Digital Realty Trust 10-Q 2013 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,
	2013		2012		2012		2011		2010		2009			2008
Income from continuing operations before noncontrolling interests	$	111,302	$	103,231	$	216,047	$	162,126	$	105,412	$	91,234		$	67,918
Interest expense		95,661		75,711		157,108		149,350		137,384		88,442			63,621
Interest within rental expense(1)		1,868		1,545		3,410		2,847		2,604		2,633			2,619
Noncontrolling interests in consolidated joint ventures		355		392		444		324		288		(140	)		(335	)
Earnings available to cover fixed charges	$	209,186	$	180,879	$	377,009	$	314,647	$	245,688	$	182,169		$	133,823
Fixed charges:
Interest expense	$	95,661	$	75,711	$	157,108	$	149,350	$	137,384	$	88,442		$	63,621
Interest within rental expense(1)		1,868		1,545		3,410		2,847		2,604		2,633			2,619
Capitalized interest		11,960		9,128		21,456		17,905		10,241		9,196			18,351
		109,489		86,384		181,974		170,102		150,229		100,271			84,591
Preferred stock dividends		19,453		19,144		38,672		25,397		37,004		40,404			38,564
Fixed charges and preferred stock dividends	$	128,942	$	105,528	$	220,646	$	195,499	$	187,233	$	140,675		$	123,155
Ratio of earnings to fixed charges		1.91		2.09		2.07		1.85		1.64		1.82			1.58
Ratio of earnings to fixed charges and preferred stock dividends		1.62		1.71		1.71		1.61		1.31		1.29			1.09

(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,
	2013		2012		2012		2011		2010		2009			2008
Income from continuing operations before noncontrolling interests	$	111,302	$	103,231	$	216,047	$	162,126	$	105,412	$	91,234		$	67,918
Interest expense		95,661		75,711		157,108		149,350		137,384		88,442			63,621
Interest within rental expense (1)		1,868		1,545		3,410		2,847		2,604		2,633			2,619
Noncontrolling interests in consolidated joint ventures		355		392		444		324		288		(140	)		(335	)
Earnings available to cover fixed charges	$	209,186	$	180,879	$	377,009	$	314,647	$	245,688	$	182,169		$	133,823
Fixed charges:
Interest expense	$	95,661	$	75,711	$	157,108	$	149,350	$	137,384	$	88,442		$	63,621
Interest within rental expense(1)		1,868		1,545		3,410		2,847		2,604		2,633			2,619
Capitalized interest		11,960		9,128		21,456		17,905		10,241		9,196			18,351
		109,489		86,384		181,974		170,102		150,229		100,271			84,591
Preferred unit distributions		19,453		19,144		38,672		25,397		37,004		40,404			38,564
Fixed charges and preferred unit distributions	$	128,942	$	105,528	$	220,646	$	195,499	$	187,233	$	140,675		$	123,155
Ratio of earnings to fixed charges		1.91		2.09		2.07		1.85		1.64		1.82			1.58
Ratio of earnings to fixed charges and preferred unit distributions		1.62		1.71		1.71		1.61		1.31		1.29			1.09

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