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Earnings per Common Share or Unit (Tables) | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
Summary of Basic and Diluted Earnings Per Share and 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,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income available to common stockholders | ​ | $ | 70,039 | ​ | $ | 108,003 | ​ | $ | 341,366 | ​ | $ | 166,548
Loss attributable to redeemable noncontrolling interest (1) | ​ | ​ | (4,865) | ​ | ​ | (4,499) | ​ | ​ | (12,514) | ​ | ​ | (6,819)
Net income available to common stockholders - diluted EPS | ​ | ​ | 65,174 | ​ | ​ | 103,504 | ​ | ​ | 328,852 | ​ | ​ | 159,729
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average shares outstanding—basic | ​ |  | 319,537 | ​ |  | 295,390 | ​ |  | 315,915 | ​ |  | 293,316
Potentially dilutive common shares: | ​ |  |  | ​ |  | ​ | ​ |  |  | ​ |  | ​
Unvested incentive units | ​ |  | 70 | ​ |  | 46 | ​ |  | 69 | ​ |  | 51
Unvested restricted stock | ​ | ​ | 112 | ​ | ​ | 6 | ​ | ​ | 107 | ​ | ​ | 6
Forward equity offering | ​ | ​ | — | ​ | ​ | 60 | ​ | ​ | — | ​ | ​ | 169
Market performance-based awards | ​ |  | 222 | ​ |  | 102 | ​ |  | 292 | ​ |  | 51
Redeemable noncontrolling interest shares (1) | ​ | ​ | 8,005 | ​ | ​ | 11,215 | ​ | ​ | 8,068 | ​ | ​ | 10,859
Weighted average shares outstanding—diluted | ​ |  | 327,946 | ​ |  | 306,819 | ​ |  | 324,451 | ​ |  | 304,452
Income per share: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Basic | ​ | $ | 0.22 | ​ | $ | 0.37 | ​ | $ | 1.08 | ​ | $ | 0.57
Diluted (2) | ​ | $ | 0.20 | ​ | $ | 0.34 | ​ | $ | 1.01 | ​ | $ | 0.52
​ Digital Realty Trust, L.P. Earnings per Unit ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income available to common unitholders | ​ | $ | 71,539 | ​ | $ | 110,503 | ​ | $ | 349,066 | ​ | $ | 170,548
Loss attributable to redeemable noncontrolling interest (1) | ​ | ​ | (4,865) | ​ | ​ | (4,499) | ​ | ​ | (12,514) | ​ | ​ | (6,819)
Net income available to common unitholders - diluted EPS | ​ | ​ | 66,674 | ​ | ​ | 106,004 | ​ | ​ | 336,552 | ​ | ​ | 163,729
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average units outstanding—basic | ​ |  | 325,777 | ​ |  | 301,593 | ​ |  | 322,151 | ​ |  | 299,452
Potentially dilutive common units: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Unvested incentive units | ​ |  | 70 | ​ |  | 46 | ​ |  | 69 | ​ |  | 51
Unvested restricted units | ​ | ​ | 112 | ​ | ​ | 6 | ​ | ​ | 107 | ​ | ​ | 6
Forward equity offering | ​ | ​ | — | ​ | ​ | 60 | ​ | ​ | — | ​ | ​ | 169
Market performance-based awards | ​ |  | 222 | ​ |  | 102 | ​ |  | 292 | ​ |  | 51
Redeemable noncontrolling interest shares (1) | ​ | ​ | 8,005 | ​ | ​ | 11,215 | ​ | ​ | 8,068 | ​ | ​ | 10,859
Weighted average units outstanding—diluted | ​ |  | 334,186 | ​ |  | 313,022 | ​ |  | 330,687 | ​ |  | 310,588
Income per unit: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Basic | ​ | $ | 0.22 | ​ | $ | 0.37 | ​ | $ | 1.08 | ​ | $ | 0.57
Diluted (2) | ​ | $ | 0.20 | ​ | $ | 0.34 | ​ | $ | 1.01 | ​ | $ | 0.53
(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.
(2) | The Company has made an adjustment to previously reported amounts to correct an immaterial error in the computation of diluted earnings per share and diluted earnings per unit in each of the interim periods ended June 30, 2023 and September 30, 2023, and for the year ended December 31, 2023. The correction appropriately reduces net income available to common stockholders and unitholders, as applicable, for the loss attributable to the non-controlling interests in Teraco. The impact to earnings per share and earnings per unit for each respective period is summarized in the table below:
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Digital Realty Trust, Inc. | ​ | Digital Realty Trust, L.P.
​ | Diluted Earnings per Common Share | ​ | Diluted Earnings per Unit
​ | As Reported | ​ | As Revised | ​ | As Reported | ​ | As Revised
Three months ended June 30, 2023 | $0.37 | ​ | $0.34 | ​ | $0.37 | ​ | $0.34
Six months ended June 30, 2023 | $0.57 | ​ | $0.52 | ​ | $0.57 | ​ | $0.53
Three months ended September 30, 2023 | $2.33 | ​ | $2.31 | ​ | $2.34 | ​ | $2.32
Nine months ended September 30, 2023 | $2.93 | ​ | $2.87 | ​ | $2.94 | ​ | $2.88
Fiscal year ended December 31, 2023 | $3.00 | ​ | $2.88 | ​ | $3.01 | ​ | $2.89
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,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. |  | 6,240 |  | 6,202 |  | 6,237 |  | 6,136
Potentially dilutive Series J Cumulative Redeemable Preferred Stock |  | 1,364 |  | 1,896 |  | 1,401 |  | 2,013
Potentially dilutive Series K Cumulative Redeemable Preferred Stock | ​ | 1,434 | ​ | 1,994 | ​ | 1,473 | ​ | 2,116
Potentially dilutive Series L Cumulative Redeemable Preferred Stock | ​ | 2,352 | ​ | 3,271 | ​ | 2,416 | ​ | 3,471
Total |  | 11,390 |  | 13,363 |  | 11,527 |  | 13,736
​

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- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
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