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Equity and Capital | 9 Months Ended
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Sep. 30, 2025
Equity and Capital |
Equity and Capital | ​ 10. Equity and Capital Equity Distribution Agreement Digital Realty Trust, Inc. and Digital Realty Trust, L.P. are parties to an ATM Equity OfferingSM Sales Agreement dated December 23, 2024 (the “2024 Sales Agreement”). Pursuant to the 2024 Sales Agreement, Digital Realty Trust, Inc. can issue and sell common stock having an aggregate offering price of up to $3.0 billion through various named agents from time to time. Since June 30, 2025, Digital Realty Trust, Inc. generated net proceeds of approximately $501 million from the issuance of approximately 2.9 million common shares under the 2024 Sales Agreement at an average price of $172.46 per share after payment of approximately $2.9 million of commissions to the agents. As of October 29, 2025, approximately $2.0 billion remains available for future sales under the 2024 Sales Agreement Amendment. The sales of common stock made under the 2024 Sales Agreement will be made in “at the market” offerings as defined in Rule 415 of the Securities Act. Our Parent has used and intends to use the net proceeds from the program to temporarily repay borrowings under our Operating Partnership’s Global Revolving Credit Facilities, to acquire additional properties or businesses, to fund development opportunities and for working capital and other general corporate purposes, including potentially for the repayment of other debt or the repurchase, redemption or retirement of outstanding debt securities. ​ Noncontrolling Interests in Operating Partnership ​ Noncontrolling interests in the Operating Partnership relate to the proportion of entities consolidated by the Company that are owned by third parties. The following table shows the ownership interest in the Operating Partnership as of September 30, 2025 and December 31, 2024 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2025 | ​ | December 31, 2024
​ | ​ | Number of | ​ | Percentage of | ​ | Number of | ​ | Percentage of
(Units in thousands) |  | units |  | total | ​ | units |  | total
Digital Realty Trust, Inc. | ​ | 343,041 | ​ | 98.2 | % | ​ | 336,637 | ​ | 98.2 | %
Noncontrolling interests consist of: |  | ​ |  |  |  | ​ | ​ |  |  | ​
Common units held by third parties |  | 4,046 |  | 1.2 | % | ​ | 4,049 |  | 1.2 | %
Incentive units held by employees and directors (see Note 12. ''Incentive Plans'') |  | 2,157 |  | 0.6 | % | ​ | 2,086 |  | 0.6 | %
​ |  | 349,244 |  | 100.0 | % | ​ | 342,772 |  | 100.0 | %
​ Limited partners have the right to require the Operating Partnership to redeem all or a portion of their common units for cash based on the fair market value of an equivalent number of shares of Digital Realty Trust, Inc. common stock at the time of redemption. Alternatively, Digital Realty Trust, Inc. may elect to acquire those common units in exchange for shares of its common stock on a one-for-one basis, subject to adjustment in the event of stock splits, stock dividends, issuance of stock rights, specified extraordinary distributions and similar events. The common units and incentive units of the Operating Partnership are classified within equity, except for certain common units issued to certain former DuPont Fabros Technology, L.P. unitholders in the Company’s acquisition of DuPont Fabros Technology, Inc., which are subject to certain restrictions and, accordingly, are not presented as permanent equity in the condensed balance sheets. ​ The redemption value of the noncontrolling Operating Partnership common units and the vested incentive units was approximately $1,065.7 million and $1,090.4 million based on the closing market price of Digital Realty Trust, Inc. common stock on September 30, 2025 and December 31, 2024, respectively. The following table shows activity for noncontrolling interests in the Operating Partnership for the nine months ended September 30, 2025 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​
(Units in thousands) |  | Common Units |  | Incentive Units |  | Total
As of December 31, 2024 |  | 4,049 |  | 2,086 |  | 6,135
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1) |  | (3) |  | (157) |  | (160)
Incentive units issued upon achievement of market performance condition |  | — |  | 68 |  | 68
Grant of incentive units to employees and directors |  | — |  | 164 |  | 164
Cancellation / forfeitures of incentive units held by employees and directors |  | — |  | (4) |  | (4)
As of September 30, 2025 |  | 4,046 |  | 2,157 |  | 6,203
(1) | These redemptions and conversions were recorded as a reduction to noncontrolling interests in the Operating Partnership and an increase to common stock and additional paid-in capital based on the book value per unit in the accompanying consolidated balance sheets of Digital Realty Trust, Inc.
