DIGITAL REALTY TRUST, INC., 10-Q filed on 11/4/2022
Quarterly Report
v3.22.2.2
Cover Page - shares
 9 Months Ended
Sep. 30, 2022
Nov. 02, 2022
Entity Information    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2022  
Document Transition Report false  
Entity File Number 001-32336  
Entity Registrant Name DIGITAL REALTY TRUST, INC.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 26-0081711  
Entity Address, Address Line One 5707 Southwest Parkway, Building 1, Suite 275  
Entity Address, City or Town Austin  
Entity Address, State or Province TX  
Entity Address, Postal Zip Code 78735  
City Area Code 737  
Local Phone Number 281-0101  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   287,522,275
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Entity Central Index Key 0001297996  
Current Fiscal Year End Date --12-31  
Digital Realty Trust, L.P.    
Entity Information    
Document Type 10-Q  
Document Period End Date Sep. 30, 2022  
Entity File Number 000-54023  
Entity Registrant Name DIGITAL REALTY TRUST, L.P.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 20-2402955  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth false  
Entity Shell Company false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Entity Central Index Key 0001494877  
Current Fiscal Year End Date --12-31  
Common Stock    
Entity Information    
Title of 12(b) Security Common Stock  
Trading Symbol DLR  
Security Exchange Name NYSE  
Series J Cumulative Redeemable Preferred Stock    
Entity Information    
Title of 12(b) Security Series J Cumulative Redeemable Preferred Stock  
Trading Symbol DLR Pr J  
Security Exchange Name NYSE  
Series K Cumulative Redeemable Preferred Stock    
Entity Information    
Title of 12(b) Security Series K Cumulative Redeemable Preferred Stock  
Trading Symbol DLR Pr K  
Security Exchange Name NYSE  
Series L Cumulative Redeemable Preferred Units    
Entity Information    
Title of 12(b) Security Series L Cumulative Redeemable Preferred Stock  
Trading Symbol DLR Pr L  
Security Exchange Name NYSE  
v3.22.2.2
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Investments in real estate:    
Investments in properties, net $ 22,306,537 $ 20,762,241
Investments in unconsolidated entities 1,912,958 1,807,689
Net investments in real estate 24,219,495 22,569,930
Operating lease right-of-use assets, net 1,253,393 1,405,441
Cash and cash equivalents 176,969 142,698
Accounts and other receivables, net 861,117 671,721
Deferred rent, net 556,198 547,385
Goodwill 8,728,105 7,937,440
Customer relationship value, deferred leasing costs and intangibles, net 3,035,861 2,735,486
Other assets 384,079 359,459
Total assets 39,215,217 36,369,560
LIABILITIES AND EQUITY/CAPITAL    
Global revolving credit facilities, net 2,255,139 398,172
Unsecured term loans, net 729,976  
Unsecured senior notes, net 12,281,410 12,903,370
Secured and other debt, including premiums 491,984 146,668
Operating lease liabilities 1,363,712 1,512,187
Accounts payable and other accrued liabilities 1,621,406 1,543,623
Deferred tax liabilities, net 1,145,097 666,451
Accrued dividends and distributions   338,729
Security deposits and prepaid rents 341,552 336,578
Total liabilities 20,230,276 17,845,778
Redeemable noncontrolling interests 1,429,920 46,995
Commitments and contingencies
Stockholders' Equity:    
Preferred stock/ units 731,690 731,690
Common Stock: $0.01 par value per share, 392,000 shares authorized; 287,508 and 284,415 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively 2,851 2,824
Partners' capital:    
Additional paid-in capital 21,528,384 21,075,863
Accumulated dividends in excess of earnings (4,336,201) (3,631,929)
Accumulated other comprehensive loss (862,804) (173,880)
Total stockholders' equity 17,063,920 18,004,568
Noncontrolling interests 491,101 472,219
Total equity 17,555,021 18,476,787
Total liabilities and equity/capital 39,215,217 36,369,560
Digital Realty Trust, L.P.    
Investments in real estate:    
Investments in properties, net 22,306,537 20,762,241
Investments in unconsolidated entities 1,912,958 1,807,689
Net investments in real estate 24,219,495 22,569,930
Operating lease right-of-use assets, net 1,253,393 1,405,441
Cash and cash equivalents 176,969 142,698
Accounts and other receivables, net 861,117 671,721
Deferred rent, net 556,198 547,385
Goodwill 8,728,105 7,937,440
Customer relationship value, deferred leasing costs and intangibles, net 3,035,861 2,735,486
Other assets 384,079 359,459
Total assets 39,215,217 36,369,560
LIABILITIES AND EQUITY/CAPITAL    
Global revolving credit facilities, net 2,255,139 398,172
Unsecured term loans, net 729,976  
Unsecured senior notes, net 12,281,410 12,903,370
Secured and other debt, including premiums 491,984 146,668
Operating lease liabilities 1,363,712 1,512,187
Accounts payable and other accrued liabilities 1,621,406 1,543,623
Deferred tax liabilities, net 1,145,097 666,451
Accrued dividends and distributions   338,729
Security deposits and prepaid rents 341,552 336,578
Total liabilities 20,230,276 17,845,778
Redeemable noncontrolling interests 1,429,920 46,995
Commitments and contingencies
Stockholders' Equity:    
Preferred stock/ units 731,690 731,690
Partners' capital:    
Common units, 284,734 and 284,415 units issued and outstanding as of June 30, 2022 and December 31, 2021, respectively 17,191,486 17,446,758
Limited Partners, 6,299 and 5,932 units issued and outstanding as of June 30, 2022 and December 31, 2021, respectively 448,876 432,902
Accumulated other comprehensive loss (886,648) (181,445)
Total partners' capital 17,485,404 18,429,905
Noncontrolling interests in consolidated entities 69,617 46,882
Total capital 17,555,021 18,476,787
Total liabilities and equity/capital $ 39,215,217 $ 36,369,560
v3.22.2.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Preferred stock, par value (in dollars per share/unit) $ 0.01 $ 0.01
Preferred stock, authorized (shares) 110,000 110,000
Liquidation preference $ 755,000 $ 755,000
Preferred stock, liquidation preference per share (in dollars per share) $ 25.00 $ 25.00
Preferred stock, issued (shares) 30,200 30,200
Preferred stock, outstanding (shares) 30,200 30,200
Common stock, par value (in dollars per share/unit) $ 0.01 $ 0.01
Common stock, authorized (shares) 392,000 392,000
Common stock, shares, issued (shares) 287,508 284,415
Common stock, shares, outstanding (shares) 287,508 284,415
Digital Realty Trust, L.P.    
Liquidation preference $ 755,000 $ 755,000
Preferred stock, liquidation preference per share (in dollars per share) $ 25.00 $ 25.00
Preferred units, issued (units) 30,200 30,200
Preferred units, outstanding (units) 30,200 30,200
Common units, issued (units) 287,508 284,415
Common units, outstanding (units) 287,508 284,415
Limited Partners' units, issued (units) 6,295 5,932
Limited Partners' units outstanding (units) 6,295 5,932
v3.22.2.2
CONDENSED CONSOLIDATED INCOME STATEMENTS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Operating Revenues:        
Operating Revenues $ 1,192,083 $ 1,133,136 $ 3,458,727 $ 3,316,715
Operating Expenses:        
Rental property operating and maintenance 477,731 406,329 1,334,826 1,151,324
Property taxes and insurance 43,862 60,633 145,135 161,634
Depreciation and amortization 388,704 369,035 1,147,803 1,107,749
General and administrative 97,447 98,460 301,736 295,946
Transactions and integration 25,862 13,804 51,416 34,999
Other 1,096 510 8,823 2,551
Total operating expenses 1,034,702 948,771 2,989,739 2,754,203
Operating income 157,381 184,365 468,988 562,512
Other Income (Expenses):        
Equity in (loss) earnings of unconsolidated entities (12,254) 40,884 14,616 69,996
Gain (loss) on disposition of properties, net 173,990 (635) 176,760 333,785
Other income (expenses), net 15,752 (2,947) 31,811 (9)
Interest expense (76,502) (71,417) (212,250) (222,084)
Loss from early extinguishment of debt     (51,135) (18,347)
Income tax expense (19,576) (13,709) (49,226) (68,838)
Net income 238,791 136,541 379,564 657,015
Net income attributable to noncontrolling interests (1,716) (2,266) (5,781) (15,566)
Net income attributable to Digital Realty Trust, Inc. 237,075 134,275 373,783 641,449
Preferred stock dividends/Preferred units distribution (10,181) (10,181) (30,543) (35,580)
Gain on redemption of preferred stock       18,000
Net income available to common stockholders $ 226,894 $ 124,094 $ 343,240 $ 623,869
Net income per share/unit available to common stockholders/unitholders:        
Basic (in dollars per share/unit) $ 0.79 $ 0.44 $ 1.20 $ 2.21
Diluted (in dollars per share/unit) $ 0.75 $ 0.44 $ 1.15 $ 2.21
Weighted average common shares/ units outstanding:        
Basic (shares/units) 286,693 283,106 285,312 282,005
Diluted (shares/units) 296,415 283,800 294,257 282,673
Digital Realty Trust, L.P.        
Operating Revenues:        
Operating Revenues $ 1,192,083 $ 1,133,136 $ 3,458,727 $ 3,316,715
Operating Expenses:        
Rental property operating and maintenance 477,731 406,329 1,334,826 1,151,324
Property taxes and insurance 43,862 60,633 145,135 161,634
Depreciation and amortization 388,704 369,035 1,147,803 1,107,749
General and administrative 97,447 98,460 301,736 295,946
Transactions and integration 25,862 13,804 51,416 34,999
Other 1,096 510 8,823 2,551
Total operating expenses 1,034,702 948,771 2,989,739 2,754,203
Operating income 157,381 184,365 468,988 562,512
Other Income (Expenses):        
Equity in (loss) earnings of unconsolidated entities (12,254) 40,884 14,616 69,996
Gain (loss) on disposition of properties, net 173,990 (635) 176,760 333,785
Other income (expenses), net 15,752 (2,947) 31,811 (9)
Interest expense (76,502) (71,417) (212,250) (222,084)
Loss from early extinguishment of debt     (51,135) (18,347)
Income tax expense (19,576) (13,709) (49,226) (68,838)
Net income 238,791 136,541 379,564 657,015
Net income attributable to noncontrolling interests 3,684 734 2,719 434
Net income attributable to Digital Realty Trust, Inc. 242,475 137,275 382,283 657,449
Preferred stock dividends/Preferred units distribution (10,181) (10,181) (30,543) (35,580)
Gain on redemption of preferred stock       18,000
Net income available to common stockholders $ 232,294 $ 127,094 $ 351,740 $ 639,869
Net income per share/unit available to common stockholders/unitholders:        
Basic (in dollars per share/unit) $ 0.79 $ 0.44 $ 1.20 $ 2.21
Diluted (in dollars per share/unit) $ 0.75 $ 0.44 $ 1.15 $ 2.21
Weighted average common shares/ units outstanding:        
Basic (shares/units) 292,536 289,535 291,084 288,897
Diluted (shares/units) 302,258 290,229 300,028 289,565
Rental and other services        
Operating Revenues:        
Operating Revenues $ 1,184,165 $ 1,110,904 $ 3,437,252 $ 3,288,205
Rental and other services | Digital Realty Trust, L.P.        
Operating Revenues:        
Operating Revenues 1,184,165 1,110,904 3,437,252 3,288,205
Fee income and other        
Operating Revenues:        
Operating Revenues 7,918 22,232 21,475 28,510
Fee income and other | Digital Realty Trust, L.P.        
Operating Revenues:        
Operating Revenues $ 7,918 $ 22,232 $ 21,475 $ 28,510
v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Net income $ 238,791 $ 136,541 $ 379,564 $ 657,015
Other comprehensive income (loss):        
Foreign currency translation adjustments (535,246) (147,120) (843,036) (254,444)
Increase in fair value of interest rate swaps 7,154 209 6,166 772
Reclassification to interest expense from interest rate swaps (1,092) 358 (1,154) 1,070
Other comprehensive loss (529,184) (146,553) (838,024) (252,602)
Comprehensive (loss) income (290,393) (10,012) (458,460) 404,413
Comprehensive loss (income) attributable to noncontrolling interests 140,225 995 143,319 (9,533)
Comprehensive (loss) income attributable to Digital Realty Trust, Inc./Digital Realty Trust, L.P. (150,168) (9,017) (315,141) 394,880
Digital Realty Trust, L.P.        
Net income 238,791 136,541 379,564 657,015
Other comprehensive income (loss):        
Foreign currency translation adjustments (535,246) (147,120) (843,036) (254,444)
Increase in fair value of interest rate swaps 7,154 209 6,166 772
Reclassification to interest expense from interest rate swaps (1,092) 358 (1,154) 1,070
Other comprehensive loss (529,184) (146,553) (838,024) (252,602)
Comprehensive (loss) income (290,393) (10,012) (458,460) 404,413
Comprehensive loss (income) attributable to noncontrolling interests 136,505 734 135,540 434
Comprehensive (loss) income attributable to Digital Realty Trust, Inc./Digital Realty Trust, L.P. $ (153,888) $ (9,278) $ (322,920) $ 404,847
v3.22.2.2
CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($)
$ in Thousands
Redeemable Noncontrolling Interests -- Operating Partnership
Series C Cumulative Redeemable Perpetual Preferred Stock
Redeemable Noncontrolling Interests -- Operating Partnership
Preferred Stock
Common Stock
Additional Paid-in Capital
Series C Cumulative Redeemable Perpetual Preferred Stock
Additional Paid-in Capital
Accumulated Dividends in Excess of Earnings
Accumulated other comprehensive income (loss), net
Total Noncontrolling Interests
Series C Cumulative Redeemable Perpetual Preferred Stock
Noncontrolling Interests in Consolidated Joint Ventures
Digital Realty Trust, L.P.
Redeemable Interests
Digital Realty Trust, L.P.
Digital Realty Trust, L.P.
Total
Beginning balance at Dec. 31, 2020   $ 42,011 $ 950,940 $ 2,788   $ 20,626,897 $ (3,997,938) $ 135,010 $ 728,639         $ 18,446,336
Beginning balance (shares) at Dec. 31, 2020       280,289,726                    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Conversion of common units to common stock       $ 19   157,893     (157,912)          
Conversion of common units to common stock (shares)       1,902,826                    
Common stock issued in connection with acquisition       $ 1   18,269             $ 18,270 18,270
Common stock issued in connection with acquisition (shares)       125,395                    
Issuance of common stock, net of costs       $ 11   168,298               168,309
Issuance of common stock, net of costs (shares)       1,060,943                    
Shares issued under employee stock purchase plan           9,895             9,895 9,895
Shares issued under employee stock purchase plan (shares)       82,129                    
Amortization of share-based compensation           69,278             69,278 69,278
Vesting of restricted stock, net (shares)       385,783                    
Net share settlement to satisfy tax withholding upon vesting       $ (1)   (16,549)             (16,550) (16,550)
Reclassification of vested share-based awards           (23,008)     23,008          
Redemption of preferred stock     (219,250)       18,000           (201,250) (201,250)
Adjustment to redeemable noncontrolling interests   771       (771)               (771)
Dividends declared on preferred stock             (35,580)           (35,580) (35,580)
Dividends and distributions on common stock and common and incentive units   (543)         (984,964)   (23,779)         (1,008,743)
Contributions from (distributions to) noncontrolling interests in consolidated entities   (1,666)             110,115         110,115
Deconsolidation of consolidated joint venture/consolidated entities                 (197,016)   $ (197,016)   (197,016) (197,016)
Net income   347         641,449   15,219   (434) $ 347 656,668 656,668
Other comprehensive income (loss)-foreign currency translation adjustments               (248,367) (6,077)       (254,444) (254,444)
Other comprehensive income (loss)-fair value of interest rate swaps               753 19       772 772
Other comprehensive income (loss)- reclassification of accumulated other comprehensive income to interest expense               1,044 26       1,070 1,070
Ending balance at Sep. 30, 2021   40,920 731,690 $ 2,818   21,010,202 (4,359,033) (111,560) 492,242         17,766,359
Ending balance (shares) at Sep. 30, 2021       283,846,802                    
Beginning balance at Dec. 31, 2020   42,011 950,940 $ 2,788   20,626,897 (3,997,938) 135,010 728,639         18,446,336
Beginning balance (shares) at Dec. 31, 2020       280,289,726                    
Ending balance at Dec. 31, 2021   46,995 731,690 $ 2,824   21,075,863 (3,631,929) (173,880) 472,219         18,476,787
Ending balance (shares) at Dec. 31, 2021       284,415,013                    
Beginning balance at Jun. 30, 2021   41,490 731,690 $ 2,806   20,844,834 (4,153,407) 31,733 706,591         18,164,247
Beginning balance (shares) at Jun. 30, 2021       282,603,152                    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Conversion of common units to common stock       $ 6   46,509     (46,515)          
Conversion of common units to common stock (shares)       562,151                    
Issuance of common stock, net of costs       $ 6   92,865               92,871
Issuance of common stock, net of costs (shares)       583,181                    
Shares issued under employee stock purchase plan           6,468             6,468 6,468
Shares issued under employee stock purchase plan (shares)       52,654                    
Amortization of share-based compensation           19,427             19,427 19,427
Vesting of restricted stock, net (shares)       45,664                    
Net share settlement to satisfy tax withholding upon vesting           (701)             (701) (701)
Reclassification of vested share-based awards           (138)     138          
Adjustment to redeemable noncontrolling interests $ (938)       $ 938         $ 938        
Dividends declared on preferred stock             (10,181)           (10,181) (10,181)
Dividends and distributions on common stock and common and incentive units   (181)         (329,720)   (7,277)         (336,997)
Contributions from (distributions to) noncontrolling interests in consolidated entities   484             37,380   37,380 484 37,380 37,380
Deconsolidation of consolidated joint venture/consolidated entities                 (197,016)   (197,016)   (197,016) (197,016)
Net income   65         134,275   2,201   (734) 65 136,476 136,476
Other comprehensive income (loss)-foreign currency translation adjustments               (143,847) (3,273)       (147,120) (147,120)
Other comprehensive income (loss)-fair value of interest rate swaps               204 5       209 209
Other comprehensive income (loss)- reclassification of accumulated other comprehensive income to interest expense               350 8       358 358
Ending balance at Sep. 30, 2021   40,920 731,690 $ 2,818   21,010,202 (4,359,033) (111,560) 492,242         17,766,359
Ending balance (shares) at Sep. 30, 2021       283,846,802                    
Beginning balance at Dec. 31, 2021   46,995 731,690 $ 2,824   21,075,863 (3,631,929) (173,880) 472,219         18,476,787
Beginning balance (shares) at Dec. 31, 2021       284,415,013                    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Conversion of common units to common stock           1,962     (1,962)          
Conversion of common units to common stock (shares)       23,550                    
Amortization of unearned compensation on share-based awards           (62,253)               (62,253)
Amortization of share-based compensation                         62,253  
Vesting of restricted stock, net (shares)       305,054                    
Partial settlement of forward sale agreements, net of costs       $ 27   400,851               400,878
Partial settlement of forward sale agreements, net of costs (shares)       2,700,727                    
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting           4,541               4,541
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting (shares)       63,863                    
Reclassification of vested share-based awards           (29,210)     29,210          
Adjustment to redeemable noncontrolling interests   (12,124)       12,124               12,124
Dividends declared on preferred stock             (30,543)           (30,543) (30,543)
Dividends and distributions on common stock and common and incentive units   (570)         (1,047,512)   (23,127)         (1,070,639)
Redeemable noncontrolling interests associated with acquisition of Teraco   1,530,090                   1,530,090    
Contributions from (distributions to) noncontrolling interests in consolidated entities   1,703             21,906   21,906 1,703 161,644 21,906
Net income   (3,353)         373,783   9,134   829 (3,353) 243,179 382,917
Other comprehensive income (loss)-foreign currency translation adjustments   (132,821)           (693,822) (16,393)     (132,821) (710,215) (710,215)
Other comprehensive income (loss)-fair value of interest rate swaps               6,050 116       6,166 6,166
Other comprehensive income (loss)- reclassification of accumulated other comprehensive income to interest expense               (1,152) (2)       (1,154) (1,154)
Ending balance at Sep. 30, 2022   1,429,920 731,690 $ 2,851   21,528,384 (4,336,201) (862,804) 491,101         17,555,021
Ending balance (shares) at Sep. 30, 2022       287,508,207                    
Beginning balance at Jun. 30, 2022   41,047 731,690 $ 2,824   21,091,364 (4,211,685) (475,561) 491,587         17,630,219
Beginning balance (shares) at Jun. 30, 2022       284,733,922                    
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Conversion of common units to common stock           503     (503)          
Conversion of common units to common stock (shares)       6,253                    
Amortization of unearned compensation on share-based awards           21,288               21,288
Amortization of share-based compensation                         21,288  
Vesting of restricted stock, net (shares)       45,630                    
Partial settlement of forward sale agreements, net of costs       $ 27   399,695             399,722 399,722
Partial settlement of forward sale agreements, net of costs (shares)       2,658,539                    
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting           11,684               11,684
Shares issued under equity plans, net of share settlement to satisfy tax withholding upon vesting (shares)       63,863                    
Reclassification of vested share-based awards           (933)     933          
Adjustment to redeemable noncontrolling interests   (4,783)       4,783               4,783
Dividends declared on preferred stock             (10,181)           (10,181) (10,181)
Dividends and distributions on common stock and common and incentive units   (190)         (351,410)   (7,314)         (358,724)
Redeemable noncontrolling interests associated with acquisition of Teraco   1,530,090                   (1,530,090)    
Contributions from (distributions to) noncontrolling interests in consolidated entities                 10,379   10,379   10,379 10,379
Net income   (3,423)         237,075   5,139   $ (136) (3,423) 242,214 242,214
Other comprehensive income (loss)-foreign currency translation adjustments   (132,821)           (393,166) (9,259)     $ (132,821) (402,425) (402,425)
Other comprehensive income (loss)-fair value of interest rate swaps               7,015 139       7,154 7,154
Other comprehensive income (loss)- reclassification of accumulated other comprehensive income to interest expense               (1,092)         $ (1,092) (1,092)
Ending balance at Sep. 30, 2022   $ 1,429,920 $ 731,690 $ 2,851   $ 21,528,384 $ (4,336,201) $ (862,804) $ 491,101         $ 17,555,021
Ending balance (shares) at Sep. 30, 2022       287,508,207                    
v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Increase (Decrease) in Partners' Capital [Roll Forward]          
Beginning balance (units)     284,415,000    
Common units issued in connection with acquisition       $ 18,270  
Contributions from (distributions to) noncontrolling interests in consolidated entities $ 10,379 $ 37,380 $ 21,906 110,115  
Units issued in connection with employee stock purchase plan   6,468   9,895  
Units repurchased and retired to satisfy tax withholding upon vesting   (701)   (16,550)  
Amortization of share-based compensation   19,427   69,278  
Partial settlement of forward sale agreements, net of costs 399,722   400,878    
Redemption of preferred units       (201,250)  
Adjustment to redeemable noncontrolling interests 4,783   12,124 (771)  
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions 10,379 37,380 21,906 110,115  
Cumulative effect adjustment from adoption of new accounting standard 17,555,021 17,766,359 17,555,021 17,766,359 $ 18,476,787
Deconsolidation of consolidated joint venture/consolidated entities   (197,016)   (197,016)  
Net income 242,214 136,476 382,917 656,668  
Other comprehensive income (loss)-foreign currency translation adjustments (402,425) (147,120) (710,215) (254,444)  
Other comprehensive income (loss)-fair value of interest rate swaps 7,154 209 6,166 772  
Other comprehensive income (loss)- reclassification of accumulated other comprehensive income to interest expense $ (1,092) 358 $ (1,154) 1,070  
Ending balance (units) 287,509,000   287,509,000   284,415,000
Series C Cumulative Redeemable Perpetual Preferred Stock          
Increase (Decrease) in Partners' Capital [Roll Forward]          
Adjustment to redeemable noncontrolling interests   938      
Digital Realty Trust, L.P.          
Increase (Decrease) in Partners' Capital [Roll Forward]          
Beginning balance $ 17,630,219 18,164,247 $ 18,476,787 18,446,336 $ 18,446,336
Common units issued in connection with acquisition       18,270  
Contributions from (distributions to) noncontrolling interests in consolidated entities 10,379 37,380 161,644    
Units issued under equity plans, net of unit settlement to satisfy tax withholding upon vesting 11,684   9,510    
Issuance of common unit, net of offering costs   92,871   168,309  
Payment of common unit offering costs and other, net     395,909    
Units issued in connection with employee stock purchase plan   6,468   9,895  
Units repurchased and retired to satisfy tax withholding upon vesting   (701)   (16,550)  
Amortization of share-based compensation 21,288 19,427 62,253 69,278  
Partial settlement of forward sale agreements, net of costs 399,722        
Redemption of preferred units       (201,250)  
Adjustment to redeemable partnership units 4,783     (771)  
Adjustment to redeemable partnership units   (938) 12,124    
Distributions (368,905) (347,178) (1,101,182) (1,044,323)  
Distributions to noncontrolling interests in consolidated entities, net of contributions       110,115  
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions 10,379 37,380 161,644    
Deconsolidation of consolidated joint venture/consolidated entities   (197,016)   (197,016)  
Net income 242,214 136,476 243,179 656,668  
Other comprehensive income (loss)-foreign currency translation adjustments (402,425) (147,120) (710,215) (254,444)  
Other comprehensive income (loss)-fair value of interest rate swaps 7,154 209 6,166 772  
Other comprehensive income (loss)- reclassification of accumulated other comprehensive income to interest expense (1,092) 358 (1,154) 1,070  
Ending balance 17,555,021 17,766,359 17,555,021 17,766,359 18,476,787
Redeemable Interests | Digital Realty Trust, L.P.          
Increase (Decrease) in Partners' Capital [Roll Forward]          
Beginning balance 41,047 41,490 46,995 42,011 42,011
Contributions from (distributions to) noncontrolling interests in consolidated entities   484 1,703    
Redeemable noncontrolling interests associated with acquisition of Teraco (1,530,090)   1,530,090    
Adjustment to redeemable partnership units (4,783)     771  
Adjustment to redeemable partnership units   938 (12,124)    
Distributions (190) (181) (570) (543)  
Distributions to noncontrolling interests in consolidated entities, net of contributions       (1,666)  
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions   484 1,703    
Net income (3,423) 65 (3,353) 347  
Other comprehensive income (loss)-foreign currency translation adjustments (132,821)   (132,821)    
Ending balance 1,429,920 40,920 1,429,920 40,920 46,995
Accumulated other comprehensive income (loss), net | Digital Realty Trust, L.P.          
Increase (Decrease) in Partners' Capital [Roll Forward]          
Beginning balance (490,285) 28,751 (181,445) 134,800 134,800
Other comprehensive income (loss)-foreign currency translation adjustments (402,425) (147,120) (710,215) (254,444)  
Other comprehensive income (loss)-fair value of interest rate swaps 7,154 209 6,166 772  
Other comprehensive income (loss)- reclassification of accumulated other comprehensive income to interest expense (1,092) 358 (1,154) 1,070  
Ending balance (886,648) (117,802) (886,648) (117,802) (181,445)
Noncontrolling Interests in Consolidated Joint Ventures | Digital Realty Trust, L.P.          
Increase (Decrease) in Partners' Capital [Roll Forward]          
Beginning balance 59,374 192,694 46,882 119,659 119,659
Contributions from (distributions to) noncontrolling interests in consolidated entities 10,379 37,380 21,906    
Distributions to noncontrolling interests in consolidated entities, net of contributions       110,115  
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions 10,379 37,380 21,906    
Deconsolidation of consolidated joint venture/consolidated entities   (197,016)   (197,016)  
Net income (136) (734) 829 (434)  
Ending balance 69,617 $ 32,324 69,617 $ 32,324 46,882
General Partner | Redeemable Interests | Digital Realty Trust, L.P.          
Increase (Decrease) in Partners' Capital [Roll Forward]          
Ending balance (units)   30,200,000   30,200,000  
General Partner | Preferred Units | Digital Realty Trust, L.P.          
Increase (Decrease) in Partners' Capital [Roll Forward]          
Beginning balance $ 731,690 $ 731,690 $ 731,690 $ 950,940 $ 950,940
Beginning balance (units) 30,200,000 30,200,000 30,200,000 38,250,000 38,250,000
Conversion of limited partner common units to general partner common units (units)   562,151      
Issuance of common units, net of offering costs (in units)   583,181      
Units issued in connection with employee stock purchase plan (units)   52,654      
Vesting of restricted common units, net (units)   45,664      
Redemption of preferred units       $ (219,250)  
Redemption of preferred units (in units)       (8,050,000)  
Distributions   $ (10,181)   $ (35,580)  
Net income   10,181   35,580  
Ending balance $ 731,690 $ 731,690 $ 731,690 $ 731,690 $ 731,690
Ending balance (units) 30,200,000 30,200,000 30,200,000 30,200,000 30,200,000
General Partner | Common Units | Digital Realty Trust, L.P.          
Increase (Decrease) in Partners' Capital [Roll Forward]          
Beginning balance $ 16,882,503 $ 16,694,233 $ 17,446,758 $ 16,631,747 $ 16,631,747
Beginning balance (units) 284,733,922 282,603,152 284,415,013 280,289,726 280,289,726
Conversion of limited partner common units to general partner common units $ 503 $ 46,515 $ 1,962 $ 157,912  
Conversion of limited partner common units to general partner common units (units) 6,253   23,550 1,902,826  
Common units issued in connection with acquisition       $ 18,270  
Common units issued in connection with acquisition (in units)     305,054 125,395  
Issuance of limited partner common units, net (in units)       1,060,943  
Contributions from (distributions to) noncontrolling interests in consolidated entities     $ 136,708    
Units issued under equity plans, net of unit settlement to satisfy tax withholding upon vesting $ 11,684   $ 9,510    
Units issued under equity plans, net of unit settlement to satisfy tax withholding upon vesting (in units) 63,863   106,051    
Issuance of common unit, net of offering costs   92,871   $ 168,309  
Payment of common unit offering costs and other, net     $ 395,909    
Payment of common unit offering costs and other, net (units)     2,658,539    
Units issued in connection with employee stock purchase plan   6,468   $ 9,895  
Units issued in connection with employee stock purchase plan (units)       82,129  
Units repurchased and retired to satisfy tax withholding upon vesting   (701)   $ (16,550)  
Amortization of share-based compensation $ 21,288 19,427 $ 62,253 $ 69,278  
Vesting of restricted common units, net (units) 45,630     385,783  
Partial settlement of forward sale agreements, net of costs $ 399,722        
Partial settlement of forward sale agreements, net of costs (shares) 2,658,539        
Reclassification of vested share-based awards $ 933 138 (29,210) $ 23,008  
Redemption of preferred units       18,000  
Adjustment to redeemable partnership units 4,783     (771)  
Adjustment to redeemable partnership units   (938) 12,124    
Distributions (361,591) (329,720) (1,078,055) (984,964)  
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions     136,708    
Net income 237,075 124,094 237,075 605,869  
Ending balance $ 17,195,034 $ 16,653,987 $ 17,195,034 $ 16,653,987 $ 17,446,758
Ending balance (units) 287,508,207 283,846,802 287,508,207 283,846,802 284,415,013
Limited Partners | Common Units | Digital Realty Trust, L.P.          
Increase (Decrease) in Partners' Capital [Roll Forward]          
Beginning balance $ 446,937 $ 516,879 $ 432,902 $ 609,190 $ 609,190
Beginning balance (units) 6,299,478 7,055,409 5,931,771 8,046,267 8,046,267
Conversion of limited partner common units to general partner common units $ (503) $ (46,515) $ (1,962) $ (157,912)  
Conversion of limited partner common units to general partner common units (units)   (562,151) (17,297) (1,902,826)  
Issuance of limited partner common units, net (in units) (4,810)   380,194    
Contributions from (distributions to) noncontrolling interests in consolidated entities     $ 3,030    
Issuance of common units, net of forfeitures (units)       350,624  
Issuance of common units, net of forfeitures (units)   807      
Reclassification of vested share-based awards $ (933) $ (138) 29,210 $ (23,008)  
Distributions (7,314) (7,277) (23,127) (23,779)  
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions     3,030    
Net income 5,275 2,935 5,275 15,653  
Ending balance $ 445,328 $ 466,160 $ 445,328 $ 466,160 $ 432,902
Ending balance (units) 6,294,668 6,494,065 6,294,668 6,494,065 5,931,771
v3.22.2.2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 379,564 $ 657,015
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on disposition of properties, net (176,760) (333,785)
Equity in earnings of unconsolidated entities (14,616) (69,996)
Distributions from unconsolidated entities 34,587 62,649
Depreciation and amortization 1,147,803 1,107,749
Amortization of share-based compensation 62,253 66,036
Loss from early extinguishment of debt 51,135 18,347
Straight-lined rents and amortization of above and below market leases (38,190) 5,322
Amortization of deferred financing costs and debt discount / premium 13,764 14,319
Other items, net 14,511 4,191
Changes in assets and liabilities:    
Increase in accounts receivable and other assets (276,953) (241,104)
Increase (decrease) in accounts payable and other liabilities 5,866 (40,454)
Net cash provided by operating activities 1,202,964 1,250,289
Cash flows from investing activities:    
Improvements to investments in real estate (1,753,520) (1,748,075)
Cash paid for business combination / asset acquisitions, net of cash acquired (1,877,092) (168,439)
Proceeds from unconsolidated entities, net   9,306
(Investment in) proceeds from unconsolidated entities, net (240,541)  
Proceeds from sale of real estate 203,995 719,764
Other investing activities, net (60,776) 7,627
Net cash used in investing activities (3,727,934) (1,179,817)
Cash flows from financing activities:    
Net proceeds from credit facilities 1,968,149 323,441
Borrowings on secured / unsecured debt 2,426,865 1,816,178
Repayments on secured / unsecured debt (741,347) (886,968)
Premium paid for early extinguishment of debt (49,662) (16,482)
Capital contributions from noncontrolling interests, net 17,977 108,448
Proceeds from issuance of common stock, net 400,878 168,309
Redemption of preferred stock   (201,250)
Payments of dividends and distributions (1,440,481) (1,369,251)
Other financing activities, net (14,851) (19,595)
Net cash provided by (used in) financing activities 2,567,528 (77,170)
Net increase (decrease) in cash, cash equivalents and restricted cash 42,558 (6,698)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (8,098) 10,138
Cash, cash equivalents and restricted cash at beginning of period 151,485 123,652
Cash, cash equivalents and restricted cash at end of period 185,944 127,092
Digital Realty Trust, L.P.    
Cash flows from operating activities:    
Net income 379,564 657,015
Adjustments to reconcile net income to net cash provided by operating activities:    
Gain on disposition of properties, net (176,760) (333,785)
Equity in earnings of unconsolidated entities (14,616) (69,996)
Distributions from unconsolidated entities 34,587 62,649
Depreciation and amortization 1,147,803 1,107,749
Amortization of share-based compensation 62,253 66,036
Loss from early extinguishment of debt 51,135 18,347
Straight-lined rents and amortization of above and below market leases (38,190) 5,322
Amortization of deferred financing costs and debt discount / premium 13,764 14,319
Other items, net 14,511 4,191
Changes in assets and liabilities:    
Increase in accounts receivable and other assets (276,953) (241,104)
Increase (decrease) in accounts payable and other liabilities 5,866 (40,454)
Net cash provided by operating activities 1,202,964 1,250,289
Cash flows from investing activities:    
Improvements to investments in real estate (1,753,520) (1,748,075)
Cash paid for business combination / asset acquisitions, net of cash acquired (1,877,092) (168,439)
Proceeds from unconsolidated entities, net   9,306
(Investment in) proceeds from unconsolidated entities, net (240,541)  
Proceeds from sale of real estate 203,995 719,764
Other investing activities, net (60,776) 7,627
Net cash used in investing activities (3,727,934) (1,179,817)
Cash flows from financing activities:    
Net proceeds from credit facilities 1,968,149 323,441
Borrowings on secured / unsecured debt 2,426,865 1,816,178
Repayments on secured / unsecured debt (741,347) (886,968)
Premium paid for early extinguishment of debt (49,662) (16,482)
Capital contributions from noncontrolling interests, net 17,977 108,448
General partner contributions 400,878 168,309
General partner distributions   (201,250)
Payments of dividends and distributions (1,440,481) (1,369,251)
Other financing activities, net (14,851) (19,595)
Net cash provided by (used in) financing activities 2,567,528 (77,170)
Net increase (decrease) in cash, cash equivalents and restricted cash 42,558 (6,698)
Effect of exchange rate changes on cash, cash equivalents and restricted cash (8,098) 10,138
Cash, cash equivalents and restricted cash at beginning of period 151,485 123,652
Cash, cash equivalents and restricted cash at end of period $ 185,944 $ 127,092
v3.22.2.2
General
 9 Months Ended
Sep. 30, 2022
General  
General

