Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 26, 2020 | Jun. 28, 2019 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
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 | Four Embarcadero Center, Suite 3200 | ||
Entity Address, City or Town | San Francisco | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94111 | ||
City Area Code | 415 | ||
Local Phone Number | 738-6500 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 25 | ||
Entity Common Stock, Shares Outstanding | 209,039,061 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001297996 | ||
Current Fiscal Year End Date | --12-31 | ||
Digital Realty Trust, L.P. | |||
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001494877 | ||
Current Fiscal Year End Date | --12-31 | ||
Common Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | DLR | ||
Security Exchange Name | NYSE | ||
Series C Preferred Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Series C Cumulative Redeemable PerpetualPreferred Stock | ||
Trading Symbol | DLR Pr C | ||
Security Exchange Name | NYSE | ||
Potentially dilutive Series G Cumulative Redeemable Preferred Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Series G Cumulative Redeemable Preferred | ||
Trading Symbol | DLR Pr G | ||
Security Exchange Name | NYSE | ||
Potentially dilutive Series I Cumulative Redeemable Preferred Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Series I Cumulative Redeemable PreferredStock | ||
Trading Symbol | DLR Pr I | ||
Security Exchange Name | NYSE | ||
Series J Preferred Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Series J Cumulative Redeemable PreferredStock | ||
Trading Symbol | DLR Pr J | ||
Security Exchange Name | NYSE | ||
Potentially dilutive Series K Cumulative Redeemable Preferred Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Series K Cumulative Redeemable PreferredStock | ||
Trading Symbol | DLR Pr K | ||
Security Exchange Name | NYSE | ||
Series L Preferred Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Series L Cumulative Redeemable PreferredStock | ||
Trading Symbol | DLR Pr L | ||
Security Exchange Name | NYSE |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Properties: | ||
Land | $ 804,830 | $ 859,113 |
Acquired ground leases | 10,725 | 10,575 |
Buildings and improvements | 15,449,884 | 15,610,992 |
Tenant improvements | 621,153 | 574,336 |
Total investments in operating properties | 16,886,592 | 17,055,016 |
Accumulated depreciation and amortization | (4,536,169) | (3,935,267) |
Net investments in operating properties | 12,350,423 | 13,119,749 |
Construction in progress and space held for development | 1,732,555 | 1,621,928 |
Land held for future development | 147,597 | 162,941 |
Net investments in properties | 14,230,575 | 14,904,618 |
Investments in unconsolidated joint ventures | 1,287,109 | 175,108 |
Net investments in real estate | 15,517,684 | 15,079,726 |
Operating lease right-of-use assets, net | 628,681 | |
Cash and cash equivalents | 89,817 | 126,700 |
Accounts and other receivables, net | 305,501 | 299,621 |
Deferred rent | 478,744 | 463,248 |
Acquired above-market leases, net | 74,815 | 119,759 |
Goodwill | 3,363,070 | 4,348,007 |
Acquired in-place lease value, deferred leasing costs and intangibles, net | 2,195,324 | 3,144,395 |
Assets held for sale | 229,934 | |
Other assets | 184,561 | 185,239 |
Total assets | 23,068,131 | 23,766,695 |
LIABILITIES AND EQUITY | ||
Unsecured senior notes, net of discount | 8,973,190 | 7,589,126 |
Secured debt, including premiums | 104,934 | 685,714 |
Operating lease liabilities | 693,539 | |
Accounts payable and other accrued liabilities | 1,007,761 | 1,164,509 |
Accrued dividends and distributions | 234,620 | 217,241 |
Acquired below-market leases, net | 148,774 | 200,113 |
Security deposits and prepaid rents | 208,724 | 209,311 |
Obligations associated with assets held for sale | 2,700 | |
Total liabilities | 12,418,566 | 12,892,653 |
Redeemable noncontrolling interests | 41,465 | 15,832 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Preferred stock/units | 1,434,420 | 1,249,560 |
Common Stock: $0.01 par value per share, 315,000,000 shares authorized, 208,900,758 and 206,425,656 shares issued and outstanding as of December 31, 2019 and December 31, 2018, respectively | 2,073 | 2,051 |
Partners' capital: | ||
Additional paid-in capital | 11,577,320 | 11,355,751 |
Accumulated dividends in excess of earnings | (3,046,579) | (2,633,071) |
Accumulated other comprehensive loss, net | (87,922) | (115,647) |
Total stockholders' equity | 9,879,312 | 9,858,644 |
Noncontrolling Interests: | ||
Noncontrolling interests in operating partnership | 708,163 | 906,510 |
Noncontrolling interests in consolidated joint ventures | 20,625 | 93,056 |
Total noncontrolling interests | 728,788 | 999,566 |
Total equity | 10,608,100 | 10,858,210 |
Total liabilities and equity/capital | 23,068,131 | 23,766,695 |
Digital Realty Trust, L.P. | ||
Properties: | ||
Land | 804,830 | 859,113 |
Acquired ground leases | 10,725 | 10,575 |
Buildings and improvements | 15,449,884 | 15,610,992 |
Tenant improvements | 621,153 | 574,336 |
Total investments in operating properties | 16,886,592 | 17,055,016 |
Accumulated depreciation and amortization | (4,536,169) | (3,935,267) |
Net investments in operating properties | 12,350,423 | 13,119,749 |
Construction in progress and space held for development | 1,732,555 | 1,621,928 |
Land held for future development | 147,597 | 162,941 |
Net investments in properties | 14,230,575 | 14,904,618 |
Investments in unconsolidated joint ventures | 1,287,109 | 175,108 |
Net investments in real estate | 15,517,684 | 15,079,726 |
Operating lease right-of-use assets, net | 628,681 | |
Cash and cash equivalents | 89,817 | 126,700 |
Accounts and other receivables, net | 305,501 | 299,621 |
Deferred rent | 478,744 | 463,248 |
Acquired above-market leases, net | 74,815 | 119,759 |
Goodwill | 3,363,070 | 4,348,007 |
Acquired in-place lease value, deferred leasing costs and intangibles, net | 2,195,324 | 3,144,395 |
Assets held for sale | 229,934 | |
Other assets | 184,561 | 185,239 |
Total assets | 23,068,131 | 23,766,695 |
LIABILITIES AND EQUITY | ||
Unsecured senior notes, net of discount | 8,973,190 | 7,589,126 |
Secured debt, including premiums | 104,934 | 685,714 |
Operating lease liabilities | 693,539 | |
Accounts payable and other accrued liabilities | 1,007,761 | 1,164,509 |
Accrued dividends and distributions | 234,620 | 217,241 |
Acquired below-market leases, net | 148,774 | 200,113 |
Security deposits and prepaid rents | 208,724 | 209,311 |
Obligations associated with assets held for sale | 2,700 | |
Total liabilities | 12,418,566 | 12,892,653 |
Redeemable noncontrolling interests | 41,465 | 15,832 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Preferred stock/units | 1,434,420 | 1,249,560 |
Partners' capital: | ||
Common units, 208,900,758 and 206,425,656 units issued and outstanding as of December 31, 2019 and December 31, 2018, respectively | 8,532,814 | 8,724,731 |
Limited Partners, 8,843,155 and 10,580,884 units issued and outstanding as of December 31, 2019 and December 31, 2018, respectively | 711,650 | 911,256 |
Accumulated other comprehensive loss, net | (91,409) | (120,393) |
Total partners' capital | 10,587,475 | 10,765,154 |
Noncontrolling Interests: | ||
Noncontrolling interests in consolidated joint ventures | 20,625 | 93,056 |
Total capital | 10,608,100 | 10,858,210 |
Total liabilities and equity/capital | 23,068,131 | 23,766,695 |
Global revolving credit facilities, net | ||
LIABILITIES AND EQUITY | ||
Line of credit | 234,105 | 1,647,735 |
Global revolving credit facilities, net | Digital Realty Trust, L.P. | ||
LIABILITIES AND EQUITY | ||
Line of credit | 234,105 | 1,647,735 |
Unsecured term loans | ||
LIABILITIES AND EQUITY | ||
Line of credit | 810,219 | 1,178,904 |
Unsecured term loans | Digital Realty Trust, L.P. | ||
LIABILITIES AND EQUITY | ||
Line of credit | $ 810,219 | $ 1,178,904 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance for doubtful accounts | $ 13,753 | $ 11,554 |
Accumulated amortization, deferred leasing costs and intangibles | 1,629,117 | 1,355,013 |
Accumulated amortization, below market leases | $ 247,735 | $ 242,422 |
Preferred stock, par value (in dollars per share/unit) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (shares) | 110,000,000 | 110,000,000 |
Preferred stock, issued (shares) | 58,250,000 | 50,650,000 |
Preferred stock, outstanding (shares) | 58,250,000 | 50,650,000 |
Common stock, par value (in dollars per share/unit) | $ 0.01 | $ 0.01 |
Common stock, authorized (shares) | 315,000,000 | 315,000,000 |
Common stock, shares, issued (shares) | 208,900,758 | 206,425,656 |
Common stock, shares, outstanding (shares) | 208,900,758 | 206,425,656 |
Liquidation preference | $ 1,456,250 | |
Preferred stock, liquidation preference per share (in dollars per share) | $ 25 | $ 25 |
Acquired above-market leases | ||
Accumulated amortization, above market leases | $ 204,233 | $ 158,037 |
Digital Realty Trust, L.P. | ||
Allowance for doubtful accounts | 13,753 | 11,554 |
Accumulated amortization, deferred leasing costs and intangibles | 1,629,117 | 1,355,013 |
Accumulated amortization, below market leases | $ 247,735 | $ 242,422 |
Preferred stock, outstanding (shares) | 50,650,000 | |
Preferred units, issued (units) | 58,250,000 | 50,650,000 |
Preferred units, outstanding (units) | 58,250,000 | |
Common units, issued (units) | 208,900,758 | 206,425,656 |
Common units, outstanding (units) | 208,900,758 | 206,425,656 |
Limited Partners' units, issued (units) | 8,843,155 | 10,580,884 |
Limited Partners' units outstanding (units) | 8,843,155 | 10,580,884 |
Digital Realty Trust, L.P. | Acquired above-market leases | ||
Accumulated amortization, above market leases | $ 204,233 | $ 158,037 |
CONSOLIDATED INCOME STATEMENTS
CONSOLIDATED INCOME STATEMENTS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Revenues: | |||
Total operating revenues | $ 3,209,241 | $ 3,046,478 | $ 2,457,928 |
Operating Expenses: | |||
Rental property operating and maintenance | 1,020,578 | 957,065 | 759,616 |
Property taxes and insurance | 172,183 | 140,918 | 134,995 |
Depreciation and amortization | 1,163,774 | 1,186,896 | 842,464 |
General and administrative | 211,097 | 163,667 | 161,441 |
Transactions and integration | 27,925 | 45,327 | 76,048 |
Impairment of investments in real estate | 5,351 | 0 | 28,992 |
Other | 14,118 | 2,818 | 3,077 |
Total operating expenses | 2,615,026 | 2,496,691 | 2,006,633 |
Operating income | 594,215 | 549,787 | 451,295 |
Other Income (Expenses): | |||
Equity in earnings of unconsolidated joint ventures | 8,067 | 32,979 | 25,516 |
Gain on deconsolidation, net | 67,497 | 0 | |
Gain on disposition of properties, net | 267,651 | 80,049 | 40,354 |
Interest and other income, net | 66,000 | 3,481 | 3,655 |
Interest expense | (353,057) | (321,529) | (258,642) |
Tax expense | (11,995) | (2,084) | (7,901) |
(Loss) gain from early extinguishment of debt | (39,157) | (1,568) | 1,990 |
Net income | 599,221 | 341,115 | 256,267 |
Net loss (income) attributable to noncontrolling interests | (19,460) | (9,869) | (8,008) |
Net income attributable to Digital Realty Trust, Inc./Digital Realty Trust, L.P. | 579,761 | 331,246 | 248,259 |
Preferred stock dividends, including undeclared dividends | (74,990) | (81,316) | (68,802) |
Issuance costs associated with redeemed preferred stock | (11,760) | (6,309) | |
Net income available to common stock/unitholders | $ 493,011 | $ 249,930 | $ 173,148 |
Net income per share/unit available to common stockholders/unitholders: | |||
Basic (in dollars per share/unit) | $ 2.37 | $ 1.21 | $ 0.99 |
Diluted (in dollars per share/unit) | $ 2.35 | $ 1.21 | $ 0.99 |
Weighted average common shares/units outstanding: | |||
Basic (shares/units) | 208,325,823 | 206,035,408 | 174,059,386 |
Diluted (shares/units) | 209,462,247 | 206,673,471 | 174,895,098 |
Digital Realty Trust, L.P. | |||
Operating Revenues: | |||
Total operating revenues | $ 3,209,241 | $ 3,046,478 | $ 2,457,928 |
Operating Expenses: | |||
Rental property operating and maintenance | 1,020,578 | 957,065 | 759,616 |
Property taxes and insurance | 172,183 | 140,918 | 134,995 |
Depreciation and amortization | 1,163,774 | 1,186,896 | 842,464 |
General and administrative | 211,097 | 163,667 | 161,441 |
Transactions and integration | 27,925 | 45,327 | 76,048 |
Impairment of investments in real estate | 5,351 | 0 | 28,992 |
Other | 14,118 | 2,818 | 3,077 |
Total operating expenses | 2,615,026 | 2,496,691 | 2,006,633 |
Operating income | 594,215 | 549,787 | 451,295 |
Other Income (Expenses): | |||
Equity in earnings of unconsolidated joint ventures | 8,067 | 32,979 | 25,516 |
Gain on deconsolidation, net | 67,497 | ||
Gain on disposition of properties, net | 267,651 | 80,049 | 40,354 |
Interest and other income, net | 66,000 | 3,481 | 3,655 |
Interest expense | (353,057) | (321,529) | (258,642) |
Tax expense | (11,995) | (2,084) | (7,901) |
(Loss) gain from early extinguishment of debt | (39,157) | (1,568) | 1,990 |
Net income | 599,221 | 341,115 | 256,267 |
Net loss (income) attributable to noncontrolling interests | 1,640 | 311 | (4,238) |
Net income attributable to Digital Realty Trust, Inc./Digital Realty Trust, L.P. | 600,861 | 341,426 | 252,029 |
Preferred stock dividends, including undeclared dividends | (74,990) | (81,316) | (68,802) |
Issuance costs associated with redeemed preferred stock | (11,760) | 0 | (6,309) |
Net income available to common stock/unitholders | $ 514,111 | $ 260,110 | $ 176,918 |
Net income per share/unit available to common stockholders/unitholders: | |||
Basic (in dollars per share/unit) | $ 2.37 | $ 1.21 | $ 0.99 |
Diluted (in dollars per share/unit) | $ 2.35 | $ 1.21 | $ 0.99 |
Weighted average common shares/units outstanding: | |||
Basic (shares/units) | 217,284,755 | 214,312,871 | 178,055,936 |
Diluted (shares/units) | 218,421,179 | 214,950,934 | 178,891,648 |
Rental and other services | |||
Operating Revenues: | |||
Operating Revenues | $ 3,196,356 | $ 2,412,076 | $ 2,010,301 |
Rental and other services | Digital Realty Trust, L.P. | |||
Operating Revenues: | |||
Operating Revenues | 3,196,356 | 2,412,076 | 2,010,301 |
Tenant reimbursements | |||
Operating Revenues: | |||
Operating Revenues | 0 | 624,637 | 440,224 |
Tenant reimbursements | Digital Realty Trust, L.P. | |||
Operating Revenues: | |||
Operating Revenues | 624,637 | 440,224 | |
Fee income and other | |||
Operating Revenues: | |||
Operating Revenues | 12,885 | 9,765 | 7,403 |
Fee income and other | Digital Realty Trust, L.P. | |||
Operating Revenues: | |||
Operating Revenues | $ 12,885 | $ 9,765 | $ 7,403 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income | $ 599,221 | $ 341,115 | $ 256,267 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 23,975 | (11,736) | 28,709 |
Reclassification of foreign currency translation adjustment due to deconsolidation of Ascenty | 21,687 | ||
(Decrease) increase in fair value of interest rate swaps and foreign currency hedges | (9,232) | 8,197 | (3,434) |
Reclassification to interest expense from interest rate swaps | (7,446) | (3,969) | 2,459 |
Comprehensive income | 628,205 | 333,607 | 284,001 |
Comprehensive loss (income) attributable to noncontrolling interests | (20,719) | (9,576) | (8,569) |
Comprehensive income attributable to Digital Realty Trust, Inc./Digital Realty Trust, L.P. | 607,486 | 324,031 | 275,432 |
Digital Realty Trust, L.P. | |||
Net income | 599,221 | 341,115 | 256,267 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | 23,975 | (11,736) | 28,709 |
Reclassification of foreign currency translation adjustment due to deconsolidation of Ascenty | 21,687 | ||
(Decrease) increase in fair value of interest rate swaps and foreign currency hedges | (9,232) | 8,197 | (3,434) |
Reclassification to interest expense from interest rate swaps | (7,446) | (3,969) | 2,459 |
Comprehensive income | 628,205 | 333,607 | 284,001 |
Comprehensive loss (income) attributable to noncontrolling interests | 1,640 | 311 | (4,238) |
Comprehensive income attributable to Digital Realty Trust, Inc./Digital Realty Trust, L.P. | $ 629,845 | $ 333,918 | $ 279,763 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | General PartnerPreferred UnitsDigital Realty Trust, L.P.Series C Preferred StockDFT Merger | General PartnerPreferred UnitsDigital Realty Trust, L.P.Series F Preferred Stock | General PartnerPreferred UnitsDigital Realty Trust, L.P.Potentially dilutive Series H Cumulative Redeemable Preferred Stock | General PartnerPreferred UnitsDigital Realty Trust, L.P.Series J Preferred Stock | General PartnerPreferred UnitsDigital Realty Trust, L.P.Potentially dilutive Series K Cumulative Redeemable Preferred Stock | General PartnerPreferred UnitsDigital Realty Trust, L.P.Series L Preferred Stock | General PartnerPreferred UnitsDigital Realty Trust, L.P. | General PartnerCommon UnitsDigital Realty Trust, L.P.Series F Preferred Stock | General PartnerCommon UnitsDigital Realty Trust, L.P.Potentially dilutive Series H Cumulative Redeemable Preferred Stock | General PartnerCommon UnitsDigital Realty Trust, L.P.DFT Merger | General PartnerCommon UnitsDigital Realty Trust, L.P. | Limited PartnersCommon UnitsDigital Realty Trust, L.P.DFT Merger | Limited PartnersCommon UnitsDigital Realty Trust, L.P.Ascenty | Limited PartnersCommon UnitsDigital Realty Trust, L.P. | Accumulated other comprehensive income (loss), netDigital Realty Trust, L.P. | Noncontrolling Interests in Consolidated Joint VenturesDigital Realty Trust, L.P.Ascenty | Noncontrolling Interests in Consolidated Joint VenturesDigital Realty Trust, L.P. | Redeemable Noncontrolling InterestsDigital Realty Trust, L.P.DFT Merger | Redeemable Noncontrolling InterestsDigital Realty Trust, L.P. | Digital Realty Trust, L.P.Total Stockholders' EquityDFT Merger | Digital Realty Trust, L.P.Series C Preferred StockDFT Merger | Digital Realty Trust, L.P.Series F Preferred Stock | Digital Realty Trust, L.P.Potentially dilutive Series H Cumulative Redeemable Preferred Stock | Digital Realty Trust, L.P.Series J Preferred Stock | Digital Realty Trust, L.P.Potentially dilutive Series K Cumulative Redeemable Preferred Stock | Digital Realty Trust, L.P.Series L Preferred Stock | Digital Realty Trust, L.P.Ascenty | Digital Realty Trust, L.P. | Redeemable Noncontrolling InterestsSeries F Preferred Stock | Redeemable Noncontrolling InterestsDFT Merger | Redeemable Noncontrolling Interests | Preferred StockSeries C Preferred StockDFT Merger | Preferred StockSeries F Preferred Stock | Preferred StockPotentially dilutive Series H Cumulative Redeemable Preferred Stock | Preferred StockSeries J Preferred Stock | Preferred StockPotentially dilutive Series K Cumulative Redeemable Preferred Stock | Preferred StockSeries L Preferred Stock | Preferred StockDFT Merger | Preferred Stock | Common StockDFT Merger | Common Stock | Additional Paid-in CapitalSeries F Preferred Stock | Additional Paid-in CapitalSeries J Preferred Stock | Additional Paid-in CapitalDFT Merger | Additional Paid-in Capital | Accumulated Dividends in Excess of EarningsSeries F Preferred Stock | Accumulated Dividends in Excess of EarningsPotentially dilutive Series H Cumulative Redeemable Preferred Stock | Accumulated Dividends in Excess of Earnings | Accumulated other comprehensive income (loss), netInterest Rate Swap | Accumulated other comprehensive income (loss), net | Total Stockholders' EquitySeries C Preferred StockDFT Merger | Total Stockholders' EquitySeries F Preferred Stock | Total Stockholders' EquityPotentially dilutive Series H Cumulative Redeemable Preferred Stock | Total Stockholders' EquitySeries J Preferred Stock | Total Stockholders' EquityPotentially dilutive Series K Cumulative Redeemable Preferred Stock | Total Stockholders' EquitySeries L Preferred Stock | Total Stockholders' EquityDFT Merger | Total Stockholders' EquityInterest Rate Swap | Total Stockholders' Equity | Noncontrolling Interests in Operating PartnershipSeries F Preferred Stock | Noncontrolling Interests in Operating PartnershipSeries J Preferred Stock | Noncontrolling Interests in Operating PartnershipDFT Merger | Noncontrolling Interests in Operating PartnershipAscenty | Noncontrolling Interests in Operating PartnershipInterest Rate Swap | Noncontrolling Interests in Operating Partnership | Noncontrolling Interests in Consolidated Joint VenturesAscenty | Noncontrolling Interests in Consolidated Joint Ventures | Total Noncontrolling InterestsSeries F Preferred Stock | Total Noncontrolling InterestsSeries J Preferred Stock | Total Noncontrolling InterestsDFT Merger | Total Noncontrolling InterestsAscenty | Total Noncontrolling InterestsInterest Rate Swap | Total Noncontrolling Interests | Series C Preferred StockDFT Merger | Series F Preferred Stock | Potentially dilutive Series H Cumulative Redeemable Preferred Stock | Series J Preferred Stock | Potentially dilutive Series K Cumulative Redeemable Preferred Stock | Series L Preferred Stock | DFT Merger | Ascenty | Interest Rate Swap | Total |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of units (units) | 41,900,000 | 159,019,118 | 2,475,663 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2016 | $ 0 | $ 1,012,961 | $ 1,582 | $ 5,764,497 | $ (1,547,420) | $ (135,605) | $ 5,096,015 | $ 29,684 | $ 6,598 | $ 36,282 | $ 5,132,297 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning balance (shares) at Dec. 31, 2016 | 159,019,118 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of common units to common stock | $ 6 | 10,003 | 10,009 | (10,009) | (10,009) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of common units to common stock (shares) | 562,582 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of unvested restricted stock, net of forfeitures (shares) | 249,050 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of offering costs | $ 219,250 | $ 24 | 211,873 | 211,897 | $ 211,897 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of offering costs (shares) | 8,000,000 | 2,375,000 | 6,111,770 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued under employee stock purchase plan | $ 5,143 | $ 5,143 | 5,143 | 5,143 | $ 5,143 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued under employee stock purchase plan (shares) | 71,253 | 71,253 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock, net of offering costs | $ 193,540 | $ 193,540 | $ 219,250 | $ 193,540 | $ 219,250 | $ 193,540 | $ 219,250 | $ 193,540 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of preferred stock | $ (176,191) | $ (6,309) | $ (182,500) | $ (176,191) | $ (6,309) | $ (182,500) | $ (182,500) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of unearned compensation on share-based awards | $ 27,981 | 27,981 | 27,981 | 27,981 | 27,981 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of vested share-based awards | (10,057) | (10,057) | 10,057 | 10,057 | 12,357 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to redeemable noncontrolling interests | 4,166 | $ 8,191 | $ (12,357) | 12,357 | (12,357) | 4,166 | 4,166 | 8,191 | 8,191 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on preferred stock | (68,802) | (68,802) | (68,802) | (68,802) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and distributions on common stock and common and incentive units | (681,280) | (681,280) | (20,694) | (20,694) | (701,974) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ 68,802 | $ 179,457 | $ 3,770 | $ 4,238 | 256,267 | 248,259 | 248,259 | 3,770 | 4,238 | 8,008 | 256,267 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income-foreign currency translation adjustments | $ 28,709 | 28,709 | 28,272 | 28,272 | 437 | 437 | 28,709 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income- fair value of interest rate swaps/foreign currency hedges | (3,434) | (3,434) | $ (3,513) | $ (3,513) | $ 79 | $ 79 | $ (3,434) | (3,434) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income- reclassification of accumulated other comprehensive (income) loss to interest expense | 2,459 | 2,459 | 2,414 | 2,414 | 45 | 45 | 2,459 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock and units issued | $ 219,250 | $ 5,247,558 | $ 219,250 | $ 66,259 | $ 432 | $ 5,247,126 | $ 5,247,558 | $ 676,566 | $ 676,566 | $ 5,924,124 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock and units issued (shares) | 8,050,000 | 43,175,629 | 6,111,770 | 66,259,000 | 43,175,629 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options | 729 | 729 | 729 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exercise of stock options (shares) | 17,668 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions from noncontrolling interests in consolidated joint ventures, net of contributions | (8,593) | (8,593) | (8,593) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2017 | 53,902 | 1,249,560 | $ 2,044 | 11,261,461 | (2,055,552) | (108,432) | 10,349,081 | 698,126 | 2,243 | 700,369 | 11,049,450 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance (shares) at Dec. 31, 2017 | 205,470,300 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of limited partner common units to general partner common units (units) | 562,582 | 562,582 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests in operating partnership converted to shares of common stock | $ 10,009 | $ (10,009) | 10,009 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of unvested restricted stock, net of forfeitures (units) | 249,050 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common units, net of forfeitures (units) | 464,244 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of vested share-based awards | $ (10,057) | $ 10,057 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital Account, Distributions | $ (68,802) | $ (681,280) | $ (20,694) | (770,776) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions From Noncontrolling Interests In Consolidated Joint Ventures Subsidiary | (8,593) | (8,593) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of units (units) | 50,650,000 | 205,470,300 | 8,489,095 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of common units to common stock | $ 7 | 61,997 | 62,004 | (62,004) | (62,004) | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of common units to common stock (shares) | 711,892 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of unvested restricted stock, net of forfeitures (shares) | 220,765 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock offering costs | (1,194) | (1,194) | $ (1,194) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of offering costs | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of offering costs (shares) | 2,338,874 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued under employee stock purchase plan | $ 5,874 | $ 5,874 | $ 1 | 5,873 | 5,874 | $ 5,874 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued under employee stock purchase plan (shares) | 69,532 | 69,532 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of unearned compensation on share-based awards | $ 32,456 | 32,456 | 32,456 | 32,456 | 32,456 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of vested share-based awards | $ (3,772) | $ (3,772) | $ 3,772 | $ 3,772 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to redeemable noncontrolling interests | 1,596 | $ 35,678 | (37,274) | 37,274 | $ (37,274) | $ 1,596 | $ 1,596 | $ 35,678 | $ 35,678 | $ 37,274 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on preferred stock | (81,316) | (81,316) | (81,316) | (81,316) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and distributions on common stock and common and incentive units | (1,271) | (833,364) | (833,364) | (32,311) | (32,311) | (865,675) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions | 66,124 | 66,124 | 66,124 | 66,124 | 66,124 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | 81,316 | 249,930 | $ 9,705 | (311) | 475 | 340,640 | 475 | 331,246 | 331,246 | 9,705 | (311) | 9,394 | 340,640 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income-foreign currency translation adjustments | (11,736) | (11,736) | (11,279) | (11,279) | (457) | (457) | (11,736) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income- fair value of interest rate swaps/foreign currency hedges | 8,197 | 8,197 | 7,890 | 7,890 | 307 | 307 | 8,197 | 8,197 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income- reclassification of accumulated other comprehensive (income) loss to interest expense | (3,969) | (3,969) | (3,826) | (3,826) | (143) | (143) | (3,969) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock and units issued | $ 253,837 | $ 25,000 | 0 | $ 278,837 | 0 | $ 253,837 | $ 25,000 | $ 278,837 | $ 278,837 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock and units issued (shares) | 2,338,874 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased and retired to satisfy tax withholding upon vesting | $ (5,055) | (5,055) | $ (1) | (5,054) | (5,055) | (5,055) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares repurchased and retired to satisfy tax withholding upon vesting (shares) | (46,833) | (46,833) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2018 | 15,832 | 1,249,560 | $ 2,051 | 11,355,751 | (2,633,071) | (115,647) | 9,858,644 | $ 906,510 | 93,056 | 999,566 | 10,858,210 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance (shares) at Dec. 31, 2018 | 206,425,656 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of limited partner common units to general partner common units (units) | 711,892 | 711,892 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests in operating partnership converted to shares of common stock | $ 62,004 | $ (62,004) | 62,004 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of unvested restricted stock, net of forfeitures (units) | 220,765 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of vested share-based awards | $ (3,772) | 3,772 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital Account, Distributions | $ (81,316) | (833,364) | $ (32,311) | (1,271) | (946,991) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect adjustment from adoption of new accounting standard | $ (5,915) | (5,915) | 5,915 | 5,915 | $ 5,915 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of units (units) | 50,650,000 | 206,425,656 | 10,580,884 | 217,006,540 | 206,425,656 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of common units to common stock | $ 22 | 190,492 | 190,514 | $ (190,514) | (190,514) | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of common units to common stock (shares) | 2,154,460 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of unvested restricted stock, net of forfeitures (shares) | 256,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock offering costs | (2,530) | (2,530) | (2,530) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of offering costs | $ 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of common stock, net of offering costs (shares) | 8,400,000 | 13,800,000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued under employee stock purchase plan | $ 5,462 | 5,462 | 5,462 | 5,462 | 5,462 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares issued under employee stock purchase plan (shares) | 63,774 | 63,774 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of preferred stock, net of offering costs | $ 203,264 | $ 334,886 | $ 203,264 | $ 334,886 | $ 203,264 | $ 334,886 | $ 203,264 | $ 334,886 | $ 203,264 | $ 334,886 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Redemption of preferred stock | $ (353,290) | $ (11,760) | $ (365,050) | $ (353,290) | $ (11,760) | $ (365,050) | $ (365,050) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of unearned compensation on share-based awards | $ 38,662 | 38,662 | 38,662 | 38,662 | 38,662 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of vested share-based awards | (8,458) | (8,458) | 8,458 | 8,458 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustment to redeemable noncontrolling interests | (2,059) | (23,878) | 25,937 | (25,937) | 25,937 | (2,059) | (2,059) | (23,878) | (23,878) | (25,937) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends declared on preferred stock | (74,990) | (74,990) | (74,990) | (74,990) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividends and distributions on common stock and common and incentive units | (676) | (900,201) | (900,201) | (38,278) | (38,278) | (938,479) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions | 63,173 | 63,173 | 63,173 | 63,173 | 63,173 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deconsolidation of consolidated joint venture | (110,086) | (110,086) | (110,086) | (110,086) | (110,086) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ 74,990 | $ 504,771 | $ 20,728 | $ (1,640) | 372 | 598,849 | 372 | 579,761 | 579,761 | 20,728 | (1,640) | 19,088 | 598,849 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income-foreign currency translation adjustments | 45,662 | 45,662 | 43,702 | 43,702 | 1,960 | 1,960 | 45,662 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income- fair value of interest rate swaps/foreign currency hedges | (9,232) | (9,232) | $ (8,839) | $ (8,839) | $ (393) | $ (393) | $ (9,232) | (9,232) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income- reclassification of accumulated other comprehensive (income) loss to interest expense | $ (7,446) | (7,446) | (7,138) | (7,138) | (308) | (308) | (7,446) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common stock and units issued | $ 0 | $ 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2019 | $ 41,465 | $ 1,434,420 | $ 2,073 | $ 11,577,320 | (3,046,579) | $ (87,922) | 9,879,312 | $ 708,163 | $ 20,625 | $ 728,788 | 10,608,100 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending balance (shares) at Dec. 31, 2019 | 208,900,758 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of limited partner common units to general partner common units (units) | 2,154,460 | 2,154,460 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncontrolling interests in operating partnership converted to shares of common stock | $ 190,514 | $ (190,514) | 190,514 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Issuance of unvested restricted stock, net of forfeitures (units) | 256,868 | 416,731 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reclassification of vested share-based awards | $ (8,458) | $ 8,458 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' Capital Account, Distributions | $ (74,990) | (900,201) | $ (38,278) | $ (676) | (1,013,469) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cumulative effect adjustment from adoption of new accounting standard | $ (6,318) | $ (6,318) | $ (6,318) | $ (6,318) | $ (6,318) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of units (units) | 58,250,000 | 208,900,758 | 8,843,155 | 217,743,913 | 208,900,758 |
CONSOLIDATED STATEMENTS OF CAPI
CONSOLIDATED STATEMENTS OF CAPITAL - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Beginning balance (units) | 206,425,656 | 206,425,656 | |||||
Conversion of limited partner common units to general partner common units | $ 190,514,000 | $ 62,004,000 | $ 10,009,000 | ||||
Units issued in connection with employee stock purchase plan | 5,462,000 | 5,874,000 | $ 5,143,000 | ||||
Units repurchased and retired to satisfy tax withholding upon vesting | $ (5,055,000) | ||||||
Issuance of preferred units, net of offering costs (units) | 2,338,874 | 6,111,770 | |||||
Amortization of unearned compensation on share-based awards | 38,662,000 | $ 32,456,000 | $ 27,981,000 | ||||
Adjustment to redeemable noncontrolling interests | (25,937,000) | ||||||
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions | 63,173,000 | 66,124,000 | |||||
Cumulative effect adjustment from adoption of new accounting standard | $ (6,318,000) | $ 5,915,000 | (6,318,000) | 5,915,000 | |||
Deconsolidation of consolidated joint venture | (110,086,000) | ||||||
Net income | $ 349,326,000 | $ 120,997,000 | $ 52,597,000 | $ 110,095,000 | 599,221,000 | 341,115,000 | 256,267,000 |
Net income | 598,849,000 | 340,640,000 | 256,267,000 | ||||
Other comprehensive income-foreign currency translation adjustments | 45,662,000 | (11,736,000) | 28,709,000 | ||||
Other comprehensive income- fair value of interest rate swaps/foreign currency hedges | $ (9,232,000) | $ 8,197,000 | (3,434,000) | ||||
Ending balance (units) | 208,900,758 | 206,425,656 | 208,900,758 | 206,425,656 | |||
Interest Rate Swap | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Other comprehensive income- fair value of interest rate swaps/foreign currency hedges | $ (9,232,000) | $ 8,197,000 | (3,434,000) | ||||
DFT Merger | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of common units in connection with business combinations | 5,924,124,000 | ||||||
Ascenty | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of common units in connection with business combinations | 278,837,000 | ||||||
Series C Preferred Stock | DFT Merger | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of preferred units, net of offering costs | 219,250,000 | ||||||
Series F Preferred Stock | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Redemption of preferred units | (182,500,000) | ||||||
Adjustment to redeemable noncontrolling interests | 37,274,000 | ||||||
Potentially dilutive Series H Cumulative Redeemable Preferred Stock | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Redemption of preferred units | (365,050,000) | ||||||
Series J Preferred Stock | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of preferred units, net of offering costs | 193,540,000 | ||||||
Potentially dilutive Series K Cumulative Redeemable Preferred Stock | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of preferred units, net of offering costs | 203,264,000 | ||||||
Series L Preferred Stock | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of preferred units, net of offering costs | 334,886,000 | ||||||
Noncontrolling Interests in Consolidated Joint Ventures | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Adjustment to redeemable noncontrolling interests | (23,878,000) | ||||||
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions | 63,173,000 | 66,124,000 | |||||
Deconsolidation of consolidated joint venture | (110,086,000) | ||||||
Net income | (1,640,000) | (311,000) | 4,238,000 | ||||
Noncontrolling Interests in Consolidated Joint Ventures | Ascenty | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of common units in connection with business combinations | 25,000,000 | ||||||
Digital Realty Trust, L.P. | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Beginning balance | 10,858,210,000 | 11,049,450,000 | 10,858,210,000 | 11,049,450,000 | 5,132,297,000 | ||
Common unit offering costs | 2,530,000 | 1,194,000 | $ 211,897,000 | ||||
Issuance of common units in connection with the exercise of stock options | 729,000 | ||||||
Units issued in connection with employee stock purchase plan | 5,462,000 | $ 5,143,000 | |||||
Units repurchased and retired to satisfy tax withholding upon vesting | (5,055,000) | ||||||
Amortization of unearned compensation on share-based awards | 38,662,000 | 32,456,000 | 27,981,000 | ||||
Adjustment to redeemable noncontrolling interests | (25,937,000) | 37,274,000 | 12,357,000 | ||||
Distributions | (1,013,469,000) | (946,991,000) | (770,776,000) | ||||
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions | 63,173,000 | 66,124,000 | |||||
Distributions to noncontrolling interests in consolidated joint ventures, net of contributions | (8,593,000) | ||||||
Cumulative effect adjustment from adoption of new accounting standard | $ (6,318,000) | $ (5,915,000) | (6,318,000) | (5,915,000) | |||
Deconsolidation of consolidated joint venture | (110,086,000) | ||||||
Net income | 349,326,000 | 120,997,000 | 52,597,000 | 110,095,000 | 599,221,000 | 341,115,000 | 256,267,000 |
Net income | 598,849,000 | 340,640,000 | 256,267,000 | ||||
Other comprehensive income-foreign currency translation adjustments | 45,662,000 | (11,736,000) | 28,709,000 | ||||
Other comprehensive income- fair value of interest rate swaps/foreign currency hedges | (9,232,000) | 8,197,000 | (3,434,000) | ||||
Ending balance | 10,608,100,000 | 10,858,210,000 | 10,608,100,000 | 10,858,210,000 | 11,049,450,000 | ||
Digital Realty Trust, L.P. | DFT Merger | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Common unit offering costs | 5,924,124,000 | ||||||
Digital Realty Trust, L.P. | Ascenty | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of common units in connection with business combinations | 278,837,000 | ||||||
Digital Realty Trust, L.P. | Series C Preferred Stock | DFT Merger | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of common units in connection with business combinations | 219,250,000 | ||||||
Digital Realty Trust, L.P. | Series F Preferred Stock | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Redemption of preferred units | (182,500,000) | ||||||
Digital Realty Trust, L.P. | Potentially dilutive Series H Cumulative Redeemable Preferred Stock | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Redemption of preferred units | (365,050,000) | ||||||
Digital Realty Trust, L.P. | Series J Preferred Stock | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of preferred units, net of offering costs | 193,540,000 | ||||||
Digital Realty Trust, L.P. | Potentially dilutive Series K Cumulative Redeemable Preferred Stock | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of preferred units, net of offering costs | 203,264,000 | ||||||
Digital Realty Trust, L.P. | Series L Preferred Stock | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of preferred units, net of offering costs | 334,886,000 | ||||||
Accumulated other comprehensive income (loss), net | Digital Realty Trust, L.P. | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Beginning balance | (120,393,000) | (112,885,000) | (120,393,000) | (112,885,000) | (140,619,000) | ||
Other comprehensive income-foreign currency translation adjustments | 45,662,000 | (11,736,000) | 28,709,000 | ||||
Other comprehensive income- fair value of interest rate swaps/foreign currency hedges | (9,232,000) | 8,197,000 | (3,434,000) | ||||
Ending balance | (91,409,000) | (120,393,000) | (91,409,000) | (120,393,000) | (112,885,000) | ||
Noncontrolling Interests in Consolidated Joint Ventures | Digital Realty Trust, L.P. | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Beginning balance | 93,056,000 | 2,243,000 | 93,056,000 | 2,243,000 | 6,598,000 | ||
Adjustment to redeemable noncontrolling interests | (23,878,000) | ||||||
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions | 63,173,000 | 66,124,000 | |||||
Distributions to noncontrolling interests in consolidated joint ventures, net of contributions | (8,593,000) | ||||||
Deconsolidation of consolidated joint venture | (110,086,000) | ||||||
Net income | (1,640,000) | (311,000) | 4,238,000 | ||||
Ending balance | 20,625,000 | 93,056,000 | 20,625,000 | 93,056,000 | 2,243,000 | ||
Noncontrolling Interests in Consolidated Joint Ventures | Digital Realty Trust, L.P. | Ascenty | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of common units in connection with business combinations | 25,000,000 | ||||||
Redeemable Noncontrolling Interests | Digital Realty Trust, L.P. | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Beginning balance | 15,832,000 | 53,902,000 | 15,832,000 | 53,902,000 | 0 | ||
Adjustment to redeemable noncontrolling interests | 25,937,000 | (37,274,000) | (12,357,000) | ||||
Distributions | (676,000) | (1,271,000) | |||||
Net income | 372,000 | 475,000 | |||||
Ending balance | 41,465,000 | 15,832,000 | 41,465,000 | 15,832,000 | $ 53,902,000 | ||
Redeemable Noncontrolling Interests | Digital Realty Trust, L.P. | DFT Merger | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of common units in connection with business combinations (in units) | 66,259,000 | ||||||
General Partner | Preferred Units | Digital Realty Trust, L.P. | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Beginning balance | $ 1,249,560,000 | $ 1,249,560,000 | $ 1,249,560,000 | $ 1,249,560,000 | $ 1,012,961,000 | ||
Beginning balance (units) | 50,650,000 | 50,650,000 | 50,650,000 | 50,650,000 | 41,900,000 | ||
Units issued in connection with employee stock purchase plan | $ 5,874,000 | ||||||
Distributions | $ (74,990,000) | (81,316,000) | $ (68,802,000) | ||||
Net income | 74,990,000 | 81,316,000 | 68,802,000 | ||||
Ending balance | $ 1,434,420,000 | $ 1,249,560,000 | $ 1,434,420,000 | $ 1,249,560,000 | $ 1,249,560,000 | ||
Ending balance (units) | 58,250,000 | 50,650,000 | 58,250,000 | 50,650,000 | 50,650,000 | ||
General Partner | Preferred Units | Digital Realty Trust, L.P. | Series C Preferred Stock | DFT Merger | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of common units in connection with business combinations | $ 219,250,000 | ||||||
Issuance of common units in connection with business combinations (in units) | 8,050,000 | ||||||
General Partner | Preferred Units | Digital Realty Trust, L.P. | Series F Preferred Stock | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Redemption of preferred units | $ (176,191,000) | ||||||
Redemption of series H preferred units (in units) | (7,300,000) | ||||||
General Partner | Preferred Units | Digital Realty Trust, L.P. | Potentially dilutive Series H Cumulative Redeemable Preferred Stock | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Redemption of preferred units | $ (353,290,000) | ||||||
Redemption of series H preferred units (in units) | (14,600,000) | ||||||
General Partner | Preferred Units | Digital Realty Trust, L.P. | Series J Preferred Stock | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of preferred units, net of offering costs | $ 193,540,000 | ||||||
Issuance of preferred units, net of offering costs (units) | 8,000,000 | ||||||
General Partner | Preferred Units | Digital Realty Trust, L.P. | Potentially dilutive Series K Cumulative Redeemable Preferred Stock | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of preferred units, net of offering costs | $ 203,264,000 | ||||||
Issuance of preferred units, net of offering costs (units) | 8,400,000 | ||||||
General Partner | Preferred Units | Digital Realty Trust, L.P. | Series L Preferred Stock | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of preferred units, net of offering costs | $ 334,886,000 | ||||||
Issuance of preferred units, net of offering costs (units) | 13,800,000 | ||||||
General Partner | Common Units | Digital Realty Trust, L.P. | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Beginning balance | $ 8,724,731,000 | $ 9,207,953,000 | $ 8,724,731,000 | $ 9,207,953,000 | $ 4,218,659,000 | ||
Beginning balance (units) | 206,425,656 | 205,470,300 | 206,425,656 | 205,470,300 | 159,019,118 | ||
Conversion of limited partner common units to general partner common units | $ 190,514,000 | $ 62,004,000 | $ 10,009,000 | ||||
Conversion of limited partner common units to general partner common units (units) | 2,154,460 | 711,892 | 562,582 | ||||
Issuance of unvested restricted stock, net of forfeitures (units) | 256,868 | 220,765 | 249,050 | ||||
Common unit offering costs | $ 2,530,000 | $ 1,194,000 | $ 211,897,000 | ||||
Issuance of common units, net of offering costs (in units) | 2,375,000 | ||||||
Issuance of common units in connection with the exercise of stock options | 729,000 | ||||||
Issuance of common units in connection with the exercise of stock options (in units) | $ 17,668 | ||||||
Units issued in connection with employee stock purchase plan | $ 5,462,000 | $ 5,874,000 | $ 5,143,000 | ||||
Units issued in connection with employee stock purchase plan (units) | 63,774 | 69,532 | 71,253 | ||||
Units repurchased and retired to satisfy tax withholding upon vesting | $ (5,055,000) | ||||||
Units repurchased and retired to satisfy tax withholding upon vesting (units) | (46,833) | ||||||
Amortization of unearned compensation on share-based awards | $ 38,662,000 | $ 32,456,000 | $ 27,981,000 | ||||
Reclassification of vested share-based awards | (8,458,000) | (3,772,000) | (10,057,000) | ||||
Adjustment to redeemable noncontrolling interests | (2,059,000) | 1,596,000 | 4,166,000 | ||||
Distributions | (900,201,000) | (833,364,000) | (681,280,000) | ||||
Cumulative effect adjustment from adoption of new accounting standard | $ (6,318,000) | $ (5,915,000) | (6,318,000) | (5,915,000) | |||
Net income | 504,771,000 | 249,930,000 | 179,457,000 | ||||
Ending balance | $ 8,532,814,000 | $ 8,724,731,000 | $ 8,532,814,000 | $ 8,724,731,000 | $ 9,207,953,000 | ||
Ending balance (units) | 208,900,758 | 206,425,656 | 208,900,758 | 206,425,656 | 205,470,300 | ||
General Partner | Common Units | Digital Realty Trust, L.P. | DFT Merger | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of common units in connection with business combinations (in units) | 43,175,629 | ||||||
Common unit offering costs | $ 5,247,558,000 | ||||||
General Partner | Common Units | Digital Realty Trust, L.P. | Series F Preferred Stock | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Redemption of preferred units | (6,309,000) | ||||||
General Partner | Common Units | Digital Realty Trust, L.P. | Potentially dilutive Series H Cumulative Redeemable Preferred Stock | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Redemption of preferred units | $ (11,760,000) | ||||||
Limited Partners | Common Units | Digital Realty Trust, L.P. | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Beginning balance | $ 911,256,000 | $ 702,579,000 | $ 911,256,000 | $ 702,579,000 | $ 34,698,000 | ||
Beginning balance (units) | 10,580,884 | 8,489,095 | 10,580,884 | 8,489,095 | 2,475,663 | ||
Conversion of limited partner common units to general partner common units | $ (190,514,000) | $ (62,004,000) | $ (10,009,000) | ||||
Conversion of limited partner common units to general partner common units (units) | 2,154,460 | 711,892 | 562,582 | ||||
Issuance of unvested restricted stock, net of forfeitures (units) | 416,731 | ||||||
Issuance of common units in connection with the exercise of stock options | 464,807 | ||||||
Issuance of common units, net of forfeitures (units) | 464,244 | ||||||
Reclassification of vested share-based awards | $ 8,458,000 | $ 3,772,000 | $ 10,057,000 | ||||
Adjustment to redeemable noncontrolling interests | 35,678,000 | 8,191,000 | |||||
Distributions | (38,278,000) | (32,311,000) | (20,694,000) | ||||
