest payments are recognized. Any ineffective portion of the hedging relationship will be recorded directly to earnings.

As of March 31, 2008, the cumulative reduction in fair value of the interest rate swap of $14.2 million was recognized as a liability and deferred in accumulated other comprehensive loss in the accompanying consolidated balance sheet
and no amounts were recognized in earnings as hedge ineffectiveness.

Derivative financial instruments expose the Company to credit risk in
the event of non-performance by the counterparties under the terms of the derivative instrument. The Company minimizes its credit risk on these transactions by dealing with major, creditworthy financial institutions as determined by management, and
therefore, the Company believes the likelihood of realizing losses from counterparty non-performance is remote.

7. Related Party Transactions

Prior to the closing of the IPO on October 24, 2007, DFD Technical Services LLC (DFTS) was responsible for the management of the
properties. Management fees incurred with DFTS were generally based on 5% of gross receipts collected for the properties and totaled $0.2 million for the three months ended March 31, 2007.

Prior to the closing of the IPO, DuPont Fabros Development LLC (DFD) earned an asset management fee. Asset management fees, which are included in
management fees in the consolidated statements of operations, incurred with DFD totaled $0.1 million for the three months ended March 31, 2007.

Prior to the closing of the IPO, bookkeeping fees incurred with DFD totaled less than $0.1 million for the three months ended March 31, 2007, and are included in general and administrative expenses in the
accompanying consolidated statements of operations.

Prior to the closing of the IPO, DFD was reimbursed for salaries and overhead expenses
related to operation management totaling $0.1 million for the three months ended March 31, 2007. These fees are included in property operating costs in the accompanying consolidated statements of operations.

Following the closing of the IPO, we pay rent for our headquarters building to an affiliate of Messrs. du Pont and Fateh. Rent expense for the three
months ended March 31, 2008 was less than $0.1 million.



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In addition, due to related parties includes amounts due to DFD and affiliates of $0.2 million at
March 31, 2008, and due from related parties includes amounts due from DFD and affiliated entities of $0.2 million at December 31, 2007.

Related party payables are due on demand without interest.

8. Commitments and Contingencies

As of March 31, 2008, we had a contract with Holder Construction Group, LLC to construct Phase 1 of CH1 for an amount not to exceed $157.0 million.
As of March 31, 2008, costs incurred under the contract were $145.0 million.

As of March 31, 2008, we had entered into
commitments via our construction vendor to purchase the following amounts of equipment and labor, including rotary uninterrupted power source (UPS), generators, structural precast work, electrical work, mechanical work and other
construction related materials and labor: $92.9 million at NJ1, $65.4 million at SC1, and $84.8 million at ACC5.

Concurrent with our IPO,
we entered into tax protection agreements with some of the contributors of the initial properties including our Executive Chairman and our President and CEO. Pursuant to the terms of these agreements, if we dispose of any interest in ACC2, ACC3,
VA3, VA4 or CH1 that generates more than a certain allowable amount of built-in gain for the contributors, as a group, in any single year through 2016, we 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 required indemnification will decrease ratably over the course of each year of tax protection by 10% of the estimated tax on the built-in gain, declining to
zero by the end of 2016. The aggregate built-in gain on the initial properties at October 24, 2007, the date we completed our IPO, is estimated to be approximately $750.0 million (unaudited). Any sale by us that requires payments to any of our
executive officers or directors pursuant to these agreements requires the approval of at least 75% of the disinterested members of our board of directors.

In 2007, we received three Notice of Violation from the Virginia Department of Environmental Quality (VDEQ) related to generators at three of our facilities. First, in March 2007, we were cited by the VDEQ
compliance office about our emissions from the ACC2 diesel generators exceeding short-term emission limits. Second, on October 5, 2007, we received a notice of violation from VDEQ regarding certain diesel generators at ACC4. The notice asserts
that construction and operation of the generators was commenced prior to receiving a required air permit from VDEQ for construction and operation of the generators and that the generators have been operating since June 2007 without an air permit.
Third, on October 19, 2007, we received a notice of violation from VDEQ regarding certain diesel generators at one of our facilities in Northern Virginia, VA4. The notice asserts that the operation of our generators has not been in conformity
with our air permit and that certain equipment added to the generators to reduce emissions has not been constructed, tested, and maintained in compliance with applicable regulations.

We are working with the VDEQ to resolve these enforcement matters in a single consent order. Draft consent orders have been exchanged and negotiations
are continuing. While the terms of the consent order are not final, the proposed consent order contemplates the payment of a civil penalty and performance of remedial actions to bring the facilities into compliance and reduce future emissions. We
intend to finalize and enter into a consent order with VDEQ in the near future. If we were not to comply with the order, we could be subject to further fines. Because the consent order is not final at this time, we do not know the exact actions VDEQ
may require. However, based on our negotiations with VDEQ to date and our best estimate of the potential penalty, we have accrued a $0.5 million liability for penalties and estimate $2.1 million for future capital expenditures at ACC2 and VA4 for
pollution control equipment, of which $0.4 million has been incurred and the remainder has been accrued at March 31, 2008. We can provide no assurance of the amount of any penalties or expenditures that we may incur in connection with these notices
or that an enforcement action by VDEQ will not have a material adverse affect on our results of operations.

Messrs. du Pont and Fateh have
agreed to indemnify us against certain costs that we may incur as a result of the alleged violations cited in the October 5 and 19, 2007 notices from VDEQ, and have set aside, as partial collateral for a portion of these obligations, certain funds
accruing for the account of the former members of the entity that contributed VA4 to our Company. We have accrued a receivable of $0.4 million related to these indemnification obligations, but can provide no assurance of the extent to which these
indemnification agreements will apply to any penalties assessed or expenditures incurred in connection with these notices.

We are 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.



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9. Minority Interests

Minority interests relates to the interest in the Operating Partnership not owned by the Company. OP unitholders receive distributions per unit equivalent to the per share distributions made to the Companys
common stockholders. Minority interests are adjusted for income, losses and distributions allocated to OP units not held by the Company. In the event of changes in common equity, an adjustment to minority interests in the Operating Partnership is
recorded to reflect the Companys increased or decreased ownership interest in the Operating Partnership. Upon completion of our IPO and contribution of the net proceeds to the Operating Partnership, minority interests owned 31,162,272 OP
units, or approximately 46.8% of the Operating Partnership. As of March 31, 2008, minority interests owned 31,162,272 units, or 46.8% of the Operating Partnership. Limited partners have the right to tender their OP units for redemption
beginning 12 months after our IPO on October 24, 2007. The OP units can be exchanged for cash based on the fair market value of the Companys common stock or at the election of the Company for shares of common stock which have been
registered. The redemption value of our minority interests at March 31, 2008 was $513.9 million, based on the closing share price of $16.49.

