Statement of Computation of Ratios

EX-12.1 5 d380116dex121.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)


	Six Months Ended June 30,				Year Ended December 31,
	2012		2011		2011		2010		2009			2008			2007

Income from continuing operations before noncontrolling interests	$	103,231	$	77,240	$	162,126	$	105,412	$	91,234		$	67,918		$	22,546

Interest expense		75,711		75,416		149,350		137,384		88,442			63,621			67,054
Interest within rental expense ⁽²⁾		1,545		1,403		2,847		2,604		2,633			2,619			1,971
Noncontrolling interests in consolidated joint ventures		392		199		324		288		(140	)		(335	)		—

Earnings available to cover fixed charges	$	180,879	$	154,258	$	314,647	$	245,688	$	182,169		$	133,823		$	91,571

Fixed charges:
Interest expense		75,711		75,416		149,350	$	137,384	$	88,442		$	63,621		$	67,054
Interest within rental expense ⁽²⁾		1,545		1,403		2,847		2,604		2,633			2,619			1,971
Capitalized interest		9,128		8,888		17,905		10,241		9,196			18,351			12,264

		86,384		85,707		170,102		150,229		100,271			84,591			81,289

Preferred stock dividends		19,144		11,235		25,397		37,004		40,404			38,564			19,330


Fixed charges and preferred stock dividends	$	105,528	$	96,942	$	195,499	$	187,233	$	140,675		$	123,155		$	100,619

Ratio of earnings to fixed charges		2.09		1.80		1.85		1.64		1.82			1.58			1.13

Ratio of earnings to fixed charges and preferred stock dividends		1.71		1.59		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)


	Six Months Ended June 30,				Year Ended December 31,
	2012		2011		2011		2010		2009			2008			2007

Income from continuing operations before noncontrolling interests	$	103,231	$	77,240	$	162,126	$	105,412	$	91,234		$	67,918		$	22,546

Interest expense		75,711		75,416		149,350		137,384		88,442			63,621			67,054
Interest within rental expense⁽²⁾		1,545		1,403		2,847		2,604		2,633			2,619			1,971
Noncontrolling interests in consolidated joint ventures		392		199		324		288		(140	)		(335	)		—

Earnings available to cover fixed charges	$	180,879	$	154,258	$	314,647	$	245,688	$	182,169		$	133,823		$	91,571

Fixed charges:
Interest expense		75,711		75,416		149,350	$	137,384	$	88,442		$	63,621		$	67,054
Interest within rental expense ⁽²⁾		1,545		1,403		2,847		2,604		2,633			2,619			1,971
Capitalized interest		9,128		8,888		17,905		10,241		9,196			18,351			12,264

		86,384		85,707		170,102		150,229		100,271			84,591			81,289

Preferred unit distributions		19,144		11,235		25,397		37,004		40,404			38,564			19,330


Fixed charges and preferred unit distributions	$	105,528	$	96,942	$	195,499	$	187,233	$	140,675		$	123,155		$	100,619

Ratio of earnings to fixed charges		2.09		1.80		1.85		1.64		1.82			1.58			1.13

Ratio of earnings to fixed charges and preferred unit distributions		1.71		1.59		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.