Incentive Plan (Tables)

9 Months Ended

Sep. 30, 2020

Incentive Plan

Schedule of Deferred Compensation

Below is a summary of our compensation expense for the three and nine months ended September 30, 2020 and 2019 and our unearned compensation as of September 30, 2020 and December 31, 2019 (in millions):

													Expected
													period to
	Deferred Compensation								Unearned Compensation				recognize
	Expensed				Capitalized				As of		As of		unearned
	Three Months Ended September 30,								September 30,		December 31,		compensation
Type of incentive award	2020		2019		2020		2019		2020		2019		(in years)
Long-term incentive units (1)	$	3.3	$	2.4	$	0.1	$	—	$	18.6	$	15.4	2.2
Performance-based awards (1)		6.8		3.1		0.1		0.2		40.4		28.4	2.5
Restricted stock (1)		3.8		2.9		0.8		0.7		47.0		29.1	2.5
Interxion awards		4.8		—		—		—		31.4		—	2.4

	Nine Months Ended September 30,
	2020		2019		2020		2019
Long-term incentive units (1)	$	9.6	$	6.2	$	0.2	$	0.1
Performance-based awards (1)		18.2		9.7		0.6		0.6
Restricted stock (1)		10.4		8.6		2.3		2.1
Interxion awards		14.9		—		—		—

(1) In addition to the market performance-based awards and long-term incentive awards described in Notes 15(a) and 15(b), this also includes one-time grants of 58,561 performance-based Class D units and 6,148 performance-based restricted stock units, subject to attainment of performance metrics related to successful integration of the Interxion Combination, and one-time grants of 22,426 time-based profits interest units and 3,209 time-based restricted stock units subject to the closing of the Interxion Combination and continued service to certain of the Company’s executive officers and other employees. The grant date fair values, which equal the market price of Digital Realty Trust, Inc. common stock on the applicable grant date(s), are being expensed between two and three years, the current vesting period of these awards.

Summary of Long-Term Incentive Unit Activity

Below is a summary of our long-term incentive unit activity for the nine months ended September 30, 2020.

		Weighted-Average
		Grant Date Fair
Unvested Long-term Incentive Units	Units	Value
Unvested, beginning of period	208,287	$	110.00
Granted	126,933		134.54
Vested	(92,111)		106.84
Cancelled or expired	(2,763)		112.82
Unvested, end of period	240,346	$	122.06

Market Performance Based Awards

			Market
	2019	2020	Performance
	RMS Relative	RMS Relative	Vesting
Level	Market Performance	Market Performance	Percentage
Below Threshold Level	≤ -300 basis points	≤ -500 basis points	0	%
Threshold Level	-300 basis points	-500 basis points	25	%
Target Level	100 basis points	0 basis points	50	%
High Level	≥ 500 basis points	≥ 500 basis points	100	%

Schedule Of Valuation Assumptions

	Expected Stock Price		Risk-Free Interest
Award Date	Volatility		rate
January 1, 2019	23	%	2.44	%
February 21, 2019	23	%	2.48	%
February 19, 2020	22	%	1.39	%
February 20, 2020	22	%	1.35	%

Summary of Restricted Stock Activity

Below is a summary of our restricted stock activity for the nine months ended September 30, 2020.

		Weighted-Average
		Grant Date Fair
Unvested Restricted Stock	Shares	Value
Unvested, beginning of period	372,792	$	108.47
Granted (1)	824,241		126.29
Vested	(265,238)		114.05
Cancelled or expired	(35,936)		120.24
Unvested, end of period	895,859	$	122.77

(1) Includes 567,810 shares issuable pursuant to the converted and adjusted Interxion equity awards as part of the Interxion Combination.