EX-12.1 5 dex121.htm STATEMENT OF COMPUTATION OF RATIOS Statement of Computation of Ratios

Exhibit 12.1

Digital Realty Trust, Inc.

Statement of Computation of Ratios (1)

 

     The Company (2)    The Company    The Company and
the Predecessor (2)		     The Predecessor (2)  
     Six Months Ended
June 30,		    Year ended December 31,     Period from
February 28, 2001
(inception) through
December 31, 2001		  
     2006    2005    2005    2004     2003     2002    

Income (loss) from continuing operations before minority interests

    $ 13,844    $ 12,713    $ 25,344    $ (4,327 )   $ 16,738     $ 129     $ (2,758 )

Interest expense

      22,869      16,708      37,724      23,101       10,022       5,249       —    

Interest within rental expense

      135      50      147      113       66       —         —    

Minority interests in consolidated joint ventures

      —        —        —        (6 )     (149 )     (190 )     —    
                                                     

Earnings available to cover fixed charges

    $ 36,848    $ 29,471    $ 63,215    $ 18,881     $ 26,677     $ 5,188     $ (2,758 )

Fixed charges:

                  

Interest expense

    $ 22,869    $ 16,708    $ 37,724    $ 23,101     $ 10,022     $ 5,249     $ —    

Interest within rental expense

      135      50      147      113       66       —         —    

Capitalized interest

      1,820      —        —        —         —         —         —    
                                                     
     24,824      16,758      37,871      23,214       10,088       5,249       —    

Preferred stock dividends

      6,890      3,470      10,014      —         —         —         —    
                                                     

Fixed charges and preferred stock dividends

    $ 31,714    $ 20,228    $ 47,885    $ 23,214     $ 10,088     $ —       $ —    

Ratio of earnings to fixed charges

      1.48      1.76      1.67      —   (3)     2.64       —   (4)     —    

Ratio of earnings to fixed charges and preferred stock dividends

      1.16      1.46      1.32      —         2.64       —   (4)     —    
                                                     
(1) All numbers presented in this exhibit exclude 7979 East Tufts Avenue, a property held for sale at June 30, 2006 and which we sold on July 12, 2006.

 

(2) The Predecessor is not a legal entity; rather it is a combination of certain of the real estate subsidiaries of Global Innovation Partners, LLC, a Delaware limited liability company (GI Partners) contributed to the Company in connection with the IPO in November 2004, along with an allocation of certain assets, liabilities, revenues and expenses of GI Partners related to the real estate owned by such subsidiaries.

 

(3) For the year ended December 31, 2004, earnings were insufficient to cover fixed charges by $4,333.

 

(4) For the year ended December 31, 2002, earnings were insufficient to cover fixed charges by $61.