EX-12.1 4 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 and
the Predecessor(2)		  
     Year ended December 31,  
     2008     2007     2006    2005    2004  

Income (loss) from continuing operations before minority interests

    $ 70,547     $ 25,221     $ 25,893    $ 24,460    $ (5,340 )

Interest expense

      61,090       64,404       49,595      35,381      21,768  

Interest within rental expense

      2,619       1,971       680      147      113  

Minority interests in consolidated joint ventures

      (335 )     —         —        —        (6 )
                                      

Earnings available to cover fixed charges

    $ 133,921     $ 91,596     $ 76,168    $ 59,988    $ 16,535  

Fixed charges:

             

Interest expense

    $ 61,090     $ 64,404     $ 49,595    $ 35,381    $ 21,768  

Interest within rental expense(3)

      2,619       1,971       680      147      113  

Capitalized interest

      17,337       11,609       3,851      279      —    
                                      
     81,046       77,984       54,126      35,807      21,881  

Preferred stock dividends

      38,564       19,330       13,780      10,014      —    
                                      

Fixed charges and preferred stock dividends

    $ 119,610     $ 97,314     $ 67,906    $ 45,821    $ 21,881  

Ratio of earnings to fixed charges

      1.65       1.17       1.41      1.68      —   (5)

Ratio of earnings to fixed charges and preferred stock dividends

      1.12       —   (4)     1.12      1.31      —    
                                      

 

(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)   Interest within rental expense represents one-third of rental expense (the approximate portion of rental expense representing interest).

 

(4)   For the year ended December 31, 2007, earnings were insufficient to cover fixed charges and preferred dividends by $5,718.

 

(5)   For the year ended December 31, 2004, earnings were insufficient to cover fixed charges by $5,346.