Net income | 20,728,000 | 9,705,000 | 3,770,000 | ||||
Ending balance | $ 711,650,000 | $ 911,256,000 | $ 711,650,000 | $ 911,256,000 | $ 702,579,000 | ||
Ending balance (units) | 8,843,155 | 10,580,884 | 8,843,155 | 10,580,884 | 8,489,095 | ||
Limited Partners | Common Units | Digital Realty Trust, L.P. | DFT Merger | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of common units in connection with business combinations (in units) | 6,111,770 | ||||||
Common unit offering costs | $ 676,566,000 | ||||||
Limited Partners | Common Units | Digital Realty Trust, L.P. | Ascenty | |||||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||||
Issuance of common units in connection with business combinations | $ 253,837,000 | ||||||
Issuance of common units in connection with business combinations (in units) | 2,338,874 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||||
Net income | $ 349,326 | $ 52,597 | $ 599,221 | $ 341,115 | $ 256,267 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Gain on disposition of properties, net | (335,148) | (80,049) | (40,354) | ||
Unrealized gain on equity investment | (46,492) | (1,631) | 0 | ||
Impairment of investments in real estate | 5,351 | 0 | 28,992 | ||
Equity in earnings of unconsolidated joint ventures | (8,067) | (32,979) | (25,516) | ||
Distributions from unconsolidated joint ventures | 44,293 | 21,905 | 31,747 | ||
Write-off due to early lease terminations | 11,400 | 2,818 | 3,076 | ||
Depreciation and amortization of buildings and improvements, tenant improvements and acquired ground leases | 809,472 | 770,275 | 594,996 | ||
Amortization of acquired in-place lease value and deferred leasing costs | 354,302 | 416,621 | 247,468 | ||
Amortization of share-based compensation | 34,905 | 27,159 | 20,521 | ||
Non-cash amortization of terminated swaps | 1,047 | 1,120 | 1,204 | ||
(Recovery of) allowance for doubtful accounts | 2,159 | 6,304 | (776) | ||
Amortization of deferred financing costs | 13,362 | 11,537 | 10,634 | ||
Loss (gain) from early extinguishment of debt | 39,157 | 1,568 | (1,990) | ||
Amortization of debt discount/premium | 2,260 | 3,538 | 2,992 | ||
Amortization of acquired above-market leases and acquired below-market leases, net | 17,097 | 26,530 | 1,770 | ||
Changes in assets and liabilities: | |||||
Accounts and other receivables | (8,435) | (21,318) | (73,717) | ||
Deferred rent | (47,858) | (39,905) | (16,564) | ||
Deferred leasing costs | (31,270) | (72,104) | (15,363) | ||
Other assets | (15,599) | (9,145) | (1,800) | ||
Accounts payable, operating lease liabilities and other accrued liabilities | 68,155 | 39,192 | (16,384) | ||
Security deposits and prepaid rents | 4,505 | (27,227) | 16,102 | ||
Net cash provided by operating activities | 1,513,817 | 1,385,324 | 1,023,305 | ||
Cash flows from investing activities: | |||||
Improvements to investments in real estate | (1,436,902) | (1,325,162) | (1,150,619) | ||
Ascenty acquisition | 0 | 1,679,830 | 0 | ||
Deconsolidation of Ascenty cash | (97,081) | 0 | 0 | ||
Proceeds from the joint venture transactions | 1,494,881 | 0 | 0 | ||
Deposits paid for acquisitions of real estate | (18,075) | 0 | 0 | ||
Cash assumed in business combinations | 0 | 116,000 | 20,650 | ||
Acquisitions of real estate | (75,704) | (410,712) | (415,764) | ||
Proceeds from sale of assets, net of sales costs | 0 | 286,204 | 89,333 | ||
Distribution of debt proceeds from closing of joint venture | 0 | 0 | 135,793 | ||
Contributions to unconsolidated joint ventures | (101,101) | (673) | (93,405) | ||
Excess proceeds from forward contract settlement | 0 | 0 | 63,956 | ||
Prepaid construction costs and other investments | (2,597) | (13,254) | 0 | ||
Improvement advances to tenants | (66,078) | (48,502) | (50,857) | ||
Collection of improvement advances to tenants | 27,665 | 39,936 | 43,760 | ||
Net cash used in investing activities | (274,992) | (3,035,993) | (1,357,153) | ||
Cash flows from financing activities: | |||||
Borrowings on global revolving credit facilities | 3,099,685 | 3,046,245 | 2,180,556 | ||
Repayments on global revolving credit facilities | (4,512,073) | (1,945,594) | (2,304,686) | ||
Borrowings on unsecured term loans | 0 | 467,922 | 0 | ||
Repayments on unsecured term loans | (375,000) | (674,332) | (371,520) | ||
Borrowings on unsecured senior notes | 2,869,240 | 1,169,006 | 2,265,060 | ||
Repayments on unsecured senior notes | (1,539,613) | 0 | 0 | ||
Principal payments on unsecured senior notes | 0 | 0 | 884,841 | ||
Borrowings on secured debt | 0 | 600,000 | 104,000 | ||
Principal payments on secured debt | (688) | (594) | (105,546) | ||
Repayments on other secured loans | 0 | 0 | 50,000 | ||
Payment of loan fees and costs | (20,944) | (44,299) | (16,830) | ||
Premium paid for early extinguishment of debt | (35,067) | 0 | 0 | ||
Capital contributions from (distributions to) noncontrolling interests in consolidated joint ventures, net | 63,173 | 66,124 | (8,593) | ||
Taxes paid related to net settlement of stock-based compensation awards | 0 | (5,055) | 0 | ||
Proceeds from common and preferred stock offerings, net | 535,620 | 1,194 | 405,437 | ||
Redemption of preferred stock | (365,050) | 0 | (182,500) | ||
Proceeds from equity plans | 5,462 | 5,874 | 5,872 | ||
Proceeds from forward swap contract | 0 | 1,560 | 0 | ||
Payment of dividends to preferred stockholders | (74,990) | (81,316) | (68,802) | ||
Payment of dividends to common stockholders and distributions to noncontrolling interests in operating partnership | (921,776) | (849,466) | (646,407) | ||
Net cash (used in) provided by financing activities | (1,272,021) | 1,757,269 | 321,200 | ||
Net (decrease) increase in cash, cash equivalents and restricted cash | (33,196) | 106,600 | (12,648) | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (4,773) | 15,441 | 3,793 | ||
Cash, cash equivalents and restricted cash at beginning of period | 135,222 | 13,181 | 22,036 | ||
Cash, cash equivalents and restricted cash at end of period | 97,253 | 135,222 | 97,253 | 135,222 | 13,181 |
Supplemental disclosure of cash flow information: | |||||
Cash paid for interest, net of amounts capitalized | 312,848 | 288,643 | 211,549 | ||
Cash paid for income taxes | 14,607 | 11,224 | 9,456 | ||
Operating cash paid used in the measurement of operating lease liabilities | 89,980 | 0 | |||
Supplementary disclosure of noncash investing and financing activities: | |||||
Noncontrolling interests in operating partnership converted to shares of common stock | 190,514 | 62,004 | 10,009 | ||
Accrual for additions to investments in real estate and tenant improvement advances included in accounts payable and accrued expenses | 197,665 | 189,508 | 149,548 | ||
Assumption of capital lease obligations upon acquisition | 75,030 | ||||
Non-cash derecognition of capital lease obligation | 0 | 17,294 | 0 | ||
Decrease to goodwill and deferred tax liability (classified within accounts payable and other accrued liabilities) | (9,436) | 0 | |||
Allocation of purchase price of real estate/investment in partnership to: | |||||
Investments in real estate | (74,903) | (410,712) | (366,105) | ||
Accounts receivables | (76) | 0 | 0 | ||
Acquired above-market leases | 0 | 0 | 21,043 | ||
Acquired in-place lease value and deferred leasing costs | 725 | 0 | 30,111 | ||
Acquired below-market leases | 0 | 0 | 1,495 | ||
Cash paid for acquisition of real estate | 75,704 | 410,712 | 415,764 | ||
Allocation of purchase price to business combinations: | |||||
Land | 72,027 | 356,704 | 72,027 | 356,704 | |
Goodwill | 3,363,070 | 4,348,007 | 3,363,070 | 4,348,007 | 3,389,595 |
Noncontrolling interests in consolidated joint ventures | 20,625 | 93,056 | 20,625 | 93,056 | |
Issuance of preferred stock in connection with merger | 211,897 | ||||
Contribution of assets and liabilities to unconsolidated joint venture: | |||||
Net carrying value of assets and liabilities contributed to joint ventures | 722,442 | 0 | 104,172 | ||
Recognition of retained investment in unconsolidated joint ventures | 196,547 | 0 | 196,547 | 0 | 55,746 |
Deconsolidation of Ascenty and consolidated joint venture: | |||||
Investment in real estate | (15,517,684) | (15,079,726) | (15,517,684) | (15,079,726) | |
Account receivables | (305,501) | (299,621) | (305,501) | (299,621) | |
Acquired in-place lease value, deferred leasing costs and intangibles | (2,195,324) | (3,144,395) | (2,195,324) | (3,144,395) | |
Goodwill | (3,363,070) | (4,348,007) | (3,363,070) | (4,348,007) | (3,389,595) |
Other assets | (184,561) | (185,239) | (184,561) | (185,239) | |
Secured debt | 104,934 | 685,714 | 104,934 | 685,714 | |
Accounts payable and other accrued liabilities | 1,007,761 | 1,164,509 | 1,007,761 | 1,164,509 | |
Non-controlling interest in consolidated joint venture | 1,287,109 | 175,108 | 1,287,109 | 175,108 | 163,477 |
Accumulated other comprehensive loss, net | (87,922) | (115,647) | (87,922) | (115,647) | |
Deconsolidation of cash and cash equivalents | (97,081) | 0 | 0 | ||
Recognition of retained investment in unconsolidated joint ventures | 196,547 | 0 | 196,547 | 0 | 55,746 |
Acquisitions Through December 31, 2018 | |||||
Allocation of purchase price to business combinations: | |||||
Cash and cash equivalents | 116,000 | 116,000 | 20,650 | ||
Land | 0 | 0 | 0 | 0 | 312,579 |
Buildings and improvements | 425,000 | 425,000 | 3,677,497 | ||
Accounts receivables and other assets | 30,000 | 30,000 | 10,978 | ||
Tenant relationship and acquired in-place lease value | 495,000 | 495,000 | 1,582,385 | ||
Goodwill | 982,667 | 982,667 | 2,592,181 | ||
Accounts payable and other accrued liabilities | 90,000 | 90,000 | 248,259 | ||
Acquired below-market leases | 0 | 0 | 0 | 0 | (185,543) |
Other working capital, net | 0 | 0 | 0 | 0 | (22,640) |
Redeemable noncontrolling interests -- operating partnership | 0 | 0 | (66,259) | ||
Noncontrolling interests in operating partnership | 253,837 | 676,566 | |||
Noncontrolling interests in consolidated joint ventures | 25,000 | 25,000 | |||
Deconsolidation of Ascenty and consolidated joint venture: | |||||
Goodwill | (982,667) | (982,667) | (2,592,181) | ||
Acquisitions Through December 31, 2018 | Global revolving credit facilities, net | |||||
Allocation of purchase price to business combinations: | |||||
Long term debt | 0 | 0 | 0 | 0 | 450,697 |
Acquisitions Through December 31, 2018 | Unsecured term loans | |||||
Allocation of purchase price to business combinations: | |||||
Long term debt | 0 | 0 | 0 | 0 | 250,000 |
Acquisitions Through December 31, 2018 | Unsecured Debt. | |||||
Allocation of purchase price to business combinations: | |||||
Long term debt | 0 | 0 | 0 | 0 | 886,831 |
Acquisitions Through December 31, 2018 | Mortgage notes payable and unsecured debt | |||||
Allocation of purchase price to business combinations: | |||||
Long term debt | 0 | 0 | 0 | 0 | 105,000 |
Acquisitions Through December 31, 2018 | Acquired above-market leases | |||||
Allocation of purchase price to business combinations: | |||||
Acquired above-market leases | 0 | 0 | 0 | 0 | 162,333 |
DFT Merger | |||||
Allocation of purchase price to business combinations: | |||||
Goodwill | 2,592,146 | 2,592,146 | 2,592,146 | 2,592,146 | 2,592,146 |
Common stock and units issued | 5,924,124 | ||||
Deconsolidation of Ascenty and consolidated joint venture: | |||||
Goodwill | (2,592,146) | (2,592,146) | (2,592,146) | (2,592,146) | (2,592,146) |
Corporate Joint Venture | |||||
Cash flows from investing activities: | |||||
Deconsolidation of Ascenty cash | (7,844) | ||||
Contribution of assets and liabilities to unconsolidated joint venture: | |||||
Investments in real estate | 571,648 | 0 | 119,106 | ||
Other assets | 171,798 | 0 | 16,700 | ||
Other liabilities | (21,004) | 0 | (31,634) | ||
Recognition of retained investment in unconsolidated joint ventures | 110,086 | 110,086 | |||
Deconsolidation of Ascenty and consolidated joint venture: | |||||
Investment in real estate | (199,063) | (199,063) | |||
Account receivables | (14,545) | (14,545) | |||
Acquired in-place lease value, deferred leasing costs and intangibles | (23) | (23) | |||
Other assets | (13) | (13) | |||
Accounts payable and other accrued liabilities | 1,316 | 1,316 | |||
Deconsolidation of cash and cash equivalents | (7,844) | ||||
Net carrying value of assets and liabilities contributed | (220,172) | ||||
Recognition of retained investment in unconsolidated joint ventures | 110,086 | 110,086 | |||
Derecognition of noncontrolling interest in joint venture | 110,086 | ||||
Preferred Stock | Acquisitions Through December 31, 2018 | |||||
Allocation of purchase price to business combinations: | |||||
Cash and equity consideration | (1,679,830) | ||||
Preferred Stock | DFT Merger | |||||
Allocation of purchase price to business combinations: | |||||
Issuance of preferred stock in connection with merger | 0 | 0 | 219,250 | ||
Total Stockholders' Equity | |||||
Allocation of purchase price to business combinations: | |||||
Issuance of preferred stock in connection with merger | 211,897 | ||||
Total Stockholders' Equity | DFT Merger | |||||
Allocation of purchase price to business combinations: | |||||
Common stock and units issued | 0 | 0 | 5,247,558 | ||
Digital Realty Trust, L.P. | |||||
Cash flows from operating activities: | |||||
Net income | 349,326 | 52,597 | 599,221 | 341,115 | 256,267 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||||
Gain on disposition of properties, net | (335,148) | (80,049) | (40,354) | ||
Unrealized gain on equity investment | (46,492) | (1,631) | 0 | ||
Impairment of investments in real estate | 5,351 | 0 | 28,992 | ||
Equity in earnings of unconsolidated joint ventures | (8,067) | (32,979) | (25,516) | ||
Distributions from unconsolidated joint ventures | 44,293 | 21,905 | 31,747 | ||
Write-off due to early lease terminations | 11,400 | 2,818 | 3,076 | ||
Depreciation and amortization of buildings and improvements, tenant improvements and acquired ground leases | 809,472 | 770,275 | 594,996 | ||
Amortization of acquired in-place lease value and deferred leasing costs | 354,302 | 416,621 | 247,468 | ||
Amortization of share-based compensation | 34,905 | 27,159 | 20,521 | ||
Non-cash amortization of terminated swaps | 1,047 | 1,120 | 1,204 | ||
(Recovery of) allowance for doubtful accounts | 2,159 | 6,304 | (776) | ||
Amortization of deferred financing costs | 13,362 | 11,537 | 10,634 | ||
Loss (gain) from early extinguishment of debt | 39,157 | 1,568 | (1,990) | ||
Amortization of debt discount/premium | 2,260 | 3,538 | 2,992 | ||
Amortization of acquired above-market leases and acquired below-market leases, net | 17,097 | 26,530 | 1,770 | ||
Changes in assets and liabilities: | |||||
Accounts and other receivables | (8,435) | (21,318) | (73,717) | ||
Deferred rent | (47,858) | (39,905) | (16,564) | ||
Deferred leasing costs | (31,270) | (72,104) | (15,363) | ||
Other assets | (15,599) | (9,145) | (1,800) | ||
Accounts payable, operating lease liabilities and other accrued liabilities | 68,155 | 39,192 | (16,384) | ||
Security deposits and prepaid rents | 4,505 | (27,227) | 16,102 | ||
Net cash provided by operating activities | 1,513,817 | 1,385,324 | 1,023,305 | ||
Cash flows from investing activities: | |||||
Improvements to investments in real estate | (1,436,902) | (1,325,162) | (1,150,619) | ||
Ascenty acquisition | 0 | 1,679,830 | 0 | ||
Deconsolidation of Ascenty cash | (97,081) | 0 | 0 | ||
Proceeds from the joint venture transactions | 1,494,881 | 0 | 0 | ||
Deposits paid for acquisitions of real estate | (18,075) | 0 | 0 | ||
Cash assumed in business combinations | 0 | 116,000 | 20,650 | ||
Acquisitions of real estate | (75,704) | (410,712) | (415,764) | ||
Proceeds from sale of assets, net of sales costs | 0 | 286,204 | 89,333 | ||
Distribution of debt proceeds from closing of joint venture | 0 | 0 | 135,793 | ||
Contributions to unconsolidated joint ventures | (101,101) | (673) | (93,405) | ||
Excess proceeds from forward contract settlement | 0 | 0 | 63,956 | ||
Prepaid construction costs and other investments | (2,597) | (13,254) | 0 | ||
Improvement advances to tenants | (66,078) | (48,502) | (50,857) | ||
Collection of improvement advances to tenants | 27,665 | 39,936 | 43,760 | ||
Net cash used in investing activities | (274,992) | (3,035,993) | (1,357,153) | ||
Cash flows from financing activities: | |||||
Repayments on global revolving credit facilities | (4,512,073) | (1,945,594) | (2,304,686) | ||
Borrowings on unsecured term loans | 0 | 467,922 | 0 | ||
Repayments on unsecured term loans | (375,000) | (674,332) | (371,520) | ||
Borrowings on unsecured senior notes | 2,869,240 | 1,169,006 | 2,265,060 | ||
Principal payments on unsecured senior notes | 1,539,613 | 0 | 884,841 | ||
Borrowings on secured debt | 0 | 600,000 | 104,000 | ||
Principal payments on secured debt | (688) | (594) | (105,546) | ||
Repayments on other secured loans | 0 | 0 | 50,000 | ||
Payment of loan fees and costs | (20,944) | (44,299) | (16,830) | ||
Premium paid for early extinguishment of debt | (35,067) | 0 | 0 | ||
Capital contributions from (distributions to) noncontrolling interests in consolidated joint ventures, net | 63,173 | 66,124 | (8,593) | ||
Taxes paid related to net settlement of stock-based compensation awards | 0 | (5,055) | 0 | ||
General partner contributions | 541,082 | 7,068 | 411,309 | ||
General partner distributions | (365,050) | 0 | (182,500) | ||
Proceeds from forward swap contract | 0 | 1,560 | 0 | ||
Payment of dividends to preferred stockholders | (74,990) | (81,316) | (68,802) | ||
Payment of dividends to common stockholders and distributions to noncontrolling interests in operating partnership | (921,776) | (849,466) | (646,407) | ||
Net cash (used in) provided by financing activities | (1,272,021) | 1,757,269 | 321,200 | ||
Net (decrease) increase in cash, cash equivalents and restricted cash | (33,196) | 106,600 | (12,648) | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (4,773) | 15,441 | 3,793 | ||
Cash, cash equivalents and restricted cash at beginning of period | 135,222 | 13,181 | 22,036 | ||
Cash, cash equivalents and restricted cash at end of period | 97,253 | 135,222 | 97,253 | 135,222 | 13,181 |
Supplemental disclosure of cash flow information: | |||||
Cash paid for interest, net of amounts capitalized | 312,848 | 288,643 | 211,549 | ||
Cash paid for income taxes | 14,607 | 11,224 | 9,456 | ||
Operating cash paid used in the measurement of operating lease liabilities | 89,980 | 0 | |||
Supplementary disclosure of noncash investing and financing activities: | |||||
Limited Partner common units converted to General Partner common units | 190,514 | 62,004 | 10,009 | ||
Accrual for additions to investments in real estate and tenant improvement advances included in accounts payable and accrued expenses | 197,665 | 189,508 | 149,548 | ||
Assumption of capital lease obligations upon acquisition | 0 | 75,030 | 0 | ||
Non-cash derecognition of capital lease obligation | 0 | 17,294 | 0 | ||
Decrease to goodwill and deferred tax liability (classified within accounts payable and other accrued liabilities) | (9,436) | 0 | |||
Allocation of purchase price of real estate/investment in partnership to: | |||||
Investments in real estate | 74,903 | 410,712 | 366,105 | ||
Accounts receivables | 76 | 0 | 0 | ||
Acquired above-market leases | 0 | 0 | 21,043 | ||
Acquired in-place lease value and deferred leasing costs | 725 | 0 | 30,111 | ||
Acquired below-market leases | 0 | 0 | 1,495 | ||
Cash paid for acquisition of real estate | 75,704 | 410,712 | 415,764 | ||
Allocation of purchase price to business combinations: | |||||
Goodwill | 3,363,070 | 4,348,007 | 3,363,070 | 4,348,007 | |
Noncontrolling interests in consolidated joint ventures | 20,625 | 93,056 | 20,625 | 93,056 | |
Contribution of assets and liabilities to unconsolidated joint venture: | |||||
Net carrying value of assets and liabilities contributed to joint ventures | 722,442 | 0 | 104,172 | ||
Recognition of retained investment in unconsolidated joint ventures | 196,547 | 0 | 196,547 | 0 | 55,746 |
Deconsolidation of Ascenty and consolidated joint venture: | |||||
Investment in real estate | (15,517,684) | (15,079,726) | (15,517,684) | (15,079,726) | |
Account receivables | (305,501) | (299,621) | (305,501) | (299,621) | |
Acquired in-place lease value, deferred leasing costs and intangibles | (2,195,324) | (3,144,395) | (2,195,324) | (3,144,395) | |
Goodwill | (3,363,070) | (4,348,007) | (3,363,070) | (4,348,007) | |
Other assets | (184,561) | (185,239) | (184,561) | (185,239) | |
Secured debt | 104,934 | 685,714 | 104,934 | 685,714 | |
Accounts payable and other accrued liabilities | 1,007,761 | 1,164,509 | 1,007,761 | 1,164,509 | |
Non-controlling interest in consolidated joint venture | 1,287,109 | 175,108 | 1,287,109 | 175,108 | |
Accumulated other comprehensive loss, net | (91,409) | (120,393) | (91,409) | (120,393) | |
Deconsolidation of cash and cash equivalents | (97,081) | 0 | 0 | ||
Recognition of retained investment in unconsolidated joint ventures | 196,547 | 0 | 196,547 | 0 | 55,746 |
Digital Realty Trust, L.P. | Global revolving credit facilities, net | |||||
Cash flows from financing activities: | |||||
Borrowings on global revolving credit facilities | 3,099,685 | 3,046,245 | 2,180,556 | ||
Digital Realty Trust, L.P. | Acquisitions Through December 31, 2018 | |||||
Allocation of purchase price to business combinations: | |||||
Cash and cash equivalents | 116,000 | 116,000 | 20,650 | ||
Land | 0 | 0 | 0 | 0 | 312,579 |
Buildings and improvements | 425,000 | 425,000 | 3,677,497 | ||
Accounts receivables and other assets | 30,000 | 30,000 | 10,978 | ||
Acquired above-market leases | 162,333 | ||||
Tenant relationship and acquired in-place lease value | 495,000 | 495,000 | 1,582,385 | ||
Goodwill | 982,667 | 982,667 | 2,592,181 | ||
Accounts payable and other accrued liabilities | 90,000 | 90,000 | 248,259 | ||
Acquired below-market leases | 0 | 0 | 0 | 0 | 185,543 |
Other working capital, net | 0 | 0 | 0 | 0 | 22,640 |
Redeemable noncontrolling interests -- operating partnership | 0 | 0 | 66,259 | ||
Noncontrolling interests in consolidated joint ventures | 25,000 | 25,000 | |||
Deconsolidation of Ascenty and consolidated joint venture: | |||||
Goodwill | (982,667) | (982,667) | (2,592,181) | ||
Digital Realty Trust, L.P. | Acquisitions Through December 31, 2018 | Global revolving credit facilities, net | |||||
Allocation of purchase price to business combinations: | |||||
Long term debt | 0 | 0 | 0 | 0 | 450,697 |
Digital Realty Trust, L.P. | Acquisitions Through December 31, 2018 | Unsecured term loans | |||||
Allocation of purchase price to business combinations: | |||||
Long term debt | 0 | 0 | 0 | 0 | 250,000 |
Digital Realty Trust, L.P. | Acquisitions Through December 31, 2018 | Unsecured Debt. | |||||
Allocation of purchase price to business combinations: | |||||
Long term debt | 0 | 0 | 0 | 0 | 886,831 |
Digital Realty Trust, L.P. | Acquisitions Through December 31, 2018 | Secured Debt. | |||||
Allocation of purchase price to business combinations: | |||||
Long term debt | 0 | 0 | 0 | 0 | 105,000 |
Digital Realty Trust, L.P. | Acquisitions Through December 31, 2018 | Acquired above-market leases | |||||
Allocation of purchase price to business combinations: | |||||
Acquired above-market leases | 0 | 0 | 0 | 0 | |
Digital Realty Trust, L.P. | DFT Merger | Series C Preferred Stock | |||||
Allocation of purchase price to business combinations: | |||||
Common stock and units issued | 219,250 | ||||
Digital Realty Trust, L.P. | Corporate Joint Venture | |||||
Cash flows from investing activities: | |||||
Deconsolidation of Ascenty cash | (7,844) | 0 | |||
Contribution of assets and liabilities to unconsolidated joint venture: | |||||
Investments in real estate | 571,648 | 0 | 119,106 | ||
Other assets | 171,798 | 0 | 16,700 | ||
Other liabilities | (21,004) | 0 | (31,634) | ||
Recognition of retained investment in unconsolidated joint ventures | 110,086 | 0 | 110,086 | 0 | |
Deconsolidation of Ascenty and consolidated joint venture: | |||||
Investment in real estate | (199,063) | 0 | (199,063) | 0 | |
Account receivables | (14,545) | 0 | (14,545) | 0 | |
Acquired in-place lease value, deferred leasing costs and intangibles | (23) | 0 | (23) | 0 | |
Other assets | (13) | 0 | (13) | 0 | |
Accounts payable and other accrued liabilities | 1,316 | 0 | 1,316 | 0 | |
Deconsolidation of cash and cash equivalents | (7,844) | 0 | |||
Net carrying value of assets and liabilities contributed | 220,172 | 0 | |||
Recognition of retained investment in unconsolidated joint ventures | 110,086 | 0 | 110,086 | 0 | |
Derecognition of noncontrolling interest in joint venture | (110,086) | 0 | |||
Digital Realty Trust, L.P. | Preferred Stock | Acquisitions Through December 31, 2018 | |||||
Allocation of purchase price to business combinations: | |||||
Cash and equity consideration | (1,679,830) | ||||
Digital Realty Trust, L.P. | Preferred Stock | Acquisitions Through December 31, 2018 | Series C Preferred Stock | |||||
Allocation of purchase price to business combinations: | |||||
Issuance of preferred stock in connection with merger | 0 | 0 | 219,250 | ||
Digital Realty Trust, L.P. | Total Stockholders' Equity | DFT Merger | |||||
Allocation of purchase price to business combinations: | |||||
Common stock and units issued | 0 | 0 | 5,247,558 | ||
Digital Realty Trust, L.P. | Common Units | DFT Merger | |||||
Allocation of purchase price to business combinations: | |||||
Common stock and units issued | 253,837 | $ 676,566 | |||
Ascenty | |||||
Cash flows from investing activities: | |||||
Deconsolidation of Ascenty cash | (97,081) | ||||
Allocation of purchase price to business combinations: | |||||
Goodwill | 967,189 | 967,189 | |||
Noncontrolling interests in consolidated joint ventures | 25,000 | 25,000 | |||
Contribution of assets and liabilities to unconsolidated joint venture: | |||||
Recognition of retained investment in unconsolidated joint ventures | 727,439 | 727,439 | |||
Deconsolidation of Ascenty and consolidated joint venture: | |||||
Investment in real estate | (362,951) | (362,951) | |||
Account receivables | (24,977) | (24,977) | |||
Acquired in-place lease value, deferred leasing costs and intangibles | (480,128) | (480,128) | |||
Goodwill | (967,189) | (967,189) | |||
Other assets | (31,099) | (31,099) | |||
Secured debt | 571,873 | 571,873 | |||
Accounts payable and other accrued liabilities | 72,449 | 72,449 | |||
Accumulated other comprehensive loss, net | (21,687) | (21,687) | |||
Deconsolidation of cash and cash equivalents | (97,081) | ||||
Net carrying value of assets and liabilities contributed | (1,340,790) | ||||
Recognition of retained investment in unconsolidated joint ventures | 727,439 | 727,439 | |||
Ascenty | Digital Realty Trust, L.P. | |||||
Cash flows from investing activities: | |||||
Deconsolidation of Ascenty cash | (97,081) | 0 | |||
Allocation of purchase price to business combinations: | |||||
Goodwill | 967,189 | 0 | 967,189 | 0 | |
Contribution of assets and liabilities to unconsolidated joint venture: | |||||
Recognition of retained investment in unconsolidated joint ventures | 727,439 | 0 | 727,439 | 0 | |
Deconsolidation of Ascenty and consolidated joint venture: | |||||
Investment in real estate | (362,951) | 0 | (362,951) | 0 | |
Account receivables | (24,977) | 0 | (24,977) | 0 | |
Acquired in-place lease value, deferred leasing costs and intangibles | (480,128) | 0 | (480,128) | 0 | |
Goodwill | (967,189) | 0 | (967,189) | 0 | |
Other assets | (31,099) | 0 | (31,099) | 0 | |
Secured debt | 571,873 | 0 | 571,873 | 0 | |
Accounts payable and other accrued liabilities | 72,449 | 0 | 72,449 | 0 | |
Accumulated other comprehensive loss, net | 21,687 | 0 | 21,687 | 0 | |
Deconsolidation of cash and cash equivalents | (97,081) | 0 | |||
Net carrying value of assets and liabilities contributed | 1,340,790 | 0 | |||
Recognition of retained investment in unconsolidated joint ventures | $ 727,439 | $ 0 | $ 727,439 | $ 0 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization and Description of Business | |
Organization and Description of Business | 1. Organization and Description of Business Digital Realty Trust, Inc. through its controlling interest in Digital Realty Trust, L.P. (the Operating Partnership) and the subsidiaries of the Operating Partnership (collectively, we, our, us or the Company) is a leading global provider of data center, colocation and interconnection solutions for customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. The Operating Partnership, a Maryland limited partnership, is the entity through which Digital Realty Trust, Inc., a Maryland corporation, conducts its business of owning, acquiring, developing and operating data centers. Digital Realty Trust, Inc. operates as a REIT for federal income tax purposes. A summary of our data center portfolio as of December 31, 2019 and 2018 is as follows: Data Centers As of December 31, 2019 As of December 31, 2018 Unconsolidated Unconsolidated Region Operating Held for Sale (1) Joint Ventures Total Operating Held for Sale Joint Ventures Total United States 119 11 17 147 131 — 14 145 Europe 41 — — 41 38 — — 38 Latin America — — 19 19 16 — — 16 Asia 5 — 5 10 3 — 4 7 Australia 5 — — 5 5 — — 5 Canada 2 1 — 3 3 — — 3 Total 172 12 41 225 196 — 18 214 (1) Includes 10 Powered Base Building® properties, which comprise 12 data centers, that are held for sale to a third party as of December 31, 2019 (see note 5). On December 20, 2018, the Operating Partnership and Stellar Participações S.A. (formerly Stellar Participações Ltda.), a Brazilian subsidiary of the Operating Partnership, completed the acquisition of Ascenty, a leading data center provider in Brazil, for cash and equity consideration of approximately $2.0 billion, including cash purchased. We refer to this transaction as the Ascenty Acquisition. In March 2019, we formed a joint venture with Brookfield Infrastructure, an affiliate of Brookfield Asset Management, one of the largest owners and operators of infrastructure assets globally. Brookfield invested approximately $702 million in exchange for 49% of the total equity interests in the joint venture which owns and operates Ascenty. A subsidiary of the Operating Partnership retained the remaining equity interest in the Ascenty joint venture. The power to control the Ascenty joint venture is shared equally between the Operating Partnership and Brookfield and as a result of losing control, the Operating Partnership deconsolidated Ascenty on March 29, 2019. See note 6 for additional information. We are diversified in major metropolitan areas where data center and technology customers are concentrated, including the Atlanta, Boston, Chicago, Dallas, Los Angeles, New York, Northern Virginia, Phoenix, San Francisco, Seattle, Silicon Valley and Toronto metropolitan areas in North America, the Amsterdam, Dublin, Frankfurt, London and Paris metropolitan areas in Europe, the Fortaleza, Rio de Janeiro, Santiago and São Paulo metropolitan areas in Latin America, and the Hong Kong, Melbourne, Osaka, Seoul, Singapore, Sydney, and Tokyo metropolitan areas in the Asia Pacific region. The portfolio consists of data centers, Internet gateway facilities and office and other non-data center space. The Operating Partnership was formed on July 21, 2004 in anticipation of Digital Realty Trust, Inc.’s initial public offering (IPO) on November 3, 2004 and commenced operations on that date. As of December 31, 2019, Digital Realty Trust, Inc. owns a 95.9% common interest and a 100.0% preferred interest in the Operating Partnership. As of December 31, 2018, Digital Realty Trust, Inc. owned a 95.1% common interest and a 100.0% preferred interest in the Operating Partnership. As sole general partner of the Operating Partnership, Digital Realty Trust, Inc. has the full, exclusive and complete responsibility for the Operating Partnership’s day-to-day management and control. The limited partners of the Operating Partnership do not have rights to replace Digital Realty Trust, Inc. as the general partner nor do they have participating rights, although they do have certain protective rights. As used in these Notes: “DFT” refers to DuPont Fabros Technology, Inc.; “DFT Merger” refers to the Company’s acquisition of DuPont Fabros Technology, Inc.; “DFT Operating Partnership” refers to DuPont Fabros Technology, L.P.; “European Portfolio Acquisition” refers to the Company’s acquisition of a portfolio of eight data centers in Europe; and “Telx Acquisition” refers to the Company’s acquisition of Telx Holdings, Inc. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies (a) Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements include all of the accounts of Digital Realty Trust, Inc., the Operating Partnership and the subsidiaries of the Operating Partnership. Intercompany balances and transactions have been eliminated. The notes to the consolidated financial statements of Digital Realty Trust, Inc. and the Operating Partnership have been combined to provide the following benefits: ● enhancing investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; ● eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and ● creating time and cost efficiencies through the preparation of one set of notes instead of two separate sets of notes. There are few differences between the Company and the Operating Partnership, which are reflected in these consolidated financial statements. We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how we operate as an interrelated consolidated company. Digital Realty Trust, Inc.’s only material asset is its ownership of partnership interests of the Operating Partnership. As a result, Digital Realty Trust, Inc. generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public securities from time to time and guaranteeing certain unsecured debt of the Operating Partnership and certain of its subsidiaries and affiliates. Digital Realty Trust, Inc. itself has not issued any indebtedness but guarantees the unsecured debt of the Operating Partnership and certain of its subsidiaries and affiliates, as disclosed in these notes. The Operating Partnership holds substantially all the assets of the Company and holds the ownership interests in the Company’s joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from public equity issuances by Digital Realty Trust, Inc., which are generally contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generally generates the capital required by the Company’s business primarily through the Operating Partnership’s operations, by the Operating Partnership’s or its affiliates’ direct or indirect incurrence of indebtedness or through the issuance of partnership units. The presentation of noncontrolling interests in operating partnership, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of Digital Realty Trust, Inc. and those of the Operating Partnership. The common limited partnership interests held by the limited partners in the Operating Partnership are presented as limited partners’ capital within partners’ capital in the Operating Partnership’s consolidated financial statements and as noncontrolling interests in operating partnership within equity in Digital Realty Trust, Inc.’s consolidated financial statements. The common and preferred partnership interests held by Digital Realty Trust, Inc. in the Operating Partnership are presented as general partner’s capital within partners’ capital in the Operating Partnership’s consolidated financial statements and as preferred stock, common stock, additional paid-in capital and accumulated dividends in excess of earnings within stockholders’ equity in Digital Realty Trust, Inc.’s consolidated financial statements. The differences in the presentations between stockholders’ equity and partners’ capital result from the differences in the equity issued at the Digital Realty Trust, Inc. and the Operating Partnership levels. To help investors understand the significant differences between the Company and the Operating Partnership, these consolidated financial statements present the following separate sections for each of the Company and the Operating Partnership: ● consolidated face financial statements; and ● the following notes to the consolidated financial statements: ● "Debt of the Company" and "Debt of the Operating Partnership"; ● "Income per Share" and "Income per Unit"; ● "Equity and Accumulated Other Comprehensive Loss, Net of the Company" and Capital and Accumulated Other Comprehensive Loss of the Operating Partnership"; and ● "Quarterly Financial Information". In the sections that combine disclosure of Digital Realty Trust, Inc. and the Operating Partnership, these notes refer to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the business is one enterprise and the Company generally operates the business through the Operating Partnership. (b) Cash Equivalents For the purpose of the consolidated statements of cash flows, we consider short-term investments with original maturities of 90 days or less to be cash equivalents. As of December 31, 2019 and 2018, cash equivalents consist of investments in money market instruments. (c) Investments in Real Estate Investments in real estate are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows: Acquired ground leases Terms of the related lease Buildings and improvements 5-39 years Machinery and equipment 7-15 years Furniture and fixtures 3-5 years Leasehold improvements Shorter of the estimated useful lives or the terms of the related leases Tenant improvements Shorter of the estimated useful lives or the terms of the related leases Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Repairs and maintenance are charged to expense as incurred. Assets that are classified as held for sale are recorded at the lower of their carrying value or fair value less costs to dispose. We classify an asset as held for sale once management has the authority to approve and commits to a plan to sell, the asset is available for immediate sale, an active program to locate a buyer has commenced and the sale of the asset is probable and transfer of the asset is expected to occur within one year. Upon the classification of assets as held for sale or sold, the depreciation and amortization of the assets will cease. (d) Investments in Unconsolidated Joint Ventures The Company’s investments in unconsolidated joint ventures are accounted for using the equity method. We use the equity method when we have the ability to exercise significant influence over operating and financial policies of the venture but do not have control of the entity. Under the equity method, we initially recognize these investments in the balance sheet at our cost or proportionate share of fair value. We subsequently adjust the accounts to reflect our proportionate share of net earnings or losses recognized and other comprehensive income or loss, distributions received, contributions made and certain other adjustments, as appropriate. We do not record losses of the joint ventures in excess of our investment balances unless we are liable for the obligations of the joint venture or are otherwise committed to provide financial support to the joint venture. Likewise, and as long as we have no explicit or implicit obligations to the joint venture, we will suspend equity method accounting to the extent that cash distributions exceed our investment balances until those unrecorded earnings exceed the excess distributions previously recognized in income. In this case, we will apply cost accounting concepts which tie income recognition to the receipt of cash. Cost basis accounting concepts will apply until earnings exceed the excess distributions previously recognized in income. We amortize the difference between the cost of our investment in the joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. In the event the underlying asset is goodwill, the difference is not amortized. The amortization of this difference was immaterial for each of the years ended December 31, 2019, 2018 and 2017. (e) Impairment of Long-Lived and Finite-Lived Intangible Assets We review each of our properties for indicators that its carrying amount may not be recoverable. Examples of such indicators may include a significant decrease in the market price of the property, a change in the expected holding period for the property, a significant adverse change in how the property is being used or expected to be used based on the underwriting at the time of acquisition, an accumulation of costs significantly in excess of the amount originally expected for the acquisition or development of the property, or a history of operating or cash flow losses of the property. When such impairment indicators exist, we review an estimate of the future undiscounted net cash flows (excluding interest charges) expected to result from the property’s or asset group’s use and eventual disposition and compare that estimate to the carrying value of the property or the asset group. We consider factors such as future operating income, trends and prospects, as well as the effects of leasing demand, competition and other factors. If our future undiscounted net cash flow evaluation indicates that we are unable to recover the carrying value of a property or asset group, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property or fair value of the properties within the asset group. These losses have a direct impact on our net income because recording an impairment loss results in an immediate negative adjustment to net income. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results in future periods. Since cash flows on properties considered to be long-lived assets to be held and used are considered on an undiscounted basis to determine whether the carrying value of a property or asset group is recoverable, our strategy of holding properties over the long-term directly decreases the likelihood of their carrying values not being recoverable and therefore requiring the recording of an impairment loss. If our strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized, and such loss could be material. If we determine that the asset fails the recoverability test, the affected assets must be reduced to their fair value. We generally estimate the fair value of rental properties utilizing a discounted cash flow analysis that includes projections of future revenues, expenses and capital improvement costs that a market participant would use based on the highest and best use of the asset, which is similar to the income approach that is commonly utilized by appraisers. In certain cases, we may supplement this analysis by obtaining outside broker opinions of value. In considering whether to classify a property as held for sale or contribution, the Company considers whether: (i) management has committed to a plan to sell or contribute the property; (ii) the property is available for immediate sale or contribution in its present condition; (iii) the Company has initiated a program to locate a buyer or joint venture partner; (iv) the Company believes that the sale or contribution of the property is probable; (v) the Company is actively marketing the property for sale or contribution at a price that is reasonable in relation to its current value; and (vi) actions required for the Company to complete the plan indicate that it is unlikely that any significant changes will be made to the plan. If all the above criteria are met, the Company classifies the property as held for sale or contribution. Assets classified as held for sale are expected to be sold to a third party and assets classified as held for contribution are expected to be contributed to an unconsolidated joint venture or to a third party within twelve months. At such time, the respective assets and liabilities are presented separately in the consolidated balance sheets and depreciation is no longer recognized. Assets held for sale or contribution are reported at the lower of their carrying amount or their estimated fair value less the costs to sell or contribute. Only those assets held for sale or contribution that constitute a strategic shift that has or will have a major effect on our operations are classified as discontinued operations. To date we have had no property dispositions or assets classified as held for sale or contribution that would meet the definition of discontinued operations. If impairment indicators arise with respect to intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. We recognize any shortfall from carrying value as an impairment loss in the current period. (f) Purchase Accounting Purchase accounting is applied to the assets and liabilities related to all real estate investments acquired from third parties. The Company evaluates the nature of the purchase to determine whether the purchase is a business combination or an asset acquisition. Transaction costs associated with business combinations are expensed as incurred while transaction costs associated with an asset acquisition are included in the total costs of the acquisition and are allocated on a pro-rata basis to the carrying value of the assets and liabilities recognized in connection with the acquisition. The following accounting policies related to valuing the acquired tangible and intangible assets and liabilities are applicable to both business combinations and asset acquisitions. However, in the event the purchase is an asset acquisition, no goodwill or gain is permitted to be recognized. In an asset acquisition, the difference between the sum of the identified tangible and intangible assets and liabilities and the total purchase price (including transactions costs) is allocated to the identified tangible and intangible assets and liabilities on a relative fair value basis. In accordance with current accounting guidance , The fair values of the tangible assets of an acquired property are determined based on comparable land sales for land and replacement costs adjusted for physical and market obsolescence for the improvements. The fair values of the tangible assets of an acquired property are also determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements based on management’s determination of the relative fair values of these assets. Management determines the as-if-vacant fair value of a property based on assumptions that a market participant would use, which is similar to methods used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related costs. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) estimated fair market lease rates from the perspective of a market participant for the corresponding in-place leases, measured, for above-market leases, over a period equal to the remaining non-cancelable term of the lease and, for below-market leases, over a period equal to the initial term plus any below-market fixed rate renewal periods. The leases we have acquired do not currently include any below-market fixed rate renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. The capitalized below-market lease values, also referred to as acquired lease obligations, are amortized as an increase to rental income over the initial terms of the respective leases and any below-market fixed rate renewal periods. In addition to the intangible value for above-market leases and the intangible negative value for below-market leases, there is intangible value related to having tenants leasing space in the purchased property, which is referred to as in-place lease value. Such value results primarily from the buyer of a leased property avoiding the costs associated with leasing the property and also avoiding rent losses and unreimbursed operating expenses during the lease-up period. