Digital Realty Trust (DLR) 10-Q 2018 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,
	2018		2017			2017			2016			2015			2014			2013
Income from continuing operations before noncontrolling interests	$	198,254	$	164,134		$	256,267		$	431,852		$	301,591		$	203,415		$	320,449
Interest expense	155,795		113,032			258,642			236,480			201,435			191,085			189,399
Interest within rental expense (1)	13,986		14,448			27,490			27,879			8,208			5,393			7,687
Noncontrolling interests in consolidated joint ventures	16		(234		)	(4,238		)	(367		)	(460		)	(465		)	(595		)
Earnings available to cover fixed charges	$	368,051	$	291,380		$	538,161		$	695,844		$	510,774		$	399,428		$	516,940
Fixed charges:
Interest expense	$	155,795	$	113,032		$	258,642		$	236,480		$	201,435		$	191,085		$	189,399
Interest within rental expense (1)	13,986		14,448			27,490			27,879			8,208			5,393			7,687
Capitalized interest	15,549		8,384			21,714			16,324			12,851			20,373			26,277
Total fixed charges	185,330		135,864			307,846			280,683			222,494			216,851			223,363
Preferred stock dividends	40,658		31,898			68,802			83,771			79,423			67,465			42,905
Fixed charges and preferred stock dividends	$	225,988	$	167,762		$	376,648		$	364,454		$	301,917		$	284,316		$	266,268
Ratio of earnings to fixed charges	1.99		2.14			1.75			2.48			2.30			1.84			2.31
Ratio of earnings to fixed charges and preferred stock dividends	1.63		1.74			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)

	Six Months Ended June 30,					Year Ended December 31,
	2018		2017			2017			2016			2015			2014			2013
Income from continuing operations before noncontrolling interests	$	198,254	$	164,134		$	256,267		$	431,852		$	300,226		$	203,415		$	320,449
Interest expense	155,795		113,032			258,642			236,480			202,800			191,085			189,399
Interest within rental expense (1)	13,986		14,448			27,490			27,879			8,208			5,393			7,687
Noncontrolling interests in consolidated joint ventures	16		(234		)	(4,238		)	(367		)	(460		)	(465		)	(595		)
Earnings available to cover fixed charges	$	368,051	$	291,380		$	538,161		$	695,844		$	510,774		$	399,428		$	516,940
Fixed charges:
Interest expense	$	155,795	$	113,032		$	258,642		$	236,480		$	202,800		$	191,085		$	189,399
Interest within rental expense (1)	13,986		14,448			27,490			27,879			8,208			5,393			7,687
Capitalized interest	15,549		8,384			21,714			16,324			12,851			20,373			26,277
Total fixed charges	185,330		135,864			307,846			280,683			223,859			216,851			223,363
Preferred unit distributions	40,658		31,898			68,802			83,771			79,423			67,465			42,905
Fixed charges and preferred unit distributions	$	225,988	$	167,762		$	376,648		$	364,454		$	303,282		$	284,316		$	266,268
Ratio of earnings to fixed charges	1.99		2.14			1.75			2.48			2.28			1.84			2.31
Ratio of earnings to fixed charges and preferred unit distributions	1.63		1.74			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).