Earnings per Common Share or Unit (Tables)

9 Months Ended

Sep. 30, 2022

Earnings per Common Share or Unit

Summary of Basic and Diluted Earnings Per Share and Unit

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

Digital Realty Trust, Inc. Earnings per Common Share

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:
Net income available to common stockholders	$	226,894	$	124,094	$	343,240	$	623,869
Plus: Loss attributable to redeemable noncontrolling interest		(3,548)		—		(3,548)		—
Net income available to common stockholders - diluted EPS		223,346		124,094		339,692		623,869
Denominator:
Weighted average shares outstanding—basic		286,693		283,106		285,312		282,005
Potentially dilutive common shares:
Unvested incentive units		195		217		213		208
Unvested restricted stock		13		188		53		165
Forward equity offering		—		44		—		—
Market performance-based awards		86		245		112		295
Redeemable noncontrolling interest shares (1)		9,428		—		8,568		—
Weighted average shares outstanding—diluted		296,415		283,800		294,257		282,673
Income per share:
Basic	$	0.79	$	0.44	$	1.20	$	2.21
Diluted	$	0.75	$	0.44	$	1.15	$	2.21

Digital Realty Trust, L.P. Earnings per Unit

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Numerator:
Net income available to common unitholders	$	232,294	$	127,094	$	351,740	$	639,869
Plus: Loss attributable to redeemable noncontrolling interest		(3,548)		—		(3,548)		—
Net income available to common unitholders - diluted EPS		228,746		127,094		348,192		639,869
Denominator:
Weighted average units outstanding—basic		292,536		289,535		291,084		288,897
Potentially dilutive common units:
Unvested incentive units		195		217		213		208
Unvested restricted units		13		188		53		165
Forward equity offering		—		44		—		0
Market performance-based awards		86		245		112		295
Redeemable noncontrolling interest shares (1)		9,428		—		8,568		—
Weighted average units outstanding—diluted		302,258		290,229		300,028		289,565
Income per unit:
Basic	$	0.79	$	0.44	$	1.20	$	2.21
Diluted	$	0.75	$	0.44	$	1.15	$	2.21

(1) Pursuant to the Put/Call Agreement with the Rollover Shareholders who remained after the Teraco Acquisition, the Rollover Shareholders have a put right on the Remaining Interest of Teraco that can be settled by the Company in the Company’s shares, in cash, or a combination of cash and shares. Under U.S. GAAP, diluted earnings per share must be reflected in a manner that assumes such put right was exercised at the beginning of the respective periods and settled entirely in shares. The amounts shown represent the redemption value of the Remaining Interest of Teraco divided by the Company's average share price for the respective periods. The put right is exercisable by the Rollover Shareholders for a two-year period commencing on February 1, 2026.

Schedule of Antidilutive Securities Excluded from Calculations

	Three Months Ended September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Shares subject to Forward Equity Offering	3,591	—	5,364	6,250
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.	5,843	6,429	5,771	6,892
Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock	—	—	—	722
Potentially dilutive Series J Cumulative Redeemable Preferred Stock	1,932	1,320	1,640	1,366
Potentially dilutive Series K Cumulative Redeemable Preferred Stock	2,032	1,388	1,725	1,437
Potentially dilutive Series L Cumulative Redeemable Preferred Stock	3,333	2,276	2,829	2,357
Total	16,731	11,413	17,329	19,024