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rental revenue at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases. The Company uses the excess earnings method to value tenant relationship value, if any. Such value exists in transactions that involve the acquisition of tenants and customers that are expected to generate recurring revenues beyond existing in place lease terms. The primary factors to be considered by management in its analysis of tenant relationship value include historical tenant lease renewals and attrition rates, rental renewal probabilities and related market terms, estimated operating costs, and discount rate. Tenant relationship value is amortized to expense ratably over the anticipated life of the tenant relationships generating excess earnings, which is the period management uses to value this intangible asset. (g) Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired and tangible and intangible liabilities assumed in a business combination. Goodwill is not amortized. We perform an annual impairment test for goodwill and between annual tests, we evaluate goodwill for impairment whenever events or changes in circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. In our impairment tests of goodwill, we first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If based on this assessment, we determine that the fair value of the reporting unit is not less than its carrying value, then performing the additional two-step impairment test is unnecessary. If our qualitative assessment indicates that goodwill impairment is more likely than not, we perform a two-step impairment test. We test goodwill for impairment under the two-step impairment test by first comparing the book value of net assets including goodwill to the fair value of the reporting unit. We estimate the fair value of the reporting unit using a technique based on a performance measure or measures consistent with the objective of measuring fair value, which may include quoted market prices, multiples of earnings or discounted cash flows. If the fair value is determined to be less than the book value of the net assets, including goodwill, a second step is performed to compute the amount of impairment as the difference between the implied fair value of goodwill and its carrying value. If the carrying value of goodwill exceeds its implied fair value, an impairment charge is recognized. We have not recognized any goodwill impairments since our inception. Since some of the goodwill is denominated in foreign currencies, changes to the goodwill balance occur over time due to changes in foreign currency exchange rates. The following is a summary of goodwill activity for the years ended December 31, 2019 and 2018 (in thousands): Balance as of Impact of Change Balance as of December 31, Merger / Goodwill in Foreign December 31, Merger / Portfolio Acquisition 2018 Acquisition Deconsolidation Adjustments (1) Exchange Rates 2019 Telx Acquisition $ 330,845 $ — $ — $ — $ — $ 330,845 European Portfolio Acquisition 442,349 — — (9,436) 7,166 440,079 DFT Merger 2,592,146 — — — — 2,592,146 Ascenty Acquisition 982,667 — (967,189) — (15,478) — Total $ 4,348,007 $ — $ (967,189) $ (9,436) $ (8,312) $ 3,363,070 Balance as of Impact of Change Balance as of December 31, Merger / Goodwill in Foreign December 31, 2017 Acquisition Deconsolidation Adjustments Exchange Rates 2018 Telx Acquisition $ 330,845 $ — $ — $ — $ — $ 330,845 European Portfolio Acquisition 466,604 — — — (24,255) 442,349 DFT Merger 2,592,146 — — — — 2,592,146 Ascenty Acquisition — 982,667 — — — 982,667 Total $ 3,389,595 $ 982,667 $ — $ — $ (24,255) $ 4,348,007 (1) As a result of a subsequent reduction to an acquired deferred tax liability that would not have impacted consideration paid, goodwill was adjusted. (h) Capitalization of Costs Direct and indirect project costs that are clearly associated with the development of properties are capitalized as incurred. Project costs include all costs directly associated with the development of a property, including construction costs, interest, property taxes, insurance, legal fees and costs of personnel working on the project. Indirect costs that do not clearly relate to the projects under development are not capitalized and are charged to expense as incurred. Capitalization of costs begins when the activities necessary to get the development project ready for its intended use begins, which include costs incurred before the beginning of construction. Capitalization of costs ceases when the development project is substantially complete and ready for its intended use. Determining when a development project commences and when it is substantially complete and ready for its intended use involves a degree of judgment. We generally consider a development project to be substantially complete and ready for its intended use upon receipt of a certificate of occupancy. If and when development of a property is suspended pursuant to a formal change in the planned use of the property, we will evaluate whether the accumulated costs exceed the estimated value of the project and write off the amount of any such excess accumulated costs. For a development project that is suspended for reasons other than a formal change in the planned use of such property, the accumulated project costs are evaluated for impairment consistent with our impairment policies for long-lived assets. During the development period, all costs including the associated land are classified to construction in progress and space held for development. Upon completion of the development period for a project, accumulated construction in progress costs including the land related to a project are allocated to the specific components of a project that are benefited. Construction in progress and space held for development includes the cost of land, the cost of construction of buildings, improvements and fixed equipment, and costs for design and engineering. Other costs, such as interest, legal, property taxes and corporate project supervision, which can be directly associated with the project during construction, are also included in construction in progress and space held for development. Land held for development includes parcels of land owned by the Company, upon which the Company intends to develop and own data centers, but has yet to commence development. During the years ended December 31, 2019, 2018 and 2017, we capitalized interest of approximately $40.2 million, $34.7 million and $21.7 million, respectively. During the years ended December 31, 2019, 2018 and 2017, we capitalized amounts relating to compensation expense and other overhead expense of employees direct and incremental to construction activities of approximately $50.3 million, $42.0 million and $38.0 million, respectively. (i) Deferred Leasing Costs Leasing commissions and other direct and indirect costs associated with the acquisition of tenants are capitalized and amortized on a straight-line basis over the terms of the related leases. During the years ended December 31, 2019, 2018 and 2017, we capitalized amounts relating to fixed compensation expense and other overhead expense of employees direct and incremental to successful leasing activities of approximately $0.0 million, $37.0 million and $43.4 million, respectively. During the years ended December 31, 2019, 2018 and 2017, we capitalized amounts relating to variable compensation of employees direct and incremental to successful leasing activities of approximately $30.8 million, $27.2 million and $10.6 million, respectively. Deferred leasing costs is included in acquired in-place lease value, deferred leasing costs and intangibles on the consolidated balance sheet and amounted to approximately $291.8 million and $322.2 million, net of accumulated amortization, as of December 31, 2019 and 2018, respectively. Amortization expense on leasing costs was approximately $75.3 million, $72.9 million, and $50.1 million for the years ended December 31, 2019, 2018 and 2017, respectively. (j) Foreign Currency Translation Assets and liabilities of our subsidiaries outside the United States with non-U.S. dollar functional currencies are translated into U.S. dollars using exchange rates as of the balance sheet dates. Income and expenses are translated using the average exchange rates for the reporting period. Foreign currency translation adjustments are recorded as a component of other comprehensive income. In the statement of cash flows, cash flows denominated in foreign currencies are translated using the exchange rates in effect at the time of the cash flows or an average exchange rate for the period, depending on the nature of the cash flow item. (k) Deferred Financing Costs Loan fees and costs are recorded as an adjustment to the carrying amount of the related debt and amortized over the life of the related loans on a straight-line basis, which approximates the effective interest method. Such amortization is included as a component of interest expense. (l) Restricted Cash Restricted cash consists of deposits for real estate taxes and insurance and other amounts as required by our loan agreements including funds for leasing costs and improvements related to unoccupied space. (m) Offering Costs Underwriting commissions and other offering costs are reflected as a reduction in additional paid-in capital, or in the case of preferred stock, as a reduction of the carrying value of preferred stock. (n) Share-Based Compensation The Company measures all share-based compensation awards at fair value on the date they are granted to employees and directors, and recognizes compensation cost, net of forfeitures, over the requisite service period for awards with only a service condition. The estimated fair value of the long-term incentive units and Class D units (discussed in Note 15) granted by us is being amortized on a straight-line basis over the expected service period. The fair value of share-based compensation awards that contain a market condition is measured using a Monte Carlo simulation method and is not adjusted based on actual achievement of the market condition. (o) Derivative Instruments Derivative financial instruments are employed to manage risks, including foreign currency and interest rate exposures and are not used for trading or speculative purposes. As part of the Company’s risk management program, a variety of financial instruments, such as interest rate swaps and foreign exchange contracts, may be used to mitigate interest rate exposure and foreign currency exposure. The Company recognizes all derivative instruments in the balance sheet at fair value. Changes in the fair value of derivatives are recognized periodically either in earnings or in stockholders’ equity as a component of accumulated other comprehensive income (loss), depending on whether the derivative financial instrument is undesignated or qualifies for hedge accounting, and if so, whether it represents a fair value, cash flow, or net investment hedge. Gains and losses on derivatives designated as cash flow hedges, to the extent they are included in the assessment of effectiveness, are recorded in other comprehensive income (loss) and subsequently reclassified to earnings to offset the impact of the hedged items when they occur. In the event it becomes probable the forecasted transaction to which a cash flow hedge relates will not occur, the derivative would be terminated and the amount in other comprehensive income (loss) would be recognized in earnings. Changes in the fair value of derivatives that are designated and qualify as a hedge of the net investment in foreign operations, to the extent they are included in the assessment of effectiveness, are reported in other comprehensive income (loss) and are deferred until disposal of the underlying assets. Gains and losses representing components excluded from the assessment of effectiveness for cash flow and fair value hedges are recognized in earnings on a straight-line basis in the same caption as the hedged item over the term of the hedge. Gains and losses representing components excluded from the assessment of effectiveness for net investment hedges are recognized in earnings on a straight-line basis over the term of the hedge. The net interest paid or received on interest rate swaps is recognized as interest expense. Gains and losses resulting from the early termination of interest rate swap agreements are deferred and amortized as adjustments to interest expense over the remaining period of the debt originally covered by the terminated swap. See Note 16 for further discussion on derivative instruments. (p) Income Taxes Digital Realty Trust, Inc. has elected to be treated as a real estate investment trust (a “REIT”) for federal income tax purposes. As a REIT, Digital Realty Trust, Inc. generally is not required to pay U.S. federal corporate income tax to the extent taxable income is currently distributed to its stockholders. If Digital Realty Trust, Inc. fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax (including any applicable alternative minimum tax for taxable years prior to 2018) on its taxable income. The Company is subject to foreign, state and local income taxes in the jurisdictions in which it conducts business. The Company’s taxable REIT subsidiaries are subject to feder |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations | |
Business Combinations | 3. Business Combinations and Deconsolidation Ascenty Acquisition We completed the Ascenty Acquisition on December 20, 2018 for total cash and equity consideration of approximately $2.0 billion, including approximately $116.0 million of assumed cash and cash equivalents. As of December 31, 2018, the estimated fair values of acquired assets and assumed liabilities were provisional estimates, but were based on the best information available. The following table summarizes the provisional amounts for acquired assets and liabilities recorded at their fair values as of the acquisition date (in thousands): Building and improvements $ 425,000 Goodwill 982,667 Tenant relationship value 375,000 Acquired in-place lease value 120,000 Cash and cash equivalents 116,000 Other assets 30,000 Other liabilities (40,000) Capital lease and other long-term obligations (50,000) Total purchase price $ 1,958,667 Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired and tangible and intangible liabilities assumed in the acquisition. As shown above, we recorded approximately $1.0 billion of goodwill related to the Ascenty Acquisition. The strategic benefits of the acquisition include the Company’s ability to continue its strategy to provide foundational data center real estate solutions on a global basis with a diversified product offering of both small and large footprint deployments as well as interconnection services. These factors contributed to the goodwill that was recorded upon consummation of the transaction. The transaction was initially funded with $600.0 million of proceeds from a non-recourse, five-year secured term loan; the issuance of approximately $254 million of Operating Partnership common units in exchange for the substantial majority of the Ascenty management’s equity interests; and approximately $1.0 billion of unsecured corporate borrowings. Ascenty Deconsolidation On March 29, 2019, we formed a joint venture with Brookfield Infrastructure, an affiliate of Brookfield Asset Management. Brookfield invested approximately deconsolidated Ascenty. We recognized a gain of approximately $67.5 million (net of the accumulated foreign currency translation loss related to Ascenty) on the deconsolidation and subsequent recognition of our subsidiary's 51% equity investment in the Ascenty joint venture at its estimated fair value of $727 million on March 29, 2019. The fair value of the Company’s retained equity investment is based on Level 2 measurements within the fair value hierarchy based on the cash price paid by Brookfield for their 49% interest. The gain was calculated based on the: (i) the sum of the cash proceeds of $702 million received from Brookfield for its 49% interest and the estimated fair value of $727 million for our 51% retained interest less (ii) the carrying value of the Ascenty assets and liabilities deconsolidated as of March 29, 2019. The gain related to the remeasurement of the Company's retained equity interests to fair value was approximately $43.7 million. The reported gain of $67.5 million was net of a foreign currency translation loss of approximately $21.7 million previously included in accumulated other comprehensive loss, net, which accumulated during the period the Company consolidated Ascenty and translated the Brazilian Real, Ascenty's functional currency, into the Company's functional currency. The Company has no other subsidiaries or businesses with the Brazilian Real as its functional currency and, therefore, the deconsolidation of Ascenty resulted in the reclassification out of accumulated other comprehensive loss into a component of income from continuing operations in the 2019 consolidated income statement. The Ascenty deconsolidation did not meet the criteria to be presented as a discontinued operation in accordance with ASC 205-20, Presentation of Financial Statements Discontinued Operations, |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases | |
Leases | 4. Leases 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 2048. As of December 31, 2019 and 2018, certain of our data centers, primarily in Europe and Singapore, are subject to ground leases. As of December 31, 2019, the termination dates of these ground leases range from 2024 to 2981. In addition, our corporate headquarters along with several regional office locations are subject to leases with termination dates ranging from 2021 to 2027. The leases may contain renewal and/or early termination options that are not reasonably certain of exercise as of December 31, 2019. Also, 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. Supplemental balance sheet information related to leases as of December 31, 2019 was as follows (in thousands): Balance Sheet Balance as of Classification December 31, 2019 Assets: Operating lease assets Operating lease right-of-use assets, net (1) $ 628,681 Finance lease assets Buildings and improvements, net (2) 131,072 Total leased assets $ 759,753 Liabilities: Operating lease liabilities Operating lease liabilities $ 693,539 Finance lease liabilities Accounts payable and other accrued liabilities 178,086 Total lease liabilities $ 871,625 _________________________ (1) Net of accumulated depreciation and amortization of $51.7 million as of December 31, 2019. (2) Net of accumulated depreciation and amortization of $4.9 million as of December 31, 2019. The components of lease expense for the year ended December 31, 2019 were as follows (in thousands): Year Ended Lease cost Income Statement Classification December 31, 2019 Finance lease cost: Amortization of right-of-use assets Depreciation and amortization $ 5,074 Interest on lease liabilities Interest expense 6,044 Operating lease cost Rental property operating and maintenance / General and administrative 90,980 Total lease cost $ 102,098 As of December 31, 2019, the weighted average remaining lease term for our operating leases and finance leases was 12 years and 24 years, respectively. We do not include renewal options in the lease term for calculating the lease liability unless we are reasonably certain we will exercise the option or the lessor has the sole ability to exercise the option. The weighted average incremental borrowing rate was 4.1% for operating leases and 3.5% for finance leases at December 31, 2019. We assigned a collateralized interest rate to each lease based on the term of the lease and the currency in which the lease is denominated. The minimum commitment under operating leases, excluding fully prepaid ground leases, as of December 31, 2018 was as follows (in thousands): 2019 $ 84,712 2020 87,396 2021 86,212 2022 81,976 2023 80,707 Thereafter 539,047 Total $ 960,050 Future minimum lease payments and their present value for property under capital lease obligations as of December 31, 2018, are as follows (in thousands): 2019 $ 11,657 2020 13,108 2021 13,207 2022 13,706 2023 14,219 Thereafter 285,774 351,671 Less amount representing interest (137,827) Present value $ 213,844 Maturities of lease liabilities as of December 31, 2019 were as follows (in thousands): Operating Finance lease liabilities lease liabilities 2020 $ 85,277 $ 8,881 2021 84,796 8,927 2022 81,021 9,399 2023 79,751 9,865 2024 73,612 9,914 Thereafter 478,241 226,261 Total undiscounted future cash flows 882,698 273,247 Less: Imputed interest (189,159) (95,161) Present value of undiscounted future cash flows $ 693,539 $ 178,086 Lessor accounting The following table summarizes the minimum lease payments due from our customers on leases with lease periods greater than one year for space in our operating properties, prestabilized development properties and leases of land subject to ground leases at December 31, 2019 (in thousands): Operating leases 2020 $ 2,810,508 2021 1,947,216 2022 1,552,045 2023 1,333,620 2024 1,089,305 Thereafter 4,091,199 Total $ 12,823,893 These amounts do not reflect future rental revenues from the renewal or replacement of existing leases unless we are reasonably certain we will exercise the option or the lessor has the sole ability to exercise the option. We exclude reimbursements of operating expenses and rental increases that are not fixed. |
Investments in Real Estate
Investments in Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Investments in Real Estate. | |
Investments in Real Estate | 5 A summary of our investments in properties as of December 31, 2019 and 2018 is as follows: As of December 31, 2019 (in thousands) Accumulated Acquired Depreciation Net Investments Land Held Net Ground Buildings and Tenant and in Operating Construction in For Future Investment Property Type Land Lease Improvements Improvements Amortization Properties Progress Development in Properties Internet Gateway Data Centers $ 99,653 $ — $ 2,133,198 $ 126,264 $ (995,202) $ 1,363,913 $ 85,605 $ — $ 1,449,518 Data Centers (1) 659,184 10,725 13,046,742 494,052 (3,481,542) 10,729,161 1,543,534 147,597 12,420,292 Technology Manufacturing 11,959 — 1,603 76 (161) 13,477 10 — 13,487 Technology Office 27,807 — 29,071 — (22,188) 34,690 59,229 — 93,919 Other 6,227 — 239,270 761 (37,076) 209,182 44,177 — 253,359 $ 804,830 $ 10,725 $ 15,449,884 $ 621,153 $ (4,536,169) $ 12,350,423 $ 1,732,555 $ 147,597 $ 14,230,575 As of December 31, 2018 (in thousands) Accumulated Acquired Depreciation Net Investments Land Held Net Ground Buildings and Tenant and in Operating Construction in For Future Investment Property Type Land Lease Improvements Improvements Amortization Properties Progress Development in Properties Internet Gateway Data Centers $ 99,313 $ — $ 2,036,041 $ 114,013 $ (885,214) $ 1,364,153 $ 42,615 $ — $ 1,406,768 Data Centers (1) 688,494 10,575 12,924,596 460,247 (3,004,365) 11,079,547 1,548,643 157,039 12,785,229 Technology Manufacturing 11,959 — 1,582 76 (100) 13,517 — — 13,517 Technology Office 58,066 — 26,106 — (20,015) 64,157 — — 64,157 Other 1,281 — 622,667 — (25,573) 598,375 30,670 5,902 634,947 $ 859,113 $ 10,575 $ 15,610,992 $ 574,336 $ (3,935,267) $ 13,119,749 $ 1,621,928 $ 162,941 $ 14,904,618 (1) Balances include vacant land to support ground-up development. On September 16, 2019, we announced the proposed sale of 10 Powered Base Building® properties, which comprise 12 data centers, in North America to Mapletree Investments Pte Ltd (“Mapletree Investments”) and Mapletree Industrial Trust (“MIT” and together with Mapletree Investments, “Mapletree”), at a purchase consideration of approximately $557.0 million. As of December 31, 2019, these 12 data centers had an aggregate carrying value of $229.9 million within total assets and $2.7 million within total liabilities and are shown as assets held for sale and obligations associated with assets held for sale on the consolidated balance sheet. The 12 data centers are not representative of a significant component of our portfolio, nor does the potential sales represent a significant shift in our strategy. Subsequent to year-end, we closed on the sale of the 12 data centers in January 2020, for a gain of approximately $303.3 million. We will provide transitional property management services for one year from the closing date at a customary market rate. Acquisitions We acquired the following real estate during the years ended December 31, 2019 and 2018 (excluding business combinations already discussed in Note 3): 2019 Acquisitions Amount Property Type (in millions) (2) Land parcels (1) $ 47.7 Technology office (3) 28.0 $ 75.7 2018 Acquisitions Amount Property Type (in millions) (2) Land Parcels (1) $ 296.1 Data Centers 114.6 $ 410.7 (1) Represents currently vacant land which is not included in our operating property count. (2) Purchase price in U.S. dollars and excludes capitalized closing costs. (3) Property to be redeveloped. The table below reflects the purchase price allocation for the above properties acquired in 2019 and 2018 (in thousands): Above- Below- Acquisition Buildings and Tenant Market In-Place Market Date Fair Property Type Land Improvements Improvements Leases Leases Leases Value 2019 Land Parcels $ 47,712 $ — $ — $ — $ — $ — $ 47,712 Technology office 24,315 3,039 — — 638 — 27,992 Total $ 72,027 $ 3,039 $ — $ — $ 638 $ — $ 75,704 2018 Land Parcels $ 296,071 $ — $ — $ — $ — $ — $ 296,071 Data Centers 60,633 54,008 — — — — 114,641 Total $ 356,704 $ 54,008 $ — $ — $ — $ — $ 410,712 Dispositions We sold the following real estate properties during the years ended December 31, 2019 and 2018: 2019 Dispositions Fair Value Gain on contribution Location / Portfolio Metro Area Date Sold (in millions) (in millions) Mapletree portfolio (1) Northern Virginia Nov 1, 2019 $ 996.6 $ 266.0 (1) Consists of three data centers that were contributed to a joint venture (see note 6). 2018 Dispositions Gross Proceeds Gain on Sale Location Metro Area Date Sold (in millions) (in millions) 200 Quannapowitt Parkway Boston Jan 25, 2018 $ 15.0 $ (0.4) 34551 Ardenwood Boulevard Silicon Valley Feb 9, 2018 73.3 25.3 3065 Gold Camp Drive Sacramento Mar 14, 2018 14.2 5.4 11085 Sun Center Drive Sacramento Mar 14, 2018 36.8 9.1 Austin Portfolio Austin Apr 19, 2018 47.6 12.0 2010 East Centennial Circle Phoenix May 22, 2018 5.5 (0.5) 1125 Energy Park Drive Minneapolis May 31, 2018 7.0 2.8 360 Spear Street San Francisco Sep 21, 2018 92.3 26.7 $ 291.7 $ 80.4 |
Investments in Unconsolidated J
Investments in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2019 | |
Investments in Unconsolidated Joint Ventures | |
Investments in Unconsolidated Joint Ventures | 6. Investments in Unconsolidated Joint Ventures As of December 31, 2019 and 2018, our investments in unconsolidated joint ventures accounted for under the equity method of accounting presented in our consolidated balance sheets consist of the following (in thousands): Year Joint # of Metropolitan Balance as of Balance as of Joint Venture Venture Formed Data Centers Area % Ownership December 31, 2019 December 31, 2018 Ascenty (1)(3) 2019 19 Brazil / Chile 51 % (2) $ 774,853 $ — Mapletree 2019 3 Northern Virginia 20 % 208,354 — Mitsubishi 2017 4 Osaka / Tokyo 50 % 200,652 66,835 CenturyLink 2012 1 Hong Kong 50 % 88,647 96,094 Other Various 14 U.S. Various 14,603 12,179 Total 41 $ 1,287,109 $ 175,108 (1) Our maximum exposure to loss related to this unconsolidated variable interest entity (VIE) is limited to our equity investment in this VIE. (2) Includes an approximate 2% ownership interest held by a non-controlling interest in our entity that holds the investment in the Ascenty joint venture, which has a carrying value of approximately $25.0 million and is classified with redeemable noncontrolling interests in our consolidated balance sheet. (3) See note 3 for additional information on the Ascenty joint venture. Mapletree Joint Venture On November 1, 2019, we formed a joint venture with Mapletree. We contributed three Turn-Key Flex® data centers, valued at approximately $1.0 billion, to the new joint venture in exchange for a 20% interest in the joint venture and approximately $0.8 billion of cash, net of closing costs. An entity jointly owned by Mapletree Investments and MIT contributed such cash to the joint venture in exchange for an 80% interest in the joint venture. We perform the day-to-day accounting and property management functions for the joint venture and, as such, will earn a management fee based on market rates. Although we are the managing member of the joint venture and manage the day-to-day activities, the joint venture is governed by a board of directors, in which power to make decisions that most significantly impact the investment returns to the members of the joint venture, including approval of annual budgets, is shared equally between Mapletree and us. As such, we concluded we do not own a controlling interest and accounted for our interest in the joint venture under the equity method of accounting. As a result of the transaction, we received approximately $0.8 billion of cash, net of closing costs, from Mapletree’s equity contribution and a 20% equity interest in the joint venture with an estimated fair value of $193.2 million, less our share of closing costs. We recognized a gain of approximately $266.2 million, which represented the excess of the fair value received less the carrying value of the assets and liabilities contributed to the joint venture, of which, $53.2 million of the gain was related to the remeasurement of the Company's retained equity interest to fair value. The fair value of the Company’s retained equity interest is based on Level 2 measurements within the fair value hierarchy based on the cash price paid by Mapletree for their 80% interest. The following tables present summarized financial information for our unconsolidated joint ventures for the years ended December 31, 2019, 2018, and 2017 (in thousands): Property Net Net % Net Investment Total Mortgage Total Equity / Operating Operating Income 2019 Ownership in Properties Assets Loans Liabilities (Deficit) Revenues Expense Income (Loss) Unconsolidated Joint Ventures 2001 Sixth Avenue 50.00 % $ 30,748 $ 47,485 $ 134,583 $ 140,354 $ (92,869) $ 56,266 $ (19,254) $ 37,012 $ 27,422 2020 Fifth Avenue 50.00 % 43,918 54,325 48,000 48,703 5,622 9,868 (2,544) 7,324 4,649 CenturyLink 50.00 % 148,941 187,241 — 9,947 177,294 24,680 (9,251) 15,429 6,712 Mitsubishi 50.00 % 554,828 753,743 231,046 303,130 450,613 84,344 (39,300) 45,044 18,751 Ascenty 51.00 % 548,114 2,178,663 629,500 764,603 1,414,060 112,052 (40,250) 71,802 (54,606) Mapletree 20.00 % 765,443 1,042,661 — 23,796 1,018,865 17,852 (6,774) 11,078 (1,872) PREI ® 20.00 % 365,993 421,635 210,915 281,344 140,291 42,157 (9,918) 32,239 9,968 GCEAR 20.00 % 109,803 127,444 101,902 104,363 23,081 21,120 (9,073) 12,047 (2,636) Other 7%-17 % 59,901 64,553 4,438 4,706 59,847 11,261 (6,779) 4,482 (31) Total Unconsolidated Joint Ventures $ 2,627,689 $ 4,877,750 $ 1,360,384 $ 1,680,946 $ 3,196,804 $ 379,600 $ (143,143) $ 236,457 $ 8,357 Our investment in and share of equity in earnings of unconsolidated joint ventures $ 1,287,109 $ 8,067 Property Net Net % Net Investment Total Mortgage Total Equity / Operating Operating Income 2018 Ownership in Properties Assets Loans Liabilities (Deficit) Revenues Expense Income (Loss) Unconsolidated Joint Ventures 2001 Sixth Avenue 50.00 % $ 32,786 $ 49,278 $ 134,527 $ 139,569 $ (90,291) $ 52,806 $ (17,264) $ 35,542 $ 25,612 2020 Fifth Avenue 50.00 % 44,644 54,855 48,000 48,333 6,522 9,417 (2,156) 7,261 4,689 CenturyLink 50.00 % 151,256 201,527 — 9,337 192,190 21,394 (7,164) 14,230 6,958 Mitsubishi 50.00 % 332,373 469,159 228,075 285,424 183,735 59,300 (26,360) 32,940 15,884 PREI ® 20.00 % 375,016 433,024 210,626 283,899 149,125 42,058 (8,457) 33,601 (4,159) GCEAR 20.00 % 111,909 139,268 101,885 104,268 35,000 20,457 (8,546) 11,911 (2,177) Other 17.00 % 22,677 24,320 5,225 5,327 18,993 9,383 (5,879) 3,504 415 Total Unconsolidated Joint Ventures $ 1,070,661 $ 1,371,431 $ 728,338 $ 876,157 $ 495,274 $ 214,815 $ (75,826) $ 138,989 $ 47,222 Our investment in and share of equity in earnings of unconsolidated joint ventures $ 175,108 $ 32,979 Property Net Net % Net Investment Total Mortgage Total Equity / Operating Operating Income 2017 Ownership in Properties Assets Loans Liabilities (Deficit) Revenues Expense Income (Loss) Unconsolidated Joint Ventures 2001 Sixth Avenue 50.00 % $ 26,933 $ 50,481 $ 134,472 $ 138,564 $ (88,083) $ 49,369 $ (16,719) $ 32,650 $ 20,833 2020 Fifth Avenue 50.00 % 45,309 54,594 47,000 47,249 7,345 9,088 (1,820) 7,268 4,881 CenturyLink 50.00 % 133,435 192,071 — 5,598 186,473 19,235 (6,504) 12,731 5,467 Mitsubishi 50.00 % 325,977 452,063 221,851 288,962 163,101 7,927 (4,218) 3,709 1,108 PREI ® 20.00 % 399,967 456,912 207,687 285,050 171,862 41,464 (7,978) 33,486 13,889 GCEAR 20.00 % 114,376 151,191 101,680 104,220 46,971 18,924 (7,362) 11,562 (1,962) Other 17.00 % 15,953 17,694 — 236 17,458 5,958 (4,629) 1,329 (272) Total Unconsolidated Joint Ventures $ 1,061,950 $ 1,375,006 $ 712,690 $ 869,879 $ 505,127 $ 151,965 $ (49,230) $ 102,735 $ 43,944 Our investment in and share of equity in earnings of unconsolidated joint ventures $ 163,477 $ 25,516 The amounts reflected in the tables above, except for our investment in and share of equity in earnings of unconsolidated joint ventures, are based on the historical financial information of the individual joint ventures. The debt of our unconsolidated joint ventures generally is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations. |
Acquired Intangible Assets and
Acquired Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Acquired Intangible Assets and Liabilities | |
Acquired Intangible Assets and Liabilities | 7. Acquired Intangible Assets and Liabilities The following summarizes our acquired intangible assets (real estate intangibles, comprised of acquired in-place lease value and tenant relationship value along with acquired above-market lease value) and intangible liabilities (acquired below-market lease value) as of December 31, 2019 and 2018. Balance as of (Amounts in thousands) December 31, 2019 December 31, 2018 Real Estate Intangibles: Acquired in-place lease value: Gross amount $ 1,357,190 $ 1,569,401 Accumulated amortization (899,071) (795,033) Net $ 458,119 $ 774,368 Tenant relationship value: Gross amount $ 1,845,949 $ 2,339,606 Accumulated amortization (400,570) (291,818) Net $ 1,445,379 $ 2,047,788 Acquired above-market leases: Gross amount $ 279,048 $ 277,796 Accumulated amortization (204,233) (158,037) Net $ 74,815 $ 119,759 Acquired below-market leases: Gross amount $ 396,509 $ 442,535 Accumulated amortization (247,735) (242,422) Net $ 148,774 $ 200,113 Amortization of acquired below-market lease value, net of acquired above-market lease value, resulted in a decrease in rental revenues of $(17.1) million, $(27.3) million and $(2.2) million for the years ended December 31, 2019, 2018 and 2017, respectively. The expected average remaining lives for acquired below-market leases and acquired above-market leases was 8.0 years and 2.5 years, respectively, as of December 31, 2019. Estimated annual amortization of acquired below-market lease value, net of acquired above-market lease value, for each of the five succeeding years and thereafter, commencing January 1, 2020 is as follows: (Amounts in thousands) 2020 $ (10,648) 2021 (3,501) 2022 4,735 2023 9,500 2024 10,149 Thereafter 63,724 Total $ 73,959 Amortization of acquired in-place lease value (a component of depreciation and amortization expense) was $143.0 million, $211.0 million and $101.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. The expected average amortization period for acquired in-place lease value was 5.8 years as of December 31, 2019. The weighted average remaining contractual life for acquired leases excluding renewals or extensions was 5.5 years as of December 31, 2019. Estimated annual amortization of acquired in-place lease value for each of the five succeeding years and thereafter, commencing January 1, 2020 is as follows: (Amounts in thousands) 2020 $ 98,875 2021 78,329 2022 58,621 2023 47,449 2024 40,217 Thereafter 134,628 Total $ 458,119 Amortization of tenant relationship value (a component of depreciation and amortization expense) was approximately $128.4 million, $123.5 million and $85.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, the weighted average remaining contractual life for tenant relationship value was 13.0 years. Estimated annual amortization of tenant relationship value for each of the five succeeding years and thereafter, commencing January 1, 2020 is as follows: (Amounts in thousands) 2020 $ 116,673 2021 116,673 2022 116,673 2023 116,673 2024 116,673 Thereafter 862,014 Total $ 1,445,379 |
Debt of the Company
Debt of the Company | 12 Months Ended |
Dec. 31, 2019 | |
Debt of the Company | |
Debt of the Company | 8. Debt of the Company In this Note 8, the “Company” refers only to Digital Realty Trust, Inc. and not to any of its subsidiaries. The Company itself does not have any indebtedness. All debt is held directly or indirectly by the Operating Partnership. Guarantee of Debt The Company guarantees the Operating Partnership’s obligations with respect to its 3.950% notes due 2022 (3.950% 2022 Notes), 3.625% notes due 2022 (3.625% 2022 Notes), 2.750% notes due 2023 (2.750% 2023 Notes), 4.750% notes due 2025 (4.750% 2025 Notes), 3.700% notes due 2027 (2027 Notes), 4.450% notes due 2028 (2028 Notes) and 3.600% notes due 2029 (3.600% 2029 Notes). The Company and the Operating Partnership guarantee the obligations of Digital Stout Holding, LLC, a wholly owned subsidiary of the Operating Partnership, with respect to its 4.750% notes due 2023 (4.750% 2023 Notes), 2.750% notes due 2024 (2.750% 2024 Notes), 4.250% notes due 2025 (4.250% 2025 Notes), 3.300% notes due 2029 (2029 Notes) and 3.750% notes due 2030 (2030 Notes) and the obligations of Digital Euro Finco, LLC, a wholly owned subsidiary of the Operating Partnership, with respect to its 2.625% notes due 2024 (2.625% 2024 Notes), 2.500% notes due 2026 (2026 Notes) and 1.125% notes due 2028 (1.125% 2028 Notes). The Company is also the guarantor of the Operating Partnership’s and its subsidiary borrowers’ obligations under the global revolving credit facilities and unsecured term loans. |
Debt of the Operating Partnersh
Debt of the Operating Partnership | 12 Months Ended |
Dec. 31, 2019 | |
Digital Realty Trust, L.P. | |
Debt Instrument [Line Items] | |
Debt of the Operating Partnership | 9. Debt of the Operating Partnership A summary of outstanding indebtedness of the Operating Partnership as of December 31, 2019 and 2018 is as follows (in thousands): Interest Rate at Principal Principal December 31, Outstanding at Outstanding at Indebtedness 2019 Maturity Date December 31, 2019 December 31, 2018 Global revolving credit facilities Various (1) Jan 24, 2023 (1) $ 245,766 (2) $ 1,663,156 (2) Deferred financing costs, net (11,661) (15,421) Global revolving credit facilities, net 234,105 1,647,735 Unsecured Term Loans 2019 Term Loan Base Rate + 1.000 % Jan 19, 2019 — 375,000 2023 Term Loan Various (3)(4) Jan 15, 2023 300,000 (5) 300,000 (5) 2024 Term Loan Various (3)(4) Jan 24, 2023 513,205 (5) 508,120 (5) Deferred financing costs, net (2,986) (4,216) Unsecured term loans, net 810,219 1,178,904 Unsecured senior notes: Floating rate notes due 2019 EURIBOR + 0.500 % May 22, 2019 — (11) 143,338 (6) 5.875% notes due 2020 5.875 % Feb 1, 2020 — (8) 500,000 3.400% notes due 2020 3.400 % Oct 1, 2020 — (12) 500,000 5.250% notes due 2021 5.250 % Mar 15, 2021 — (12) 400,000 3.950% notes due 2022 3.950 % Jul 1, 2022 500,000 500,000 3.625% notes due 2022 3.625 % Oct 1, 2022 300,000 300,000 2.750% notes due 2023 2.750 % Feb 1, 2023 350,000 350,000 4.750% notes due 2023 4.750 % Oct 13, 2023 397,710 (7) 382,620 (7) 2.625% notes due 2024 2.625 % Apr 15, 2024 672,780 (6) 688,020 (6) 2.750% notes due 2024 2.750 % Jul 19, 2024 331,425 (7) 318,850 (7) 4.250% notes due 2025 4.250 % Jan 17, 2025 530,280 (7) 510,160 (7) 4.750% notes due 2025 4.750 % Oct 1, 2025 450,000 450,000 2.500% notes due 2026 2.500 % Jan 16, 2026 1,205,398 (6) — 3.700% notes due 2027 3.700 % Aug 15, 2027 1,000,000 1,000,000 1.125% notes due 2028 1.125 % Apr 9, 2028 560,650 (6) — 4.450% notes due 2028 4.450 % Jul 15, 2028 650,000 650,000 3.600% notes due 2029 3.600 % Jul 1, 2029 900,000 — 3.300% notes due 2029 3.300 % Jul 19, 2029 463,995 (7) 446,390 (7) 3.750% notes due 2030 3.750 % Oct 17, 2030 729,135 (7)(9) 510,160 (7) Unamortized discounts, net of premiums (16,145) (19,859) Total senior notes, net of discount 9,025,228 7,629,679 Deferred financing costs, net (52,038) (40,553) Total unsecured senior notes, net of discount and deferred financing costs 8,973,190 7,589,126 Secured Debt: 731 East Trade Street 8.22 % Jul 1, 2020 $ 1,089 $ 1,776 Secured note due March 2023 LIBOR + 1.000 % (4) Mar 1, 2023 104,000 104,000 Secured note due December 2023 Base Rate + 4.250 % Dec 20, 2023 — (10) 600,000 Unamortized net premiums 54 148 Total secured debt, including premiums 105,143 705,924 Deferred financing costs, net (209) (20,210) Total secured debt, including premiums and net of deferred financing costs 104,934 685,714 Total indebtedness $ 10,122,448 $ 11,101,479 (1) The interest rate for borrowings under the global revolving credit facility equals the applicable index plus a margin of 90 basis points, which is based on the current credit ratings of our long-term debt. An annual facility fee of 20 basis points, which is based on the credit ratings of our long-term debt, is due and payable quarterly on the total commitment amount of the facility. Two six-month extensions are available, which we may exercise if certain conditions are met. The interest rate for borrowings under the Yen revolving credit facility equals the applicable index plus a margin of 50 basis points, which is based on the current credit ratings of our long-term debt. (2) Balances as of December 31, 2019 and December 31, 2018 are as follows (balances, in thousands): Balance as of Weighted- Balance as of Weighted- December 31, average December average Denomination of Draw 2019 interest rate 31, 2018 interest rate Floating Rate Borrowing (a) (d) U.S. dollar ($) $ — — % $ 890,000 3.37 % British pound sterling (£) — — % 8,290 (c) 1.61 % Euro (€) 44,852 (b) 0.90 % 451,800 (c) 0.90 % Australian dollar (AUD) 1,264 (b) 1.74 % 27,632 (c) 2.82 % Hong Kong dollar (HKD) — — % 8,797 (c) 3.14 % Japanese yen (JPY) — — % 4,105 (c) 0.90 % Singapore dollar (SGD) 53,199 (b) 2.46 % 77,112 (c) 2.79 % Canadian dollar (CAD) — — % 60,856 (c) 3.16 % Total $ 99,315 1.75 % $ 1,528,592 2.57 % Yen Revolving Credit Facility (a) $ 146,451 (e) 0.50 % $ 134,564 (e) 0.50 % Total borrowings $ 245,766 1.00 % $ 1,663,156 2.41 % (a) The interest rates for floating rate borrowings under the global revolving credit facility currently equal the applicable index plus a margin of 90 basis points, which is based on the credit rating of our long-term debt. The interest rate for borrowings under the Yen revolving credit facility equals the applicable index plus a margin of 50 basis points, which is based on the current credit rating of our long-term debt. (b) Based on exchange rates of $1.12 to €1.00, $0.70 to 1.00 AUD and $0.74 to 1.00 SGD, respectively, as of December 31, 2019. (c) Based on exchange rates of $1.28 to £1.00, $1.15 to €1.00, $0.70 to 1.00 AUD, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY, $0.73 to 1.00 SGD and $0.73 to 1.00 CAD, respectively, as of December 31, 2018. (d) As of December 31, 2019, approximately $45.2 million of letters of credit were issued. (e) Based on exchange rates of $0.01 to 1.00 JPY for December 31, 2019 and 2018. (3) Interest rates are based on our current senior unsecured debt ratings and is currently 100 basis points over the applicable index for floating rate advances for the 2023 Term Loan and the 2024 Term Loan. (4) We have entered into interest rate swap agreements as a cash flow hedge for interest generated by a portion of U.S. dollar and Canadian dollar borrowings under the 2023 Term Loan and 2024 Term Loan, and the secured note due March 2023. See Note 16. "Derivative Instruments" for further information. (5) Balances as of December 31, 2019 and December 31, 2018 are as follows (balances, in thousands): Balance as of Weighted- Balance as of Weighted- December 31, average December 31, average Denomination of Draw 2019 interest rate 2018 interest rate U.S. dollar ($) $ 300,000 2.74 % (b) $ 300,000 3.46 % (d) Singapore dollar (SGD) 147,931 (a) 2.68 % 146,080 (c) 2.76 % Australian dollar (AUD) 203,820 (a) 1.85 % 204,632 (c) 2.94 % Hong Kong dollar (HKD) 85,629 (a) 3.60 % 85,188 (c) 3.32 % Canadian dollar (CAD) 75,825 (a) 3.00 % (b) 72,220 (c) 3.24 % (d) Total $ 813,205 2.62 % (b) $ 808,120 3.17 % (d) (a) Based on exchange rates of $0.74 to 1.00 SGD, $0.70 to 1.00 AUD, $0.13 to 1.00 HKD and $0.77 to 1.00 CAD, respectively, as of December 31, 2019. (b) As of December 31, 2019, the weighted-average interest rate reflecting interest rate swaps was 2.44% (U.S. dollar), 1.78% (Canadian dollar) and 2.39% (Total). See Note 16 for further discussion on interest rate swaps. (c) Based on exchange rates of $0.73 to 1.00 SGD, $0.70 to 1.00 AUD, $0.13 to 1.00 HKD and $0.73 to 1.00 CAD, respectively, as of December 31, 2018. (d) As of December 31, 2018, the weighted-average interest rate reflecting interest rate swaps was 2.44% (U.S. dollar), 1.78% (Canadian dollar) and 2.66% (Total). See Note 16 for further discussion on interest rate swaps. (6) Based on exchange rates of $1.12 to €1.00 as of December 31, 2019 and $1.15 to €1.00 as of December 31, 2018. (7) Based on exchange rates of $1.33 to £1.00 as of December 31, 2019 and $1.28 to £1.00 as of December 31, 2018. (8) The 5.875% 2020 Notes were paid in full in January 2019 (by tender offer) and February 2019 (by redemption of the remaining balance after the tender offer). The tender offer and redemption resulted in an early extinguishment charge of approximately $12.9 million during the three months ended March 31, 2019. (9) On March 5, 2019, Digital Stout Holding, LLC, a wholly owned subsidiary of the Operating Partnership, issued and sold an additional £150.0 million aggregate principal amount of 2030 Notes. The terms of the 2030 Notes are governed by an indenture, dated as of October 17, 2018, among Digital Stout Holding, LLC, Digital Realty Trust, Inc., the Operating Partnership, Deutsche Trustee Company Limited, as trustee, Deutsche Bank AG, London Branch, as paying agent and a transfer agent, and Deutsche Bank Luxembourg S.A., as registrar and a transfer agent (the “GBP Notes Indenture”), pursuant to which Digital Stout Holding, LLC previously issued £400.0 million in aggregate principal amount of its 2030 Notes. The 2030 Notes are treated as a single series with the notes previously issued under the GBP Notes Indenture. (10) The debt was deconsolidated as a result of the Ascenty joint venture formed with Brookfield. (11) Paid in full at maturity in May 2019. (12) The 3.400% 2020 Notes and 2021 Notes were paid in full in June 2019 (by tender offer) and July 2019 (by redemption of the remaining balances after the tender offer). The tender offer resulted in an early extinguishment charge of approximately $26.3 million during the year ended December 31, 2019. Global Revolving Credit Facilities On October 24, 2018, we refinanced our global revolving credit facility and entered into a global senior credit agreement for a $2.35 billion senior unsecured revolving credit facility, which we refer to as the 2018 global revolving credit facility, that replaced the $2.0 billion revolving credit facility executed on January 15, 2016. In addition, we have the ability from time to time to increase the size of the global revolving credit facility and the unsecured term loans (discussed below), in any combination, by up to $1.25 billion, subject to the receipt of lender commitments and other conditions precedent. The 2018 global revolving credit facility matures on January 24, 2023, with two six-month extension options available. The interest rate for borrowings under the 2018 global revolving credit facility equals the applicable index plus a margin which is based on the credit ratings of our long-term debt and is currently 90 basis points. An annual facility fee on the total commitment amount of the facility, based on the credit ratings of our long-term debt, currently 20 basis points, is payable quarterly. The 2018 global revolving credit facility provides for borrowings in U.S., Canadian, Singapore, Australian and Hong Kong dollars, as well as Euro, British pound sterling and Japanese yen and includes the ability to add additional currencies in the future. As of December 31, 2019, interest rates are based on 1-month EURIBOR, 1-month HIBOR, 1-month SOR and 1-month CDOR, plus a margin of 0.90%. We have used and intend to use available borrowings under the 2018 global revolving credit facility to acquire additional properties, fund development opportunities and for general working capital and other corporate purposes, including potentially for the repurchase, redemption or retirement of outstanding debt or equity securities. The 2018 global revolving credit facility contains various restrictive covenants, including limitations on our ability to incur additional indebtedness, make certain investments or merge with another company, and requirements to maintain financial coverage ratios, including with respect to unencumbered assets. In addition, the 2018 global revolving credit facility restricts Digital Realty Trust, Inc. from making distributions to its stockholders, or redeeming or otherwise repurchasing shares of its capital stock, after the occurrence and during the continuance of an event of default, except in limited circumstances including as necessary to enable Digital Realty Trust, Inc. to maintain its qualification as a REIT and to minimize the payment of income or excise tax. As of December 31, 2019, we were in compliance with all of such covenants. On October 24, 2018, we entered into a credit agreement for a ¥33.3 billion (approximately $296.5 million based on the exchange rate on October 24, 2018) senior unsecured revolving credit facility, which we refer to as the Yen revolving credit facility. The Yen revolving credit facility provides for borrowings in Japanese yen. In addition, we have the ability from time to time to increase the size of the Yen revolving credit facility to up to ¥93.3 billion (approximately $831.1 million based on the exchange rate on October 24, 2018), subject to receipt of lender commitments and other conditions precedent. The Yen revolving credit facility matures on January 24, 2024. The interest rate for borrowings under the Yen revolving credit facility equals the applicable index plus a margin which is based on the credit ratings of our long-term debt and is currently 50 basis points. A quarterly unused commitment fee, which is calculated using the average daily unused revolving credit commitment, is based on the credit ratings of our long-term debt, and is currently 10 basis points. The Yen revolving credit facility contains various restrictive covenants, including limitations on our ability to incur additional indebtedness, make certain investments or merge with another company, and requirements to maintain financial coverage ratios, including with respect to unencumbered assets. In addition, the Yen revolving credit facility restricts Digital Realty Trust, Inc. from making distributions to its stockholders, or redeeming or otherwise repurchasing shares of its capital stock, after the occurrence and during the continuance of an event of default, except in limited circumstances including as necessary to enable Digital Realty Trust, Inc. to maintain its qualification as a REIT and to minimize the payment of income or excise tax. As of December 31, 2019, we were in compliance with all of such covenants. Unsecured Term Loans On October 24, 2018, we refinanced our senior unsecured multi-currency term loan facility and entered into an amended and restated term loan agreement, which we refer to as the 2018 term loan agreement, which governs (i) a $300.0 million 5-year senior unsecured term loan, which we refer to as the 2023 Term Loan, and (ii) an approximately $512 million 5-year senior unsecured term loan, which we refer to as the 2024 Term Loan. The 2018 term loan agreement replaced the $1.55 billion term loan agreement executed on January 15, 2016. The 2023 Term Loan matures on January 15, 2023 and the 2024 Term Loan matures on January 24, 2023 with two six-month extension options. In addition, we have the ability from time to time to increase the aggregate size of lending under the 2018 term loan agreement and the 2018 global revolving credit facility (discussed above), in any combination, by up to $1.25 billion, subject to receipt of lender commitments and other conditions precedent. Interest rates are based on our senior unsecured debt ratings and are currently 100 basis points over the applicable index for floating rate advances for the 2023 Term Loan and the 2024 Term Loan. Funds may be drawn in U.S., Canadian, Singapore, Australian and Hong Kong dollars. Based on exchange rates in effect at December 31, 2019, the balance outstanding is approximately $0.8 billion, excluding deferred financing costs. We have used borrowings under the term loans for acquisitions, repayment of indebtedness, development, working capital and general corporate purposes. The covenants under the 2023 Term Loan and 2024 Term Loan are consistent with our 2018 global revolving credit facility and, as of December 31, 2019, we were in compliance with all of such covenants. Unsecured Senior Notes Amount Issued (in Unsecured Senior Notes and Annual Maturity millions, local Net Proceeds Interest Payment Interest Rate Date Issued Date currency) (in millions) (1) Dates Initial Issuer (2) 3.950% Notes due 2022 Jun 23, 2015 Jul 1, 2022 $ 500.0 491.8 Semi-annually, commencing January 1, 2016 Digital Realty Trust, L.P. 3.625% Notes due 2022 Sep 24, 2012 Oct 1, 2022 $ 300.0 293.1 Semi-annually, commencing April 1, 2013 Digital Realty Trust, L.P. 2.750% Notes due 2023 Aug 7, 2017 Feb 1, 2023 $ 350.0 346.9 Semi-annually, commencing February 1, 2018 Digital Realty Trust, L.P. 4.750% Notes due 2023 Apr 1, 2014 Oct 13, 2023 £ 300.0 490.9 Semi-annually, commencing October 13, 2014 Digital Stout Holding, LLC (3) 2.625% Notes due 2024 Apr 15, 2016 Apr 15, 2024 € 600.0 670.3 Annually, commencing April 15, 2017 Digital Euro Finco, LLC (3) 2.750% Notes due 2024 Jul 21, 2017 Jul 19, 2024 £ 250.0 321.3 Annually, commencing July 19, 2018 Digital Stout Holding, LLC (3) 4.250% Notes due 2025 Jan 18, 2013 Jan 17, 2025 £ 400.0 624.2 Semi-annually, commencing July 17, 2013 Digital Stout Holding, LLC (3) 4.750% Notes due 2025 Oct 1, 2015 Oct 1, 2025 $ 450.0 445.8 Semi-annually, commencing April 1, 2016 Digital Delta Holdings, LLC (4) 2.500% Notes due 2026 Jan 16, 2019 Jan 16, 2026 € 1,075.0 1,218.6 Annually, commencing January 16, 2020 Digital Euro Finco, LLC (3) 3.700% Notes due 2027 Aug 7, 2017 Aug 15, 2027 $ 1,000.0 991.0 Semi-annually, commencing February 15, 2018 Digital Realty Trust, L.P. 1.125% Notes due 2028 Oct 9, 2019 Apr 9, 2028 € 500.0 539.7 Annually, commencing April 9, 2020 Digital Euro Finco, LLC (3) 4.450% Notes due 2028 Jun 21, 2018 Jul 15, 2028 $ 650.0 643.3 Semi-annually, commencing January 15, 2019 Digital Realty Trust, L.P. 3.600% Notes due 2029 Jun 14, 2019 Jul 1, 2029 $ 900.0 890.6 Semi-annually, commencing January 1, 2020 Digital Realty Trust, L.P. 3.300% Notes due 2029 Jul 21, 2017 Jul 19, 2029 £ 350.0 448.6 Annually, commencing July 19, 2018 Digital Stout Holding, LLC (3) 3.750% Notes due 2030 Oct 17, 2018 and Mar 9, 2019 Oct 17, 2030 £ 550.0 716.8 Annually, commencing October 17, 2019 Digital Stout Holding, LLC (3) (1) Amounts are in U.S. dollars, based on the exchange rate on the date of issuance. Net proceeds are equal to principal amount less initial purchaser discount and other debt issuance costs. (2) Digital Realty Trust, Inc. guarantees the senior notes issued by Digital Realty Trust, L.P. Both Digital Realty Trust, L.P. and Digital Realty Trust, Inc. guarantee the senior notes issued by Digital Stout Holding, LLC and Digital Euro Finco, LLC. (3) A wholly owned subsidiary of Digital Realty Trust, L.P. (4) Initially a wholly owned subsidiary of Digital Realty Trust, Inc., pursuant to the terms of the indenture, following the consummation of the Telx Acquisition, on October 13, 2015, Digital Delta Holdings, LLC merged with and into Digital Realty Trust, L.P., with Digital Realty Trust, L.P. surviving the merger and assuming Digital Delta Holdings, LLC’s obligations under the 4.750% 2025 Notes, the related indenture and registration rights agreement by operation of law. The indentures governing each of the 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, and also requires us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At December 31, 2019, we were in compliance with each of these financial covenants. The table below summarizes our debt maturities and principal payments as of December 31, 2019 (in thousands): Global Revolving Unsecured Credit Facilities (1) Term Loans (1) Senior Notes Secured Debt Total Debt 2020 $ — $ — $ — $ 1,089 $ 1,089 2021 — — — — — 2022 — — 800,000 — 800,000 2023 99,315 813,205 747,710 104,000 1,764,230 2024 146,451 — 1,004,205 — 1,150,656 Thereafter — — 6,489,458 — 6,489,458 Subtotal $ 245,766 $ 813,205 $ 9,041,373 $ 105,089 $ 10,205,433 Unamortized discount — — (22,554) — (22,554) Unamortized premium — — 6,409 54 6,463 Total $ 245,766 $ 813,205 $ 9,025,228 $ 105,143 $ 10,189,342 (1) The global revolving credit facility and unsecured term loans are subject to two six-month extension options exercisable by us. The bank group is obligated to grant the extension options provided we give proper notice, we make certain representations and warranties and no default exists under the global revolving credit facility or unsecured term loans, as applicable. |
