XML 55 R40.htm IDEA: XBRL DOCUMENT

Incentive Plan (Tables)

6 Months Ended

Jun. 30, 2020

Below is a summary of our compensation expense for the three and six months ended June 30, 2020 and 2019 and our unearned compensation as of June 30, 2020 and December 31, 2019 (in millions):


													Expected
													period to
	Deferred Compensation								Unearned Compensation				recognize
	Expensed				Capitalized				As of		As of		unearned

	Three Months Ended June 30,								June 30,		December 31,		compensation
Type of incentive award	2020		2019		2020		2019		2020		2019		(in years)
Long-term incentive units ⁽¹⁾	$	3.1	$	2.4	$	0.1	$	—	$	22.3	$	15.4	2.2
Performance-based awards ⁽¹⁾		6.6		3.6		0.2		0.2		46.8		28.4	2.7
Restricted stock ⁽¹⁾		3.6		3.0		0.8		0.8		46.4		29.1	2.9
Interxion awards		7.1		—		—		—		36.0		—	2.6


	Six Months Ended June 30,
	2020		2019		2020		2019
Long-term incentive units ⁽¹⁾	$	6.2	$	3.8	$	0.1	$	0.1
Performance-based awards ⁽¹⁾		11.2		6.6		0.4		0.4
Restricted stock ⁽¹⁾		6.8		5.6		1.6		1.3
Interxion awards		10.1		—		—		—

(1)

In addition to the market performance-based awards and long-term incentive awards described in Notes 15(a) and 15(b), this also includes a one-time grant of 64,709 performance-based Class D units and performance-based restricted stock units, subject to attainment of performance metrics related to successful integration of the Interxion Combination, and a one-time grant of 25,635 time-based profits interest units and time-based restricted stock units subject to the closing of the Interxion Combination to certain of the Company’s executive officers. The grant date fair values, which equal the market price of Digital Realty Trust, Inc. common stock on the applicable grant date(s), are being expensed between two and three years, the current vesting period of these awards.

Summary of Long-Term Incentive Unit Activity

Below is a summary of our long-term incentive unit activity for the six months ended June 30, 2020.


		Weighted-Average
		Grant Date Fair
Unvested Long-term Incentive Units	Units	Value
Unvested, beginning of period	208,287	$	110.00
Granted	125,492		134.36
Vested	(85,182)		111.33
Cancelled or expired	(2,131)		108.57
Unvested, end of period	246,466	$	121.95

Market Performance Based Awards


			Market
	2019	2020	Performance
	RMS Relative	RMS Relative	Vesting
Level	Market Performance	Market Performance	Percentage
Below Threshold Level	≤ -300 basis points	≤ -500 basis points	0	%
Threshold Level	-300 basis points	-500 basis points	25	%
Target Level	100 basis points	0 basis points	50	%
High Level	≥ 500 basis points	≥ 500 basis points	100	%

Schedule Of Valuation Assumptions


	Expected Stock Price		Risk-Free Interest
Award Date	Volatility		rate
January 1, 2019	23	%	2.44	%
February 21, 2019	23	%	2.48	%
February 19, 2020	22	%	1.39	%
February 20, 2020	22	%	1.35	%

Summary of Restricted Stock Activity

Below is a summary of our restricted stock activity for the six months ended June 30, 2020.


		Weighted-Average
		Grant Date Fair
Unvested Restricted Stock	Shares	Value
Unvested, beginning of period	372,792	$	108.47
Granted ⁽¹⁾	783,009		124.80
Vested	(200,371)		111.20
Cancelled or expired	(24,205)		119.19
Unvested, end of period	931,225	$	121.36

(1)	Includes 567,810 shares issuable pursuant to the converted and adjusted Interxion equity awards as part of the Interxion Combination.