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Earnings per Common Share or Unit (Tables)

9 Months Ended

Sep. 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 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.

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 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