Income per Share
Income per Share | 12 Months Ended |
Dec. 31, 2019 | |
Income per Share | |
Income per Share | 10. Income per Share The following is a summary of basic and diluted income per share (in thousands, except share and per share amounts): Year Ended December 31, 2019 2018 2017 Net income available to common stockholders $ 493,011 $ 249,930 $ 173,148 Weighted average shares outstanding—basic 208,325,823 206,035,408 174,059,386 Potentially dilutive common shares: Unvested incentive units 165,185 141,260 141,136 Forward equity offering 813,073 33,315 124,527 Market performance-based awards 158,166 463,488 570,049 Weighted average shares outstanding—diluted 209,462,247 206,673,471 174,895,098 Income per share: Basic $ 2.37 $ 1.21 $ 0.99 Diluted $ 2.35 $ 1.21 $ 0.99 We have excluded the following potentially dilutive securities in the calculations above as they would be antidilutive or not dilutive: Year Ended December 31, 2019 2018 2017 Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. 9,087,726 8,227,463 3,996,550 Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock 1,695,765 1,876,584 540,773 Potentially dilutive Series F Cumulative Redeemable Preferred Stock — — 463,301 Potentially dilutive Series G Cumulative Redeemable Preferred Stock 2,102,655 2,326,861 2,261,153 Potentially dilutive Series H Cumulative Redeemable Preferred Stock 789,846 3,409,772 3,313,484 Potentially dilutive Series I Cumulative Redeemable Preferred Stock 2,105,116 2,329,584 2,263,799 Potentially dilutive Series J Cumulative Redeemable Preferred Stock 1,679,534 1,858,622 720,803 Potentially dilutive Series K Cumulative Redeemable Preferred Stock 1,334,691 — — Potentially dilutive Series L Cumulative Redeemable Preferred Stock 670,823 — — Total 19,466,156 20,028,886 13,559,863 |
Income per Unit
Income per Unit | 12 Months Ended |
Dec. 31, 2019 | |
Digital Realty Trust, L.P. | |
Class of Stock [Line Items] | |
Income per Unit | 11. Income per Unit The following is a summary of basic and diluted income per unit (in thousands, except unit and per unit amounts): Year Ended December 31, 2019 2018 2017 Net income available to common unitholders $ 514,111 $ 260,110 $ 176,918 Weighted average units outstanding—basic 217,284,755 214,312,871 178,055,936 Potentially dilutive common units: Unvested incentive units 165,185 141,260 141,136 Forward equity offering 813,073 33,315 124,527 Market performance-based awards 158,166 463,488 570,049 Weighted average units outstanding—diluted 218,421,179 214,950,934 178,891,648 Income per unit: Basic $ 2.37 $ 1.21 $ 0.99 Diluted $ 2.35 $ 1.21 $ 0.99 We have excluded the following potentially dilutive securities in the calculations above as they would be antidilutive or not dilutive: Year Ended December 31, 2019 2018 2017 Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Units 1,695,765 1,876,584 540,773 Potentially dilutive Series F Cumulative Redeemable Preferred Units — — 463,301 Potentially dilutive Series G Cumulative Redeemable Preferred Units 2,102,655 2,326,861 2,261,153 Potentially dilutive Series H Cumulative Redeemable Preferred Units 789,846 3,409,772 3,313,484 Potentially dilutive Series I Cumulative Redeemable Preferred Units 2,105,116 2,329,584 2,263,799 Potentially dilutive Series J Cumulative Redeemable Preferred Units 1,679,534 1,858,622 720,803 Potentially dilutive Series K Cumulative Redeemable Preferred Units 1,334,691 — — Potentially dilutive Series L Cumulative Redeemable Preferred Units 670,823 — — Total 10,378,430 11,801,423 9,563,313 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes | |
Income Taxes | 12. Income Taxes Digital Realty Trust, Inc. has elected to be treated and believes that it has been organized and has operated in a manner that has enabled it to qualify as a REIT for federal income tax purposes. As a REIT, Digital Realty Trust, Inc. is generally not subject to corporate level federal income taxes on taxable income distributed currently to its stockholders. Since inception, Digital Realty Trust, Inc. has distributed at least 100% of its taxable income annually. As such, no provision for federal income taxes has been included in the accompanying consolidated financial statements for the years ended December 31, 2019, 2018 and 2017. The Operating Partnership is a partnership and is not required to pay federal income tax. Instead, taxable income is allocated to its partners, who include such amounts on their federal income tax returns. As such, no provision for federal income taxes has been included in the Operating Partnership’s accompanying consolidated financial statements. We have elected taxable REIT subsidiary (“TRS”) status for some of our consolidated subsidiaries. In general, a TRS may provide services that would otherwise be considered impermissible for REITs to provide and may hold assets that REITs cannot hold directly. Income taxes for TRS entities were accrued, as necessary, for the years ended December 31, 2019, 2018 and 2017. For our TRS entities and foreign subsidiaries that are subject to U.S. federal, state, local and foreign income taxes, deferred tax assets and liabilities are established for temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the temporary differences reverse. A valuation allowance for deferred tax assets is provided if we believe it is more likely than not that the deferred tax asset may not be realized, based on available evidence at the time the determination is made. An increase or decrease in the valuation allowance that results from the change in circumstances that causes a change in our judgment about the realizability of the related deferred tax asset is included in the income statement. Deferred tax assets (net of valuation allowance) and liabilities for our TRS entities and foreign subsidiaries were accrued, as necessary, for the years ended December 31, 2019, 2018 and 2017. As of December 31, 2019 and 2018, we had deferred tax liabilities net of deferred tax assets of approximately $143.4 million and $146.6 million, respectively, primarily related to our foreign properties, classified in accounts payable and other accrued expenses in the consolidated balance sheet. The majority of our net deferred tax liability relates to differences between tax basis and book basis of the assets acquired in the Sentrum portfolio acquisition during 2012 and the European portfolio acquisition in July 2016. The valuation allowance against the deferred tax assets at December 31, 2019 and 2018 relate primarily to net operating loss carryforwards that we do not expect to utilize attributable to certain foreign jurisdictions. Deferred income tax assets and liabilities as of December 31, 2019 and 2018 were as follows (in thousands): 2019 2018 Gross deferred income tax assets: Net operating loss carryforwards $ 63,280 $ 71,656 Basis difference - real estate property 9,955 8,490 Basis difference - intangibles 1,071 256 Other - temporary differences 19,028 24,341 Total gross deferred income tax assets 93,334 104,743 Valuation allowance (40,795) (51,439) Total deferred income tax assets, net of valuation allowance 52,539 53,304 Gross deferred income tax liabilities: Basis difference - real estate property 162,095 164,077 Basis difference - equity investments 4,000 — Basis difference - intangibles 1,547 6,855 Straight-line rent 8,044 5,340 Other - temporary differences 20,218 23,584 Total gross deferred income tax liabilities 195,904 199,856 Net deferred income tax liabilities $ 143,365 $ 146,552 The federal tax legislation enacted in December 2017, commonly known as the Tax Cuts and Jobs Act (the “TCJA”), reduced the corporate federal tax rate in the U.S. to 21%, generally effective on January 1, 2018. As such, deferred tax assets and liabilities were remeasured using the lower corporate federal tax rate at December 31, 2017. While we do not expect other material impacts, the new tax rules are complex and, in some respects, lack developed administrative guidance. We continue to work with our tax advisors to analyze and determine the full impact that the TCJA as a whole will have on us. |
Equity and Accumulated Other Co
Equity and Accumulated Other Comprehensive Loss, Net | 12 Months Ended |
Dec. 31, 2019 | |
Equity and Accumulated Other Comprehensive Loss, Net | |
Equity and Accumulated Other Comprehensive Loss, Net | 13. Equity and Accumulated Other Comprehensive Loss, Net (a) Equity Distribution Agreements On January 4, 2019, Digital Realty Trust, Inc. and Digital Realty Trust, L.P. entered into equity distribution agreements, which we refer to as the 2019 Equity Distribution Agreements, with each of Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc., BTIG, LLC, Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, Mizuho Securities USA LLC, Morgan Stanley & Co. LLC, MUFG Securities Americas Inc., PNC Capital Markets LLC, Raymond James & Associates, Inc., RBC Capital Markets, LLC, Scotia Capital (USA) Inc., SMBC Nikko Securities America, Inc., SunTrust Robinson Humphrey, Inc., TD Securities (USA) LLC, and Wells Fargo Securities, LLC, or the Agents, under which it could issue and sell shares of its common stock having an aggregate offering price of up to $1.0 billion from time to time through, at its discretion, any of the Agents as its sales agents or as principals. Sales may also be made on a forward basis pursuant to separate forward sale agreements. The sales of common stock made under the 2019 Equity Distribution Agreements will be made in “at the market” offerings as defined in Rule 415 of the Securities Act. To date, no sales have been made under the program. (b) Forward Equity Sale On September 27, 2018, Digital Realty Trust, Inc. completed an underwritten public offering of 9,775,000 shares of its common stock (including 1,275,000 shares from the exercise in full of the underwriters’ option to purchase additional shares), 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 9,775,000 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 its common stock by the forward purchasers in the public offering. The Company expects to receive net proceeds of approximately $1.1 billion (net of fees and estimated expenses) upon full physical settlement of the forward sale agreements. On September 17, 2019, the Company amended the forward sale agreements to extend the maturity date of such forward sales agreements from September 27, 2019 to September 25, 2020. (c) Redeemable Preferred Stock Total Liquidation Annual Shares Outstanding as of Balance (in thousands, net of Date(s) Initial Date to Value (in Dividend December 31, issuance costs) as of December 31, Preferred Stock (1) Issued Redeem (2) Share Cap (3) thousands) (4) Rate (5) 2019 2018 2019 2018 6.625% Series C Cumulative Redeemable Perpetual Preferred Stock Sep 14, 2017 May 15, 2021 0.6389035 $ 201,250 $ 1.65625 8,050,000 8,050,000 $ 219,250 $ 219,250 5.875% Series G Cumulative Redeemable Preferred Stock Apr 9, 2013 Apr 9, 2018 0.7532000 250,000 1.46875 10,000,000 10,000,000 241,468 241,468 7.375% Series H Cumulative Redeemable Preferred Stock Mar 26, 2014 Mar 26, 2019 0.9632000 — 1.84375 — 14,600,000 — 353,290 6.350% Series I Cumulative Redeemable Preferred Stock Aug 24, 2015 Aug 24, 2020 0.7623100 250,000 1.58750 10,000,000 10,000,000 242,012 242,012 5.250% Series J Cumulative Redeemable Preferred Stock Aug 7, 2017 Aug 7, 2022 0.4252100 200,000 1.31250 8,000,000 8,000,000 193,540 193,540 5.850% Series K Cumulative Redeemable Preferred Stock Mar 13, 2019 Mar 13, 2024 0.4361100 210,000 1.46250 8,400,000 — 203,264 — 5.200% Series L Cumulative Redeemable Preferred Stock Oct 10, 2019 Oct 10, 2024 0.3851800 345,000 1.30000 13,800,000 — 334,886 — $ 1,456,250 58,250,000 50,650,000 $ 1,434,420 $ 1,249,560 (1) All series of preferred stock do not have a stated maturity date and are not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, each series of preferred stock will rank senior to Digital Realty Trust, Inc. common stock and on parity with the other series of preferred stock. Holders of each series of preferred stock generally have no voting rights except for limited voting rights if Digital Realty Trust, Inc. fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances. (2) Except in limited circumstances, reflects earliest date that Digital Realty Trust, Inc. may exercise its option to redeem the preferred stock, at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but excluding the date of redemption. (3) Upon the occurrence of specified changes of control, as a result of which neither Digital Realty Trust, Inc.’s common stock nor the common securities of the acquiring or surviving entity (or American Depositary Receipts representing such securities) is listed on the New York Stock Exchange, the NYSE MKT, LLC or the NASDAQ Stock Market or listed or quoted on a successor exchange or quotation system, each holder of preferred stock will have the right (unless, prior to the change of control conversion date specified in the applicable Articles Supplementary governing the preferred stock, Digital Realty Trust, Inc. has provided or provides notice of its election to redeem the preferred stock) to convert some or all of the preferred stock held by it into a number of shares of Digital Realty Trust, Inc.’s common stock per share of preferred stock to be converted equal to the lesser of (i) the quotient obtained by dividing (a) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a preferred stock dividend payment and prior to the corresponding dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (b) the common stock price specified in the applicable Articles Supplementary governing the preferred stock; and (ii) the Share Cap, subject to certain adjustments; subject, in each case, to provisions for the receipt of alternative consideration as described in the applicable Articles Supplementary governing the preferred stock. Except in connection with specified change of control transactions, the preferred stock is not convertible into or exchangeable for any other property or securities of Digital Realty Trust, Inc. (4) Liquidation preference is $25.00 per share. (5) Dividends on preferred shares are cumulative and payable quarterly in arrears. (d) Noncontrolling Interests in Operating Partnership Noncontrolling interests in the Operating Partnership relate to the interests that are not owned by Digital Realty Trust, Inc. The following table shows the ownership interest in the Operating Partnership as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Number of Percentage of Number of Percentage of units total units total Digital Realty Trust, Inc. 208,900,758 95.9 % 206,425,656 95.1 % Noncontrolling interests consist of: Common units held by third parties 6,820,201 3.1 % 6,297,272 2.9 % Issuance of units in connection with Ascenty Acquisition — — % 2,338,874 1.1 % Incentive units held by employees and directors (see Note 15) 2,022,954 0.9 % 1,944,738 0.9 % 217,743,913 100.0 % 217,006,540 100.0 % Limited partners have the right to require the Operating Partnership to redeem part or all 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 Digital Realty Trust, Inc. 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. Pursuant to authoritative accounting guidance, Digital Realty Trust, Inc. evaluated whether it controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the share settlement of the noncontrolling Operating Partnership common and incentive units. Based on the results of this analysis, we concluded that the common units and incentive units of the Operating Partnership met the criteria to be classified within equity, except for certain common units issued to certain former DFT Operating Partnership unitholders in the DFT Merger, which are subject to certain restrictions and, accordingly, are not presented as permanent equity in the consolidated balance sheet. In connection with the initial public offering of DFT in 2007, DFT, the DFT Operating Partnership and certain DFT Operating Partnership unitholders entered into a tax protection agreement to assist such unitholders in deferring certain U.S. federal income tax liabilities that may have otherwise resulted from the contribution transactions undertaken in connection with the initial public offering and the ownership of interests in the DFT Operating Partnership and to set forth certain agreements with respect to other tax matters. In connection with the DFT Merger, certain DFT Operating Partnership unitholders entered into a new tax protection agreement with Digital Realty Trust, Inc. and the Operating Partnership that replaced and superseded the DFT tax protection agreement, effective as of the closing of the merger. Pursuant to the new tax protection agreement, such DFT Operating Partnership unitholders entered into a guarantee of certain debt of a subsidiary of the Operating Partnership. The Operating Partnership must offer such DFT Operating Partnership unitholders a new guarantee opportunity in the event any guaranteed debt is repaid prior to March 1, 2023. If the Operating Partnership fails to offer the guarantee opportunity or to allocate guaranteed debt to any such DFT Operating Partnership unitholder as required under the new tax protection agreement, the Operating Partnership generally would be required to indemnify each such DFT Operating Partnership unitholder for the tax liability resulting from such failure, as determined under the new tax protection agreement. The redemption value of the noncontrolling Operating Partnership common units and the vested incentive units was approximately $997.6 million and $1,076.9 million based on the closing market price of Digital Realty Trust, Inc. common stock on December 31, 2019 and 2018, respectively. The following table shows activity for the noncontrolling interests in the Operating Partnership for the years ended December 31, 2019, 2018 and 2017: Common Units Incentive Units Total As of December 31, 2016 1,141,814 1,333,849 2,475,663 Common units issued in connection with the DFT Merger 6,111,770 — 6,111,770 Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1) (354,490) — (354,490) Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1) — (208,092) (208,092) Incentive units issued upon achievement of market performance condition — 390,795 390,795 Grant of incentive units to employees and directors — 73,449 73,449 As of December 31, 2017 6,899,094 1,590,001 8,489,095 Common units issued in connection with the Ascenty Acquisition 2,338,874 — 2,338,874 Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1) (601,822) — (601,822) Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1) — (110,070) (110,070) Incentive units issued upon achievement of market performance condition — 357,956 357,956 Grant of incentive units to employees and directors — 128,986 128,986 Cancellation / forfeitures of incentive units held by employees and directors — (22,135) (22,135) As of December 31, 2018 8,636,146 1,944,738 10,580,884 Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1) (1,815,945) — (1,815,945) Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1) — (338,515) (338,515) Incentive units issued upon achievement of market performance condition — 319,279 319,279 Grant of incentive units to employees and directors — 120,368 120,368 Cancellation / forfeitures of incentive units held by employees and directors — (22,916) (22,916) As of December 31, 2019 6,820,201 2,022,954 8,843,155 (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. (e) Dividends We have declared and paid the following dividends on our common and preferred stock for the years ended December 31, 2019, 2018 and 2017 (in thousands): Series C Series F Series G Series H Series I Series J Series K Series L Preferred Preferred Preferred Preferred Preferred Preferred Preferred Preferred Common Date dividend declared Dividend payment date Stock Stock Stock Stock Stock Stock Stock Stock Stock March 1, 2017 March 31, 2017 $ — $ 3,023 $ 3,672 $ 6,730 $ 3,969 $ — $ — $ — $ 148,358 (1) May 8, 2017 June 30, 2017 — — (2) 3,672 6,730 3,969 — — — 150,814 (1) August 7, 2017 September 29, 2017 — — 3,672 6,730 3,969 — — — 191,041 (1) November 2, 2017 December 29, 2017 for Preferred Stock; January 12, 2018 for Common Stock 3,963 (3) — 3,672 6,730 3,969 4,200 (3) — — 191,067 (1) $ 3,963 $ 3,023 $ 14,688 $ 26,920 $ 15,876 $ 4,200 $ — $ — $ 681,280 March 1, 2018 March 30, 2018 $ 3,333 $ — $ 3,672 $ 6,730 $ 3,969 $ 2,625 $ — $ — $ 208,015 (4) May 8, 2018 June 29, 2018 3,333 — 3,672 6,730 3,969 2,625 — — 208,071 (4) August 14, 2018 September 28, 2018 3,333 — 3,672 6,730 3,969 2,625 — — 208,166 (4) November 12, 2018 December 31, 2018 for Preferred Stock; January 15, 2019 for Common Stock 3,333 — 3,672 6,730 3,969 2,625 — — 208,415 (4) $ 13,332 $ — $ 14,688 $ 26,920 $ 15,876 $ 10,500 $ — $ — $ 832,667 February 21, 2019 March 29, 2019 $ 3,333 — $ 3,672 $ 6,730 $ 3,969 $ 2,625 $ — $ — $ 224,802 (5) May 13, 2019 June 28, 2019 3,333 — 3,672 — (6) 3,969 2,625 3,686 (7) — 224,895 (5) August 13, 2019 September 30, 2019 3,333 — 3,672 — 3,969 2,625 3,071 — 225,188 (5) November 19, 2019 December 31, 2019 for Preferred Stock; January 15, 2020 for Common Stock 3,333 — 3,672 — 3,969 2,625 3,071 4,036 (8) 225,488 (5) $ 13,332 $ — $ 14,688 $ 6,730 $ 15,876 $ 10,500 $ 9,828 $ 4,036 $ 900,373 Annual rate of dividend per share $ 1.65625 $ 1.65625 $ 1.46875 $ 1.84375 $ 1.58750 $ 1.31250 $ 1.46250 $ 1.30000 (1) $3.720 annual rate of dividend per share. (2) Redeemed on April 5, 2017 for $25.01840 per share, or a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but not including the redemption date of approximately $0.1 million in the aggregate. In connection with the redemption, the previously incurred offering costs of approximately $6.3 million were recorded as a reduction to net income available to common stockholders. (3) Represents a pro rata dividend from and including the original issue date to and including December 31, 2017. (4) $4.040 annual rate of dividend per share. (5) $4.320 annual rate of dividend per share. (6) Redeemed on April 1, 2019 for $25.00 per share, or a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but not including the redemption date. In connection with the redemption, the previously incurred offering costs of approximately $11.8 million were recorded as a reduction to net income available to common stockholders. (7) Represents a pro rata dividend from and including the original issue date to and including June 30, 2019. (8) Represents a pro rata dividend from and including the original issue date to and including December 31, 2019. Distributions out of Digital Realty Trust, Inc.’s current or accumulated earnings and profits are generally classified as dividends whereas distributions in excess of its current and accumulated earnings and profits, to the extent of a stockholder’s U.S. federal income tax basis in Digital Realty Trust, Inc.’s stock, are generally classified as a return of capital. Distributions in excess of a stockholder’s U.S. federal income tax basis in Digital Realty Trust, Inc.’s stock are generally characterized as capital gain. Cash provided by operating activities has generally been sufficient to fund all distributions, however, in the future we may also need to utilize borrowings under the global revolving credit facility to fund all or a portion of distributions. (f) Accumulated Other Comprehensive Income (Loss), Net The accumulated balances for each item within other comprehensive income (loss), net are as follows (in thousands): 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, 2017 $ (147,370) $ 13,200 $ 25,738 $ (108,432) Net current period change (11,279) 7,890 — (3,389) Reclassification to interest expense from interest rate swaps — (3,826) — (3,826) Balance as of December 31, 2018 $ (158,649) $ 17,264 $ 25,738 $ (115,647) Net current period change 22,015 (8,839) — 13,176 Reclassification of foreign currency translation adjustment due to deconsolidation of Ascenty 21,687 — — 21,687 Reclassification to interest expense from interest rate swaps — (7,138) — (7,138) Balance as of December 31, 2019 $ (114,947) $ 1,287 $ 25,738 $ (87,922) |
Capital and Accumulated Other C
Capital and Accumulated Other Comprehensive Loss | 12 Months Ended |
Dec. 31, 2019 | |
Digital Realty Trust, L.P. | |
Class of Stock [Line Items] | |
Capital and Accumulated Other Comprehensive Income (Loss) | 14. Capital and Accumulated Other Comprehensive Income (Loss) (a) Allocations of Net Income and Net Losses to Partners Except for special allocations to holders of profits interest units described below in Note 15(a) under the heading “Incentive Plan-Long-Term Incentive Units,” the Operating Partnership’s net income will generally be allocated to Digital Realty Trust, Inc. (the General Partner) to the extent of the accrued preferred return on its preferred units, and then to the General Partner and the Operating Partnership’s limited partners in accordance with the respective percentage interests in the common units issued by the Operating Partnership. Net loss will generally be allocated to the General Partner and the Operating Partnership’s limited partners in accordance with the respective common percentage interests in the Operating Partnership until the limited partner’s capital is reduced to zero and any remaining net loss would be allocated to the General Partner. However, in some cases, losses may be disproportionately allocated to partners who have guaranteed our debt. The allocations described above are subject to special allocations relating to depreciation deductions and to compliance with the provisions of Sections 704(b) and 704(c) of the Code, and the associated Treasury Regulations. (b) Forward Equity Sale On September 27, 2018, Digital Realty Trust, Inc. completed an underwritten public offering of 9,775,000 shares of its common stock (including 1,275,000 shares from the exercise in full of the underwriters’ option to purchase additional shares), 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 9,775,000 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 expects to receive net proceeds of approximately $1.1 billion (net of fees and estimated expenses) upon full physical settlement of the forward sale agreements. On September 17, 2019, Digital Realty Trust, Inc. amended the forward sale agreements to extend the maturity date of such forward sales agreements from September 27, 2019 to September 25, 2020. Upon physical settlement of the forward sale agreements, the Operating Partnership is expected to issue partnership units to Digital Realty Trust, Inc. in exchange for contribution of the net proceeds. (c) Redeemable Preferred Units Total Liquidation Annual Units Outstanding as Balance (in thousands, net of Date(s) Initial Date to Value (in Distribution of December 31, issuance costs) as of December 31, Preferred Units (1) Issued Redeem (2) thousands) (3) Rate (4) 2019 2018 2019 2018 6.625% Series C Cumulative Redeemable Perpetual Preferred Units Sep 14, 2017 May 15, 2021 $ 201,250 $ 1.65625 8,050,000 8,050,000 $ 219,250 $ 219,250 5.875% Series G Cumulative Redeemable Preferred Units Apr 9, 2013 Apr 9, 2018 250,000 1.46875 10,000,000 10,000,000 241,468 241,468 7.375% Series H Cumulative Redeemable Preferred Units Mar 26, 2014 Mar 26, 2019 — 1.84375 — 14,600,000 — 353,290 6.350% Series I Cumulative Redeemable Preferred Units Aug 24, 2015 Aug 24, 2020 250,000 1.58750 10,000,000 10,000,000 242,012 242,012 5.250% Series J Cumulative Redeemable Preferred Units Aug 7, 2017 Aug 7, 2022 200,000 1.31250 8,000,000 8,000,000 193,540 193,540 5.850% Series K Cumulative Redeemable Preferred Units Mar 13, 2019 Mar 13, 2024 210,000 1.46250 8,400,000 — 203,264 — 5.200% Series L Cumulative Redeemable Preferred Units Oct 10, 2019 Oct 10, 2024 345,000 1.30000 13,800,000 — 334,886 — $ 1,456,250 58,250,000 50,650,000 $ 1,434,420 $ 1,249,560 (1) All series of preferred units do not have a stated maturity date and are not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, each series of preferred units will rank senior to Digital Realty Trust, Inc. common units and on parity with the other series of preferred units. (2) Except in limited circumstances, reflects earliest date that Digital Realty Trust, Inc. may exercise its option to redeem the corresponding series of preferred stock, at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but excluding the date of redemption. The Operating Partnership is required to redeem the corresponding series of preferred units in the event that the General Partner redeems a series of preferred stock. (3) Liquidation preference is $25.00 per unit. (4) Distributions on preferred units are cumulative and payable quarterly in arrears. (d) Partnership Units Limited partners have the right to require the Operating Partnership to redeem part or all of their common units for cash based on the fair market value of an equivalent number of shares of the General Partner’s common stock at the time of redemption. Alternatively, the General Partner may elect to acquire those common units in exchange for shares of the General Partner’s 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. Pursuant to authoritative accounting guidance, the Operating Partnership evaluated whether it controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the share settlement of the limited partners’ common units and the vested incentive units. Based on the results of this analysis, the Operating Partnership concluded that the common units and incentive units of the Operating Partnership met the criteria to be classified within capital, except for certain common units issued to certain former DFT Operating Partnership unitholders in the DFT Merger which are subject to certain restrictions and are not presented as permanent capital in the consolidated balance sheet. The redemption value of the limited partners’ common units and the vested incentive units was approximately $997.6 million and $1,076.9 million based on the closing market price of Digital Realty Trust, Inc.’s common stock on December 31, 2019 and 2018, respectively. (e) Distributions All distributions on our units are at the discretion of Digital Realty Trust, Inc.’s Board of Directors. We have declared and paid the following distributions on our common and preferred units for the years ended December 31, 2019, 2018 and 2017 (in thousands): Series C Series F Series G Series H Series I Series J Series K Series L Preferred Preferred Preferred Preferred Preferred Preferred Preferred Preferred Common Date distribution declared Distribution payment date Units Units Units Units Units Units Units Units Units Mar 1, 2017 March 31, 2017 $ — $ 3,023 $ 3,672 $ 6,730 $ 3,969 $ — $ — $ — $ 150,968 (1) May 8, 2017 June 30, 2017 — — (2) 3,672 6,730 3,969 — — — 153,176 (1) Aug 7, 2017 September 29, 2017 — — 3,672 6,730 3,969 — — — 199,049 (1) Nov 2, 2017 December 29, 2017 for Preferred Units; January 12, 2018 for Common Units 3,963 (3) — 3,672 6,730 3,969 4,200 (5) — — 199,061 (1) $ 3,963 $ 3,023 $ 14,688 $ 26,920 $ 15,876 $ 4,200 $ — $ — $ 702,254 Mar 1, 2017 March 30, 2018 $ 3,333 $ — $ 3,672 $ 6,730 $ 3,969 $ 2,625 $ — $ — $ 216,953 (4) May 8, 2018 June 29, 2018 3,333 — 3,672 6,730 3,969 2,625 — — 216,789 (4) Aug 14, 2018 September 28, 2018 3,333 — 3,672 6,730 3,969 2,625 — — 216,825 (4) Nov 12, 2018 December 31, 2018 for Preferred Units; January 15, 2019 for Common Units 3,333 — 3,672 6,730 3,969 2,625 — — 216,838 (4) $ 13,332 $ — $ 14,688 $ 26,920 $ 15,876 $ 10,500 $ — $ — $ 867,405 February 21, 2019 March 29, 2019 $ 3,333 $ — $ 3,672 $ 6,730 $ 3,969 $ 2,625 $ — $ — $ 235,256 (5) May 13, 2019 June 28, 2019 3,333 — 3,672 — (6) 3,969 2,625 3,686 (7) — 235,142 (5) August 13, 2019 September 30, 2019 3,333 — 3,672 — 3,969 2,625 3,071 — 235,164 (5) November 19, 2019 December 31, 2019 for Preferred Units; January 15, 2020 for Common Units 3,333 — 3,672 — 3,969 2,625 3,071 4,036 (8) 235,154 (5) $ 13,332 $ — $ 14,688 $ 6,730 $ 15,876 $ 10,500 $ 9,828 $ 4,036 $ 940,716 Annual rate of distribution per unit $ 1.65625 $ 1.65625 $ 1.46875 $ 1.84375 $ 1.58750 $ 1.31250 $ 1.46250 $ 1.30000 (1) $3.720 annual rate of distribution per unit. (2) Redeemed on April 5, 2017 for $25.01840 per unit, or a redemption price of $25.00 per unit, plus accrued and unpaid distributions up to but not including the redemption date of approximately $0.1 million in the aggregate. In connection with the redemption, the previously incurred offering costs of approximately $6.3 million were recorded as a reduction to net income available to common unitholders. (3) Represents a pro rata distribution from and including the original issue date to and including December 31, 2017. (4) $4.040 annual rate of distribution per unit. (5) $4.320 annual rate of distribution per unit. (6) Redeemed on April 1, 2019 for $25.00 per unit, or a redemption price of $25.00 per unit, plus accrued and unpaid distributions up to but not including the redemption date. In connection with the redemption, the previously incurred offering costs of approximately $11.8 million were recorded as a reduction to net income available to common unitholders. (7) Represents a pro rata distribution from and including the original issue date to and including June 30, 2019. (8) Represents a pro rata distribution from and including the original issue date to and including December 31, 2019. (f) Accumulated Other Comprehensive Income (Loss) The accumulated balances for each item within other comprehensive income (loss) are as follows (in thousands): Foreign currency Foreign currency net Accumulated other translation Cash flow hedge investment hedge comprehensive adjustments adjustments adjustments loss Balance as of December 31, 2017 $ (151,795) $ 12,758 $ 26,152 $ (112,885) Net current period change (11,736) 8,197 — (3,539) Reclassification to interest expense from interest rate swaps — (3,969) — (3,969) Balance as of December 31, 2018 $ (163,531) $ 16,986 $ 26,152 $ (120,393) Net current period change 23,975 (9,232) — 14,743 Reclassification of foreign currency translation adjustment due to deconsolidation of Ascenty 21,687 — — 21,687 Reclassification to interest expense from interest rate swaps — (7,446) — (7,446) Balance as of December 31, 2019 $ (117,869) $ 308 $ 26,152 $ (91,409) |
Incentive Plan
Incentive Plan | 12 Months Ended |
Dec. 31, 2019 | |
Incentive Plan | |
Incentive Plan | 15. Incentive Plan On April 28, 2014, our stockholders approved the Digital Realty Trust, Inc., Digital Services, Inc., and Digital Realty Trust, L.P. 2014 Incentive Award Plan (as amended, the 2014 Incentive Award Plan). The 2014 Incentive Award Plan became effective and replaced the Amended and Restated 2004 Incentive Award Plan, as amended, as of the date of such stockholder approval. The material features of the 2014 Incentive Award Plan are described in our definitive Proxy Statement filed on March 19, 2014 As of December 31, 2019, approximately 6.6 million shares of common stock, including awards convertible into or exchangeable for shares of common stock, remained available for future issuance under the 2014 Incentive Award Plan. Each long-term incentive unit and each Class D unit issued under the 2014 Incentive Award Plan counts as one share of common stock for purposes of calculating the limit on shares that may be issued under the 2014 Incentive Award Plan and the individual award limits set forth therein. Below is a summary of our compensation expense for the years ended December 31, 2019, 2018 and 2017 and our unearned compensation as of December 31, 2019 and December 31, 2018 (in millions): Expected period to Deferred Compensation Unearned Compensation recognize Expensed Capitalized As of As of unearned Year Ended December 31, Year Ended December 31, December 31, December 31, compensation Type of incentive award 2019 2018 2017 2019 2018 2017 2019 2018 (in years) Long-term incentive units $ 8.7 $ 6.8 $ 3.9 $ 0.2 $ 0.2 $ 1.7 $ 15.4 $ 11.5 2.2 Market performance-based awards 13.0 12.7 9.6 0.8 0.8 2.3 28.4 24.8 2.5 Restricted stock 11.5 6.1 4.5 2.8 4.2 3.3 29.1 23.6 2.6 The following table sets forth the weighted average fair value of for each type of incentive award at the date of grant for the years ended December 31, 2019, 2018 and 2017: Weighted Average Fair Value at Date of Grant Type of incentive award 2019 2018 2017 Long-term incentive units $ 116.22 $ 101.86 $ 109.71 Market performance-based awards $ 114.97 $ 119.29 $ 111.06 Restricted stock $ 115.25 $ 100.33 $ 108.65 (a) Long-Term Incentive Units Long-term incentive units, which are also referred to as profits interest units, may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. Long-term incentive units (other than Class D units), whether vested or not, will receive the same quarterly per unit distributions as Operating Partnership common units, which equal the per share distributions on Digital Realty Trust, Inc. common stock. Initially, long-term incentive units do not have full parity with common units with respect to liquidating distributions. If such parity is reached, vested long-term incentive units may be converted into an equal number of common units of the Operating Partnership at any time, and thereafter enjoy all the rights and privileges of common units of the Operating Partnership, including redemption rights. In order to achieve full parity with common units, long-term incentive units must be fully vested and the holder’s capital account balance in respect of such long-term incentive units must be equal to the capital account balance of a holder of an equivalent number of common units. The capital account balance attributable to each common unit is generally expected to be the same, in part because of the amount credited to a partner’s capital account upon the partner’s contribution of property to the Operating Partnership, and in part because the partnership agreement provides, in most cases, that allocations of income, gain, loss and deduction (which will adjust the partner’s capital accounts) are to be made to the common units on a proportionate basis. As a result, with respect to a number of long-term incentive units, it is possible to determine the capital account balance of an equivalent number of common units by multiplying the number of long-term incentive units by the capital account balance with respect to a common unit. A partner’s initial capital account balance is equal to the amount the partner paid (or contributed to the Operating Partnership) for the partner’s units and is subject to subsequent adjustments, including with respect to the partner’s share of income, gain or loss of the Operating Partnership. Because a holder of long-term incentive units generally will not pay for the long-term incentive units, the initial capital account balance attributable to such long-term incentive units will be zero. However, the Operating Partnership is required to allocate income, gain, loss and deduction to the partner’s capital accounts in accordance with the terms of the partnership agreement, subject to applicable Treasury Regulations. The partnership agreement provides that holders of long-term incentive units will receive special allocations of gain in the event of a sale or “hypothetical sale” of assets of the Operating Partnership prior to the allocation of gain to Digital Realty Trust, Inc. or other limited partners with respect to their common units. The amount of any such allocation will, to the extent of any such gain, be equal to the difference between the capital account balance of a holder of long-term incentive units attributable to such units and the capital account balance attributable to an equivalent number of common units. If and when such gain allocation is fully made, a holder of long-term incentive units will have achieved full parity with holders of common units. To the extent that, upon an actual sale or a “hypothetical sale” of the Operating Partnership’s assets as described above, there is not sufficient gain to allocate to a holder’s capital account with respect to long-term incentive units, or if such sale or “hypothetical sale” does not occur, such units will not achieve parity with common units. The term “hypothetical sale” refers to circumstances that are not actual sales of the Operating Partnership’s assets but that require certain adjustments to the value of the Operating Partnership’s assets and the partners’ capital account balances. Specifically, the partnership agreement provides that, from time to time, in accordance with applicable Treasury Regulations, the Operating Partnership will adjust the value of its assets to equal their respective fair market values, and adjust the partners’ capital accounts, in accordance with the terms of the partnership agreement, as if the Operating Partnership sold its assets for an amount equal to their value. Such adjustments will generally be made upon the liquidation of the Operating Partnership, the acquisition of an additional interest in the Operating Partnership by a new or existing partner in exchange for more than a de minimis capital contribution, the distribution by the Operating Partnership to a partner of more than a de minimis amount of partnership property as consideration for an interest in the Operating Partnership, the grant of an interest in the Operating Partnership (other than a de minimis interest) as consideration for the performance of services to or for the benefit of the Operating Partnership (including the grant of a long-term incentive unit), and at such other times as may be desirable or required to comply with the Treasury Regulations. Below is a summary of our long-term incentive unit activity for the year ended December 31, 2019. Weighted-Average Grant Date Fair Unvested Long-term Incentive Units Units Value Unvested, beginning of period 162,186 $ 100.59 Granted 120,368 116.22 Vested (55,039) 100.33 Cancelled or expired (19,228) 97.32 Unvested, end of period 208,287 $ 110.00 The grant date fair values, which equal the market price of Digital Realty Trust, Inc. common stock on the applicable grant date(s), are being expensed on a straight-line basis for service awards between two (b) Market Performance-Based Awards During the years ended December 31, 2019, 2018 and 2017, the Compensation Committee of the Board of Directors of Digital Realty Trust, Inc. approved the grant of market performance-based Class D units of the Operating Partnership and market performance-based restricted stock units, or RSUs, covering shares of Digital Realty Trust, Inc.’s common stock (collectively, the “awards”), under the 2014 Incentive Award Plan to officers and employees of the Company. The awards, which were determined to contain a market condition, utilize total shareholder return, or TSR, over a three-year measurement period as the market performance metric. Awards will vest based on the Company’s TSR relative to the MSCI US REIT Index, or RMS, over a three-year market performance period, or the Market Performance Period, commencing in January 2017, January 2018 or January 2019, as applicable (or, if earlier, ending on the date on which a change in control of the Company occurs), subject to continued services. Vesting with respect to the market condition is measured based on the difference between Digital Realty Trust, Inc.’s TSR percentage and the TSR percentage of the RMS, or the RMS Relative Market Performance. In the event that the RMS Relative Market Performance during the applicable Market Performance Period is achieved at the “threshold,” “target” or “high” level as set forth below, the awards will become vested as to the market condition with respect to the percentage of Class D units or RSUs, as applicable, set forth below: Market Performance RMS Relative Vesting Level Market Performance Percentage Below Threshold Level ≤ -300 basis points 0 % Threshold Level -300 basis points 25 % Target Level 100 basis points 50 % High Level ≥ 500 basis points 100 % If the RMS Relative Market Performance falls between the levels specified above, 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. In January 2020, following the completion of the applicable Market Performance Period, the Compensation Committee determined that the RMS Relative Market Performance fell between the target and high level for the 2017 awards and, accordingly, 137,816 Class D units (including 10,971 distribution equivalent units that immediately vested on December 31, 2019) and 29,141 RSUs performance vested, subject to service-based vesting. On February 27, 2020, 50% of the 2017 awards vested and the remaining 50% will vest on February 27, 2021, subject to continued employment through each applicable vesting date. In January 2019, following the completion of the applicable Market Performance Period, the Compensation Committee determined that the high level had been achieved for the 2016 awards and, accordingly, 339,317 Class D units (including 31,009 distribution equivalent units that immediately vested on December 31, 2018, upon the high level being achieved) and 56,778 RSUs performance vested, subject to service-based vesting. On February 27, 2019, 50% of the 2016 awards vested and the remaining 50% vested on February 27, 2020. In January 2018, following the completion of the applicable Market Performance Period, the Compensation Committee determined that the high level had been achieved for the 2015 awards and, accordingly, 363,193 Class D units (including 36,246 distribution equivalent units that immediately vested on December 31, 2017, upon the high level being achieved) and 49,707 RSUs performance vested, subject to service-based vesting. On February 27, 2018, 50% of the 2015 awards vested and the remaining 50% vested on February 27, 2019. Following the completion of the applicable Market Performance Period, the 2018 awards that satisfy the market condition, if any, will vest 50% on February 27, 2021 and 50% on February 27, 2022, subject to continued employment through each applicable vesting date. Following the completion of the Market Performance Period, the 2019 awards that satisfy the market condition, if any, will vest 50% on February 27, 2022 and 50% on February 27, 2023, subject to continued employment through each applicable vesting date. Service-based vesting will be accelerated, in full or on a pro rata basis, as applicable, in the event of a change in control, termination of employment by the Company without cause, or termination of employment by the award recipient for good reason, death, disability or retirement, in any case, prior to the completion of the applicable Market Performance Period. However, vesting with respect to the market condition will continue to be measured based on RMS Relative Market Performance during the applicable three-year Market Performance Period (or, in the case of a change in control, shortened Market Performance Period). The fair values of the awards were measured using a Monte Carlo simulation to estimate the probability of the market vesting condition being satisfied. The Company’s achievement of the market vesting condition is contingent on its TSR over a three-year market performance period, relative to the total shareholder return of the RMS. The Monte Carlo simulation is a probabilistic technique based on the underlying theory of the Black-Scholes formula, which was run for 100,000 trials to determine the fair value of the awards. For each trial, the payoff to an award is calculated at the settlement date and is then discounted to the grant date at a risk-free interest rate. The total expected value of the awards on the grant date was determined by multiplying the average value per award over all trials by the number of awards granted. Assumptions used in the valuations are summarized as follows: Expected Stock Price Risk-Free Interest Award Date Volatility rate January 1, 2017 25 % 1.49 % February 28, 2017 23 % 1.43 % January 1, 2018 22 % 1.98 % March 1, 2018 22 % 2.34 % March 9, 2018 22 % 2.42 % January 1, 2019 23 % 2.44 % February 21, 2019 23 % 2.48 % These valuations were performed in a risk-neutral framework, and no assumption was made with respect to an equity risk premium. As of December 31, 2019, 2,509,963 Class D units and 696,379 market performance-based RSUs had been awarded to our executive officers and other employees. The number of units granted reflects the maximum number of Class D units or market performance-based RSUs, as applicable, which will become vested assuming the achievement of the highest level of RMS Relative Market Performance under the awards and, in the case of the Class D units, also includes distribution equivalent units. The grant date fair value of these awards was approximately $22.3 million, $21.8 million and $19.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. We will recognize compensation expense on a straight-line basis over the expected service period of approximately four years. (c) Restricted Stock Below is a summary of our restricted stock activity for the year ended December 31, 2019. Weighted-Average Grant Date Fair Unvested Restricted Stock Shares Value Unvested, beginning of period 299,215 $ 97.55 Granted (1) 226,902 115.25 Vested (111,950) 93.38 Cancelled or expired (41,375) 107.52 Unvested, end of period 372,792 $ 108.47 (1) All restricted stock awards granted in 2019 are subject only to service conditions. The grant date fair values, which equal the market price of Digital Realty Trust, Inc. common stock on the grant date, are expensed on a straight-line basis for service awards over the vesting period of the restricted stock, which is generally four years. (d) 401(k) Plan We have a 401(k) plan whereby our employees may contribute a portion of their compensation to their respective retirement accounts, in an amount not to exceed the maximum allowed under the Code. The 401(k) plan complies with Internal Revenue Service requirements as a 401(k) safe harbor plan whereby matching contributions made by us are 100% vested. The aggregate cost of our contributions to the 401(k) plan was approximately $5.2 million, $4.8 million, and $4.6 million for the years ended December 31, 2019, 2018 and 2017, respectively. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments | |
