Equity and Capital

9 Months Ended

Sep. 30, 2025

10. Equity and Capital

Equity Distribution Agreement

Digital Realty Trust, Inc. and Digital Realty Trust, L.P. are parties to an ATM Equity Offering^SM 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.

- Definition

The entire disclosure for equity.

+ References

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+ Details

DIGITAL REALTY TRUST, INC. 10-Q