1. General

Organization and Description of Business. Digital Realty Trust, Inc. (the Parent), through its controlling interest in Digital Realty Trust, L.P. (the Operating Partnership or the OP) and the subsidiaries of the OP (collectively, we, our, us or the Company), is a leading global provider of data center (including colocation and interconnection) solutions for customers across a variety of industry verticals ranging from cloud and information technology services, social networking and communications to financial services, manufacturing, energy, healthcare, and consumer products. The OP, a Maryland limited partnership, is the entity through which the Parent, a Maryland corporation, conducts its business of owning, acquiring, developing and operating data centers. The Parent operates as a REIT for U.S. federal income tax purposes.

​

The Parent’s only material asset is its ownership of partnership interests of the OP. The Parent generally does not conduct business itself, other than acting as the sole general partner of the OP, issuing public securities from time to time and guaranteeing certain unsecured debt of the OP and certain of its subsidiaries and affiliates. The Parent has not issued any debt but guarantees the unsecured debt of the OP and certain of its subsidiaries and affiliates.

​

The OP holds substantially all the assets of the Company. The OP conducts the operations of the business and has no publicly traded equity. Except for net proceeds from public equity issuances by the Parent, which are generally contributed to the OP in exchange for partnership units, the OP generally generates the capital required by the Company’s business primarily through the OP’s operations, by the OP’s or its affiliates’ direct or indirect incurrence of indebtedness or through the issuance of partnership units.

​

Accounting Principles and Basis of Presentation. The accompanying unaudited interim condensed consolidated financial statements and accompanying notes (the “Financial Statements”) are prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and are presented in our reporting currency, the U.S. dollar. All of the accounts of the Parent, the OP, and the subsidiaries of the OP are included in the accompanying Financial Statements. All material intercompany transactions with consolidated entities have been eliminated. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair statement of the results for the interim periods presented. Interim results are not always indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”), as filed with the U.S. Securities and Exchange Commission (“SEC”), our Quarterly Report on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022, as filed with the SEC, and other filings with the SEC.

​

Management Estimates and Assumptions. U.S. GAAP requires us to make estimates and assumptions that affect reported amounts of revenue and expenses during the reporting period, reported amounts for assets and liabilities as of the date of the financial statements, and disclosures of contingent assets and liabilities as of the date of the financial statements. Although we believe the estimates and assumptions we made are reasonable and appropriate, as discussed in the applicable sections throughout the consolidated financial statements, different assumptions and estimates could materially impact our reported results. Actual results and outcomes may differ from our assumptions.

​

New Accounting Pronouncements. Recently issued accounting pronouncements that have yet to be adopted by the Company are not expected to have a material impact to the condensed consolidated financial statements.
v3.22.2.2
Investments in Properties
 9 Months Ended
Sep. 30, 2022
Investments in Properties  
Investments in Properties

2. Investments in Properties

A summary of our investments in properties is below (in thousands):

​

​

​

​

​

​

​

​

​

Property Type

​

As of September 30, 2022

​

​

As of December 31, 2021

Land

​

$

1,004,328

​

​

$

1,019,723

Acquired ground lease

​

​

5,552

​

​

​

6,721

Buildings and improvements

​

​

23,113,155

​

​

​

21,914,091

Tenant improvements

​

​

753,565

​

​

​

684,915

​

​

​

24,876,600

​

​

​

23,625,450

Accumulated depreciation and amortization

​

​

(6,826,918)

​

​

​

(6,210,281)

Investments in operating properties, net

​

​

18,049,682

​

​

​

17,415,169

Construction in progress and space held for development

​

​

4,222,142

​

​

​

3,213,389

Land held for future development

​

​

34,713

​

​

​

133,683

Investments in properties, net

​

$

22,306,537

​

​

$

20,762,241

​
v3.22.2.2
Business Combinations
 9 Months Ended
Sep. 30, 2022
Business Combinations  
Business Combinations

3. Business Combinations

On August 1, 2022, we completed the acquisition of a 61.1% indirect controlling interest in Teraco, a leading carrier-neutral data center and interconnection services provider in South Africa (the “Teraco Acquisition”). The total purchase price was $1.7 billion cash, funded by our Global Revolving Credit Facility and partial settlement of our forward equity sale agreements described under Note 11. “Equity and Capital—Forward Equity Sale.” Teraco controls (and consolidates) the Teraco Connect Trust (“the Trust”) that was created as part of the Broad Based Black Economic Empowerment Program in South Africa. The Trust owns a 10% interest in Teraco’s primary operating company, however, this ownership percentage is not included as part of noncontrolling interest, because Teraco (and the Company) consolidates the Trust. If the Trust was not controlled by Teraco, the Company’s ownership interest in Teraco would have been approximately 55%.

As of September 30, 2022, the fair values of acquired assets, assumed liabilities and redeemable noncontrolling interests were provisional estimates, based on the best information available. Therefore, these provisional estimates are subject to change as we complete all remaining steps in finalizing the purchase price allocation, and it is reasonably possible there could be significant changes to the preliminary values below. We expect to finalize the valuation of all assets and liabilities by December 31, 2022.

The following table summarizes the provisional fair value amounts recorded at the acquisition date (in thousands):

​

​

​

​

​

​

​

Provisional Fair Value

​

​

Amounts

Building and improvements

​

$

1,376,128

Construction in progress and space held for development

​

​

521,153

Operating lease right-of-use assets

​

​

2,784

Assumed cash and cash equivalents

​

​

5,528

Goodwill

​

 

1,625,994

Customer relationship value and other intangibles (weighted-average amortization life of 7 years)

​

 

720,126

Debt assumed

​

​

(355,688)

Operating lease liabilities

​

 

(4,031)

Deferred tax liabilities, net

​

​

(632,841)

Redeemable noncontrolling interests

​

​

(1,530,090)

Working capital assets, net

​

​

1,112

Total purchase consideration

​

$

1,730,176

​

Goodwill — The purchase price of the Teraco Acquisition exceeded the fair value of net tangible and intangible assets acquired and liabilities assumed by $1.6 billion. This amount was recorded as goodwill. We believe the strategic benefits of the acquisition support the value of goodwill recorded. Specifically, Teraco has numerous cross-connects, cloud on-ramps and data centers in addition to direct access to multiple subsea cables. The acquisition of Teraco adds South Africa to the Company’s three existing markets on the continent, including Kenya, Mozambique, and Nigeria. The strategic importance of these markets has been enhanced by the recent and ongoing implementation of new subsea cable networks encircling Africa. When combined with the Company’s highly connected facilities in Marseille, France, and across EMEA, our customers will now have a range of strategic connectivity hubs from which to serve all corners of the African market.

