Digital Realty Trust, Inc. and Digital Realty Trust, L.P. are parties to an ATM equity offering sales agreement dated January 4, 2019, as amended in 2020 (the “Sales Agreement”). Pursuant to the Sales Agreement, Digital Realty Trust, Inc. can issue and sell common stock having an aggregate offering price of up to $1.0 billion through various named agents from time to time. For the three months ended March 31, 2021 and 2020, there were no sales made under the program. As of March 31, 2021, approximately $749.4 million remains available for future sales under the program.

The following table details the components of noncontrolling interests as of March 31, 2021 and December 31, 2020 (in thousands):

Noncontrolling interests are interests in consolidated subsidiaries that are not owned by Digital Realty Trust, Inc. The following table shows the ownership interest in the Operating Partnership as of March 31, 2021 and December 31, 2020:

Limited partners have the right to require the Operating Partnership to redeem part or all of their common units for cash based on the fair market value of an equivalent number of shares of Digital Realty Trust, Inc. common stock at the time of redemption. Alternatively, Digital Realty Trust, Inc. may elect to acquire those common units in exchange for shares of Digital Realty Trust, Inc. common stock on a one-for-one basis, subject to adjustment in the event of stock splits, stock dividends, issuance of stock rights, specified extraordinary distributions and similar events. The common units and incentive units of the Operating Partnership are classified within equity, except for certain common units issued to certain former DFT Operating Partnership unitholders in the DFT Merger, which are subject to certain restrictions and, accordingly, are not presented as permanent equity in the condensed consolidated balance sheet.

The redemption value of the noncontrolling Operating Partnership common units and the vested incentive units was approximately $1,040.6 million and $1,078.9 million based on the closing market price of Digital Realty Trust, Inc. common stock on March 31, 2021 and December 31, 2020, respectively.

The following table shows activity for the noncontrolling interests in the Operating Partnership for the three months ended March 31, 2021:

(1)	These redemptions and conversions were recorded as a reduction to noncontrolling interests in the Operating Partnership and an increase to common stock and additional paid in capital based on the book value per unit in the accompanying consolidated balance sheet of Digital Realty Trust, Inc.

Dividends and Distributions

Digital Realty Trust, Inc. Dividends

Digital Realty Trust, Inc. declared and paid the following dividends on its common and preferred stock for the three months ended March 31, 2021 (in thousands, except per share data):


		Series C		Series J		Series K		Series L
		Preferred		Preferred		Preferred		Preferred		Common
Date dividend declared	Dividend payment date	Stock		Stock		Stock		Stock		Stock
February 25, 2021	March 31, 2021	$	3,333	$	2,625	$	3,071	$	4,485	$	326,965
Annual rate of dividend per share		$	1.65625	$	1.31250	$	1.46250	$	1.30000	$	4.64000

Digital Realty Trust, L.P. Distributions

All distributions on the Operating Partnership’s units are at the discretion of Digital Realty Trust, Inc.’s Board of Directors. The Operating Partnership has declared and paid the following distributions on its common and preferred units for the three months ended March 31, 2021 (in thousands, except for per unit data):


		Series C		Series J		Series K		Series L
		Preferred		Preferred		Preferred		Preferred		Common
Date distribution declared	Distribution payment date	Units		Units		Units		Units		Units
February 25, 2021	March 31, 2021	$	3,333	$	2,625	$	3,071	$	4,485	$	336,041
Annual rate of distribution per unit		$	1.65625	$	1.31250	$	1.46250	$	1.30000	$	4.64000