UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

September 18, 2017

Date of Report (Date of Earliest Event Reported)

DUPONT FABROS TECHNOLOGY, INC.

(Exact Name of Registrant as Specified in Its Charter)

Maryland	001-33748	20 – 8718331
(State or Other Jurisdictionof Incorporation)	(Commission File Number)	(I.R.S. EmployerIdentification No.)
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

401 9th Street NW, Suite 600,

Washington, D.C. 20004

(Address of Principal Executive Offices) (Zip Code)

(202) 728-0044

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule l4a-12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule l4d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement communications pursuant to Rule l3e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 81.01. ~~Other~~Entry ~~Events.~~into a Material Definitive Agreement

On ~~August~~September 158, 2017, DuPont Fabros Technology, Inc. ~~(“DFT”)~~ ~~and Digital Realty Trust, Inc.~~ (~~“DLR”) each filed with~~ the ~~Securities and Exchange Commission (the~~ “~~SEC~~Company”), aDuPont ~~joint~~Fabros ~~proxy~~Technology, ~~statement/prospectus~~L.P. (the “~~Definitive~~Operating ~~Proxy Statement~~Partnership”) ~~with~~and ~~respect~~U.S. toBank ~~(A) the~~National ~~special meeting of DFT stockholders scheduled to be held on September 13~~Association, ~~2017~~as trustee (the “~~DFT Special Meeting~~Trustee”) to, ~~among~~entered ~~other~~into ~~things,~~that ~~vote~~certain onSecond aSupplemental ~~proposal~~Indenture ~~to approve~~ (the ~~previously~~ ~~announced~~“Second ~~proposed~~Supplemental ~~merger (the “Merger~~Indenture”) ~~of DFT and DLR pursuant~~ to the ~~Agreement and Plan of Merger (the “Merger Agreement”)~~Indenture, dated as of June 89, ~~2017~~2015, by and among ~~DFT~~the Operating Partnership, ~~DLR~~the ~~and~~Company, the other ~~entities~~guarantors party thereto, and ~~(B)~~ the ~~special~~Trustee, ~~meeting~~relating ~~of DLR stockholders scheduled~~ to ~~be held on September 13, 2017 (~~the ~~“DLR~~Operating ~~Special~~Partnership’s ~~Meeting”~~5.625% Senior ~~and,~~Notes ~~together~~due ~~with the DFT Special Meeting~~2023, ~~the~~to ~~“Special~~cure ~~Meetings”)~~an ~~to,~~incorrect ~~among other~~cross ~~things,~~reference ~~vote~~in on Section 10.04(a)(4) ~~proposal~~in ~~to approve~~ the ~~issuance~~First ofSupplemental ~~common stock of DLR~~Indenture, ~~$0.01~~dated ~~par~~as ~~value~~of ~~per share~~June 9, ~~pursuant to the Merger Agreement~~2015.

AsThe ~~previously~~foregoing ~~disclosed~~description inis ~~the~~qualified ~~Definitive~~in ~~Proxy~~its ~~Statement,~~entirety ~~four~~by ~~putative class actions (~~the ~~“Lawsuits”)~~complete ~~have~~terms ~~been filed on behalf~~ of ~~alleged DFT stockholders in~~ the ~~United~~Second ~~States~~Supplemental ~~District Court for the District of Columbia (the “Court”) under the captions: Scarantino v. DuPont Fabros Technology~~Indenture, ~~Inc.,~~which etis ~~al.,~~attached ~~Case~~as ~~1:17-cv-01428,~~Exhibit ~~filed July 18, 2017, Canchola v~~4. ~~DuPont Fabros Technology, Inc., et al., Case~~ 1~~:17-cv-01481,~~ ~~filed~~hereto ~~July 24, 2017, Lawrence v. DuPont Fabros Technology, Inc., et al., Case 1:17-cv-01465 filed July 24, 2017;~~ and ~~McCullough~~is v.incorporated ~~DuPont~~by ~~Fabros~~reference ~~Technology,~~into ~~Inc.,~~this etItem ~~al., Case~~ 1~~:17-cv-01563, filed August 2, 2017~~. ~~All four complaints name as defendants DFT and the members of the board of directors of DFT~~01. ~~The Scarantino complaint also names as defendants DuPont Fabros Technology, L.P., DLR, Digital Realty Trust, L.P., Penguins REIT Sub, LLC, Penguins OP Sub, LLC and Penguins OP Sub 2, LLC.~~

~~The~~Item Lawsuits allege that the defendants violated Section 14(a) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Rule 14a-9 promulgated thereunder by issuing allegedly materially incomplete and misleading disclosures in the Form S-4 Registration Statement filed with the SEC on July 10, 2017, containing a joint proxy statement/prospectus5.07. ~~The~~Submission ~~Lawsuits further allege that the defendants violated Section 20(a)~~ of ~~the~~Matters ~~Exchange Act by failing~~ to ~~exercise proper control over the person(s) who violated Section 14(~~a) ofVote ~~the Exchange Act. The Lawsuits seek injunctive relief, including enjoining or rescinding the mergers, and an award~~ of ~~other~~Security ~~unspecified attorneys’ and other fees and costs, in addition to other relief.~~ Holders