​ Dividends and Distributions Digital Realty Trust, Inc. Dividends ​ We have declared and paid the following dividends on our common and preferred stock for the nine months ended September 30, 2025 (in thousands, except per share data): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Series J | ​ | Series K | ​ | Series L | ​ | ​ | ​
​ | ​ | ​ | ​ | Preferred | ​ | Preferred | ​ | Preferred | ​ | Common
Date dividend declared |  | Dividend payment date |  | Stock |  | Stock |  | Stock | ​ | Stock
February 26, 2025 | ​ | March 31, 2025 | ​ | $ | 2,625 | ​ | $ | 3,071 | ​ | $ | 4,485 | ​ | $ | 411,925
May 29, 2025 | ​ | June 30, 2025 | ​ | ​ | 2,625 | ​ | ​ | 3,071 | ​ | ​ | 4,485 | ​ | ​ | 415,365
August 11, 2025 | ​ | September 30, 2025 | ​ | ​ | 2,625 | ​ | ​ | 3,071 | ​ | ​ | 4,485 | ​ | ​ | 418,525
​ | ​ | ​ | ​ | $ | 7,875 | ​ | $ | 9,213 | ​ | $ | 13,455 | ​ | $ | 1,245,815
Annual rate of dividend per share | ​ | ​ | ​ | $ | 1.31250 | ​ | $ | 1.46250 | ​ | $ | 1.30000 | ​ | $ | 4.88000
​ Digital Realty Trust, L.P. Distributions All distributions on the Operating Partnership’s units are at the discretion of Digital Realty Trust, Inc.’s Board of Directors. The table below shows the distributions declared and paid by the Operating Partnership on its common and preferred units for the nine months ended September 30, 2025 (in thousands, except for per unit data):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Series J | ​ | Series K | ​ | Series L | ​ | ​ | ​
​ | ​ | ​ | ​ | Preferred | ​ | Preferred | ​ | Preferred | ​ | Common
Date distribution declared |  | Distribution payment date |  | Units |  | Units | ​ | Units | ​ | Units
February 26, 2025 | ​ | March 31, 2025 | ​ | $ | 2,625 | ​ | $ | 3,071 | ​ | $ | 4,485 | ​ | $ | 419,771
May 29, 2025 | ​ | June 30, 2025 | ​ | ​ | 2,625 | ​ | ​ | 3,071 | ​ | ​ | 4,485 | ​ | ​ | 423,116
August 11, 2025 | ​ | September 30, 2025 | ​ | ​ | 2,625 | ​ | ​ | 3,071 | ​ | ​ | 4,485 | ​ | ​ | 426,194
​ | ​ | ​ | ​ | $ | 7,875 | ​ | $ | 9,213 | ​ | $ | 13,455 | ​ | $ | 1,269,081
Annual rate of distribution per unit | ​ | ​ | ​ | $ | 1.31250 | ​ | $ | 1.46250 | ​ | $ | 1.30000 | ​ | $ | 4.88000
​ For U.S. federal income tax purposes, distributions out of Digital Realty Trust, Inc.’s current or accumulated earnings and profits are generally classified as dividends whereas distributions in excess of its current and accumulated earnings and profits, to the extent of a stockholder’s tax basis in Digital Realty Trust, Inc.’s stock, are generally classified as a return of capital. Such distributions in excess of a stockholder’s tax basis in Digital Realty Trust, Inc.’s stock are generally characterized as capital gain. Cash provided by operating activities has generally been sufficient to fund all distributions; however, in the future we may also need to utilize borrowings under the Global Revolving Credit Facility to fund all or a portion of distributions.

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