Derivative Instruments | 16. Derivative Instruments Currently, we use interest rate swaps to manage our interest rate risk. The valuation of these instruments is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. To comply with the provisions of fair value accounting guidance, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by us and our counterparties. However, as of December 31, 2019, we have assessed the significance of the impact of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. We do not have any The Company presents its interest rate derivatives in its consolidated balance sheets on a gross basis as interest rate swap assets (recorded in other assets) and interest rate swap liabilities (recorded in accounts payable and other accrued liabilities). As of December 31, 2019, there was no impact from netting arrangements as the Company did not have any Cash Flow Hedges of Interest Rate Risk Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements related to certain floating rate debt obligations. To accomplish this objective, we primarily use interest rate swaps as part of our interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. We record all our interest rate swaps on the consolidated balance sheets at fair value. In determining the fair value of our interest rate swaps, we consider the credit risk of our counterparties. These counterparties are generally larger financial institutions engaged in providing a variety of financial services. These institutions generally face similar risks regarding adverse changes in market and economic conditions, including, but not limited to, fluctuations in interest rates, exchange rates, equity and commodity prices and credit spreads. The recent and pervasive disruptions in the financial markets have heightened the risks to these institutions. As of December 31, 2019 and December 31, 2018, we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (in thousands): Fair Value at Significant Other Notional Amount Observable Inputs (Level 2) As of As of As of As of December 31, December 31, Type of Strike Effective Expiration December 31, December 31, 2019 2018 Derivative Rate Date Date 2019 (3) 2018 (3) Currently-paying contracts $ — $ 206,000 (1) Swap 1.611 Jun 15, 2017 Jan 15, 2020 $ — $ 1,976 — 54,905 (1) Swap 1.605 Jun 6, 2017 Jan 6, 2020 — 517 29,000 (1) 75,000 (1) Swap 1.016 Apr 6, 2016 Jan 6, 2021 175 2,169 75,000 (1) 75,000 (1) Swap 1.164 Jan 15, 2016 Jan 15, 2021 345 1,970 300,000 (1) 300,000 (1) Swap 1.435 Jan 15, 2016 Jan 15, 2023 945 11,463 75,825 (2) 72,220 (2) Swap 0.779 Jan 15, 2016 Jan 15, 2021 931 2,024 $ 479,825 $ 783,125 $ 2,396 $ 20,119 (1) Represents debt which bears interest based on one-month U.S. LIBOR. (2) Represents debt which bears interest based on one-month CDOR. Translation to U.S. dollars is based on exchange rates of $0.77 to 1.00 CAD as of December 31, 2019 and $0.73 to 1.00 CAD as of December 31, 2018. (3) Balance recorded in other assets in the consolidated balance sheets if positive and recorded in accounts payable and other accrued liabilities in the consolidated balance sheets if negative. Amounts reported in accumulated other comprehensive loss related to interest rate swaps will be reclassified to interest expense as interest payments are made on our debt. As of December 31, 2019, we estimate that an additional $1.6 million will be reclassified as a decrease to interest expense during the year ending December 31, 2020, when the hedged forecasted transactions impact earnings. Foreign Currency Net Investment Hedges During the three months ended June 30, 2016, we entered into a series of forward contracts pursuant to which we agreed to sell an amount of foreign currency for an agreed upon amount of U.S. dollars. These forward contracts were executed to manage foreign currency exposures associated with certain transactions. As of June 30, 2016, the forward contracts did not meet the criteria for hedge accounting under GAAP and had a fair value of approximately $37.8 million. On July 1, 2016, the four forward contracts still in place met the criteria for net investment hedge accounting. During the year ended December 31, 2017, we terminated the four forward contracts with a notional amount of GBP 357.3 million. In connection with the settlement, we received approximately $64.0 million in proceeds and the related amount of approximately $26.2 million of accumulated other comprehensive income (AOCI) will remain in AOCI until the Company sells or liquidates its GBP-denominated investments, which has not occurred as of December 31, 2019. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value of Financial Instruments | |
Fair Value of Financial Instruments | 17. Fair Value of Instruments We disclose fair value information about all financial instruments, whether or not recognized in the consolidated balance sheets, for which it is practicable to estimate fair value. Current accounting guidance requires the Company to disclose fair value information about all financial instruments, whether or not recognized in the balance sheets, for which it is practicable to estimate fair value. The Company’s disclosures of estimated fair value of financial instruments at December 31, 2019 and December 31, 2018 were determined using available market information and appropriate valuation methods. Considerable judgment is necessary to interpret market data and develop estimated fair value. The use of different market assumptions or estimation methods may have a material effect on the estimated fair value amounts. 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. As described in Note 16. "Derivative Instruments", the interest rate swaps and foreign currency forward contracts are recorded at fair value. We calculate the fair value of our mortgage loans, unsecured term loans 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 carrying value of our global revolving credit facilities approximates fair value, due to the variability of interest rates. As of December 31, 2019 and December 31, 2018, the aggregate estimated fair value and carrying value of our global revolving credit facilities, unsecured term loans, unsecured senior notes and mortgage loans were as follows (in thousands): Categorization As of December 31, 2019 As of December 31, 2018 under the fair value Estimated Fair Estimated Fair hierarchy Value Carrying Value Value Carrying Value Global revolving credit facilities (1)(4) Level 2 $ 245,766 $ 245,766 $ 1,663,156 $ 1,663,156 Unsecured term loans (2)(4) Level 2 813,205 813,205 1,183,121 1,183,121 Unsecured senior notes (3)(4) Level 2 9,697,166 9,025,229 7,684,368 7,629,679 Secured debt (3)(4) Level 2 105,245 105,143 706,086 705,924 $ 10,861,382 $ 10,189,343 $ 11,236,731 $ 11,181,880 (1) The carrying value of our global revolving credit facility approximates estimated fair value, due to the variability of interest rates and the stability of our credit ratings. (2) The carrying value of our unsecured term loans approximates estimated fair value, due to the variability of interest rates and the stability of our credit ratings. (3) Valuations for our unsecured senior notes and secured debt are determined based on the expected future payments discounted at risk-adjusted rates and quoted market prices. (4) The carrying value excludes unamortized premiums (discounts) and deferred financing costs (see note 9). |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies. | |
Commitments and Contingencies | 18. Commitments and Contingencies (a) Contingent Liabilities On October 29, 2019, Digital Realty Trust, Inc., Digital Intrepid Holding B.V., an indirect subsidiary of Digital Realty Trust, Inc. (the “Buyer”), and InterXion Holding N.V. (“InterXion”) entered into a purchase agreement, pursuant to which, subject to the terms and conditions of the purchase agreement, the Buyer commenced an exchange offer to purchase all of the outstanding ordinary shares of InterXion in exchange for shares of common stock of Digital Realty Trust, Inc. The transaction is expected to close in 2020 and is subject to customary closing conditions. Generally, all fees and expenses incurred in connection with the transaction will be paid by the party incurring those fees and expenses. Additionally, upon termination of the purchase agreement in certain circumstances, the purchase agreement provides for the payment of a termination fee to the Company by InterXion of $72.6 million. The purchase agreement also provides for the payment of a termination fee to InterXion by the Company of $254.3 million upon termination of the purchase agreement in certain circumstances. (b) Construction Commitments Our properties require periodic investments of capital for tenant-related capital expenditures and for general capital improvements and 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 December 31, 2019, we had open commitments, including amounts reimbursable of approximately $25.4 million, related to construction contracts of approximately $472.7 million. (c) Legal Proceedings Although the Company is involved in legal proceedings arising in the ordinary course of business, as of December 31, 2019, the Company is not currently a party to any legal proceedings nor, to its knowledge, is any legal proceeding threatened against it that it believes would have a material adverse effect on its financial position, results of operations or liquidity. |
Quarterly Financial Information
Quarterly Financial Information (Digital Realty Trust, Inc.) (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information (unaudited) | |
Quarterly Financial Information (Digital Realty Trust, Inc.) (unaudited) | 19. Quarterly Financial Information (Digital Realty Trust, Inc.) (unaudited) The tables below reflect selected quarterly information for the years ended December 31, 2019 and 2018. Certain amounts have been reclassified to conform to the current year presentation (in thousands, except per share amounts). Three Months Ended December 31, September 30, 2019 2019 June 30, 2019 March 31, 2019 Total operating revenues $ 787,463 $ 806,466 $ 800,797 $ 814,515 Net income 349,326 67,574 61,324 120,997 Net income attributable to Digital Realty Trust, Inc. 336,284 66,497 60,168 116,812 Preferred stock dividends and issuance costs associated with redeemed preferred stock (20,707) (16,670) (28,430) (20,943) Net income available to common stockholders 315,577 49,827 31,738 95,869 Basic net income per share available to common stockholders $ 1.51 $ 0.24 $ 0.15 $ 0.46 Diluted net income per share available to common stockholders $ 1.50 $ 0.24 $ 0.15 $ 0.46 Three Months Ended December 31, September 30, 2018 2018 June 30, 2018 March 31, 2018 Total operating revenues $ 778,267 $ 768,924 $ 754,919 $ 744,368 Net income 52,597 90,264 88,159 110,095 Net income attributable to Digital Realty Trust, Inc. 51,559 87,597 85,463 106,627 Preferred stock dividends and issuance costs associated with redeemed preferred stock (20,329) (20,329) (20,329) (20,329) Net income available to common stockholders 31,230 67,268 65,134 86,298 Basic net income per share available to common stockholders $ 0.15 $ 0.33 $ 0.32 $ 0.42 Diluted net income per share available to common stockholders $ 0.15 $ 0.33 $ 0.32 $ 0.42 |
Quarterly Financial Informati_2
Quarterly Financial Information (Digital Realty Trust, L.P.) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information [Line Items] | |
Quarterly Financial Information (Digital Realty Trust, L.P.) (unaudited) | 19. Quarterly Financial Information (Digital Realty Trust, Inc.) (unaudited) The tables below reflect selected quarterly information for the years ended December 31, 2019 and 2018. Certain amounts have been reclassified to conform to the current year presentation (in thousands, except per share amounts). Three Months Ended December 31, September 30, 2019 2019 June 30, 2019 March 31, 2019 Total operating revenues $ 787,463 $ 806,466 $ 800,797 $ 814,515 Net income 349,326 67,574 61,324 120,997 Net income attributable to Digital Realty Trust, Inc. 336,284 66,497 60,168 116,812 Preferred stock dividends and issuance costs associated with redeemed preferred stock (20,707) (16,670) (28,430) (20,943) Net income available to common stockholders 315,577 49,827 31,738 95,869 Basic net income per share available to common stockholders $ 1.51 $ 0.24 $ 0.15 $ 0.46 Diluted net income per share available to common stockholders $ 1.50 $ 0.24 $ 0.15 $ 0.46 Three Months Ended December 31, September 30, 2018 2018 June 30, 2018 March 31, 2018 Total operating revenues $ 778,267 $ 768,924 $ 754,919 $ 744,368 Net income 52,597 90,264 88,159 110,095 Net income attributable to Digital Realty Trust, Inc. 51,559 87,597 85,463 106,627 Preferred stock dividends and issuance costs associated with redeemed preferred stock (20,329) (20,329) (20,329) (20,329) Net income available to common stockholders 31,230 67,268 65,134 86,298 Basic net income per share available to common stockholders $ 0.15 $ 0.33 $ 0.32 $ 0.42 Diluted net income per share available to common stockholders $ 0.15 $ 0.33 $ 0.32 $ 0.42 |
Digital Realty Trust, L.P. | |
Quarterly Financial Information [Line Items] | |
Quarterly Financial Information (Digital Realty Trust, L.P.) (unaudited) | 20. Quarterly Financial Information (Digital Realty Trust, L.P.) (unaudited) The tables below reflect selected quarterly information for the years ended December 31, 2019 and 2018. Certain amounts have been reclassified to conform to the current year presentation (in thousands, except per unit amounts). Three Months Ended December 31, September 30, 2019 2019 June 30, 2019 March 31, 2019 Total operating revenues $ 787,463 $ 806,466 $ 800,797 $ 814,515 Net income 349,326 67,574 61,324 120,997 Net income attributable to Digital Realty Trust, L.P. 349,384 68,797 61,568 121,112 Preferred unit distributions and issuance costs associated with redeemed preferred units (20,707) (16,670) (28,430) (20,943) Net income available to common unitholders 328,677 52,127 33,138 100,169 Basic net income per unit available to common unitholders $ 1.51 $ 0.24 $ 0.15 $ 0.46 Diluted net income per unit available to common unitholders $ 1.50 $ 0.24 $ 0.15 $ 0.46 Three Months Ended December 31, September 30, 2018 2018 June 30, 2018 March 31, 2018 Total operating revenues $ 778,267 $ 768,924 $ 754,919 $ 744,368 Net income 52,597 90,264 88,159 110,095 Net income attributable to Digital Realty Trust, L.P. 52,859 90,297 88,163 110,107 Preferred unit distributions and issuance costs associated with redeemed preferred units (20,329) (20,329) (20,329) (20,329) Net income available to common unitholders 32,530 69,968 67,834 89,778 Basic net income per unit available to common unitholders $ 0.15 $ 0.33 $ 0.32 $ 0.42 Diluted net income per unit available to common unitholders $ 0.15 $ 0.33 $ 0.32 $ 0.42 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events | |
Subsequent Events | 21. Subsequent Events On January 17, 2020, Digital Dutch Finco B.V., a wholly owned indirect finance subsidiary of the Operating Partnership, issued and sold €300.0 million aggregate principal amount of 0.125% Guaranteed Notes due 2022 (the “2022 Notes”), €650.0 million aggregate principal amount of 0.625% Guaranteed Notes due 2025 (the “2025 Notes”) and €750.0 million aggregate principal amount of 1.500% Guaranteed Notes due 2030 (the “2030 Notes” and, together with the 2022 Notes and 2025 Notes, the “Euro Notes”). The Euro Notes are senior unsecured obligations of Digital Dutch Finco B.V. and are fully and unconditionally guaranteed by Digital Realty Trust, Inc. and the Operating Partnership. Net proceeds from the offering were approximately €1,678.6 million (approximately $1,861.9 million based on the exchange rate on January 17, 2020) after deducting managers’ discounts and estimated offering expenses. On February 25, 2020, we closed on the acquisition of a 49% ownership interest in the Westin Building Exchange in Seattle for a purchase price of approximately $305 million plus closing costs. The acquisition of the interest held by seller increases our ownership interest to 99% of the property. |
Schedule III Properties And Acc
Schedule III Properties And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Schedule III Properties And Accumulated Depreciation | Costs capitalized subsequent to Initial costs acquisition Total costs Accumulated Date of Acquisition Acquired Acquired depreciation acquisition (A) or Metropolitan ground Buildings and Carrying ground Buildings and and or construction Area Encumbrances Land lease improvements Improvements costs Land lease improvements Total amortization construction (C) PROPERTIES: 36 NE 2nd Street Miami — 1,942 — 24,184 28,557 — 1,943 — 52,740 54,683 (20,112) 2002 (A) 2323 Bryan Street Dallas — 1,838 — 77,604 51,961 — 1,672 — 129,731 131,403 (77,314) 2002 (A) 300 Boulevard East New York — 5,140 — 48,526 56,701 — 5,140 — 105,227 110,367 (70,773) 2002 (A) 2334 Lundy Place Silicon Valley — 3,607 — 23,008 63 — 3,607 — 23,071 26,678 (11,349) 2002 (A) 2440 Marsh Lane Dallas — 1,477 — 10,330 74,858 — 1,486 — 85,179 86,665 (70,641) 2003 (A) 4849 Alpha Road Dallas — 2,983 — 10,650 44,117 — 2,983 — 54,767 57,750 (37,360) 2004 (A) 600 West Seventh Street Los Angeles — 18,478 — 50,824 78,054 — 18,537 — 128,819 147,356 (73,549) 2004 (A) 2045 & 2055 LaFayette Street Silicon Valley — 6,065 — 43,817 45 — 6,065 — 43,862 49,927 (20,264) 2004 (A) 11830 Webb Chapel Road Dallas — 5,881 — 34,473 2,534 — 5,881 — 37,007 42,888 (18,292) 2004 (A) 150 South First Street Silicon Valley — 2,068 — 29,214 1,499 — 2,068 — 30,713 32,781 (14,486) 2004 (A) 200 Paul Avenue San Francisco — 14,427 — 75,777 122,607 — 13,162 — 199,649 212,811 (95,975) 2004 (A) 1100 Space Park Drive Silicon Valley — 5,130 — 18,206 43,521 — 5,130 — 61,727 66,857 (36,889) 2004 (A) 3015 Winona Avenue Los Angeles — 6,534 — 8,356 6 — 6,534 — 8,362 14,896 (4,007) 2004 (A) 350 East Cermak Road Chicago — 8,466 — 103,232 248,477 — 8,620 — 351,555 360,175 (238,555) 2005 (A) 2401 Walsh Street Silicon Valley — 5,775 — 19,267 115 — 5,775 — 19,382 25,157 (9,323) 2005 (A) 2403 Walsh Street Silicon Valley — 5,514 — 11,695 124 — 5,514 — 11,819 17,333 (5,944) 2005 (A) 200 North Nash Street Los Angeles — 4,562 — 12,503 344 — 4,562 — 12,847 17,409 (7,010) 2005 (A) 731 East Trade Street Charlotte 1,089 (1) 1,748 — 5,727 267 — 1,748 — 5,994 7,742 (2,782) 2005 (A) 113 North Myers Charlotte — 1,098 — 3,127 5,007 — 1,098 — 8,134 9,232 (2,942) 2005 (A) 125 North Myers Charlotte — 1,271 — 3,738 6,378 — 1,271 — 10,116 11,387 (7,820) 2005 (A) Paul van Vlissingenstraat 16 Amsterdam — — — 15,255 26,000 — — — 41,255 41,255 (22,108) 2005 (A) 600-780 S. Federal Chicago — 7,849 — 27,881 44,112 — 7,304 — 72,538 79,842 (20,834) 2005 (A) Chemin de l’Epinglier 2 Geneva — — — 20,071 (990) — — — 19,081 19,081 (8,548) 2005 (A) 7500 Metro Center Drive Austin — 1,177 — 4,877 71,399 — 1,177 — 76,276 77,453 (16,572) 2005 (A) 3 Corporate Place New York — 1,543 — 12,678 92,737 — 1,543 — 105,415 106,958 (87,175) 2005 (A) 1115 Centennial Avenue New York — 581 — — 58,202 — 581 — 58,202 58,783 (2,518) 2005 (C) 4025 Midway Road Dallas — 2,196 — 14,037 30,398 — 2,017 — 44,614 46,631 (32,501) 2006 (A) Clonshaugh Industrial Estate Dublin — — 1,444 5,569 1,493 — — 93 8,413 8,506 (5,526) 2006 (A) Digital Houston Houston — 6,965 — 23,492 148,349 — 6,594 — 172,212 178,806 (80,689) 2006 (A) 120 E Van Buren Phoenix — 4,524 — 157,822 121,422 — 4,524 — 279,244 283,768 (148,484) 2006 (A) Costs capitalized subsequent to Initial costs acquisition Total costs Accumulated Date of Acquisition Acquired Acquired depreciation acquisition (A) or Metropolitan ground Buildings and Carrying ground Buildings and and or construction Area Encumbrances Land lease improvements Improvements costs Land lease improvements Total amortization construction (C) PROPERTIES: Gyroscoopweg 2E-2F Amsterdam — — — 13,450 (1,643) — — — 11,807 11,807 (5,260) 2006 (A) Clonshaugh Industrial Estate II Dublin — — — — 77,840 — — — 77,840 77,840 (50,061) 2006 (C) 600 Winter Street Boston — 1,429 — 6,228 456 — 1,429 — 6,684 8,113 (2,757) 2006 (A) 2300 NW 89th Place Miami — 1,022 — 3,767 19 — 1,022 — 3,786 4,808 (1,800) 2006 (A) Unit 9, Blanchardstown Corporate Park Dublin — 1,927 — 40,024 23,867 — 1,623 — 64,195 65,818 (28,897) 2006 (A) 111 8th Avenue New York — — — 17,688 29,149 — — — 46,837 46,837 (33,612) 2006 (A) 8100 Boone Boulevard N. Virginia — — — 158 2,034 — — — 2,192 2,192 (2,192) 2006 (A) 3011 Lafayette Street Silicon Valley — 3,354 — 10,305 53,352 — 3,354 — 63,657 67,011 (52,456) 2007 (A) 44470 Chilum Place N. Virginia — 3,531 — 37,360 1 — 3,531 — 37,361 40,892 (13,154) 2007 (A) 43881 Devin Shafron Drive N. Virginia — 4,653 — 23,631 97,322 — 4,653 — 120,953 125,606 (98,771) 2007 (A) 43831 Devin Shafron Drive N. Virginia — 3,027 — 16,247 1,441 — 3,027 — 17,688 20,715 (7,156) 2007 (A) 43791 Devin Shafron Drive N. Virginia — 3,490 — 17,444 78,515 — 3,490 — 95,959 99,449 (66,593) 2007 (A) Mundells Roundabout London — 31,354 — — 44,158 — 21,131 — 54,381 75,512 (15,485) 2007 (C) 1500 Space Park Drive Silicon Valley — 6,732 — 6,325 46,593 — 4,106 — 55,544 59,650 (53,696) 2007 (A) Cressex 1 London — 3,629 — 9,036 21,335 — 2,548 — 31,452 34,000 (22,054) 2007 (A) Naritaweg 52 Amsterdam — — 1,192 23,441 (5,561) — — 917 18,155 19,072 (6,396) 2007 (A) 1 St. Anne’s Boulevard London — 1,490 — 1,045 (736) — 1,014 — 785 1,799 (238) 2007 (A) 2 St. Anne’s Boulevard London — 922 — 695 34,379 — 676 — 35,320 35,996 (7,647) 2007 (A) 3 St. Anne’s Boulevard London — 22,079 — 16,351 81,570 — 14,901 — 105,099 120,000 (70,353) 2007 (A) 365 South Randolphville Road New York — 3,019 — 17,404 296,533 — 2,853 — 314,103 316,956 (155,008) 2008 (A) 701 & 717 Leonard Street Dallas — 2,165 — 9,934 969 — 2,165 — 10,903 13,068 (3,608) 2008 (A) Manchester Technopark Manchester — — — 23,918 (7,539) — — — 16,379 16,379 (5,427) 2008 (A) 1201 Comstock Street Silicon Valley — 2,093 — 1,606 27,687 — 3,398 — 27,988 31,386 (20,843) 2008 (A) 1550 Space Park Drive Silicon Valley — — — — — — — — — — — 2008 (A) 1525 Comstock Street Silicon Valley — 2,293 — 16,216 32,286 — 2,061 — 48,734 50,795 (36,862) 2008 (C) 43830 Devin Shafron Drive N. Virginia — 5,509 — — 74,322 — 4,928 — 74,903 79,831 (50,129) 2009 (C) 1232 Alma Road Dallas — 2,267 — 3,740 66,014 — 2,266 — 69,755 72,021 (49,754) 2009 (A) 900 Quality Way Dallas — 1,446 — 1,659 69,987 — 1,437 — 71,655 73,092 (25,389) 2009 (A) 1210 Integrity Drive Dallas — 2,041 — 3,389 187,448 — 3,204 — 189,674 192,878 (13,445) 2009 (A) 907 Security Row Dallas — 333 — 344 97,851 — 2,112 — 96,416 98,528 (12,469) 2009 (A) 908 Quality Way Dallas — 6,730 — 4,493 13,954 — 2,067 — 23,110 25,177 (18,696) 2009 (A) 904 Quality Way Dallas — 760 — 744 6,812 — 1,151 — 7,165 8,316 (1,382) 2009 (A) 1215 Integrity Drive Dallas — — — — 69,926 — 995 — 68,931 69,926 (23,033) 2009 (C) 1350 Duane & 3080 Raymond Silicon Valley — 7,081 — 69,817 354 — 7,081 — 70,171 77,252 (18,445) 2009 (A) Costs capitalized subsequent to Initial costs acquisition Total costs Accumulated Date of Acquisition Acquired Acquired depreciation acquisition (A) or Metropolitan ground Buildings and Carrying ground Buildings and and or construction Area Encumbrances Land lease improvements Improvements costs Land lease improvements Total amortization construction (C) PROPERTIES: 60 & 80 Merritt New York — 3,418 — 71,477 94,485 — 3,148 — 166,232 169,380 (49,071) 2010 (A) 55 Middlesex Boston — 9,975 — 68,363 14,499 — 9,975 — 82,862 92,837 (29,930) 2010 (A) 128 First Avenue Boston — 5,465 — 185,348 39,134 — 5,465 — 224,482 229,947 (80,988) 2010 (A) Cateringweg 5 Amsterdam — — 3,518 3,517 37,814 — — 3,223 41,626 44,849 (9,429) 2010 (A) 1725 Comstock Street Silicon Valley — 3,274 — 6,567 39,308 — 3,274 — 45,875 49,149 (29,302) 2010 (A) 3105 Alfred Street Silicon Valley — 6,533 — 3,725 123,691 — 6,533 — 127,416 133,949 (38,853) 2010 (A) 365 Main Street San Francisco — 22,854 — 158,709 35,001 — 22,854 — 193,710 216,564 (60,449) 2010 (A) 720 2nd Street San Francisco — 3,884 — 116,861 13,601 — 3,884 — 130,462 134,346 (36,724) 2010 (A) 2260 East El Segundo Los Angeles — 11,053 — 51,397 17,433 — 11,053 — 68,830 79,883 (23,640) 2010 (A) 2121 South Price Road Phoenix — 7,335 — 238,452 215,183 — 4,835 — 456,135 460,970 (147,927) 2010 (A) 4030 Lafayette N. Virginia — 2,492 — 16,912 12,780 — 2,492 — 29,692 32,184 (9,100) 2010 (A) 4040 Lafayette N. Virginia — 1,246 — 4,267 24,887 — 1,246 — 29,154 30,400 (5,804) 2010 (A) 4050 Lafayette N. Virginia — 1,246 — 4,371 36,244 — 1,246 — 40,615 41,861 (26,913) 2010 (A) 2805 Lafayette Street Silicon Valley — 8,976 — 18,155 131,011 — 8,294 — 149,848 158,142 (38,954) 2010 (A) 29A International Business Park Singapore — — — 137,545 223,342 — — — 360,887 360,887 (152,206) 2010 (A) 43940 Digital Loudoun Plaza N. Virginia — 6,229 — — 285,614 — 7,524 — 284,319 291,843 (90,924) 2011 (C) 44060 Digital Loudoun Plaza N. Virginia — 3,700 — — 187,004 — 3,441 — 187,263 190,704 (31,598) 2011 (C) 44100 Digital Loudoun Plaza N. Virginia — 3,700 — — 141,840 — 3,493 — 142,047 145,540 (17,596) 2011 (C) 43780 Digital Loudoun Plaza N. Virginia — 3,671 — — 123,368 — 4,186 — 122,853 127,039 (12,532) 2011 (C) 1-11 Templar Road Sydney — 6,937 — — 62,836 — 4,349 — 65,424 69,773 (19,316) 2011 (C) 13-23 Templar Road Sydney — 4,236 — — 52,379 — 2,501 — 54,114 56,615 (1,034) 2011 (C) Fountain Court London — 7,544 — 12,506 100,446 — 6,569 — 113,927 120,496 (30,892) 2011 (A) 72 Radnor Drive Melbourne — 2,568 — — 66,029 — 1,737 — 66,860 68,597 (12,370) 2011 (C) 98 Radnor Drive Melbourne — 1,899 — — 36,140 — 1,339 — 36,700 38,039 (17,738) 2011 (C) 105 Cabot Street Boston — 2,386 — — 35,876 — 1,161 — 37,101 38,262 (11,061) 2011 (C) Costs capitalized subsequent to Initial costs acquisition Total costs Accumulated Date of Acquisition Acquired Acquired depreciation acquisition (A) or Metropolitan ground Buildings and Carrying ground Buildings and and or construction Area Encumbrances Land lease improvements Improvements costs Land lease improvements Total amortization construction (C) PROPERTIES: 3825 NW Aloclek Place Portland — 1,689 — — 58,230 — 1,689 — 58,230 59,919 (24,836) 2011 (C) Profile Park Dublin — 6,288 — — 56,087 — 2,050 — 60,325 62,375 (6,256) 2011 (C) 760 Doug Davis Drive Atlanta — 4,837 — 53,551 3,373 — 4,837 — 56,924 61,761 (15,131) 2011 (A) 2501 S. State Hwy 121 Dallas — 23,137 — 93,943 11,954 — 16,242 — 112,792 129,034 (35,468) 2012 (A) 9333 Grand Avenue Chicago — 5,686 — 14,515 75,076 — 1,205 — 94,072 95,277 (40,321) 2012 (A) 9355 Grand Avenue Chicago — — — — 228,171 — 2,518 — 225,653 228,171 (30,014) 2012 (A) 9377 Grand Avenue Chicago — — — — 133,910 — 2,799 — 131,111 133,910 (6,039) 2012 (A) 850 E Collins Dallas — 1,614 — — 86,565 — 1,614 — 86,565 88,179 (23,682) 2012 (C) 950 E Collins Dallas — 1,546 — — 75,695 — 1,546 — 75,695 77,241 (15,163) 2012 (C) 400 S. Akard Dallas — 10,075 — 62,730 2,943 — 10,075 — 65,673 75,748 (13,571) 2012 (A) 410 Commerce Boulevard New York — — — — 30,260 — — — 30,260 30,260 (15,310) 2012 (C) Croydon London — 1,683 — 104,728 47,591 — 2,367 — 151,635 154,002 (31,430) 2012 (A) Watford London — — 7,355 219,273 5,018 — — 6,492 225,154 231,646 (48,278) 2012 (A) Unit 21 Goldsworth Park London — 17,334 — 928,129 (121,080) — 13,237 — 811,146 824,383 (182,102) 2012 (A) 23 Waterloo Road Sydney — 7,112 — 3,868 (3,564) — 4,804 — 2,612 7,416 (500) 2012 (A) 1 Rue Jean-Pierre Paris — 9,621 — 35,825 (6,820) — 8,177 — 30,449 38,626 (7,732) 2012 (A) Liet-dit le Christ de Saclay Paris — 3,402 — 3,090 (975) — 2,891 — 2,626 5,517 (861) 2012 (A) 127 Rue de Paris Paris — 8,637 — 10,838 (2,923) — 7,341 — 9,211 16,552 (2,910) 2012 (A) 1900 S. Price Road Phoenix — 5,380 — 16,975 (11,394) — 2,423 — 8,538 10,961 (2,412) 2013 (A) 371 Gough Road Toronto — 7,394 — 677 93,801 — 5,838 — 96,034 101,872 (13,452) 2013 (A) 1500 Towerview Road Minneapolis — 10,190 — 20,054 3,191 — 10,190 — 23,245 33,435 (5,566) 2013 (A) Principal Park London — 11,837 — — 76,060 — 7,097 — 80,800 87,897 (13,080) 2013 (C) Liverpoolweg 10 Amsterdam — 733 — 3,122 9,429 — 630 — 12,654 13,284 (3,020) 2013 (A) DePresident Amsterdam — 6,737 — — 116,399 — 6,996 — 116,140 123,136 (5,534) 2013 (C) Crawley 2 London — 24,305 — — 33,139 — 4,252 — 53,192 57,444 (2,048) 2014 (C) 3 Loyang Way Singapore — — — — 180,615 — — — 180,615 180,615 (11,645) 2015 (A) Digital Loudoun III N. Virginia — 43,000 — — 800,087 — 47,399 — 795,688 843,087 (37,172) 2015 (C) Digital Frankfurt Frankfurt — 5,543 — — 137,399 — 4,111 — 138,831 142,942 (3,706) 2015 (C) Costs capitalized subsequent to Initial costs acquisition Total costs Accumulated Date of Acquisition Acquired Acquired depreciation acquisition (A) or Metropolitan ground Buildings and Carrying ground Buildings and and or construction Area Encumbrances Land lease improvements Improvements costs Land lease improvements Total amortization construction (C) 56 Marietta Street Atlanta (2) — 1,700 — 211,397 28,272 — 1,715 — 239,654 241,369 (42,690) 2015 (A) 2 Peekay Drive New York (2) — — — 115,439 (16,103) — — — 99,336 99,336 (23,282) 2015 (A) 100 Delawanna Avenue New York (2) — 3,600 — 85,438 11,712 — 3,600 — 97,150 100,750 (14,734) 2015 (A) 60 Hudson Street New York (2) — — — 32,280 18,735 — — — 51,015 51,015 (17,575) 2015 (A) 32 Avenue of the Americas New York (2) — — — 30,980 4,362 — — — 35,342 35,342 (12,081) 2015 (A) 3433 S 120th Place Seattle (2) — — — 11,688 (1,312) (5,351) — — 5,025 5,025 (5,024) 2015 (A) 8435 Stemmons Freeway Dallas (2) — — — 5,023 2,725 — — — 7,748 7,748 (2,818) 2015 (A) 2625 Walsh Avenue Silicon Valley (2) — — — 4,276 9,051 — — — 13,327 13,327 (4,017) 2015 (A) 111 8th Avenue - Telx New York (2) — — — 42,454 18,899 — — — 61,353 61,353 (23,063) 2015 (A) 350 East Cermak Road - Telx Chicago (2) — — — 13,933 11,031 — — — 24,964 24,964 (8,114) 2015 (A) 200 Paul Avenue - Telx San Francisco (2) — — — 6,719 4,632 — — — 11,351 11,351 (3,864) 2015 (A) 2323 Bryan Street - Telx Dallas (2) — — — 5,191 5,621 — — — 10,812 10,812 (3,728) 2015 (A) 600 W. 7th Street - Telx Los Angeles (2) — — — 3,689 8,050 — — — 11,739 11,739 (3,018) 2015 (A) 3825 NW Aloclek Place - Telx Portland (2) — — — 3,131 1,347 — — — 4,478 4,478 (1,857) 2015 (A) 120 E. Van Buren Street - Telx Phoenix (2) — — — 2,848 3,451 — — — 6,299 6,299 (1,910) 2015 (A) 36 NE 2nd Street - Telx Miami (2) — — — 1,842 4,374 — — — 6,216 6,216 (1,929) 2015 (A) 600-780 S. Federal Street - Telx Chicago (2) — — — 1,815 4,577 — — — 6,392 6,392 (1,588) 2015 (A) 113 N. Myers Street - Telx Charlotte (2) — — — 476 1,142 — — — 1,618 1,618 (482) 2015 (A) 1100 Space Park Drive - Telx Silicon Valley (2) — — — 352 2,265 — — — 2,617 2,617 (484) 2015 (A) 300 Boulevard East - Telx New York (2) — — — 197 168 — — — 365 365 (186) 2015 (A) Science Park Amsterdam (3) — 665 — 75,095 13,037 — — — 88,797 88,797 (8,152) 2016 (A) Sovereign House London (3) — 7,943 — 75,184 58,238 — — — 141,365 141,365 (20,816) 2016 (A) Amstel Business Park Amsterdam (3) — 2,991 — 58,138 12,448 — 3,028 — 70,549 73,577 (20,491) 2016 (A) Olivers Yard London (3) — 7,943 — 34,744 2,357 — — — 45,044 45,044 (13,783) 2016 (A) Bonnington House London (3) — — — 14,127 64,055 — — — 78,182 78,182 (1,405) 2016 (A) West Drayton London (3) — — — 10,135 3,519 — — — 13,654 13,654 (7,281) 2016 (A) Lyonerstrasse Frankfurt (3) — — — 8,407 6,393 — — — 14,800 14,800 (5,137) 2016 (A) Meridian Gate London (3) — — — 5,893 1,621 — — — 7,514 7,514 (3,829) 2016 (A) 2425-2553 Edgington Street Chicago — 11,950 — 1,615 64 — 11,959 — 1,670 13,629 (160) 2017 (C) 44520 Hastings Drive N. Virginia (4) 104,000 6,140 — 108,105 1,581 — 6,140 — 109,686 115,826 (14,806) 2017 (A) Costs capitalized subsequent to Initial costs acquisition Total costs Accumulated Date of Acquisition Acquired Acquired depreciation acquisition (A) or Metropolitan ground Buildings and Carrying ground Buildings and and or construction Area Encumbrances Land lease improvements Improvements costs Land lease improvements Total amortization construction (C) 44480 Hastings Drive N. Virginia (4) — 12,860 — 278,384 1,227 — 12,860 — 279,611 292,471 (38,147) 2017 (A) 44521 Hastings Drive N. Virginia (4) — 13,210 — 315,539 361 — 13,210 — 315,900 329,110 (43,315) 2017 (A) 44461 Chilum Place N. Virginia (4) — 9,620 — 249,371 523 — 9,620 — 249,894 259,514 (34,452) 2017 (A) 21625 Gresham Drive N. Virginia (4) — 17,500 — 448,968 488 — 17,500 — 449,456 466,956 (62,151) 2017 (A) 2200 Busse Road Chicago (4) — 17,270 — 384,558 1,905 — 17,270 — 386,463 403,733 (50,399) 2017 (A) 2299 Busse Road Chicago (4) — 12,780 — 348,348 (1,687) — 12,780 — 346,661 359,441 (47,004) 2017 (A) 1780 Business Center Drive N. Virginia (4) — 7,510 — 106,363 1,122 — 7,510 — 107,485 114,995 (13,001) 2017 (A) 8217 Linton Hall Road N. Virginia (4) — 22,340 — 81,985 355 — 22,340 — 82,340 104,680 (9,386) 2017 (A) 1400 East Devon Avenue Chicago (4) — 11,012 — 178,627 45,871 — 9,994 — 225,516 235,510 (17,462) 2017 (A) 2220 De La Cruz Blvd Silicon Valley (4) — 84,650 — 634,007 4,588 — 84,650 — 638,595 723,245 (81,549) 2017 (A) 1 Century Place Toronto (4) — 26,600 — 116,863 1,302 — 8,479 — 136,286 144,765 (4,861) 2017 (C) 505 North Railroad Avenue Chicago — 20,431 — 245,810 (33,149) — 12,271 — 220,821 233,092 (12,612) 2017 (A) 250 Williams Atlanta — — — — 26,774 — — — 26,774 26,774 (5,240) 2017 (C) CME Agreement Chicago — — — — 42,875 — — — 42,875 42,875 (21,741) 2017 (C) De President II Amsterdam — 6,315 — — 37,181 — 2,453 — 41,043 43,496 — 2017 (C) 2825-2845 Lafayette Street Silicon Valley — — — 2,941 60 — — — 3,001 3,001 (3,001) 2018 (C) 21780 Filigree Court N. Virginia — 24,315 — 3,039 1,346 — 25,740 — 2,960 28,700 (491) 2019 (C) Other — — — — 55,482 — 25 — 55,457 55,482 (18,053) $ 105,089 $ 930,961 $ 13,509 $ 8,327,303 $ 7,620,170 $ (5,351) $ 804,830 $ 10,725 $ 16,071,037 $ 16,886,592 $ (4,536,169) (1) The balance shown excludes an unamortized premium of $54 . (2) Represents properties acquired in the Telx Acquisition. (3) Represents properties acquired in the European Portfolio Acquisition. (4) Represents properties acquired in the DFT Merger. (1) Tax Cost The aggregate gross cost of the Company’s properties for federal income tax purposes approximated $19.7 billion (unaudited) as of December 31, 2019. (2) Historical Cost and Accumulated Depreciation and Amortization The following table reconciles the historical cost of the Company’s properties for financial reporting purposes for each of the years in the three-year period ended December 31, 2019. Year Ended December 31, 2019 2018 2017 Balance, beginning of year $ 17,055,016 $ 16,915,936 $ 11,558,469 Additions during period (acquisitions and improvements) 833,836 223,163 5,663,404 Deductions during period (dispositions, impairments and assets held for sale) (1,002,260) (84,083) (305,937) Balance, end of year $ 16,886,592 $ 17,055,016 $ 16,915,936 The following table reconciles accumulated depreciation and amortization of the Company’s properties for financial reporting purposes for each of the years in the three-year period ended December 31, 2019. Year Ended December 31, 2019 2018 2017 Balance, beginning of year $ 3,935,267 $ 3,238,227 $ 2,668,509 Additions during period (depreciation and amortization expense) 805,916 714,336 612,970 Deductions during period (dispositions and assets held for sale) (205,014) (17,296) (43,252) Balance, end of year $ 4,536,169 $ 3,935,267 $ 3,238,227 Schedules other than those listed above are omitted because they are not applicable or the information required is included in the consolidated financial statements or the notes thereto. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies | |
Principles of Consolidation and Basis of Presentation | The accompanying consolidated financial statements include all of the accounts of Digital Realty Trust, Inc., the Operating Partnership and the subsidiaries of the Operating Partnership. Intercompany balances and transactions have been eliminated. The notes to the consolidated financial statements of Digital Realty Trust, Inc. and the Operating Partnership have been combined to provide the following benefits: ● enhancing investors’ understanding of the Company and the Operating Partnership by enabling investors to view the business as a whole in the same manner as management views and operates the business; ● eliminating duplicative disclosure and providing a more streamlined and readable presentation since a substantial portion of the disclosure applies to both the Company and the Operating Partnership; and ● creating time and cost efficiencies through the preparation of one set of notes instead of two separate sets of notes. There are few differences between the Company and the Operating Partnership, which are reflected in these consolidated financial statements. We believe it is important to understand the differences between the Company and the Operating Partnership in the context of how we operate as an interrelated consolidated company. Digital Realty Trust, Inc.’s only material asset is its ownership of partnership interests of the Operating Partnership. As a result, Digital Realty Trust, Inc. generally does not conduct business itself, other than acting as the sole general partner of the Operating Partnership, issuing public securities from time to time and guaranteeing certain unsecured debt of the Operating Partnership and certain of its subsidiaries and affiliates. Digital Realty Trust, Inc. itself has not issued any indebtedness but guarantees the unsecured debt of the Operating Partnership and certain of its subsidiaries and affiliates, as disclosed in these notes. The Operating Partnership holds substantially all the assets of the Company and holds the ownership interests in the Company’s joint ventures. The Operating Partnership conducts the operations of the business and is structured as a partnership with no publicly traded equity. Except for net proceeds from public equity issuances by Digital Realty Trust, Inc., which are generally contributed to the Operating Partnership in exchange for partnership units, the Operating Partnership generally generates the capital required by the Company’s business primarily through the Operating Partnership’s operations, by the Operating Partnership’s or its affiliates’ direct or indirect incurrence of indebtedness or through the issuance of partnership units. The presentation of noncontrolling interests in operating partnership, stockholders’ equity and partners’ capital are the main areas of difference between the consolidated financial statements of Digital Realty Trust, Inc. and those of the Operating Partnership. The common limited partnership interests held by the limited partners in the Operating Partnership are presented as limited partners’ capital within partners’ capital in the Operating Partnership’s consolidated financial statements and as noncontrolling interests in operating partnership within equity in Digital Realty Trust, Inc.’s consolidated financial statements. The common and preferred partnership interests held by Digital Realty Trust, Inc. in the Operating Partnership are presented as general partner’s capital within partners’ capital in the Operating Partnership’s consolidated financial statements and as preferred stock, common stock, additional paid-in capital and accumulated dividends in excess of earnings within stockholders’ equity in Digital Realty Trust, Inc.’s consolidated financial statements. The differences in the presentations between stockholders’ equity and partners’ capital result from the differences in the equity issued at the Digital Realty Trust, Inc. and the Operating Partnership levels. To help investors understand the significant differences between the Company and the Operating Partnership, these consolidated financial statements present the following separate sections for each of the Company and the Operating Partnership: ● consolidated face financial statements; and ● the following notes to the consolidated financial statements: ● "Debt of the Company" and "Debt of the Operating Partnership"; ● "Income per Share" and "Income per Unit"; ● "Equity and Accumulated Other Comprehensive Loss, Net of the Company" and Capital and Accumulated Other Comprehensive Loss of the Operating Partnership"; and ● "Quarterly Financial Information". In the sections that combine disclosure of Digital Realty Trust, Inc. and the Operating Partnership, these notes refer to actions or holdings as being actions or holdings of the Company. Although the Operating Partnership is generally the entity that enters into contracts and joint ventures and holds assets and debt, reference to the Company is appropriate because the business is one enterprise and the Company generally operates the business through the Operating Partnership. |
Cash Equivalents | (b) Cash Equivalents For the purpose of the consolidated statements of cash flows, we consider short-term investments with original maturities of 90 days or less to be cash equivalents. As of December 31, 2019 and 2018, cash equivalents consist of investments in money market instruments. |
Investments in Real Estate | Investments in real estate are stated at cost, less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization are recorded on a straight-line basis over the estimated useful lives as follows: Acquired ground leases Terms of the related lease Buildings and improvements 5-39 years Machinery and equipment 7-15 years Furniture and fixtures 3-5 years Leasehold improvements Shorter of the estimated useful lives or the terms of the related leases Tenant improvements Shorter of the estimated useful lives or the terms of the related leases Improvements and replacements are capitalized when they extend the useful life, increase capacity, or improve the efficiency of the asset. Repairs and maintenance are charged to expense as incurred. Assets that are classified as held for sale are recorded at the lower of their carrying value or fair value less costs to dispose. We classify an asset as held for sale once management has the authority to approve and commits to a plan to sell, the asset is available for immediate sale, an active program to locate a buyer has commenced and the sale of the asset is probable and transfer of the asset is expected to occur within one year. Upon the classification of assets as held for sale or sold, the depreciation and amortization of the assets will cease. |
Investment in Unconsolidated Joint Ventures | (d) Investments in Unconsolidated Joint Ventures The Company’s investments in unconsolidated joint ventures are accounted for using the equity method. We use the equity method when we have the ability to exercise significant influence over operating and financial policies of the venture but do not have control of the entity. Under the equity method, we initially recognize these investments in the balance sheet at our cost or proportionate share of fair value. We subsequently adjust the accounts to reflect our proportionate share of net earnings or losses recognized and other comprehensive income or loss, distributions received, contributions made and certain other adjustments, as appropriate. We do not record losses of the joint ventures in excess of our investment balances unless we are liable for the obligations of the joint venture or are otherwise committed to provide financial support to the joint venture. Likewise, and as long as we have no explicit or implicit obligations to the joint venture, we will suspend equity method accounting to the extent that cash distributions exceed our investment balances until those unrecorded earnings exceed the excess distributions previously recognized in income. In this case, we will apply cost accounting concepts which tie income recognition to the receipt of cash. Cost basis accounting concepts will apply until earnings exceed the excess distributions previously recognized in income. We amortize the difference between the cost of our investment in the joint ventures and the book value of the underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. In the event the underlying asset is goodwill, the difference is not amortized. The amortization of this difference was immaterial for each of the years ended December 31, 2019, 2018 and 2017. |