In addition, the Company has issued 341,145 fully vested LTIP units to certain officers, employees and consultants. LTIP units are a special class of partnership interests in our Operating Partnership. LTIP units, whether vested or not,
will receive the same quarterly per unit profit distributions as OP units, which profit distribution will generally equal per share distributions on our shares of common stock. Initially, LTIP units will not have full parity with OP units with
respect to liquidating distributions. Under the terms of the LTIP units, our Operating Partnership will revalue its assets upon the occurrence of certain specified events, and any increase in valuation from the time of grant until such event will be
allocated first to the holders of LTIP units to equalize the capital accounts of such holders with the capital accounts of OP unitholders. Upon equalization of the capital accounts of the holders of LTIP units with the holders of OP units, the LTIP
units will achieve full parity with OP units for all purposes, including with respect to liquidating distributions. If such parity is reached, vested LTIP units may be converted into an equal number of OP units at any time, and thereafter receive
all the rights of OP units. However, there are circumstances under which such parity would not be reached. Until and unless such parity is reached, the value that a recipient will realize for a given number of vested LTIP units will be less than the
value of an equal number of OP units. As of March 31, 2008, parity with the OP units had not been achieved and the LTIP units could not be converted into OP units.

10. Stockholders Equity

On February 26, 2008, we declared a regular cash dividend for the
first quarter of 2008 of $0.1875 per common share payable on April 11, 2008 to stockholders of record as of March 28, 2008. In addition, holders of OP units and LTIPs will also receive a distribution of $0.1875 per unit. We recorded a
payable as of March 31, 2008 of $12.6 million for this dividend and distribution.

11. Equity Compensation Plan

Concurrent with our IPO, our 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. As of March 31, 2008, 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 791,374 share
equivalents had been issued leaving 4,176,421 shares available for future issuance.

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 (7 1/2%) 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.

If any award or
grant under the Plan (including LTIP units) 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.

The following table discloses 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 Average Fair Valueat Date of Grant
|Unvested balance at December 31, 2007 |  | 71,429                    |   |  | $                                           | 21.00
|Granted                               |  | 2,103                     |   |  | $                                           | 16.68
|Vested                                |  | (35,715                   | ) |  | $                                           | 21.00
|Forfeited                             |  |                          |   |  |                                             | N/A  
|                                      |  |                           |   |  |                                             |      
|Unvested balance at March 31, 2008    |  | 37,817                    |   |  | $                                           | 20.76
|                                      |  |                           |   |  |                                             |      



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As of March 31, 2008, total unearned compensation on restricted stock was $0.5 million and the
weighted average vesting period was 0.4 years.

12. Earnings Per Share

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



|                                                                     |  |                                  |            |  
|-------------------------------------------------------------------- |  | -------------------------------- | ---------- | -
|                                                                     |  | Three Months endedMarch 31, 2008 |           
|Numerator:                                                           |  |                                  |            |  
|Net income                                                           |  | $                                | 5,566      |  
|Adjustments to minority interests                                    |  |                                  | (2         | )
|                                                                     |  |                                  |            |  
|Numerator for basic earnings per share                               |  |                                  | 5,564      |  
|Adjustments to minority interests                                    |  |                                  |           |  
|                                                                     |  |                                  |            |  
|Numerator for diluted earnings per share                             |  | $                                | 5,564      |  
|                                                                     |  |                                  |            |  
|Denominator:                                                         |  |                                  |            |  
|Weighted average shares                                              |  |                                  | 35,454,897 |  
|Unvested restricted stock                                            |  |                                  | (37,170    | )
|                                                                     |  |                                  |            |  
|Denominator for basic income per share                               |  |                                  | 35,417,727 |  
|Effect of dilutive securities                                        |  |                                  | 873        |  
|                                                                     |  |                                  |            |  
|Denominator for diluted earnings per shareadjusted weighted average |  |                                  | 35,418,600 |  
|                                                                     |  |                                  |            |  

13. Statements of Cash FlowsSupplemental Disclosures

During the three months ended March 31, 2008 and 2007, $0.5 million and $0 million, respectively, of amortization of loan fees were capitalized to
real estate.

During the three months ended March 31, 2008 and 2007, accounts payable and accrued expenses in the amount of $3.9
million and $0 million, respectively, were capitalized to real estate.

During the three months ended March 31, 2008, dividends and
distributions declared, but not paid, were $12.6 million.

During the three months ended March 31, 2008, we recorded a loss of $6.4
million to accumulated other comprehensive loss which is reflected in stockholders equity on the consolidated balance sheets, to adjust our interest rate swap to its fair value.

14. Fair Value of Financial Instruments

SFAS No. 107, Disclosures About Fair Value of
Financial Instruments, 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 we would realize in a current market exchange.

The following
methods and assumptions were used in estimating the fair value amounts and disclosures for financial instruments as of March 31, 2008:



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



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| |  |  | Rents and other receivables, accounts payable and accrued liabilities, dividend and distribution payable, due to/from related parties, and advance 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: Borrowings are floating rate instruments and management believes that for similar financial instruments with comparable credit risks, the stated interest
rates as of March 31, 2008 (floating rates at spreads over a market rate index) approximate market rates. Accordingly, the carrying value is believed to approximate fair value.
| | - |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Assets and Liabilities Measured at Fair Value

On
January 1, 2008, the Company adopted SFAS No. 157, Fair Value Measurements(SFAS No. 157). SFAS No. 157 defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair
value measurements. SFAS No. 157 applies to reported balances that are required or permitted to be measured at fair value under existing accounting pronouncements; accordingly, the standard does not require any new fair value measurements of
reported balances. In February 2008, the FASB issued two Staff Positions on SFAS No. 157: (1) FASB Staff Position No. FAS 157-1 (FSP 157-1), Application of FASB Statement No. 157 to FASB Statement No. 13 and Other Accounting
Pronouncements That Address Fair Value Measurements for Purposes of Lease Classification or Measurement Under Statement 13, and (2) FASB Staff Position No. FAS 157-2 (FSP 157-2), Effective Date of FASB Statement No. 157. FSP
157-1 excludes FASB Statement No. 13, Accounting for Leases, as well as other accounting pronouncements that address fair value measurements on lease classification or measurement under Statement 13, from SFAS 157s scope. FSP 157-2
partially defers SFAS 157s effective date to January 1, 2009 for all non financial assets and non financial liabilities, except those that are recognized or disclosed at fair value in the financial statements on a recurring basis.

SFAS No. 157 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. As a basis for considering market participant assumptions in fair value measurements, SFAS No. 157 establishes a fair value
hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting
entitys own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy).

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.

Derivative financial instruments

Currently, the Company uses one interest rate swap to manage its interest rate risk. The valuation of this instrument is determined using widely accepted
valuation techniques including discounted cash flow analysis on the expected cash flows of the derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs,
including interest rate curves. The fair value of our interest rate swap is determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or
receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves.

To comply with the provisions of SFAS No. 157, the Company incorporates credit valuation adjustments to appropriately reflect both its own
nonperformance risk and the respective counterpartys nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contract for the effect of nonperformance risk, the Company has considered the impact of
netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees.

Although the Company
has determined that the majority of the inputs used to value the derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivative utilize Level 3 inputs, such as estimates of current credit
spreads to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2008, the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its
derivative position and has determined that the credit valuation adjustment is not significant to the overall valuation of the interest rate swap. As a result, the Company has determined that its derivative valuation, in its entirety, is classified
in Level 2 of the fair value hierarchy.



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The table below presents the Companys assets and liabilities measured at fair value on a recurring
basis as of March 31, 2008, aggregated by the level in the fair value hierarchy within which those measurements fall.

