Earnings per Common Share or Unit (Tables)

3 Months Ended

Mar. 31, 2023

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 March 31,
	2023		2022
Numerator:
Net income available to common stockholders	$	58,545	$	63,100
Plus: Loss attributable to redeemable noncontrolling interest (1)		(2,320)		—
Net income available to common stockholders - diluted EPS		60,865		63,100
Denominator:
Weighted average shares outstanding—basic		291,219		284,526
Potentially dilutive common shares:
Unvested incentive units		176		348
Unvested restricted stock		27		91
Market performance-based awards		1		60
Redeemable noncontrolling interest shares (1)		11,644		—
Weighted average shares outstanding—diluted		303,065		285,025
Income per share:
Basic	$	0.20	$	0.22
Diluted	$	0.20	$	0.22

Digital Realty Trust, L.P. Earnings per Unit

	Three Months Ended March 31,
	2023		2022
Numerator:
Net income available to common unitholders	$	60,045	$	64,700
Plus: Loss attributable to redeemable noncontrolling interest (1)		(2,320)		—
Net income available to common unitholders - diluted EPS		62,365		64,700
Denominator:
Weighted average units outstanding—basic		297,180		290,163
Potentially dilutive common units:
Unvested incentive units		176		348
Unvested restricted units		27		91
Market performance-based awards		1		60
Redeemable noncontrolling interest shares (1)		11,644		—
Weighted average units outstanding—diluted		309,026		290,662
Income per unit:
Basic	$	0.20	$	0.22
Diluted	$	0.20	$	0.22

(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 Digital Realty Trust, Inc. 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 Digital Realty Trust, Inc.’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 March 31,
	2023	2022
Shares subject to Forward Equity Offering	—	6,250
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.	5,961	7,552
Potentially dilutive Series J Cumulative Redeemable Preferred Stock	2,129	1,452
Potentially dilutive Series K Cumulative Redeemable Preferred Stock	2,239	1,527
Potentially dilutive Series L Cumulative Redeemable Preferred Stock	2,239	2,505
Total	12,568	19,286