Impairment of Long-Lived and Finite-Lived Intangible Assets | We review each of our properties for indicators that its carrying amount may not be recoverable. Examples of such indicators may include a significant decrease in the market price of the property, a change in the expected holding period for the property, a significant adverse change in how the property is being used or expected to be used based on the underwriting at the time of acquisition, an accumulation of costs significantly in excess of the amount originally expected for the acquisition or development of the property, or a history of operating or cash flow losses of the property. When such impairment indicators exist, we review an estimate of the future undiscounted net cash flows (excluding interest charges) expected to result from the property’s or asset group’s use and eventual disposition and compare that estimate to the carrying value of the property or the asset group. We consider factors such as future operating income, trends and prospects, as well as the effects of leasing demand, competition and other factors. If our future undiscounted net cash flow evaluation indicates that we are unable to recover the carrying value of a property or asset group, an impairment loss is recorded to the extent that the carrying value exceeds the estimated fair value of the property or fair value of the properties within the asset group. These losses have a direct impact on our net income because recording an impairment loss results in an immediate negative adjustment to net income. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results in future periods. Since cash flows on properties considered to be long-lived assets to be held and used are considered on an undiscounted basis to determine whether the carrying value of a property or asset group is recoverable, our strategy of holding properties over the long-term directly decreases the likelihood of their carrying values not being recoverable and therefore requiring the recording of an impairment loss. If our strategy changes or market conditions otherwise dictate an earlier sale date, an impairment loss may be recognized, and such loss could be material. If we determine that the asset fails the recoverability test, the affected assets must be reduced to their fair value. We generally estimate the fair value of rental properties utilizing a discounted cash flow analysis that includes projections of future revenues, expenses and capital improvement costs that a market participant would use based on the highest and best use of the asset, which is similar to the income approach that is commonly utilized by appraisers. In certain cases, we may supplement this analysis by obtaining outside broker opinions of value. In considering whether to classify a property as held for sale or contribution, the Company considers whether: (i) management has committed to a plan to sell or contribute the property; (ii) the property is available for immediate sale or contribution in its present condition; (iii) the Company has initiated a program to locate a buyer or joint venture partner; (iv) the Company believes that the sale or contribution of the property is probable; (v) the Company is actively marketing the property for sale or contribution at a price that is reasonable in relation to its current value; and (vi) actions required for the Company to complete the plan indicate that it is unlikely that any significant changes will be made to the plan. If all the above criteria are met, the Company classifies the property as held for sale or contribution. Assets classified as held for sale are expected to be sold to a third party and assets classified as held for contribution are expected to be contributed to an unconsolidated joint venture or to a third party within twelve months. At such time, the respective assets and liabilities are presented separately in the consolidated balance sheets and depreciation is no longer recognized. Assets held for sale or contribution are reported at the lower of their carrying amount or their estimated fair value less the costs to sell or contribute. Only those assets held for sale or contribution that constitute a strategic shift that has or will have a major effect on our operations are classified as discontinued operations. To date we have had no property dispositions or assets classified as held for sale or contribution that would meet the definition of discontinued operations. If impairment indicators arise with respect to intangible assets with finite useful lives, we evaluate impairment by comparing the carrying amount of the asset to the estimated future undiscounted net cash flows expected to be generated by the asset. If estimated future undiscounted net cash flows are less than the carrying amount of the asset, then we estimate the fair value of the asset and compare the estimated fair value to the intangible asset’s carrying value. We recognize any shortfall from carrying value as an impairment loss in the current period. |
Purchase Accounting | Purchase accounting is applied to the assets and liabilities related to all real estate investments acquired from third parties. The Company evaluates the nature of the purchase to determine whether the purchase is a business combination or an asset acquisition. Transaction costs associated with business combinations are expensed as incurred while transaction costs associated with an asset acquisition are included in the total costs of the acquisition and are allocated on a pro-rata basis to the carrying value of the assets and liabilities recognized in connection with the acquisition. The following accounting policies related to valuing the acquired tangible and intangible assets and liabilities are applicable to both business combinations and asset acquisitions. However, in the event the purchase is an asset acquisition, no goodwill or gain is permitted to be recognized. In an asset acquisition, the difference between the sum of the identified tangible and intangible assets and liabilities and the total purchase price (including transactions costs) is allocated to the identified tangible and intangible assets and liabilities on a relative fair value basis. In accordance with current accounting guidance , The fair values of the tangible assets of an acquired property are determined based on comparable land sales for land and replacement costs adjusted for physical and market obsolescence for the improvements. The fair values of the tangible assets of an acquired property are also determined by valuing the property as if it were vacant, and the “as-if-vacant” value is then allocated to land, building and tenant improvements based on management’s determination of the relative fair values of these assets. Management determines the as-if-vacant fair value of a property based on assumptions that a market participant would use, which is similar to methods used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rental revenue during the expected lease-up periods based on current market demand. Management also estimates costs to execute similar leases including leasing commissions, tenant improvements, legal and other related costs. In allocating the fair value of the identified intangible assets and liabilities of an acquired property, above-market and below-market in-place lease values are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) estimated fair market lease rates from the perspective of a market participant for the corresponding in-place leases, measured, for above-market leases, over a period equal to the remaining non-cancelable term of the lease and, for below-market leases, over a period equal to the initial term plus any below-market fixed rate renewal periods. The leases we have acquired do not currently include any below-market fixed rate renewal periods. The capitalized above-market lease values are amortized as a reduction of rental income over the remaining non-cancelable terms of the respective leases. The capitalized below-market lease values, also referred to as acquired lease obligations, are amortized as an increase to rental income over the initial terms of the respective leases and any below-market fixed rate renewal periods. In addition to the intangible value for above-market leases and the intangible negative value for below-market leases, there is intangible value related to having tenants leasing space in the purchased property, which is referred to as in-place lease value. Such value results primarily from the buyer of a leased property avoiding the costs associated with leasing the property and also avoiding rent losses and unreimbursed operating expenses during the lease-up period. Factors to be considered by management in its analysis of in-place lease values include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions, and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rental revenue at market rates during the expected lease-up periods, depending on local market conditions. In estimating costs to execute similar leases, management considers leasing commissions, legal and other related expenses. The value of in-place leases is amortized to expense over the remaining initial terms of the respective leases. The Company uses the excess earnings method to value tenant relationship value, if any. Such value exists in transactions that involve the acquisition of tenants and customers that are expected to generate recurring revenues beyond existing in place lease terms. The primary factors to be considered by management in its analysis of tenant relationship value include historical tenant lease renewals and attrition rates, rental renewal probabilities and related market terms, estimated operating costs, and discount rate. Tenant relationship value is amortized to expense ratably over the anticipated life of the tenant relationships generating excess earnings, which is the period management uses to value this intangible asset. |
Goodwill | Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired and tangible and intangible liabilities assumed in a business combination. Goodwill is not amortized. We perform an annual impairment test for goodwill and between annual tests, we evaluate goodwill for impairment whenever events or changes in circumstances occur that would more likely than not reduce the fair value of a reporting unit below its carrying value. In our impairment tests of goodwill, we first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value. If based on this assessment, we determine that the fair value of the reporting unit is not less than its carrying value, then performing the additional two-step impairment test is unnecessary. If our qualitative assessment indicates that goodwill impairment is more likely than not, we perform a two-step impairment test. We test goodwill for impairment under the two-step impairment test by first comparing the book value of net assets including goodwill to the fair value of the reporting unit. We estimate the fair value of the reporting unit using a technique based on a performance measure or measures consistent with the objective of measuring fair value, which may include quoted market prices, multiples of earnings or discounted cash flows. If the fair value is determined to be less than the book value of the net assets, including goodwill, a second step is performed to compute the amount of impairment as the difference between the implied fair value of goodwill and its carrying value. If the carrying value of goodwill exceeds its implied fair value, an impairment charge is recognized. We have not recognized any goodwill impairments since our inception. Since some of the goodwill is denominated in foreign currencies, changes to the goodwill balance occur over time due to changes in foreign currency exchange rates. The following is a summary of goodwill activity for the years ended December 31, 2019 and 2018 (in thousands): Balance as of Impact of Change Balance as of December 31, Merger / Goodwill in Foreign December 31, Merger / Portfolio Acquisition 2018 Acquisition Deconsolidation Adjustments (1) Exchange Rates 2019 Telx Acquisition $ 330,845 $ — $ — $ — $ — $ 330,845 European Portfolio Acquisition 442,349 — — (9,436) 7,166 440,079 DFT Merger 2,592,146 — — — — 2,592,146 Ascenty Acquisition 982,667 — (967,189) — (15,478) — Total $ 4,348,007 $ — $ (967,189) $ (9,436) $ (8,312) $ 3,363,070 Balance as of Impact of Change Balance as of December 31, Merger / Goodwill in Foreign December 31, 2017 Acquisition Deconsolidation Adjustments Exchange Rates 2018 Telx Acquisition $ 330,845 $ — $ — $ — $ — $ 330,845 European Portfolio Acquisition 466,604 — — — (24,255) 442,349 DFT Merger 2,592,146 — — — — 2,592,146 Ascenty Acquisition — 982,667 — — — 982,667 Total $ 3,389,595 $ 982,667 $ — $ — $ (24,255) $ 4,348,007 (1) As a result of a subsequent reduction to an acquired deferred tax liability that would not have impacted consideration paid, goodwill was adjusted. |
Capitalization of Costs | Direct and indirect project costs that are clearly associated with the development of properties are capitalized as incurred. Project costs include all costs directly associated with the development of a property, including construction costs, interest, property taxes, insurance, legal fees and costs of personnel working on the project. Indirect costs that do not clearly relate to the projects under development are not capitalized and are charged to expense as incurred. Capitalization of costs begins when the activities necessary to get the development project ready for its intended use begins, which include costs incurred before the beginning of construction. Capitalization of costs ceases when the development project is substantially complete and ready for its intended use. Determining when a development project commences and when it is substantially complete and ready for its intended use involves a degree of judgment. We generally consider a development project to be substantially complete and ready for its intended use upon receipt of a certificate of occupancy. If and when development of a property is suspended pursuant to a formal change in the planned use of the property, we will evaluate whether the accumulated costs exceed the estimated value of the project and write off the amount of any such excess accumulated costs. For a development project that is suspended for reasons other than a formal change in the planned use of such property, the accumulated project costs are evaluated for impairment consistent with our impairment policies for long-lived assets. During the development period, all costs including the associated land are classified to construction in progress and space held for development. Upon completion of the development period for a project, accumulated construction in progress costs including the land related to a project are allocated to the specific components of a project that are benefited. Construction in progress and space held for development includes the cost of land, the cost of construction of buildings, improvements and fixed equipment, and costs for design and engineering. Other costs, such as interest, legal, property taxes and corporate project supervision, which can be directly associated with the project during construction, are also included in construction in progress and space held for development. Land held for development includes parcels of land owned by the Company, upon which the Company intends to develop and own data centers, but has yet to commence development. During the years ended December 31, 2019, 2018 and 2017, we capitalized interest of approximately $40.2 million, $34.7 million and $21.7 million, respectively. During the years ended December 31, 2019, 2018 and 2017, we capitalized amounts relating to compensation expense and other overhead expense of employees direct and incremental to construction activities of approximately $50.3 million, $42.0 million and $38.0 million, respectively. |
Deferred Leasing Costs | Leasing commissions and other direct and indirect costs associated with the acquisition of tenants are capitalized and amortized on a straight-line basis over the terms of the related leases. During the years ended December 31, 2019, 2018 and 2017, we capitalized amounts relating to fixed compensation expense and other overhead expense of employees direct and incremental to successful leasing activities of approximately $0.0 million, $37.0 million and $43.4 million, respectively. During the years ended December 31, 2019, 2018 and 2017, we capitalized amounts relating to variable compensation of employees direct and incremental to successful leasing activities of approximately $30.8 million, $27.2 million and $10.6 million, respectively. Deferred leasing costs is included in acquired in-place lease value, deferred leasing costs and intangibles on the consolidated balance sheet and amounted to approximately $291.8 million and $322.2 million, net of accumulated amortization, as of December 31, 2019 and 2018, respectively. Amortization expense on leasing costs was approximately $75.3 million, $72.9 million, and $50.1 million for the years ended December 31, 2019, 2018 and 2017, respectively. |
Foreign Currency Translation | Assets and liabilities of our subsidiaries outside the United States with non-U.S. dollar functional currencies are translated into U.S. dollars using exchange rates as of the balance sheet dates. Income and expenses are translated using the average exchange rates for the reporting period. Foreign currency translation adjustments are recorded as a component of other comprehensive income. In the statement of cash flows, cash flows denominated in foreign currencies are translated using the exchange rates in effect at the time of the cash flows or an average exchange rate for the period, depending on the nature of the cash flow item. |
Deferred Financing Costs | Loan fees and costs are recorded as an adjustment to the carrying amount of the related debt and amortized over the life of the related loans on a straight-line basis, which approximates the effective interest method. Such amortization is included as a component of interest expense. |
Restricted Cash | Restricted cash consists of deposits for real estate taxes and insurance and other amounts as required by our loan agreements including funds for leasing costs and improvements related to unoccupied space. |
Offering Costs | Underwriting commissions and other offering costs are reflected as a reduction in additional paid-in capital, or in the case of preferred stock, as a reduction of the carrying value of preferred stock. |
Share-Based Compensation | The Company measures all share-based compensation awards at fair value on the date they are granted to employees and directors, and recognizes compensation cost, net of forfeitures, over the requisite service period for awards with only a service condition. The estimated fair value of the long-term incentive units and Class D units (discussed in Note 15) granted by us is being amortized on a straight-line basis over the expected service period. The fair value of share-based compensation awards that contain a market condition is measured using a Monte Carlo simulation method and is not adjusted based on actual achievement of the market condition. |
Derivative Instruments | Derivative financial instruments are employed to manage risks, including foreign currency and interest rate exposures and are not used for trading or speculative purposes. As part of the Company’s risk management program, a variety of financial instruments, such as interest rate swaps and foreign exchange contracts, may be used to mitigate interest rate exposure and foreign currency exposure. The Company recognizes all derivative instruments in the balance sheet at fair value. Changes in the fair value of derivatives are recognized periodically either in earnings or in stockholders’ equity as a component of accumulated other comprehensive income (loss), depending on whether the derivative financial instrument is undesignated or qualifies for hedge accounting, and if so, whether it represents a fair value, cash flow, or net investment hedge. Gains and losses on derivatives designated as cash flow hedges, to the extent they are included in the assessment of effectiveness, are recorded in other comprehensive income (loss) and subsequently reclassified to earnings to offset the impact of the hedged items when they occur. In the event it becomes probable the forecasted transaction to which a cash flow hedge relates will not occur, the derivative would be terminated and the amount in other comprehensive income (loss) would be recognized in earnings. Changes in the fair value of derivatives that are designated and qualify as a hedge of the net investment in foreign operations, to the extent they are included in the assessment of effectiveness, are reported in other comprehensive income (loss) and are deferred until disposal of the underlying assets. Gains and losses representing components excluded from the assessment of effectiveness for cash flow and fair value hedges are recognized in earnings on a straight-line basis in the same caption as the hedged item over the term of the hedge. Gains and losses representing components excluded from the assessment of effectiveness for net investment hedges are recognized in earnings on a straight-line basis over the term of the hedge. The net interest paid or received on interest rate swaps is recognized as interest expense. Gains and losses resulting from the early termination of interest rate swap agreements are deferred and amortized as adjustments to interest expense over the remaining period of the debt originally covered by the terminated swap. See Note 16 for further discussion on derivative instruments. |
Income Taxes | Digital Realty Trust, Inc. has elected to be treated as a real estate investment trust (a “REIT”) for federal income tax purposes. As a REIT, Digital Realty Trust, Inc. generally is not required to pay U.S. federal corporate income tax to the extent taxable income is currently distributed to its stockholders. If Digital Realty Trust, Inc. fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax (including any applicable alternative minimum tax for taxable years prior to 2018) on its taxable income. The Company is subject to foreign, state and local income taxes in the jurisdictions in which it conducts business. The Company’s taxable REIT subsidiaries are subject to federal, state, local and foreign income taxes to the extent there is taxable income. Accordingly, the Company recognizes current and deferred income taxes for U.S. federal (for its taxable REIT subsidiaries), state, local and foreign jurisdictions, as appropriate. We assess our significant tax positions in accordance with U.S. GAAP for all open tax years and determine whether we have any material unrecognized liabilities from uncertain tax benefits. If a tax position is not considered “more-likely-than-not” to be sustained solely on its technical merits, no benefits of the tax position are to be recognized (for financial statement purposes). As of December 31, 2019 and 2018, we have no assets or liabilities for uncertain tax positions. We classify interest and penalties from significant uncertain tax positions as interest expense and operating expense, respectively, in our consolidated income statements. For the years ended December 31, 2019, 2018 and 2017, we had no such interest or penalties. The tax year 2016 and thereafter remain open to examination by the major taxing jurisdictions with which the Company files tax returns. See Note 12 for further discussion on income taxes. |
Presentation of Transactional-Based Taxes | We account for transactional-based taxes, such as value added tax, or VAT, for our international properties on a net basis. |
Redeemable Noncontrolling Interests | Redeemable noncontrolling interests include amounts related to partnership units issued by consolidated subsidiaries of the Company in which redemption for equity is outside the control of the Company. Partnership units which are determined to be contingently redeemable for cash under the Financial Accounting Standards Board’s "Distinguishing Liabilities from Equity" guidance are classified as redeemable noncontrolling interests and presented in the mezzanine section between total liabilities and stockholder’s equity on the Company’s consolidated balance sheets. The amounts of consolidated net income attributable to the Company and to the noncontrolling interests are presented on the Company’s consolidated income statements. |
Lease Accounting | Transition On January 1, 2019, we adopted ASU No. 2016-02 “Leases” and the several additional ASU’s intended to clarify certain aspects of ASU 2016-02 and to provide certain practical expedients entities can elect upon adoption (collectively “Topic 842”). Topic 842 sets out the principles for the recognition, measurement, presentation, and disclosure of leases for both parties to a lease agreement (i.e., lessees and lessors). Upon adoption of the new lease accounting standard, we elected the following practical expedients and accounting policies provided by this lease standard: ● Package (“all or nothing” expedients) - requires us not to reevaluate our existing or expired leases as of January 1, 2019, under Topic 842 ; ● Optional transition method - requires us to apply Topic 842 prospectively from the effective date of adoption (i.e., January 1, 2019); ● Land easements - requires us to account for land easements existing as of January 1, 2019 , under the accounting standards applied to them prior to January 1, 2019; ● Lease and non-lease components (lessee) - requires us to account for lease and non-lease components associated with that lease under Topic 842 as a single lease component, for all classes of underlying assets; ● Lease and non-lease components (lessor) - requires us to account for lease and non-lease components associated with that lease under Topic 842 as a single lease component, if certain criteria are met, for all classes of underlying assets; and ● Short-term leases practical expedient (lessee) - for leases with a term of 12 months or less in which we are the lessee, this expedient requires us not to record on our balance sheets the related lease liabilities and right-of-use assets. Our election of the package of practical expedients and the optional transition method allowed us not to reassess: ● Whether any expired or existing contracts as of January 1, 2019 are or contain leases as defined in Topic 842; ● The lease classification for any expired or existing leases as of January 1, 2019; and ● Treatment of initial direct costs relating to any existing leases as of January 1, 2019. We applied the package of practical expedients consistently to all leases (i.e., in which we are the lessee or the lessor) that commenced before January 1, 2019. The election of this package permits us to “run off” our leases that commenced before January 1, 2019, for the remainder of their lease terms and to apply the new lease accounting standard to leases commencing or modified after January 1, 2019. For our leases that commenced prior to January 1, 2019, under the package of practical expedients and optional transition method, we are not required to reassess whether initial direct leasing costs capitalized prior to the adoption of the new lease accounting standard in connection with such leases qualify for capitalization under the new lease accounting standard. Therefore, we continue to amortize these initial direct leasing costs over their respective lease terms. In addition, we applied the modified retrospective transition method to build-to-suit leases for which assets and liabilities have been recognized solely as a result of the transactions’ build-to-suit designation in accordance with Topic 840. Therefore, we derecognized those assets and liabilities at the effective date of adoption for build-to-suit leases where construction had completed, with the difference of approximately $6.3 million recorded as an increase to accumulated dividends in excess of earnings at the adoption date. We accounted for the leases therefrom, following lessee transition guidance. The remainder of our capital leases were classified as finance leases and there was no change in their carrying value or classification at the adoption date. Under the package of practical expedients that we elected upon adoption of the new lease accounting standard, all of our operating leases existing as of January 1, 2019, in which we are the lessee, continue to be classified as operating leases subsequent to the adoption of the new lease accounting standard. In accordance with the new lease accounting standard, we were required to record an operating lease liability in our consolidated balance sheet equal to the present value of remaining future rental payments in which we are the lessee existing as of January 1, 2019 and the related operating lease right-of-use asset. Consequently, on January 1, 2019, we recorded an operating lease liability aggregating $757.2 million , which included approximately $73.3 million reclassified out of the deferred rent liabilities balance in accordance with the new lease standard. We have also recorded a corresponding operating lease right-of-use asset of $683.9 million. The present value of the remaining lease payments was calculated for each operating lease existing as of January 1, 2019, in which we were the lessee by using each respective remaining lease term and a corresponding estimated incremental borrowing rate. The incremental borrowing rate is the interest rate that we estimated we would have to pay to borrow on a collateralized basis over a similar term for an amount equal to the lease payments. Subsequent application of the new lease accounting guidance Definition of a lease Effective January 1, 2019, when we enter into a contract or amend an existing contract, we evaluate whether the contract meets the definition of a lease. To meet the definition of a lease, the contract must meet all three criteria: (i) One party (lessor) must hold an identified asset; (ii) The counterparty (lessee) must have the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of the contract; and (iii) The counterparty (lessee) must have the right to direct the use of the identified asset throughout the period of the contract. Lease classification The new lease accounting standard also sets new criteria for determining the classification of finance leases for lessees and sales-type leases for lessors. The criteria to determine whether a lease should be accounted for as a finance/sales-type lease include any of the following: (i) Ownership is transferred from lessor to lessee by the end of the lease term; (ii) An option to purchase is reasonably certain to be exercised; (iii) The lease term is for the major part of the underlying asset’s remaining economic life; (iv) The present value of lease payments equals or exceeds substantially all of the fair value of the underlying asset; or (v) The underlying asset is specialized and is expected to have no alternative use at the end of the lease term. If any of these criteria is met, a lease is classified as a finance lease by the lessee and as a sales-type lease by the lessor. If none of the criteria are met, a lease is classified as an operating lease by the lessee but may still qualify as a direct financing lease or an operating lease for the lessor. The existence of a residual value guarantee from an unrelated third party other than the lessee may qualify the lease as a direct financing lease by the lessor. Otherwise, the lease is classified as an operating lease by the lessor. Therefore, under the new lease accounting standard, lessees apply a dual approach by classifying leases as either finance or operating leases based on the principle of whether the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, which corresponds to a similar evaluation performed by lessors. Lessor accounting Costs to execute leases The new lease accounting standard requires that lessors (and, if applicable, lessees) capitalize, as initial direct costs, only incremental costs of a lease that would not have been incurred if the lease had not been obtained. Costs that we incur to negotiate or arrange a lease, regardless of its outcome, such as for fixed employee compensation, tax, or legal advice to negotiate lease terms, and other costs, are expensed as incurred. Operating leases We account for the revenue from our lease contracts by utilizing the single component accounting policy. This policy requires us to account for, by class of underlying asset, the lease component and non-lease component(s) associated with each lease as a single component if two criteria are met: (i) The timing and pattern of transfer of the lease component and the non-lease component(s) are the same; and (ii) The lease component would be classified as an operating lease if it were accounted for separately. Lease components consist primarily of fixed rental payments, which represent scheduled rental amounts due under our leases, and contingent rental payments. Non-lease components consist primarily of tenant recoveries representing reimbursements of rental operating expenses under our triple net lease structure, including recoveries for utilities, repairs and maintenance, and common area expenses. If a lessee makes payments for taxes and insurance directly to a third party on behalf of a lessor, lessors are required to exclude them from variable payments and from recognition in the lessors’ income statements. Otherwise, tenant recoveries for taxes and insurance are classified as additional lease revenue recognized by the lessor on a gross basis in their income statements. On January 1, 2019, we adopted the practical expedient that allowed us to not separate expenses reimbursed by our customers (“rental recoveries”) from the associated rental revenue if certain criteria were met. We assessed these criteria and concluded that the timing and pattern of transfer for rental revenue and the associated rental recoveries are the same and as our leases qualify as operating leases, we accounted for and presented rental revenue and rental recoveries as a single component under rental and other services in our consolidated income statement for the year ended December 31, 2019. Rental recoveries are classified as tenant reimbursement revenue in the accompanying consolidated income statements for the years ended December 31, 2018 and 2017 pursuant to Topic 840. Tenant recoveries are recognized as revenue in the period during which the applicable expenses are incurred and the tenant’s obligation to reimburse us arises. If the lease component is the predominant component, we account for all revenues under such lease as a single component in accordance with the new lease accounting standard. Conversely, if the non-lease component is the predominant component, all revenues under such lease are accounted for in accordance with the revenue recognition accounting standard. Our operating leases qualify for the single component accounting, and the lease component in each of our leases is predominant. Therefore, we account for all revenues from our operating leases under the new lease accounting standard and classify these revenues as rental and other services in our consolidated income statements. We commence recognition of income from rentals related to the operating leases at the date the property is ready for its intended use by the tenant and the tenant takes possession, or controls the physical use, of the leased asset. Our leases are classified as operating leases and minimum rents are recognized on a straight-line basis over the terms of the leases, which may span multiple years. The excess of rents recognized over amounts contractually due pursuant to the underlying leases is included in deferred rent in the accompanying consolidated balance sheets and contractually due but unpaid rents are included in accounts and other receivables. As of December 31, 2019 and 2018, the balance of rent receivable, net of allowance, was $171.9 million and $185.7 million, respectively, and is classified within accounts and other receivables, net of allowance for doubtful accounts in the accompanying consolidated balance sheets. Amounts received currently but recognized as revenue in future periods are classified in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheets. Lease termination fees are recognized over the remaining term of the lease, effective as of the date the lease modification is finalized, assuming collection is not considered doubtful. We recognize amortization of the value of acquired above or below-market tenant leases as a reduction of rental revenue in the case of above-market leases or an increase to rental revenue in the case of below-market leases. We make subjective estimates as to the probability of collection of substantially all lease payments over the term of a lease. We specifically analyze customer creditworthiness, accounts receivable and historical bad debts and current economic trends when evaluating the probability of collection. If collection of substantially all lease payments over the term of a lease is deemed not probable, rental revenue would be recognized when payment is received and revenue would not be recognized on a straight-line basis. We monitor the probability of collection over the lease term and in the event the collection of substantially all lease payments is no longer probable, we cease recognizing revenue on a straight-line basis and write-off the balance of all deferred rent related to the lease and commence recording rental revenue on a cash-basis. In addition, we record a full valuation allowance on the balance of any rent receivable, less the balance of any security deposits or letters of account. In the event that we subsequently determine the collection is probable, we resume recognizing rental revenue on a straight-line basis and record the incremental revenue such that the cumulative rental revenue is equal to the amount of revenue that would have been recorded on a straight-line basis since the inception of the lease. We also would reverse the allowance for bad debt recorded on the balance of accounts receivable. |
Revenue Recognition | We adopted Topic 606 in the first quarter of 2018 using the modified retrospective transition method and applied Topic 606 to those contracts that were not completed as of January 1, 2018. The results for reporting periods beginning after January 1, 2018 were presented under Topic 606, while prior period amounts were not adjusted and continued to be presented under Topic 605. Our financial statements did not recognize a material effect from the cumulative impact of adopting Topic 606. The majority of our revenue is derived from lease arrangements, which we account for in accordance with “Leases (Topic 840)” prior to 2019 component and are recorded within rental revenue. Revenue recognized as a result of applying Topic 842 for 2019 and Topic 840 (prior to 2019) was 97% and Topic 606 was approximately 3% of total operating revenue for the years ended December 31, 2019 and 2018. Interconnection services are included in rental and other services on the consolidated income statements and are generally provided on a month-to-month, one-year or multi-year term. Interconnection services include port and cross-connect services. Port services are typically sold on a one-year or multi-year term and revenue is recognized on a recurring monthly basis (straight-line). The Company bills customers on a monthly basis and recognizes the revenue over the period the service is provided. Revenue for cross-connect installations is generally recognized in the period the cross-connect is installed. Interconnection services that are not specific to a particular space are accounted for under Topic 606 and have terms that are generally one year or less. Occasionally, customers engage the Company for certain services. The nature of these services historically involves property management and construction management. The proper revenue recognition of these services can be different, depending on whether the arrangements are service revenue or contractor type revenue. Service revenues are typically recognized on an equal monthly basis based on the minimum fee to be earned. The monthly amounts could be adjusted depending on whether certain performance milestones are met. Fee income arises primarily from contractual management agreements with entities in which we have a noncontrolling interest. The management fees are recognized as earned under the respective agreements. Management and other fee income related to partially owned noncontrolled entities are recognized to the extent attributable to the unaffiliated interest. |
Asset Retirement Obligations | We record accruals for estimated asset retirement obligations as required by current accounting guidance. The amount of asset retirement obligations relates primarily to estimated costs associated with asbestos removal at the end of the economic life of properties that were built before 1984 along with remediation of soil contamination issues. As of December 31, 2019 and 2018, the amount included in accounts payable and other accrued liabilities on our consolidated balance sheets was approximately $16.8 million and $17.5 million, respectively. |
Assets and Liabilities Measured at Fair Value | Fair value under U.S. GAAP is a market-based measurement, not an entity-specific measurement. Therefore, our fair value measurements are determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair-value measurements, we use a fair-value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair-value measurement is based on inputs from different levels of the fair-value hierarchy, the lowest level input that is significant would be used to determine the fair-value measurement in its entirety. Our assessment of the significance of a particular input to the fair-value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. |
Transaction and Integration Expense | Transaction and integration expense includes business combination expenses, other business development expenses and other expenses to integrate newly acquired investments, which are expensed as incurred. Transaction expenses include closing costs, broker commissions and other professional fees, including legal and accounting fees related to business combinations or acquisitions that were not consummated. Integration costs include transition costs associated with organizational restructuring (such as severance and retention payments and recruiting expenses), third-party consulting expenses directly related to the integration of acquired companies (in areas such as cost savings and synergy realization, technology and systems work), and internal costs such as training, travel and labor, reflecting time spent by Company personnel on integration activities and projects. Recurring costs are recorded in general and administrative expense. |
Gains on Disposition of Properties | (x) Gains on Disposition of Properties As of January 1, 2018, we began accounting for the sale or contribution of real estate properties under Financial Accounting Standards Board, or FASB, Accounting Standards Update, or ASU, No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20), which provides for revenue recognition based on transfer of ownership. All properties were non-financial real estate assets and thus not businesses which were sold to noncustomers with no performance obligations subsequent to transfer of ownership. Prior to the adoption of Subtopic 610-20, we accounted for gains on sales of properties under 360-20, Property, Plant and Equipment — Real Estate Sales. Gains on sale of properties are recognized using the full accrual or partial sale methods, as applicable, provided various criteria relating to the terms of sale and any subsequent involvement with the real estate sold are satisfied. |
Gain On Deconsolidation | (y) Gain on Deconsolidation We deconsolidate our subsidiaries in accordance with ASC 810, Consolidation, as of the date we cease to have a controlling financial interest in our subsidiaries. We account for the deconsolidation of our subsidiaries by recognizing a gain or loss in accordance with ASC 810. This gain or loss is measured at the date our subsidiaries are deconsolidated as the difference between (a) the aggregate of the fair value of any consideration received, the fair value of any retained non-controlling interest in our subsidiaries being deconsolidated, and the carrying amount of any non-controlling interest in our subsidiaries being deconsolidated, including any accumulated other comprehensive income/loss attributable to the non-controlling interest, and (b) the carrying amount of the assets and liabilities of our subsidiaries being deconsolidated. |
Management's Estimates | The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates made. On an on-going basis, we evaluate our estimates, including those related to the valuation of our real estate properties, tenant relationship value, goodwill, contingent consideration, accounts receivable and deferred rent receivable, performance-based equity compensation plans and the completeness of accrued liabilities. We base our estimates on historical experience, current market conditions, and various other assumptions that are believed to be reasonable under the circumstances. Actual results may vary from those estimates and those estimates could vary under different assumptions or conditions. |
Segment and Geographic Information | The Company is managed on a consolidated basis based on customer demand considerations. Deployment of capital is geared to satisfy this demand. In this regard, the sale and delivery of our products is consistent throughout the portfolio. Services are provided to customers typical of the data center industry. Rent, and the cost of services are billed and collected. The Company has one operating segment and therefore one reporting segment. Operating revenues from properties in the United States were $2.6 billion, $2.5 billion and $1.9 billion and outside the United States were $627.4 million, $564.4 million and $515.2 million for the years ended December 31, 2019, 2018 and 2017, respectively. We had investments in real estate located in the United States of $10.6 billion, $11.1 billion and $10.5 billion and outside the United States of $3.7 billion, $3.8 billion and $3.1 billion as of December 31, 2019, 2018 and 2017, respectively. Operating revenues from properties located in the United Kingdom were $288.2 million, $295.3 million and $275.1 million, or 9.0 %, 9.7% and 11.2% of total operating revenues, for the years ended December 31, 2019, 2018 and 2017, respectively. No other foreign country comprised more than 10% of total operating revenues for each of these years. We had investments in real estate located in the United Kingdom of $1.7 billion, $1.6 billion and $1.7 billion, or 12.0 %, 10.9% and 12.1% of total investments in real estate, as of December 31, 2019, 2018 and 2017, respectively. No other foreign country comprised more than 10% of total investments in real estate as of each of December 31, 2019, 2018 and 2017. |
New Accounting Pronouncements | New Accounting Standards Issued but not yet Adopted In January 2017, the FASB issued guidance codified in ASU No. 2017-04, "Intangibles – Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment". ASU No. 2017-04 simplifies the accounting for goodwill impairment by eliminating the process of measuring the implied value of goodwill, known as step two, from the goodwill impairment test. Instead, if the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. The standard will be effective for us as of January 1, 2020, with early adoption permitted. We do not expect the provisions of ASU No. 2017-04 to have a material impact on our consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement.” This ASU amends existing fair value measurement disclosure requirements by adding, changing, or removing certain disclosures. ASU No. 2018-13 will be effective for us as of January 1, 2020, and earlier adoption is permitted. We are currently reviewing the impact this ASU will have on our consolidated financial statements. On June 16, 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which amends the accounting for credit losses for certain financial instruments. ASU 2016-13 introduced the “current expected credit losses” (CECL) model, which requires companies to estimate credit losses immediately upon exposure. The guidance applies to financial assets measured at amortized cost including financing receivables (loans) and trade receivables. On November 26, 2018, the FASB issued ASU 2018-19, C (cc) Reclassification We have reclassified certain items in the December 31, 2018 consolidated balance sheet to conform to the current presentation as follows (in thousands): As Previously As Reported Adjustments Revised Land $ 1,509,764 $ (650,651) $ 859,113 Building and improvements 16,745,210 (1,134,218) 15,610,992 Construction in progress and space held for development — 1,621,928 1,621,928 Land held for future development — 162,941 162,941 |
Reclassifications | (cc) Reclassification We have reclassified certain items in the December 31, 2018 consolidated balance sheet to conform to the current presentation as follows (in thousands): As Previously As Reported Adjustments Revised Land $ 1,509,764 $ (650,651) $ 859,113 Building and improvements 16,745,210 (1,134,218) 15,610,992 Construction in progress and space held for development — 1,621,928 1,621,928 Land held for future development — 162,941 162,941 |
Organization and Description _2
Organization and Description of Business (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization and Description of Business | |
Schedule of Real Estate Properties | Data Centers As of December 31, 2019 As of December 31, 2018 Unconsolidated Unconsolidated Region Operating Held for Sale (1) Joint Ventures Total Operating Held for Sale Joint Ventures Total United States 119 11 17 147 131 — 14 145 Europe 41 — — 41 38 — — 38 Latin America — — 19 19 16 — — 16 Asia 5 — 5 10 3 — 4 7 Australia 5 — — 5 5 — — 5 Canada 2 1 — 3 3 — — 3 Total 172 12 41 225 196 — 18 214 (1) Includes 10 Powered Base Building® properties, which comprise 12 data centers, that are held for sale to a third party as of December 31, 2019 (see note 5). |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary of Significant Accounting Policies | |
Schedule of property and equipment | Acquired ground leases Terms of the related lease Buildings and improvements 5-39 years Machinery and equipment 7-15 years Furniture and fixtures 3-5 years Leasehold improvements Shorter of the estimated useful lives or the terms of the related leases Tenant improvements Shorter of the estimated useful lives or the terms of the related leases |
Schedule of Goodwill | The following is a summary of goodwill activity for the years ended December 31, 2019 and 2018 (in thousands): Balance as of Impact of Change Balance as of December 31, Merger / Goodwill in Foreign December 31, Merger / Portfolio Acquisition 2018 Acquisition Deconsolidation Adjustments (1) Exchange Rates 2019 Telx Acquisition $ 330,845 $ — $ — $ — $ — $ 330,845 European Portfolio Acquisition 442,349 — — (9,436) 7,166 440,079 DFT Merger 2,592,146 — — — — 2,592,146 Ascenty Acquisition 982,667 — (967,189) — (15,478) — Total $ 4,348,007 $ — $ (967,189) $ (9,436) $ (8,312) $ 3,363,070 Balance as of Impact of Change Balance as of December 31, Merger / Goodwill in Foreign December 31, 2017 Acquisition Deconsolidation Adjustments Exchange Rates 2018 Telx Acquisition $ 330,845 $ — $ — $ — $ — $ 330,845 European Portfolio Acquisition 466,604 — — — (24,255) 442,349 DFT Merger 2,592,146 — — — — 2,592,146 Ascenty Acquisition — 982,667 — — — 982,667 Total $ 3,389,595 $ 982,667 $ — $ — $ (24,255) $ 4,348,007 |
