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Earnings per Common Share or Unit | 9 Months Ended
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Sep. 30, 2025
Earnings per Common Share or Unit |
Earnings per Common Share or Unit | 9. 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,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income available to common stockholders | ​ | $ | 57,631 | ​ | $ | 41,012 | ​ | $ | 1,179,399 | ​ | $ | 382,378
Loss attributable to redeemable noncontrolling interest (1) | ​ | ​ | (5,870) | ​ | ​ | (9,918) | ​ | ​ | (18,080) | ​ | ​ | (22,432)
Net income available to common stockholders - diluted EPS | ​ | $ | 51,761 | ​ | $ | 31,094 | ​ | $ | 1,161,319 | ​ | $ | 359,946
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average shares outstanding—basic | ​ |  | 341,370 | ​ |  | 327,977 | ​ |  | 338,565 | ​ |  | 319,965
Potentially dilutive common shares: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Unvested incentive units | ​ |  | 92 | ​ |  | 77 | ​ |  | 86 | ​ |  | 67
Unvested restricted stock | ​ | ​ | 82 | ​ | ​ | 69 | ​ | ​ | 62 | ​ | ​ | 39
Market performance-based awards | ​ |  | 225 | ​ |  | 228 | ​ |  | 221 | ​ |  | 285
Redeemable noncontrolling interest shares (1) | ​ | ​ | 7,465 | ​ | ​ | 7,898 | ​ | ​ | 7,697 | ​ | ​ | 8,285
Weighted average shares outstanding—diluted | ​ |  | 349,234 | ​ |  | 336,249 | ​ |  | 346,631 | ​ |  | 328,641
Income per share: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Basic | ​ | $ | 0.17 | ​ | $ | 0.13 | ​ | $ | 3.48 | ​ | $ | 1.20
Diluted | ​ | $ | 0.15 | ​ | $ | 0.09 | ​ | $ | 3.35 | ​ | $ | 1.10
​ Digital Realty Trust, L.P. Earnings per Unit ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Numerator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income available to common unitholders | ​ | $ | 59,631 | ​ | $ | 42,012 | ​ | $ | 1,205,399 | ​ | $ | 391,078
Loss attributable to redeemable noncontrolling interest (1) | ​ | ​ | (5,870) | ​ | ​ | (9,918) | ​ | ​ | (18,080) | ​ | ​ | (22,432)
Net income available to common unitholders - diluted EPS | ​ | $ | 53,761 | ​ | $ | 32,094 | ​ | $ | 1,187,319 | ​ | $ | 368,646
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Denominator: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted average units outstanding—basic | ​ |  | 347,301 | ​ |  | 334,103 | ​ |  | 344,504 | ​ |  | 326,154
Potentially dilutive common units: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Unvested incentive units | ​ |  | 92 | ​ |  | 77 | ​ |  | 86 | ​ |  | 67
Unvested restricted units | ​ | ​ | 82 | ​ | ​ | 69 | ​ | ​ | 62 | ​ | ​ | 39
Market performance-based awards | ​ |  | 225 | ​ |  | 228 | ​ |  | 221 | ​ |  | 285
Redeemable noncontrolling interest shares (1) | ​ | ​ | 7,465 | ​ | ​ | 7,898 | ​ | ​ | 7,697 | ​ | ​ | 8,285
Weighted average units outstanding—diluted | ​ |  | 355,165 | ​ |  | 342,375 | ​ |  | 352,570 | ​ |  | 334,830
Income per unit: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Basic | ​ | $ | 0.17 | ​ | $ | 0.13 | ​ | $ | 3.50 | ​ | $ | 1.20
Diluted | ​ | $ | 0.15 | ​ | $ | 0.09 | ​ | $ | 3.37 | ​ | $ | 1.10
(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.
​ In November 2024, Digital Realty Trust, L.P. issued $1,150,000,000 principal amount of its 1.875% Exchangeable Senior Notes due 2029 (the “Exchangeable Notes”). Net proceeds from the offering were approximately $1.1 billion after deducting managers’ discounts and offering expenses. As of September 30, 2025, the holders of the Exchangeable Notes will have an option on or after August 15, 2029, or at an earlier date under certain circumstances, to exchange the notes. The Company must always cash settle the principal amount of the Exchangeable Notes, while any excess may be settled via cash, common shares or a combination at the election of the Company. Accordingly, the Company applies the if converted method to determine the dilutive impact on EPS related to the Exchangeable Notes. There is no interest expense adjustment to the numerator as the principal will always be cash settled. In order to compute the dilutive effect, the number of shares included in the denominator of diluted EPS is determined by dividing the “conversion spread value” of the share-settled portion (value above principal and interest component) of the instrument by the average share price during the period. The “conversion spread value” is the value that would be delivered to the holders in shares based on the terms of the Exchangeable Notes upon an assumed conversion. As of September 30, 2025, the conversion spread value is currently zero, since the weighted average price of our common stock does not exceed the conversion rate (strike price) and is “out-of-the-money”, resulting in no impact on diluted EPS. ​ 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,
​ |  | 2025 |  | 2024 |  | 2025 |  | 2024
Exchangeable Notes | ​ | 6,624 | ​ | — | ​ | 6,624 | ​ | —
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. |  | 5,931 |  | 6,125 |  | 5,940 |  | 6,189
Potentially dilutive Series J Cumulative Redeemable Preferred Stock |  | 1,177 |  | 1,264 |  | 1,230 |  | 1,355
Potentially dilutive Series K Cumulative Redeemable Preferred Stock | ​ | 1,237 | ​ | 1,329 | ​ | 1,294 | ​ | 1,425
Potentially dilutive Series L Cumulative Redeemable Preferred Stock | ​ | 2,029 | ​ | 2,180 | ​ | 2,122 | ​ | 2,337
Total |  | 16,998 |  | 10,898 |  | 17,210 |  | 11,306
​

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