​

Redeemable Noncontrolling Interest (“Redeemable NCI”) — As part of the Teraco Acquisition, the Company and certain of its subsidiaries entered into a put/call agreement with the owners of the interest in Teraco that was not acquired by the Company (the “Put/Call Agreement”). The interest retained by these owners is hereafter referred to as the “Remaining Teraco Interest” and the owners of such interest are hereafter referred to as the “Rollover Shareholders”. Pursuant to the Put/Call Agreement, the Rollover Shareholders have the right to sell all or a portion of the Remaining Teraco Interest to the Company for a two-year period beginning on February 1, 2026, and the Company has the right to purchase all or a portion of the Remaining Teraco Interest from the Rollover Shareholders for a one-year period beginning on February 1, 2028. Per the terms of the agreement, the purchase price of the Remaining Teraco Interest for the put right and the call right can be settled by the Company with cash, shares in the Company, or a combination of cash and shares. In the event the Company elects to settle a put or call in whole or in part with shares of Digital Realty Trust, Inc.’s common stock, such shares will be issued in a private placement transaction with customary accompanying registration rights.

Since the Rollover Shareholders can redeem the put right at their discretion and such redemption, which could be in cash, is outside the Company’s control, the Company recorded the noncontrolling interest as Redeemable NCI and classified it in temporary equity within its condensed consolidated balance sheets. The Redeemable NCI was initially recorded at its acquisition-date fair value and will be adjusted each reporting period for income (or loss) attributable to the noncontrolling interest (a $3.5 million net loss for the period from August 1, 2022 to September 30, 2022). If the contractual redemption value of the Redeemable NCI is greater than its carrying value, an adjustment is made to reflect Redeemable NCI at the higher of its contractual redemption value or its carrying value each reporting period. Changes to the redemption value are recognized immediately in the period the change occurs. If the redemption value of the

Redeemable NCI is equal to or less than the fair market value of the Remaining Teraco Interest, the change in the redemption value will be adjusted through Additional Paid in Capital. If the redemption value is greater than the fair market value of the Remaining Teraco Interest, the change in redemption value will be adjusted through Retained Earnings. These adjustments are not reflected on the Company’s income statement, but are instead reflected as adjustments to the net income component of the Company’s earnings per share calculations. When calculating earnings per share attributable to Digital Realty Trust, Inc., the Company adjusts net income attributable to Digital Realty Trust, Inc. to the extent the redemption value exceeds the fair value of the Redeemable NCI on a cumulative basis. For the period from August 1, 2022 to September 30, 2022, no such adjustment was required.
v3.22.2.2
Leases
 9 Months Ended
Sep. 30, 2022
Leases  
Leases

4. Leases

Lessor Accounting

We generate most of our revenue by leasing operating properties to customers under operating lease agreements. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term if we determine that it is probable that substantially all of the lease payments will be collected over the lease term. Otherwise, rental revenue is recognized based on the amount contractually due. Generally, under the terms of our leases, some of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. We record amounts reimbursed by customers in the period the applicable expenses are incurred, which is generally ratably throughout the term of the lease. Reimbursements are recognized in rental and other services revenue in the condensed consolidated income statements as we are the primary obligor with respect to purchasing and selecting goods and services from third-party vendors and bearing the associated credit risk.

Lessee Accounting

We lease space at certain of our data centers from third parties and certain equipment under noncancelable lease agreements. Leases for our data centers expire at various dates through 2069. As of September 30, 2022, certain of our data centers, primarily in Europe and Singapore, are subject to ground leases. As of September 30, 2022, the termination dates of these ground leases generally range from 2049 to 2108. In addition, our corporate headquarters along with several regional office locations are subject to leases with termination dates ranging from 2022 to 2028. The leases generally require us to make fixed rental payments that increase at defined intervals during the term of the lease plus pay our share of common area, real estate and utility expenses as incurred. The leases neither contain residual value guarantees nor impose material restrictions or covenants on us. Further, the leases have been classified and accounted for as either operating or finance leases. Rent expense related to operating leases included in rental property operating and maintenance expense in the condensed consolidated income statements was approximately $36.0 million and $36.9 million for the three months ended September 30, 2022 and 2021, respectively, and approximately $109.0 million and $109.9 million for the nine months ended September 30, 2022 and 2021, respectively.
v3.22.2.2
Receivables
 9 Months Ended
Sep. 30, 2022
Receivables  
Receivables

​

5. Receivables

​

Accounts and Other Receivables, Net

​

Accounts and Other Receivables, net - is primarily comprised of contractual rents and other lease-related obligations currently due from customers. These amounts (net of an allowance for estimated uncollectible amounts) are shown in the subsequent table as Accounts receivable – trade, net. Other receivables shown separately from Accounts receivable – trade, net consist primarily of amounts that have not yet been billed to customers, such as for utility reimbursements and installation fees.

​

​

​

​

​

​

​

​

​

​

Balance as of

​

Balance as of

(Amounts in thousands):

​

September 30, 2022

​

December 31, 2021

Accounts receivable – trade

​

$

508,402

​

$

393,110

Allowance for doubtful accounts

​

​

(36,278)

​

​

(28,574)

Accounts receivable – trade, net

​

​

472,124

​

​

364,536

​

​

​

​

​

​

​

Accounts receivable – customer recoveries

​

​

169,053

​

​

131,538

Value-added tax receivables

​

​

111,269

​

​

104,036

Accounts receivable – installation fees

​

​

49,539

​

​

43,626

Other receivables

​

​

59,132

​

​

27,985

Accounts and other receivables, net

​

$

861,117

​

$

671,721

​

Deferred Rent Receivables

​

Deferred rent receivables represent rental income that has been recognized as revenue under ASC 842, but which is not yet due from customers under their existing rental agreements. The Company recognizes an allowance against deferred rent receivables to the extent it becomes no longer probable that a customer or group of customers will be able to make substantially all of their required cash rental payments over the entirety of their respective lease terms.

​

​

​

​

​

​

​

​

​

​

Balance as of

​

Balance as of

(Amounts in thousands):

​

September 30, 2022

​

December 31, 2021

Deferred rent receivables

​

$

573,378

​

$

556,251

Allowance for deferred rent receivables

​

​

(17,180)

​

​

(8,866)

Deferred rent receivables, net

​

$

556,198

​

$

547,385

​
v3.22.2.2
Investments in Unconsolidated Entities
 9 Months Ended
Sep. 30, 2022
Investments in Unconsolidated Entities.  
Investments in Unconsolidated Entities

6. Investments in Unconsolidated Entities

A summary of the Company’s investments in unconsolidated entities accounted for under the equity method of accounting is shown below (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year

​

Metropolitan

​

​

​

​

Balance as of

​

Balance as of

Entity

​

Entity Formed

​

Area of Properties

​

% Ownership

​

​

September 30, 2022

​

​

December 31, 2021

Digital Core REIT (DCRU)

​

2021

​

U.S. / Canada

​

35

%

​

$

328,094

​

$

343,317

Ownership interest in DCRU operating properties

​

2021

​

U.S. / Canada

​

10

%

​

​

139,223

​

​

144,050

Ascenty

​

2019

​

Brazil / Chile / Mexico

​

51

%

​

​

620,068

​

​

553,031

Mapletree

​

2019

​

Northern Virginia

​

20

%  

​

​

163,239

​

​

172,465

Mitsubishi

​

Various

​

Osaka / Tokyo

​

50

%  

​

 

391,859

​

 

401,509

Lumen

​

2012

​

Hong Kong

​

50

%  

​

 

69,704

​

 

68,854

Other

​

Various

​

U.S. / India / Nigeria

​

Various

​

​

 

200,771

​

 

124,463

Total

​

​

​

  

​

  

​

​

$

1,912,958

​

$

1,807,689

​

DCREIT – Digital Core REIT is a standalone real estate investment trust under Singapore law, which is publicly-traded on the Singapore Exchange under the ticker symbol “DCRU”. Digital Core REIT owns 10 operating data center properties. The Company’s ownership interest in the units of DCRU, as well as its ownership interest in the operating properties of DCRU are collectively referred to as the Company’s investment in DCREIT. As of September 30, 2022, the Company held 35% of the outstanding DCRU units and separately owned a 10% retained interest in the underlying operating properties. The Company’s 35% interest in DCRU consisted of 392 million units and 390 million units as of September 30, 2022 and December 31, 2021, respectively. Based on the closing price per unit of $0.70 and $1.16 as of September 30, 2022 and December 31, 2021, the fair value of the units the Company owned in DCRU was approximately $274 million and $453 million as of September 30, 2022 and December 31, 2021, respectively. These values do not include the value of the Company’s 10% interest in the operating properties of DCRU, because the associated ownership interests are not publicly traded. The Company accounts for its investment in DCREIT as an equity method investment (and not at fair value) based on the significant influence it is able to exert on DCREIT. The Company determined that the decline in fair value of the investment in DCRU as compared to the Company’s book basis as of September 30, 2022 was temporary in nature.

​

Pursuant to contractual agreements with DCRU and its operating properties, the Company will earn fees for asset and property management services as well as fees for aiding in future acquisition, disposition and development activities. Certain of these fees are payable to the Company in the form of additional units in DCRU or in cash. During the three and nine months ended September 30, 2022, the Company earned fees pursuant to these contractual agreements of approximately $1.8 million and $6.9 million, respectively, which is recorded as fee income and other on the condensed consolidated income statement.

​

Ascenty – The Company’s ownership interest in Ascenty includes an approximate 2% interest held by one of the Company’s non-controlling interest holders. This 2% interest had a carrying value of approximately $19.3 million and $20.9 million as of September 30, 2022 and December 31, 2021, respectively. Ascenty is a variable interest entity (“VIE”) and the Company’s maximum exposure to loss related to this VIE is limited to our equity investment in the entity.

​

The debt of our unconsolidated entities generally is non-recourse to us, except for customary exceptions pertaining to matters such as intentional misuse of funds, environmental conditions, and material misrepresentations.

​
v3.22.2.2
Goodwill
 9 Months Ended
Sep. 30, 2022
Goodwill.  
Goodwill

7. Goodwill

Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Changes in the value of goodwill at September 30, 2022 as compared to December 31, 2021 were primarily driven by the acquisition of an indirect majority interest in Teraco in August 2022 and changes in exchange rates associated with goodwill balances denominated in foreign currencies – primarily the devaluation of the Euro as compared to the U.S. dollar.

​

The following is a summary of goodwill activity for the nine months ended September 30, 2022 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance as of 

​

​

​

​

​

​

​

Impact of Change

​

Balance as of 

​

​

December 31, 

​

​

​

Goodwill

​

in Foreign

​

September 30, 

Merger / Portfolio Acquisition

    

2021

    

Acquisition

    

Adjustments

    

Exchange Rates

    

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Telx Acquisition

​

$

330,845

​

$

—

​

$

—

​

$

—

​

$

330,845

European Portfolio Acquisition

​

 

448,124

​

 

—

​

 

—

 

 

(72,250)

​

 

375,874

DFT Merger

​

 

2,592,147

​

 

—

​

 

—

 

 

—

​

 

2,592,147

Interxion Combination

​

​

4,547,153

​

​

—

​

​

—

​

​

(608,830)

​

​

3,938,323

Teraco Acquisition

​

​

—

​

​

1,625,994

​

​

—

​

​

(141,145)

​

​

1,484,849

Other Combination

​

​

19,171

​

​

—

​

​

(6,633)

​

​

(6,471)

​

​

6,067

Total

​

$

7,937,440

​

$

1,625,994

​

$

(6,633)

​

$

(828,696)

​

$

8,728,105

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
v3.22.2.2
Acquired Intangible Assets and Liabilities
 9 Months Ended
Sep. 30, 2022
Acquired Intangible Assets and Liabilities  
Acquired Intangible Assets and Liabilities

8. Acquired Intangible Assets and Liabilities

The following table summarizes our acquired intangible assets and liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance as of

​

​

September 30, 2022

​

December 31, 2021

(Amounts in thousands)

​

​

Gross Carrying Amount

​

​

Accumulated Amortization

​

​

Net Carrying Amount

​

​

Gross Carrying Amount

​

​

Accumulated Amortization

​

​

Net Carrying Amount

Customer relationship value

​

$

3,168,834

​

$

(821,923)

​

$

2,346,911

​

$

2,838,842

​

$

(721,983)

​

$

2,116,859

Acquired in-place lease value

​

​

1,355,693

​

​

(1,018,282)

​

​

337,411

​

​

1,278,012

​

​

(995,883)

​

​

282,129

Other

​

​

120,099

​

​

(21,373)

​

​

98,726

​

​

101,869

​

​

(14,688)

​

​

87,181

Acquired above-market leases

​

​

261,807

​

​

(249,492)

​

​

12,315

​

​

268,724

​

$

(247,135)

​

​

21,589

Acquired below-market leases

​

​

(341,978)

​

​

250,638

​

​

(91,340)

​

​

(351,052)

​

​

247,877

​

​

(103,175)

​

Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $65.7 million and $65.2 million for the three months ended September 30, 2022 and 2021 respectively, and approximately $184.6 million and $199.3 million for the nine months ended September 30, 2022 and 2021, respectively.

​

Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase in rental and other services revenue of $1.0 million and a decrease of $(0.7) million for the three months ended September 30, 2022 and 2021, respectively and $1.5 million and $(3.3) million for the nine months ended September 30, 2022 and 2021, respectively.

​

Estimated annual amortization for each of the five succeeding years and thereafter, commencing October 1, 2022 is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(Amounts in thousands)

​

Customer relationship value

​

​

Acquired in-place lease value

​

​

Other (1)

​

​

Acquired above-market leases

​

​

Acquired below-market leases

Remainder of 2022

$

58,376

​

$

15,403

​

$

2,662

​

$

1,937

​

$

(3,253)

2023

 

232,629

​

 

57,553

​

 

4,946

​

 

4,758

​

 

(12,395)

2024

 

232,049

​

 

52,087

​

 

3,690

​

 

2,584

​

 

(11,102)

2025

 

231,547

​

 

49,109

​

 

3,653

​

 

1,452

​

 

(10,117)

2026

 

231,112

​

 

45,103

​

 

3,470

​

 

684

​

 

(8,615)

Thereafter

 

1,361,198

​

 

118,156

​

 

41,101

​

 

900

​

 

(45,858)

Total

$

2,346,911

​

$

337,411

​

$

59,522

​

$

12,315

​

$

(91,340)

​

​

​

(1)Excludes power grid rights in the amount of approximately $39.2 million that are currently not being amortized. Amortization of these assets will begin once the data centers associated with the power grid rights are placed into service.
v3.22.2.2
Debt of the Operating Partnership
 9 Months Ended
Sep. 30, 2022
Debt of the Operating Partnership  
Debt of the Operating Partnership

9. Debt of the Operating Partnership

​

All debt is currently held by the OP or its consolidated subsidiaries, and the Parent is the guarantor or co-guarantor of the global revolving credit facilities, the unsecured term loans and the unsecured senior notes. A summary of outstanding indebtedness is as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

September 30, 2022

    

December 31, 2021

​

​

Weighted-

​

​

​

​

Weighted-

​

​

​

​

​

average

​

Amount

​

average

​

Amount

​

​

interest rate

​

Outstanding

​

interest rate

​

Outstanding

Global revolving credit facilities

​

2.76

%

​

$

2,273,172

​

0.96

%

​

$

415,116

Unsecured term loans

​

1.34

%

​

​

735,151

​

—

%

​

​

—

Unsecured senior notes

​

2.34

%  

​

​

12,375,590

​

2.26

%  

​

​

13,000,042

Secured and other debt

​

7.05

%  

​

 

492,261

​

3.47

%  

​

 

147,082

Total

​

2.33

%  

​

$

15,876,174

  

2.23

%  

​

$

13,562,240

​

The weighted-average interest rates shown represent interest rates at the end of the periods for the debt outstanding and include the impact of designated interest rate swaps, which effectively fix the interest rates on certain variable rate debt.

​

We primarily borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies (in thousands, U.S. dollars):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2022

​

December 31, 2021

​

​

Amount

​

​

​

​

Amount

​

​

​

Denomination of Draw

    

Outstanding

    

% of Total

​

Outstanding

    

% of Total

U.S. dollar ($)

​

$

4,275,903

  

26.9

%

​

$

3,141,951

  

23.2

%

British pound sterling (£)

 

​

1,754,807

  

11.1

%

​

​

2,117,758

​

15.6

%

Euro (€)

​

​

8,390,512

​

52.8

%

​

​

7,532,057

​

55.5

%

Other

​

​

1,454,952

​

9.2

%

​

​

770,474

​

5.7

%

Total

​

$

15,876,174

  

​

​

​

$

13,562,240

  

​

​

​

The table below summarizes debt maturities and principal payments as of September 30, 2022 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Global Revolving

​

Unsecured

​

Unsecured

​

Secured and

​

​

​

​

    

Credit Facilities (1)

    

Term Loans

    

Senior Notes

    

Other Debt

    

Total Debt

2022

​

$

—

​

$

—

​

$

294,060

​

$

—

​

$

294,060

2023

​

​

—

​

​

—

​

​

101,304

​

​

9,335

​

​

110,639

2024

​

​

—

​

​

—

​

​

867,370

​

​

9,381

​

​

876,751

2025

 

​

—

 

​

367,576

 

​

1,083,930

 

​

215,264

 

​

1,666,770

2026

 

​

—

 

​

—

 

​

1,332,300

 

​

111,479

 

​

1,443,779

Thereafter

 

​

2,273,172

 

​

367,575

 

​

8,696,626

 

​

146,802

 

​

11,484,175

Subtotal

​

$

2,273,172

​

$

735,151

​

$

12,375,590

​

$

492,261

​

$

15,876,174

Unamortized net discounts

​

 

—

​

 

—

​

 

(33,072)

​

 

—

​

 

(33,072)

Unamortized deferred financing costs

​

​

(18,033)

​

​

(5,175)

​

​

(61,108)

​

​

(277)

​

​

(84,593)

Total

​

$

2,255,139

​

$

729,976

​

$

12,281,410

​

$

491,984

​

$

15,758,509

(1)Includes amounts outstanding for the Global Revolving Credit Facility and the Yen Revolving Credit Facility (together, referred to as the “Global Revolving Credit Facilities”).

Unsecured Senior Notes

​

The following table provides details of our unsecured senior notes (balances in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Aggregate Principal Amount at Issuance

​

​

​

Balance as of

​

​

Borrowing Currency

​

USD

​

Maturity Date

​

September 30, 2022

​

December 31, 2021

Floating rate notes due 2022

​

€

300,000

​

$

349,800

​

Sep 23, 2022

​

$

—

​

$

341,100

0.125% notes due 2022

​

€

300,000

​

​

332,760

​

Oct 15, 2022

​

​

294,060

​

​

341,100

0.600% notes due 2023

​

CHF

100,000

​

​

108,310

​

Oct 02, 2023

​

​

101,304

​

​

—

2.625% notes due 2024

​

€

600,000

​

​

677,040

​

Apr 15, 2024

​

​

588,120

​

​

682,200

2.750% notes due 2024

​

£

250,000

​

​

324,925

​

Jul 19, 2024

​

​

279,250

​

​

338,300

4.250% notes due 2025

​

£

400,000

​

​

634,480

​

Jan 17, 2025

​

​

446,800

​

​

541,280

0.625% notes due 2025

​

€

650,000

​

​

720,980

​

Jul 15, 2025

​

​

637,130

​

​

739,050

4.750% notes due 2025

​

$

450,000

​

​

450,000

​

Oct 01, 2025

​

​

—

​

​

450,000

2.500% notes due 2026

​

€

1,075,000

​

​

1,224,640

​

Jan 16, 2026

​

​

1,053,715

​

​

1,222,275

0.200% notes due 2026

​

CHF

275,000

​

​

298,404

​

Dec 15, 2026

​

​

278,585

​

​

301,419

1.700% notes due 2027

​

CHF

150,000

​

​

162,465

​

Mar 30, 2027

​

​

151,956

​

​

—

3.700% notes due 2027

​

$

1,000,000

​

​

1,000,000

​

Aug 15, 2027

​

​

1,000,000

​

​

1,000,000

5.550% notes due 2028

​

$

550,000

​

​

550,000

​

Jan 15, 2028

​

​

550,000

​

​

—

1.125% notes due 2028

​

€

500,000

​

​

548,550

​

Apr 09, 2028

​

​

490,100

​

​

568,500

4.450% notes due 2028

​

$

650,000

​

​

650,000

​

Jul 15, 2028

​

​

650,000

​

​

650,000

0.550% notes due 2029

​

CHF

270,000

​

​

292,478

​

Apr 16, 2029

​

​

273,520

​

​

295,938

3.600% notes due 2029

​

$

900,000

​

​

900,000

​

Jul 01, 2029

​

​

900,000

​

​

900,000

3.300% notes due 2029

​

£

350,000

​

​

454,895

​

Jul 19, 2029

​

​

390,950

​

​

473,620

1.500% notes due 2030

​

€

750,000

​

​

831,900

​

Mar 15, 2030

​

​

735,150

​

​

852,750

3.750% notes due 2030

​

£

550,000

​

​

719,825

​

Oct 17, 2030

​

​

614,350

​

​

744,260

1.250% notes due 2031

​

€

500,000

​

​

560,950

​

Feb 01, 2031

​

​

490,100

​

​

568,500

0.625% notes due 2031

​

€

1,000,000

​

​

1,220,700

​

Jul 15, 2031

​

​

980,200

​

​

1,137,000

1.000% notes due 2032

​

€

750,000

​

​

874,500

​

Jan 15, 2032

​

​

735,150

​

​

852,750

1.375% notes due 2032

​

€

750,000

​

​

849,375

​

Jul 18, 2032

​

​

735,150

​

​

—

​

​

​

​

​

​

​

​

​

​

$

12,375,590

​

$

13,000,042

Unamortized discounts, net of premiums

​

​

​

​

​

​

​

(33,072)

​

​

(33,612)

Deferred financing costs, net

​

​

​

​

​

​

​

(61,108)

​

​

(63,060)

Total unsecured senior notes, net of discount and deferred financing costs

​

$

12,281,410

​

$

12,903,370

​

Restrictive Covenants in Unsecured Senior Notes

​

The indentures governing our senior notes contain certain covenants, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 40% and (3) an interest coverage ratio of greater than 1.50. The covenants also require us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At September 30, 2022, we were in compliance with each of these financial covenants.

Early Extinguishment of Unsecured Senior Notes

We recognized the following losses on early extinguishment of unsecured notes:

●During the nine months ended September 30, 2022: $51.1 million primarily due to redemption of the 4.750% Notes due 2025 in February 2022.
●During the nine months ended September 30, 2021: $18.3 million primarily due to redemption of the 2.750% Notes due 2023 in February 2021.

