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Earnings per Common Share or Unit (Tables)

6 Months Ended

Jun. 30, 2025

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,
		2025			2024			2025			2024
Numerator:
Net income available to common stockholders		$	1,021,975		$	70,039		$	1,121,768		$	341,366
Loss attributable to redeemable noncontrolling interest ⁽¹⁾			(6,015)			(4,865)			(12,210)			(12,514)
Net income available to common stockholders - diluted EPS		$	1,015,960		$	65,174		$	1,109,558		$	328,852

Denominator:
Weighted average shares outstanding—basic			337,589			319,537			337,139			315,915
Potentially dilutive common shares:
Unvested incentive units			67			70			66			69
Unvested restricted stock			80			112			78			107
Market performance-based awards			216			222			219			292
Redeemable noncontrolling interest shares⁽¹⁾			7,782			8,005			7,803			8,068
Weighted average shares outstanding—diluted			345,734			327,946			345,305			324,451
Income per share:
Basic		$	3.03		$	0.22		$	3.33		$	1.08
Diluted		$	2.94		$	0.20		$	3.21		$	1.01

Digital Realty Trust, L.P. Earnings per Unit


		Three Months Ended June 30,						Six Months Ended June 30,
		2025			2024			2025			2024
Numerator:
Net income available to common unitholders		$	1,042,975		$	71,539		$	1,145,768		$	349,066
Loss attributable to redeemable noncontrolling interest ⁽¹⁾			(6,015)			(4,865)			(12,210)			(12,514)
Net income available to common unitholders - diluted EPS		$	1,036,960		$	66,674		$	1,133,558		$	336,552

Denominator:
Weighted average units outstanding—basic			343,546			325,777			343,073			322,151
Potentially dilutive common units:
Unvested incentive units			67			70			66			69
Unvested restricted units			80			112			78			107
Market performance-based awards			216			222			219			292
Redeemable noncontrolling interest shares⁽¹⁾			7,782			8,005			7,803			8,068
Weighted average units outstanding—diluted			351,691			334,186			351,239			330,687
Income per unit:
Basic		$	3.04		$	0.22		$	3.34		$	1.08
Diluted		$	2.95		$	0.20		$	3.23		$	1.01

(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,
		2025		2024		2025		2024
Exchangeable Notes		6,624		—		6,624		—
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.		5,957		6,240		5,934		6,240
Potentially dilutive Series J Cumulative Redeemable Preferred Stock		1,160		1,364		1,257		1,364
Potentially dilutive Series K Cumulative Redeemable Preferred Stock		1,220		1,434		1,322		1,434
Potentially dilutive Series L Cumulative Redeemable Preferred Stock		2,001		2,352		2,168		2,352
Total		16,962		11,390		17,305		11,390