OnThe ~~August 25, 2017,~~Company ~~the~~held ~~plaintiff~~a inspecial meeting (the ~~Lawrence~~“Special ~~complaint~~Meeting”) ~~moved~~of ~~for~~stockholders ~~entry~~at of10:00 a.m., ~~preliminary~~Eastern ~~injunction~~Time, toon ~~enjoin~~September 13, ~~the~~2017 ~~Merger~~at ~~and~~Market ~~the~~Square ~~plaintiffs~~North, in401 ~~the~~9th ~~other~~Street ~~three~~NW, 10th ~~actions joined in that request. On August 28~~Floor, ~~2017~~Washington, ~~the~~DC ~~Court~~20004 ~~ordered~~to ~~the~~vote ~~consolidation~~on of the ~~Lawsuits~~ ~~and~~proposals aset ~~hearing~~forth onin the ~~motion~~definitive ~~for~~joint ~~the~~proxy ~~preliminary~~statement ~~injunction~~/ ~~was~~prospectus ~~scheduled~~dated ~~for September 5, 2017. On~~ August 3115, 2017, ~~the~~and ~~plaintiff~~first ~~voluntarily~~mailed ~~withdrew~~to ~~his motion for preliminary injunction as a result of discussions among~~ the Company’s ~~parties~~stockholders ~~regarding~~on ~~the~~or ~~supplemental~~about ~~disclosures~~August 15, ~~contained in this filing~~2017.

~~DFT~~1. ~~and~~Company ~~DLR~~Merger. ~~continue~~At tothe ~~believe~~Special ~~that~~Meeting, the ~~claims~~Company’s ~~asserted~~stockholders invoted ~~the~~upon and approved ~~Lawsuits~~a ~~are~~proposal ~~without~~(the ~~merit,~~“Merger ~~and~~Proposal”) ~~further~~for ~~believe~~the ~~that~~Company noto ~~supplemental~~merge ~~disclosure~~with isand ~~required~~into ~~under~~Penguins ~~applicable~~REIT ~~laws.~~Sub, ~~However~~LLC (“REIT Merger Sub”), ~~DFT~~a ~~and~~wholly owned subsidiary of Digital Realty Trust, Inc. (“DLR”), ~~wish~~pursuant to ~~make~~that certain ~~supplemental~~Agreement and ~~disclosures~~Plan ~~related~~of toMerger (the “Merger Agreement”), dated as of June 8, 2017, by and among the Company, the Operating Partnership, DLR, REIT Merger Sub, Digital Realty Trust, L.P., Penguins OP Sub 2, LLC and Penguins OP Sub, LLC. The votes on this proposal were as follows:


Votes For	Votes Against	Abstentions	Broker Non-Votes
64,950,892	116,224	628,722	0

~~Agreement~~2. ~~solely~~Advisory ~~for~~Vote ~~the~~on ~~purpose~~Executive ofCompensation. ~~mooting~~At the ~~allegations~~Special ~~contained~~Meeting, in the ~~Lawsuits~~Company’s ~~and~~stockholders ~~avoiding~~voted ~~the~~upon ~~expense~~a ~~and~~non-binding ~~burden~~advisory proposal of ~~litigation.~~compensation ~~Nothing~~that inmay ~~the~~be ~~supplemental~~paid ~~disclosures~~or ~~shall~~become bepayable ~~deemed~~to ~~an admission~~certain executive officers of the ~~legal~~Company ~~necessity~~in orconnection ~~materiality~~with ~~under~~the ~~applicable~~Merger ~~law~~Agreement ofand ~~any of~~ the ~~supplemental~~transactions ~~disclosures~~contemplated thereby. The votes on this proposal were as follows:

Important information concerning the Merger is set forth in the Definitive Proxy Statement. The Definitive Proxy Statement is amended and supplemented by, and should be read in conjunction with, the information set forth in this Current Report on Form 8-K.


Votes For	Votes Against	Abstentions	Broker Non-Votes
21,706,830	43,189,147	799,861	0

3. Adjournment of Special Meeting. Stockholder action on a third proposal, to approve the adjournment of the Special Meeting, if necessary or appropriate, to solicit additional proxies in favor of the Merger Proposal, was not required and no vote was taken on that proposal.

~~SUPPLEMENT~~Item TO9.01. ~~JOINT~~Financial ~~PROXY~~Statements ~~STATEMENT/PROSPECTUS~~and Exhibits

~~DFT~~(d) ~~and~~The ~~DLR have agreed to make the~~ following ~~amended~~exhibits and supplemental disclosures to the Definitive Proxy Statement. This supplemental information should be read in conjunction with the Definitive Proxy Statement, which should be read in its entirety. Page references in the below disclosures are tofiled ~~the~~as ~~Definitive~~part ~~Proxy~~of ~~Statement, and certain terms used but not defined~~this herein have the meanings set forth in the Definitive Proxy Statement. Without admitting in any way that the disclosures below are material or otherwise required by law, DFT and DLR make the following amended and supplemental disclosuresreport:

The section of the Definitive Proxy Statement entitled “The Mergers—Background of the Mergers” is amended and supplemented as follows:


Exhibit Number		Description

4.1		Second Supplemental Indenture, dated as of September 8, 2017, by and among DuPont Fabros Technology, L.P., DuPont Fabros Technology, Inc. and U.S. Bank National Association

The third full paragraph on page 72 of the Definitive Proxy Statement is replaced, in its entirety, with the following:

On June 5, 2017, Hogan Lovells received from Latham & Watkins a further revised version of the proposed merger agreement. The draft accepted substantially all of the changes included in the June 2, 2017 draft of the proposed merger agreement circulated by Hogan Lovells, including removal of the requirement for substantially all DFT unitholders to agree to new tax protection arrangements as a condition of closing. Later on June 5, 2017, DFT revoked the return or destroy letter it had previously delivered, once again granted DLR and its representatives access to the virtual data site and DFT and DLR executed an amendment to the Exclusivity Agreement to extend exclusivity through June 8, 2017.