Assets and
Liabilities Measured at Fair Value on a Recurring Basis at March 31, 2008

(dollars in thousands)



|                                 |  |                                                                             |   |                                            |   |                                         |  |                         |   |  |   |       
|-------------------------------- |  | --------------------------------------------------------------------------- | - | ------------------------------------------ | - | --------------------------------------- |  | ----------------------- | - |  | - | ------
|                                 |  | Quoted Prices inActive
Marketsfor IdenticalAssets and Liabilities (Level 1) |   | SignificantOtherObservableInputs (Level 2) |   | SignificantUnobservableInputs (Level 3) |  | Balance atMarch 31,2008
|Assets                           |  |                                                                             |   |                                            |   |                                         |  |                         |   |  |   |       
|Derivative financial instruments |  | $                                                                           |  |                                            | $ |                                        |  | $                       |  |  | $ |      
|Liabilities                      |  |                                                                             |   |                                            |   |                                         |  |                         |   |  |   |       
|Derivative financial instruments |  | $                                                                           |  |                                            | $ | 14,225                                  |  | $                       |  |  | $ | 14,225

The Company does not have any fair value measurements using significant unobservable inputs (Level
3) as of March 31, 2008.

15. Subsequent Events

Subsequent to March 31, 2008, we have entered into additional commitments via our construction vendor to purchase the following amounts of equipment and labor including rotary UPS, generators, structural precast
work, electrical work, mechanical work and other construction related materials and labor: $10.2 million at NJ1, $0.9 million at SC1, and $1.6 million at ACC5.



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|ITEM 2. | MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|------- | -------------------------------------------------------------------------------------

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. We caution 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 our 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. We caution you that while forward-looking statements reflect our good faith beliefs when we make them, they are not guarantees of future performance and are impacted by actual events when
they occur after we make such statements. We expressly disclaim any responsibility to update forward-looking statements, whether as a result of new information, future events or otherwise. 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.

For a
detailed discussion of certain of the risks and uncertainties that could cause our future results to differ materially from any forward-looking statements, see Item 1A, Risk Factors in our Annual Report on Form 10-K and the various
other factors identified in other documents filed by us with the Securities and Exchange Commission. The risks and uncertainties discussed in these reports are not exhaustive. We operate 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 our 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.

Overview

DuPont Fabros
Technology, Inc. (we, us or the Company) was formed on March 2, 2007, and is headquartered in Washington, D.C. We are a leading owner, developer, operator and manager of wholesale data centers. Our data
centers are highly specialized, secure facilities used by our tenantsprimarily national and international technology companies, including Microsoft, Yahoo!, Google and Facebookto house, power and cool the computer servers that support
many of their most critical business processes. We lease the raised square footage and available power of each of our facilities to our 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.

We completed our initial public offering of our common shares (the IPO) on October 24, 2007. The IPO resulted in the sale of 35,075,000
common shares, including 4,575,000 shares pursuant to the exercise of the underwriters over-allotment option, at a price per share of $21.00, generating gross proceeds to the Company of $736.6 million. The proceeds to the Company, net of
underwriters discounts, commissions, financial advisory fees and other offering costs, were $676.9 million.

Prior to August 7,
2007, each of our initial properties, or data centers, was directly owned by a single-property entity. To facilitate the closing of a credit facility with KeyBank National Association (the KeyBank Credit Facility) on August 7, 2007
and in contemplation of the IPO, we combined the membership interests in the entities that hold interests in several of our operating and development properties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 KeyBank Credit Facility. Following the closing of the KeyBank 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 KeyBank Credit Facility to purchase land in Ashburn, Virginia that is being held for use in 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) based on the guidance in Statement of Financial Accounting Standards (SFAS) No. 141,
Business Combinations, in the Safari transaction and the other data center propertiesACC2, VA3, VA4 and CH1were determined to be the Acquired Properties. The Predecessor is 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, resulting in the recording of the financial position and results of
operations of Safari at historical cost basis at the IPO.



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We 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 our properties from entities affiliated with Lammot J. du Pont, the Executive Chairman of our board of directors, and Hossein Fateh, our 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.

As of March 31, 2008, we owned the following data center properties:



|                          |  |                    |  |                      
|------------------------- |  | ------------------ |  | ---------------------
|Operating Property        |  | Date Formed        |  | State of Organization
|ACC2                      |  | December 2, 2005   |  | Delaware             
|                          |  |                   
|ACC3                      |  | September 21, 2005 |  | Delaware             
|                          |  |                   
|ACC4                      |  | March 2, 2006      |  | Delaware             
|                          |  |                   
|VA3                       |  | March 26, 2003     |  | Delaware             
|                          |  |                   
|VA4                       |  | June 27, 2005      |  | Delaware             
|                          |  |                   
|Development Property      |  |                    |  |                      
|CH1                       |  | February 7, 2007   |  | Delaware             
|                          |  |                   
|ACC5                      |  | August 7, 2007     |  | Delaware             
|                          |  |                   
|NJ1                       |  | February 5, 2007   |  | Delaware             
|                          |  |                   
|SC1                       |  | June 25, 2007      |  | Delaware             
|                          |  |                   
|Land Held for Development |  |                    |  |                      
|ACC6                      |  | August 7, 2007     |  | Delaware             
|                          |  |                   
|ACC7                      |  | May 3, 2007        |  | Delaware             

We derive substantially all of our revenue from rents received from tenants under existing leases
at each of our operating properties. Because we believe that critical load is the primary factor that tenants evaluate in choosing a data center, we establish our rents based on both the amount of power that we make available to our tenants and the
amount of raised square footage that our tenants are occupying. The relationship between raised square footage and critical load can vary significantly from one facility to the next. For example, a data center that is smaller in terms of raised
square footage may contain infrastructure that provides its tenants with critical load that exceeds the power capacity of a data center with a significantly larger footprint.

With respect to operating expenses, we have negotiated expense pass-through provisions in each of our leases under which our tenants are required to pay
for most of our operating expenses. In particular, our tenants are required to pay all of their direct operating expenses, including direct electric, as well as their pro rata share of indirect operating expenses, including real estate taxes and
insurance. As we complete the build-out of our development properties, we intend to continue to structure our future leases to contain expense pass-through provisions, which are also referred to as triple net leases.

In the future, we intend to continue our focus on the performance of our initial portfolio of operating properties, as well as our pursuit of growth
through the build out and leasing up of our portfolio of development properties. Although each of our initial operating properties is located in Northern Virginia, as we complete the expected build out of our development properties, including the
development of planned data centers in suburban Chicago, Illinois, Piscataway, New Jersey and Santa Clara, California, our portfolio of data centers will become more geographically diverse.



