DuPont Fabros Technology has lined up the first tenant for its new data center project in New Jersey, the company said today. The real estate investment trust (REIT) said it had executed a pre-lease for 1.14 megawatts of critical load (or about 5,400 square feet of raised floor space) at its NJ1 data center in Piscataway.
The lease was announced in the company's second-quarter earnings release. For the quarter ended June 30, DuPont Fabros (DFT) reported earnings of 13 cents per share, compared to earnings of 8 cents per share for the second quarter of 2009. Revenues increased 21.3 percent year-over-year to $59.3 million. Funds From Operations (FFO) came in at $0.33 per share compared to $0.28 per share for the quarter ended June 30, 2009.
NJ1 will be DuPont Fabros' first project in New Jersey. The building features 360,000 square feet of space, and is being built in two phases. Each phase will feature 88,100 square feet of data center space atop a 42-inch raised floor.
"We remain on time and on budget to deliver two data centers in the fourth quarter of 2010 and two new developments during the third quarter of 2011," said Hossein Fateh, President and Chief Executive Officer of DFT. "These four fully-funded developments will add 67 megawatts of critical load to our operating portfolio, an increase of 57 percent, and diversify our geographic markets with two new locations."
NJ1 Phase I and ACC5 Phase II in Ashburn, Virginia are scheduled to be completed in the fourth quarter of 2010. SC1 Phase I in Santa Clara, California and ACC6 Phase I in Ashburn, Virginia were placed into development in May 2010 and targeted for completion during the third quarter of 2011.