The section of the Definitive Proxy Statement entitled “The Mergers—Opinion of DFT’s Financial Advisor—Opinion of Goldman Sachs” is amended and supplemented as follows:

The second, third and fourth full paragraphs under the subheading “—Illustrative Levered Discounted Cash Flow Analyses” on pages 100 and 101 of the Definitive Proxy Statement are replaced, in their entirety, with the following:

Using discount rates ranging from 7.0% to 8.2%, reflecting estimates of the cost of equity for DFT on a standalone basis, derived by application to DFT on a stand-alone basis of the Capital Asset Pricing Model, which incorporates certain company-specific inputs, including a beta for the company, as well as certain financial metrics for the United States markets generally, Goldman Sachs derived a range of illustrative present values per share of DFT common stock on a standalone basis, by discounting to present value as of March 31, 2017, estimates of the dividends per share of DFT common stock for the period from March 31, 2017 through the end of 2021, as reflected in the Forecasts (which reflect completion of a DFT equity capital raise of $300 million in 2017), and illustrative terminal values per share of DFT common stock as of December 31, 2021 derived by applying a terminal EBITDA multiple range of 14.0x to 17.0x to estimated terminal year EBITDA for DFT on a stand-alone basis as reflected in the Forecasts, subtracting an estimate of DFT’s

net debt and preferred stock as of December 31, 2021, as reflected in the Forecasts, and dividing the result by the number of fully diluted shares of DFT common stock estimated to be then outstanding, as reflected in the Forecasts. This analysis resulted in a range of illustrative implied equity values of $52.45 to $69.14 per share of DFT common stock on a standalone basis. The terminal EBITDA multiple range for DFT on a stand-alone basis reflected above was estimated by Goldman Sachs utilizing its professional judgment and experience taking into account the average one-year forward EBITDA multiples implied by DFT’s trading prices (and IBES Estimates of DFT’s one-year forward EBITDA) over prior periods.

Using discount rates ranging from 4.8% to 6.0%, reflecting estimates of the cost of equity for the pro forma combined company, derived by application to DLR on a stand-alone basis of the Capital Asset Pricing Model, which incorporates certain company-specific inputs, including a beta for the company, as well as certain financial metrics for the United States markets generally, Goldman Sachs derived a range of illustrative present values per share of the pro forma combined company common stock by discounting to present value as of March 31, 2017, estimates of the pro forma combined company’s dividends per share for the period from March 31, 2017 through the end of 2021, as reflected in the Forecasts, and illustrative terminal values per share as of December 31, 2021, derived by applying a terminal EBITDA multiple range of 15.5x to 18.5x to estimated terminal year EBITDA for the pro forma combined company, as reflected in the Forecasts, subtracting an estimate of the pro forma combined company’s net debt and preferred stock as of December 31, 2021, as reflected in the Forecasts, and dividing the result by the number of fully diluted shares of the pro forma combined company estimated to be then outstanding, as reflected in the Forecasts. This analysis resulted in a range of illustrative implied equity values of $119.66 to $154.87 per share of the pro forma combined company. Goldman Sachs multiplied this range of illustrative implied equity values by the exchange ratio of 0.545 to derive implied equity values of $65.22 to $84.41 for the 0.545 shares of DLR to be paid for each share of DFT common stock pursuant to the merger agreement. The terminal EBITDA multiple range for the pro forma combined company reflected above was estimated by Goldman Sachs utilizing its professional judgment and experience and by blending (based on DLR and DFT’s respective estimated 2018 EBITDA on a stand-alone basis as reflected in the Forecasts) the EBITDA multiple range (referenced below) derived for DLR on a stand-alone basis taking into account the average one-year forward EBITDA multiples implied by DLR’s trading prices (and IBES Estimates of DLR’s one-year forward EBITDA) over prior periods and the EBITDA multiple range (referenced above) derived by Goldman Sachs for DFT on a stand-alone basis taking into account the average one-year forward EBITDA multiples implied by DFT’s trading prices (and IBES Estimates of DFT’s one-year forward EBITDA) over prior periods.

Using discount rates ranging from 4.8% to 6.0%, reflecting estimates of the cost of equity for DLR on a standalone basis, derived by application to DLR on a stand-alone basis of the Capital Asset Pricing Model, which incorporates certain company-specific inputs, including a beta for the company, as well as certain financial metrics for the United States markets generally, Goldman Sachs derived a range of illustrative present values per share of

DLR common stock on a standalone basis, by discounting to present value as of March 31, 2017, estimates of the dividends per share of DLR common stock for the period from March 31, 2017 through the end of 2021, as reflected in the Forecasts, and illustrative terminal values per share of DLR common stock as of December 31, 2021 derived by applying a terminal EBITDA multiple range of 16.0x to 19.0x to estimated terminal year EBITDA for DLR, as reflected in the Forecasts, subtracting an estimate of DLR’s net debt and preferred stock as of December 31, 2021, as reflected in the Forecasts, and dividing the result by the number of fully diluted shares of DLR common stock estimated to be then outstanding, as reflected in the Forecasts. This analysis resulted in a range of illustrative implied equity values of $125.03 to $160.49 per share of DLR common stock on a standalone basis. The terminal EBITDA multiple range for DLR on a stand-alone basis reflected above was estimated by Goldman Sachs utilizing its professional judgment and experience taking into account the average one-year forward EBITDA multiples implied by DLR’s trading prices (and IBES Estimates of DLR’s one-year forward EBITDA) over prior periods.

