Earnings per Common Share or Unit

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Earnings per Common Share or Unit

9. Earnings per Common Share or 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 September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income available to common stockholders	$	41,012	$	723,437	$	382,378	$	889,985
Loss attributable to redeemable noncontrolling interest (1)		(9,918)		(3,032)		(22,432)		(9,851)
Net income available to common stockholders - diluted EPS		31,094		720,405		359,946		880,134
Denominator:
Weighted average shares outstanding—basic		327,977		301,827		319,965		296,184
Potentially dilutive common shares:
Unvested incentive units		77		97		67		78
Unvested restricted stock		69		43		39		3
Forward equity offering		—		209		—		253
Market performance-based awards		228		166		285		90
Redeemable noncontrolling interest shares (1)		7,898		8,999		8,285		10,127
Weighted average shares outstanding—diluted		336,249		311,341		328,641		306,735
Income per share:
Basic	$	0.13	$	2.40	$	1.20	$	3.00
Diluted	$	0.09	$	2.31	$	1.10	$	2.87

Digital Realty Trust, L.P. Earnings per Unit

	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Numerator:
Net income available to common unitholders	$	42,012	$	739,737	$	391,078	$	910,285
Loss attributable to redeemable noncontrolling interest (1)		(9,918)		(3,032)		(22,432)		(9,851)
Net income available to common unitholders - diluted EPS		32,094		736,705		368,646		900,434
Denominator:
Weighted average units outstanding—basic		334,103		308,024		326,154		302,316
Potentially dilutive common units:
Unvested incentive units		77		97		67		78
Unvested restricted units		69		43		39		3
Forward equity offering		—		209		—		253
Market performance-based awards		228		166		285		90
Redeemable noncontrolling interest shares (1)		7,898		8,999		8,285		10,127
Weighted average units outstanding—diluted		342,375		317,538		334,830		312,867
Income per unit:
Basic	$	0.13	$	2.40	$	1.20	$	3.01
Diluted	$	0.09	$	2.32	$	1.10	$	2.88

(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.

The below table shows the securities that would be antidilutive or not dilutive to the calculation of earnings per share and unit. Common units of the Operating Partnership not owned by Digital Realty Trust, Inc. were excluded only from the calculation of earnings per share as they are not applicable to the calculation of earnings per unit. All other securities shown below were excluded from the calculation of both earnings per share and earnings per unit (in thousands).

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
Shares subject to Forward Equity Offering	—	3,454	—	3,454
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.	6,125	6,197	6,189	6,132
Potentially dilutive Series J Cumulative Redeemable Preferred Stock	1,264	1,647	1,355	1,891
Potentially dilutive Series K Cumulative Redeemable Preferred Stock	1,329	1,732	1,425	1,988
Potentially dilutive Series L Cumulative Redeemable Preferred Stock	2,180	2,841	2,337	3,261
Total	10,898	15,871	11,306	16,726