​

Global Revolving Credit Facility Amendment

​

On April 5, 2022, the Operating Partnership entered into an amendment (the “Amendment”) to the Second Amended and Restated Global Senior Credit Agreement (the “Credit Agreement”) The Amendment provides for, among other things: (1) an increase in the size of the global revolving credit facility from $3.0 billion to $3.75 billion and (2) the transition from U.S. dollar London Interbank Offered Rate (LIBOR) to Term Secured Overnight Financing Rate (SOFR) for floating rate borrowings denominated in U.S. dollars for all purposes under the Credit Agreement.

​

Euro Term Loan Agreement

​

On August 11, 2022, Digital Dutch Finco B.V., a wholly owned subsidiary of the Operating Partnership, entered into a term loan agreement (the “Euro Term Loan Agreement”) which governs (i) a €375.0 million three-year senior unsecured term loan facility (the “2025 Term Facility”), the entire amount of which was funded on the closing date, and (ii) a €375.0 million five-year senior unsecured term loan facility (the “2025-27 Term Facility” and, together with the 2025 Term Facility, the “Euro Term Facilities”), comprised of €125.0 million of initial term loans, the entire amount of which was funded on the closing date, and €250.0 million of delayed draw term loan commitments that were not funded on the closing date, and were funded on September 9, 2022. The Euro Term Facilities provide for borrowings in Euros. The 2025 Term Facility matures on August 11, 2025. The 2025-27 Term Facility matures on August 11, 2025, subject to two maturity extension options of one year each. The interest rate for borrowings under the Euro Term Facilities is based on EURIBO, plus a margin based on the corporate credit rating of our long-term senior unsecured debt of between 0.80% and 1.60% per annum. As of the closing date, the applicable rate for borrowings is EURIBO plus 0.95% per annum. We are also required to pay certain fees to the administrative agent under the Euro Term Facilities. The Euro Term Facilities may be voluntarily prepaid in whole or in part at any time without premium or penalty. Amounts borrowed under the Euro Term Facilities and repaid or prepaid may not be reborrowed.

​

5.550% Notes due 2028

​

On September 27, 2022, Digital Realty Trust, L.P. completed an underwritten public offering of $550.0 million aggregate principal amount of its 5.550% Notes due 2028. Interest on the 5.550% Notes due 2028 is payable on January 15 and July 15 of each year, beginning on January 15, 2023, until the maturity date of January 15, 2028. Our obligations under the 5.550% Notes due 2028 are fully and unconditionally guaranteed by Digital Realty Trust, Inc. The terms of the 5.550% Notes due 2028 are governed by a base indenture, dated as of June 23, 2015, by and among Digital Realty Trust, L.P., as issuer, Digital Realty Trust, Inc., as guarantor, and Computershare Trust Company, N.A., as successor to Wells Fargo Bank, National Association, as trustee, as supplemented by a supplemental indenture, dated as of September 27, 2022, by and among Digital Realty Trust, L.P., Digital Realty Trust, Inc. and the trustee. Net proceeds from the offering of the 5.550% Notes due 2028 were approximately $544.5 million, after deducting the managers’ commissions and certain offering expenses.
v3.22.2.2
Earnings per Common Share or Unit
 9 Months Ended
Sep. 30, 2022
Earnings per Common Share or Unit  
Earnings per Common Share or Unit

10. Earnings per Common Share or Unit

The following is a summary of basic and diluted income per share/unit (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, 

​

    

2022

    

2021

    

2022

    

2021

Numerator:

​

​

​

​

​

​

​

​

​

​

​

​

Net income available to common stockholders

​

$

226,894

​

$

124,094

​

$

343,240

​

$

623,869

Plus: Loss attributable to redeemable noncontrolling interest

​

​

(3,548)

​

​

—

​

​

(3,548)

​

​

—

Net income available to common stockholders - diluted EPS

​

​

223,346

​

​

124,094

​

​

339,692

​

​

623,869

​

​

​

​

​

​

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average shares outstanding—basic

​

 

286,693

​

 

283,106

​

 

285,312

​

 

282,005

Potentially dilutive common shares:

​

 

  

​

 

​

​

 

  

​

 

​

Unvested incentive units

​

 

195

​

 

217

​

 

213

​

 

208

Unvested restricted stock

​

​

13

​

​

188

​

​

53

​

​

165

Forward equity offering

​

​

—

​

​

44

​

​

—

​

​

—

Market performance-based awards

​

 

86

​

 

245

​

 

112

​

 

295

Redeemable noncontrolling interest shares (1)

​

​

9,428

​

​

—

​

​

8,568

​

​

—

Weighted average shares outstanding—diluted

​

 

296,415

​

 

283,800

​

 

294,257

​

 

282,673

Income per share:

​

 

  

​

 

  

​

 

  

​

 

  

Basic

​

$

0.79

​

$

0.44

​

$

1.20

​

$

2.21

Diluted

​

$

0.75

​

$

0.44

​

$

1.15

​

$

2.21

​

Digital Realty Trust, L.P. Earnings per Unit

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

    

2022

    

2021

    

2022

    

2021

Numerator:

​

​

​

​

​

​

​

​

​

​

​

​

Net income available to common unitholders

​

$

232,294

​

$

127,094

​

$

351,740

​

$

639,869

Plus: Loss attributable to redeemable noncontrolling interest

​

​

(3,548)

​

​

—

​

​

(3,548)

​

​

—

Net income available to common unitholders - diluted EPS

​

​

228,746

​

​

127,094

​

​

348,192

​

​

639,869

​

​

​

​

​

​

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average units outstanding—basic

​

 

292,536

​

 

289,535

​

 

291,084

​

 

288,897

Potentially dilutive common units:

​

 

  

​

 

  

​

 

  

​

 

  

Unvested incentive units

​

 

195

​

 

217

​

 

213

​

 

208

Unvested restricted units

​

​

13

​

​

188

​

​

53

​

​

165

Forward equity offering

​

​

—

​

​

44

​

​

—

​

​

0

Market performance-based awards

​

 

86

​

 

245

​

 

112

​

 

295

Redeemable noncontrolling interest shares (1)

​

​

9,428

​

​

—

​

​

8,568

​

​

—

Weighted average units outstanding—diluted

​

 

302,258

​

 

290,229

​

 

300,028

​

 

289,565

Income per unit:

​

 

  

​

 

  

​

 

  

​

 

  

Basic

​

$

0.79

​

$

0.44

​

$

1.20

​

$

2.21

Diluted

​

$

0.75

​

$

0.44

​

$

1.15

​

$

2.21

​

(1)Pursuant to the Put/Call Agreement with the Rollover Shareholders who remained after the Teraco Acquisition, the Rollover Shareholders have a put right on the Remaining Interest of Teraco that can be settled by the Company in the Company’s shares, in cash, or a combination of cash and shares. 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 the Company'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.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

The below table 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, 

​

    

2022

    

2021

    

2022

    

2021

Shares subject to Forward Equity Offering

​

3,591

​

—

​

5,364

​

6,250

Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.

 

5,843

 

6,429

 

5,771

 

6,892

Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock

 

—

 

—

 

—

 

722

Potentially dilutive Series J Cumulative Redeemable Preferred Stock

 

1,932

 

1,320

 

1,640

 

1,366

Potentially dilutive Series K Cumulative Redeemable Preferred Stock

​

2,032

​

1,388

​

1,725

​

1,437

Potentially dilutive Series L Cumulative Redeemable Preferred Stock

​

3,333

​

2,276

​

2,829

​

2,357

Total

 

16,731

 

11,413

 

17,329

 

19,024

​
v3.22.2.2
Equity and Capital
 9 Months Ended
Sep. 30, 2022
Equity and Capital  
Equity and Capital

11. Equity and Capital

Equity Distribution Agreement

Digital Realty Trust, Inc. and Digital Realty Trust, L.P. are parties to an at-the-market (ATM) equity offering sales agreement dated April 1, 2022 (the “Sales Agreement”). Pursuant to the Sales Agreement, Digital Realty Trust, Inc. can issue and sell common stock having an aggregate offering price of up to $1.5 billion through various named agents from time to time. For the nine months ended September 30, 2022, we had no sales under the Sales Agreement and $1.5 billion is still available.

Forward Equity Sale

On September 13, 2021, Digital Realty Trust, Inc. completed an underwritten public offering of 6,250,000 shares of its common stock, all of which were offered in connection with forward sale agreements it entered into with certain financial institutions acting as forward purchasers. The forward purchasers borrowed and sold an aggregate of 6,250,000 shares of Digital Realty Trust, Inc.’s common stock in the public offering. Digital Realty Trust, Inc. did not receive any proceeds from the sale of our common stock by the forward purchasers in the public offering. The Company may receive gross proceeds of approximately $1.0 billion (based on the offering price of $155.69 per share) upon full physical settlement of the forward sale agreements, which is to be no later than March 13, 2023. During the three months ended September 30, 2022, we partially settled the forward sale agreements by issuing approximately 2.7 million shares, resulting in proceeds of approximately $400.0 million.

Upon physical settlement of the forward sale agreements, the Operating Partnership is expected to issue general partner common partnership units to Digital Realty Trust, Inc. in exchange for contribution of the net proceeds.

We account for our forward equity sales agreements in accordance with the accounting guidance governing financial instruments and derivatives. As of September 30, 2022, none of our forward equity sales agreements were deemed to be liabilities as they did not embody obligations to repurchase our shares, nor did they embody obligations to issue a variable number of shares for which the monetary value was predominantly fixed, varied with something other than the fair value of our shares, or varied inversely in relation to our shares. We also evaluated whether the agreements met the derivatives and hedging guidance scope exception to be accounted for as equity instruments and concluded that the agreements could be classified as equity contracts based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock.

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, 2022 and December 31, 2021 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2022

​

December 31, 2021

​

​

Number of

​

Percentage of

​

Number of

​

Percentage of

​

    

units

    

total

​

units

    

total

Digital Realty Trust, Inc.

​

287,509

​

97.9

%  

​

284,415

​

98.0

%

Noncontrolling interests consist of:

 

​

 

  

 

​

​

 

  

​

Common units held by third parties

 

4,387

 

1.5

%  

​

4,389

 

1.5

%

Incentive units held by employees and directors (see Note 13 "Incentive Plan")

 

1,908

 

0.6

%  

​

1,543

 

0.5

%

​

 

293,804

 

100.0

%  

​

290,347

 

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 sheet.

The redemption value of the noncontrolling Operating Partnership common units and the vested incentive units was approximately $585.1 million and $1,074.7 million based on the closing market price of Digital Realty Trust, Inc. common stock on September 30, 2022 and December 31, 2021, respectively.

The following table shows activity for the noncontrolling interests in the Operating Partnership for the nine months ended September 30, 2022 (in thousands):

​

​

​

​

​

​

​

​

​

    

Common Units

    

Incentive Units

    

Total

As of December 31, 2021

 

4,389

 

1,542

 

5,931

Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1)

 

(2)

 

—

 

(2)

Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1)

 

—

 

(21)

 

(21)

Incentive units issued upon achievement of market performance condition

 

—

 

221

 

221

Grant of incentive units to employees and directors

 

—

 

169

 

169

Cancellation / forfeitures of incentive units held by employees and directors

 

—

 

(3)

 

(3)

As of September 30, 2022

 

4,387

 

1,908

 

6,295

(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 sheet 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, 2022 (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

​

March 3, 2022

​

March 31, 2022

$

2,625

​

$

3,071

​

$

4,485

​

$

348,025

​

May 24, 2022

​

June 30, 2022

​

2,625

​

​

3,071

​

​

4,485

​

​

348,077

​

August 17, 2022

​

September 30, 2022

​

2,625

​

​

3,071

​

​

4,485

​

​

351,410

​

​

​

​

$

7,875

​

$

9,213

​

$

13,455

​

$

1,047,512

​

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, 2022 (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

​

March 3, 2022

​

March 31, 2022

$

2,625

​

$

3,071

​

$

4,485

​

$

355,812

​

May 24, 2022

​

June 30, 2022

​

2,625

​

​

3,071

​

​

4,485

​

​

355,885

​

August 17, 2022

​

September 30, 2022

​

2,625

​

​

3,071

​

​

4,485

​

​

359,207

​

​

​

​

$

7,875

​

$

9,213

​

$

13,455

​

$

1,070,904

​

Annual rate of distribution per unit

​

​

$

1.31250

​

$

1.46250

​

$

1.30000

​

$

4.88000

​

​
v3.22.2.2
Accumulated Other Comprehensive Income (Loss), Net
 9 Months Ended
Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net.  
Accumulated Other Comprehensive Income (Loss), Net

12. Accumulated Other Comprehensive Income (Loss), Net

The accumulated balances for each item within accumulated other comprehensive income (loss) are shown below (in thousands) for Digital Realty Trust, Inc. and separately for Digital Realty Trust, L.P:

​

Digital Realty Trust, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Foreign currency

​

Cash flow

​

Foreign currency net

​

Accumulated other

​

​

translation

​

hedge

​

investment hedge

​

comprehensive

​

    

adjustments

    

adjustments

    

adjustments

    

income (loss), net

Balance as of December 31, 2021

​

$

(212,653)

​

$

(107)

​

$

38,880

​

$

(173,880)

Net current period change

​

 

(693,822)

​

 

6,050

​

 

—

​

 

(687,772)

Reclassification to interest expense from interest rate swaps

​

 

—

​

 

(1,152)

​

 

—

​

 

(1,152)

Balance as of September 30, 2022

​

$

(906,475)

​

$

4,791

​

$

38,880

​

$

(862,804)

​

Digital Realty Trust, L.P.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Foreign currency

​

Cash flow

​

Foreign currency net

​

Accumulated other

​

​

translation

​

hedge

​

investment hedge

​

comprehensive

​

    

adjustments

    

adjustments

    

adjustments

    

income (loss)

Balance as of December 31, 2021

​

$

(219,882)

​

$

(1,240)

​

$

39,677

​

$

(181,445)

Net current period change

​

 

(710,215)

​

 

6,166

​

 

—

​

 

(704,049)

Reclassification to interest expense from interest rate swaps

​

 

—

​

 

(1,154)

​

 

—

​

 

(1,154)

Balance as of September 30, 2022

​

$

(930,097)

​

$

3,772

​

$

39,677

​

$

(886,648)

​
v3.22.2.2
Incentive Plans
 9 Months Ended
Sep. 30, 2022
Incentive Plans  
Incentive Plans

13. Incentive Plans

2014 Incentive Award Plan

The Company provides incentive awards in the form of common stock or awards convertible into common stock pursuant to the Digital Realty Trust, Inc., Digital Services, Inc. and Digital Realty Trust, L.P. 2014 Incentive Award Plan, as amended (the “Incentive Plan”). The major categories of awards that can be issued under the Incentive Plan include:

Long-Term Incentive Units (“LTIP Units”): LTIP Units, in the form of profits interest units of the Operating Partnership, may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. LTIP Units (other than Class D units), whether vested or not, receive the same quarterly per-unit distributions as Operating Partnership common units. Initially, LTIP Units do not have full parity with common units with respect to liquidating distributions. However, if such parity is reached, vested LTIP Units may be converted into an equal number of common units of the Operating Partnership at any time. The awards generally vest over periods between two and four years.

Service-Based Restricted Stock Units: Service-based Restricted Stock Units, which vest over periods between two and four years, convert to shares of Digital Realty Trust, Inc.’s common stock upon vesting.

Performance-Based Awards (“the Performance Awards”): Performance Awards in the form of Class D units of the Operating Partnership and Restricted Stock Units covering shares of Digital Realty Trust, Inc.’s common stock may be issued to officers and employees of the Company. Depending on the award, the total number of units that qualify to fully

vest is determined based on either a market performance criterion (“Market-Based Performance Awards”) or financial performance criterion (“Financial-Based Performance Awards”).

Market-Based Performance Awards.

The percentage of the total number of units that performance vest for Market-Based Performance Awards is determined by comparing the Company’s total shareholder return (“TSR”) relative to the MSCI US REIT Index (“RMS”) over a three-year period. The awards then have a time-based vesting element that allows for 50% of the performance-vested units to fully vest in the immediately following year and 50% of the performance-vested units to fully vest in the next-subsequent year. The fair value of these awards is determined using a Monte Carlo simulation to estimate the probability of the market vesting condition being satisfied.

Achievement of the market performance condition is measured based on the difference between Digital Realty Trust, Inc.’s TSR percentage and the TSR percentage of the RMS as is shown in the subsequent table (the “RMS Relative Market Performance”).

​

​

​

​

​

​

​

​

​

Market

​

2021-2022

​

Performance

​

RMS Relative

​

Vesting

Level

Market Performance

​

Percentage

Below Threshold Level

≤ -500 basis points

​

0

%

Threshold Level

-500 basis points

​

25

%

Target Level

0 basis points

​

50

%

High Level

≥ 500 basis points

​

100

%

​

If the RMS Relative Market Performance falls between the levels specified in the above table, the percentage of the award that will vest with respect to the market condition will be determined using straight-line linear interpolation between such levels.

​

2019 Awards

Following the completion of the applicable Market Performance Period, in January 2022, the Compensation Committee made the following determinations regarding the vesting of these awards:

●The RMS Relative Market Performance fell between the target and high levels for the 2019 awards and accordingly, 239,436 Class D units and 70,721 Restricted Stock Units performance vested and qualified for time-based vesting.
●The number of performance-vested Class D units included 18,966 distribution equivalent units that immediately vested on December 31, 2021.
●On February 27, 2022, 50% of the 2019 awards vested and the remaining 50% will vest on February 27, 2023, subject to continued employment through the applicable vesting date.

The grant date fair value of the Market-Based Performance Awards was approximately $12.3 million and $25.0 million for the nine months ended September 30, 2022 and 2021, respectively. This amount will be recognized as compensation expense on a straight-line basis over the expected service period of approximately four years.

​

Financial-Based Performance Awards.

On March 4, 2022, the Company granted Financial-Based Performance Awards, based on growth in core funds from operation (“Core FFO”) during the three-year period commencing on January 1, 2022. The awards have a time-based vesting element consistent with the Market-Based Performance Awards discussed above. For these awards, fair value is based on market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period. The grant date fair value of these awards is $12.3 million, based on the Company’s closing stock price at the grant date.

​

Other Items: In addition to the LTIP Units, service-based Restricted Stock Units and Performance Awards described above, one-time grants of time and/or performance-based Class D units and Restricted Stock Units were issued in connection with the Company’s combination with InterXion Holding N.V. These awards vest over a period of two and three years based on the attainment of performance metrics related to the successful integration of the Interxion business and continued service.

As of September 30, 2022, approximately 5.0 million shares of common stock, including awards that can be converted to or exchanged for shares of common stock, remained available for future issuance under the Incentive Plan.

Each LTIP unit and each Class D unit issued under the Incentive Plan counts as one share of common stock for purposes of calculating the limit on shares that may be issued under the Incentive Plan and the individual award limits set forth therein.

Below is a summary of our compensation expense and our unearned compensation (in millions):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expected

​

​

​

​

​

​

​

​

​

​

​

​

​

 

​

​

 

​

​

 

period to

​

​

Deferred Compensation

 

Unearned Compensation

 

recognize

​

​

Expensed

​

Capitalized

​

As of

​

As of

 

unearned

​

    

Three Months Ended September 30, 

​

September 30, 

​

December 31, 

 

compensation

Type of incentive award

    

2022

    

2021

    

2022

    

2021

    

2022

    

2021

    

(in years)

Long-term incentive units

​

$

5.1

​

$

2.8

​

$

0.0

​

$

—

​

$

28.9

​

$

19.8

 

2.2

Performance-based awards

​

 

5.5

​

 

6.4

​

 

0.1

​

 

0.2

​

 

41.3

​

 

39.2

 

2.1

Service-based restricted stock units

​

 

6.7

​

 

4.6

​

 

1.4

​

 

0.9

​

 

61.2

​

 

44.5

 

2.6

Interxion awards

​

​

1.6

​

​

3.1

​

​

—

​

​

—

​

​

3.0

​

​

8.5

​

0.9

​

​

​

​

​

​

​

​

​

​

​

​

​

 

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

​

​

​

​

​

​

​

​

    

2022

    

2021

    

2022

    

2021

    

​

​

​

​

​

​

​

Long-term incentive units

​

$

16.7

​

$

8.7

​

$

0.1

​

$

0.2

​

​

​

​

​

​

​

​

Performance-based awards

​

 

16.1

​

 

21.3

​

 

0.4

​

 

0.6

​

​

​

​

​

​

​

​

Service-based restricted stock units

​

​

18.9

​

​

13.7

​

​

3.7

​

​

2.3

​

​

​

​

​

​

​

​

Interxion awards

​

 

3.7

​

 

17.7

​

 

—

​

 

—

​

​

​

​

​

​

​

​

​

Activity for LTIP Units and service-based Restricted Stock Units for the nine months ended September 30, 2022 is shown below.

​

​

​

​

​

​

​

​

    

​

    

Weighted-Average

​

​

​

 

Grant Date Fair

Unvested LTIP Units

​

Units

 

Value

Unvested, beginning of period

 

250,468

​

$

132.66

Granted

 

168,769

​

 

150.03

Vested

 

(129,900)

​

 

131.21

Cancelled or expired

 

—

​

 

—

Unvested, end of period

 

289,337

​

$

143.44

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

​

 

Grant Date Fair

Unvested Restricted Stock Units

    

Shares

    

Value

Unvested, beginning of period

 

509,369

​

$

129.52

Granted

 

332,758

​

 

136.49

Vested

 

(232,883)

​

 

132.41

Cancelled or expired

 

(61,285)

​

 

132.06

Unvested, end of period

 

547,959

​

$

132.24

​
v3.22.2.2
Derivative Instruments
 9 Months Ended
Sep. 30, 2022
Derivative Instruments  
Derivative Instruments

14. Derivative Instruments

Derivatives Designated as Hedging Instruments

​

Net Investment Hedges

​

In September 2022, we entered into cross-currency interest rate swaps, which effectively convert a portion of our U.S. dollar-denominated fixed-rate debt to foreign currency-denominated fixed-rate debt in order to hedge the currency exposure associated with our net investment in foreign subsidiaries. As of September 30, 2022, we had cross-currency interest rate swaps outstanding with notional amounts of $1.55 billion and maturity dates ranging through 2028. We had no such instruments outstanding as of December 31, 2021.

