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Earnings per Common Share or Unit

6 Months Ended

Jun. 30, 2023

Earnings per Common Share or Unit

Earnings per Common Share or Unit

10. 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 June 30,						Six Months Ended June 30,
		2023			2022			2023			2022
Numerator:
Net income available to common stockholders		$	108,003		$	53,246		$	166,548		$	116,346
Plus: Loss attributable to redeemable noncontrolling interest ⁽¹⁾			(4,499)			—			(6,819)			—
Net income available to common stockholders - diluted EPS			112,502			53,246			173,367			116,346

Denominator:
Weighted average shares outstanding—basic			295,390			284,694			293,316			284,610
Potentially dilutive common shares:
Unvested incentive units			46			178			51			183
Unvested restricted stock			6			49			6			62
Forward equity offering			60			—			169			—
Market performance-based awards			102			189			51			125
Redeemable noncontrolling interest shares⁽¹⁾			11,215			—			10,859			—
Weighted average shares outstanding—diluted			306,819			285,110			304,452			284,980
Income per share:
Basic		$	0.37		$	0.19		$	0.57		$	0.41
Diluted		$	0.37		$	0.19		$	0.57		$	0.41

Digital Realty Trust, L.P. Earnings per Unit


		Three Months Ended June 30,						Six Months Ended June 30,
		2023			2022			2023			2022
Numerator:
Net income available to common unitholders		$	110,503		$	54,746		$	170,548		$	119,446
Plus: Loss attributable to redeemable noncontrolling interest ⁽¹⁾			(4,499)			—			(6,819)			—
Net income available to common unitholders - diluted EPS			115,002			54,746			177,367			119,446

Denominator:
Weighted average units outstanding—basic			301,593			290,528			299,452			290,346
Potentially dilutive common units:
Unvested incentive units			46			178			51			183
Unvested restricted units			6			49			6			62
Forward equity offering			60			—			169			—
Market performance-based awards			102			189			51			125
Redeemable noncontrolling interest shares⁽¹⁾			11,215			—			10,859			—
Weighted average units outstanding—diluted			313,022			290,944			310,588			290,716
Income per unit:
Basic		$	0.37		$	0.19		$	0.57		$	0.41
Diluted		$	0.37		$	0.19		$	0.57		$	0.41

(1)

Pursuant to the Put/Call Agreement with the Rollover Shareholders who remained after the Teraco Acquisition, the Rollover Shareholders have a put right on the Remaining Interest of Teraco that can be settled by the Company in Digital Realty Trust, Inc. shares, in cash, or a combination of cash and shares. 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 June 30,				Six Months Ended June 30,
		2023		2022		2023		2022
Shares subject to Forward Equity Offering		—		6,250		—		6,250
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.		6,202		5,834		6,136		5,735
Potentially dilutive Series J Cumulative Redeemable Preferred Stock		1,896		1,536		2,013		1,494
Potentially dilutive Series K Cumulative Redeemable Preferred Stock		1,994		1,615		2,116		1,571
Potentially dilutive Series L Cumulative Redeemable Preferred Stock		3,271		2,649		3,471		2,577
Total		13,363		17,884		13,736		17,627