Digital Realty Trust 10-Q 2011 Q1 Quarterly report

Exhibit 12.1

Digital Realty Trust, Inc. and Subsidiaries

Statement of Computation of Ratios (1)

(in thousands, except ratios)

	Three Months Ended March 31,				Year Ended December 31,
	2011		2010		2010		2009			2008			2007
Income from continuing operations before noncontrolling interests	$	39,012	$	25,586	$	105,412	$	91,234		$	67,918		$	22,546
Interest expense		36,082		30,902		137,384		88,442			63,621			67,054
Interest within rental expense		700		621		2,604		2,633			2,619			1,971
Noncontrolling interests in consolidated joint ventures		142		232		288		(140	)		(335	)		—
Earnings available to cover fixed charges	$	75,936	$	57,341	$	245,688	$	182,169		$	133,823		$	91,571
Fixed charges:
Interest expense		36,082		30,902	$	137,384	$	88,442		$	63,621		$	67,054
Interest within rental expense(2)		700		621		2,604		2,633			2,619			1,971
Capitalized interest		4,666		1,907		10,241		9,196			18,351			12,264
		41,448		33,430		150,229		100,271			84,591			81,289
Preferred stock dividends		6,522		10,101		37,004		40,404			38,564			19,330
Fixed charges and preferred stock dividends	$	47,970	$	43,531	$	187,233	$	140,675		$	123,155		$	100,619
Ratio of earnings to fixed charges		1.83		1.72		1.64		1.82			1.58			1.13
Ratio of earnings to fixed charges and preferred stock dividends		1.58		1.32		1.31		1.29			1.09			—	(3)

(1) All numbers presented in this exhibit exclude 100 Technology Center Drive (sold in March 2007) and 4055 Valley View Lane (sold in March 2007).

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

(3) For the year ended December 31, 2007, earnings were insufficient to cover fixed charges and preferred dividends by $9,048.

Digital Realty Trust, L.P. and Subsidiaries

Statement of Computation of Ratios (1)

(in thousands, except ratios)

	Three Months Ended March 31,				Year Ended December 31,
	2011		2010		2010		2009			2008			2007
Income from continuing operations before noncontrolling interests	$	39,012	$	25,586	$	105,412	$	91,234		$	67,918		$	22,546
Interest expense		36,082		30,902		137,384		88,442			63,621			67,054
Interest within rental expense		700		621		2,604		2,633			2,619			1,971
Noncontrolling interests in consolidated joint ventures		142		232		288		(140	)		(335	)		—
Earnings available to cover fixed charges	$	75,936	$	57,341	$	245,688	$	182,169		$	133,823		$	91,571
Fixed charges:
Interest expense		36,082		30,902	$	137,384	$	88,442		$	63,621		$	67,054
Interest within rental expense(2)		700		621		2,604		2,633			2,619			1,971
Capitalized interest		4,666		1,907		10,241		9,196			18,351			12,264
		41,448		33,430		150,229		100,271			84,591			81,289
Preferred unit distributions		6,522		10,101		37,004		40,404			38,564			19,330
Fixed charges and preferred unit distributions	$	47,970	$	43,531	$	187,233	$	140,675		$	123,155		$	100,619
Ratio of earnings to fixed charges		1.83		1.72		1.64		1.82			1.58			1.13
Ratio of earnings to fixed charges and preferred unit distributions		1.58		1.32		1.31		1.29			1.09			—	(3)

(1) All numbers presented in this exhibit exclude 100 Technology Center Drive (sold in March 2007) and 4055 Valley View Lane (sold in March 2007).

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

(3) For the year ended December 31, 2007, earnings were insufficient to cover fixed charges and preferred distributions by $9,048.