​

The effect of these net investment hedges on accumulated other comprehensive income and the condensed consolidated income statements for the three and nine months ended September 30, 2022 and 2021 was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

    

​

​

​

2022

    

2021

    

2022

    

2021

Cross-currency interest rate swaps (included component) (1)

​

$

(26,141)

​

$

—

​

$

(26,141)

​

$

—

Cross-currency interest rate swaps (excluded component) (2)

​

​

28,849

​

​

—

​

​

28,849

​

​

—

Total

​

​

​

​

$

2,708

​

$

—

​

$

2,708

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

​

Location of gain or (loss)

​

2022

    

2021

    

2022

    

2021

Cross-currency interest rate swaps (excluded component) (2)

​

​

Interest expense

​

$

650

​

$

—

​

$

650

​

$

—

(1)Included component represents foreign exchange spot rates.
(2)Excluded component represents cross-currency basis spread and interest rates.

​

Cash Flow Hedges  

​

We had no material outstanding derivatives designated as cash flow hedges as of September 30, 2022 or December 31, 2021. Amounts reported in accumulated other comprehensive loss related to interest rate swaps are reclassified to interest expense as interest payments are made on our debt. As of September 30, 2022, we had no material interest rate swap agreements outstanding.

Fair Value of Derivative Instruments

​

The subsequent table presents the fair value of derivative instruments recognized in our condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2022

​

December 31, 2021

​

    

Assets (1)

    

Liabilities (2)

    

Assets (1)

    

Liabilities (2)

Cross-currency interest rate swaps

​

$

19,063

​

$

21,771

​

$

—

​

$

—

(1)As presented in our condensed consolidated balance sheets within other assets.
(2)As presented in our condensed consolidated balance sheets within accounts payable and other accrued liabilities.
v3.22.2.2
Fair Value of Financial Instruments
 9 Months Ended
Sep. 30, 2022
Fair Value of Financial Instruments  
Fair Value of Financial Instruments

15. Fair Value of Financial Instruments

There have been no significant changes in our policy for fair value measurements from what was disclosed in our 2021 Form 10-K.

As of September 30, 2022 and December 31, 2021, the carrying amounts for cash and cash equivalents, restricted cash, accounts and other receivables, accounts payable and other accrued liabilities, accrued dividends and distributions, security deposits and prepaid rents approximate fair value because of the short-term nature of these instruments. The carrying value of our Global Revolving Credit Facilities approximates estimated fair value, because these liabilities have variable interest rates and our credit ratings have remained stable. Differences between the carrying value and fair value of our unsecured senior notes and secured and other debt are caused by differences in interest rates or borrowing spreads that were available to us on September 30, 2022 and December 31, 2021 as compared to those in effect when the debt was issued or assumed.

We calculate the fair value of our secured and other debt and unsecured senior notes based on currently available market rates assuming the loans are outstanding through maturity and considering the collateral and other loan terms. In determining the current market rate for fixed rate debt, a market spread is added to the quoted yields on federal government treasury securities with similar maturity dates to our debt.

The aggregate estimated fair value and carrying value of our Global Revolving Credit Facilities, unsecured term loans, unsecured senior notes and secured and other debt as of the respective periods is shown below (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Categorization

​

As of September 30, 2022

​

As of December 31, 2021

​

​

under the fair value

​

Estimated Fair

​

​

​

​

Estimated Fair

​

​

​

​

    

hierarchy

    

Value

    

Carrying Value

    

Value

    

Carrying Value

Global revolving credit facilities

 

Level 2

​

$

2,273,172

​

$

2,273,172

​

$

415,116

​

$

415,116

Unsecured term loans

 

Level 2

​

$

735,151

​

$

735,151

​

$

—

​

$

—

Unsecured senior notes (1)

 

Level 2

​

 

9,801,701

​

 

12,375,590

​

 

13,580,262

​

 

13,000,042

Secured and other debt (1)

 

Level 2

​

 

484,991

​

 

492,261

​

 

152,511

​

 

147,082

​

​

​

​

$

13,295,015

​

$

15,876,174

​

$

14,147,889

​

$

13,562,240

(1)Valuations for our unsecured senior notes and secured and other debt are determined based on the expected future payments discounted at risk-adjusted rates and quoted market prices.
v3.22.2.2
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2022
Commitments and Contingencies.  
Commitments and Contingencies

16. Commitments and Contingencies

Our properties require periodic investments of capital for tenant-related capital expenditures and for general capital improvements including ground up construction. From time to time in the normal course of our business, we enter into various construction contracts with third parties that may obligate us to make payments. At September 30, 2022, we had open commitments, including amounts reimbursable by customers of approximately $35.5 million, related to construction contracts of approximately $2.6 billion.

In the ordinary course of our business, we may become subject to various legal proceedings. As of September 30, 2022, we were not a party to any legal proceedings which we believe would have a material adverse effect on our operations or financial position.

​
v3.22.2.2
Supplemental Cash Flow Information
 9 Months Ended
Sep. 30, 2022
Supplemental Cash Flow Information  
Supplemental Cash Flow Information

17. Supplemental Cash Flow Information

Cash, cash equivalents, and restricted cash balances as of September 30, 2022, and December 31, 2021:

​

​

​

​

​

​

​

​

​

​

Balance as of

(Amounts in thousands)

    

September 30, 2022

    

December 31, 2021

Cash and cash equivalents

​

$

176,969

​

$

142,698

Restricted cash (included in other assets)

​

 

8,975

​

 

8,787

Total

​

$

185,944

​

$

151,485

​

We paid $252.5 million and $240.9 million for interest, net of amounts capitalized, for the nine months ended September 30, 2022 and 2021, respectively.

​

We paid $29.9 million and $19.6 million for income taxes, net of refunds, for the nine months ended September 30, 2022 and 2021, respectively.

​

Accrued construction related costs totaled $441.9 million and $302.8 million as of September 30, 2022 and 2021, respectively.
v3.22.2.2
Segment and Geographic Information
 9 Months Ended
Sep. 30, 2022
Segment and Geographic Information  
Segment and Geographic Information

18. Segment and Geographic Information

​

Most of the Company’s largest customers are global entities that transact with the Company across multiple geographies worldwide. The Company manages critical decisions around development, operations, and leasing globally based on customer demand considerations to best address the needs of its global customers. In this regard, the Company manages customer relationships on a global basis in order to achieve consistent sales and delivery experience of our products for our customers. In order to best accommodate the needs of our current and potential global customers, the Company manages its operations as a single global business – with one operating segment and, therefore, one reporting segment. A breakout of the Company’s Operating Revenues, Investments in Properties, net, and Operating lease right-of-use assets, net by geography is shown below.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating Revenues

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

(Amounts in millions)

​

2022

​

2021

​

2022

​

2021

Inside the United States

​

$

707.2

​

​

$

710.7

​

​

$

2,052.1

​

​

$

2,087.9

​

Outside the United States

​

​

484.8

​

​

​

422.5

​

​

​

1,406.6

​

​

​

1,228.8

​

Revenue Outside of U.S. %

​

​

40.7

%

​

​

37.3

%

​

​

40.7

%

​

​

37.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investments in Properties, net

​

Operating lease right-of-use assets, net

​

​

As of September 30, 

​

As of December 31, 

​

As of September 30, 

​

As of December 31, 

(Amounts in millions)

​

2022

​

2021

​

2022

​

2021

Inside the United States

​

$

11,255.3

​

​

$

11,167.9

​

​

$

688.9

​

​

$

719.1

​

Outside the United States

​

​

11,051.2

​

​

​

9,594.3

​

​

​

564.4

​

​

​

686.4

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net Assets in Foreign Operations

​

$

5,741.7

​

​

$

3,865.4

​

​

​

​

​

​

​

​

​

​
v3.22.2.2
Gain on Sale of Assets
 9 Months Ended
Sep. 30, 2022
Gain on Sale of Assets  
Gain on Sale of Assets

19. Gain on Sale of Assets

On August 8, 2022, we sold a non-core building in Dallas for net proceeds of approximately $204 million resulting in a net gain on sale of approximately $174 million. The assets and liabilities sold were not representative of a significant component of our portfolio nor did the sale represent a significant shift in our strategy.
v3.22.2.2
Subsequent Events
 9 Months Ended
Sep. 30, 2022
Subsequent Events  
Subsequent Events

20. Subsequent Events

The Company’s 0.125% Notes due 2022 were repaid at maturity on October 17, 2022. The outstanding balance of the notes was $294 million as of September 30, 2022.
v3.22.2.2
General (Policies)
 9 Months Ended
Sep. 30, 2022
General  
Organization and Description of Business

Organization and Description of Business. Digital Realty Trust, Inc. (the Parent), through its controlling interest in Digital Realty Trust, L.P. (the Operating Partnership or the OP) and the subsidiaries of the OP (collectively, we, our, us or the Company), is a leading global provider of data center (including colocation and interconnection) solutions for customers across a variety of industry verticals ranging from cloud and information technology services, social networking and communications to financial services, manufacturing, energy, healthcare, and consumer products. The OP, a Maryland limited partnership, is the entity through which the Parent, a Maryland corporation, conducts its business of owning, acquiring, developing and operating data centers. The Parent operates as a REIT for U.S. federal income tax purposes.

​

The Parent’s only material asset is its ownership of partnership interests of the OP. The Parent generally does not conduct business itself, other than acting as the sole general partner of the OP, issuing public securities from time to time and guaranteeing certain unsecured debt of the OP and certain of its subsidiaries and affiliates. The Parent has not issued any debt but guarantees the unsecured debt of the OP and certain of its subsidiaries and affiliates.

​

The OP holds substantially all the assets of the Company. The OP conducts the operations of the business and has no publicly traded equity. Except for net proceeds from public equity issuances by the Parent, which are generally contributed to the OP in exchange for partnership units, the OP generally generates the capital required by the Company’s business primarily through the OP’s operations, by the OP’s or its affiliates’ direct or indirect incurrence of indebtedness or through the issuance of partnership units.
Accounting Principles and Basis of Presentation

Accounting Principles and Basis of Presentation. The accompanying unaudited interim condensed consolidated financial statements and accompanying notes (the “Financial Statements”) are prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and are presented in our reporting currency, the U.S. dollar. All of the accounts of the Parent, the OP, and the subsidiaries of the OP are included in the accompanying Financial Statements. All material intercompany transactions with consolidated entities have been eliminated. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair statement of the results for the interim periods presented. Interim results are not always indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2021 (“2021 Form 10-K”), as filed with the U.S. Securities and Exchange Commission (“SEC”), our Quarterly Report on Form 10-Q for the quarters ended March 31, 2022 and June 30, 2022, as filed with the SEC, and other filings with the SEC.
Management Estimates and Assumptions

Management Estimates and Assumptions. U.S. GAAP requires us to make estimates and assumptions that affect reported amounts of revenue and expenses during the reporting period, reported amounts for assets and liabilities as of the date of the financial statements, and disclosures of contingent assets and liabilities as of the date of the financial statements. Although we believe the estimates and assumptions we made are reasonable and appropriate, as discussed in the applicable sections throughout the consolidated financial statements, different assumptions and estimates could materially impact our reported results. Actual results and outcomes may differ from our assumptions.

New Accounting Pronouncements

New Accounting Pronouncements. Recently issued accounting pronouncements that have yet to be adopted by the Company are not expected to have a material impact to the condensed consolidated financial statements.
v3.22.2.2
Investments in Properties (Tables)
 9 Months Ended
Sep. 30, 2022
Investments in Properties  
Schedule of Investments in Properties

A summary of our investments in properties is below (in thousands):

​

​

​

​

​

​

​

​

​

Property Type

​

As of September 30, 2022

​

​

As of December 31, 2021

Land

​

$

1,004,328

​

​

$

1,019,723

Acquired ground lease

​

​

5,552

​

​

​

6,721

Buildings and improvements

​

​

23,113,155

​

​

​

21,914,091

Tenant improvements

​

​

753,565

​

​

​

684,915

​

​

​

24,876,600

​

​

​

23,625,450

Accumulated depreciation and amortization

​

​

(6,826,918)

​

​

​

(6,210,281)

Investments in operating properties, net

​

​

18,049,682

​

​

​

17,415,169

Construction in progress and space held for development

​

​

4,222,142

​

​

​

3,213,389

Land held for future development

​

​

34,713

​

​

​

133,683

Investments in properties, net

​

$

22,306,537

​

​

$

20,762,241
v3.22.2.2
Business Combinations (Tables)
 9 Months Ended
Sep. 30, 2022
Business Combinations  
Summary of Provisional Fair Value of Assets and Liabilities Acquired

The following table summarizes the provisional fair value amounts recorded at the acquisition date (in thousands):

​

​

​

​

​

​

​

Provisional Fair Value

​

​

Amounts

Building and improvements

​

$

1,376,128

Construction in progress and space held for development

​

​

521,153

Operating lease right-of-use assets

​

​

2,784

Assumed cash and cash equivalents

​

​

5,528

Goodwill

​

 

1,625,994

Customer relationship value and other intangibles (weighted-average amortization life of 7 years)

​

 

720,126

Debt assumed

​

​

(355,688)

Operating lease liabilities

​

 

(4,031)

Deferred tax liabilities, net

​

​

(632,841)

Redeemable noncontrolling interests

​

​

(1,530,090)

Working capital assets, net

​

​

1,112

Total purchase consideration

​

$

1,730,176
v3.22.2.2
Receivables (Tables)
 9 Months Ended
Sep. 30, 2022
Receivables  
Schedule of accounts and other receivables, net is primarily comprised of contractual rents and other lease-related obligations

​

​

​

​

​

​

​

​

​

​

Balance as of

​

Balance as of

(Amounts in thousands):

​

September 30, 2022

​

December 31, 2021

Accounts receivable – trade

​

$

508,402

​

$

393,110

Allowance for doubtful accounts

​

​

(36,278)

​

​

(28,574)

Accounts receivable – trade, net

​

​

472,124

​

​

364,536

​

​

​

​

​

​

​

Accounts receivable – customer recoveries

​

​

169,053

​

​

131,538

Value-added tax receivables

​

​

111,269

​

​

104,036

Accounts receivable – installation fees

​

​

49,539

​

​

43,626

Other receivables

​

​

59,132

​

​

27,985

Accounts and other receivables, net

​

$

861,117

​

$

671,721
Schedule of deferred rent receivables

​

​

​

​

​

​

​

​

​

​

Balance as of

​

Balance as of

(Amounts in thousands):

​

September 30, 2022

​

December 31, 2021

Deferred rent receivables

​

$

573,378

​

$

556,251

Allowance for deferred rent receivables

​

​

(17,180)

​

​

(8,866)

Deferred rent receivables, net

​

$

556,198

​

$

547,385
v3.22.2.2
Investments in Unconsolidated Entities (Tables)
 9 Months Ended
Sep. 30, 2022
Investments in Unconsolidated Entities.  
Summary of Financial Information for Unconsolidated Entities

A summary of the Company’s investments in unconsolidated entities accounted for under the equity method of accounting is shown below (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year

​

Metropolitan

​

​

​

​

Balance as of

​

Balance as of

Entity

​

Entity Formed

​

Area of Properties

​

% Ownership

​

​

September 30, 2022

​

​

December 31, 2021

Digital Core REIT (DCRU)

​

2021

​

U.S. / Canada

​

35

%

​

$

328,094

​

$

343,317

Ownership interest in DCRU operating properties

​

2021

​

U.S. / Canada

​

10

%

​

​

139,223

​

​

144,050

Ascenty

​

2019

​

Brazil / Chile / Mexico

​

51

%

​

​

620,068

​

​

553,031

Mapletree

​

2019

​

Northern Virginia

​

20

%  

​

​

163,239

​

​

172,465

Mitsubishi

​

Various

​

Osaka / Tokyo

​

50

%  

​

 

391,859

​

 

401,509

Lumen

​

2012

​

Hong Kong

​

50

%  

​

 

69,704

​

 

68,854

Other

​

Various

​

U.S. / India / Nigeria

​

Various

​

​

 

200,771

​

 

124,463

Total

​

​

​

  

​

  

​

​

$

1,912,958

​

$

1,807,689
v3.22.2.2
Goodwill (Tables)
 9 Months Ended
Sep. 30, 2022
Goodwill.  
Schedule of Goodwill

The following is a summary of goodwill activity for the nine months ended September 30, 2022 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance as of 

​

​

​

​

​

​

​

Impact of Change

​

Balance as of 

​

​

December 31, 

​

​

​

Goodwill

​

in Foreign

​

September 30, 

Merger / Portfolio Acquisition

    

2021

    

Acquisition

    

Adjustments

    

Exchange Rates

    

2022

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Telx Acquisition

​

$

330,845

​

$

—

​

$

—

​

$

—

​

$

330,845

European Portfolio Acquisition

​

 

448,124

​

 

—

​

 

—

 

 

(72,250)

​

 

375,874

DFT Merger

​

 

2,592,147

​

 

—

​

 

—

 

 

—

​

 

2,592,147

Interxion Combination

​

​

4,547,153

​

​

—

​

​

—

​

​

(608,830)

​

​

3,938,323

Teraco Acquisition

​

​

—

​

​

1,625,994

​

​

—

​

​

(141,145)

​

​

1,484,849

Other Combination

​

​

19,171

​

​

—

​

​

(6,633)

​

​

(6,471)

​

​

6,067

Total

​

$

7,937,440

​

$

1,625,994

​

$

(6,633)

​

$

(828,696)

​

$

8,728,105

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​
v3.22.2.2
Acquired Intangible Assets and Liabilities (Tables)
 9 Months Ended
Sep. 30, 2022
Acquired Intangible Assets and Liabilities  
Summary of Acquired Intangible Assets and Liabilities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance as of

​

​

September 30, 2022

​

December 31, 2021

(Amounts in thousands)

​

​

Gross Carrying Amount

​

​

Accumulated Amortization

​

​

Net Carrying Amount

​

​

Gross Carrying Amount

​

​

Accumulated Amortization

​

​

Net Carrying Amount

Customer relationship value

​

$

3,168,834

​

$

(821,923)

​

$

2,346,911

​

$

2,838,842

​

$

(721,983)

​

$

2,116,859

Acquired in-place lease value

​

​

1,355,693

​

​

(1,018,282)

​

​

337,411

​

​

1,278,012

​

​

(995,883)

​

​

282,129

Other

​

​

120,099

​

​

(21,373)

​

​

98,726

​

​

101,869

​

​

(14,688)

​

​

87,181

Acquired above-market leases

​

​

261,807

​

​

(249,492)

​

​

12,315

​

​

268,724

​

$

(247,135)

​

​

21,589

Acquired below-market leases

​

​

(341,978)

​

​

250,638

​

​

(91,340)

​

​

(351,052)

​

​

247,877

​

​

(103,175)
Schedule of Estimated Annual Amortization of Acquired of Intangible Assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(Amounts in thousands)

​

Customer relationship value

​

​

Acquired in-place lease value

​

​

Other (1)

​

​

Acquired above-market leases

​

​

Acquired below-market leases

Remainder of 2022

$

58,376

​

$

15,403

​

$

2,662

​

$

1,937

​

$

(3,253)

2023

 

232,629

​

 

57,553

​

 

4,946

​

 

4,758

​

 

(12,395)

2024

 

232,049

​

 

52,087

​

 

3,690

​

 

2,584

​

 

(11,102)

2025

 

231,547

​

 

49,109

​

 

3,653

​

 

1,452

​

 

(10,117)

2026

 

231,112

​

 

45,103

​

 

3,470

​

 

684

​

 

(8,615)

Thereafter

 

1,361,198

​

 

118,156

​

 

41,101

​

 

900

​

 

(45,858)

Total

$

2,346,911

​

$

337,411

​

$

59,522

​

$

12,315

​

$

(91,340)

​

​

​

(1)Excludes power grid rights in the amount of approximately $39.2 million that are currently not being amortized. Amortization of these assets will begin once the data centers associated with the power grid rights are placed into service.
v3.22.2.2
Debt of the Operating Partnership (Tables)
 9 Months Ended
Sep. 30, 2022
Debt of the Operating Partnership  
Summary of Outstanding Indebtedness of the Operating Partnership

​

​

​

​

​

​

​

​

​

​

​

​

​

​

    

September 30, 2022

    

December 31, 2021

​

​

Weighted-

​

​

​

​

Weighted-

​

​

​

​

​

average

​

Amount

​

average

​

Amount

​

​

interest rate

​

Outstanding

​

interest rate

​

Outstanding

Global revolving credit facilities

​

2.76

%

​

$

2,273,172

​

0.96

%

​

$

415,116

Unsecured term loans

​

1.34

%

​

​

735,151

​

—

%

​

​

—

Unsecured senior notes

​

2.34

%  

​

​

12,375,590

​

2.26

%  

​

​

13,000,042

Secured and other debt

​

7.05

%  

​

 

492,261

​

3.47

%  

​

 

147,082

Total

​

2.33

%  

​

$

15,876,174

  

2.23

%  

​

$

13,562,240
Schedule of Debt In Functional Currencies

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2022

​

December 31, 2021

​

​

Amount

​

​

​

​

Amount

​

​

​

Denomination of Draw

    

Outstanding

    

% of Total

​

Outstanding

    

% of Total

U.S. dollar ($)

​

$

4,275,903

  

26.9

%

​

$

3,141,951

  

23.2

%

British pound sterling (£)

 

​

1,754,807

  

11.1

%

​

​

2,117,758

​

15.6

%

Euro (€)

​

​

8,390,512

​

52.8

%

​

​

7,532,057

​

55.5

%

Other

​

​

1,454,952

​

9.2

%

​

​

770,474

​

5.7

%

Total

​

$

15,876,174

  

​

​

​

$

13,562,240

  