The second and third full paragraphs under the subheading “—Illustrative Present Value of Future Stock Price Analyses” on page 101 of the Definitive Proxy Statement is replaced, in its entirety, with the following:

Goldman Sachs calculated illustrative implied future equity values per share of DFT common stock on a standalone basis as of December 31, 2018, 2019 and 2020 by applying one-year forward EBITDA multiples ranging from 14.0x to 17.0x, estimated by Goldman Sachs utilizing its professional judgment and experience taking into account the average one-year forward EBITDA multiples implied by DFT’s trading prices (and IBES Estimates of DFT’s one-year forward EBITDA) over prior periods, to estimated EBITDA for DFT for 2019, 2020 and 2021, respectively, as reflected in the Forecasts (which reflect completion of a DFT equity capital raise of $300 million in 2017), subtracting an estimate of DFT’s net debt and preferred stock as of December 31, 2018, 2019 and 2020, respectively, as reflected in the Forecasts, and dividing the result by the number of fully diluted shares of DFT common stock estimated to be outstanding as of each such date, as reflected in the Forecasts. By applying a discount rate of 7.6%, reflecting a mid-point estimate of DFT’s cost of equity on a standalone basis, derived by application to DFT on stand-alone basis of the Capital Asset Pricing Model, which incorporates certain company-specific inputs, including a beta for the company, as well as certain financial metrics for the United States markets generally, Goldman Sachs discounted to present value as of March 31, 2017, both the theoretical future values per share it derived and the estimated dividends to be paid per share of DFT common stock from March 31, 2017 through the end of the applicable year, as reflected in the Forecasts, to yield illustrative present values per share of DFT common stock on a stand-alone basis ranging from $45.72 to $64.55.

Goldman Sachs also performed an analysis of the illustrative implied future equity values per share of the pro forma combined company as of December 31, 2018, 2019 and 2020 by applying one-year forward EBITDA multiples ranging from 15.5x to 18.5x, estimated by Goldman Sachs utilizing its professional judgment and experience and by blending (based on DLR and DFT’s respective estimated 2018 EBITDA on a stand-alone

basis as reflected in the Forecasts) the EBITDA multiple range (referenced above) derived for DLR on a stand-alone basis taking into account the average one-year forward EBITDA multiples implied by DLR’s trading prices (and IBES Estimates of DLR’s one-year forward EBITDA) over prior periods and the EBITDA multiple range (referenced above) derived by Goldman Sachs for DFT on a stand-alone basis taking into account the average one-year forward EBITDA multiples implied by DFT’s trading prices (and IBES Estimates of DFT’s one-year forward EBITDA) over prior periods, to estimated EBITDA for the pro forma combined company for 2019, 2020 and 2021, respectively, as reflected in the Forecasts, subtracting an estimate of the pro forma combined company net debt and preferred stock as of December 31, 2018, 2019 and 2020, respectively, as reflected in the Forecasts, and dividing the result by the number of fully diluted shares of the pro forma combined company estimated to be outstanding as of each such date, as reflected in the Forecasts. By applying a discount rate of 5.4%, reflecting a midpoint estimate of the pro forma combined company’s cost of equity, derived by application to DLR on a stand-alone basis of the Capital Asset Pricing Model, which incorporates certain company-specific inputs, including a beta for the company, as well as certain financial metrics for the United States markets generally, Goldman Sachs discounted to present value as of March 31, 2017, both the theoretical future values per share it derived and the estimated dividends to be paid per share of the pro forma combined company from March 31, 2017 through the end of the applicable year as reflected in the Forecasts to yield illustrative present values per share of the pro forma combined company ranging from $95.98 to $141.39. Goldman Sachs multiplied this range of illustrative present values per share by the exchange ratio of 0.545 to derive illustrative implied equity values of $52.31 to $77.06 for the 0.545 shares of DLR to be paid for each share of DFT common stock pursuant to the merger agreement.

The second full paragraph and the table that immediately follows under the subheading “—Selected Transaction Analysis” on page 102 of the Definitive Proxy Statement is replaced, in its entirety, with the following:

The transactions considered, the month and year each transaction was announced, and the Implied Forward EBITDA Multiple at announcement for each were as follows:

Target	Acquiror	Announcement	Implied Forward EBITDAMultiple
Sentinel Data Centers	CyrusOne, Inc.	February 2017		14.4x
Verizon Communications Inc. Data Center Portfolio	Equinix, Inc.	December 2016		13.3x
Equinix, Inc. European Portfolio	Digital Realty Trust, Inc.	May 2016		13.0x
Windstream Holdings, Inc.’s Data Center Business	TierPoint, LLC	October 2015		14.1x
Telx Group Inc.	Digital Realty Trust, Inc.	July 2015		15.5x
Telecity Group, PLC	Equinix, Inc.	May 2015		13.1x
Cervalis Holdings LLC	CyrusOne, Inc.	April 2015		10.5x
Latisys Holdings, LLC	Zayo Group, LLC	January 2015		13.4x
Viawest, Inc.	Shaw Communications Inc.	July 2014		13.0x

The first full paragraph on page 104 of the Definitive Proxy Statement under the subheading “—General” is replaced, in its entirety, with the following:

The DFT Board selected Goldman Sachs as its financial advisor because it is an internationally recognized investment banking firm that has substantial experience in transactions similar to the transaction contemplated by the merger agreement. Pursuant to a letter agreement dated May 7, 2017, DFT engaged Goldman Sachs to act as its financial advisor in connection with the transaction contemplated by the merger agreement. The engagement letter between DFT and Goldman Sachs provides for a transaction fee that is estimated, based on the information available as of the date of announcement, at approximately $32 million, of which a $2 million fee was payable upon the presentation by Goldman Sachs to the DFT Board of the results of financial analysis undertaken to enable Goldman Sachs to render its fairness opinion and the remaining balance of which is contingent upon consummation of the proposed transaction contemplated by the merger agreement. At the request of the DFT Board, in connection with the transaction contemplated by the merger agreement, an affiliate of Goldman Sachs has entered into a commitment to provide DFT OP with a 364-day bridge facility providing for bridge loans of up to $200 million, in the aggregate, subject to the terms of such commitment. The affiliate of Goldman Sachs will be entitled to receive fees in connection with the bridge facility in the event that bridge loans are actually made by the lenders under the bridge facility. The amount of any such fees will depend upon, among other things, the aggregate amount of the bridge loans actually made by the lenders under the bridge facility and the period of time during which such bridge loans remain outstanding. Under the terms of the commitment, no bridge loans will be made after closing of the proposed transaction. Based on the expected closing date of the proposed transaction, DFT does not expect DFT OP to make any borrowings under the bridge facility. As such, DFT estimates that no fees will become payable to Goldman Sachs or its affiliate in connection with the bridge facility. In addition, DFT has agreed to reimburse Goldman Sachs for certain of its expenses, including attorneys’ fees and disbursements, and to indemnify Goldman Sachs and related persons against various liabilities, including certain liabilities under the federal securities laws.

The section of the Definitive Proxy Statement entitled “Certain DLR Unaudited Prospective Financial Information” is amended and supplemented as follows:

The table that begins on the bottom of page 106 of the Definitive Proxy Statement is replaced, in its entirety, with the following:

	Year Ending December 31,
	2017E		2018E		2019E		2020E		2021E
	($ in millions, except per share values)
Adjusted EBITDA(1)(2)	$	1,303	$	1,396	$	1,529	$	1,685	$	1,844
Core FFO per Share(2)(3)(4)	$	6.06	$	6.50	$	7.12	$	7.91	$	8.66
AFFO per Share(2)(4)(5)	$	5.54	$	5.91	$	6.43	$	7.18	$	7.96
Unlevered Free Cash Flows(2)(6)	$	464	$	434	$	540	$	681	$	840

(1) DLR believes that earnings before interest, loss from early extinguishment of debt, income taxes and depreciation and amortization, or EBITDA, and Adjusted EBITDA (as defined below), are useful supplemental performance measures because they allow investors to view DLR’s performance without the

impact of non-cash depreciation and amortization or the cost of debt and, with respect to Adjusted EBITDA, severance-related expense, equity acceleration, and legal expenses, transaction and integration expenses, (gain) on real estate transactions, loss on currency forwards, other non-core expense adjustments, noncontrolling interests, preferred stock dividends and issuance costs associated with redeemed preferred stock. DLR calculates Adjusted EBITDA as EBITDA, excluding severance-related expense, equity acceleration, and legal expenses, transaction and integration expenses, (gain) loss on real estate transactions, non-cash (gain) on lease termination, loss on currency forwards, other non-core expense adjustments, noncontrolling interests, preferred stock dividends and issuance costs associated with redeemed preferred stock. In addition, DLR believes EBITDA and Adjusted EBITDA are frequently used by securities analysts, investors and other interested parties in the evaluation of REITs. Because EBITDA and Adjusted EBITDA are calculated before recurring cash charges including interest expense and income taxes, exclude capitalized costs, such as leasing commissions, and are not adjusted for capital expenditures or other recurring cash requirements of DLR’s business, their utility as a measure of DLR’s performance is limited. Other REITs may calculate EBITDA and Adjusted EBITDA differently than DLR does; accordingly, DLR’s EBITDA and Adjusted EBITDA may not be comparable to such other REITs’ EBITDA and Adjusted EBITDA. Accordingly, EBITDA and Adjusted EBITDA should be considered only as supplements to net income computed in accordance with GAAP as a measure of DLR’s financial performance.

(2) DLR has not provided reconciliations for forward-looking measures including unlevered free cash flows, Adjusted EBITDA, core funds from operations, or core FFO, and adjusted funds from operations, or AFFO, because, among other things, economic variables make it increasingly difficult to estimate accurately the reconciling items for future years without unreasonable efforts.

(3) DLR presents core FFO as a supplemental operating measure because, in excluding certain items that do not reflect core revenue or expense streams, it provides a performance measure that, when compared year over year, captures trends in DLR’s core business operating performance. DLR calculates core FFO by adding to or subtracting from funds from operations, or FFO, (i) termination fees and other non-core revenues, (ii) transaction and integration expenses, (iii) loss from early extinguishment of debt, (iv) issuance costs associated with redeemed preferred stock, (v) severance, equity acceleration, and legal expenses, (vi) loss on currency forwards and (vii) other non-core expense adjustments. Because certain of these adjustments have a real economic impact on DLR’s financial condition and results from operations, the utility of core FFO as a measure of DLR’s performance is limited. Other REITs may not calculate core FFO in a consistent manner. Accordingly, DLR’s core FFO may not be comparable to other REITs’ core FFO. Core FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of DLR’s performance.

