Digital Realty Trust (DLR) 10-Q 2015 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,
	2015			2014			2014			2013			2012		2011		2010
Income from continuing operations before noncontrolling interests	$	260,322		$	108,049		$	203,415		$	320,449		$	216,047	$	162,126	$	105,412
Interest expense	91,580			96,520			191,085			189,399			157,108		149,350		137,384
Interest within rental expense (1)	2,989			2,644			5,393			7,687			3,410		2,847		2,604
Noncontrolling interests in consolidated joint ventures	(225		)	(232		)	(465		)	(595		)	444		324		288
Earnings available to cover fixed charges	$	354,666		$	206,981		$	399,428		$	516,940		$	377,009	$	314,647	$	245,688
Fixed charges:
Interest expense	$	91,580		$	96,520		$	191,085		$	189,399		$	157,108	$	149,350	$	137,384
Interest within rental expense (1)	2,989			2,644			5,393			7,687			3,410		2,847		2,604
Capitalized interest	7,501			10,200			20,373			26,277			21,456		17,905		10,241
Total fixed charges	102,070			109,364			216,851			223,363			181,974		170,102		150,229
Preferred stock dividends	36,911			30,555			67,465			42,905			38,672		25,397		37,004
Fixed charges and preferred stock dividends	$	138,981		$	139,919		$	284,316		$	266,268		$	220,646	$	195,499	$	187,233
Ratio of earnings to fixed charges	3.47			1.89			1.84			2.31			2.07		1.85		1.64
Ratio of earnings to fixed charges and preferred stock dividends	2.55			1.48			1.40			1.94			1.71		1.61		1.31

(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,
	2015			2014			2014			2013			2012		2011		2010
Income from continuing operations before noncontrolling interests	$	260,322		$	108,049		$	203,415		$	320,449		$	216,047	$	162,126	$	105,412
Interest expense	91,580			96,520			191,085			189,399			157,108		149,350		137,384
Interest within rental expense (1)	2,989			2,644			5,393			7,687			3,410		2,847		2,604
Noncontrolling interests in consolidated joint ventures	(225		)	(232		)	(465		)	(595		)	444		324		288
Earnings available to cover fixed charges	$	354,666		$	206,981		$	399,428		$	516,940		$	377,009	$	314,647	$	245,688
Fixed charges:
Interest expense	$	91,580		$	96,520		$	191,085		$	189,399		$	157,108	$	149,350	$	137,384
Interest within rental expense (1)	2,989			2,644			5,393			7,687			3,410		2,847		2,604
Capitalized interest	7,501			10,200			20,373			26,277			21,456		17,905		10,241
Total fixed charges	102,070			109,364			216,851			223,363			181,974		170,102		150,229
Preferred unit distributions	36,911			30,555			67,465			42,905			38,672		25,397		37,004
Fixed charges and preferred unit distributions	$	138,981		$	139,919		$	284,316		$	266,268		$	220,646	$	195,499	$	187,233
Ratio of earnings to fixed charges	3.47			1.89			1.84			2.31			2.07		1.85		1.64
Ratio of earnings to fixed charges and preferred unit distributions	2.55			1.48			1.40			1.94			1.71		1.61		1.31

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