Digital Realty Trust (DLR) 10-Q 2014 Q2 Quarterly report

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	)
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
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
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

(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	)
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
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
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

(1) Interest within rental expense represents one-third of rental expense (the approximate portion of rental expense representing interest).