DLR calculates FFO in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). FFO represents net income (loss) (computed in accordance with GAAP), excluding gains (or losses) from real estate transactions, excluding a gain from a pre-existing relationship, impairment charges, real estate related depreciation and amortization (excluding amortization of deferred financing costs), non-controlling interests in operating partnership and after adjustments for unconsolidated partnerships and joint ventures. DLR uses FFO as a supplemental performance measure because, in excluding real estate related depreciation and amortization and gains and losses from property dispositions and after adjustments for unconsolidated partnerships and joint ventures, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. DLR also believes that, as a widely recognized measure of the performance of REITs, FFO will be used by investors as a basis to compare DLR’s operating performance with that of other REITs. However, because FFO excludes depreciation and amortization and captures neither the changes in the value of DLR’s properties that result from use or market conditions, nor the level of capital expenditures and capitalized leasing commissions necessary to maintain the operating performance of DLR’s properties, all of which have real economic effect and could materially impact DLR’s financial condition and results from operations, the utility of FFO as a measure of DLR’s performance is limited. Other REITs may not calculate FFO in accordance with the NAREIT definition and, accordingly, DLR’s FFO may not be comparable to such other REITs’ FFO. Accordingly, FFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of DLR’s performance.

(4) Per share values based on the weighted average common stock and units outstanding and the effect of dilutive securities. Per share values exclude the effect of dilutive series G, series H and series I preferred stock, that may be converted upon the occurrence of specified change in control transactions as described in the articles supplementary governing the series G, series H and series I preferred stock, as applicable, which DLR considers highly improbable.

(5) DLR presents AFFO as a supplemental operating measure because, when compared year over year, it assesses DLR’s ability to fund dividend and distribution requirements from DLR’s operating activities. DLR also believes that, as a widely recognized measure of the operations of REITs, AFFO will be used by investors as a basis to assess DLR’s ability to fund dividend payments in comparison to other REITs, including on a per share and unit basis. DLR calculates AFFO by adding to or subtracting from core FFO (i) non-real estate depreciation, (ii) amortization of deferred financing costs, (iii) amortization of debt discount/premium, (iv) non-cash stock-based compensation expense, (v) straight-line rent revenue, (vi) straight-line rent expense, (vii) above- and below-market rent amortization, (viii) deferred non-cash tax expense, (ix) capitalized leasing compensation, (x) recurring capital expenditures and (xi) capitalized internal leasing commissions. Other REITs may not calculate AFFO in a consistent manner. Accordingly, DLR’s AFFO may not be comparable to other REITs’ AFFO. AFFO should be considered only as a supplement to net income computed in accordance with GAAP as a measure of DLR’s performance.

(6) DLR calculates unlevered free cash flows by adding to or subtracting from AFFO (i) preferred stock dividends, (ii) cash interest expense, (iii) non-cash stock-based compensation expense, (iv) development capital expenditures, (v) net proceeds from real estate transactions, (vi) severance, equity acceleration, and legal expenses, (vii) transaction and integration expenses and (viii) changes in working capital. Other REITs may not calculate unlevered free cash flows in a consistent manner. Accordingly, DLR’s unlevered free cash flows may not be comparable to other REITs’ unlevered free cash flows. Unlevered free cash flows should be considered only as a supplement to net income computed in accordance with GAAP as a measure of DLR’s performance.

The section of the Definitive Proxy Statement entitled “Certain DFT Unaudited Prospective Financial Information” is amended and supplemented as follows:

The table that begins on the bottom of page 109 of the Definitive Proxy Statement is replaced, in its entirety, with the following:

	Year Ending December 31,
	2017E		2018E		2019E		2020E		2021E
	($ in millions, except per share values)
EBITDA(1)(2)	$	356	$	428	$	482	$	523	$	579
FFO per Share(2)(3)	$	3.07	$	3.42	$	3.70	$	4.04	$	4.46
AFFO per Share(2)(4)	$	3.16	$	3.47	$	3.74	$	4.10	$	4.56
Unlevered Free Cash Flows(2)(5)	$	361	$	426	$	480	$	522	$	581

(1) DFT calculates EBITDA as earnings before interest, taxes, depreciation and amortization.

(2) DFT has not provided reconciliations for forward-looking measures including unlevered free cash flows, EBITDA, Funds From Operations, or FFO, and adjusted funds from operations, or AFFO, because, among other things, economic variables make it increasingly difficult to estimate accurately the reconciling items for future years without unreasonable efforts.

(3) DFT calculates FFO in accordance with standards established by the National Association of Real Estate Investment Trusts (“NAREIT”), which defines FFO as net income or loss (calculated in accordance with GAAP), excluding extraordinary items as defined under GAAP, impairment charges on depreciable real estate assets 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. DFT presents FFO attributable to common shares and OP units, which is FFO excluding preferred stock dividends. FFO attributable to common shares and OP units per share is calculated on a basis consistent with net income attributable to common shares and OP units and reflects adjustments to net income for preferred stock dividends.

(4) AFFO is FFO excluding severance expense and equity accelerations, gain or loss on early extinguishment of debt, gain or loss on derivative instruments and write-offs of original issuance costs for redeemed preferred shares, straight-line revenue, compensation paid with DFT common shares, below market lease amortization and write-offs net of above market lease amortization and write-offs, non-real estate depreciation and amortization, amortization of deferred financing costs, improvements to real estate and capitalized leasing commissions.

(5) DFT calculates Unlevered Free Cash Flow as AFFO before interest expense and preferred stock dividends. For the avoidance of doubt, it excludes a charge for development capital expenditures.

The following supplemental disclosure is hereby added to the Definitive Proxy Statement immediately following the table on page 110 of the Definitive Proxy Statement under the new subheading “—Certain Additional Forecast Information”:

Certain Additional Forecast Information

The following unaudited prospective financial information for (i) DFT on a stand-alone basis was prepared by its management, and for DLR on a stand-alone basis was prepared by its management, and (ii) DLR on a pro forma basis for the transaction contemplated by the merger agreement was prepared by the management of DFT with respect to the quarter ending June 30, 2017 and was prepared by the management of DLR with respect to periods thereafter; in each case, such unaudited prospective financial information as approved and provided to Goldman Sachs by DFT for use by Goldman Sachs in its various financial analyses as described above under the section entitled “—Opinion of DFT’s Financial Advisor” (the “Additional Forecast Information”) and was included as part of the Forecasts information referred to therein.