20



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##### Table of Contents

Our Properties

Operating Properties

The following table presents an overview of our five operating
properties based on information as of April 1, 2008:



|                      |  |                      |     |  |                      |  |                     |  |                 |  |            |   |  |                                    |        |                                                    |   |      
|--------------------- |  | -------------------- | --- |  | -------------------- |  | ------------------- |  | --------------- |  | ---------- | - |  | ---------------------------------- | ------ | -------------------------------------------------- | - | -----
|Property and Location |  | Year Built/Renovated |     |  | GrossBuildingArea(1) |  | RaisedSquareFeet(2) |  | CriticalLoad(3) |  | %Leased(4) |   |  | AnnualizedRent(in thousands)(5)(6) |        | AnnualizedManagementFeeRecoveries(in thousands)(7)
|VA3-Reston, VA        |  | 2003                 | (8) |  | 256,000              |  | 144,901             |  | 13.0 MW         |  | 100        | % |  | $                                  | 8,579  |                                                    | $ | 708  
|VA4-Bristow, VA       |  | 2005                 | (8) |  | 230,000              |  | 90,000              |  | 9.6 MW          |  | 100        | % |  | $                                  | 16,095 |                                                    | $ | 1,140
|ACC2-Ashburn, VA      |  | 2001/2005            |     |  | 87,000               |  | 53,397              |  | 10.4 MW         |  | 100        | % |  | $                                  | 11,154 |                                                    | $ | 771  
|ACC3-Ashburn, VA      |  | 2001/2006            |     |  | 147,000              |  | 79,600              |  | 13.0 MW         |  | 100        | % |  | $                                  | 18,076 |                                                    | $ | 1,194
|ACC4-Ashburn, VA      |  | 2007                 |     |  | 300,000              |  | 171,300             |  | 36.4 MW         |  | 84.6       | % |  | $                                  | 43,275 |                                                    | $ | 2,562
|                      |  |                      |     |  |                      |  |                     |  |                 |  |            |   |  |                                    |        |                                                    |   |      
|Totals                |  |                      |     |  | 1,020,000            |  | 539,198             |  | 82.4 MW         |  |            |   |  | $                                  | 97,179 |                                                    | $ | 6,375
|                      |  |                      |     |  |                      |  |                     |  |                 |  |            |   |  |                                    |        |                                                    |   |      



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

|(2) | Raised square footage is that portion of gross building area where our tenants locate their computer servers. We consider raised square footage to be the net rentable square footage
in each of our facilities. Office and storage space is de minimis.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(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 our tenants expressed in terms of
megawatt, or MW, or kilowatt, or kW (1 MW is equal to 1,000 kW). In addition to critical load, each of our data centers is designed to provide sufficient additional power to cool our tenants servers, which we refer to as essential load.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(4) | Percentage leased is expressed as a percentage of raised square feet that is subject to a signed lease. With respect to any given facility, critical load is distributed
approximately evenly to each raised square foot. Accordingly, percentage leased rates are not materially different when expressed as a percentage of a facilitys critical load.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(5) | Annualized rent is presented for leases commenced as of April 1, 2008 on a straight-lined basis over the non-cancellable terms of the respective leases beginning from the date
of the most recent amendment to a lease agreement, or from the later of the original date of an agreement if not amended or the acquisition date of the property holding the lease. Annualized rent includes base rent and other rents (including, as
applicable, office, storage, parking and cage space) and all historical and future contractual increases to such rents, including any increases that are scheduled to occur subsequent to April 1, 2008.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(6) | Annualized rent based on actual base rental rates in effect as of April 1, 2008, without giving effect to any future contractual rent increases, equals $8.8 million, $14.6
million, $9.7 million, $16.2 million and $16.4 million for VA3, VA4, ACC2, ACC3 and ACC4, respectively, or $65.7 million in the aggregate.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(7) | Annualized management fee recoveries for all leases commenced as of April 1, 2008, as determined from the date of the most recent amendment to a lease agreement, or from the
original date of an agreement if not amended, consists of our property management fee, which is a variable fee that our tenants pay in exchange for receiving property management services from us, including general maintenance, operations and
administration of each facility. This fee is equal to approximately 5.0% of the sum of (i) base rent, (ii) other rents (including, as applicable, office, storage, parking and cage space) and (iii) estimated recoverable operating
expenses allocable to each tenant over the term of the lease other than direct electric, which we define as the cost of the critical and essential load used by a tenant to power and cool its servers. For the purposes of calculating annualized
management fee recoveries with respect to each property, we have annualized the first quarter of 2008 property operating expenses.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(8) | Acquired as a fully-developed property.
|--- | ---------------------------------------

Development Properties

The following table presents an overview of our development properties, based on information
as of March 31, 2008. Other than ACC7, we intend to develop each of these facilities in two phases in terms of the critical load to be made available in each phase. Due to its smaller size, we plan to develop ACC7 in a single phase. One of the
advantages of developing a larger facility in multiple phases is that the phases can be developed independently, with the timing of the second phase to be determined in light of market conditions. As noted in the table below, we have 223.6 MW of
critical load in our development pipeline. We cannot guarantee that we will be able to develop these properties in accordance with the schedules, cost estimates and specifications set forth below, or at all:



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|                                   |  |                        |  |                                       |  |                      |  |                     |  |                
|---------------------------------- |  | ---------------------- |  | ------------------------------------- |  | -------------------- |  | ------------------- |  | ---------------
|Property and Location              |  | ExpectedCompletionDate |  | Estimated Total Cost(in thousands)(1) |  | GrossBuildingArea(2) |  | RaisedSquareFeet(3) |  | CriticalLoad(4)
|CH1 Phase I-Elk Grove Village, IL  |  | 2008                   |  | $200,000 - $210,000                   |  | 285,000              |  | 121,223             |  | 18.2 MW        
|ACC5 Phase I-Ashburn, VA           |  | 2009                   |  | $170,000 - $220,000                   |  | 150,000              |  | 85,600              |  | 18.2 MW        
|SC1 Phase I-Santa Clara, CA        |  | 2009                   |  | $240,000 - $300,000                   |  | 150,000              |  | 85,600              |  | 18.2 MW        
|NJ1 Phase I-Piscataway, NJ         |  | 2009                   |  | $220,000 - $280,000                   |  | 150,000              |  | 85,600              |  | 18.2 MW        
|CH1 Phase II-Elk Grove Village, IL |  | not scheduled          |  | *                                     |  | 200,000              |  | 89,917              |  | 18.2 MW        
|ACC5 Phase II-Ashburn, VA          |  | not scheduled          |  | *                                     |  | 150,000              |  | 85,600              |  | 18.2 MW        
|SC1 Phase II-Santa Clara, CA       |  | not scheduled          |  | *                                     |  | 150,000              |  | 85,600              |  | 18.2 MW        
|NJ1 Phase II-Piscataway, NJ        |  | not scheduled          |  | *                                     |  | 150,000              |  | 85,600              |  | 18.2 MW        
|SC2 Phase I-Santa Clara, CA        |  | not scheduled          |  | *                                     |  | 150,000              |  | 85,600              |  | 18.2 MW        
|SC2 Phase II-Santa Clara, CA       |  | not scheduled          |  | *                                     |  | 150,000              |  | 85,600              |  | 18.2 MW        
|ACC6 Phase I-Ashburn, VA           |  | not scheduled          |  | *                                     |  | 120,000              |  | 77,500              |  | 15.6 MW        
|ACC6 Phase II-Ashburn, VA          |  | not scheduled          |  | *                                     |  | 120,000              |  | 77,500              |  | 15.6 MW        
|ACC7-Ashburn, VA                   |  | not scheduled          |  | *                                     |  | 100,000              |  | 50,000              |  | 10.4 MW        



|* | Development costs for these projects have not yet been estimated as of the date of this report.
|- | -----------------------------------------------------------------------------------------------

|(1) | Includes estimated capitalization for construction and development, including closing costs, capitalized interest, leasing commissions and capitalized operating carrying costs, as
applicable. As of March 31, 2008, we had incurred development costs of $199.3 million, $14.7 million, $28.3 million, $32.7 million and $4.2 million in connection with CH1, NJ1, SC1, ACC5/6, and ACC7 respectively.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

|(3) | Raised square footage is that portion of gross building area where our tenants locate their computer servers. We consider raised square footage to be the net rentable square footage
in each of our facilities. Office and storage space is de minimis.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(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 our tenants expressed in terms of
MW or kW (1 MW is equal to 1,000 kW). In addition to critical load, each of our data centers is designed to provide sufficient additional power to cool our tenants servers, which we refer to as essential load. Estimated critical loads for
ACC5, SC1, NJ1 and SC2 are based generally on our present intention to employ designs for these facilities similar to our ACC4 prototype. The estimated critical loads for ACC6 and ACC7 are expected to be lower due to constraints imposed on us by the
size of the properties.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Tenant Diversification