​

​
Schedule of Debt Maturities and Principal Maturities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2022

​

December 31, 2021

​

​

Amount

​

​

​

​

Amount

​

​

​

Denomination of Draw

    

Outstanding

    

% of Total

​

Outstanding

    

% of Total

U.S. dollar ($)

​

$

4,275,903

  

26.9

%

​

$

3,141,951

  

23.2

%

British pound sterling (£)

 

​

1,754,807

  

11.1

%

​

​

2,117,758

​

15.6

%

Euro (€)

​

​

8,390,512

​

52.8

%

​

​

7,532,057

​

55.5

%

Other

​

​

1,454,952

​

9.2

%

​

​

770,474

​

5.7

%

Total

​

$

15,876,174

  

​

​

​

$

13,562,240

  

​

​
Schedule of Unsecured Senior Notes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Aggregate Principal Amount at Issuance

​

​

​

Balance as of

​

​

Borrowing Currency

​

USD

​

Maturity Date

​

September 30, 2022

​

December 31, 2021

Floating rate notes due 2022

​

€

300,000

​

$

349,800

​

Sep 23, 2022

​

$

—

​

$

341,100

0.125% notes due 2022

​

€

300,000

​

​

332,760

​

Oct 15, 2022

​

​

294,060

​

​

341,100

0.600% notes due 2023

​

CHF

100,000

​

​

108,310

​

Oct 02, 2023

​

​

101,304

​

​

—

2.625% notes due 2024

​

€

600,000

​

​

677,040

​

Apr 15, 2024

​

​

588,120

​

​

682,200

2.750% notes due 2024

​

£

250,000

​

​

324,925

​

Jul 19, 2024

​

​

279,250

​

​

338,300

4.250% notes due 2025

​

£

400,000

​

​

634,480

​

Jan 17, 2025

​

​

446,800

​

​

541,280

0.625% notes due 2025

​

€

650,000

​

​

720,980

​

Jul 15, 2025

​

​

637,130

​

​

739,050

4.750% notes due 2025

​

$

450,000

​

​

450,000

​

Oct 01, 2025

​

​

—

​

​

450,000

2.500% notes due 2026

​

€

1,075,000

​

​

1,224,640

​

Jan 16, 2026

​

​

1,053,715

​

​

1,222,275

0.200% notes due 2026

​

CHF

275,000

​

​

298,404

​

Dec 15, 2026

​

​

278,585

​

​

301,419

1.700% notes due 2027

​

CHF

150,000

​

​

162,465

​

Mar 30, 2027

​

​

151,956

​

​

—

3.700% notes due 2027

​

$

1,000,000

​

​

1,000,000

​

Aug 15, 2027

​

​

1,000,000

​

​

1,000,000

5.550% notes due 2028

​

$

550,000

​

​

550,000

​

Jan 15, 2028

​

​

550,000

​

​

—

1.125% notes due 2028

​

€

500,000

​

​

548,550

​

Apr 09, 2028

​

​

490,100

​

​

568,500

4.450% notes due 2028

​

$

650,000

​

​

650,000

​

Jul 15, 2028

​

​

650,000

​

​

650,000

0.550% notes due 2029

​

CHF

270,000

​

​

292,478

​

Apr 16, 2029

​

​

273,520

​

​

295,938

3.600% notes due 2029

​

$

900,000

​

​

900,000

​

Jul 01, 2029

​

​

900,000

​

​

900,000

3.300% notes due 2029

​

£

350,000

​

​

454,895

​

Jul 19, 2029

​

​

390,950

​

​

473,620

1.500% notes due 2030

​

€

750,000

​

​

831,900

​

Mar 15, 2030

​

​

735,150

​

​

852,750

3.750% notes due 2030

​

£

550,000

​

​

719,825

​

Oct 17, 2030

​

​

614,350

​

​

744,260

1.250% notes due 2031

​

€

500,000

​

​

560,950

​

Feb 01, 2031

​

​

490,100

​

​

568,500

0.625% notes due 2031

​

€

1,000,000

​

​

1,220,700

​

Jul 15, 2031

​

​

980,200

​

​

1,137,000

1.000% notes due 2032

​

€

750,000

​

​

874,500

​

Jan 15, 2032

​

​

735,150

​

​

852,750

1.375% notes due 2032

​

€

750,000

​

​

849,375

​

Jul 18, 2032

​

​

735,150

​

​

—

​

​

​

​

​

​

​

​

​

​

$

12,375,590

​

$

13,000,042

Unamortized discounts, net of premiums

​

​

​

​

​

​

​

(33,072)

​

​

(33,612)

Deferred financing costs, net

​

​

​

​

​

​

​

(61,108)

​

​

(63,060)

Total unsecured senior notes, net of discount and deferred financing costs

​

$

12,281,410

​

$

12,903,370
v3.22.2.2
Earnings per Common Share or Unit (Tables)
 9 Months Ended
Sep. 30, 2022
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 income per share/unit (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, 

​

    

2022

    

2021

    

2022

    

2021

Numerator:

​

​

​

​

​

​

​

​

​

​

​

​

Net income available to common stockholders

​

$

226,894

​

$

124,094

​

$

343,240

​

$

623,869

Plus: Loss attributable to redeemable noncontrolling interest

​

​

(3,548)

​

​

—

​

​

(3,548)

​

​

—

Net income available to common stockholders - diluted EPS

​

​

223,346

​

​

124,094

​

​

339,692

​

​

623,869

​

​

​

​

​

​

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average shares outstanding—basic

​

 

286,693

​

 

283,106

​

 

285,312

​

 

282,005

Potentially dilutive common shares:

​

 

  

​

 

​

​

 

  

​

 

​

Unvested incentive units

​

 

195

​

 

217

​

 

213

​

 

208

Unvested restricted stock

​

​

13

​

​

188

​

​

53

​

​

165

Forward equity offering

​

​

—

​

​

44

​

​

—

​

​

—

Market performance-based awards

​

 

86

​

 

245

​

 

112

​

 

295

Redeemable noncontrolling interest shares (1)

​

​

9,428

​

​

—

​

​

8,568

​

​

—

Weighted average shares outstanding—diluted

​

 

296,415

​

 

283,800

​

 

294,257

​

 

282,673

Income per share:

​

 

  

​

 

  

​

 

  

​

 

  

Basic

​

$

0.79

​

$

0.44

​

$

1.20

​

$

2.21

Diluted

​

$

0.75

​

$

0.44

​

$

1.15

​

$

2.21

​

Digital Realty Trust, L.P. Earnings per Unit

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

    

2022

    

2021

    

2022

    

2021

Numerator:

​

​

​

​

​

​

​

​

​

​

​

​

Net income available to common unitholders

​

$

232,294

​

$

127,094

​

$

351,740

​

$

639,869

Plus: Loss attributable to redeemable noncontrolling interest

​

​

(3,548)

​

​

—

​

​

(3,548)

​

​

—

Net income available to common unitholders - diluted EPS

​

​

228,746

​

​

127,094

​

​

348,192

​

​

639,869

​

​

​

​

​

​

​

​

​

​

​

​

​

Denominator:

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average units outstanding—basic

​

 

292,536

​

 

289,535

​

 

291,084

​

 

288,897

Potentially dilutive common units:

​

 

  

​

 

  

​

 

  

​

 

  

Unvested incentive units

​

 

195

​

 

217

​

 

213

​

 

208

Unvested restricted units

​

​

13

​

​

188

​

​

53

​

​

165

Forward equity offering

​

​

—

​

​

44

​

​

—

​

​

0

Market performance-based awards

​

 

86

​

 

245

​

 

112

​

 

295

Redeemable noncontrolling interest shares (1)

​

​

9,428

​

​

—

​

​

8,568

​

​

—

Weighted average units outstanding—diluted

​

 

302,258

​

 

290,229

​

 

300,028

​

 

289,565

Income per unit:

​

 

  

​

 

  

​

 

  

​

 

  

Basic

​

$

0.79

​

$

0.44

​

$

1.20

​

$

2.21

Diluted

​

$

0.75

​

$

0.44

​

$

1.15

​

$

2.21

​

(1)Pursuant to the Put/Call Agreement with the Rollover Shareholders who remained after the Teraco Acquisition, the Rollover Shareholders have a put right on the Remaining Interest of Teraco that can be settled by the Company in the Company’s shares, in cash, or a combination of cash and shares. 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 the Company'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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

    

2022

    

2021

    

2022

    

2021

Shares subject to Forward Equity Offering

​

3,591

​

—

​

5,364

​

6,250

Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.

 

5,843

 

6,429

 

5,771

 

6,892

Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock

 

—

 

—

 

—

 

722

Potentially dilutive Series J Cumulative Redeemable Preferred Stock

 

1,932

 

1,320

 

1,640

 

1,366

Potentially dilutive Series K Cumulative Redeemable Preferred Stock

​

2,032

​

1,388

​

1,725

​

1,437

Potentially dilutive Series L Cumulative Redeemable Preferred Stock

​

3,333

​

2,276

​

2,829

​

2,357

Total

 

16,731

 

11,413

 

17,329

 

19,024
v3.22.2.2
Equity and Capital (Tables)
 9 Months Ended
Sep. 30, 2022
Class of Stock  
Ownership Interest In The Operating Partnership

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2022

​

December 31, 2021

​

​

Number of

​

Percentage of

​

Number of

​

Percentage of

​

    

units

    

total

​

units

    

total

Digital Realty Trust, Inc.

​

287,509

​

97.9

%  

​

284,415

​

98.0

%

Noncontrolling interests consist of:

 

​

 

  

 

​

​

 

  

​

Common units held by third parties

 

4,387

 

1.5

%  

​

4,389

 

1.5

%

Incentive units held by employees and directors (see Note 13 "Incentive Plan")

 

1,908

 

0.6

%  

​

1,543

 

0.5

%

​

 

293,804

 

100.0

%  

​

290,347

 

100.0

%
Summary of Activity for Noncontrolling Interests in the Operating Partnership

The following table shows activity for the noncontrolling interests in the Operating Partnership for the nine months ended September 30, 2022 (in thousands):

​

​

​

​

​

​

​

​

​

    

Common Units

    

Incentive Units

    

Total

As of December 31, 2021

 

4,389

 

1,542

 

5,931

Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1)

 

(2)

 

—

 

(2)

Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1)

 

—

 

(21)

 

(21)

Incentive units issued upon achievement of market performance condition

 

—

 

221

 

221

Grant of incentive units to employees and directors

 

—

 

169

 

169

Cancellation / forfeitures of incentive units held by employees and directors

 

—

 

(3)

 

(3)

As of September 30, 2022

 

4,387

 

1,908

 

6,295

(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 sheet of Digital Realty Trust, Inc.
Schedule of Dividends and Distributions

We have declared and paid the following dividends on our common and preferred stock for the nine months ended September 30, 2022 (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

​

March 3, 2022

​

March 31, 2022

$

2,625

​

$

3,071

​

$

4,485

​

$

348,025

​

May 24, 2022

​

June 30, 2022

​

2,625

​

​

3,071

​

​

4,485

​

​

348,077

​

August 17, 2022

​

September 30, 2022

​

2,625

​

​

3,071

​

​

4,485

​

​

351,410

​

​

​

​

$

7,875

​

$

9,213

​

$

13,455

​

$

1,047,512

​

Annual rate of dividend per share

​

​

$

1.31250

​

$

1.46250

​

$

1.30000

​

$

4.88000

​
Digital Realty Trust, L.P.  
Class of Stock  
Schedule of Dividends and 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, 2022 (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

​

March 3, 2022

​

March 31, 2022

$

2,625

​

$

3,071

​

$

4,485

​

$

355,812

​

May 24, 2022

​

June 30, 2022

​

2,625

​

​

3,071

​

​

4,485

​

​

355,885

​

August 17, 2022

​

September 30, 2022

​

2,625

​

​

3,071

​

​

4,485

​

​

359,207

​

​

​

​

$

7,875

​

$

9,213

​

$

13,455

​

$

1,070,904

​

Annual rate of distribution per unit

​

​

$

1.31250

​

$

1.46250

​

$

1.30000

​

$

4.88000

​
v3.22.2.2
Accumulated Other Comprehensive Income (Loss), Net (Tables)
 9 Months Ended
Sep. 30, 2022
Accumulated Other Comprehensive Income (Loss), Net.  
Schedule of Accumulated Other Comprehensive Income (Loss), Net

Digital Realty Trust, Inc.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Foreign currency

​

Cash flow

​

Foreign currency net

​

Accumulated other

​

​

translation

​

hedge

​

investment hedge

​

comprehensive

​

    

adjustments

    

adjustments

    

adjustments

    

income (loss), net

Balance as of December 31, 2021

​

$

(212,653)

​

$

(107)

​

$

38,880

​

$

(173,880)

Net current period change

​

 

(693,822)

​

 

6,050

​

 

—

​

 

(687,772)

Reclassification to interest expense from interest rate swaps

​

 

—

​

 

(1,152)

​

 

—

​

 

(1,152)

Balance as of September 30, 2022

​

$

(906,475)

​

$

4,791

​

$

38,880

​

$

(862,804)

​

Digital Realty Trust, L.P.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Foreign currency

​

Cash flow

​

Foreign currency net

​

Accumulated other

​

​

translation

​

hedge

​

investment hedge

​

comprehensive

​

    

adjustments

    

adjustments

    

adjustments

    

income (loss)

Balance as of December 31, 2021

​

$

(219,882)

​

$

(1,240)

​

$

39,677

​

$

(181,445)

Net current period change

​

 

(710,215)

​

 

6,166

​

 

—

​

 

(704,049)

Reclassification to interest expense from interest rate swaps

​

 

—

​

 

(1,154)

​

 

—

​

 

(1,154)

Balance as of September 30, 2022

​

$

(930,097)

​

$

3,772

​

$

39,677

​

$

(886,648)
v3.22.2.2
Incentive Plans (Tables)
 9 Months Ended
Sep. 30, 2022
Incentive Plans  
Market Performance Based Awards

​

​

​

​

​

​

​

​

​

Market

​

2021-2022

​

Performance

​

RMS Relative

​

Vesting

Level

Market Performance

​

Percentage

Below Threshold Level

≤ -500 basis points

​

0

%

Threshold Level

-500 basis points

​

25

%

Target Level

0 basis points

​

50

%

High Level

≥ 500 basis points

​

100

%
Schedule of compensation expense and unearned compensation

Below is a summary of our compensation expense and our unearned compensation (in millions):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Expected

​

​

​

​

​

​

​

​

​

​

​

​

​

 

​

​

 

​

​

 

period to

​

​

Deferred Compensation

 

Unearned Compensation

 

recognize

​

​

Expensed

​

Capitalized

​

As of

​

As of

 

unearned

​

    

Three Months Ended September 30, 

​

September 30, 

​

December 31, 

 

compensation

Type of incentive award

    

2022

    

2021

    

2022

    

2021

    

2022

    

2021

    

(in years)

Long-term incentive units

​

$

5.1

​

$

2.8

​

$

0.0

​

$

—

​

$

28.9

​

$

19.8

 

2.2

Performance-based awards

​

 

5.5

​

 

6.4

​

 

0.1

​

 

0.2

​

 

41.3

​

 

39.2

 

2.1

Service-based restricted stock units

​

 

6.7

​

 

4.6

​

 

1.4

​

 

0.9

​

 

61.2

​

 

44.5

 

2.6

Interxion awards

​

​

1.6

​

​

3.1

​

​

—

​

​

—

​

​

3.0

​

​

8.5

​

0.9

​

​

​

​

​

​

​

​

​

​

​

​

​

 

​

​

​

​

​

​

​

​

​

Nine Months Ended September 30, 

​

​

​

​

​

​

​

​

​

    

2022

    

2021

    

2022

    

2021

    

​

​

​

​

​

​

​

Long-term incentive units

​

$

16.7

​

$

8.7

​

$

0.1

​

$

0.2

​

​

​

​

​

​

​

​

Performance-based awards

​

 

16.1

​

 

21.3

​

 

0.4

​

 

0.6

​

​

​

​

​

​

​

​

Service-based restricted stock units

​

​

18.9

​

​

13.7

​

​

3.7

​

​

2.3

​

​

​

​

​

​

​

​

Interxion awards

​

 

3.7

​

 

17.7

​

 

—

​

 

—

​

​

​

​

​

​

​

​

​
Summary of Long-Term Incentive Unit Activity

​

​

​

​

​

​

​

​

    

​

    

Weighted-Average

​

​

​

 

Grant Date Fair

Unvested LTIP Units

​

Units

 

Value

Unvested, beginning of period

 

250,468

​

$

132.66

Granted

 

168,769

​

 

150.03

Vested

 

(129,900)

​

 

131.21

Cancelled or expired

 

—

​

 

—

Unvested, end of period

 

289,337

​

$

143.44
Summary of Restricted Stock Activity

​

​

​

​

​

​

​

​

​

​

​

Weighted-Average

​

​

​

 

Grant Date Fair

Unvested Restricted Stock Units

    

Shares

    

Value

Unvested, beginning of period

 

509,369

​

$

129.52

Granted

 

332,758

​

 

136.49

Vested

 

(232,883)

​

 

132.41

Cancelled or expired

 

(61,285)

​

 

132.06

Unvested, end of period

 

547,959

​

$

132.24
v3.22.2.2
Derivative Instruments (Tables)
 9 Months Ended
Sep. 30, 2022
Derivative Instruments  
Schedule of effective portion of gains and losses on derivative instruments

The effect of these net investment hedges on accumulated other comprehensive income and the condensed consolidated income statements for the three and nine months ended September 30, 2022 and 2021 was as follows (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

    

​

​

​

2022

    

2021

    

2022

    

2021

Cross-currency interest rate swaps (included component) (1)

​

$

(26,141)

​

$

—

​

$

(26,141)

​

$

—

Cross-currency interest rate swaps (excluded component) (2)

​

​

28,849

​

​

—

​

​

28,849

​

​

—

Total

​

​

​

​

$

2,708

​

$

—

​

$

2,708

​

$

—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

​

​

​

Location of gain or (loss)

​

2022

    

2021

    

2022

    

2021

Cross-currency interest rate swaps (excluded component) (2)

​

​

Interest expense

​

$

650

​

$

—

​

$

650

​

$

—

(1)Included component represents foreign exchange spot rates.
(2)Excluded component represents cross-currency basis spread and interest rates.
Schedule of fair value of derivative instruments in Balance sheets

The subsequent table presents the fair value of derivative instruments recognized in our condensed consolidated balance sheets as of September 30, 2022 and December 31, 2021 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2022

​

December 31, 2021

​

    

Assets (1)

    

Liabilities (2)

    

Assets (1)

    

Liabilities (2)

Cross-currency interest rate swaps

​

$

19,063

​

$

21,771

​

$

—

​

$

—

(1)As presented in our condensed consolidated balance sheets within other assets.
(2)As presented in our condensed consolidated balance sheets within accounts payable and other accrued liabilities.
v3.22.2.2
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2022
Fair Value of Financial Instruments  
Estimated Fair Value And Carrying Amounts

The aggregate estimated fair value and carrying value of our Global Revolving Credit Facilities, unsecured term loans, unsecured senior notes and secured and other debt as of the respective periods is shown below (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Categorization

​

As of September 30, 2022

​

As of December 31, 2021

​

​

under the fair value

​

Estimated Fair

​

​

​

​

Estimated Fair

​

​

​

​

    

hierarchy

    

Value

    

Carrying Value

    

Value

    

Carrying Value

Global revolving credit facilities

 

Level 2

​

$

2,273,172

​

$

2,273,172

​

$

415,116

​

$

415,116

Unsecured term loans

 

Level 2

​

$

735,151

​

$

735,151

​

$

—

​

$

—

Unsecured senior notes (1)

 

Level 2

​

 

9,801,701

​

 

12,375,590

​

 

13,580,262

​

 

13,000,042

Secured and other debt (1)

 

Level 2

​

 

484,991

​

 

492,261

​

 

152,511

​

 

147,082

​

​

​

​

$

13,295,015

​

$

15,876,174

​

$

14,147,889

​

$

13,562,240

(1)Valuations for our unsecured senior notes and secured and other debt are determined based on the expected future payments discounted at risk-adjusted rates and quoted market prices.
v3.22.2.2
Supplemental Cash Flow Information (Tables)
 9 Months Ended
Sep. 30, 2022
Supplemental Cash Flow Information  
Schedule of cash, cash equivalents, and restricted cash

​

​

​

​

​

​

​

​

​

​

Balance as of

(Amounts in thousands)

    

September 30, 2022

    

December 31, 2021

Cash and cash equivalents

​

$

176,969

​

$

142,698

Restricted cash (included in other assets)

​

 

8,975

​

 

8,787

Total

​

$

185,944

​

$

151,485
v3.22.2.2
Segment and Geographic Information (Tables)
 9 Months Ended
Sep. 30, 2022
Segment and Geographic Information  
Schedule of Investment and operating revenues of geographical areas

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Operating Revenues

​

​

Three Months Ended September 30, 

​

Nine Months Ended September 30, 

(Amounts in millions)

​

2022

​

2021

​

2022

​

2021

Inside the United States

​

$

707.2

​

​

$

710.7

​

​

$

2,052.1

​

​

$

2,087.9

​

Outside the United States

​

​

484.8

​

​

​

422.5

​

​

​

1,406.6

​

​

​

1,228.8

​

Revenue Outside of U.S. %

​

​

40.7

%

​

​

37.3

%

​

​

40.7

%

​

​

37.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Investments in Properties, net

​

Operating lease right-of-use assets, net

​

​

As of September 30, 

​

As of December 31, 

​

As of September 30, 

​

As of December 31, 

(Amounts in millions)

​

2022

​

2021

​

2022

​

2021

Inside the United States

​

$

11,255.3

​

​

$

11,167.9

​

​

$

688.9

​

​

$

719.1

​

Outside the United States

​

​

11,051.2

​

​

​

9,594.3

​

​

​

564.4

​

​

​

686.4

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net Assets in Foreign Operations