DFT

	2017E(Q2-Q4)		2018E		2019E		2020E		2021E
	($ in millions, except per share)
Projected Dividends per share	$	1.48	$	2.04	$	2.18	$	2.40	$	2.64
Net Debt plus Preferred Stock (as of December 31)	$	1,900	$	2,107	$	2,436	$	2,525	$	2,633

DLR*

	2017E(Q2-Q4)		2018E		2019E		2020E		2021E
	($ in millions, except per share)
Projected Dividends per share	$	2.81	$	4.00	$	4.39	$	4.93	$	5.51
Net Debt plus Preferred Stock (as of December 31)	$	7,037	$	7,535	$	8,015	$	8,464	$	8,876

* For purposes of its analyses, Goldman Sachs utilized these figures, with the approval of DFT, certain of which may differ from the prospective information prepared by the management of DLR.

Pro Forma Combined Company*

	2017E(Q2-Q4)		2018E		2019E		2020E		2021E
	($ in millions, except per share)
Projected Dividends per share	$	2.75	$	3.99	$	4.39	$	4.92	$	5.36
Net Debt plus Preferred Stock (as of December 31)	$	9,325	$	10,014	$	10,811	$	11,339	$	11,823

* For purposes of its analyses, Goldman Sachs utilized these figures, with the approval of DFT, certain of which may differ from the prospective information prepared by the management of DLR.

The Additional Forecast Information is included for the purpose of providing DFT stockholders and DLR stockholders access to certain nonpublic information that was furnished to Goldman Sachs in connection with its levered discounted cash flow analysis, and such information may not be appropriate for other purposes, and is not included to influence the voting decision of any DFT stockholder or DLR stockholder.

The Additional Forecast Information was not prepared with a view toward public disclosure, the published guidelines of the SEC regarding projections and forward-looking statements or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of financial projections. The inclusion of the Additional Forecast Information should not be regarded as an indication that such information is predictive of actual future events or results and such information should not be relied upon as such, and readers of this joint proxy statement/prospectus are cautioned not to place undue reliance on such Additional Forecast Information.

While presented with numeric specificity, the Additional Forecast Information was based on numerous variables and assumptions (including assumptions related to industry performance and general business, economic, market and financial conditions and additional matters specific to DFT’s, DLR’s or the pro forma combined company’s business) that are inherently subjective and uncertain and are beyond the control of DFT’s and DLR’s management. Important factors that may affect actual results and cause this Additional Forecast Information not to be achieved include, but are not limited to, risks and uncertainties relating to DFT’s, DLR’s or the pro forma combined company’s business (including their ability to achieve strategic goals, objectives and targets over applicable periods), industry performance, general business and economic conditions and other factors described in the sections entitled “Cautionary Statement Regarding Forward-Looking Statements” and “Risk Factors.” This Additional Forecast Information also reflects numerous variables, expectations and assumptions available at the time they were prepared as to certain business decisions that are subject to change. As a result, actual results may differ materially from those contained in the Additional Forecast Information. Accordingly, there can be no assurance that the projected results summarized above will be realized.

None of DFT, DLR or their respective officers, trustees, directors, affiliates, advisors or other representatives can give you any assurance that actual results will not differ materially from the Additional Forecast Information.

NEITHER DFT NOR DLR UNDERTAKES ANY OBLIGATION TO UPDATE OR OTHERWISE REVISE OR RECONCILE THE ADDITONAL FORECAST INFORMATION ABOVE TO REFLECT CIRCUMSTANCES EXISTING AFTER THE DATE THE ADDITIONAL FORECAST INFORMATION WAS GENERATED OR TO REFLECT THE OCCURRENCE OF FUTURE EVENTS, EVEN IN THE EVENT THAT ANY OR ALL OF THE ASSUMPTIONS UNDERLYING SUCH INFORMATION ARE SHOWN TO BE IN ERROR. SINCE THE ADDITIONAL FORECAST INFORMATION COVERS MULTIPLE YEARS, SUCH INFORMATION BY ITS NATURE BECOMES LESS PREDICTIVE WITH EACH SUCCESSIVE YEAR.

Neither DFT nor DLR has made or makes any representation to the other or any DFT stockholder or DLR stockholder, in the merger agreement or otherwise, concerning the Additional Forecast Information or regarding DFT’s, DLR’s or the pro forma combined company’s ultimate performance compared to the Additional Forecast Information or that the projected results will be achieved. In light of the foregoing factors and the uncertainties inherent in the Additional Forecast Information, DFT and DLR urge all DFT stockholders and DLR stockholders not to place undue reliance on such information and to review DFT’s and DLR’s most recent SEC filings for a description of DFT’s and DLR’s reported financial results.

