| Earnings per Common Share or Unit |
10. Earnings per Common Share or 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 September 30, | | Nine Months Ended September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Numerator: | | | | | | | | | | | | | Net income available to common stockholders | | $ | 185,165 | | $ | 57,631 | | $ | 797,366 | | $ | 1,179,399 | Loss attributable to redeemable noncontrolling interest (1) | | | (4,753) | | | (5,870) | | | (17,382) | | | (18,080) | Net income available to common stockholders - diluted EPS | | $ | 180,412 | | $ | 51,761 | | $ | 779,984 | | $ | 1,161,319 | | | | | | | | | | | | | | Denominator: | | | | | | | | | | | | | Weighted average shares outstanding—basic | | | 372,193 | | | 341,370 | | | 357,208 | | | 338,565 | Potentially dilutive common shares: | | | | | | | | | | | | | Unvested incentive units | | | 210 | | | 92 | | | 206 | | | 86 | Unvested restricted stock | | | 83 | | | 82 | | | 73 | | | 62 | Market performance-based awards | | | 146 | | | 225 | | | 140 | | | 221 | Redeemable noncontrolling interest shares (1) | | | 7,167 | | | 7,465 | | | 7,276 | | | 7,697 | Weighted average shares outstanding—diluted | | | 379,799 | | | 349,234 | | | 364,903 | | | 346,631 | Income per share: | | | | | | | | | | | | | Basic | | $ | 0.50 | | $ | 0.17 | | $ | 2.23 | | $ | 3.48 | Diluted | | $ | 0.48 | | $ | 0.15 | | $ | 2.14 | | $ | 3.35 |
Digital Realty Trust, L.P. Earnings per Unit | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Numerator: | | | | | | | | | | | | | Net income available to common unitholders | | $ | 189,165 | | $ | 59,631 | | $ | 814,366 | | $ | 1,205,399 | Loss attributable to redeemable noncontrolling interest (1) | | | (4,753) | | | (5,870) | | | (17,382) | | | (18,080) | Net income available to common unitholders - diluted EPS | | $ | 184,412 | | $ | 53,761 | | $ | 796,984 | | $ | 1,187,319 | | | | | | | | | | | | | | Denominator: | | | | | | | | | | | | | Weighted average units outstanding—basic | | | 378,331 | | | 347,301 | | | 363,268 | | | 344,504 | Potentially dilutive common units: | | | | | | | | | | | | | Unvested incentive units | | | 210 | | | 92 | | | 206 | | | 86 | Unvested restricted units | | | 83 | | | 82 | | | 73 | | | 62 | Market performance-based awards | | | 146 | | | 225 | | | 140 | | | 221 | Redeemable noncontrolling interest shares (1) | | | 7,167 | | | 7,465 | | | 7,276 | | | 7,697 | Weighted average units outstanding—diluted | | | 385,937 | | | 355,165 | | | 370,963 | | | 352,570 | Income per unit: | | | | | | | | | | | | | Basic | | $ | 0.50 | | $ | 0.17 | | $ | 2.24 | | $ | 3.50 | Diluted | | $ | 0.48 | | $ | 0.15 | | $ | 2.15 | | $ | 3.37 |
| (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’s 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 table below 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, | | | 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. | | 6,138 | | 5,931 | | 6,060 | | 5,940 | Potentially dilutive Series J Cumulative Redeemable Preferred Stock | | 1,117 | | 1,177 | | 1,108 | | 1,230 | Potentially dilutive Series K Cumulative Redeemable Preferred Stock | | 1,174 | | 1,237 | | 1,166 | | 1,294 | Potentially dilutive Series L Cumulative Redeemable Preferred Stock | | 1,926 | | 2,029 | | 1,912 | | 2,122 | Total | | 16,979 | | 16,998 | | 16,870 | | 17,210 |
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