Earnings per Common Share or Unit (Tables)

6 Months Ended

Jun. 30, 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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income available to common stockholders	$	108,003	$	53,246	$	166,548	$	116,346
Plus: Loss attributable to redeemable noncontrolling interest (1)		(4,499)		—		(6,819)		—
Net income available to common stockholders - diluted EPS		112,502		53,246		173,367		116,346
Denominator:
Weighted average shares outstanding—basic		295,390		284,694		293,316		284,610
Potentially dilutive common shares:
Unvested incentive units		46		178		51		183
Unvested restricted stock		6		49		6		62
Forward equity offering		60		—		169		—
Market performance-based awards		102		189		51		125
Redeemable noncontrolling interest shares (1)		11,215		—		10,859		—
Weighted average shares outstanding—diluted		306,819		285,110		304,452		284,980
Income per share:
Basic	$	0.37	$	0.19	$	0.57	$	0.41
Diluted	$	0.37	$	0.19	$	0.57	$	0.41

Digital Realty Trust, L.P. Earnings per Unit

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income available to common unitholders	$	110,503	$	54,746	$	170,548	$	119,446
Plus: Loss attributable to redeemable noncontrolling interest (1)		(4,499)		—		(6,819)		—
Net income available to common unitholders - diluted EPS		115,002		54,746		177,367		119,446
Denominator:
Weighted average units outstanding—basic		301,593		290,528		299,452		290,346
Potentially dilutive common units:
Unvested incentive units		46		178		51		183
Unvested restricted units		6		49		6		62
Forward equity offering		60		—		169		—
Market performance-based awards		102		189		51		125
Redeemable noncontrolling interest shares (1)		11,215		—		10,859		—
Weighted average units outstanding—diluted		313,022		290,944		310,588		290,716
Income per unit:
Basic	$	0.37	$	0.19	$	0.57	$	0.41
Diluted	$	0.37	$	0.19	$	0.57	$	0.41

(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 June 30,		Six Months Ended June 30,
	2023	2022	2023	2022
Shares subject to Forward Equity Offering	—	6,250	—	6,250
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.	6,202	5,834	6,136	5,735
Potentially dilutive Series J Cumulative Redeemable Preferred Stock	1,896	1,536	2,013	1,494
Potentially dilutive Series K Cumulative Redeemable Preferred Stock	1,994	1,615	2,116	1,571
Potentially dilutive Series L Cumulative Redeemable Preferred Stock	3,271	2,649	3,471	2,577
Total	13,363	17,884	13,736	17,627