Neither Ernst & Young LLP nor any other independent accountants have compiled, examined or performed any audit or other procedures with respect to the Additional Forecast Information, nor have they expressed any opinion or any other form of assurance on such information or its achievability. The report of Ernst & Young LLP contained in DFT’s Form 10-K for the year ended December 31, 2016, which is incorporated by reference into this joint proxy statement/prospectus, relates to the historical financial information of DFT. It does not extend to the Additional Forecast Information and should not be read to do so. Neither KPMG LLP nor any other independent accountants have compiled, examined or performed any audit or other procedures with respect to the Additional Forecast Information, nor have they expressed any opinion or any other form of assurance on such information or its achievability. The report of KPMG LLP contained in DLR’s Form 10-K for the year ended December 31, 2016, which is incorporated by reference into this joint proxy statement/prospectus, relates to the historical financial information of DLR. It does not extend to the Additional Forecast Information and should not be read to do so. Furthermore, the Additional Forecast Information does not take into account any circumstances or events occurring after the dates on which it was prepared.

The section of the Definitive Proxy Statement entitled “Directors and Management of the Combined Company after the Mergers” is amended and supplemented as follows:

The second full paragraph on page 158 of the Definitive Proxy Statement is replaced, in its entirety, with the following:

The executive officers of DLR immediately prior to the effective time of the company merger will continue to serve as the executive officers of the Combined Company, with A. William Stein continuing to serve as the Chief Executive Officer of the Combined Company. Except for certain of the named executive officers of DFT remaining with the Combined Company for a transitional period, none of the named executive officers of DFT are currently expected to continue as an executive officer of the Combined Company following the effective time of the mergers. See “The Merger Agreement—Board of Directors, Partners and Officers of the Surviving Entities” on page 126 for more information.

*****

Additional Information and Where to Find It

This communication does not constitute an offer to sell or a solicitation of an offer to buy any securities or a solicitation of any vote or approval. This communication is being made in respect of the proposed transaction involving DFT and DLR. The proposed transaction will be submitted to the stockholders of DFT and DLR for their consideration. In connection with the proposed transaction, DFT and DLR have filed with the SEC a definitive joint proxy statement/prospectus, which was first mailed to security holders of DFT and DLR on or about August 15, 2017. DFT and DLR also plan to file with the SEC other documents regarding the proposed transaction. STOCKHOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS REGARDING THE PROPOSED TRANSACTION AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. You may obtain copies of all documents filed with the SEC concerning the proposed transaction, free of charge, at the SEC’s website at www.sec.gov. In addition, stockholders may obtain free copies of the documents filed with the SEC by DFT by going to DFT’s corporate website at www.dft.com or by directing a written request to: DuPont Fabros Technology, Inc., 401 9th St. NW, Suite 600, Washington, DC 20004, Attention: Investor Relations.

Interests of Participants

DFT and DLR and each of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of DFT in connection with the proposed transaction. Information regarding DFT’s directors and executive officers is set forth in DFT’s proxy statement for its 2017 annual meeting of stockholders and its Annual Report on Form 10-K for the fiscal year ended December 31, 2016, which were filed with the SEC on April 13, 2017 and February 23, 2017, respectively. Information regarding DLR’s directors and executive officers is set forth in DLR’s proxy statement for its 2017 annual meeting of shareholders and its Annual Report on Form 10-K for the fiscal year ended December 31, 2016, which were filed with the SEC on March 29, 2017 and March 1, 2017, respectively. Additional information regarding the interests of persons who may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction is contained in the Definitive Proxy Statement filed by DLR and DFT with the SEC.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains certain “forward-looking” statements as that term is defined by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are predictive in nature, that depend on or relate to future events or conditions, or that include words such as “believes”, “anticipates”, “expects”, “may”, “will”, “would,” “should”, “estimates”, “could”, “intends”, “plans” or other similar expressions are forward-looking statements. Forward-looking statements involve significant known and unknown risks and uncertainties that may cause DFT’s or DLR’s actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements as a result of, but not limited to, the following factors: the failure to receive, on a timely basis or otherwise, the required approvals by DFT’s or DLR’s stockholders; the risk that a condition to closing of the proposed transaction may not be satisfied; DFT’s or DLR’s ability to consummate the Merger; the outcome of pending litigation regarding the proposed transaction; the possibility that the anticipated benefits and synergies from the proposed transaction cannot be fully realized or may take longer to realize than expected; the possibility that costs or difficulties related to the integration of DFT’s and DLR’s operations will be greater than expected; operating costs and business disruption may be greater than expected; the ability of DLR or the combined company to retain and hire key personnel and maintain relationships with providers or other business partners pending the consummation of the transaction; and the impact of legislative, regulatory and competitive changes and other risk factors relating to the industries in which DFT and DLR operate, as detailed from time to time in each of DFT’s and DLR’s reports filed with the SEC. There can be no assurance that the proposed transaction will in fact be consummated.

Additional information about these factors and about the material factors or assumptions underlying such forward-looking statements may be found under Item 1.A in each of DFT’s and DLR’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016. DFT and DLR caution that the foregoing list of important factors that may affect future results is not exhaustive. When relying on forward-looking statements to make decisions with respect to the proposed transaction, stockholders and others should carefully consider the foregoing factors and other uncertainties and potential events. All subsequent written and oral forward-looking statements concerning the proposed transaction or other matters attributable to DFT and DLR or any other person acting on their behalf are expressly qualified in their entirety by the cautionary statements referenced above. The forward-looking statements contained herein speak only as of the date of this communication. Neither DFT nor DLR undertakes any obligation to update or revise any forward-looking statements for any reason, even if new information becomes available or other events occur in the future, except as may be required by law.

SIGNATURE

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 hereunto duly authorized.

DUPONT FABROS TECHNOLOGY, INC.

September 1, 2017

/s/ Richard A. Montfort, Jr.

September 13, 2017

/s/ Richard A. Montfort, Jr.

Richard A. Montfort, Jr.

General Counsel and Secretary

Filing Compare · DUPONT FABROS TECHNOLOGY, INC.