Exhibit 12.1
Digital Realty Trust, Inc. and Subsidiaries
Statement of Computation of Ratios
(in thousands, except ratios)
Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||
Income from continuing operations before noncontrolling interests | $ | 108,049 | $ | 111,302 | $ | 320,449 | $ | 216,047 | $ | 162,126 | $ | 105,412 | $ | 91,234 | ||||||||||||||
Interest expense | 96,520 | 95,661 | 189,399 | 157,108 | 149,350 | 137,384 | 88,442 | |||||||||||||||||||||
Interest within rental expense(1) | 2,644 | 1,868 | 7,687 | 3,410 | 2,847 | 2,604 | 2,633 | |||||||||||||||||||||
Noncontrolling interests in consolidated joint ventures | (232 | ) | (355 | ) | (595 | ) | 444 | 324 | 288 | (140 | ) | |||||||||||||||||
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Earnings available to cover fixed charges | $ | 206,981 | $ | 208,476 | $ | 516,940 | $ | 377,009 | $ | 314,647 | $ | 245,688 | $ | 182,169 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 96,520 | $ | 95,661 | $ | 189,399 | $ | 157,108 | $ | 149,350 | $ | 137,384 | $ | 88,442 | ||||||||||||||
Interest within rental expense(1) | 2,644 | 1,868 | 7,687 | 3,410 | 2,847 | 2,604 | 2,633 | |||||||||||||||||||||
Capitalized interest | 10,200 | 11,960 | 26,277 | 21,456 | 17,905 | 10,241 | 9,196 | |||||||||||||||||||||
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Total fixed charges | 109,364 | 109,489 | 223,363 | 181,974 | 170,102 | 150,229 | 100,271 | |||||||||||||||||||||
Preferred stock dividends | 30,555 | 19,453 | 42,905 | 38,672 | 25,397 | 37,004 | 40,404 | |||||||||||||||||||||
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Fixed charges and preferred stock dividends | $ | 139,919 | $ | 128,942 | $ | 266,268 | $ | 220,646 | $ | 195,499 | $ | 187,233 | $ | 140,675 | ||||||||||||||
Ratio of earnings to fixed charges | 1.89 | 1.90 | 2.31 | 2.07 | 1.85 | 1.64 | 1.82 | |||||||||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends | 1.48 | 1.62 | 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)
Six Months Ended June 30, | Year Ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||||||
Income from continuing operations before noncontrolling interests | $ | 108,049 | $ | 111,302 | $ | 320,449 | $ | 216,047 | $ | 162,126 | $ | 105,412 | $ | 91,234 | ||||||||||||||
Interest expense | 96,520 | 95,661 | 189,399 | 157,108 | 149,350 | 137,384 | 88,442 | |||||||||||||||||||||
Interest within rental expense (1) | 2,644 | 1,868 | 7,687 | 3,410 | 2,847 | 2,604 | 2,633 | |||||||||||||||||||||
Noncontrolling interests in consolidated joint ventures | (232 | ) | (355 | ) | (595 | ) | 444 | 324 | 288 | (140 | ) | |||||||||||||||||
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Earnings available to cover fixed charges | $ | 206,981 | $ | 208,476 | $ | 516,940 | $ | 377,009 | $ | 314,647 | $ | 245,688 | $ | 182,169 | ||||||||||||||
Fixed charges: | ||||||||||||||||||||||||||||
Interest expense | $ | 96,520 | $ | 95,661 | $ | 189,399 | $ | 157,108 | $ | 149,350 | $ | 137,384 | $ | 88,442 | ||||||||||||||
Interest within rental expense(1) | 2,644 | 1,868 | 7,687 | 3,410 | 2,847 | 2,604 | 2,633 | |||||||||||||||||||||
Capitalized interest | 10,200 | 11,960 | 26,277 | 21,456 | 17,905 | 10,241 | 9,196 | |||||||||||||||||||||
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Total fixed charges | 109,364 | 109,489 | 223,363 | 181,974 | 170,102 | 150,229 | 100,271 | |||||||||||||||||||||
Preferred unit distributions | 30,555 | 19,453 | 42,905 | 38,672 | 25,397 | 37,004 | 40,404 | |||||||||||||||||||||
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Fixed charges and preferred unit distributions | $ | 139,919 | $ | 128,942 | $ | 266,268 | $ | 220,646 | $ | 195,499 | $ | 187,233 | $ | 140,675 | ||||||||||||||
Ratio of earnings to fixed charges | 1.89 | 1.90 | 2.31 | 2.07 | 1.85 | 1.64 | 1.82 | |||||||||||||||||||||
Ratio of earnings to fixed charges and preferred unit distributions | 1.48 | 1.62 | 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). |