Digital Realty Trust 10-Q 2012 Q3 Quarterly report

Exhibit 12.1

Digital Realty Trust, Inc. and Subsidiaries

Statement of Computation of Ratios⁽¹⁾

(in thousands, except ratios)

	Nine Months Ended September 30,				Year Ended December 31,
	2012		2011		2011		2010		2009			2008			2007
Income from continuing operations before noncontrolling interests	$	160,152	$	114,929	$	162,126	$	105,412	$	91,234		$	67,918		$	22,546
Interest expense		116,758		112,494		149,350		137,384		88,442			63,621			67,054
Interest within rental expense(2)		2,435		2,154		2,847		2,604		2,633			2,619			1,971
Noncontrolling interests in consolidated joint ventures		437		257		324		288		(140	)		(335	)		—
Earnings available to cover fixed charges	$	279,782	$	229,834	$	314,647	$	245,688	$	182,169		$	133,823		$	91,571
Fixed charges:
Interest expense	$	116,758	$	112,494	$	149,350	$	137,384	$	88,442		$	63,621		$	67,054
Interest within rental expense(2)		2,435		2,154		2,847		2,604		2,633			2,619			1,971
Capitalized interest		13,623		13,643		17,905		10,241		9,196			18,351			12,264
		132,816		128,291		170,102		150,229		100,271			84,591			81,289
Preferred stock dividends		28,921		15,671		25,397		37,004		40,404			38,564			19,330
Fixed charges and preferred stock dividends	$	161,737	$	143,962	$	195,499	$	187,233	$	140,675		$	123,155		$	100,619
Ratio of earnings to fixed charges		2.11		1.79		1.85		1.64		1.82			1.58			1.13
Ratio of earnings to fixed charges and preferred stock dividends		1.73		1.60		1.61		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)

	Nine Months Ended September 30,				Year Ended December 31,
	2012		2011		2011		2010		2009			2008			2007
Income from continuing operations before noncontrolling interests	$	160,152	$	114,929	$	162,126	$	105,412	$	91,234		$	67,918		$	22,546
Interest expense		116,758		112,494		149,350		137,384		88,442			63,621			67,054
Interest within rental expense(2)		2,435		2,154		2,847		2,604		2,633			2,619			1,971
Noncontrolling interests in consolidated joint ventures		437		257		324		288		(140	)		(335	)		—
Earnings available to cover fixed charges	$	279,782	$	229,834	$	314,647	$	245,688	$	182,169		$	133,823		$	91,571
Fixed charges:
Interest expense	$	116,758	$	112,494	$	149,350	$	137,384	$	88,442		$	63,621		$	67,054
Interest within rental expense(2)		2,435		2,154		2,847		2,604		2,633			2,619			1,971
Capitalized interest		13,623		13,643		17,905		10,241		9,196			18,351			12,264
		132,816		128,291		170,102		150,229		100,271			84,591			81,289
Preferred unit distributions		28,921		15,671		25,397		37,004		40,404			38,564			19,330
Fixed charges and preferred unit distributions	$	161,737	$	143,962	$	195,499	$	187,233	$	140,675		$	123,155		$	100,619
Ratio of earnings to fixed charges		2.11		1.79		1.85		1.64		1.82			1.58			1.13
Ratio of earnings to fixed charges and preferred unit distributions		1.73		1.60		1.61		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.