Digital Realty Trust (DLR) 10-Q 2017 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,
	2017			2016			2016			2015			2014			2013			2012
Income from continuing operations before noncontrolling interests	$	164,134		$	113,277		$	431,852		$	301,591		$	203,415		$	320,449		$	216,047
Interest expense	113,032			117,170			236,480			201,435			191,085			189,399			157,108
Interest within rental expense (1)	14,448			13,947			27,879			8,208			5,393			7,687			3,410
Noncontrolling interests in consolidated joint ventures	(234		)	(233		)	(367		)	(460		)	(465		)	(595		)	444
Earnings available to cover fixed charges	$	291,380		$	244,161		$	695,844		$	510,774		$	399,428		$	516,940		$	377,009
Fixed charges:
Interest expense	$	113,032		$	117,170		$	236,480		$	201,435		$	191,085		$	189,399		$	157,108
Interest within rental expense (1)	14,448			13,947			27,879			8,208			5,393			7,687			3,410
Capitalized interest	8,384			7,697			16,324			12,851			20,373			26,277			21,456
Total fixed charges	135,864			138,814			280,683			222,494			216,851			223,363			181,974
Preferred stock dividends	31,898			44,848			83,771			79,423			67,465			42,905			38,672
Fixed charges and preferred stock dividends	$	167,762		$	183,662		$	364,454		$	301,917		$	284,316		$	266,268		$	220,646
Ratio of earnings to fixed charges	2.14			1.76			2.48			2.30			1.84			2.31			2.07
Ratio of earnings to fixed charges and preferred stock dividends	1.74			1.33			1.91			1.69			1.40			1.94			1.71

(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,
	2017			2016			2016			2015			2014			2013			2012
Income from continuing operations before noncontrolling interests	$	164,134		$	113,277		$	431,852		$	300,226		$	203,415		$	320,449		$	216,047
Interest expense	113,032			117,170			236,480			202,800			191,085			189,399			157,108
Interest within rental expense (1)	14,448			13,947			27,879			8,208			5,393			7,687			3,410
Noncontrolling interests in consolidated joint ventures	(234		)	(233		)	(367		)	(460		)	(465		)	(595		)	444
Earnings available to cover fixed charges	$	291,380		$	244,161		$	695,844		$	510,774		$	399,428		$	516,940		$	377,009
Fixed charges:
Interest expense	$	113,032		$	117,170		$	236,480		$	202,800		$	191,085		$	189,399		$	157,108
Interest within rental expense (1)	14,448			13,947			27,879			8,208			5,393			7,687			3,410
Capitalized interest	8,384			7,697			16,324			12,851			20,373			26,277			21,456
Total fixed charges	135,864			138,814			280,683			223,859			216,851			223,363			181,974
Preferred unit distributions	31,898			44,848			83,771			79,423			67,465			42,905			38,672
Fixed charges and preferred unit distributions	$	167,762		$	183,662		$	364,454		$	303,282		$	284,316		$	266,268		$	220,646
Ratio of earnings to fixed charges	2.14			1.76			2.48			2.28			1.84			2.31			2.07
Ratio of earnings to fixed charges and preferred unit distributions	1.74			1.33			1.91			1.68			1.40			1.94			1.71

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