Earnings per Common Share or Unit (Tables)

6 Months Ended

Jun. 30, 2026

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 earnings per share (“EPS”) / earnings per unit (“EPU”) (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,
		2026			2025			2026			2025
Numerator:
Net income available to common stockholders		$	443,108		$	1,021,975		$	612,201		$	1,121,768
Loss attributable to redeemable noncontrolling interest ⁽¹⁾			(4,313)			(6,015)			(12,629)			(12,210)
Net income available to common stockholders - diluted EPS		$	438,795		$	1,015,960		$	599,572		$	1,109,558

Denominator:
Weighted average shares outstanding—basic			354,118			337,589			349,591			337,139
Potentially dilutive common shares:
Unvested incentive units			193			67			178			66
Unvested restricted stock			137			80			99			78
Market performance-based awards			137			216			138			219
Redeemable noncontrolling interest shares⁽¹⁾			6,957			7,782			7,349			7,803
Weighted average shares outstanding—diluted			361,542			345,734			357,355			345,305
Income per share:
Basic		$	1.25		$	3.03		$	1.75		$	3.33
Diluted		$	1.21		$	2.94		$	1.68		$	3.21

Digital Realty Trust, L.P. Earnings per Unit


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Numerator:
Net income available to common unitholders		$	452,108		$	1,042,975		$	625,201		$	1,145,768
Loss attributable to redeemable noncontrolling interest ⁽¹⁾			(4,313)			(6,015)			(12,629)			(12,210)
Net income available to common unitholders - diluted EPS		$	447,795		$	1,036,960		$	612,572		$	1,133,558

Denominator:
Weighted average units outstanding—basic			360,181			343,546			355,698			343,073
Potentially dilutive common units:
Unvested incentive units			193			67			178			66
Unvested restricted units			137			80			99			78
Market performance-based awards			137			216			138			219
Redeemable noncontrolling interest shares⁽¹⁾			6,957			7,782			7,349			7,803
Weighted average units outstanding—diluted			367,605			351,691			363,462			351,239
Income per unit:
Basic		$	1.26		$	3.04		$	1.76		$	3.34
Diluted		$	1.22		$	2.95		$	1.69		$	3.23

(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 June 30,				Six Months Ended June 30,
		2026		2025		2026		2025
Exchangeable Notes		6,624		6,624		6,624		6,624
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.		6,063		5,957		6,107		5,934
Potentially dilutive Series J Cumulative Redeemable Preferred Stock		1,061		1,160		1,104		1,257
Potentially dilutive Series K Cumulative Redeemable Preferred Stock		1,115		1,220		1,161		1,322
Potentially dilutive Series L Cumulative Redeemable Preferred Stock		1,830		2,001		1,905		2,168
Total		16,693		16,962		16,901		17,305