Exhibit 12.1
Digital Realty Trust, Inc. and Subsidiaries
Statement of Computation of Ratios
(in thousands, except ratios)
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Income from continuing operations before noncontrolling interests | $ | 256,267 | $ | 431,852 | $ | 301,591 | $ | 203,415 | $ | 320,449 | ||||||||||
Interest expense | 258,642 | 236,480 | 201,435 | 191,085 | 189,399 | |||||||||||||||
Interest within rental expense (1) | 27,490 | 27,879 | 8,208 | 5,393 | 7,687 | |||||||||||||||
Noncontrolling interests in consolidated joint ventures | (4,238 | ) | (367 | ) | (460 | ) | (465 | ) | (595 | ) | ||||||||||
Earnings available to cover fixed charges | $ | 538,161 | $ | 695,844 | $ | 510,774 | $ | 399,428 | $ | 516,940 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 258,642 | $ | 236,480 | $ | 201,435 | $ | 191,085 | $ | 189,399 | ||||||||||
Interest within rental expense (1) | 27,490 | 27,879 | 8,208 | 5,393 | 7,687 | |||||||||||||||
Capitalized interest | 21,714 | 16,324 | 12,851 | 20,373 | 26,277 | |||||||||||||||
Total fixed charges | 307,846 | 280,683 | 222,494 | 216,851 | 223,363 | |||||||||||||||
Preferred stock dividends | 68,802 | 83,771 | 79,423 | 67,465 | 42,905 | |||||||||||||||
Fixed charges and preferred stock dividends | $ | 376,648 | $ | 364,454 | $ | 301,917 | $ | 284,316 | $ | 266,268 | ||||||||||
Ratio of earnings to fixed charges | 1.75 | 2.48 | 2.30 | 1.84 | 2.31 | |||||||||||||||
Ratio of earnings to fixed charges and preferred stock dividends | 1.43 | 1.91 | 1.69 | 1.40 | 1.94 |
(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)
Year Ended December 31, | ||||||||||||||||||||
2017 | 2016 | 2015 | 2014 | 2013 | ||||||||||||||||
Income from continuing operations before noncontrolling interests | $ | 256,267 | $ | 431,852 | $ | 300,226 | $ | 203,415 | $ | 320,449 | ||||||||||
Interest expense | 258,642 | 236,480 | 202,800 | 191,085 | 189,399 | |||||||||||||||
Interest within rental expense (1) | 27,490 | 27,879 | 8,208 | 5,393 | 7,687 | |||||||||||||||
Noncontrolling interests in consolidated joint ventures | (4,238 | ) | (367 | ) | (460 | ) | (465 | ) | (595 | ) | ||||||||||
Earnings available to cover fixed charges | $ | 538,161 | $ | 695,844 | $ | 510,774 | $ | 399,428 | $ | 516,940 | ||||||||||
Fixed charges: | ||||||||||||||||||||
Interest expense | $ | 258,642 | $ | 236,480 | $ | 202,800 | $ | 191,085 | $ | 189,399 | ||||||||||
Interest within rental expense (1) | 27,490 | 27,879 | 8,208 | 5,393 | 7,687 | |||||||||||||||
Capitalized interest | 21,714 | 16,324 | 12,851 | 20,373 | 26,277 | |||||||||||||||
Total fixed charges | 307,846 | 280,683 | 223,859 | 216,851 | 223,363 | |||||||||||||||
Preferred unit distributions | 68,802 | 83,771 | 79,423 | 67,465 | 42,905 | |||||||||||||||
Fixed charges and preferred unit distributions | $ | 376,648 | $ | 364,454 | $ | 303,282 | $ | 284,316 | $ | 266,268 | ||||||||||
Ratio of earnings to fixed charges | 1.75 | 2.48 | 2.28 | 1.84 | 2.31 | |||||||||||||||
Ratio of earnings to fixed charges and preferred unit distributions | 1.43 | 1.91 | 1.68 | 1.40 | 1.94 |
(1) | Interest within rental expense represents one-third of rental expense (the approximate portion of rental expense representing interest). |