EX-12.1 3 v403010_ex12-1.htm EXHIBIT 12.1

Exhibit 12.1

QTS Realty Trust, Inc.
QualityTech, LP

Computation of Ratio of Earnings to Combined Fixed Charges

(in thousands)
	Year Ended December 31,
	2014 ⁽¹⁾			2013 ⁽²⁾			2012 ⁽³⁾			2011 ⁽³⁾			2010 ⁽³⁾
Earnings:
Pre-tax income (loss) from continuing operations	$	19,103		$	3,850		$	(9,768	)	$	(909	)	$	14,384
Add: Fixed charges		22,079			23,093			27,680			22,697			28,289
Less: Capitalized interest		(6,525	)		(4,135	)		(2,192	)		(2,557	)		(3,987	)

Total earnings		34,657			22,808			15,720			19,231			38,686

Fixed Charges
Interest expense (excluding amortization of deferred financing costs)		12,535			15,949			21,769			16,253			20,450
Capitalized interest		6,525			4,135			2,192			2,557			3,987
Amortization of deferred financing costs		2,774			2,775			3,370			3,460			3,052
Interest factor in rents		245			234			349			427			801

Fixed Charges	$	22,079		$	23,093		$	27,680		$	22,697		$	28,289

Ratio of earnings to combined fixed charges		1.57			—	⁽⁴⁾		—	⁽⁴⁾		—	⁽⁴⁾		1.37

(1)

Consolidated results for the year ended December 31, 2014 are the same for both QTS Realty Trust, Inc. and QualityTech, LP.

(2)

Due to the timing of the IPO of QTS Realty Trust, Inc., which was completed on October 15, 2013, the financial data and ratio of earnings to combined fixed charges for the year ended December 31, 2013 reflect the financial data and ratio of earnings to combined fixed charges for QTS Realty Trust, Inc. with its historical predecessor, QualityTech, LP. The financial data for the period from October 15, 2013 to December 31, 2013 was the same for both QTS Realty Trust, Inc. and QualityTech, LP.

(3)

Reflects the financial data and ratio of earnings to combined fixed charges for QualityTech, LP, QTS Realty Trust, Inc.’s historical predecessor.

(4)

The shortfall of earnings (loss) to fixed charges for the years ended December 31, 2013, 2012 and 2011 was approximately $0.3 million, $12.0 million and $3.5 million, respectively.