Schedule of reclassified adjustments in balance sheet | We have reclassified certain items in the December 31, 2018 consolidated balance sheet to conform to the current presentation as follows (in thousands): As Previously As Reported Adjustments Revised Land $ 1,509,764 $ (650,651) $ 859,113 Building and improvements 16,745,210 (1,134,218) 15,610,992 Construction in progress and space held for development — 1,621,928 1,621,928 Land held for future development — 162,941 162,941 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations | |
Summary of Preliminary Fair Value of Assets and Liabilities Acquired | The following table summarizes the provisional amounts for acquired assets and liabilities recorded at their fair values as of the acquisition date (in thousands): Building and improvements $ 425,000 Goodwill 982,667 Tenant relationship value 375,000 Acquired in-place lease value 120,000 Cash and cash equivalents 116,000 Other assets 30,000 Other liabilities (40,000) Capital lease and other long-term obligations (50,000) Total purchase price $ 1,958,667 We acquired the following real estate during the years ended December 31, 2019 and 2018 (excluding business combinations already discussed in Note 3): 2019 Acquisitions Amount Property Type (in millions) (2) Land parcels (1) $ 47.7 Technology office (3) 28.0 $ 75.7 2018 Acquisitions Amount Property Type (in millions) (2) Land Parcels (1) $ 296.1 Data Centers 114.6 $ 410.7 (1) Represents currently vacant land which is not included in our operating property count. (2) Purchase price in U.S. dollars and excludes capitalized closing costs. (3) Property to be redeveloped. The table below reflects the purchase price allocation for the above properties acquired in 2019 and 2018 (in thousands): Above- Below- Acquisition Buildings and Tenant Market In-Place Market Date Fair Property Type Land Improvements Improvements Leases Leases Leases Value 2019 Land Parcels $ 47,712 $ — $ — $ — $ — $ — $ 47,712 Technology office 24,315 3,039 — — 638 — 27,992 Total $ 72,027 $ 3,039 $ — $ — $ 638 $ — $ 75,704 2018 Land Parcels $ 296,071 $ — $ — $ — $ — $ — $ 296,071 Data Centers 60,633 54,008 — — — — 114,641 Total $ 356,704 $ 54,008 $ — $ — $ — $ — $ 410,712 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases | |
Supplemental Balance Sheet Information | Supplemental balance sheet information related to leases as of December 31, 2019 was as follows (in thousands): Balance Sheet Balance as of Classification December 31, 2019 Assets: Operating lease assets Operating lease right-of-use assets, net (1) $ 628,681 Finance lease assets Buildings and improvements, net (2) 131,072 Total leased assets $ 759,753 Liabilities: Operating lease liabilities Operating lease liabilities $ 693,539 Finance lease liabilities Accounts payable and other accrued liabilities 178,086 Total lease liabilities $ 871,625 _________________________ (1) Net of accumulated depreciation and amortization of $51.7 million as of December 31, 2019. (2) Net of accumulated depreciation and amortization of $4.9 million as of December 31, 2019. |
Lease, Cost | The components of lease expense for the year ended December 31, 2019 were as follows (in thousands): Year Ended Lease cost Income Statement Classification December 31, 2019 Finance lease cost: Amortization of right-of-use assets Depreciation and amortization $ 5,074 Interest on lease liabilities Interest expense 6,044 Operating lease cost Rental property operating and maintenance / General and administrative 90,980 Total lease cost $ 102,098 |
Schedule of Future Minimum Rental Payments for Operating Leases | The minimum commitment under operating leases, excluding fully prepaid ground leases, as of December 31, 2018 was as follows (in thousands): 2019 $ 84,712 2020 87,396 2021 86,212 2022 81,976 2023 80,707 Thereafter 539,047 Total $ 960,050 |
Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum lease payments and their present value for property under capital lease obligations as of December 31, 2018, are as follows (in thousands): 2019 $ 11,657 2020 13,108 2021 13,207 2022 13,706 2023 14,219 Thereafter 285,774 351,671 Less amount representing interest (137,827) Present value $ 213,844 |
Finance Leases Maturity | Maturities of lease liabilities as of December 31, 2019 were as follows (in thousands): Operating Finance lease liabilities lease liabilities 2020 $ 85,277 $ 8,881 2021 84,796 8,927 2022 81,021 9,399 2023 79,751 9,865 2024 73,612 9,914 Thereafter 478,241 226,261 Total undiscounted future cash flows 882,698 273,247 Less: Imputed interest (189,159) (95,161) Present value of undiscounted future cash flows $ 693,539 $ 178,086 |
Operating Lease Maturity | Operating Finance lease liabilities lease liabilities 2020 $ 85,277 $ 8,881 2021 84,796 8,927 2022 81,021 9,399 2023 79,751 9,865 2024 73,612 9,914 Thereafter 478,241 226,261 Total undiscounted future cash flows 882,698 273,247 Less: Imputed interest (189,159) (95,161) Present value of undiscounted future cash flows $ 693,539 $ 178,086 |
Lessor Operating Minimum Lease Payments | The following table summarizes the minimum lease payments due from our customers on leases with lease periods greater than one year for space in our operating properties, prestabilized development properties and leases of land subject to ground leases at December 31, 2019 (in thousands): Operating leases 2020 $ 2,810,508 2021 1,947,216 2022 1,552,045 2023 1,333,620 2024 1,089,305 Thereafter 4,091,199 Total $ 12,823,893 |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments in Real Estate. | |
Schedule of Properties Acquired | The table below reflects the purchase price allocation for the above properties acquired in 2019 and 2018 (in thousands): Above- Below- Acquisition Buildings and Tenant Market In-Place Market Date Fair Property Type Land Improvements Improvements Leases Leases Leases Value 2019 Land Parcels $ 47,712 $ — $ — $ — $ — $ — $ 47,712 Technology office 24,315 3,039 — — 638 — 27,992 Total $ 72,027 $ 3,039 $ — $ — $ 638 $ — $ 75,704 2018 Land Parcels $ 296,071 $ — $ — $ — $ — $ — $ 296,071 Data Centers 60,633 54,008 — — — — 114,641 Total $ 356,704 $ 54,008 $ — $ — $ — $ — $ 410,712 |
Schedule of Real Estate Property Acquisitions | The following table summarizes the provisional amounts for acquired assets and liabilities recorded at their fair values as of the acquisition date (in thousands): Building and improvements $ 425,000 Goodwill 982,667 Tenant relationship value 375,000 Acquired in-place lease value 120,000 Cash and cash equivalents 116,000 Other assets 30,000 Other liabilities (40,000) Capital lease and other long-term obligations (50,000) Total purchase price $ 1,958,667 We acquired the following real estate during the years ended December 31, 2019 and 2018 (excluding business combinations already discussed in Note 3): 2019 Acquisitions Amount Property Type (in millions) (2) Land parcels (1) $ 47.7 Technology office (3) 28.0 $ 75.7 2018 Acquisitions Amount Property Type (in millions) (2) Land Parcels (1) $ 296.1 Data Centers 114.6 $ 410.7 (1) Represents currently vacant land which is not included in our operating property count. (2) Purchase price in U.S. dollars and excludes capitalized closing costs. (3) Property to be redeveloped. The table below reflects the purchase price allocation for the above properties acquired in 2019 and 2018 (in thousands): Above- Below- Acquisition Buildings and Tenant Market In-Place Market Date Fair Property Type Land Improvements Improvements Leases Leases Leases Value 2019 Land Parcels $ 47,712 $ — $ — $ — $ — $ — $ 47,712 Technology office 24,315 3,039 — — 638 — 27,992 Total $ 72,027 $ 3,039 $ — $ — $ 638 $ — $ 75,704 2018 Land Parcels $ 296,071 $ — $ — $ — $ — $ — $ 296,071 Data Centers 60,633 54,008 — — — — 114,641 Total $ 356,704 $ 54,008 $ — $ — $ — $ — $ 410,712 |
Schedule of Dispositions | We sold the following real estate properties during the years ended December 31, 2019 and 2018: 2019 Dispositions Fair Value Gain on contribution Location / Portfolio Metro Area Date Sold (in millions) (in millions) Mapletree portfolio (1) Northern Virginia Nov 1, 2019 $ 996.6 $ 266.0 (1) Consists of three data centers that were contributed to a joint venture (see note 6). 2018 Dispositions Gross Proceeds Gain on Sale Location Metro Area Date Sold (in millions) (in millions) 200 Quannapowitt Parkway Boston Jan 25, 2018 $ 15.0 $ (0.4) 34551 Ardenwood Boulevard Silicon Valley Feb 9, 2018 73.3 25.3 3065 Gold Camp Drive Sacramento Mar 14, 2018 14.2 5.4 11085 Sun Center Drive Sacramento Mar 14, 2018 36.8 9.1 Austin Portfolio Austin Apr 19, 2018 47.6 12.0 2010 East Centennial Circle Phoenix May 22, 2018 5.5 (0.5) 1125 Energy Park Drive Minneapolis May 31, 2018 7.0 2.8 360 Spear Street San Francisco Sep 21, 2018 92.3 26.7 $ 291.7 $ 80.4 |
Investments in Unconsolidated_2
Investments in Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments in Unconsolidated Joint Ventures | |
Summary of Financial Information for Joint Ventures | As of December 31, 2019 and 2018, our investments in unconsolidated joint ventures accounted for under the equity method of accounting presented in our consolidated balance sheets consist of the following (in thousands): Year Joint # of Metropolitan Balance as of Balance as of Joint Venture Venture Formed Data Centers Area % Ownership December 31, 2019 December 31, 2018 Ascenty (1)(3) 2019 19 Brazil / Chile 51 % (2) $ 774,853 $ — Mapletree 2019 3 Northern Virginia 20 % 208,354 — Mitsubishi 2017 4 Osaka / Tokyo 50 % 200,652 66,835 CenturyLink 2012 1 Hong Kong 50 % 88,647 96,094 Other Various 14 U.S. Various 14,603 12,179 Total 41 $ 1,287,109 $ 175,108 (1) Our maximum exposure to loss related to this unconsolidated variable interest entity (VIE) is limited to our equity investment in this VIE. (2) Includes an approximate 2% ownership interest held by a non-controlling interest in our entity that holds the investment in the Ascenty joint venture, which has a carrying value of approximately $25.0 million and is classified with redeemable noncontrolling interests in our consolidated balance sheet. (3) See note 3 for additional information on the Ascenty joint venture. |
Acquired Intangible Assets an_2
Acquired Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Acquired Intangible Assets and Liabilities | |
Summary of Acquired Intangible Assets | Balance as of (Amounts in thousands) December 31, 2019 December 31, 2018 Real Estate Intangibles: Acquired in-place lease value: Gross amount $ 1,357,190 $ 1,569,401 Accumulated amortization (899,071) (795,033) Net $ 458,119 $ 774,368 Tenant relationship value: Gross amount $ 1,845,949 $ 2,339,606 Accumulated amortization (400,570) (291,818) Net $ 1,445,379 $ 2,047,788 Acquired above-market leases: Gross amount $ 279,048 $ 277,796 Accumulated amortization (204,233) (158,037) Net $ 74,815 $ 119,759 Acquired below-market leases: Gross amount $ 396,509 $ 442,535 Accumulated amortization (247,735) (242,422) Net $ 148,774 $ 200,113 |
Schedule of Estimated Annual Amortization of Below Market Leases | (Amounts in thousands) 2020 $ (10,648) 2021 (3,501) 2022 4,735 2023 9,500 2024 10,149 Thereafter 63,724 Total $ 73,959 |
Schedule of Estimated Annual Amortization of Acquired of Intangible Assets | Estimated annual amortization of acquired in-place lease value for each of the five succeeding years and thereafter, commencing January 1, 2020 is as follows:Estimated annual amortization of tenant relationship value for each of the five succeeding years and thereafter, commencing January 1, 2020 is as follows: |
Debt of the Operating Partner_2
Debt of the Operating Partnership (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Instrument [Line Items] | |
Summary of Senior Notes, Amounts Issued | Amount Issued (in Unsecured Senior Notes and Annual Maturity millions, local Net Proceeds Interest Payment Interest Rate Date Issued Date currency) (in millions) (1) Dates Initial Issuer (2) 3.950% Notes due 2022 Jun 23, 2015 Jul 1, 2022 $ 500.0 491.8 Semi-annually, commencing January 1, 2016 Digital Realty Trust, L.P. 3.625% Notes due 2022 Sep 24, 2012 Oct 1, 2022 $ 300.0 293.1 Semi-annually, commencing April 1, 2013 Digital Realty Trust, L.P. 2.750% Notes due 2023 Aug 7, 2017 Feb 1, 2023 $ 350.0 346.9 Semi-annually, commencing February 1, 2018 Digital Realty Trust, L.P. 4.750% Notes due 2023 Apr 1, 2014 Oct 13, 2023 £ 300.0 490.9 Semi-annually, commencing October 13, 2014 Digital Stout Holding, LLC (3) 2.625% Notes due 2024 Apr 15, 2016 Apr 15, 2024 € 600.0 670.3 Annually, commencing April 15, 2017 Digital Euro Finco, LLC (3) 2.750% Notes due 2024 Jul 21, 2017 Jul 19, 2024 £ 250.0 321.3 Annually, commencing July 19, 2018 Digital Stout Holding, LLC (3) 4.250% Notes due 2025 Jan 18, 2013 Jan 17, 2025 £ 400.0 624.2 Semi-annually, commencing July 17, 2013 Digital Stout Holding, LLC (3) 4.750% Notes due 2025 Oct 1, 2015 Oct 1, 2025 $ 450.0 445.8 Semi-annually, commencing April 1, 2016 Digital Delta Holdings, LLC (4) 2.500% Notes due 2026 Jan 16, 2019 Jan 16, 2026 € 1,075.0 1,218.6 Annually, commencing January 16, 2020 Digital Euro Finco, LLC (3) 3.700% Notes due 2027 Aug 7, 2017 Aug 15, 2027 $ 1,000.0 991.0 Semi-annually, commencing February 15, 2018 Digital Realty Trust, L.P. 1.125% Notes due 2028 Oct 9, 2019 Apr 9, 2028 € 500.0 539.7 Annually, commencing April 9, 2020 Digital Euro Finco, LLC (3) 4.450% Notes due 2028 Jun 21, 2018 Jul 15, 2028 $ 650.0 643.3 Semi-annually, commencing January 15, 2019 Digital Realty Trust, L.P. 3.600% Notes due 2029 Jun 14, 2019 Jul 1, 2029 $ 900.0 890.6 Semi-annually, commencing January 1, 2020 Digital Realty Trust, L.P. 3.300% Notes due 2029 Jul 21, 2017 Jul 19, 2029 £ 350.0 448.6 Annually, commencing July 19, 2018 Digital Stout Holding, LLC (3) 3.750% Notes due 2030 Oct 17, 2018 and Mar 9, 2019 Oct 17, 2030 £ 550.0 716.8 Annually, commencing October 17, 2019 Digital Stout Holding, LLC (3) (1) Amounts are in U.S. dollars, based on the exchange rate on the date of issuance. Net proceeds are equal to principal amount less initial purchaser discount and other debt issuance costs. (2) Digital Realty Trust, Inc. guarantees the senior notes issued by Digital Realty Trust, L.P. Both Digital Realty Trust, L.P. and Digital Realty Trust, Inc. guarantee the senior notes issued by Digital Stout Holding, LLC and Digital Euro Finco, LLC. (3) A wholly owned subsidiary of Digital Realty Trust, L.P. (4) Initially a wholly owned subsidiary of Digital Realty Trust, Inc., pursuant to the terms of the indenture, following the consummation of the Telx Acquisition, on October 13, 2015, Digital Delta Holdings, LLC merged with and into Digital Realty Trust, L.P., with Digital Realty Trust, L.P. surviving the merger and assuming Digital Delta Holdings, LLC’s obligations under the 4.750% 2025 Notes, the related indenture and registration rights agreement by operation of law. |
Digital Realty Trust, L.P. | |
Debt Instrument [Line Items] | |
Summary of Outstanding Indebtedness of the Operating Partnership | A summary of outstanding indebtedness of the Operating Partnership as of December 31, 2019 and 2018 is as follows (in thousands): Interest Rate at Principal Principal December 31, Outstanding at Outstanding at Indebtedness 2019 Maturity Date December 31, 2019 December 31, 2018 Global revolving credit facilities Various (1) Jan 24, 2023 (1) $ 245,766 (2) $ 1,663,156 (2) Deferred financing costs, net (11,661) (15,421) Global revolving credit facilities, net 234,105 1,647,735 Unsecured Term Loans 2019 Term Loan Base Rate + 1.000 % Jan 19, 2019 — 375,000 2023 Term Loan Various (3)(4) Jan 15, 2023 300,000 (5) 300,000 (5) 2024 Term Loan Various (3)(4) Jan 24, 2023 513,205 (5) 508,120 (5) Deferred financing costs, net (2,986) (4,216) Unsecured term loans, net 810,219 1,178,904 Unsecured senior notes: Floating rate notes due 2019 EURIBOR + 0.500 % May 22, 2019 — (11) 143,338 (6) 5.875% notes due 2020 5.875 % Feb 1, 2020 — (8) 500,000 3.400% notes due 2020 3.400 % Oct 1, 2020 — (12) 500,000 5.250% notes due 2021 5.250 % Mar 15, 2021 — (12) 400,000 3.950% notes due 2022 3.950 % Jul 1, 2022 500,000 500,000 3.625% notes due 2022 3.625 % Oct 1, 2022 300,000 300,000 2.750% notes due 2023 2.750 % Feb 1, 2023 350,000 350,000 4.750% notes due 2023 4.750 % Oct 13, 2023 397,710 (7) 382,620 (7) 2.625% notes due 2024 2.625 % Apr 15, 2024 672,780 (6) 688,020 (6) 2.750% notes due 2024 2.750 % Jul 19, 2024 331,425 (7) 318,850 (7) 4.250% notes due 2025 4.250 % Jan 17, 2025 530,280 (7) 510,160 (7) 4.750% notes due 2025 4.750 % Oct 1, 2025 450,000 450,000 2.500% notes due 2026 2.500 % Jan 16, 2026 1,205,398 (6) — 3.700% notes due 2027 3.700 % Aug 15, 2027 1,000,000 1,000,000 1.125% notes due 2028 1.125 % Apr 9, 2028 560,650 (6) — 4.450% notes due 2028 4.450 % Jul 15, 2028 650,000 650,000 3.600% notes due 2029 3.600 % Jul 1, 2029 900,000 — 3.300% notes due 2029 3.300 % Jul 19, 2029 463,995 (7) 446,390 (7) 3.750% notes due 2030 3.750 % Oct 17, 2030 729,135 (7)(9) 510,160 (7) Unamortized discounts, net of premiums (16,145) (19,859) Total senior notes, net of discount 9,025,228 7,629,679 Deferred financing costs, net (52,038) (40,553) Total unsecured senior notes, net of discount and deferred financing costs 8,973,190 7,589,126 Secured Debt: 731 East Trade Street 8.22 % Jul 1, 2020 $ 1,089 $ 1,776 Secured note due March 2023 LIBOR + 1.000 % (4) Mar 1, 2023 104,000 104,000 Secured note due December 2023 Base Rate + 4.250 % Dec 20, 2023 — (10) 600,000 Unamortized net premiums 54 148 Total secured debt, including premiums 105,143 705,924 Deferred financing costs, net (209) (20,210) Total secured debt, including premiums and net of deferred financing costs 104,934 685,714 Total indebtedness $ 10,122,448 $ 11,101,479 (1) The interest rate for borrowings under the global revolving credit facility equals the applicable index plus a margin of 90 basis points, which is based on the current credit ratings of our long-term debt. An annual facility fee of 20 basis points, which is based on the credit ratings of our long-term debt, is due and payable quarterly on the total commitment amount of the facility. Two six-month extensions are available, which we may exercise if certain conditions are met. The interest rate for borrowings under the Yen revolving credit facility equals the applicable index plus a margin of 50 basis points, which is based on the current credit ratings of our long-term debt. (2) Balances as of December 31, 2019 and December 31, 2018 are as follows (balances, in thousands): Balance as of Weighted- Balance as of Weighted- December 31, average December average Denomination of Draw 2019 interest rate 31, 2018 interest rate Floating Rate Borrowing (a) (d) U.S. dollar ($) $ — — % $ 890,000 3.37 % British pound sterling (£) — — % 8,290 (c) 1.61 % Euro (€) 44,852 (b) 0.90 % 451,800 (c) 0.90 % Australian dollar (AUD) 1,264 (b) 1.74 % 27,632 (c) 2.82 % Hong Kong dollar (HKD) — — % 8,797 (c) 3.14 % Japanese yen (JPY) — — % 4,105 (c) 0.90 % Singapore dollar (SGD) 53,199 (b) 2.46 % 77,112 (c) 2.79 % Canadian dollar (CAD) — — % 60,856 (c) 3.16 % Total $ 99,315 1.75 % $ 1,528,592 2.57 % Yen Revolving Credit Facility (a) $ 146,451 (e) 0.50 % $ 134,564 (e) 0.50 % Total borrowings $ 245,766 1.00 % $ 1,663,156 2.41 % (a) The interest rates for floating rate borrowings under the global revolving credit facility currently equal the applicable index plus a margin of 90 basis points, which is based on the credit rating of our long-term debt. The interest rate for borrowings under the Yen revolving credit facility equals the applicable index plus a margin of 50 basis points, which is based on the current credit rating of our long-term debt. (b) Based on exchange rates of $1.12 to €1.00, $0.70 to 1.00 AUD and $0.74 to 1.00 SGD, respectively, as of December 31, 2019. (c) Based on exchange rates of $1.28 to £1.00, $1.15 to €1.00, $0.70 to 1.00 AUD, $0.13 to 1.00 HKD, $0.01 to 1.00 JPY, $0.73 to 1.00 SGD and $0.73 to 1.00 CAD, respectively, as of December 31, 2018. (d) As of December 31, 2019, approximately $45.2 million of letters of credit were issued. (e) Based on exchange rates of $0.01 to 1.00 JPY for December 31, 2019 and 2018. (3) Interest rates are based on our current senior unsecured debt ratings and is currently 100 basis points over the applicable index for floating rate advances for the 2023 Term Loan and the 2024 Term Loan. (4) We have entered into interest rate swap agreements as a cash flow hedge for interest generated by a portion of U.S. dollar and Canadian dollar borrowings under the 2023 Term Loan and 2024 Term Loan, and the secured note due March 2023. See Note 16. "Derivative Instruments" for further information. (5) Balances as of December 31, 2019 and December 31, 2018 are as follows (balances, in thousands): Balance as of Weighted- Balance as of Weighted- December 31, average December 31, average Denomination of Draw 2019 interest rate 2018 interest rate U.S. dollar ($) $ 300,000 2.74 % (b) $ 300,000 3.46 % (d) Singapore dollar (SGD) 147,931 (a) 2.68 % 146,080 (c) 2.76 % Australian dollar (AUD) 203,820 (a) 1.85 % 204,632 (c) 2.94 % Hong Kong dollar (HKD) 85,629 (a) 3.60 % 85,188 (c) 3.32 % Canadian dollar (CAD) 75,825 (a) 3.00 % (b) 72,220 (c) 3.24 % (d) Total $ 813,205 2.62 % (b) $ 808,120 3.17 % (d) (a) Based on exchange rates of $0.74 to 1.00 SGD, $0.70 to 1.00 AUD, $0.13 to 1.00 HKD and $0.77 to 1.00 CAD, respectively, as of December 31, 2019. (b) As of December 31, 2019, the weighted-average interest rate reflecting interest rate swaps was 2.44% (U.S. dollar), 1.78% (Canadian dollar) and 2.39% (Total). See Note 16 for further discussion on interest rate swaps. (c) Based on exchange rates of $0.73 to 1.00 SGD, $0.70 to 1.00 AUD, $0.13 to 1.00 HKD and $0.73 to 1.00 CAD, respectively, as of December 31, 2018. (d) As of December 31, 2018, the weighted-average interest rate reflecting interest rate swaps was 2.44% (U.S. dollar), 1.78% (Canadian dollar) and 2.66% (Total). See Note 16 for further discussion on interest rate swaps. (6) Based on exchange rates of $1.12 to €1.00 as of December 31, 2019 and $1.15 to €1.00 as of December 31, 2018. (7) Based on exchange rates of $1.33 to £1.00 as of December 31, 2019 and $1.28 to £1.00 as of December 31, 2018. (8) The 5.875% 2020 Notes were paid in full in January 2019 (by tender offer) and February 2019 (by redemption of the remaining balance after the tender offer). The tender offer and redemption resulted in an early extinguishment charge of approximately $12.9 million during the three months ended March 31, 2019. (9) On March 5, 2019, Digital Stout Holding, LLC, a wholly owned subsidiary of the Operating Partnership, issued and sold an additional £150.0 million aggregate principal amount of 2030 Notes. The terms of the 2030 Notes are governed by an indenture, dated as of October 17, 2018, among Digital Stout Holding, LLC, Digital Realty Trust, Inc., the Operating Partnership, Deutsche Trustee Company Limited, as trustee, Deutsche Bank AG, London Branch, as paying agent and a transfer agent, and Deutsche Bank Luxembourg S.A., as registrar and a transfer agent (the “GBP Notes Indenture”), pursuant to which Digital Stout Holding, LLC previously issued £400.0 million in aggregate principal amount of its 2030 Notes. The 2030 Notes are treated as a single series with the notes previously issued under the GBP Notes Indenture. (10) The debt was deconsolidated as a result of the Ascenty joint venture formed with Brookfield. (11) Paid in full at maturity in May 2019. (12) The 3.400% 2020 Notes and 2021 Notes were paid in full in June 2019 (by tender offer) and July 2019 (by redemption of the remaining balances after the tender offer). The tender offer resulted in an early extinguishment charge of approximately $26.3 million during the year ended December 31, 2019. |
Schedule of Debt Maturities and Principal Maturities | The table below summarizes our debt maturities and principal payments as of December 31, 2019 (in thousands): Global Revolving Unsecured Credit Facilities (1) Term Loans (1) Senior Notes Secured Debt Total Debt 2020 $ — $ — $ — $ 1,089 $ 1,089 2021 — — — — — 2022 — — 800,000 — 800,000 2023 99,315 813,205 747,710 104,000 1,764,230 2024 146,451 — 1,004,205 — 1,150,656 Thereafter — — 6,489,458 — 6,489,458 Subtotal $ 245,766 $ 813,205 $ 9,041,373 $ 105,089 $ 10,205,433 Unamortized discount — — (22,554) — (22,554) Unamortized premium — — 6,409 54 6,463 Total $ 245,766 $ 813,205 $ 9,025,228 $ 105,143 $ 10,189,342 (1) The global revolving credit facility and unsecured term loans are subject to two six-month extension options exercisable by us. The bank group is obligated to grant the extension options provided we give proper notice, we make certain representations and warranties and no default exists under the global revolving credit facility or unsecured term loans, as applicable. |
Income per Share (Tables)
Income per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income per Share | |
Summary of Basic and Diluted Earnings Per Share | The following is a summary of basic and diluted income per share (in thousands, except share and per share amounts): Year Ended December 31, 2019 2018 2017 Net income available to common stockholders $ 493,011 $ 249,930 $ 173,148 Weighted average shares outstanding—basic 208,325,823 206,035,408 174,059,386 Potentially dilutive common shares: Unvested incentive units 165,185 141,260 141,136 Forward equity offering 813,073 33,315 124,527 Market performance-based awards 158,166 463,488 570,049 Weighted average shares outstanding—diluted 209,462,247 206,673,471 174,895,098 Income per share: Basic $ 2.37 $ 1.21 $ 0.99 Diluted $ 2.35 $ 1.21 $ 0.99 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | We have excluded the following potentially dilutive securities in the calculations above as they would be antidilutive or not dilutive: Year Ended December 31, 2019 2018 2017 Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. 9,087,726 8,227,463 3,996,550 Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock 1,695,765 1,876,584 540,773 Potentially dilutive Series F Cumulative Redeemable Preferred Stock — — 463,301 Potentially dilutive Series G Cumulative Redeemable Preferred Stock 2,102,655 2,326,861 2,261,153 Potentially dilutive Series H Cumulative Redeemable Preferred Stock 789,846 3,409,772 3,313,484 Potentially dilutive Series I Cumulative Redeemable Preferred Stock 2,105,116 2,329,584 2,263,799 Potentially dilutive Series J Cumulative Redeemable Preferred Stock 1,679,534 1,858,622 720,803 Potentially dilutive Series K Cumulative Redeemable Preferred Stock 1,334,691 — — Potentially dilutive Series L Cumulative Redeemable Preferred Stock 670,823 — — Total 19,466,156 20,028,886 13,559,863 |
Income per Unit (Tables)
Income per Unit (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Class of Stock [Line Items] | |
Summary of Basic and Diluted Earnings Per Share | The following is a summary of basic and diluted income per share (in thousands, except share and per share amounts): Year Ended December 31, 2019 2018 2017 Net income available to common stockholders $ 493,011 $ 249,930 $ 173,148 Weighted average shares outstanding—basic 208,325,823 206,035,408 174,059,386 Potentially dilutive common shares: Unvested incentive units 165,185 141,260 141,136 Forward equity offering 813,073 33,315 124,527 Market performance-based awards 158,166 463,488 570,049 Weighted average shares outstanding—diluted 209,462,247 206,673,471 174,895,098 Income per share: Basic $ 2.37 $ 1.21 $ 0.99 Diluted $ 2.35 $ 1.21 $ 0.99 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | We have excluded the following potentially dilutive securities in the calculations above as they would be antidilutive or not dilutive: Year Ended December 31, 2019 2018 2017 Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. 9,087,726 8,227,463 3,996,550 Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock 1,695,765 1,876,584 540,773 Potentially dilutive Series F Cumulative Redeemable Preferred Stock — — 463,301 Potentially dilutive Series G Cumulative Redeemable Preferred Stock 2,102,655 2,326,861 2,261,153 Potentially dilutive Series H Cumulative Redeemable Preferred Stock 789,846 3,409,772 3,313,484 Potentially dilutive Series I Cumulative Redeemable Preferred Stock 2,105,116 2,329,584 2,263,799 Potentially dilutive Series J Cumulative Redeemable Preferred Stock 1,679,534 1,858,622 720,803 Potentially dilutive Series K Cumulative Redeemable Preferred Stock 1,334,691 — — Potentially dilutive Series L Cumulative Redeemable Preferred Stock 670,823 — — Total 19,466,156 20,028,886 13,559,863 |
Digital Realty Trust, L.P. | |
Class of Stock [Line Items] | |
Summary of Basic and Diluted Earnings Per Share | The following is a summary of basic and diluted income per unit (in thousands, except unit and per unit amounts): Year Ended December 31, 2019 2018 2017 Net income available to common unitholders $ 514,111 $ 260,110 $ 176,918 Weighted average units outstanding—basic 217,284,755 214,312,871 178,055,936 Potentially dilutive common units: Unvested incentive units 165,185 141,260 141,136 Forward equity offering 813,073 33,315 124,527 Market performance-based awards 158,166 463,488 570,049 Weighted average units outstanding—diluted 218,421,179 214,950,934 178,891,648 Income per unit: Basic $ 2.37 $ 1.21 $ 0.99 Diluted $ 2.35 $ 1.21 $ 0.99 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | We have excluded the following potentially dilutive securities in the calculations above as they would be antidilutive or not dilutive: Year Ended December 31, 2019 2018 2017 Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Units 1,695,765 1,876,584 540,773 Potentially dilutive Series F Cumulative Redeemable Preferred Units — — 463,301 Potentially dilutive Series G Cumulative Redeemable Preferred Units 2,102,655 2,326,861 2,261,153 Potentially dilutive Series H Cumulative Redeemable Preferred Units 789,846 3,409,772 3,313,484 Potentially dilutive Series I Cumulative Redeemable Preferred Units 2,105,116 2,329,584 2,263,799 Potentially dilutive Series J Cumulative Redeemable Preferred Units 1,679,534 1,858,622 720,803 Potentially dilutive Series K Cumulative Redeemable Preferred Units 1,334,691 — — Potentially dilutive Series L Cumulative Redeemable Preferred Units 670,823 — — Total 10,378,430 11,801,423 9,563,313 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes | |
Schedule of Deferred Tax Assets and Liabilities | Deferred income tax assets and liabilities as of December 31, 2019 and 2018 were as follows (in thousands): 2019 2018 Gross deferred income tax assets: Net operating loss carryforwards $ 63,280 $ 71,656 Basis difference - real estate property 9,955 8,490 Basis difference - intangibles 1,071 256 Other - temporary differences 19,028 24,341 Total gross deferred income tax assets 93,334 104,743 Valuation allowance (40,795) (51,439) Total deferred income tax assets, net of valuation allowance 52,539 53,304 Gross deferred income tax liabilities: Basis difference - real estate property 162,095 164,077 Basis difference - equity investments 4,000 — Basis difference - intangibles 1,547 6,855 Straight-line rent 8,044 5,340 Other - temporary differences 20,218 23,584 Total gross deferred income tax liabilities 195,904 199,856 Net deferred income tax liabilities $ 143,365 $ 146,552 |
Equity and Accumulated Other _2
Equity and Accumulated Other Comprehensive Loss, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity and Accumulated Other Comprehensive Loss, Net | |
Schedule of redeemable preferred stock | Total Liquidation Annual Shares Outstanding as of Balance (in thousands, net of Date(s) Initial Date to Value (in Dividend December 31, issuance costs) as of December 31, Preferred Stock (1) Issued Redeem (2) Share Cap (3) thousands) (4) Rate (5) 2019 2018 2019 2018 6.625% Series C Cumulative Redeemable Perpetual Preferred Stock Sep 14, 2017 May 15, 2021 0.6389035 $ 201,250 $ 1.65625 8,050,000 8,050,000 $ 219,250 $ 219,250 5.875% Series G Cumulative Redeemable Preferred Stock Apr 9, 2013 Apr 9, 2018 0.7532000 250,000 1.46875 10,000,000 10,000,000 241,468 241,468 7.375% Series H Cumulative Redeemable Preferred Stock Mar 26, 2014 Mar 26, 2019 0.9632000 — 1.84375 — 14,600,000 — 353,290 6.350% Series I Cumulative Redeemable Preferred Stock Aug 24, 2015 Aug 24, 2020 0.7623100 250,000 1.58750 10,000,000 10,000,000 242,012 242,012 5.250% Series J Cumulative Redeemable Preferred Stock Aug 7, 2017 Aug 7, 2022 0.4252100 200,000 1.31250 8,000,000 8,000,000 193,540 193,540 5.850% Series K Cumulative Redeemable Preferred Stock Mar 13, 2019 Mar 13, 2024 0.4361100 210,000 1.46250 8,400,000 — 203,264 — 5.200% Series L Cumulative Redeemable Preferred Stock Oct 10, 2019 Oct 10, 2024 0.3851800 345,000 1.30000 13,800,000 — 334,886 — $ 1,456,250 58,250,000 50,650,000 $ 1,434,420 $ 1,249,560 (1) All series of preferred stock do not have a stated maturity date and are not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, each series of preferred stock will rank senior to Digital Realty Trust, Inc. common stock and on parity with the other series of preferred stock. Holders of each series of preferred stock generally have no voting rights except for limited voting rights if Digital Realty Trust, Inc. fails to pay dividends for six or more quarterly periods (whether or not consecutive) and in certain other circumstances. (2) Except in limited circumstances, reflects earliest date that Digital Realty Trust, Inc. may exercise its option to redeem the preferred stock, at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but excluding the date of redemption. (3) Upon the occurrence of specified changes of control, as a result of which neither Digital Realty Trust, Inc.’s common stock nor the common securities of the acquiring or surviving entity (or American Depositary Receipts representing such securities) is listed on the New York Stock Exchange, the NYSE MKT, LLC or the NASDAQ Stock Market or listed or quoted on a successor exchange or quotation system, each holder of preferred stock will have the right (unless, prior to the change of control conversion date specified in the applicable Articles Supplementary governing the preferred stock, Digital Realty Trust, Inc. has provided or provides notice of its election to redeem the preferred stock) to convert some or all of the preferred stock held by it into a number of shares of Digital Realty Trust, Inc.’s common stock per share of preferred stock to be converted equal to the lesser of (i) the quotient obtained by dividing (a) the sum of the $25.00 liquidation preference plus the amount of any accrued and unpaid dividends to, but not including, the change of control conversion date (unless the change of control conversion date is after a record date for a preferred stock dividend payment and prior to the corresponding dividend payment date, in which case no additional amount for such accrued and unpaid dividend will be included in this sum) by (b) the common stock price specified in the applicable Articles Supplementary governing the preferred stock; and (ii) the Share Cap, subject to certain adjustments; subject, in each case, to provisions for the receipt of alternative consideration as described in the applicable Articles Supplementary governing the preferred stock. Except in connection with specified change of control transactions, the preferred stock is not convertible into or exchangeable for any other property or securities of Digital Realty Trust, Inc. (4) Liquidation preference is $25.00 per share. (5) Dividends on preferred shares are cumulative and payable quarterly in arrears. |
Ownership Interest In The Operating Partnership | December 31, 2019 December 31, 2018 Number of Percentage of Number of Percentage of units total units total Digital Realty Trust, Inc. 208,900,758 95.9 % 206,425,656 95.1 % Noncontrolling interests consist of: Common units held by third parties 6,820,201 3.1 % 6,297,272 2.9 % Issuance of units in connection with Ascenty Acquisition — — % 2,338,874 1.1 % Incentive units held by employees and directors (see Note 15) 2,022,954 0.9 % 1,944,738 0.9 % 217,743,913 100.0 % 217,006,540 100.0 % |
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 years ended December 31, 2019, 2018 and 2017: Common Units Incentive Units Total As of December 31, 2016 1,141,814 1,333,849 2,475,663 Common units issued in connection with the DFT Merger 6,111,770 — 6,111,770 Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1) (354,490) — (354,490) Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1) — (208,092) (208,092) Incentive units issued upon achievement of market performance condition — 390,795 390,795 Grant of incentive units to employees and directors — 73,449 73,449 As of December 31, 2017 6,899,094 1,590,001 8,489,095 Common units issued in connection with the Ascenty Acquisition 2,338,874 — 2,338,874 Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1) (601,822) — (601,822) Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1) — (110,070) (110,070) Incentive units issued upon achievement of market performance condition — 357,956 357,956 Grant of incentive units to employees and directors — 128,986 128,986 Cancellation / forfeitures of incentive units held by employees and directors — (22,135) (22,135) As of December 31, 2018 8,636,146 1,944,738 10,580,884 Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1) (1,815,945) — (1,815,945) Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1) — (338,515) (338,515) Incentive units issued upon achievement of market performance condition — 319,279 319,279 Grant of incentive units to employees and directors — 120,368 120,368 Cancellation / forfeitures of incentive units held by employees and directors — (22,916) (22,916) As of December 31, 2019 6,820,201 2,022,954 8,843,155 (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 | We have declared and paid the following dividends on our common and preferred stock for the years ended December 31, 2019, 2018 and 2017 (in thousands): Series C Series F Series G Series H Series I Series J Series K Series L Preferred Preferred Preferred Preferred Preferred Preferred Preferred Preferred Common Date dividend declared Dividend payment date Stock Stock Stock Stock Stock Stock Stock Stock Stock March 1, 2017 March 31, 2017 $ — $ 3,023 $ 3,672 $ 6,730 $ 3,969 $ — $ — $ — $ 148,358 (1) May 8, 2017 June 30, 2017 — — (2) 3,672 6,730 3,969 — — — 150,814 (1) August 7, 2017 September 29, 2017 — — 3,672 6,730 3,969 — — — 191,041 (1) November 2, 2017 December 29, 2017 for Preferred Stock; January 12, 2018 for Common Stock 3,963 (3) — 3,672 6,730 3,969 4,200 (3) — — 191,067 (1) $ 3,963 $ 3,023 $ 14,688 $ 26,920 $ 15,876 $ 4,200 $ — $ — $ 681,280 March 1, 2018 March 30, 2018 $ 3,333 $ — $ 3,672 $ 6,730 $ 3,969 $ 2,625 $ — $ — $ 208,015 (4) May 8, 2018 June 29, 2018 3,333 — 3,672 6,730 3,969 2,625 — — 208,071 (4) August 14, 2018 September 28, 2018 3,333 — 3,672 6,730 3,969 2,625 — — 208,166 (4) November 12, 2018 December 31, 2018 for Preferred Stock; January 15, 2019 for Common Stock 3,333 — 3,672 6,730 3,969 2,625 — — 208,415 (4) $ 13,332 $ — $ 14,688 $ 26,920 $ 15,876 $ 10,500 $ — $ — $ 832,667 February 21, 2019 March 29, 2019 $ 3,333 — $ 3,672 $ 6,730 $ 3,969 $ 2,625 $ — $ — $ 224,802 (5) May 13, 2019 June 28, 2019 3,333 — 3,672 — (6) 3,969 2,625 3,686 (7) — 224,895 (5) August 13, 2019 September 30, 2019 3,333 — 3,672 — 3,969 2,625 3,071 — 225,188 (5) November 19, 2019 December 31, 2019 for Preferred Stock; January 15, 2020 for Common Stock 3,333 — 3,672 — 3,969 2,625 3,071 4,036 (8) 225,488 (5) $ 13,332 $ — $ 14,688 $ 6,730 $ 15,876 $ 10,500 $ 9,828 $ 4,036 $ 900,373 Annual rate of dividend per share $ 1.65625 $ 1.65625 $ 1.46875 $ 1.84375 $ 1.58750 $ 1.31250 $ 1.46250 $ 1.30000 (1) $3.720 annual rate of dividend per share. (2) Redeemed on April 5, 2017 for $25.01840 per share, or a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but not including the redemption date of approximately $0.1 million in the aggregate. In connection with the redemption, the previously incurred offering costs of approximately $6.3 million were recorded as a reduction to net income available to common stockholders. (3) Represents a pro rata dividend from and including the original issue date to and including December 31, 2017. (4) $4.040 annual rate of dividend per share. (5) $4.320 annual rate of dividend per share. (6) Redeemed on April 1, 2019 for $25.00 per share, or a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but not including the redemption date. In connection with the redemption, the previously incurred offering costs of approximately $11.8 million were recorded as a reduction to net income available to common stockholders. (7) Represents a pro rata dividend from and including the original issue date to and including June 30, 2019. (8) Represents a pro rata dividend from and including the original issue date to and including December 31, 2019. |
Schedule of Accumulated Other Comprehensive Income, Net | The accumulated balances for each item within other comprehensive income (loss), net are as follows (in thousands): 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, 2017 $ (147,370) $ 13,200 $ 25,738 $ (108,432) Net current period change (11,279) 7,890 — (3,389) Reclassification to interest expense from interest rate swaps — (3,826) — (3,826) Balance as of December 31, 2018 $ (158,649) $ 17,264 $ 25,738 $ (115,647) Net current period change 22,015 (8,839) — 13,176 Reclassification of foreign currency translation adjustment due to deconsolidation of Ascenty 21,687 — — 21,687 Reclassification to interest expense from interest rate swaps — (7,138) — (7,138) Balance as of December 31, 2019 $ (114,947) $ 1,287 $ 25,738 $ (87,922) |
Capital and Accumulated Other_2
Capital and Accumulated Other Comprehensive Loss (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Class of Stock [Line Items] | |
Schedule of redeemable preferred units | Total Liquidation Annual Units Outstanding as Balance (in thousands, net of Date(s) Initial Date to Value (in Distribution of December 31, issuance costs) as of December 31, Preferred Units (1) Issued Redeem (2) thousands) (3) Rate (4) 2019 2018 2019 2018 6.625% Series C Cumulative Redeemable Perpetual Preferred Units Sep 14, 2017 May 15, 2021 $ 201,250 $ 1.65625 8,050,000 8,050,000 $ 219,250 $ 219,250 5.875% Series G Cumulative Redeemable Preferred Units Apr 9, 2013 Apr 9, 2018 250,000 1.46875 10,000,000 10,000,000 241,468 241,468 7.375% Series H Cumulative Redeemable Preferred Units Mar 26, 2014 Mar 26, 2019 — 1.84375 — 14,600,000 — 353,290 6.350% Series I Cumulative Redeemable Preferred Units Aug 24, 2015 Aug 24, 2020 250,000 1.58750 10,000,000 10,000,000 242,012 242,012 5.250% Series J Cumulative Redeemable Preferred Units Aug 7, 2017 Aug 7, 2022 200,000 1.31250 8,000,000 8,000,000 193,540 193,540 5.850% Series K Cumulative Redeemable Preferred Units Mar 13, 2019 Mar 13, 2024 210,000 1.46250 8,400,000 — 203,264 — 5.200% Series L Cumulative Redeemable Preferred Units Oct 10, 2019 Oct 10, 2024 345,000 1.30000 13,800,000 — 334,886 — $ 1,456,250 58,250,000 50,650,000 $ 1,434,420 $ 1,249,560 (1) All series of preferred units do not have a stated maturity date and are not subject to any sinking fund or mandatory redemption provisions. Upon liquidation, dissolution or winding up, each series of preferred units will rank senior to Digital Realty Trust, Inc. common units and on parity with the other series of preferred units. (2) Except in limited circumstances, reflects earliest date that Digital Realty Trust, Inc. may exercise its option to redeem the corresponding series of preferred stock, at a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but excluding the date of redemption. The Operating Partnership is required to redeem the corresponding series of preferred units in the event that the General Partner redeems a series of preferred stock. (3) Liquidation preference is $25.00 per unit. (4) Distributions on preferred units are cumulative and payable quarterly in arrears. |
Schedule of Distributions | We have declared and paid the following dividends on our common and preferred stock for the years ended December 31, 2019, 2018 and 2017 (in thousands): Series C Series F Series G Series H Series I Series J Series K Series L Preferred Preferred Preferred Preferred Preferred Preferred Preferred Preferred Common Date dividend declared Dividend payment date Stock Stock Stock Stock Stock Stock Stock Stock Stock March 1, 2017 March 31, 2017 $ — $ 3,023 $ 3,672 $ 6,730 $ 3,969 $ — $ — $ — $ 148,358 (1) May 8, 2017 June 30, 2017 — — (2) 3,672 6,730 3,969 — — — 150,814 (1) August 7, 2017 September 29, 2017 — — 3,672 6,730 3,969 — — — 191,041 (1) November 2, 2017 December 29, 2017 for Preferred Stock; January 12, 2018 for Common Stock 3,963 (3) — 3,672 6,730 3,969 4,200 (3) — — 191,067 (1) $ 3,963 $ 3,023 $ 14,688 $ 26,920 $ 15,876 $ 4,200 $ — $ — $ 681,280 March 1, 2018 March 30, 2018 $ 3,333 $ — $ 3,672 $ 6,730 $ 3,969 $ 2,625 $ — $ — $ 208,015 (4) May 8, 2018 June 29, 2018 3,333 — 3,672 6,730 3,969 2,625 — — 208,071 (4) August 14, 2018 September 28, 2018 3,333 — 3,672 6,730 3,969 2,625 — — 208,166 (4) November 12, 2018 December 31, 2018 for Preferred Stock; January 15, 2019 for Common Stock 3,333 — 3,672 6,730 3,969 2,625 — — 208,415 (4) $ 13,332 $ — $ 14,688 $ 26,920 $ 15,876 $ 10,500 $ — $ — $ 832,667 February 21, 2019 March 29, 2019 $ 3,333 — $ 3,672 $ 6,730 $ 3,969 $ 2,625 $ — $ — $ 224,802 (5) May 13, 2019 June 28, 2019 3,333 — 3,672 — (6) 3,969 2,625 3,686 (7) — 224,895 (5) August 13, 2019 September 30, 2019 3,333 — 3,672 — 3,969 2,625 3,071 — 225,188 (5) November 19, 2019 December 31, 2019 for Preferred Stock; January 15, 2020 for Common Stock 3,333 — 3,672 — 3,969 2,625 3,071 4,036 (8) 225,488 (5) $ 13,332 $ — $ 14,688 $ 6,730 $ 15,876 $ 10,500 $ 9,828 $ 4,036 $ 900,373 Annual rate of dividend per share $ 1.65625 $ 1.65625 $ 1.46875 $ 1.84375 $ 1.58750 $ 1.31250 $ 1.46250 $ 1.30000 (1) $3.720 annual rate of dividend per share. (2) Redeemed on April 5, 2017 for $25.01840 per share, or a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but not including the redemption date of approximately $0.1 million in the aggregate. In connection with the redemption, the previously incurred offering costs of approximately $6.3 million were recorded as a reduction to net income available to common stockholders. (3) Represents a pro rata dividend from and including the original issue date to and including December 31, 2017. (4) $4.040 annual rate of dividend per share. (5) $4.320 annual rate of dividend per share. (6) Redeemed on April 1, 2019 for $25.00 per share, or a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but not including the redemption date. In connection with the redemption, the previously incurred offering costs of approximately $11.8 million were recorded as a reduction to net income available to common stockholders. (7) Represents a pro rata dividend from and including the original issue date to and including June 30, 2019. (8) Represents a pro rata dividend from and including the original issue date to and including December 31, 2019. |
Schedule of Accumulated Other Comprehensive Income, Net | The accumulated balances for each item within other comprehensive income (loss), net are as follows (in thousands): 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, 2017 $ (147,370) $ 13,200 $ 25,738 $ (108,432) Net current period change (11,279) 7,890 — (3,389) Reclassification to interest expense from interest rate swaps — (3,826) — (3,826) Balance as of December 31, 2018 $ (158,649) $ 17,264 $ 25,738 $ (115,647) Net current period change 22,015 (8,839) — 13,176 Reclassification of foreign currency translation adjustment due to deconsolidation of Ascenty 21,687 — — 21,687 Reclassification to interest expense from interest rate swaps — (7,138) — (7,138) Balance as of December 31, 2019 $ (114,947) $ 1,287 $ 25,738 $ (87,922) |
Digital Realty Trust, L.P. | |
Class of Stock [Line Items] | |
Schedule of Distributions | Series C Series F Series G Series H Series I Series J Series K Series L Preferred Preferred Preferred Preferred Preferred Preferred Preferred Preferred Common Date distribution declared Distribution payment date Units Units Units Units Units Units Units Units Units Mar 1, 2017 March 31, 2017 $ — $ 3,023 $ 3,672 $ 6,730 $ 3,969 $ — $ — $ — $ 150,968 (1) May 8, 2017 June 30, 2017 — — (2) 3,672 6,730 3,969 — — — 153,176 (1) Aug 7, 2017 September 29, 2017 — — 3,672 6,730 3,969 — — — 199,049 (1) Nov 2, 2017 December 29, 2017 for Preferred Units; January 12, 2018 for Common Units 3,963 (3) — 3,672 6,730 3,969 4,200 (5) — — 199,061 (1) $ 3,963 $ 3,023 $ 14,688 $ 26,920 $ 15,876 $ 4,200 $ — $ — $ 702,254 Mar 1, 2017 March 30, 2018 $ 3,333 $ — $ 3,672 $ 6,730 $ 3,969 $ 2,625 $ — $ — $ 216,953 (4) May 8, 2018 June 29, 2018 3,333 — 3,672 6,730 3,969 2,625 — — 216,789 (4) Aug 14, 2018 September 28, 2018 3,333 — 3,672 6,730 3,969 2,625 — — 216,825 (4) Nov 12, 2018 December 31, 2018 for Preferred Units; January 15, 2019 for Common Units 3,333 — 3,672 6,730 3,969 2,625 — — 216,838 (4) $ 13,332 $ — $ 14,688 $ 26,920 $ 15,876 $ 10,500 $ — $ — $ 867,405 February 21, 2019 March 29, 2019 $ 3,333 $ — $ 3,672 $ 6,730 $ 3,969 $ 2,625 $ — $ — $ 235,256 (5) May 13, 2019 June 28, 2019 3,333 — 3,672 — (6) 3,969 2,625 3,686 (7) — 235,142 (5) August 13, 2019 September 30, 2019 3,333 — 3,672 — 3,969 2,625 3,071 — 235,164 (5) November 19, 2019 December 31, 2019 for Preferred Units; January 15, 2020 for Common Units 3,333 — 3,672 — 3,969 2,625 3,071 4,036 (8) 235,154 (5) $ 13,332 $ — $ 14,688 $ 6,730 $ 15,876 $ 10,500 $ 9,828 $ 4,036 $ 940,716 Annual rate of distribution per unit $ 1.65625 $ 1.65625 $ 1.46875 $ 1.84375 $ 1.58750 $ 1.31250 $ 1.46250 $ 1.30000 (1) $3.720 annual rate of distribution per unit. (2) Redeemed on April 5, 2017 for $25.01840 per unit, or a redemption price of $25.00 per unit, plus accrued and unpaid distributions up to but not including the redemption date of approximately $0.1 million in the aggregate. In connection with the redemption, the previously incurred offering costs of approximately $6.3 million were recorded as a reduction to net income available to common unitholders. (3) Represents a pro rata distribution from and including the original issue date to and including December 31, 2017. (4) $4.040 annual rate of distribution per unit. (5) $4.320 annual rate of distribution per unit. (6) Redeemed on April 1, 2019 for $25.00 per unit, or a redemption price of $25.00 per unit, plus accrued and unpaid distributions up to but not including the redemption date. In connection with the redemption, the previously incurred offering costs of approximately $11.8 million were recorded as a reduction to net income available to common unitholders. (7) Represents a pro rata distribution from and including the original issue date to and including June 30, 2019. (8) Represents a pro rata distribution from and including the original issue date to and including December 31, 2019. |
