Equity and Capital (Tables)

3 Months Ended

Mar. 31, 2024

Class of Stock

Ownership Interest In The Operating Partnership

The following table shows the ownership interest in the Operating Partnership as of March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024			December 31, 2023
	Number of	Percentage of		Number of	Percentage of
(Units in thousands)	units	total		units	total
Digital Realty Trust, Inc.	312,421	97.9	%	311,608	98.0	%
Noncontrolling interests consist of:
Common units held by third parties	4,343	1.4	%	4,343	1.3	%
Incentive units held by employees and directors (see Note 12. ''Incentive Plans'')	2,245	0.7	%	2,106	0.7	%
	319,009	100.0	%	318,057	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 three months ended March 31, 2024 (in thousands):

(Units in thousands)	Common Units	Incentive Units	Total
As of December 31, 2023	4,343	2,106	6,449
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1)	—	(72)	(72)
Incentive units issued upon achievement of market performance condition	—	72	72
Grant of incentive units to employees and directors	—	141	141
Cancellation / forfeitures of incentive units held by employees and directors	—	(2)	(2)
As of March 31, 2024	4,343	2,245	6,588

(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 three months ended March 31, 2024 (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 28, 2024	March 28, 2024	$	2,625	$	3,071	$	4,485	$	382,208
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 three months ended March 31, 2024 (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 28, 2024	March 28, 2024	$	2,625	$	3,071	$	4,485	$	390,356
Annual rate of distribution per unit		$	1.31250	$	1.46250	$	1.30000	$	4.88000