Digital Realty Trust 10-Q 2016 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,
	2016			2015			2015			2014			2013			2012		2011
Income from continuing operations before noncontrolling interests	$	113,277		$	260,322		$	301,591		$	203,415		$	320,449		$	216,047	$	162,126
Interest expense	117,170			91,580			201,435			191,085			189,399			157,108		149,350
Interest within rental expense (1)	13,947			2,989			8,208			5,393			7,687			3,410		2,847
Noncontrolling interests in consolidated joint ventures	(233		)	(225		)	(460		)	(465		)	(595		)	444		324
Earnings available to cover fixed charges	$	244,161		$	354,666		$	510,774		$	399,428		$	516,940		$	377,009	$	314,647
Fixed charges:
Interest expense	$	117,170		$	91,580		$	201,435		$	191,085		$	189,399		$	157,108	$	149,350
Interest within rental expense (1)	13,947			2,989			8,208			5,393			7,687			3,410		2,847
Capitalized interest	7,697			7,501			12,851			20,373			26,277			21,456		17,905
Total fixed charges	138,814			102,070			222,494			216,851			223,363			181,974		170,102
Preferred stock dividends	44,848			36,911			79,423			67,465			42,905			38,672		25,397
Fixed charges and preferred stock dividends	$	183,662		$	138,981		$	301,917		$	284,316		$	266,268		$	220,646	$	195,499
Ratio of earnings to fixed charges	1.76			3.47			2.30			1.84			2.31			2.07		1.85
Ratio of earnings to fixed charges and preferred stock dividends	1.33			2.55			1.69			1.40			1.94			1.71		1.61

(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,
	2016			2015			2015			2014			2013			2012		2011
Income from continuing operations before noncontrolling interests	$	113,277		$	260,322		$	300,226		$	203,415		$	320,449		$	216,047	$	162,126
Interest expense	117,170			91,580			202,800			191,085			189,399			157,108		149,350
Interest within rental expense (1)	13,947			2,989			8,208			5,393			7,687			3,410		2,847
Noncontrolling interests in consolidated joint ventures	(233		)	(225		)	(460		)	(465		)	(595		)	444		324
Earnings available to cover fixed charges	$	244,161		$	354,666		$	510,774		$	399,428		$	516,940		$	377,009	$	314,647
Fixed charges:
Interest expense	$	117,170		$	91,580		$	202,800		$	191,085		$	189,399		$	157,108	$	149,350
Interest within rental expense (1)	13,947			2,989			8,208			5,393			7,687			3,410		2,847
Capitalized interest	7,697			7,501			12,851			20,373			26,277			21,456		17,905
Total fixed charges	138,814			102,070			223,859			216,851			223,363			181,974		170,102
Preferred unit distributions	44,848			36,911			79,423			67,465			42,905			38,672		25,397
Fixed charges and preferred unit distributions	$	183,662		$	138,981		$	303,282		$	284,316		$	266,268		$	220,646	$	195,499
Ratio of earnings to fixed charges	1.76			3.47			2.28			1.84			2.31			2.07		1.85
Ratio of earnings to fixed charges and preferred unit distributions	1.33			2.55			1.68			1.40			1.94			1.71		1.61

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