Digital Realty Trust (DLR) 10-K 2007 FY Annual report

Exhibit 12.1

Digital Realty Trust, Inc.

Statement of Computation of Ratios(1)

	The Company							The Company and the Predecessor(2)			The Predecessor(2)
	Year ended December 31,
	2007			2006		2005		2004			2003
Income (loss) from continuing operations before minority interests	$	25,221		$	25,893	$	24,460	$	(5,340	)	$	16,490
Interest expense		64,404			49,595		35,381		21,768			9,860
Interest within rental expense		1,971			680		147		113			66
Minority interests in consolidated joint ventures		—			—		—		(6	)		(149	)
Earnings available to cover fixed charges	$	91,596		$	76,168	$	59,988	$	16,535		$	26,267
Fixed charges:
Interest expense	$	64,404		$	49,595	$	35,381	$	21,768		$	9,860
Interest within rental expense		1,971			680		147		113			66
Capitalized interest		11,609			3,851		279		—			—
		77,984			54,126		35,807		21,881			9,926
Preferred stock dividends		19,330			13,780		10,014		—			—
Fixed charges and preferred stock dividends	$	97,314		$	67,906	$	45,821	$	21,881		$	9,926
Ratio of earnings to fixed charges		1.17			1.41		1.68		—	(4)		2.65
Ratio of earnings to fixed charges and preferred stock dividends		—	(3)		1.12		1.31		—			2.65

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

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