Statement of Computation of Ratios

EX-12.1 6 d326866dex121.htm STATEMENT OF COMPUTATION OF RATIOS Statement of Computation of Ratios

Exhibit 12.1

Digital Realty Trust, Inc. and Subsidiaries

Statement of Computation of Ratios ⁽¹⁾

(in thousands, except ratios)


	Three Months Ended March 31,				Year Ended December 31,
	2012		2011		2011		2010		2009			2008			2007
Income from continuing operations before noncontrolling interests	$	49,263	$	39,012	$	162,126	$	105,412	$	91,234		$	67,918		$	22,546

Interest expense		38,030		36,082		149,350		137,384		88,442			63,621			67,054
Interest within rental expense ⁽²⁾		742		700		2,847		2,604		2,633			2,619			1,971
Noncontrolling interests in consolidated joint ventures		365		142		324		288		(140	)		(335	)		—

Earnings available to cover fixed charges	$	88,400	$	75,936	$	314,647	$	245,688	$	182,169		$	133,823		$	91,571

Fixed charges:
Interest expense		38,030		36,082		149,350	$	137,384	$	88,442		$	63,621		$	67,054
Interest within rental expense ⁽²⁾		742		700		2,847		2,604		2,633			2,619			1,971
Capitalized interest		4,526		4,666		17,905		10,241		9,196			18,351			12,264

Fixed charges		43,298		41,448		170,102		150,229		100,271			84,591			81,289

Preferred stock dividends		8,831		6,522		25,397		37,004		40,404			38,564			19,330

Fixed charges and preferred stock dividends	$	52,129	$	47,970	$	195,499	$	187,233	$	140,675		$	123,155		$	100,619

Ratio of earnings to fixed charges		2.04		1.83		1.85		1.64		1.82			1.58			1.13

Ratio of earnings to fixed charges and preferred stock dividends		1.70		1.58		1.61		1.31		1.29			1.09			—	⁽³⁾

(1)	All numbers presented in this exhibit exclude 100 Technology Center Drive (sold in March 2007) and 4055 Valley View Lane (sold in March 2007).

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

(3)	For the year ended December 31, 2007, earnings were insufficient to cover fixed charges and preferred dividends by $9,048.

Digital Realty Trust, L.P. and Subsidiaries

Statement of Computation of Ratios ⁽¹⁾

(in thousands, except ratios)


	Three Months Ended March 31,				Year Ended December 31,
	2012		2011		2011		2010		2009			2008			2007
Income from continuing operations before noncontrolling interests	$	49,263	$	39,012	$	162,126	$	105,412	$	91,234		$	67,918		$	22,546

Interest expense		38,030		36,082		149,350		137,384		88,442			63,621			67,054
Interest within rental expense		742		700		2,847		2,604		2,633			2,619			1,971
Noncontrolling interests in consolidated joint ventures		365		142		324		288		(140	)		(335	)		—

Earnings available to cover fixed charges	$	88,400	$	75,936	$	314,647	$	245,688	$	182,169		$	133,823		$	91,571

Fixed charges:
Interest expense		38,030		36,082		149,350	$	137,384	$	88,442		$	63,621		$	67,054
Interest within rental expense ⁽²⁾		742		700		2,847		2,604		2,633			2,619			1,971
Capitalized interest		4,526		4,666		17,905		10,241		9,196			18,351			12,264

Fixed charges		43,298		41,448		170,102		150,229		100,271			84,591			81,289

Preferred unit distributions		8,831		6,522		25,397		37,004		40,404			38,564			19,330


Fixed charges and preferred unit distributions	$	52,129	$	47,970	$	195,499	$	187,233	$	140,675		$	123,155		$	100,619

Ratio of earnings to fixed charges		2.04		1.83		1.85		1.64		1.82			1.58			1.13

Ratio of earnings to fixed charges and preferred unit distributions		1.70		1.58		1.61		1.31		1.29			1.09			—	⁽³⁾

(1)	All numbers presented in this exhibit exclude 100 Technology Center Drive (sold in March 2007) and 4055 Valley View Lane (sold in March 2007).

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

(3)	For the year ended December 31, 2007, earnings were insufficient to cover fixed charges and preferred distributions by $9,048.