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Earnings per Common Share or Unit (Tables)

12 Months Ended

Dec. 31, 2022

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


	Year Ended December 31,
	2022		2021		2020
Numerator:
Net income available to common stockholders	$	336,960	$	1,681,498	$	263,342
Plus: Loss attributable to redeemable noncontrolling interest ⁽¹⁾		(4,839)		—		—
Net income available to common stockholders - diluted EPS		332,121		1,681,498		263,342

Denominator:
Weighted average shares outstanding—basic		286,334		282,475		260,099
Potentially dilutive common shares:
Unvested incentive units		257		253		121
Unvested restricted stock		45		192		177
Forward equity offering		—		—		1,597
Market performance-based awards		103		302		529
Redeemable noncontrolling interest shares⁽¹⁾		11,180		—		—
Weighted average shares outstanding—diluted		297,919		283,222		262,523
Income per share:
Basic	$	1.18	$	5.95	$	1.01
Diluted	$	1.11	$	5.94	$	1.00

Digital Realty Trust, L.P. Earnings per Unit


	Year Ended December 31,
	2022		2021		2020
Numerator:
Net income available to common unitholders	$	345,060	$	1,720,598	$	272,842
Plus: Loss attributable to redeemable noncontrolling interest ⁽¹⁾		(4,839)		—		—
Net income available to common unitholders - diluted EPS		340,221		1,720,598		272,842

Denominator:
Weighted average units outstanding—basic		292,123		289,165		268,073
Potentially dilutive common units:
Unvested incentive units		257		253		121
Unvested restricted units		45		192		177
Forward equity offering		—		—		1,597
Market performance-based awards		103		302		529
Redeemable noncontrolling interest shares⁽¹⁾		11,180		—		—
Weighted average units outstanding—diluted		303,708		289,912		270,497
Income per unit:
Basic	$	1.18	$	5.95	$	1.02
Diluted	$	1.12	$	5.94	$	1.01

(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


	Year Ended December 31,
	2022	2021	2020
Shares subject to Forward Equity Offering	—	6,250	—
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.	5,789	6,691	7,974
Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock	—	541	1,490
Potentially dilutive Series G Cumulative Redeemable Preferred Stock	—	—	1,453
Potentially dilutive Series I Cumulative Redeemable Preferred Stock	—	—	1,269
Potentially dilutive Series J Cumulative Redeemable Preferred Stock	1,736	1,318	1,476
Potentially dilutive Series K Cumulative Redeemable Preferred Stock	1,825	1,386	1,552
Potentially dilutive Series L Cumulative Redeemable Preferred Stock	2,993	2,274	2,544
Total	12,343	18,460	17,758