EX-12.1 3 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    The Company    The Company
and the
Predecessor (2)		     The Predecessor (2)  
     Nine Months Ended
September 30,		    Year ended December 31,  
     2007     2006    2006    2005    2004     2003     2002  

Income (loss) from continuing operations before minority interests

    $ 19,580     $ 18,463    $ 25,891    $ 24,460    $ (5,139 )   $ 16,473     $ 129  

Interest expense

      48,541       35,493      49,596      35,380      21,568       9,863       5,249  

Interest within rental expense

      1,256       250      680      147      113       66       —    

Minority interests in consolidated joint ventures

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

Earnings available to cover fixed charges

    $ 69,377     $ 54,206    $ 76,167    $ 59,987    $ 16,536     $ 26,253     $ 5,188  

Fixed charges:

                  

Interest expense

    $ 48,541     $ 35,493    $ 49,596    $ 35,380    $ 21,568     $ 9,863     $ 5,249  

Interest within rental expense

      1,256       250      680      147      113       66       —    

Capitalized interest

      7,394       2,737      3,851      279      —         —         —    
                                                     
     57,191       38,480      54,127      35,806      21,681       9,929       5,249  

Preferred stock dividends

      13,971       10,335      13,780      10,014      —         —         —    
                                                     

Fixed charges and preferred stock dividends

    $ 71,162     $ 48,815    $ 67,907    $ 45,820    $ 21,681     $ 9,929     $ —    

Ratio of earnings to fixed charges

      1.21       1.41      1.41      1.68      —   (4)     2.64       —   (5)

Ratio of earnings to fixed charges and preferred stock dividends

      —   (3)     1.11      1.12      1.31      —         2.64       —   (5)
                                                     

 

(1) All numbers presented in this exhibit exclude 7979 East Tufts Avenue (sold July 2006), 100 Technology Center Drive (sold in March 2007) and 4055 Valley View Lane (sold in March 2007).

 

(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 nine months ended September 30, 2007, earnings were insufficient to cover fixed charges and preferred dividends by $1,785.

 

(4) For the year ended December 31, 2004, earnings were insufficient to cover fixed charges by $5,145.

 

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