As of April 1, 2008, our portfolio was leased to ten data center tenants, many of which are nationally recognized firms in the technology industry.
As of April 1, 2008, our two largest tenants, Microsoft and Yahoo!, accounted for 70.0% of our annualized rent. The following table sets forth our tenants by the percentage of our annualized rent attributable to each, as of April 1, 2008:



|                      |  |                  |  
|--------------------- |  | ---------------- | -
|Tenant Name           |  | % AnnualizedRent |  
|Microsoft             |  | 35.2             | %
|Yahoo!                |  | 34.8             | %
|Facebook              |  | 10.4             | %
|IAC/InterActiveCorp   |  | 6.4              | %
|Net2EZ                |  | 4.0              | %
|UBS                   |  | 3.1              | %
|Google                |  | 2.6              | %
|Fox Interactive Media |  | 1.8              | %
|Other                 |  | 1.7              | %
|                      |  |                  |  
|Total                 |  | 100              | %



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##### Table of Contents

Lease Distribution

The following table sets forth information relating to the distribution of leases for VA3, VA4, ACC2, ACC3 and ACC4 based on critical load, in terms of
kilowatts or kW, under lease as of April 1, 2008.



|                                   |  |             |  |                |   |  |                     |  |                        |   |  |                                 |        |                             |      |  
|---------------------------------- |  | ----------- |  | -------------- | - |  | ------------------- |  | ---------------------- | - |  | ------------------------------- | ------ | --------------------------- | ---- | -
|kW of Critical Load Under Lease(1) |  | No ofLeases |  | % of AllLeases |   |  | Total kWUnder Lease |  | % of PortfolioLeasedkW |   |  | AnnualizedRent(in thousands)(2) |        | % ofPortfolioAnnualizedRent |     
|Available                          |  |             |  |                |   |  |                     |  |                        |   |  |                                 |        |                             |      |  
|1,300 or less                      |  | 3           |  | 23.0           | % |  | 3,087               |  | 4.0                    | % |  | $                               | 3,456  |                             | 3.6  | %
|1,301-2,600                        |  | 2           |  | 15.4           | % |  | 4,550               |  | 5.9                    | % |  |                                 | 6,844  |                             | 7.0  | %
|2,601-5,200                        |  | 2           |  | 15.4           | % |  | 9,750               |  | 12.7                   | % |  |                                 | 8,777  |                             | 9.0  | %
|5,201-10,400                       |  | 4           |  | 30.8           | % |  | 32,675              |  | 42.6                   | % |  |                                 | 41,702 |                             | 42.9 | %
|Greater than 10,400                |  | 2           |  | 15.4           | % |  | 26,650              |  | 34.8                   | % |  |                                 | 36,400 |                             | 37.5 | %
|                                   |  |             |  |                |   |  |                     |  |                        |   |  |                                 |        |                             |      |  
|Portfolio Total                    |  | 13          |  | 100            | % |  | 76,712              |  | 100                    | % |  | $                               | 97,179 |                             | 100  | %
|                                   |  |             |  |                |   |  |                     |  |                        |   |  |                                 |        |                             |      |  



|(1) | 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 our tenants expressed in terms of
megawatt, or MW, or kilowatt, or kW (1 MW is equal to 1,000 kW). In addition to critical load, each of our data centers is designed to provide sufficient additional power to cool our tenants servers, which we refer to as essential load.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(2) | Annualized rent is presented for leases that have commenced as of April 1, 2008 on a straight-lined basis over the non-cancellable terms of the respective leases beginning from
the later of the date of the most recent amendment to a lease agreement, or from the original date of an agreement if not amended or the acquisition of the property holding the lease. Annualized rent includes base rent and other rents (including, as
applicable, office, storage, parking and cage space) and all historical and future contractual increases to such rents, including any increases that are scheduled to occur subsequent to April 1, 2008.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Lease Expirations

The
following table sets forth a summary schedule of lease expirationsand the corresponding effects in terms of both raised square feet and critical loadfor VA3, VA4, ACC2, ACC3 and ACC4 for each of the ten full calendar years beginning with
April 1, 2008. The information set forth in the table assumes that tenants exercise no renewal options.



