Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2020

Incentive Plan

Schedule of Deferred Compensation

Below is a summary of our compensation expense for the years ended December 31, 2020, 2019 and 2018 and our unearned compensation as of December 31, 2020 and December 31, 2019 (in millions):

																	Expected
																	period to
	Deferred Compensation												Unearned Compensation				recognize
	Expensed						Capitalized						As of		As of		unearned
	Year Ended December 31,						Year Ended December 31,						December 31,		December 31,		compensation
Type of incentive award	2020		2019		2018		2020		2019		2018		2020		2019		(in years)
Long-term incentive units	$	12.8	$	8.7	$	6.8	$	0.2	$	0.2	$	0.2	$	15.1	$	15.4	2.1
Performance-based awards (1)		24.8		13.0		12.7		0.6		0.8		0.8		34.4		28.4	2.4
Restricted stock		15.1		11.5		6.1		3.2		2.8		4.2		41.5		29.1	2.3
Interxion awards		19.7		—		—		—		—		—		27.2		—	2.2

(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.

Schedule of weighted average fair value

The following table sets forth the weighted-average fair value of for each type of incentive award at the date of grant for the years ended December 31, 2020, 2019 and 2018:

	Weighted-Average Fair Value at Date of Grant
Type of incentive award	2020		2019		2018
Long-term incentive units	$	134.55	$	116.22	$	101.86
Performance-based awards		159.34		114.97		119.29
Restricted stock		138.82		115.25		100.33
Interxion awards		120.67		—		—

Summary of Long-Term Incentive Unit Activity

Below is a summary of our long-term incentive unit activity for the year ended December 31, 2020.

		Weighted-Average		Weighted-Average			Aggregate
		Grant Date Fair		Remaining Contractual			Intrinsic Value (1)
Unvested Long-term Incentive Units	Units	Value		Life (Years)			(in thousands)
Unvested, beginning of period	208,287	$	110.00
Granted	128,049		134.55
Vested	(98,038)		98.22
Cancelled or expired	(2,763)		112.82
Unvested, end of period	235,535	$	122.22		2.09	$	32,859

(1) The intrinsic value is calculated based on the market value of our common stock as of December 31, 2020.

Market Performance Based Awards

			Market
	2018 / 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, 2018	22	%	1.98	%
March 1, 2018	22	%	2.34	%
March 9, 2018	22	%	2.42	%
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 year ended December 31, 2020.

		Weighted-Average		Weighted-Average			Aggregate
		Grant Date Fair		Remaining Contractual			Intrinsic Value (2)
Unvested Restricted Stock	Shares	Value		Life (Years)			(in thousands)
Unvested, beginning of period	372,792	$	108.47
Granted (1)	831,606		126.43
Vested	(385,905)		116.19
Cancelled or expired	(35,274)		120.31
Unvested, end of period	783,219	$	123.04		2.28	$	108,797

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

(2) The intrinsic value is calculated based on the market value of our common stock as of December 31, 2020.