Earnings per Unit

9 Months Ended

Sep. 30, 2020

Digital Realty Trust, L.P.

Class of Stock [Line Items]

Earnings per Unit

11. Earnings per Unit

The following is a summary of basic and diluted earnings per unit (in thousands, except unit and per unit amounts):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Net (loss) income available to common unitholders	$	(38,370)	$	52,127	$	227,365	$	185,434
Weighted average units outstanding—basic		278,079,187		217,375,296		261,416,412		217,254,811
Potentially dilutive common units:
Unvested incentive units		—		181,064		103,159		142,670
Unvested restricted units		—		—		273,755		—
Forward equity offering		—		1,013,970		2,087,607		705,720
Market performance-based awards		—		185,267		520,531		177,150
Weighted average units outstanding—diluted		278,079,187		218,755,597		264,401,464		218,280,351
Earnings per unit:
Basic	$	(0.14)	$	0.24	$	0.87	$	0.85
Diluted	$	(0.14)	$	0.24	$	0.86	$	0.85

We have excluded the following potentially dilutive securities in the calculations above as they would be antidilutive or not dilutive:

	Three Months Ended September 30,		Nine Months Ended September 30,
	2020	2019	2020	2019
Unvested incentive units	154,178	—	—	—
Unvested restricted units	2,459,322	—	—	—
Forward equity offering	512,442	—	—	—
Market performance-based awards	318,386	—	—	—
Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Units	1,417,537	1,614,005	1,485,177	1,678,511
Potentially dilutive Series G Cumulative Redeemable Preferred Units	1,757,668	2,001,277	1,841,538	2,081,260
Potentially dilutive Series H Cumulative Redeemable Preferred Units	—	—	—	1,053,127
Potentially dilutive Series I Cumulative Redeemable Preferred Units	1,304,786	2,003,619	1,692,046	2,083,696
Potentially dilutive Series J Cumulative Redeemable Preferred Units	1,403,969	1,598,556	1,470,961	1,662,444
Potentially dilutive Series K Cumulative Redeemable Preferred Units	1,476,350	1,680,969	1,546,796	1,232,711
Potentially dilutive Series L Cumulative Redeemable Preferred Units	2,421,547	—	2,535,929	—
Total	13,226,185	8,898,426	10,572,447	9,791,749