Earnings per Common Share or Unit (Tables)

3 Months Ended

Mar. 31, 2024

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,
	2024		2023
Numerator:
Net income available to common stockholders	$	271,327	$	58,545
Plus: Loss attributable to redeemable noncontrolling interest (1)		(7,649)		(2,320)
Net income available to common stockholders - diluted EPS		263,678		60,865
Denominator:
Weighted average shares outstanding—basic		312,292		291,219
Potentially dilutive common shares:
Unvested incentive units		196		176
Unvested restricted stock		112		27
Market performance-based awards		361		1
Redeemable noncontrolling interest shares (1)		7,837		11,644
Weighted average shares outstanding—diluted		320,798		303,065
Income per share:
Basic	$	0.87	$	0.20
Diluted	$	0.82	$	0.20

Digital Realty Trust, L.P. Earnings per Unit

	Three Months Ended March 31,
	2024		2023
Numerator:
Net income available to common unitholders	$	277,527	$	60,045
Plus: Loss attributable to redeemable noncontrolling interest (1)		(7,649)		(2,320)
Net income available to common unitholders - diluted EPS		269,878		62,365
Denominator:
Weighted average units outstanding—basic		318,469		297,180
Potentially dilutive common units:
Unvested incentive units		196		176
Unvested restricted units		112		27
Market performance-based awards		361		1
Redeemable noncontrolling interest shares (1)		7,837		11,644
Weighted average units outstanding—diluted		326,975		309,026
Income per unit:
Basic	$	0.87	$	0.20
Diluted	$	0.82	$	0.20

(1) (1)As part of the acquisition of Teraco in 2022, certain of Teraco's minority indirect shareholders (“Rollover Shareholders”) have the right to put their shares in an upstream parent company of Teraco (“Remaining Interest”) to the Company in exchange for cash or the equivalent value of shares of the Company common stock, or a combination thereof. 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

All other securities shown below were excluded from the calculation of both earnings per share and earnings per unit (in thousands).

	Three Months Ended March 31,
	2024	2023
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.	6,176	5,961
Potentially dilutive Series J Cumulative Redeemable Preferred Stock	1,438	2,129
Potentially dilutive Series K Cumulative Redeemable Preferred Stock	1,512	2,239
Potentially dilutive Series L Cumulative Redeemable Preferred Stock	2,481	2,239
Total	11,607	12,568