​

$

5,741.7

​

​

$

3,865.4

​

​

​

​

​

​

​

​

​
v3.22.2.2
Investments in Properties (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Investments in Properties    
Land $ 1,004,328 $ 1,019,723
Acquired ground lease 5,552 6,721
Buildings and improvements 23,113,155 21,914,091
Tenant improvements 753,565 684,915
Total investments in operating properties 24,876,600 23,625,450
Accumulated depreciation and amortization (6,826,918) (6,210,281)
Investments in operating properties, net 18,049,682 17,415,169
Construction in progress and space held for development 4,222,142 3,213,389
Land held for future development 34,713 133,683
Investments in properties, net $ 22,306,537 $ 20,762,241
v3.22.2.2
Business Combinations - Teraco Acquisition (Details) - USD ($)
 2 Months Ended
Aug. 01, 2022
Sep. 30, 2022
Dec. 31, 2021
Business Acquisition [Line Items]      
Operating lease right-of-use assets   $ 1,253,393,000 $ 1,405,441,000
Goodwill   8,728,105,000 7,937,440,000
Period for right to sell all or a portion of interest to company, beginning on February 1, 2026 (in years) 2 years    
Interxion Combination      
Business Acquisition [Line Items]      
Goodwill   3,938,323,000 $ 4,547,153,000
Teraco      
Business Acquisition [Line Items]      
Percentage of interest acquired 61.10%    
Net loss associated with properties acquired   3,500,000  
Building and improvements $ 1,376,128,000    
Construction in progress and space held for development 521,153,000    
Operating lease right-of-use assets 2,784,000    
Assumed cash and cash equivalents 5,528,000    
Goodwill 1,625,994,000 1,484,849,000  
Customer relationship value and other intangibles 720,126,000    
Debt assumed (355,688,000)    
Operating lease liabilities (4,031,000)    
Deferred tax liabilities, net (632,841,000)    
Redeemable noncontrolling interests (1,530,090,000)    
Working capital assets, net 1,112,000    
Total purchase consideration $ 1,730,176,000    
Period for right to sell all or a portion of interest to company, beginning on February 1, 2026 (in years) 2 years    
Right to purchase all or a portion of the Remaining Teraco Interest from the Rollover Shareholders beginning on February 1, 2028 (in years) 1 year    
Adjustments made, net income attributable to Digital Realty Trust, Inc. to the extent the redemption value exceeds the fair value   $ 0  
Teraco | Customer Relationships and Other Intangibles      
Business Acquisition [Line Items]      
Weighted average amortization life 7 years    
Teraco | Scenario      
Business Acquisition [Line Items]      
Percentage of interest acquired 55.00%    
the Trust      
Business Acquisition [Line Items]      
Percentage of interest acquired 10.00%    
v3.22.2.2
Leases - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Leases        
Rent expense $ 36.0 $ 36.9 $ 109.0 $ 109.9
v3.22.2.2
Receivables - Accounts and Other Receivables, Net (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Receivables    
Accounts receivable - trade $ 508,402 $ 393,110
Allowance for doubtful accounts (36,278) (28,574)
Accounts receivable - trade, net 472,124 364,536
Accounts receivable -- customer recoveries 169,053 131,538
Value-added tax receivables 111,269 104,036
Accounts receivable -- installation fees 49,539 43,626
Other receivables 59,132 27,985
Accounts and other receivables, net $ 861,117 $ 671,721
v3.22.2.2
Receivables - Deferred rent receivables (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Receivables    
Deferred rent receivables $ 573,378 $ 556,251
Allowance for deferred rent receivables (17,180) (8,866)
Deferred rent receivables, net $ 556,198 $ 547,385
v3.22.2.2
Investments in Unconsolidated Entities - Equity Method of Accounting Presented in our Balance Sheets (Details) - Unconsolidated Joint Ventures - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]    
Investments in unconsolidated joint ventures $ 1,912,958 $ 1,807,689
Digital Core REIT (DCRU)    
Schedule of Equity Method Investments [Line Items]    
% Ownership 35.00%  
Investments in unconsolidated joint ventures $ 328,094 343,317
Ownership interest in DCRU operating properties    
Schedule of Equity Method Investments [Line Items]    
% Ownership 10.00%  
Investments in unconsolidated joint ventures $ 139,223 144,050
Ascenty    
Schedule of Equity Method Investments [Line Items]    
% Ownership 51.00%  
Investments in unconsolidated joint ventures $ 620,068 553,031
Mapletree    
Schedule of Equity Method Investments [Line Items]    
% Ownership 20.00%  
Investments in unconsolidated joint ventures $ 163,239 172,465
Mitsubishi    
Schedule of Equity Method Investments [Line Items]    
% Ownership 50.00%  
Investments in unconsolidated joint ventures $ 391,859 401,509
Lumen    
Schedule of Equity Method Investments [Line Items]    
% Ownership 50.00%  
Investments in unconsolidated joint ventures $ 69,704 68,854
Other    
Schedule of Equity Method Investments [Line Items]    
Investments in unconsolidated joint ventures $ 200,771 $ 124,463
v3.22.2.2
Investments in Unconsolidated Entities - Narrative (Details)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
USD ($)
$ / shares
shares
Sep. 30, 2022
USD ($)
property
$ / shares
shares
Dec. 31, 2021
USD ($)
$ / shares
shares
Digital Core REIT (DCRU)      
Schedule of Equity Method Investments [Line Items]      
Percentage of interest in partnership 35.00% 35.00%  
Ownership interest in operating properties 10.00% 10.00%  
Number of units owned | shares 392 392 390
Closing price per unit | $ / shares $ 0.70 $ 0.70 $ 1.16
Fair value of shares $ 274.0 $ 274.0 $ 453.0
Digital Core REIT (DCRU) | Unconsolidated Joint Ventures      
Schedule of Equity Method Investments [Line Items]      
Ownership percentage in joint ventures 35.00% 35.00%  
Digital Core REIT (DCRU) | Fee income and other      
Schedule of Equity Method Investments [Line Items]      
Fees earned pursuant to these contractual agreements $ 1.8 $ 6.9  
Ascenty | Subsidiary of Operating Partnership subsidiary      
Schedule of Equity Method Investments [Line Items]      
Ownership interest by noncontrolling interest 2.00% 2.00%  
Noncontrolling interests in consolidated entities $ 19.3 $ 19.3 $ 20.9
Ascenty | Unconsolidated Joint Ventures      
Schedule of Equity Method Investments [Line Items]      
Ownership percentage in joint ventures 51.00% 51.00%  
Ownership interest in DCRU operating properties | Unconsolidated Joint Ventures      
Schedule of Equity Method Investments [Line Items]      
Ownership percentage in joint ventures 10.00% 10.00%  
Digital Core REIT (DCRU)      
Schedule of Equity Method Investments [Line Items]      
Number Of Data Centers | property   10  
v3.22.2.2
Goodwill (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
USD ($)
Goodwill [Line Items]  
Goodwill - Beginning Balance $ 7,937,440
Acquisition 1,625,994
Goodwill Adjustments (6,633)
Impact of Change in Foreign Exchange Rates (828,696)
Goodwill - Ending Balance 8,728,105
Telx Acquisition  
Goodwill [Line Items]  
Goodwill - Beginning Balance 330,845
Goodwill - Ending Balance 330,845
European Portfolio Acquisition  
Goodwill [Line Items]  
Goodwill - Beginning Balance 448,124
Impact of Change in Foreign Exchange Rates (72,250)
Goodwill - Ending Balance 375,874
DFT Merger  
Goodwill [Line Items]  
Goodwill - Beginning Balance 2,592,147
Goodwill - Ending Balance 2,592,147
Interxion Combination  
Goodwill [Line Items]  
Goodwill - Beginning Balance 4,547,153
Impact of Change in Foreign Exchange Rates (608,830)
Goodwill - Ending Balance 3,938,323
Teraco  
Goodwill [Line Items]  
Acquisition 1,625,994
Impact of Change in Foreign Exchange Rates (141,145)
Goodwill - Ending Balance 1,484,849
Other Combinations  
Goodwill [Line Items]  
Goodwill - Beginning Balance 19,171
Goodwill Adjustments (6,633)
Impact of Change in Foreign Exchange Rates (6,471)
Goodwill - Ending Balance $ 6,067
v3.22.2.2
Acquired Intangible Assets and Liabilities - Summary of Acquired Intangible Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Customer Relationship Value    
Finite-Lived Intangible Assets [Line Items]    
Gross amount $ 3,168,834 $ 2,838,842
Accumulated amortization (821,923) (721,983)
Total 2,346,911 2,116,859
Acquired in-place lease value    
Finite-Lived Intangible Assets [Line Items]    
Gross amount 1,355,693 1,278,012
Accumulated amortization (1,018,282) (995,883)
Total 337,411 282,129
Other Intangible Assets    
Finite-Lived Intangible Assets [Line Items]    
Gross amount 120,099 101,869
Accumulated amortization (21,373) (14,688)
Total 98,726 87,181
Acquired above-market leases    
Finite-Lived Intangible Assets [Line Items]    
Gross amount 261,807 268,724
Accumulated amortization (249,492) (247,135)
Total 12,315 21,589
Below-Market Leases    
Finite-Lived Intangible Assets [Line Items]    
Below-market lease, gross amount (341,978) (351,052)
Below-market lease, accumulated amortization 250,638 247,877
Total $ (91,340) $ (103,175)
v3.22.2.2
Acquired Intangible Assets and Liabilities - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Customer Relationship Value, Acquired In-Place Lease Value and Other Intangibles        
Finite-Lived Intangible Assets [Line Items]        
Amortization of Intangible assets $ 65.7 $ 65.2 $ 184.6 $ 199.3
Rental and other services | Below-Market Leases, Net of Above-Market Leases        
Finite-Lived Intangible Assets [Line Items]        
Increase (decrease) in revenue $ 1.0 $ (0.7) $ 1.5 $ (3.3)
v3.22.2.2
Acquired Intangible Assets And Liabilities - Schedule of Estimated Annual Amortization of Intangible Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Customer Relationship Value    
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Remainder of 2022 $ 58,376  
2023 232,629  
2024 232,049  
2025 231,547  
2026 231,112  
Thereafter 1,361,198  
Total 2,346,911 $ 2,116,859
Acquired in-place lease value    
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Remainder of 2022 15,403  
2023 57,553  
2024 52,087  
2025 49,109  
2026 45,103  
Thereafter 118,156  
Total 337,411 282,129
Other (excludes power grid rights)    
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Remainder of 2022 2,662  
2023 4,946  
2024 3,690  
2025 3,653  
2026 3,470  
Thereafter 41,101  
Total 59,522  
Power grid rights    
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Total 39,200  
Acquired above-market leases    
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Remainder of 2022 1,937  
2023 4,758  
2024 2,584  
2025 1,452  
2026 684  
Thereafter 900  
Total 12,315 $ 21,589
Below-Market Leases    
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]    
Remainder of 2022 (3,253)  
2022 (12,395)  
2023 (11,102)  
2024 (10,117)  
2025 (8,615)  
Thereafter (45,858)  
Total $ (91,340)  
v3.22.2.2
Debt of the Operating Partnership - Summary of Outstanding Indebtedness (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Weighted-average interest rate 2.33% 2.23%
Amount Outstanding $ 15,876,174 $ 13,562,240
Global revolving credit facilities    
Debt Instrument [Line Items]    
Weighted-average interest rate 2.76% 0.96%
Amount Outstanding $ 2,273,172 $ 415,116
Unsecured term loans    
Debt Instrument [Line Items]    
Weighted-average interest rate 1.34%  
Amount Outstanding $ 735,151  
Unsecured senior notes    
Debt Instrument [Line Items]    
Weighted-average interest rate 2.34% 2.26%
Amount Outstanding $ 12,375,590 $ 13,000,042
Secured and other debt    
Debt Instrument [Line Items]    
Weighted-average interest rate 7.05% 3.47%
Amount Outstanding $ 492,261 $ 147,082
Digital Realty Trust, L.P. | Unsecured senior notes    
Debt Instrument [Line Items]    
Amount Outstanding $ 12,375,590 $ 13,000,042
v3.22.2.2
Debt of the Operating Partnership - Schedule of Debt Functional Currencies (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Amount Outstanding $ 15,876,174 $ 13,562,240
% of Total 2.33% 2.23%
U.S. dollar    
Debt Instrument [Line Items]    
Amount Outstanding $ 4,275,903 $ 3,141,951
% of Total 26.90% 23.20%
British pound sterling    
Debt Instrument [Line Items]    
Amount Outstanding $ 1,754,807 $ 2,117,758
% of Total 11.10% 15.60%
Euro    
Debt Instrument [Line Items]    
Amount Outstanding $ 8,390,512 $ 7,532,057
% of Total 52.80% 55.50%
Other currency    
Debt Instrument [Line Items]    
Amount Outstanding $ 1,454,952 $ 770,474
% of Total 9.20% 5.70%
v3.22.2.2
Debt of the Operating Partnership - Schedule of Debt Maturities And Principal Payments (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Debt Instrument    
2022 $ 294,060  
2023 110,639  
2024 876,751  
2025 1,666,770  
2026 1,443,779  
Thereafter 11,484,175  
Subtotal 15,876,174 $ 13,562,240
Unamortized net discounts (33,072)  
Unamortized deferred financing costs (84,593)  
Total 15,758,509  
Global revolving credit facilities    
Debt Instrument    
Thereafter 2,273,172  
Subtotal 2,273,172 415,116
Unamortized deferred financing costs (18,033)  
Total 2,255,139  
Unsecured term loans    
Debt Instrument    
2025 367,576  
Thereafter 367,575  
Subtotal 735,151  
Unamortized deferred financing costs (5,175)  
Total 729,976  
Unsecured senior notes    
Debt Instrument    
2022 294,060  
2023 101,304  
2024 867,370  
2025 1,083,930  
2026 1,332,300  
Thereafter 8,696,626  
Subtotal 12,375,590 13,000,042
Unamortized net discounts (33,072)  
Unamortized deferred financing costs (61,108)  
Total 12,281,410  
Secured and other debt    
Debt Instrument    
2023 9,335  
2024 9,381  
2025 215,264  
2026 111,479  
Thereafter 146,802  
Subtotal 492,261 147,082
Unamortized deferred financing costs (277)  
Total 491,984  
Digital Realty Trust, L.P. | Unsecured senior notes    
Debt Instrument    
Subtotal 12,375,590 13,000,042
Unamortized deferred financing costs $ (61,108) $ (63,060)
v3.22.2.2
Debt of the Operating Partnership - Unsecured Senior Notes (Details)
€ in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands
Sep. 30, 2022
USD ($)
Sep. 30, 2022
EUR (€)
Sep. 30, 2022
CHF (SFr)
Sep. 30, 2022
GBP (£)
Sep. 27, 2022
USD ($)
Dec. 31, 2021
USD ($)
Sep. 30, 2021
Debt of the Operating Partnership [Line Items]              
Long-term Debt, Gross $ 15,876,174         $ 13,562,240  
Deferred financing costs (84,593)            
Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Long-term Debt, Gross 12,375,590         13,000,042  
Deferred financing costs (61,108)            
Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Long-term Debt, Gross 12,375,590         13,000,042  
Unamortized discounts, net of premiums (33,072)         (33,612)  
Deferred financing costs (61,108)         (63,060)  
Total unsecured senior notes, net of discount and deferred financing costs 12,281,410         12,903,370  
Floating Rate Notes due 2022 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Aggregate principal amount $ 349,800 € 300,000          
Long-term Debt, Gross           341,100  
0.125% notes due 2022 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 0.125% 0.125% 0.125% 0.125%      
Aggregate principal amount $ 332,760 € 300,000          
Long-term Debt, Gross $ 294,060         341,100  
0.600% notes due 2023 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 0.60% 0.60% 0.60% 0.60%      
Aggregate principal amount $ 108,310   SFr 100,000        
Long-term Debt, Gross $ 101,304            
2.750% notes due 2023 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate             2.75%
2.625% notes due 2024 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 2.625% 2.625% 2.625% 2.625%      
Aggregate principal amount $ 677,040 € 600,000          
Long-term Debt, Gross $ 588,120         682,200  
2.750% notes due 2024 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 2.75% 2.75% 2.75% 2.75%      
Aggregate principal amount $ 324,925     £ 250,000      
Long-term Debt, Gross $ 279,250         338,300  
4.250% notes due 2025 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 4.25% 4.25% 4.25% 4.25%      
Aggregate principal amount $ 634,480     £ 400,000      
Long-term Debt, Gross $ 446,800         541,280  
0.625% notes due 2025 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 0.625% 0.625% 0.625% 0.625%      
Aggregate principal amount $ 720,980 € 650,000          
Long-term Debt, Gross $ 637,130         739,050  
4.750% Notes due 2025 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 4.75% 4.75% 4.75% 4.75%      
Aggregate principal amount $ 450,000            
Long-term Debt, Gross           450,000  
2.500% notes due 2026 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 2.50% 2.50% 2.50% 2.50%      
Aggregate principal amount $ 1,224,640 € 1,075,000          
Long-term Debt, Gross $ 1,053,715         1,222,275  
0.200% notes due 2026 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 0.20% 0.20% 0.20% 0.20%      
Aggregate principal amount $ 298,404   SFr 275,000        
Long-term Debt, Gross $ 278,585         301,419  
1.700% notes due 2027 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 1.70% 1.70% 1.70% 1.70%      
Aggregate principal amount $ 162,465   SFr 150,000        
Long-term Debt, Gross $ 151,956            
3.700% notes due 2027 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 3.70% 3.70% 3.70% 3.70%      
Aggregate principal amount $ 1,000,000            
Long-term Debt, Gross $ 1,000,000         1,000,000  
5.550% notes due 2028 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 5.55% 5.55% 5.55% 5.55% 5.55%    
Aggregate principal amount $ 550,000       $ 550,000    
Long-term Debt, Gross $ 550,000            
1.125% notes due 2028 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 1.125% 1.125% 1.125% 1.125%      
Aggregate principal amount $ 548,550 € 500,000          
Long-term Debt, Gross $ 490,100         568,500  
4.450% notes due 2028 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 4.45% 4.45% 4.45% 4.45%      
Aggregate principal amount $ 650,000            
Long-term Debt, Gross $ 650,000         650,000  
0.550% notes due 2029 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 0.55% 0.55% 0.55% 0.55%      
Aggregate principal amount $ 292,478   SFr 270,000        
Long-term Debt, Gross $ 273,520         295,938  
3.300% notes due 2029 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 3.30% 3.30% 3.30% 3.30%      
Aggregate principal amount $ 454,895     £ 350,000      
Long-term Debt, Gross $ 390,950         473,620  
3.600% notes due 2029 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 3.60% 3.60% 3.60% 3.60%      
Aggregate principal amount $ 900,000            
Long-term Debt, Gross $ 900,000         900,000  
1.500% Notes due 2030 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 1.50% 1.50% 1.50% 1.50%      
Aggregate principal amount $ 831,900 € 750,000          
Long-term Debt, Gross $ 735,150         852,750  
3.750% notes due 2030 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 3.75% 3.75% 3.75% 3.75%      
Aggregate principal amount $ 719,825     £ 550,000      
Long-term Debt, Gross $ 614,350         744,260  
1.250% Notes due 2031 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 1.25% 1.25% 1.25% 1.25%      
Aggregate principal amount $ 560,950 € 500,000          
Long-term Debt, Gross $ 490,100         568,500  
0.625% notes due 2031 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 0.625% 0.625% 0.625% 0.625%      
Aggregate principal amount $ 1,220,700 € 1,000,000          
Long-term Debt, Gross $ 980,200         1,137,000  
1.000% Notes due 2032 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 1.00% 1.00% 1.00% 1.00%      
Aggregate principal amount $ 874,500 € 750,000          
Long-term Debt, Gross $ 735,150         $ 852,750  
4.750% notes due 2025 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 4.75% 4.75% 4.75% 4.75%      
1.375% notes due 2032 | Digital Realty Trust, L.P. | Unsecured senior notes              
Debt of the Operating Partnership [Line Items]              
Stated interest rate 1.375% 1.375% 1.375% 1.375%      
Aggregate principal amount $ 849,375 € 750,000          
Long-term Debt, Gross $ 735,150            
v3.22.2.2
Debt of the Operating Partnership - Narrative (Details)
$ in Thousands, € in Millions
 9 Months Ended
Sep. 27, 2022
USD ($)
Aug. 11, 2022
EUR (€)
Option
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Apr. 05, 2022
USD ($)
Dec. 31, 2021
USD ($)
Unsecured term loans | 2025 Term Facility | Digital Dutch Finco B.V.            
Debt Instrument            
Aggregate principal amount | €   € 375.0        
Debt instrument term   3 years        
Unsecured term loans | 2025-27 Term Facility | Digital Dutch Finco B.V.            
Debt Instrument            
Aggregate principal amount | €   € 375.0        
Debt instrument term   5 years        
Number Of Extension Options | Option   2        
Debt instrument, extension term   1 year        
Interest rate basis spread   0.95%        
Unsecured term loans | 2025-27 Term Facility | Digital Dutch Finco B.V. | Maximum            
Debt Instrument            
Interest rate basis spread   1.60%        
Unsecured term loans | 2025-27 Term Facility | Digital Dutch Finco B.V. | Minimum            
Debt Instrument            
Interest rate basis spread   0.80%        
Unsecured term loans | Initial Term Loan | Digital Dutch Finco B.V.            
Debt Instrument            
Aggregate principal amount | €   € 125.0        
Unsecured term loans | Delayed Draw Term Loan | Digital Dutch Finco B.V.            
Debt Instrument            
Aggregate principal amount | €   € 250.0        
Unsecured senior notes | Digital Realty Trust, L.P. | Maximum            
Debt Instrument            
Leverage ratio     60.00%      
Secured debt leverage ratio, maximum     40.00%      
Unsecured senior notes | Digital Realty Trust, L.P. | Minimum            
Debt Instrument            
Interest coverage ratio     1.50      
Total unencumbered assets     150.00%      
Unsecured senior notes | 4.750% notes due 2025 | Digital Realty Trust, L.P.            
Debt Instrument            
Stated interest rate     4.75%      
Early extinguishment charge     $ 51,100      
Unsecured senior notes | 2.750% notes due 2023 | Digital Realty Trust, L.P.            
Debt Instrument            
Stated interest rate       2.75%    
Early extinguishment charge       $ 18,300    
Unsecured senior notes | 5.550% notes due 2028 | Digital Realty Trust, L.P.            
Debt Instrument            
Aggregate principal amount $ 550,000   $ 550,000      
Stated interest rate 5.55%   5.55%      
Net proceeds from offering $ 544,500          
Global revolving credit facilities            
Debt Instrument            
Maximum borrowing capacity           $ 3,000,000
Global Revolving Credit Facility Amendment            
Debt Instrument            
Maximum borrowing capacity         $ 3,750,000  
v3.22.2.2
Earnings per Common Share or Unit - Summary of Basic and Diluted Earnings per Share and Unit (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 9 Months Ended
Aug. 01, 2022
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Numerator:          
Net income available to common stockholders   $ 226,894 $ 124,094 $ 343,240 $ 623,869
Plus: Loss attributable to redeemable noncontrolling interest   (3,548)   (3,548)  
Net income available to common stockholders - diluted EPS   $ 223,346 $ 124,094 $ 339,692 $ 623,869
Denominator:          
Weighted average units outstanding-basic (shares/units)   286,693 283,106 285,312 282,005
Potentially dilutive common shares/units:          
Unvested incentive units (shares/units)   195 217 213 208
Unvested restricted stock (shares/units)   13 188 53 165
Forward equity offering (shares/units)     44    
Market performance-based awards (shares/units)   86 245 112 295
Redeemable noncontrolling interest shares (shares/units)   9,428   8,568  
Weighted average shares/units outstanding-diluted (shares/units)   296,415 283,800 294,257 282,673
