Equity and Capital (Tables)

9 Months Ended

Sep. 30, 2023

Class of Stock

Ownership Interest In The Operating Partnership

The following table shows the ownership interest in the Operating Partnership as of September 30, 2023 and December 31, 2022 (in thousands):

	September 30, 2023			December 31, 2022
	Number of	Percentage of		Number of	Percentage of
	units	total		units	total
Digital Realty Trust, Inc.	302,846	97.9	%	291,148	97.9	%
Noncontrolling interests consist of:
Common units held by third parties	4,343	1.4	%	4,375	1.5	%
Incentive units held by employees and directors (see Note 13. "Incentive Plan")	2,136	0.7	%	1,914	0.6	%
	309,325	100.0	%	297,437	100.0	%

Summary of Activity for Noncontrolling Interests in the Operating Partnership

The following table shows activity for noncontrolling interests in the Operating Partnership for the nine months ended September 30, 2023 (in thousands):

	Common Units	Incentive Units	Total
As of December 31, 2022	4,375	1,914	6,289
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1)	(32)	(45)	(77)
Incentive units issued upon achievement of market performance condition	—	141	141
Grant of incentive units to employees and directors	—	166	166
Cancellation / forfeitures of incentive units held by employees and directors	—	(40)	(40)
As of September 30, 2023	4,343	2,136	6,479

(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.

Schedule of Dividends and Distributions

We have declared and paid the following dividends on our common and preferred stock for the nine months ended September 30, 2023 (in thousands, except per share data):

		Series J		Series K		Series L
		Preferred		Preferred		Preferred		Common
Date dividend declared	Dividend payment date	Stock		Stock		Stock		Stock
February 22, 2023	March 31, 2023	$	2,625	$	3,071	$	4,485	$	356,214
May 24, 2023	June 30, 2023		2,625		3,071		4,485		365,937
August 9, 2023	September 29, 2023		2,625		3,071		4,485		370,278
		$	7,875	$	9,213	$	13,455	$	1,092,429
Annual rate of dividend per share		$	1.31250	$	1.46250	$	1.30000	$	4.88000

Digital Realty Trust, L.P.

Class of Stock

Schedule of Dividends and Distributions

All distributions on the Operating Partnership’s units are at the discretion of Digital Realty Trust, Inc.’s Board of Directors. The table below shows the distributions declared and paid by the Operating Partnership on its common and preferred units for the nine months ended September 30, 2023 (in thousands, except for per unit data):

		Series J		Series K		Series L
		Preferred		Preferred		Preferred		Common
Date distribution declared	Distribution payment date	Units		Units		Units		Units
February 22, 2023	March 31, 2023	$	2,625	$	3,071	$	4,485	$	364,204
May 24, 2023	June 30, 2023		2,625		3,071		4,485		373,833
August 9, 2023	September 29, 2023		2,625		3,071		4,485		378,352
		$	7,875	$	9,213	$	13,455	$	1,116,389
Annual rate of distribution per unit		$	1.31250	$	1.46250	$	1.30000	$	4.88000