Exhibit 12.1
Digital Realty Trust, Inc. and Subsidiaries
Statement of Computation of Ratios
(in thousands, except ratios)
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||
Income from continuing operations before noncontrolling interests | $ | 46,717 | $ | 51,681 | $ | 320,449 | $ | 216,047 | $ | 162,126 | $ | 105,412 | $ | 91,234 | ||||||||||||||
Interest expense | 47,374 | 48,078 | 189,399 | 157,108 | 149,350 | 137,384 | 88,442 | |||||||||||||||||||||
Interest within rental expense(1) | 1,320 | 950 | 7,687 | 3,410 | 2,847 | 2,604 | 2,633 | |||||||||||||||||||||
Noncontrolling interests in consolidated joint ventures | (112 | ) | (146 | ) | (595 | ) | 444 | 324 | 288 | (140 | ) | |||||||||||||||||
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Earnings available to cover fixed charges | $ | 95,299 | $ | 100,563 | $ | 516,940 | $ | 377,009 | $ | 314,647 | $ | 245,688 | $ | 182,169 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 47,374 | $ | 48,078 | $ | 189,399 | $ | 157,108 | $ | 149,350 | $ | 137,384 | $ | 88,442 | ||||||||||||||
Interest within rental expense(1) | 1,320 | 950 | 7,687 | 3,410 | 2,847 | 2,604 | 2,633 | |||||||||||||||||||||
Capitalized interest | 5,311 | 5,343 | 26,277 | 21,456 | 17,905 | 10,241 | 9,196 | |||||||||||||||||||||
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54,005 | 54,371 | 223,363 | 181,974 | 170,102 | 150,229 | 100,271 | ||||||||||||||||||||||
Preferred stock dividends | 11,726 | 8,054 | 42,905 | 38,672 | 25,397 | 37,004 | 40,404 | |||||||||||||||||||||
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Fixed charges and preferred stock dividends | $ | 65,731 | $ | 62,425 | $ | 266,268 | $ | 220,646 | $ | 195,499 | $ | 187,233 | $ | 140,675 | ||||||||||||||
Ratio of earnings to fixed charges | 1.76 | 1.85 | 2.31 | 2.07 | 1.85 | 1.64 | 1.82 | |||||||||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends | 1.45 | 1.61 | 1.94 | 1.71 | 1.61 | 1.31 | 1.29 | |||||||||||||||||||||
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(1) | Interest within rental expense represents one-third of rental expense (the approximate portion of rental expense representing interest). |
Digital Realty Trust, L.P. and Subsidiaries
Statement of Computation of Ratios
(in thousands, except ratios)
Three Months Ended March 31, | Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||
Income from continuing operations before noncontrolling interests | $ | 46,717 | $ | 51,681 | $ | 320,449 | $ | 216,047 | $ | 162,126 | $ | 105,412 | $ | 91,234 | ||||||||||||||
Interest expense | 47,374 | 48,078 | 189,399 | 157,108 | 149,350 | 137,384 | 88,442 | |||||||||||||||||||||
Interest within rental expense (1) | 1,320 | 950 | 7,687 | 3,410 | 2,847 | 2,604 | 2,633 | |||||||||||||||||||||
Noncontrolling interests in consolidated joint ventures | (112 | ) | (146 | ) | (595 | ) | 444 | 324 | 288 | (140 | ) | |||||||||||||||||
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Earnings available to cover fixed charges | $ | 95,299 | $ | 100,563 | $ | 516,940 | $ | 377,009 | $ | 314,647 | $ | 245,688 | $ | 182,169 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 47,374 | $ | 48,078 | $ | 189,399 | $ | 157,108 | $ | 149,350 | $ | 137,384 | $ | 88,442 | ||||||||||||||
Interest within rental expense(1) | 1,320 | 950 | 7,687 | 3,410 | 2,847 | 2,604 | 2,633 | |||||||||||||||||||||
Capitalized interest | 5,311 | 5,343 | 26,277 | 21,456 | 17,905 | 10,241 | 9,196 | |||||||||||||||||||||
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54,005 | 54,371 | 223,363 | 181,974 | 170,102 | 150,229 | 100,271 | ||||||||||||||||||||||
Preferred unit distributions | 11,726 | 8,054 | 42,905 | 38,672 | 25,397 | 37,004 | 40,404 | |||||||||||||||||||||
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Fixed charges and preferred unit distributions | $ | 65,731 | $ | 62,425 | $ | 266,268 | $ | 220,646 | $ | 195,499 | $ | 187,233 | $ | 140,675 | ||||||||||||||
Ratio of earnings to fixed charges | 1.76 | 1.85 | 2.31 | 2.07 | 1.85 | 1.64 | 1.82 | |||||||||||||||||||||
Ratio of earnings to fixed charges and preferred unit distributions | 1.45 | 1.61 | 1.94 | 1.71 | 1.61 | 1.31 | 1.29 | |||||||||||||||||||||
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(1) | Interest within rental expense represents one-third of rental expense (the approximate portion of rental expense representing interest). |