Income per share/unit:          
Basic (in dollars per share/unit)   $ 0.79 $ 0.44 $ 1.20 $ 2.21
Diluted (in dollars per share/unit)   $ 0.75 $ 0.44 $ 1.15 $ 2.21
Period for right to sell all or a portion of interest to company, beginning on February 1, 2026 (in years) 2 years        
Digital Realty Trust, L.P.          
Numerator:          
Net income available to common stockholders   $ 232,294 $ 127,094 $ 351,740 $ 639,869
Plus: Loss attributable to redeemable noncontrolling interest   (3,548)   (3,548)  
Net income available to common stockholders - diluted EPS   $ 228,746 $ 127,094 $ 348,192 $ 639,869
Denominator:          
Weighted average units outstanding-basic (shares/units)   292,536 289,535 291,084 288,897
Potentially dilutive common shares/units:          
Unvested incentive units (shares/units)   195 217 213 208
Unvested restricted stock (shares/units)   13 188 53 165
Forward equity offering (shares/units)     44   0
Market performance-based awards (shares/units)   86 245 112 295
Redeemable noncontrolling interest shares (shares/units)   9,428   8,568  
Weighted average shares/units outstanding-diluted (shares/units)   302,258 290,229 300,028 289,565
Income per share/unit:          
Basic (in dollars per share/unit)   $ 0.79 $ 0.44 $ 1.20 $ 2.21
Diluted (in dollars per share/unit)   $ 0.75 $ 0.44 $ 1.15 $ 2.21
v3.22.2.2
Earnings per Common Share or Unit - Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities (shares) 16,731 11,413 17,329 19,024
Shares subject to Forward Equity Offering        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities (shares) 3,591   5,364 6,250
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc.        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities (shares) 5,843 6,429 5,771 6,892
Series C Cumulative Redeemable Perpetual Preferred Stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities (shares)       722
Series J Cumulative Redeemable Preferred Stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities (shares) 1,932 1,320 1,640 1,366
Series K Cumulative Redeemable Preferred Stock        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities (shares) 2,032 1,388 1,725 1,437
Series L Cumulative Redeemable Preferred Units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Potentially dilutive securities (shares) 3,333 2,276 2,829 2,357
v3.22.2.2
Equity and Capital - Equity Distribution Agreement (Details) - 2022 Sales Agreement - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2022
Apr. 01, 2022
Class of Stock [Line Items]    
Aggregate maximum offering price   $ 1,500.0
Amount of shares reserved for future issuance $ 1,500.0  
Aggregate gross sales price unsold $ 0.0  
v3.22.2.2
Equity and Capital - Forward Equity Sale (Details) - USD ($)
$ / shares in Units, $ in Thousands
 9 Months Ended
Sep. 13, 2021
Sep. 30, 2022
Class of Stock [Line Items]    
Forward equity sales agreement deemed to be liabilities   $ 0
Underwritten Public Offering    
Class of Stock [Line Items]    
Issuance of common stock, net of costs (shares) 6,250,000 2,700,000
Gross proceeds $ 1,000,000 $ 400,000
Offering price $ 155.69  
v3.22.2.2
Equity and Capital - Noncontrolling Interests in Operating Partnership (Details) - USD ($)
shares in Thousands, $ in Millions
Sep. 30, 2022
Dec. 31, 2021
Class of Stock    
Number of units (units) 287,509 284,415
Percentage of total 97.90% 98.00%
Common stock conversion ratio 1  
Digital Realty Trust, L.P.    
Class of Stock    
Redeemable noncontrolling interests - operating partnership $ 585.1 $ 1,074.7
Common units held by third parties    
Class of Stock    
Common units held by third parties (units) 4,387 4,389
Percentage of total 1.50% 1.50%
Incentive units held by employees and directors (see Note 14)    
Class of Stock    
Incentive units held by employees and directors (units) 1,908 1,543
Percentage of total 0.60% 0.50%
Noncontrolling Interests in Operating Partnership    
Class of Stock    
Number of units (units) 293,804 290,347
Percentage of total 100.00% 100.00%
v3.22.2.2
Equity and Capital - Summary of Activity For Noncontrolling Interests in The Operating Partnership (Details)
shares in Thousands
 9 Months Ended
Sep. 30, 2022
shares
Common And Incentive Unit Activity [Roll Forward]  
Beginning balance (units) 5,931
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units) (2)
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units) (21)
Incentive units issued upon achievement of market performance condition (units) 221
Grant of incentive units to employees and directors (units) 169
Cancellation / forfeitures of incentive units held by employees and directors (units) (3)
Ending balance (units) 6,295
Common Units  
Common And Incentive Unit Activity [Roll Forward]  
Beginning balance (units) 4,389
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units) (2)
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units) 0
Incentive units issued upon achievement of market performance condition (units) 0
Grant of incentive units to employees and directors (units) 0
Cancellation / forfeitures of incentive units held by employees and directors (units) 0
Ending balance (units) 4,387
Incentive Units  
Common And Incentive Unit Activity [Roll Forward]  
Beginning balance (units) 1,542
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units) 0
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units) (21)
Incentive units issued upon achievement of market performance condition (units) 221
Grant of incentive units to employees and directors (units) 169
Cancellation / forfeitures of incentive units held by employees and directors (units) (3)
Ending balance (units) 1,908
v3.22.2.2
Equity and Capital - Schedule of Dividends and Distributions (Details)
$ / shares in Units, $ in Thousands
 9 Months Ended
Sep. 30, 2022
USD ($)
$ / shares
Series J Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units $ 7,875
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares $ 1.31250
Series K Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units $ 9,213
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares $ 1.46250
Series L Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units $ 13,455
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares $ 1.30000
Common Units  
Dividends Payable [Line Items]  
Dividends/Distributions, common stock/units $ 1,047,512
Common stock dividend per share amount (in dollars per share/unit) | $ / shares $ 4.88000
March 3, 2022 | Series J Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units $ 2,625
March 3, 2022 | Series K Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units 3,071
March 3, 2022 | Series L Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units 4,485
March 3, 2022 | Common Units  
Dividends Payable [Line Items]  
Dividends/Distributions, common stock/units 348,025
May 24, 2022 | Series J Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units 2,625
May 24, 2022 | Series K Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units 3,071
May 24, 2022 | Series L Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units 4,485
May 24, 2022 | Common Units  
Dividends Payable [Line Items]  
Dividends/Distributions, common stock/units 348,077
August 17, 2022 | Series J Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units 2,625
August 17, 2022 | Series K Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units 3,071
August 17, 2022 | Series L Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units 4,485
August 17, 2022 | Common Units  
Dividends Payable [Line Items]  
Dividends/Distributions, common stock/units 351,410
Digital Realty Trust, L.P. | Series J Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units $ 7,875
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares $ 1.31250
Digital Realty Trust, L.P. | Series K Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units $ 9,213
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares $ 1.46250
Digital Realty Trust, L.P. | Series L Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units $ 13,455
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares $ 1.30000
Digital Realty Trust, L.P. | Common Units  
Dividends Payable [Line Items]  
Dividends/Distributions, common stock/units $ 1,070,904
Common stock dividend per share amount (in dollars per share/unit) | $ / shares $ 4.88000
Digital Realty Trust, L.P. | March 3, 2022 | Series J Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units $ 2,625
Digital Realty Trust, L.P. | March 3, 2022 | Series K Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units 3,071
Digital Realty Trust, L.P. | March 3, 2022 | Series L Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units 4,485
Digital Realty Trust, L.P. | March 3, 2022 | Common Units  
Dividends Payable [Line Items]  
Dividends/Distributions, common stock/units 355,812
Digital Realty Trust, L.P. | May 24, 2022 | Series J Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units 2,625
Digital Realty Trust, L.P. | May 24, 2022 | Series K Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units 3,071
Digital Realty Trust, L.P. | May 24, 2022 | Series L Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units 4,485
Digital Realty Trust, L.P. | May 24, 2022 | Common Units  
Dividends Payable [Line Items]  
Dividends/Distributions, common stock/units 355,885
Digital Realty Trust, L.P. | August 17, 2022 | Series J Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units 2,625
Digital Realty Trust, L.P. | August 17, 2022 | Series K Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units 3,071
Digital Realty Trust, L.P. | August 17, 2022 | Series L Preferred Units  
Dividends Payable [Line Items]  
Dividends/Distributions, preferred units 4,485
Digital Realty Trust, L.P. | August 17, 2022 | Common Units  
Dividends Payable [Line Items]  
Dividends/Distributions, common stock/units $ 359,207
v3.22.2.2
Accumulated Other Comprehensive Income (Loss), Net (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
USD ($)
Foreign currency translation adjustments  
Accumulated Other Comprehensive Income (Loss), Net  
Beginning balance $ (212,653)
Net current period change (693,822)
Ending balance (906,475)
Cash flow hedge adjustments  
Accumulated Other Comprehensive Income (Loss), Net  
Beginning balance (107)
Net current period change 6,050
Reclassification to interest expense from interest rate swaps (1,152)
Ending balance 4,791
Foreign currency net investment hedge adjustments  
Accumulated Other Comprehensive Income (Loss), Net  
Beginning balance 38,880
Ending balance 38,880
Accumulated other comprehensive income (loss), net  
Accumulated Other Comprehensive Income (Loss), Net  
Beginning balance (173,880)
Net current period change (687,772)
Reclassification to interest expense from interest rate swaps (1,152)
Ending balance (862,804)
Digital Realty Trust, L.P.  
Accumulated Other Comprehensive Income (Loss), Net  
Beginning balance 18,476,787
Ending balance 17,555,021
Digital Realty Trust, L.P. | Foreign currency translation adjustments  
Accumulated Other Comprehensive Income (Loss), Net  
Beginning balance (219,882)
Net current period change (710,215)
Ending balance (930,097)
Digital Realty Trust, L.P. | Cash flow hedge adjustments  
Accumulated Other Comprehensive Income (Loss), Net  
Beginning balance (1,240)
Net current period change 6,166
Reclassification to interest expense from interest rate swaps (1,154)
Ending balance 3,772
Digital Realty Trust, L.P. | Foreign currency net investment hedge adjustments  
Accumulated Other Comprehensive Income (Loss), Net  
Beginning balance 39,677
Ending balance 39,677
Digital Realty Trust, L.P. | Accumulated other comprehensive income (loss), net  
Accumulated Other Comprehensive Income (Loss), Net  
Beginning balance (181,445)
Net current period change (704,049)
Reclassification to interest expense from interest rate swaps (1,154)
Ending balance $ (886,648)
v3.22.2.2
Incentive Plans - Market-Based Performance Awards (Details) - USD ($)
$ in Millions
 1 Months Ended 9 Months Ended 12 Months Ended
Feb. 27, 2023
Mar. 04, 2022
Feb. 27, 2022
Jan. 31, 2022
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Market-based performance awards | 2014 Awards              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award requisite service period         3 years    
Market-based performance awards | 2019 Awards              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award requisite service period         4 years 4 years  
Share-based compensation arrangement by share-based payment award, grant date fair value         $ 12.3 $ 25.0  
Market-based performance awards | Below Threshold Level              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting percentage         0.00%    
Performance Threshold         (500.00%)   (500.00%)
Market-based performance awards | Threshold Level              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting percentage         25.00%    
Performance Threshold         (500.00%)   (500.00%)
Market-based performance awards | Target Level              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting percentage         50.00%    
Performance Threshold         0.00%   0.00%
Market-based performance awards | High Level              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting percentage         100.00%    
Performance Threshold         500.00%   500.00%
Market-based performance awards | First Vesting Period              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting percentage         50.00%    
Market-based performance awards | First Vesting Period | 2019 Awards              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting percentage     50.00%        
Market-based performance awards | Second Vesting Period              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting percentage         50.00%    
Market-based performance awards | Second Vesting Period | 2019 Awards              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting percentage 50.00%            
Class D Units | 2019 Awards              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting of restricted common units, net (units)       239,436     18,966
Restricted Stock Units | 2019 Awards              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting of restricted common units, net (units)       70,721      
Financial-based performance awards | 2019 Awards              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award requisite service period   3 years          
Share-based compensation arrangement by share-based payment award, grant date fair value   $ 12.3          
Financial-based performance awards | 2019 Awards | Minimum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award requisite service period         2 years    
Financial-based performance awards | 2019 Awards | Maximum              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Award requisite service period         3 years    
v3.22.2.2
Incentive Plans - Schedule of Compensation Expense (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Long-term incentive units          
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]          
Deferred compensation, expensed $ 5.1 $ 2.8 $ 16.7 $ 8.7  
Deferred compensation, capitalized 0.0   0.1 0.2  
Unearned Compensation 28.9   $ 28.9   $ 19.8
Expected period to recognize unearned compensation (in years)     2 years 2 months 12 days    
Market-based performance awards          
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]          
Deferred compensation, expensed 5.5 6.4 $ 16.1 21.3  
Deferred compensation, capitalized 0.1 0.2 0.4 0.6  
Unearned Compensation 41.3   $ 41.3   39.2
Expected period to recognize unearned compensation (in years)     2 years 1 month 6 days    
Service Based Restricted Stock Units          
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]          
Deferred compensation, expensed 6.7 4.6 $ 18.9 13.7  
Deferred compensation, capitalized 1.4 0.9 3.7 2.3  
Unearned Compensation 61.2   $ 61.2   44.5
Expected period to recognize unearned compensation (in years)     2 years 7 months 6 days    
Interxion awards          
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items]          
Deferred compensation, expensed 1.6 $ 3.1 $ 3.7 $ 17.7  
Unearned Compensation $ 3.0   $ 3.0   $ 8.5
Expected period to recognize unearned compensation (in years)     10 months 24 days    
v3.22.2.2
Incentive Plans - Summary of Long-Term Incentive Units (Details)
 9 Months Ended
Sep. 30, 2022
$ / shares
shares
Units  
Granted (shares) 169,000
Long-term incentive units  
Units  
Unvested beginning of period (shares) 250,468
Granted (shares) 168,769
Vested (shares) (129,900)
Unvested end of period (shares) 289,337
Weighted-Average Grant Date Fair Value  
Unvested, beginning of period (in dollars per share) | $ / shares $ 132.66
Granted (in dollars per share) | $ / shares 150.03
Vested (in dollars per share) | $ / shares 131.21
Unvested, end of period (in dollars per share) | $ / shares $ 143.44
v3.22.2.2
Incentive Plans - Summary of activity for Service-Based Restricted Stock Units (Details)
 9 Months Ended
Sep. 30, 2022
$ / shares
shares
Units  
Granted (shares) 169,000
Service Based Restricted Stock Units  
Units  
Unvested beginning of period (shares) 509,369
Granted (shares) 332,758
Vested (shares) (232,883)
Cancelled or expired (shares) (61,285)
Unvested end of period (shares) 547,959
Weighted-Average Grant Date Fair Value  
Unvested, beginning of period (in dollars per share) | $ / shares $ 129.52
Granted (in dollars per share) | $ / shares 136.49
Vested (in dollars per share) | $ / shares 132.41
Cancelled or expired (in dollars per share) | $ / shares 132.06
Unvested, end of period (in dollars per share) | $ / shares $ 132.24
v3.22.2.2
Incentive Plans - Narrative (Details)
shares in Millions
 9 Months Ended
Sep. 30, 2022
shares
2014 Incentive Award Plan  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Number of shares remaining for issuance under Incentive Plan (shares) 5.0
Long-term incentive units | Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 2 years
Long-term incentive units | Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 4 years
Service Based Restricted Stock Units | Minimum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 2 years
Service Based Restricted Stock Units | Maximum  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Award vesting period 4 years
v3.22.2.2
Derivative Instruments - Outstanding Interest Rate Derivatives (Details) - Interest Rate Swap - USD ($)
Sep. 30, 2022
Dec. 31, 2021
Currently-paying contracts    
Fair value of derivatives $ 0  
Fair value of derivatives 0  
Designated as Hedging Instrument    
Currently-paying contracts    
Notional Amount 1,550,000,000 $ 0
Designated as Hedging Instrument | Cash Flow Hedging    
Currently-paying contracts    
Fair value of derivatives outstanding $ 0 $ 0
v3.22.2.2
Derivative Instruments - Effect of Investment Hedges (Details) - Interest Rate Swap - Net Investment Hedging - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2022
Derivative [Line Items]    
Cross-currency interest rate swaps (included components) $ (26,141) $ (26,141)
Cross-currency interest rate swaps (included component) 28,849 28,849
Total 2,708 2,708
Interest Expense    
Derivative [Line Items]    
Cross-currency interest rate swaps (excluded component) $ 650 $ 650
v3.22.2.2
Derivative Instruments - Fair Value of Financial Instruments (Details) - Designated as Hedging Instrument - Interest Rate Swap
$ in Thousands
Sep. 30, 2022
USD ($)
Other Assets  
Derivative [Line Items]  
Assets $ 19,063
Accounts payable and other accrued liabilities  
Derivative [Line Items]  
Liabilities $ 21,771
v3.22.2.2
Fair Value of Financial Instruments - Estimated Fair Value And Carrying Amounts (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Estimated Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value of long-term debt $ 13,295,015 $ 14,147,889
Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Fair value of long-term debt 15,876,174 13,562,240
Level 2 | Global revolving credit facilities | Estimated Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Lines of credit 2,273,172 415,116
Level 2 | Global revolving credit facilities | Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Lines of credit 2,273,172 415,116
Level 2 | Unsecured term loans | Estimated Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Lines of credit 735,151  
Level 2 | Unsecured term loans | Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Lines of credit 735,151  
Level 2 | Unsecured senior notes | Estimated Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Unsecured senior notes 9,801,701 13,580,262
Level 2 | Unsecured senior notes | Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Unsecured senior notes 12,375,590 13,000,042
Level 2 | Secured and Other Debt | Estimated Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Secured and other debt 484,991 152,511
Level 2 | Secured and Other Debt | Carrying Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Secured and other debt $ 492,261 $ 147,082
v3.22.2.2
Commitments and Contingencies - Narrative (Details)
$ in Millions
Sep. 30, 2022
USD ($)
Commitments and Contingencies.  
Reimbursable amount of commitments related to construction contracts $ 35.5
Commitments related to construction contracts $ 2,600.0
v3.22.2.2
Supplemental Cash Flow Information (Details) - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Dec. 31, 2020
Supplemental Cash Flow Information        
Cash and cash equivalents $ 176,969   $ 142,698  
Restricted cash (included in other assets) 8,975   8,787  
Total 185,944 $ 127,092 $ 151,485 $ 123,652
Interest, net of amounts capitalized 252,500 240,900    
Income taxes, net of refunds 29,900 19,600    
Accrued construction related costs $ 441,900 $ 302,800    
v3.22.2.2
Segment and Geographic Information (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
segment
Sep. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
Segment Reporting Information [Line Items]          
Number of Operating Segments | segment     1    
Number of Reportable Segments | segment     1    
Operating Revenues $ 1,192,083 $ 1,133,136 $ 3,458,727 $ 3,316,715  
Investments in Properties, net 24,219,495   24,219,495   $ 22,569,930
Operating lease right-of-use assets, net 1,253,393   1,253,393   1,405,441
Net Assets in Foreign Operations 5,741,700   5,741,700   3,865,400
United States          
Segment Reporting Information [Line Items]          
Operating Revenues 707,200 710,700 2,052,100 2,087,900  
Investments in Properties, net 11,255,300   11,255,300   11,167,900
Operating lease right-of-use assets, net 688,900   688,900   719,100
Outside the United States          
Segment Reporting Information [Line Items]          
Operating Revenues 484,800 $ 422,500 1,406,600 $ 1,228,800  
Investments in Properties, net 11,051,200   11,051,200   9,594,300
Operating lease right-of-use assets, net $ 564,400   $ 564,400   $ 686,400
Outside the United States | Revenue | Geographic Concentration Risk          
Segment Reporting Information [Line Items]          
Concentration risk 40.70% 37.30% 40.70% 37.00%  
v3.22.2.2
Gain on Sale of Assets (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Aug. 08, 2022
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Gain on Sale of Assets          
Gain (loss) on disposition of properties, net   $ 173,990 $ (635) $ 176,760 $ 333,785
Non-core building in Dallas          
Gain on Sale of Assets          
Gross proceeds $ 204,000        
Gain (loss) on disposition of properties, net $ 174,000        
v3.22.2.2
Subsequent Events (Details) - Subsequent Event - 0.125% notes due 2022 - Unsecured senior notes
$ in Millions
Oct. 17, 2022
USD ($)
Subsequent Events  
Stated interest rate 0.125%
Long-term debt $ 294