Digital Realty Trust (DLR) 10-K 2006 FY Annual report

Exhibit 12.1

Digital Realty Trust, Inc.

Statement of Computation of Ratios(1)

	The Company(2)				The Company and the Predecessor(2)			The Predecessor(2)
	Year ended December 31,
	2006		2005		2004			2003			2002
Income (loss) from continuing operations before minority interests	$	26,555	$	25,344	$	(4,355	)	$	16,737		$	129
Interest expense		51,924		37,724		23,102			10,022			5,249
Interest within rental expense		680		147		113			66			—
Minority interests in consolidated joint ventures		—		—		(6	)		(149	)		(190	)
Earnings available to cover fixed charges	$	79,159	$	63,215	$	18,854		$	26,676		$	5,188
Fixed charges:
Interest expense	$	51,924	$	37,724	$	23,102		$	10,022		$	5,249
Interest within rental expense		680		147		113			66			—
Capitalized interest		3,851		279		—			—			—
		56,455		38,150		23,215			10,088			5,249
Preferred stock dividends		13,780		10,014		—			—			—
Fixed charges and preferred stock dividends	$	70,235	$	48,164	$	23,215		$	10,088		$	—
Ratio of earnings to fixed charges		1.40		1.66		—	(3)		2.64			—	(4)
Ratio of earnings to fixed charges and preferred stock dividends		1.13		1.31		—			2.64			—	(4)

(1) All numbers presented in this exhibit exclude 7979 East Tufts Avenue, a property which we sold on July 12, 2006.

(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 year ended December 31, 2004, earnings were insufficient to cover fixed charges by $4,333.

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