Digital Realty Trust 10-Q 2013 Q3 Quarterly report

Exhibit 12.1

Digital Realty Trust, Inc. and Subsidiaries

Statement of Computation of Ratios

(in thousands, except ratios)

	Nine Months Ended September 30,				Year Ended December 31,
	2013		2012		2012		2011		2010		2009			2008
Income from continuing operations before noncontrolling interests	$	264,782	$	160,152	$	216,047	$	162,126	$	105,412	$	91,234		$	67,918
Interest expense		143,403		116,758		157,108		149,350		137,384		88,442			63,621
Interest within rental expense(1)		6,313		2,435		3,410		2,847		2,604		2,633			2,619
Noncontrolling interests in consolidated joint ventures		480		437		444		324		288		(140	)		(335	)
Earnings available to cover fixed charges	$	414,978	$	279,782	$	377,009	$	314,647	$	245,688	$	182,169		$	133,823
Fixed charges:
Interest expense	$	143,403	$	116,758	$	157,108	$	149,350	$	137,384	$	88,442		$	63,621
Interest within rental expense(1)		6,313		2,435		3,410		2,847		2,604		2,633			2,619
Capitalized interest		18,842		13,623		21,456		17,905		10,241		9,196			18,351
		168,558		132,816		181,974		170,102		150,229		100,271			84,591
Preferred stock dividends		31,179		28,921		38,672		25,397		37,004		40,404			38,564
Fixed charges and preferred stock dividends	$	199,737	$	161,737	$	220,646	$	195,499	$	187,233	$	140,675		$	123,155
Ratio of earnings to fixed charges		2.46		2.11		2.07		1.85		1.64		1.82			1.58
Ratio of earnings to fixed charges and preferred stock dividends		2.08		1.73		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)

	Nine Months Ended September 30,				Year Ended December 31,
	2013		2012		2012		2011		2010		2009			2008
Income from continuing operations before noncontrolling interests	$	264,782	$	160,152	$	216,047	$	162,126	$	105,412	$	91,234		$	67,918
Interest expense		143,403		116,758		157,108		149,350		137,384		88,442			63,621
Interest within rental expense (1)		6,313		2,435		3,410		2,847		2,604		2,633			2,619
Noncontrolling interests in consolidated joint ventures		480		437		444		324		288		(140	)		(335	)
Earnings available to cover fixed charges	$	414,978	$	279,782	$	377,009	$	314,647	$	245,688	$	182,169		$	133,823
Fixed charges:
Interest expense	$	143,403	$	116,758	$	157,108	$	149,350	$	137,384	$	88,442		$	63,621
Interest within rental expense(1)		6,313		2,435		3,410		2,847		2,604		2,633			2,619
Capitalized interest		18,842		13,623		21,456		17,905		10,241		9,196			18,351
		168,558		132,816		181,974		170,102		150,229		100,271			84,591
Preferred unit distributions		31,179		28,921		38,672		25,397		37,004		40,404			38,564
Fixed charges and preferred unit distributions	$	199,737	$	161,737	$	220,646	$	195,499	$	187,233	$	140,675		$	123,155
Ratio of earnings to fixed charges		2.46		2.11		2.07		1.85		1.64		1.82			1.58
Ratio of earnings to fixed charges and preferred unit distributions		2.08		1.73		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).