EX-12.1 2 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)  
     Nine Months Ended
September 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

    $ 18,876    $ 18,931    $ 25,344    $ (4,355 )   $ 16,737     $ 129     $ (2,758 )

Interest expense

      37,355      27,081      37,724      23,102       10,022       5,249       —    

Interest within rental expense

      258      97      147      113       66       —         —    

Minority interests in consolidated joint ventures

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

Earnings available to cover fixed charges

    $ 56,489    $ 46,109    $ 63,215    $ 18,854     $ 26,676     $ 5,188     $ (2,758 )

Fixed charges:

                  

Interest expense

    $ 37,355    $ 27,081    $ 37,724    $ 23,102     $ 10,022     $ 5,249     $ —    

Interest within rental expense

      258      97      147      113       66       —         —    

Capitalized interest

      2,737      —        279      —         —         —         —    
                                                     
     40,350      27,178      38,150      23,215       10,088       5,249       —    

Preferred stock dividends

      10,335      6,569      10,014      —         —         —         —    
                                                     

Fixed charges and preferred stock dividends

    $ 50,685    $ 33,747    $ 48,164    $ 23,215     $ 10,088     $ 5,249     $ —    

Ratio of earnings to fixed charges

      1.40      1.70      1.66      —   (3)     2.64       —   (4)     —    

Ratio of earnings to fixed charges and preferred stock dividends

      1.11      1.37      1.31      —         2.64       —   (4)     —    
                                                     

 

(1) All numbers presented in this exhibit exclude 7979 East Tufts Avenue, a property 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 $4,361.

 

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