|                         |  |           |  |                           |  |                                             |  |                                     |   |  |                             |  |                       |   |  |                                 |        |                                    |   |                             |  |      |  
|------------------------ |  | --------- |  | ------------------------- |  | ------------------------------------------- |  | ----------------------------------- | - |  | --------------------------- |  | --------------------- | - |  | ------------------------------- | ------ | ---------------------------------- | - | --------------------------- |  | ---- | -
|Year of Lease Expiration |  | Property  |  | NumberofLeasesExpiring(1) |  | TotalRaisedSquareFootageofExpiringLeases(2) |  | % ofPortfolioLeasedRaisedSquareFeet |   |  | TotalkW ofExpiringLeases(3) |  | % ofPortfolioLeasedkW |   |  | AnnualizedRent(in thousands)(4) |        | AnnualizedRent PerRaisedSquareFoot |   | % ofPortfolioAnnualizedRent | 
|2008                     |  | VA3       |  | 1                         |  |                                            |  |                                    |   |  | 163                         |  | 0.2                   | % |  | $                               | 293    |                                    | $ |                            |  | 0.3  | %
|2009                     |  | VA3       |  | 1                         |  | 27,268                                      |  | 5.3                                 | % |  | 2,600                       |  | 3.4                   | % |  |                                 | 1,187  |                                    |   | 43.54                       |  | 1.2  | %
|                         |  | ACC4      |  | 1                         |  |                                            |  |                                    |   |  |                            |  |                      |   |  |                                 | 29     |                                    |   |                            |  | 0.0  | %
|2010                     |  | VA3       |  | 1                         |  | 66,661                                      |  | 13.0                                | % |  | 5,688                       |  | 7.4                   | % |  |                                 | 4,090  |                                    |   | 61.35                       |  | 4.2  | %
|2011                     |  | VA3       |  | 1                         |  | 14,320                                      |  | 2.8                                 | % |  | 1,300                       |  | 1.7                   | % |  |                                 | 943    |                                    |   | 65.87                       |  | 1.0  | %
|2012(5)                  |  | VA4       |  | 1                         |  | 15,000                                      |  | 2.9                                 | % |  | 1,600                       |  | 2.1                   | % |  |                                 | 2,579  |                                    |   | 171.93                      |  | 2.7  | %
|2013                     |  | VA3       |  | 1                         |  | 26,943                                      |  | 5.3                                 | % |  | 2,600                       |  | 3.4                   | % |  |                                 | 1,305  |                                    |   | 48.42                       |  | 1.3  | %
|                         |  | VA4       |  | 1                         |  | 15,000                                      |  | 2.9                                 | % |  | 1,600                       |  | 2.1                   | % |  |                                 | 2,613  |                                    |   | 174.19                      |  | 2.7  | %
|2014                     |  | VA3       |  | 1                         |  | 9,709                                       |  | 1.9                                 | % |  | 650                         |  | 0.8                   | % |  |                                 | 761    |                                    |   | 78.39                       |  | 0.8  | %
|                         |  | VA4       |  | 1                         |  | 15,000                                      |  | 2.9                                 | % |  | 1,600                       |  | 2.1                   | % |  |                                 | 2,674  |                                    |   | 178.25                      |  | 2.7  | %
|2015                     |  | ACC2      |  | 1                         |  | 53,397                                      |  | 10.4                                | % |  | 10,400                      |  | 13.6                  | % |  |                                 | 11,154 |                                    |   | 208.89                      |  | 11.5 | %
|                         |  | VA4       |  | 1                         |  | 15,000                                      |  | 2.9                                 | % |  | 1,600                       |  | 2.1                   | % |  |                                 | 2,693  |                                    |   | 168.95                      |  | 2.8  | %
|2016                     |  | ACC3      |  | 1                         |  | 39,800                                      |  | 7.8                                 | % |  | 6,500                       |  | 8.5                   | % |  |                                 | 9,399  |                                    |   | 236.14                      |  | 9.7  | %
|                         |  | VA4       |  | 1                         |  | 15,000                                      |  | 2.9                                 | % |  | 1,600                       |  | 2.1                   | % |  |                                 | 2,757  |                                    |   | 183.81                      |  | 2.8  | %
|2017                     |  | ACC3      |  | 1                         |  | 23,600                                      |  | 4.6                                 | % |  | 3,900                       |  | 5.1                   | % |  |                                 | 5,244  |                                    |   | 222.21                      |  | 5.4  | %
|                         |  | VA4       |  | 1                         |  | 15,000                                      |  | 2.9                                 | % |  | 1,600                       |  | 2.1                   | % |  |                                 | 2,779  |                                    |   | 185.21                      |  | 2.9  | %
|                         |  | ACC4      |  | 4                         |  | 37,500                                      |  | 7.3                                 | % |  | 7,961                       |  | 10.3                  | % |  |                                 | 11,187 |                                    |   | 299.13                      |  | 11.5 | %
|After 2017               |  | ACC3/ACC4 |  | 6                         |  | 123,700                                     |  | 24.2                                | % |  | 25,350                      |  | 33.0                  | % |  |                                 | 35,492 |                                    |   | 286.92                      |  | 36.5 | %
|                         |  |           |  |                           |  |                                             |  |                                     |   |  |                             |  |                       |   |  |                                 |        |                                    |   |                             |  |      |  
|Portfolio Total          |  |           |  | 26                        |  | 512,898                                     |  | 100                                 | % |  | 76,712                      |  | 100                   | % |  | $                               | 97,179 |                                    |   |                             |  | 100  | %
|                         |  |           |  |                           |  |                                             |  |                                     |   |  |                             |  |                       |   |  |                                 |        |                                    |   |                             |  |      |  



|(1) | Based on 13 separate leases. Six of these leases include staggered expiration dates. For purposes of the above chart, we have treated each staggered expiration as a separate lease.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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##### Table of Contents

|(2) | Raised square footage is that portion of gross building area where our tenants locate their computer servers. We consider raised square footage to be the net rentable square footage
in each of our facilities. Office and storage space is de minimis.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

|(4) | Annualized rent is presented for leases in effect as of April 1, 2008 on a straight-lined basis over the non-cancellable terms of the respective leases beginning from
(i) the date of the most recent amendment to a lease agreement, or (ii) the later of the original date of an agreement if not amended or the acquisition date of the property holding the lease. Annualized rent includes base rent and other
rents (including, as applicable, office, storage, parking and cage space) and all historical and future contractual increases to such rents, including any increases that are scheduled to occur subsequent to April 1, 2008.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|(5) | One lease at ACC4 accounting for 10,800 raised square feet includes a provision allowing the tenant to terminate after five years, on June 30, 2012, subject to payment of a
significant penalty.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Critical Accounting Policies

Recent Accounting Pronouncements

In February 2007, the Financial Accounting Standards Board
(FASB) issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial LiabilitiesIncluding an Amendment of FASB Statement No. 115. This statement permits an entity to elect to measure eligible items
at fair value (fair value option) including many financial instruments. The objective of this statement is to improve financial reporting by providing entities with the opportunity to mitigate volatility in reported earnings caused by
measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. The provisions of this statement were effective for us as of January 1, 2008. If the fair value option is elected, the Company
would report unrealized gains and losses on items for which the fair value option has been elected in earnings at each subsequent reporting date. Upfront costs and fees related to items for which the fair value option is elected shall be recognized
in earnings as incurred and not deferred. The fair value option may be applied for a single eligible item without electing it for other identical items, with certain exceptions, and must be applied to the entire eligible item and not to a portion of
the eligible item. The Company did not elect the fair value option with respect to any eligible item and, therefore, the adoption of this standard did not have a material effect on the Companys financial position and results of operations.



24



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In December 2007, the FASB issued SFAS No. 141(R), Business Combinations.This statement
changes the accounting for acquisitions specifically eliminating the step acquisition model, changing the recognition of contingent consideration from being recognized when it is probable to being recognized at the time of acquisition, disallowing
the capitalization of transaction costs and delays when restructurings related to acquisitions can be recognized. The standard is effective for fiscal years ending after December 15, 2008 and will impact the accounting only for acquisitions we
make after its adoption.

In December 2007, the FASB issued SFAS No. 160, Noncontrolling Interests in Consolidated Financial
Statements, an Amendment of ARB No. 51.Under this statement, noncontrolling interests are considered equity and thus our practice of reporting minority interests in the mezzanine section of the balance sheet will be eliminated. Also, under
the new standard, net income will encompass the total income of all consolidated subsidiaries and there will be separate disclosure on the face of the income statement of the attribution of that income between controlling and noncontrolling
interests. Last increases and decreases in noncontrolling interests will be treated as equity transactions. The standard is effective for fiscal years ending after December 15, 2008.

Results of Operations

Since our formation on
March 2, 2007 until the IPO on October 24, 2007, we did not have any corporate activity other than the issuance of shares of common stock in connection with the initial capitalization of our Company. Prior to October 24, 2007,
operating results are presented for our Predecessor.

Three Months Ended March 31, 2008 Compared to Three Months Ended March 31, 2007

Operating Revenue.Operating revenue for the three months ended March 31, 2008 was $41.1 million. This includes base
rent of $25.8 million and tenant recoveries of $12.4 million, which includes our property management fee, and other revenue of $2.9 million primarily from projects for our tenants performed by our TRS. This compares to revenue of $6.2 million for
the three months ended March 31, 2007. The increase of $34.9 million is due to revenue realized in the first quarter of 2007 relating only to ACC3.

Operating Expenses.Operating expenses for the three months ended March 31, 2008 were $28.2 million. This compares to operating expenses of $2.8 million for the three months ended March 31, 2007. The
increase of $25.4 million is the result of expenses incurred in the first quarter of 2007 relating only to ACC3.

