Exhibit 12.1
Digital Realty Trust, Inc.
Statement of Computation of Ratios (1)
| The Company | The Company and the Predecessor (2) |
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| Six months ended June 30, | Year ended December 31, | ||||||||||||||||||||
| 2008 | 2007 | 2007 | 2006 | 2005 | 2004 | ||||||||||||||||
| Income (loss) from continuing operations before minority interests |
$ | 25,648 | $ | 14,454 | $ | 25,221 | $ | 25,893 | $ | 24,460 | $ | (5,340 | ) | ||||||||
| Interest expense |
28,913 | 31,858 | 64,404 | 49,595 | 35,381 | 21,768 | |||||||||||||||
| Interest within rental expense |
1,261 | 854 | 1,971 | 680 | 147 | 113 | |||||||||||||||
| Minority interests in consolidated joint ventures |
— | — | — | — | — | (6) | |||||||||||||||
| Earnings available to cover fixed charges |
$ | 55,822 | $ | 47,166 | $ | 91,596 | $ | 76,168 | $ | 59,988 | $ | 16,535 | |||||||||
| Fixed charges: |
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| Interest expense |
$ | 28,913 | $ | 31,858 | $ | 64,404 | $ | 49,595 | $ | 35,381 | $ | 21,768 | |||||||||
| Interest within rental expense |
1,261 | 854 | 1,971 | 680 | 147 | 113 | |||||||||||||||
| Capitalized interest |
8,920 | 4,298 | 11,609 | 3,851 | 279 | — | |||||||||||||||
| 39,094 | 37,010 | 77,984 | 54,126 | 35,807 | 21,881 | ||||||||||||||||
| Preferred stock dividends |
18,360 | 8,612 | 19,330 | 13,780 | 10,014 | — | |||||||||||||||
| Fixed charges and preferred stock dividends |
$ | 57,454 | $ | 45,622 | $ | 97,314 | $ | 67,906 | $ | 45,821 | $ | 21,881 | |||||||||
| Ratio of earnings to fixed charges |
1.43 | 1.27 | 1.17 | 1.41 | 1.68 | — | (5) | ||||||||||||||
| Ratio of earnings to fixed charges and preferred stock dividends |
— | (3) | 1.03 | — | (4) | 1.12 | 1.31 | — | |||||||||||||
| (1) | All numbers presented in this exhibit exclude 7979 East Tufts Avenue (sold July 2006), 100 Technology Center Drive (sold in March 2007) and 4055 Valley View Lane (sold in March 2007). |
| (2) | The Predecessor is not a legal entity; rather it is a combination of certain of the real estate subsidiaries of Global Innovation Partners, LLC, a Delaware limited liability company (GI Partners) contributed to the Company in connection with the IPO in November 2004, along with an allocation of certain assets, liabilities, revenues and expenses of GI Partners related to the real estate owned by such subsidiaries. |
| (3) | For the six months ended June 30, 2008, earnings were insufficient to cover fixed charges and preferred dividends by $1,632. |
| (4) | For the year ended December 31, 2007, earnings were insufficient to cover fixed charges and preferred dividends by $5,718. |
| (5) | For the year ended December 31, 2004, earnings were insufficient to cover fixed charges by $5,346. |