Interest Expense.Interest expense for the three months ended March 31, 2008 was $2.5 million. This compares to interest expense of $2.9 million for the three months ended March 31, 2007. The decrease of $0.4 million is primarily due to $3.5 million of
interest expense in the first quarter of 2008 being capitalized for the development projects of CH1, NJ1, SC1 and ACC5.

Net Income.Net income for the three months ended March 31, 2008 was $5.6 million. This compares to net income of $0.5 million for the three months ended March 31, 2007. The increase of $5.1 million in net income is due to net income in the first
quarter of 2007 being only for ACC3, partially offset by the allocation of $5.0 million of the first quarter 2008 income to minority interests.

Liquidity and Capital Resources

We will elect to be taxed as a REIT for federal income tax purposes commencing with our
taxable year ended December 31, 2007, upon filing our federal income tax return for 2007. As a REIT we are required to distribute at least 90% of our taxable income to our stockholders on an annualized basis. Therefore, as a general matter, it
is unlikely that we will have any substantial cash balances that could be used to meet our liquidity needs. Instead, we will need to meet these needs from cash generated from operations and external sources of capital. In addition, our liquidity may
be negatively impacted by unanticipated increases in project development cost (including the cost of labor and materials and construction delays), and rising interest rates.

We intend to meet our short-term liquidity needs through net cash provided by operations, reserves established from existing cash, and to the extent
necessary, through entering into long-term indebtedness, borrowings under our revolving facility and CH1 construction loan, entering into additional construction loans and/or collateralizing ACC4. We expect to meet our long-term liquidity needs
through long-term secured borrowings and the issuance of additional equity and debt securities when market conditions permit. In determining the source of capital to meet our long-term liquidity needs, we will evaluate our level of indebtedness and
leverage ratio, our cash flow expectations, the state of the capital markets, interest rates and other terms for borrowing, and the relative timing considerations and costs of borrowing or issuing additional securities.



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KeyBank Credit Facility

On August 7, 2007, we entered into a $275.0 million revolving credit facility and a $200.0 million term loan (together the KeyBank Credit Facility), both of which were arranged by KeyBank National
Association and each of which is secured by VA3, VA4, ACC2 and ACC3. As of March 31, 2008, there was $200.0 million outstanding under the term loan and $14.0 million outstanding under the revolving facility, which currently has a maximum
capacity of $275.0 million. The terms of the revolving facility include an accordion feature, which would enable us to increase the amount of the revolving facility by up to $200.0 million to a total borrowing capacity of $475.0 million depending on
certain factors, including the value of and debt service on the properties included in our borrowing base, the possibility that we may need to add properties to the borrowing base and the agreement of participating lenders to fund the increased
amount. The revolving facility matures on August 7, 2010, but includes an option whereby we may elect, once, to extend the maturity date by 12 months. The term loan is an interest only loan with the full principal amount due on maturity at
August 7, 2011, with no option to extend.

As of March 31, 2008, the interest rate on our term loan was LIBOR (2.70% at
March 31, 2008) plus 1.50%, although we have effectively fixed the interest rate at 6.497% through the use of an interest rate swap. As of March 31, 2008, the interest rate associated with the revolving facility is LIBOR plus 1.25%. Future
interest rates on the revolving facility will depend on our applicable leverage ratio, which is defined by our credit agreement as the ratio of our total consolidated indebtedness to our gross asset value, as set forth in the following schedule:



|                                               |  |                          |  
|---------------------------------------------- |  | ------------------------ | -
|Applicable Leverage Ratio                      |  | Applicable Interest Rate |  
|Less than 40%                                  |  | LIBOR plus 1.25          | %
|Greater than or equal to 40% but less than 50% |  | LIBOR plus 1.40          | %
|Greater than or equal to 50% but less than 60% |  | LIBOR plus 1.60          | %
|Greater than or equal to 60%                   |  | LIBOR plus 1.70          | %

Four of our propertiesVA3, VA4, ACC2 and ACC3comprise our current borrowing base. In
the future, we may add additional properties to our borrowing base, which would subject those properties to additional restrictions. Also, any equity interest that we may hold in any of our properties, whether or not included in our borrowing base,
will provide additional collateral with respect to our term loan and revolving facility.

The credit agreement contains affirmative and
negative covenants customarily found in facilities of this type, including limits on our ability to engage in merger and other similar transactions, as well as requirements that we comply with the following covenants on a consolidated basis:
(i) consolidated total debt shall not exceed 65% of our asset value, (ii) debt service coverage shall not be less than 1.35 to 1.0, (iii) total leverage shall not exceed 65% of the appraised value of the properties, (iv) adjusted
consolidated EBITDA to consolidated fixed charges shall not be less than 1.45 to 1.0, (v) the consolidated net worth shall not be less than 85% of the net proceeds of the IPO plus 75% of the sum of (a) any additional offering proceeds
occurring after the IPO and (b) the value of interests in the Company issued upon the contribution of assets to the Company and (vi) unhedged variable rate debt of the company shall not exceed 35% of the Companys asset value. Upon
completion of the IPO, we assumed this credit agreement and became subject to the covenants in accordance with the credit agreement. As of March 31, 2008, we were in compliance with all covenants in this credit agreement.

On August 15, 2007, we entered into a $200.0 million interest rate swap with KeyBank National Association to manage the interest rate risk
associated with a portion of the principal amount outstanding under our credit agreement effective August 17, 2007. This swap agreement effectively fixes the interest rate on $200.0 million of the principal amount at 4.997% plus the applicable
credit spread, which is 1.50%. We have designated this agreement as a hedge for accounting purposes. As of March 31, 2008, the cumulative reduction in the fair value of the interest rate swap of $14.2 million was recognized as a liability and
recorded as other comprehensive loss in stockholders equity and no amounts were recognized in earnings as hedge ineffectiveness.

CH1 Mortgage

On December 20, 2007, we entered into a $148.9 million construction loan to which CH1 is currently pledged as collateral. As
of March 31, 2008, amounts outstanding under this loan totaled $108.6 million. This loan bears interest at LIBOR (2.70% at March 31, 2008) plus 2.25% and currently requires interest-only payments. This loan matures on December 20,
2009, with a one-time option to extend the maturity for a period of 12 months subject to customary conditions. Prepayment is permitted subject to payment of certain breakage costs incurred by the lender.

The loan includes certain customary covenants, including without limitation, maintaining insurance on the property, payment of taxes and providing
financial reports. The loan also provides for customary events of default, including failure to pay a sum due, the occurrence of a material adverse effect to CH1, borrower or the Operating Partnership, and the occurrence of a change of control. Upon
the occurrence of an event of default under the loan, the lender may accelerate the obligation and declare amounts outstanding to be immediately due and payable, may withhold disbursements and may take possession of the property. As of
March 31, 2008, we were in compliance with all applicable covenants related to this loan.



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Off-Balance Sheet Arrangements

As March 31, 2008, we did not have any off-balance sheet arrangements.

Discussion of Cash Flows

Three Months Ended March 31, 2008 Compared to Three Months Ended March 31, 2007

Net cash provided by operating activities increased by $14.9 million to $12.3 million for the three months ended March 31, 2008, compared to cash
used of $2.6 million for the year ago period. This increase is due to operations in the first quarter of 2007 being only for ACC3.

Net
cash used in investing activities increased by $28.2 million to $28.6 million for the three months ended March 31, 2008 compared to $0.4 million for the year ago period. Cash used in investing for the three months ended March 31, 2008
primarily consisted of expenditures for the development of CH1, NJ1, SC1 and ACC5/6. For the three months ended March 31, 2007, cash used in investing activities consisted of capital expenditures at ACC3.

Net cash provided by financing activities increased by $14.8 million to $16.1 million for the three months ended March 31, 2008 compared to $1.3
million for the year ago period. Cash provided by financing activities for the three months ended March 31, 2008 primarily consisted of $25.9 million of proceeds from the KeyBank Credit Facility and the CH1 mortgage, partially offset by the
payment of $10.0 million of dividends and distributions. For the three months ended March 31, 2007, cash provided by financing activities consisted of $2.7 million of proceeds from the ACC3 mortgage, partially offset by repayment of the ACC3
mortgage of $0.4 million and related party borrowings of $1.0 million.

Funds From Operations

Funds From Operations, or FFO, is used by industry analysts and investors as a supplemental operating performance measure for REITs. We calculate FFO in
accordance with the definition that was adopted by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT. FFO, as defined by NAREIT, represents net income (loss) 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.

We use FFO as a supplemental performance measure because, in excluding real estate related
depreciation and amortization and gains and losses from property dispositions, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating expenses. We also believe that, as a
widely recognized measure of the performance of equity REITs, FFO will be used by investors as a basis to compare our operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither
the changes in the value of our properties that result from use or market conditions nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of our properties, all of which have real economic
effects and could materially impact our results from operations, the utility of FFO as a measure of our performance is limited.

While
Funds From Operations is a relevant and widely used measure of operating performance of equity REITs, other equity REITs may use different methodologies for calculating Funds From Operations and, accordingly, Funds From Operations as disclosed by
such other REITs may not be comparable to Funds From Operations published herein. Therefore, we believe that in order to facilitate a clear understanding of our historical operating results, Funds From Operations should be examined in conjunction
with net income (loss) as presented in the consolidated financial statements included elsewhere in this prospectus. Funds From Operations should not be considered as an alternative to net income (loss) (computed in accordance with GAAP) as an
indicator of the properties financial performance or to cash flow from operating activities (computed in accordance with GAAP) as an indicator of our liquidity, nor is it indicative of funds available to fund our cash needs, including our
ability to pay dividends or make distributions. The following table sets forth a reconciliation of our net income to FFO (in thousands):



|                                                     |  |                                  |        |                                  |   |      
|---------------------------------------------------- |  | -------------------------------- | ------ | -------------------------------- | - | -----
|                                                     |  | The Company                      |        | The Predecessor                 
|                                                     |  | Three months endedMarch 31,
2008 |        | Three months endedMarch 31,
2007
|Net income                                           |  | $                                | 5,566  |                                  | $ | 497  
|Adjustments:                                         |  |                                  |        |                                  |   |      
|Real estate depreciation and amortization            |  |                                  | 11,934 |                                  |   | 1,090
|Minority interests                                   |  |                                  | 4,954  |                                  |   |     
|                                                     |  |                                  |        |                                  |   |      
|FFO available to common stockholders and unitholders |  | $                                | 22,454 |                                  | $ | 1,587
|                                                     |  |                                  |        |                                  |   |      



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Related Party Transactions

Leasing Arrangements

As of March 31, 2008, we leased approximately 9,337 square feet of office space at 1212
New York Avenue, NW in Washington, D.C., an office building owned by entities affiliated with our Executive Chairman and our President and CEO. The leased space is comprised of the original space of 6,757 square feet and an additional expansion
space of 2,580 square feet (effective February 1, 2008). Under the terms of the lease for the original 6,757 square feet, we are required to pay $21,535 per month in rent until September 17, 2008, and then $22,181 per month until the end
of the lease in addition to our pro rata share of any increase in real estate taxes over the base year. The lease relating to the original space expires on September 17, 2009; however, we have four options to renew for periods of five years
each. Under the lease terms for the additional expansion space of 2,580 square feet, which is under lease until September 2014, we are required to pay an additional $7,993 per month in rent, which escalates 3% per annum. We believe that the
terms of this lease are fair and reasonable and reflect the terms we could expect to obtain in an arms-length transaction for comparable space elsewhere in Washington, D.C.

Inflation

Our leases all contain annual rent increases. As a result, we believe that we are largely
insulated from the effects of inflation. However, our general and administrative expenses can increase with inflation, most of which we do not expect that we will be able to pass along to our tenants. Additionally, any increases in the costs of
development of our properties will generally result in a higher cost of the property, which will result in increased cash requirements to develop our properties and increased depreciation expense in future periods, and, in some circumstances, we may
not be able to directly pass along the increase in these development costs to our tenants in the form of higher rents.



|ITEM 3. | QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|------- | ----------------------------------------------------------

For quantitative and qualitative disclosures about market risk affecting the Company, see Quantitative and Qualitative Disclosures About Market Risk in Item 7A of Part II, of the Companys Annual Report on Form 10-K
for the year ended December 31, 2007 (the 2007 Form 10-K), which is incorporated by reference herein. The Companys exposure to market risk has not changed materially since December 31, 2007.



|ITEM 4. | CONTROLS AND PROCEDURES
|------- | -----------------------

Evaluation of Disclosure Controls and
Procedures

Our management, with the participation of our President and Chief Executive Officer and our Chief Financial Officer, has
evaluated the effectiveness of our disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, (the Exchange Act)) as of the end of the period
covered by this report. Based on this evaluation, our President and Chief Executive Officer and our Chief Financial Officer have concluded that as of the end of the period covered by this report, our disclosure controls and procedures were
effective.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting during the quarter ended March 31, 2008 that have materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.



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##### Table of Contents

PART II. OTHER INFORMATION



|ITEM 1. | LEGAL PROCEEDINGS
|------- | -----------------

We are involved in certain
proceedings described in note 8 to the Notes to Consolidated Financial Statements included in this report. During the quarter, there were no material developments in the status of these proceedings.



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

There have been no material changes
to the risk factors previously disclosed in Item 1A, Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2007.



|ITEM 2. | UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS.
|------- | ------------------------------------------------------------

None.



|ITEM 3. | DEFAULTS UPON SENIOR SECURITIES
|------- | -------------------------------

None.



|ITEM 4. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
|------- | ---------------------------------------------------

None.



|ITEM 5. | OTHER INFORMATION
|------- | -----------------

None.



|ITEM 6. | EXHIBITS.
|------- | ---------



|            |  |                                                                                                                                                                               
|----------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description                                                                                                                                                                   
|31.1        |  | Certification by Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                            
|            | 
|31.2        |  | Certification by Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                            
|            | 
|32.1        |  | Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002



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##### Table of Contents

SIGNATURES

Pursuant to the requirements 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.
|                   |  |                               
|Date: May 15, 2008 |  | By:                            |  | /s/ Hossein Fateh                    
|                   |  |                                |  | Hossein Fateh                        
|                   |  |                                |  | President and Chief Executive Officer
|                   |  |                                |  | (Principal Executive Officer)        



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Exhibit Index



|            |  |                                                                                                                                                                               
|----------- |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|Exhibit No. |  | Description                                                                                                                                                                   
|31.1        |  | Certification by Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                            
|            | 
|31.2        |  | Certification by Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002                                                                            
|            | 
|32.1        |  | Certifications of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of
2002



31