Schedule of Accumulated Other Comprehensive Income, Net | The accumulated balances for each item within other comprehensive income (loss) are as follows (in thousands): Foreign currency Foreign currency net Accumulated other translation Cash flow hedge investment hedge comprehensive adjustments adjustments adjustments loss Balance as of December 31, 2017 $ (151,795) $ 12,758 $ 26,152 $ (112,885) Net current period change (11,736) 8,197 — (3,539) Reclassification to interest expense from interest rate swaps — (3,969) — (3,969) Balance as of December 31, 2018 $ (163,531) $ 16,986 $ 26,152 $ (120,393) Net current period change 23,975 (9,232) — 14,743 Reclassification of foreign currency translation adjustment due to deconsolidation of Ascenty 21,687 — — 21,687 Reclassification to interest expense from interest rate swaps — (7,446) — (7,446) Balance as of December 31, 2019 $ (117,869) $ 308 $ 26,152 $ (91,409) |
Incentive Plan (Tables)
Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Incentive Plan | |
Schedule of Deferred Compensation | Below is a summary of our compensation expense for the years ended December 31, 2019, 2018 and 2017 and our unearned compensation as of December 31, 2019 and December 31, 2018 (in millions): Expected period to Deferred Compensation Unearned Compensation recognize Expensed Capitalized As of As of unearned Year Ended December 31, Year Ended December 31, December 31, December 31, compensation Type of incentive award 2019 2018 2017 2019 2018 2017 2019 2018 (in years) Long-term incentive units $ 8.7 $ 6.8 $ 3.9 $ 0.2 $ 0.2 $ 1.7 $ 15.4 $ 11.5 2.2 Market performance-based awards 13.0 12.7 9.6 0.8 0.8 2.3 28.4 24.8 2.5 Restricted stock 11.5 6.1 4.5 2.8 4.2 3.3 29.1 23.6 2.6 |
Schedule of weighted average fair value | The following table sets forth the weighted average fair value of for each type of incentive award at the date of grant for the years ended December 31, 2019, 2018 and 2017: Weighted Average Fair Value at Date of Grant Type of incentive award 2019 2018 2017 Long-term incentive units $ 116.22 $ 101.86 $ 109.71 Market performance-based awards $ 114.97 $ 119.29 $ 111.06 Restricted stock $ 115.25 $ 100.33 $ 108.65 |
Summary of Long-Term Incentive Unit Activity | Below is a summary of our long-term incentive unit activity for the year ended December 31, 2019. Weighted-Average Grant Date Fair Unvested Long-term Incentive Units Units Value Unvested, beginning of period 162,186 $ 100.59 Granted 120,368 116.22 Vested (55,039) 100.33 Cancelled or expired (19,228) 97.32 Unvested, end of period 208,287 $ 110.00 |
Market Performance Based Awards | Market Performance RMS Relative Vesting Level Market Performance Percentage Below Threshold Level ≤ -300 basis points 0 % Threshold Level -300 basis points 25 % Target Level 100 basis points 50 % High Level ≥ 500 basis points 100 % |
Schedule Of Valuation Assumptions | Expected Stock Price Risk-Free Interest Award Date Volatility rate January 1, 2017 25 % 1.49 % February 28, 2017 23 % 1.43 % January 1, 2018 22 % 1.98 % March 1, 2018 22 % 2.34 % March 9, 2018 22 % 2.42 % January 1, 2019 23 % 2.44 % February 21, 2019 23 % 2.48 % |
Summary of Restricted Stock Activity | Below is a summary of our restricted stock activity for the year ended December 31, 2019. Weighted-Average Grant Date Fair Unvested Restricted Stock Shares Value Unvested, beginning of period 299,215 $ 97.55 Granted (1) 226,902 115.25 Vested (111,950) 93.38 Cancelled or expired (41,375) 107.52 Unvested, end of period 372,792 $ 108.47 (1) All restricted stock awards granted in 2019 are subject only to service conditions. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments | |
Schedule of Outstanding Derivative Instruments | As of December 31, 2019 and December 31, 2018, we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (in thousands): Fair Value at Significant Other Notional Amount Observable Inputs (Level 2) As of As of As of As of December 31, December 31, Type of Strike Effective Expiration December 31, December 31, 2019 2018 Derivative Rate Date Date 2019 (3) 2018 (3) Currently-paying contracts $ — $ 206,000 (1) Swap 1.611 Jun 15, 2017 Jan 15, 2020 $ — $ 1,976 — 54,905 (1) Swap 1.605 Jun 6, 2017 Jan 6, 2020 — 517 29,000 (1) 75,000 (1) Swap 1.016 Apr 6, 2016 Jan 6, 2021 175 2,169 75,000 (1) 75,000 (1) Swap 1.164 Jan 15, 2016 Jan 15, 2021 345 1,970 300,000 (1) 300,000 (1) Swap 1.435 Jan 15, 2016 Jan 15, 2023 945 11,463 75,825 (2) 72,220 (2) Swap 0.779 Jan 15, 2016 Jan 15, 2021 931 2,024 $ 479,825 $ 783,125 $ 2,396 $ 20,119 (1) Represents debt which bears interest based on one-month U.S. LIBOR. (2) Represents debt which bears interest based on one-month CDOR. Translation to U.S. dollars is based on exchange rates of $0.77 to 1.00 CAD as of December 31, 2019 and $0.73 to 1.00 CAD as of December 31, 2018. (3) Balance recorded in other assets in the consolidated balance sheets if positive and recorded in accounts payable and other accrued liabilities in the consolidated balance sheets if negative. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value of Financial Instruments | |
Estimated Fair Value And Carrying Amounts | As of December 31, 2019 and December 31, 2018, the aggregate estimated fair value and carrying value of our global revolving credit facilities, unsecured term loans, unsecured senior notes and mortgage loans were as follows (in thousands): Categorization As of December 31, 2019 As of December 31, 2018 under the fair value Estimated Fair Estimated Fair hierarchy Value Carrying Value Value Carrying Value Global revolving credit facilities (1)(4) Level 2 $ 245,766 $ 245,766 $ 1,663,156 $ 1,663,156 Unsecured term loans (2)(4) Level 2 813,205 813,205 1,183,121 1,183,121 Unsecured senior notes (3)(4) Level 2 9,697,166 9,025,229 7,684,368 7,629,679 Secured debt (3)(4) Level 2 105,245 105,143 706,086 705,924 $ 10,861,382 $ 10,189,343 $ 11,236,731 $ 11,181,880 (1) The carrying value of our global revolving credit facility approximates estimated fair value, due to the variability of interest rates and the stability of our credit ratings. (2) The carrying value of our unsecured term loans approximates estimated fair value, due to the variability of interest rates and the stability of our credit ratings. (3) Valuations for our unsecured senior notes and secured debt are determined based on the expected future payments discounted at risk-adjusted rates and quoted market prices. (4) The carrying value excludes unamortized premiums (discounts) and deferred financing costs (see note 9). |
Quarterly Financial Informati_3
Quarterly Financial Information (Digital Realty Trust, Inc.) (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information (unaudited) | |
Summary of Selected Quarterly Financial Data | The tables below reflect selected quarterly information for the years ended December 31, 2019 and 2018. Certain amounts have been reclassified to conform to the current year presentation (in thousands, except per share amounts). Three Months Ended December 31, September 30, 2019 2019 June 30, 2019 March 31, 2019 Total operating revenues $ 787,463 $ 806,466 $ 800,797 $ 814,515 Net income 349,326 67,574 61,324 120,997 Net income attributable to Digital Realty Trust, Inc. 336,284 66,497 60,168 116,812 Preferred stock dividends and issuance costs associated with redeemed preferred stock (20,707) (16,670) (28,430) (20,943) Net income available to common stockholders 315,577 49,827 31,738 95,869 Basic net income per share available to common stockholders $ 1.51 $ 0.24 $ 0.15 $ 0.46 Diluted net income per share available to common stockholders $ 1.50 $ 0.24 $ 0.15 $ 0.46 Three Months Ended December 31, September 30, 2018 2018 June 30, 2018 March 31, 2018 Total operating revenues $ 778,267 $ 768,924 $ 754,919 $ 744,368 Net income 52,597 90,264 88,159 110,095 Net income attributable to Digital Realty Trust, Inc. 51,559 87,597 85,463 106,627 Preferred stock dividends and issuance costs associated with redeemed preferred stock (20,329) (20,329) (20,329) (20,329) Net income available to common stockholders 31,230 67,268 65,134 86,298 Basic net income per share available to common stockholders $ 0.15 $ 0.33 $ 0.32 $ 0.42 Diluted net income per share available to common stockholders $ 0.15 $ 0.33 $ 0.32 $ 0.42 |
Quarterly Financial Informati_4
Quarterly Financial Information (Digital Realty Trust, L.P.) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information [Line Items] | |
Summary of Selected Quarterly Financial Data | The tables below reflect selected quarterly information for the years ended December 31, 2019 and 2018. Certain amounts have been reclassified to conform to the current year presentation (in thousands, except per share amounts). Three Months Ended December 31, September 30, 2019 2019 June 30, 2019 March 31, 2019 Total operating revenues $ 787,463 $ 806,466 $ 800,797 $ 814,515 Net income 349,326 67,574 61,324 120,997 Net income attributable to Digital Realty Trust, Inc. 336,284 66,497 60,168 116,812 Preferred stock dividends and issuance costs associated with redeemed preferred stock (20,707) (16,670) (28,430) (20,943) Net income available to common stockholders 315,577 49,827 31,738 95,869 Basic net income per share available to common stockholders $ 1.51 $ 0.24 $ 0.15 $ 0.46 Diluted net income per share available to common stockholders $ 1.50 $ 0.24 $ 0.15 $ 0.46 Three Months Ended December 31, September 30, 2018 2018 June 30, 2018 March 31, 2018 Total operating revenues $ 778,267 $ 768,924 $ 754,919 $ 744,368 Net income 52,597 90,264 88,159 110,095 Net income attributable to Digital Realty Trust, Inc. 51,559 87,597 85,463 106,627 Preferred stock dividends and issuance costs associated with redeemed preferred stock (20,329) (20,329) (20,329) (20,329) Net income available to common stockholders 31,230 67,268 65,134 86,298 Basic net income per share available to common stockholders $ 0.15 $ 0.33 $ 0.32 $ 0.42 Diluted net income per share available to common stockholders $ 0.15 $ 0.33 $ 0.32 $ 0.42 |
Digital Realty Trust, L.P. | |
Quarterly Financial Information [Line Items] | |
Summary of Selected Quarterly Financial Data | The tables below reflect selected quarterly information for the years ended December 31, 2019 and 2018. Certain amounts have been reclassified to conform to the current year presentation (in thousands, except per unit amounts). Three Months Ended December 31, September 30, 2019 2019 June 30, 2019 March 31, 2019 Total operating revenues $ 787,463 $ 806,466 $ 800,797 $ 814,515 Net income 349,326 67,574 61,324 120,997 Net income attributable to Digital Realty Trust, L.P. 349,384 68,797 61,568 121,112 Preferred unit distributions and issuance costs associated with redeemed preferred units (20,707) (16,670) (28,430) (20,943) Net income available to common unitholders 328,677 52,127 33,138 100,169 Basic net income per unit available to common unitholders $ 1.51 $ 0.24 $ 0.15 $ 0.46 Diluted net income per unit available to common unitholders $ 1.50 $ 0.24 $ 0.15 $ 0.46 Three Months Ended December 31, September 30, 2018 2018 June 30, 2018 March 31, 2018 Total operating revenues $ 778,267 $ 768,924 $ 754,919 $ 744,368 Net income 52,597 90,264 88,159 110,095 Net income attributable to Digital Realty Trust, L.P. 52,859 90,297 88,163 110,107 Preferred unit distributions and issuance costs associated with redeemed preferred units (20,329) (20,329) (20,329) (20,329) Net income available to common unitholders 32,530 69,968 67,834 89,778 Basic net income per unit available to common unitholders $ 0.15 $ 0.33 $ 0.32 $ 0.42 Diluted net income per unit available to common unitholders $ 0.15 $ 0.33 $ 0.32 $ 0.42 |
Organization and Description _3
Organization and Description of Business - Data Centers (Details) | Dec. 31, 2019property | Dec. 31, 2019USD ($) | Dec. 31, 2018property |
Organization and Description of Business [Line Items] | |||
Number of properties | 225 | 41,000 | 214 |
Operating | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 172 | 196 | |
Held-for-Sale Properties | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 12 | ||
Unconsolidated Joint Ventures | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 41 | 18 | |
United States | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 147 | 145 | |
United States | Operating | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 119 | 131 | |
United States | Held-for-Sale Properties | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 11 | ||
United States | Unconsolidated Joint Ventures | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 17 | 14 | |
Europe | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 41 | 38 | |
Europe | Operating | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 41 | 38 | |
Latin America | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 19 | 16 | |
Latin America | Operating | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 16 | ||
Latin America | Unconsolidated Joint Ventures | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 19 | ||
Asia | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 10 | 7 | |
Asia | Operating | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 5 | 3 | |
Asia | Unconsolidated Joint Ventures | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 5 | 4 | |
Australia | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 5 | 5 | |
Australia | Operating | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 5 | 5 | |
Canada | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 3 | 3 | |
Canada | Operating | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 2 | 3 | |
Canada | Held-for-Sale Properties | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 1 | ||
Powered Base Building | Held-for-Sale Properties | |||
Organization and Description of Business [Line Items] | |||
Number of properties | $ | 10 | ||
Powered Base Building | Held-For-Sale Properties To Third Party | |||
Organization and Description of Business [Line Items] | |||
Number of properties | 12 |
Organization and Description _4
Organization and Description of Business (Details) $ in Thousands | Dec. 20, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019property | Mar. 31, 2019USD ($) | Mar. 29, 2019USD ($) |
Organization and Description of Business [Line Items] | ||||||||
Number of properties | 214 | 41 | 225 | |||||
Payment for acquisition | $ 0 | $ 1,679,830 | $ 0 | |||||
Common Interest | ||||||||
Organization and Description of Business [Line Items] | ||||||||
Ownership percentage in joint ventures | 95.90% | 95.10% | ||||||
Preferred Interest | ||||||||
Organization and Description of Business [Line Items] | ||||||||
Ownership percentage in joint ventures | 100.00% | 100.00% | ||||||
Ascenty | ||||||||
Organization and Description of Business [Line Items] | ||||||||
Number of properties | property | 19 | |||||||
Ownership percentage in joint ventures | 51.00% | |||||||
Brookfield Infrastructure | ||||||||
Organization and Description of Business [Line Items] | ||||||||
Investment | $ 702,000 | |||||||
Ownership percentage in joint ventures | 49.00% | |||||||
Brookfield Infrastructure | Ascenty | ||||||||
Organization and Description of Business [Line Items] | ||||||||
Investment | $ 702,000 | |||||||
Ownership percentage in joint ventures | 49.00% | |||||||
Ascenty | ||||||||
Organization and Description of Business [Line Items] | ||||||||
Payment for acquisition | $ 2,000,000 | |||||||
DFT Merger | ||||||||
Organization and Description of Business [Line Items] | ||||||||
Number of properties | property | 8 | |||||||
Corporate Joint Venture | Brookfield Infrastructure | ||||||||
Organization and Description of Business [Line Items] | ||||||||
Investment | $ 702,000 | |||||||
Ownership percentage in joint ventures | 49.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - PPE (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | |
Period in which short-term investment become cash equivalents | 90 days |
Building and Building Improvements | Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful life | 5 years |
Building and Building Improvements | Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful life | 39 years |
Machinery and Equipment | Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful life | 7 years |
Machinery and Equipment | Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful life | 15 years |
Furniture and Fixtures | Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful life | 3 years |
Furniture and Fixtures | Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Estimated useful life | 5 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill [Roll Forward] | ||
Goodwill - Beginning Balance | $ 4,348,007 | $ 3,389,595 |
Merger/Acquisition | 982,667 | |
Deconsolidation | (967,189) | 0 |
Goodwill Adjustments | (9,436) | |
Impact of Change in Foreign Exchange Rates | (8,312) | (24,255) |
Goodwill - Ending Balance | 3,363,070 | 4,348,007 |
Telx Acquisition | ||
Goodwill [Roll Forward] | ||
Goodwill - Beginning Balance | 330,845 | 330,845 |
Deconsolidation | 0 | 0 |
Impact of Change in Foreign Exchange Rates | 0 | 0 |
Goodwill - Ending Balance | 330,845 | 330,845 |
European Portfolio Acquisition | ||
Goodwill [Roll Forward] | ||
Goodwill - Beginning Balance | 442,349 | 466,604 |
Deconsolidation | 0 | 0 |
Goodwill Adjustments | (9,436) | |
Impact of Change in Foreign Exchange Rates | 7,166 | (24,255) |
Goodwill - Ending Balance | 440,079 | 442,349 |
DFT Merger | ||
Goodwill [Roll Forward] | ||
Goodwill - Beginning Balance | 2,592,146 | 2,592,146 |
Deconsolidation | 0 | 0 |
Impact of Change in Foreign Exchange Rates | 0 | 0 |
Goodwill - Ending Balance | 2,592,146 | 2,592,146 |
Ascenty | ||
Goodwill [Roll Forward] | ||
Goodwill - Beginning Balance | 982,667 | 0 |
Merger/Acquisition | 982,667 | |
Deconsolidation | (967,189) | 0 |
Impact of Change in Foreign Exchange Rates | $ (15,478) | 0 |
Goodwill - Ending Balance | $ 982,667 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of Significant Accounting Policies | |||
Interest capitalized | $ 40.2 | $ 34.7 | $ 21.7 |
Compensation costs, leasing and construction activities | 50.3 | 42 | 38 |
Capitalized employee expenses related to construction activities | 30.8 | 27.2 | 10.6 |
Capitalized employee expenses related to leasing activities | 0 | 37 | 43.4 |
Deferred leasing costs | 291.8 | 322.2 | |
Amortization expense on deferred leasing costs | $ 75.3 | ||
Amortization expense on deferred leasing costs | $ 72.9 | $ 50.1 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Income Taxes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Summary of Significant Accounting Policies | |||
Unrecognized tax benefits | $ 0 | $ 0 | |
Income tax penalties and interest expense | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Lease Accounting (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Summary Of Significant Accounting Policies [Line Items] | |||
Remaining future rental payments aggregate | $ 882,698 | ||
Operating Lease, Liability | 693,539 | ||
Operating Lease, Right-of-Use Asset | $ 683,900 | 628,681 | |
Notes And Accounts Receivable | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Rent receivable, net of allowance | $ 171,900 | $ 185,700 | |
ASU 2016-02 | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Lease, Practical Expedients, Package [true false] | true | ||
Lease, Practical Expedient, Land Easement [true false] | true | ||
Lease, Practical Expedient, Lessor Single Lease Component [true false] | true | ||
Accumulated dividends in excess of earnings | $ 6,300 | ||
Operating Lease, Liability | 757,200 | ||
Amount reclassified from deferred rent liabilities to operatin glease liabilities under ASC 842 | $ 73,300 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Revenue Recognition and Gains (Details) - USD ($) $ in Thousands | Mar. 29, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Summary Of Significant Accounting Policies [Line Items] | ||||
Allowance for doubtful accounts | $ 13,753 | $ 11,554 | ||
Deconsolidation gain recognized, net of taxes and foreign currency loss | $ 67,500 | 67,497 | $ 0 | |
Accounts payable and other accrued liabilities | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Asset Retirement Obligation | $ 16,800 | $ 17,500 | ||
ASU 2016-02 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Revenue recognized as a percent of total revenue | 97.00% | 97.00% | ||
ASU 2014-09 | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Revenue recognized as a percent of total revenue | 3.00% | 3.00% |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Segment and Geographic Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Number of operating segments | segment | 1 | ||||||||||
Number of reportable segments | segment | 1 | ||||||||||
Total operating revenues | $ 787,463 | $ 806,466 | $ 800,797 | $ 814,515 | $ 778,267 | $ 768,924 | $ 754,919 | $ 744,368 | $ 3,209,241 | $ 3,046,478 | $ 2,457,928 |
Net investments in real estate | 15,517,684 | 15,079,726 | $ 15,517,684 | $ 15,079,726 | |||||||
Geographic Concentration Risk | Sales | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Concentration risk | 9.00% | 9.70% | 11.20% | ||||||||
Geographic Concentration Risk | Total long-lived assets | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Concentration risk | 12.00% | 10.90% | 12.10% | ||||||||
Outside the United States | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Total operating revenues | $ 627,400 | $ 564,400 | $ 515,200 | ||||||||
Net investments in real estate | 3,700,000 | 3,800,000 | 3,700,000 | 3,800,000 | 3,100,000 | ||||||
United States | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Total operating revenues | 2,600,000 | 2,500,000 | 1,900,000 | ||||||||
Net investments in real estate | 10,600,000 | 11,100,000 | 10,600,000 | 11,100,000 | 10,500,000 | ||||||
United Kingdom | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Total operating revenues | 288,200 | 295,300 | 275,100 | ||||||||
Net investments in real estate | $ 1,700,000 | $ 1,600,000 | $ 1,700,000 | $ 1,600,000 | $ 1,700,000 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Reclassification (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Summary Of Significant Accounting Policies [Line Items] | ||
Land | $ 804,830 | $ 859,113 |
Buildings and improvements | 15,449,884 | 15,610,992 |
Construction in progress and space held for development | 1,732,555 | 1,621,928 |
Land held for future development | $ 147,597 | 162,941 |
Previously Reported | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Land | 1,509,764 | |
Buildings and improvements | 16,745,210 | |
Restatement Adjustment | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Land | (650,651) | |
Buildings and improvements | (1,134,218) | |
Construction in progress and space held for development | 1,621,928 | |
Land held for future development | $ 162,941 |
Business Combinations - Ascenty
Business Combinations - Ascenty Acquisition (Details) - USD ($) $ in Thousands | Dec. 20, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||
Goodwill | $ 3,363,070 | $ 4,348,007 | $ 3,389,595 | |
Ascenty | ||||
Business Acquisition [Line Items] | ||||
Cash and equity consideration | $ 1,958,667 | |||
Cash and cash equivalents | 116,000 | |||
Buildings and improvements | 425,000 | |||
Goodwill | 982,667 | $ 982,667 | $ 0 | |
Other assets | 30,000 | |||
Other liabilities | (40,000) | |||
Capital lease and other long-term obligations | (50,000) | |||
Ascenty | Digital Realty Operating Partnership Units | ||||
Business Acquisition [Line Items] | ||||
Equity interest in exchange for units | 254,000 | |||
Ascenty | Secured Term Loan | Secured Term Loan, 5 Year | ||||
Business Acquisition [Line Items] | ||||
Long-term debt | $ 600,000 | |||
Debt instrument term | 5 years | |||
Ascenty | Secured Term Loan | Unsecured Debt. | ||||
Business Acquisition [Line Items] | ||||
Long-term debt | $ 1,000,000 | |||
Ascenty | Tenant relationship value. | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | 375,000 | |||
Ascenty | Acquired in-place lease value | ||||
Business Acquisition [Line Items] | ||||
Intangible assets | $ 120,000 |
Business Combinations - Ascen_2
Business Combinations - Ascenty Deconsolidation (Details) - USD ($) $ in Thousands | Mar. 29, 2019 | Dec. 31, 2019 | Dec. 31, 2017 | Mar. 31, 2019 |
Deconsolidation of Ascenty and consolidated joint venture: | ||||
Gain on deconsolidation, net | $ 67,500 | $ 67,497 | $ 0 | |
Subsidiary of Operating Partnership subsidiary | ||||
Deconsolidation of Ascenty and consolidated joint venture: | ||||
Ownership percentage in joint ventures | 51.00% | |||
Corporate Joint Venture | ||||
Deconsolidation of Ascenty and consolidated joint venture: | ||||
Estimated fair value of JV | $ 727,000 | |||
Gain on remeasurement of retained equity interest | 43,700 | |||
Foreign currency translation loss | $ 21,700 | |||
Corporate Joint Venture | Operating Partnership | ||||
Deconsolidation of Ascenty and consolidated joint venture: | ||||
Ownership percentage in joint ventures | 51.00% | 51.00% | ||
Brookfield Infrastructure | ||||
Deconsolidation of Ascenty and consolidated joint venture: | ||||
Equity Method Investments | $ 702,000 | |||
Ownership percentage in joint ventures | 49.00% | |||
Brookfield Infrastructure | Corporate Joint Venture | ||||
Deconsolidation of Ascenty and consolidated joint venture: | ||||
Equity Method Investments | $ 702,000 | |||
Ownership percentage in joint ventures | 49.00% | |||
Ascenty | ||||
Deconsolidation of Ascenty and consolidated joint venture: | ||||
Ownership percentage in joint ventures | 51.00% | |||
Ascenty | Subsidiary of Operating Partnership subsidiary | ||||
Deconsolidation of Ascenty and consolidated joint venture: | ||||
Ownership interest by noncontrolling interest | 2.00% | 2.00% | ||
Ascenty | Brookfield Infrastructure | ||||
Deconsolidation of Ascenty and consolidated joint venture: | ||||
Equity Method Investments | $ 702,000 | |||
Ownership percentage in joint ventures | 49.00% |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Assets: | ||
Operating lease assets | $ 628,681 | $ 683,900 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Operating lease assets | |
Finance lease assets | $ 131,072 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Investment Building and Building Improvements | |
Total leased assets | $ 759,753 | |
Liabilities: | ||
Operating lease liabilities | $ 693,539 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Operating lease liabilities | |
Finance lease liabilities | $ 178,086 | |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | Accounts Payable and Accrued Liabilities | |
Total lease liabilities | $ 871,625 | |
Operating lease assets, accumulated depreciation and amortization | 51,700 | |
Finance lease assets, accumulated depreciation and amortization | $ 4,900 |
Leases - Lease Expense (Details
Leases - Lease Expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Finance lease cost: | |
Amortization of right-of-use assets | $ 5,074 |
Interest on lease liabilities | 6,044 |
Operating lease cost | 90,980 |
Total lease cost | $ 102,098 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | Dec. 31, 2019 |
Leases | |
Weighted average remaining lease term, operating lease | 12 years |
Weighted average remaining lease term, finance lease | 24 years |
Incremental borrowing rate, operating lease | 4.10% |
Incremental borrowing rate, finance lease | 3.50% |
Leases - Operating Leases under
Leases - Operating Leases under ASC840 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Minimum commitment under operating leases - ASC 840 | |
2019 | $ 84,712 |
2020 | 87,396 |
2021 | 86,212 |
2022 | 81,976 |
2023 | 80,707 |
Thereafter | 539,047 |
Total | $ 960,050 |
Leases - Capital Lease Obligati
Leases - Capital Lease Obligations under ASC 840 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Capital lease obligations under ASC 840 | |
2019 | $ 11,657 |
2020 | 13,108 |
2021 | 13,207 |
2022 | 13,706 |
2023 | 14,219 |
Thereafter | 285,774 |
Total | 351,671 |
Less amount representing interest | (137,827) |
Present value | $ 213,844 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating lease liabilities | |
2020 | $ 85,277 |
2021 | 84,796 |
2022 | 81,021 |
2023 | 79,751 |
2024 | 73,612 |
Thereafter | 478,241 |
Total undiscounted future cash flows | 882,698 |
Less: Imputed interest | (189,159) |
Present value of undiscounted future cash flows | 693,539 |
Finance lease liabilities | |
2020 | 8,881 |
2021 | 8,927 |
2022 | 9,399 |
2023 | 9,865 |
2024 | 9,914 |
Thereafter | 226,261 |
Total undiscounted future cash flows | 273,247 |
Less: Imputed interest | (95,161) |
Present value of undiscounted future cash flows | $ 178,086 |
Leases (Minimum Lease Payments
Leases (Minimum Lease Payments From Customers) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Future Minimum Payments Receivable on Operating Leases | |
2020 | $ 2,810,508 |
2021 | 1,947,216 |
2022 | 1,552,045 |
2023 | 1,333,620 |
2024 | 1,089,305 |
Thereafter | 4,091,199 |
Total | $ 12,823,893 |
Investments in Real Estate (Sch
Investments in Real Estate (Schedule of Real Estate Property Acquisitions) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate Properties [Line Items] | ||
Land | $ 804,830 | $ 859,113 |
Acquired ground leases | 10,725 | 10,575 |
Buildings and improvements | 15,449,884 | 15,610,992 |
Tenant improvements | 621,153 | 574,336 |
Accumulated Depreciation and Amortization | 4,536,169 | 3,935,267 |
Net Investments in Operating Properties | 12,350,423 | 13,119,749 |
Construction in progress | 1,732,555 | 1,621,928 |
Land Held For Future Development | 147,597 | 162,941 |
Net investments in properties | 14,230,575 | 14,904,618 |
Internet Gateway Datacenters [Member] | ||
Real Estate Properties [Line Items] | ||
Land | 99,653 | 99,313 |
Acquired ground leases | 0 | 0 |
Buildings and improvements | 2,133,198 | 2,036,041 |
Tenant improvements | 126,264 | 114,013 |
Accumulated Depreciation and Amortization | 995,202 | 885,214 |
Net Investments in Operating Properties | 1,363,913 | 1,364,153 |
Construction in progress | 85,605 | 42,615 |
Net investments in properties | 1,449,518 | 1,406,768 |
Corporate Datacenters [Member] | ||
Real Estate Properties [Line Items] | ||
Land | 659,184 | 688,494 |
Acquired ground leases | 10,725 | 10,575 |
Buildings and improvements | 13,046,742 | 12,924,596 |
Tenant improvements | 494,052 | 460,247 |
Accumulated Depreciation and Amortization | 3,481,542 | 3,004,365 |
Net Investments in Operating Properties | 10,729,161 | 11,079,547 |
Construction in progress | 1,543,534 | 1,548,643 |
Land Held For Future Development | 147,597 | 157,039 |
Net investments in properties | 12,420,292 | 12,785,229 |
Technology Manufacturing [Member] | ||
Real Estate Properties [Line Items] | ||
Land | 11,959 | 11,959 |
Acquired ground leases | 0 | 0 |
Buildings and improvements | 1,603 | 1,582 |
Tenant improvements | 76 | 76 |
Accumulated Depreciation and Amortization | 161 | 100 |
Net Investments in Operating Properties | 13,477 | 13,517 |
Construction in progress | 10 | |
Net investments in properties | 13,487 | 13,517 |
Technology Office [Member] | ||
Real Estate Properties [Line Items] | ||
Land | 27,807 | 58,066 |
Acquired ground leases | 0 | 0 |
Buildings and improvements | 29,071 | 26,106 |
Tenant improvements | 0 | |
Accumulated Depreciation and Amortization | 22,188 | 20,015 |
Net Investments in Operating Properties | 34,690 | 64,157 |
Construction in progress | 59,229 | |
Net investments in properties | 93,919 | 64,157 |
Other Investments In Real Estate [Member] | ||
Real Estate Properties [Line Items] | ||
Land | 6,227 | 1,281 |
Acquired ground leases | 0 | 0 |
Buildings and improvements | 239,270 | 622,667 |
Tenant improvements | 761 | |
Accumulated Depreciation and Amortization | 37,076 | 25,573 |
Net Investments in Operating Properties | 209,182 | 598,375 |
Construction in progress | 44,177 | 30,670 |
Land Held For Future Development | 5,902 | |
Net investments in properties | $ 253,359 | $ 634,947 |
Investments in Real Estate (Hel
Investments in Real Estate (Held for Sale) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2020USD ($)property | Sep. 16, 2019USD ($)property | |
Scenario, Forecast | ||
Business Acquisition [Line Items] | ||
Period of transitional property management services provided after closing on sale of real estate | 1 year | |
Data Centers | 10 Powered Base Building | Disposal Group, Held-for-sale, Not Discontinued Operations | ||
Business Acquisition [Line Items] | ||
Number of properties, classified as held for sale | property | 12 | |
Purchase consideration receivable | $ 557 | |
Data Centers | 10 Powered Base Building | Disposal Group, Held-for-sale, Not Discontinued Operations | Scenario, Forecast | ||
Business Acquisition [Line Items] | ||
Number of properties sold | property | 12 | |
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal | $ 303.3 | |
Data Centers | 10 Powered Base Building | Disposal Group, Held-for-sale, Not Discontinued Operations | Assets Held For Sale [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value of real estate held-for-sale | 229.9 | |
Data Centers | 10 Powered Base Building | Disposal Group, Held-for-sale, Not Discontinued Operations | Obligations Associated With Assets Held For Sale [Member] | ||
Business Acquisition [Line Items] | ||
Carrying value of real estate held-for-sale | $ 2.7 | |
Data Centers | United States. | ||
Business Acquisition [Line Items] | ||
Number of properties, classified as held for sale | property | 12 |
Investments in Real Estate (Acq
Investments in Real Estate (Acquisitions) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Purchase price | $ 75.7 | $ 410.7 |
Land parcels | ||
Business Acquisition [Line Items] | ||
Purchase price | 47.7 | 296.1 |
Data Centers | ||
Business Acquisition [Line Items] | ||
Purchase price | $ 114.6 | |
Technology Office [Member] | ||
Business Acquisition [Line Items] | ||
Purchase price | $ 28 |
Investments in Real Estate (Pur
Investments in Real Estate (Purchase Price Allocation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Land | $ 72,027 | $ 356,704 |
Buildings and Improvements | 3,039 | 54,008 |
Tenant Improvements | 0 | 0 |
Below-Market Leases | (148,774) | (200,113) |
Acquisition Date Fair Value | 75,704 | 410,712 |
Acquired above-market leases | ||
Business Acquisition [Line Items] | ||
Intangibles | $ 0 | 0 |
Weighted average remaining intangible amortization life (in months) | 2 years 6 months | |
Acquired in-place lease value | ||
Business Acquisition [Line Items] | ||
Intangibles | $ 638 | 0 |
Weighted average remaining intangible amortization life (in months) | 5 years 9 months 18 days | |
Acquired below-market leases | ||
Business Acquisition [Line Items] | ||
Below-Market Leases | $ 0 | 0 |
Land Parcels | ||
Business Acquisition [Line Items] | ||
Land | 47,712 | 296,071 |
Buildings and Improvements | 0 | 0 |
Tenant Improvements | 0 | 0 |
Acquisition Date Fair Value | 47,712 | 296,071 |
Land Parcels | Acquired above-market leases | ||
Business Acquisition [Line Items] | ||
Intangibles | 0 | 0 |
Land Parcels | Acquired in-place lease value | ||
Business Acquisition [Line Items] | ||
Intangibles | 0 | 0 |
Land Parcels | Acquired below-market leases | ||
Business Acquisition [Line Items] | ||
Below-Market Leases | 0 | 0 |
Data Centers | ||
Business Acquisition [Line Items] | ||
Land | 60,633 | |
Buildings and Improvements | 54,008 | |
Tenant Improvements | 0 | |
Acquisition Date Fair Value | 114,641 | |
Data Centers | Acquired above-market leases | ||
Business Acquisition [Line Items] | ||
Intangibles | 0 | |
Data Centers | Acquired in-place lease value | ||
Business Acquisition [Line Items] | ||
Intangibles | 0 | |
Data Centers | Acquired below-market leases | ||
Business Acquisition [Line Items] | ||
Below-Market Leases | $ 0 | |
Technology Office [Member] | ||
Business Acquisition [Line Items] | ||
Land | 24,315 | |
Buildings and Improvements | 3,039 | |
Tenant Improvements | 0 | |
Acquisition Date Fair Value | 27,992 | |
Technology Office [Member] | Acquired above-market leases | ||
Business Acquisition [Line Items] | ||
Intangibles | 0 | |
Technology Office [Member] | Acquired in-place lease value | ||
Business Acquisition [Line Items] | ||
Intangibles | 638 | |
Technology Office [Member] | Acquired below-market leases | ||
Business Acquisition [Line Items] | ||
Below-Market Leases | $ 0 |
Investments in Real Estate (Dis
Investments in Real Estate (Dispositions) (Details) - Disposed of by Sale - USD ($) $ in Millions | Nov. 04, 2019 | Sep. 21, 2018 | May 31, 2018 | May 22, 2018 | Apr. 19, 2018 | Mar. 14, 2018 | Feb. 09, 2018 | Jan. 25, 2018 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Proceeds | $ 291.7 | ||||||||
Gain (loss) on sale | $ 80.4 | ||||||||
Mapletree Portfolio [Member] | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Proceeds | $ 996.6 | ||||||||
Gain (loss) on sale | $ 266 | ||||||||
200 Quannapowitt Parkway | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Proceeds | $ 15 | ||||||||
Gain (loss) on sale | $ (0.4) | ||||||||
34551 Ardenwood Boulevard | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Proceeds | $ 73.3 | ||||||||
Gain (loss) on sale | $ 25.3 | ||||||||
3065 Gold Camp Drive | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Proceeds | $ 14.2 | ||||||||
Gain (loss) on sale | 5.4 | ||||||||
11085 Sun Center Drive | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Proceeds | 36.8 | ||||||||
Gain (loss) on sale | $ 9.1 | ||||||||
Austin Portfolio | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Proceeds | $ 47.6 | ||||||||
Gain (loss) on sale | $ 12 | ||||||||
2010 East Centennial Circle | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Proceeds | $ 5.5 | ||||||||
Gain (loss) on sale | $ (0.5) | ||||||||
1125 Energy Park Drive | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Proceeds | $ 7 | ||||||||
Gain (loss) on sale | $ 2.8 | ||||||||
360 Spear Street | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||
Gross Proceeds | $ 92.3 | ||||||||
Gain (loss) on sale | $ 26.7 |
Investments in Unconsolidated_3
Investments in Unconsolidated Joint Ventures (Equity method of Accounting Presented in our consolidated balance sheets) (Details) $ in Thousands | Dec. 31, 2019USD ($)property | Mar. 29, 2019 | Dec. 31, 2018USD ($)property | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||||
Number of Data Centers | 225 | 214 | ||
Investments in unconsolidated joint ventures | $ 1,287,109 | $ 175,108 | ||
Noncontrolling interests in consolidated joint ventures | $ 20,625 | $ 93,056 | ||
Ascenty | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Data Centers | property | 19 | |||
% Ownership | 51.00% | |||
Investments in unconsolidated joint ventures | $ 774,853 | |||
Noncontrolling interests in consolidated joint ventures | $ 25,000 | |||
Ascenty | Subsidiary of Operating Partnership subsidiary | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest by noncontrolling interest | 2.00% | 2.00% | ||
Mapletree JV | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Data Centers | property | 3 | |||
% Ownership | 20.00% | |||
Investments in unconsolidated joint ventures | $ 208,354 | |||
CenturyLink | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Data Centers | property | 1 | |||
% Ownership | 50.00% | 50.00% | 50.00% | |
Investments in unconsolidated joint ventures | $ 88,647 | $ 96,094 | ||
Mitsubishi | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Data Centers | property | 4 | |||
% Ownership | 50.00% | 50.00% | 50.00% | |
Investments in unconsolidated joint ventures | $ 200,652 | $ 66,835 | ||
Other | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Number of Data Centers | property | 14 | |||
Investments in unconsolidated joint ventures | $ 14,603 | $ 12,179 |
Investments in Unconsolidated_4
Investments in Unconsolidated Joint Ventures - Mapletree Joint Venture (Details) $ in Millions | Nov. 04, 2019property | Nov. 01, 2019USD ($) |
Schedule of Equity Method Investments [Line Items] | ||
Number of data centers contributed to JV | property | 3 | |
Mapletree JV | ||
Schedule of Equity Method Investments [Line Items] | ||
Total consideration of assets and liabilities acquired | $ 1,000 | |
Percentage of interest acquired in JV | 20.00% | |
Proceeds from joint venture | $ 800 | |
Equity Method Investments, Fair Value Disclosure | 193.2 | |
Venture Capital Gain (Loss), Net | 266.2 | |
Equity, Fair Value Adjustment | 53.2 | |
Mapletree JV | Mapletree [Member] | ||
Schedule of Equity Method Investments [Line Items] | ||
Total consideration of assets and liabilities acquired | $ 800 | |
Mapletree JV | Mapletree Investments and Mapletree Industrial Trust | ||
Schedule of Equity Method Investments [Line Items] | ||
Percentage of interest acquired in JV | 80.00% |
Investments in Unconsolidated_5
Investments in Unconsolidated Joint Ventures (Summary of Financial Information for Joint Ventures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||
Equity / (Deficit) | $ 1,287,109 | ||
Investments in unconsolidated joint ventures | 1,287,109 | $ 175,108 | $ 163,477 |
Equity in earnings of unconsolidated joint ventures | 8,067 | 32,979 | 25,516 |
Corporate Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Net Investment in Properties | 2,627,689 | 1,070,661 | 1,061,950 |
Total Assets | 4,877,750 | 1,371,431 | 1,375,006 |
Mortgage Loans | 1,360,384 | 728,338 | 712,690 |
Total Liabilities | 1,680,946 | 876,157 | 869,879 |
Equity / (Deficit) | 3,196,804 | 495,274 | 505,127 |
Revenues | 379,600 | 214,815 | 151,965 |
Property Operating Expense | (143,143) | (75,826) | (49,230) |
Net Operating Income | 236,457 | 138,989 | 102,735 |
Net Income (Loss) | $ 8,357 | $ 47,222 | $ 43,944 |
2001 Sixth Avenue | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in joint ventures | 50.00% | 50.00% | 50.00% |
Net Investment in Properties | $ 30,748 | $ 32,786 | $ 26,933 |
Total Assets | 47,485 | 49,278 | 50,481 |
Mortgage Loans | 134,583 | 134,527 | 134,472 |
Total Liabilities | 140,354 | 139,569 | 138,564 |
Equity / (Deficit) | (92,869) | (90,291) | (88,083) |
Revenues | 56,266 | 52,806 | 49,369 |
Property Operating Expense | (19,254) | (17,264) | (16,719) |
Net Operating Income | 37,012 | 35,542 | 32,650 |
Net Income (Loss) | $ 27,422 | $ 25,612 | $ 20,833 |
2020 Fifth Avenue | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in joint ventures | 50.00% | 50.00% | 50.00% |
Net Investment in Properties | $ 43,918 | $ 44,644 | $ 45,309 |
Total Assets | 54,325 | 54,855 | 54,594 |
Mortgage Loans | 48,000 | 48,000 | 47,000 |
Total Liabilities | 48,703 | 48,333 | 47,249 |
Equity / (Deficit) | 5,622 | 6,522 | 7,345 |
Revenues | 9,868 | 9,417 | 9,088 |
Property Operating Expense | (2,544) | (2,156) | (1,820) |
Net Operating Income | 7,324 | 7,261 | 7,268 |
Net Income (Loss) | $ 4,649 | $ 4,689 | $ 4,881 |
CenturyLink | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in joint ventures | 50.00% | 50.00% | 50.00% |
Net Investment in Properties | $ 148,941 | $ 151,256 | $ 133,435 |
Total Assets | 187,241 | 201,527 | 192,071 |
Total Liabilities | 9,947 | 9,337 | 5,598 |
Equity / (Deficit) | 177,294 | 192,190 | 186,473 |
Revenues | 24,680 | 21,394 | 19,235 |
Property Operating Expense | (9,251) | (7,164) | (6,504) |
Net Operating Income | 15,429 | 14,230 | 12,731 |
Net Income (Loss) | $ 6,712 | $ 6,958 | $ 5,467 |
Mitsubishi | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in joint ventures | 50.00% | 50.00% | 50.00% |
Net Investment in Properties | $ 554,828 | $ 332,373 | $ 325,977 |
Total Assets | 753,743 | 469,159 | 452,063 |
Mortgage Loans | 231,046 | 228,075 | 221,851 |
Total Liabilities | 303,130 | 285,424 | 288,962 |
Equity / (Deficit) | 450,613 | 183,735 | 163,101 |
Revenues | 84,344 | 59,300 | 7,927 |
Property Operating Expense | (39,300) | (26,360) | (4,218) |
Net Operating Income | 45,044 | 32,940 | 3,709 |
Net Income (Loss) | $ 18,751 | $ 15,884 | $ 1,108 |
Ascenty | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in joint ventures | 51.00% | ||
Net Investment in Properties | $ 548,114 | ||
Total Assets | 2,178,663 | ||
Mortgage Loans | 629,500 | ||
Total Liabilities | 764,603 | ||
Equity / (Deficit) | 1,414,060 | ||
Revenues | 112,052 | ||
Property Operating Expense | (40,250) | ||
Net Operating Income | 71,802 | ||
Net Income (Loss) | $ (54,606) | ||
Mapletree JV | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in joint ventures | 20.00% | ||
Net Investment in Properties | $ 765,443 | ||
Total Assets | 1,042,661 | ||
Total Liabilities | 23,796 | ||
Equity / (Deficit) | 1,018,865 | ||
Revenues | 17,852 | ||
Property Operating Expense | (6,774) | ||
Net Operating Income | 11,078 | ||
Net Income (Loss) | $ (1,872) | ||
PREI | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in joint ventures | 20.00% | 20.00% | 20.00% |
Net Investment in Properties | $ 365,993 | $ 375,016 | $ 399,967 |
Total Assets | 421,635 | 433,024 | 456,912 |
Mortgage Loans | 210,915 | 210,626 | 207,687 |
Total Liabilities | 281,344 | 283,899 | 285,050 |
Equity / (Deficit) | 140,291 | 149,125 | 171,862 |
Revenues | 42,157 | 42,058 | 41,464 |
Property Operating Expense | (9,918) | (8,457) | (7,978) |
Net Operating Income | 32,239 | 33,601 | 33,486 |
Net Income (Loss) | $ 9,968 | $ (4,159) | $ 13,889 |
GCEAR | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in joint ventures | 20.00% | 20.00% | 20.00% |
Net Investment in Properties | $ 109,803 | $ 111,909 | $ 114,376 |
Total Assets | 127,444 | 139,268 | 151,191 |
Mortgage Loans | 101,902 | 101,885 | 101,680 |
Total Liabilities | 104,363 | 104,268 | 104,220 |
Equity / (Deficit) | 23,081 | 35,000 | 46,971 |
Revenues | 21,120 | 20,457 | 18,924 |
Property Operating Expense | (9,073) | (8,546) | (7,362) |
Net Operating Income | 12,047 | 11,911 | 11,562 |
Net Income (Loss) | (2,636) | $ (2,177) | $ (1,962) |
Other | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in joint ventures | 17.00% | 17.00% | |
Net Investment in Properties | 59,901 | $ 22,677 | $ 15,953 |
Total Assets | 64,553 | 24,320 | 17,694 |
Mortgage Loans | 4,438 | 5,225 | |
Total Liabilities | 4,706 | 5,327 | 236 |
Equity / (Deficit) | 59,847 | 18,993 | 17,458 |
Revenues | 11,261 | 9,383 | 5,958 |
Property Operating Expense | (6,779) | (5,879) | (4,629) |
Net Operating Income | 4,482 | 3,504 | 1,329 |
Net Income (Loss) | $ (31) | $ 415 | $ (272) |
Acquired Intangible Assets an_3
Acquired Intangible Assets and Liabilities (Summary of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Below-market lease, accumulated amortization | $ (247,735) | $ (242,422) |
Acquired in-place lease value | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 1,357,190 | 1,569,401 |
Accumulated amortization | (899,071) | (795,033) |
Net | 458,119 | 774,368 |
Tenant relationship value | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 1,845,949 | 2,339,606 |
Accumulated amortization | (400,570) | (291,818) |
Net | 1,445,379 | 2,047,788 |
Acquired above-market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 279,048 | 277,796 |
Accumulated amortization | (204,233) | (158,037) |
Net | 74,815 | 119,759 |
Acquired below-market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 396,509 | 442,535 |
Accumulated amortization | (247,735) | (242,422) |
Net | $ 148,774 | $ 200,113 |
Acquired Intangible Assets an_4
Acquired Intangible Assets and Liabilities (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of acquired leases | $ (17,100) | $ (27,300) | $ (2,200) |
Expected average remaining lives of acquired below market leases (in years) | 8 years | ||
Amortization of acquired in-place lease value and deferred leasing costs | $ 354,302 | 416,621 | 247,468 |
Acquired above-market leases | |||
Finite-Lived Intangible Assets [Line Items] | |||
Expected average remaining lives (in years) | 2 years 6 months | ||
Acquired in-place lease value | |||
Finite-Lived Intangible Assets [Line Items] | |||
Expected average remaining lives (in years) | 5 years 9 months 18 days | ||
Amortization of acquired in-place lease value and deferred leasing costs | $ 143,000 | 211,000 | 101,200 |
Weighted average remaining contractual life for acquired leases excluding renewals or extensions (in years) | 5 years 6 months | ||
Tenant relationship value | |||
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of acquired in-place lease value and deferred leasing costs | $ 128,400 | $ 123,500 | $ 85,900 |
Weighted average remaining contractual life for acquired leases excluding renewals or extensions (in years) | 13 years |
Acquired Intangible Assets an_5
Acquired Intangible Assets and Liabilities (Schedule of Estimated Annual Amortization of Below Market Leases) (Details) - Below-Market Leases, Net of Above-Market Leases $ in Thousands | Dec. 31, 2019USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2020 | $ (10,648) |
2021 | (3,501) |
2022 | 4,735 |
2023 | 9,500 |
2024 | 10,149 |
Thereafter | 63,724 |
Total | $ 73,959 |
Acquired Intangible Assets An_6
Acquired Intangible Assets And Liabilities (Schedule of Estimated Annual Amortization of Intangible Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Acquired in-place lease value | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2020 | $ 98,875 | |
2021 | 78,329 | |
2022 | 58,621 | |
2023 | 47,449 | |
2024 | 40,217 | |
Thereafter | 134,628 | |
Net | 458,119 | $ 774,368 |
Tenant relationships | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
2020 | 116,673 | |
2021 | 116,673 | |
2022 | 116,673 | |
2023 | 116,673 | |
2024 | 116,673 | |
Thereafter | 862,014 | |
Net | $ 1,445,379 |
Debt of the Company (Narrative)
Debt of the Company (Narrative) (Details) - Senior Notes | Dec. 31, 2019 |
3.950% notes due 2022 | Digital Realty Trust, L.P. | |
Debt Instrument [Line Items] | |
Stated interest rate | 3.95% |
3.625% notes due 2022 | Digital Realty Trust, L.P. | |
Debt Instrument [Line Items] | |
Stated interest rate | 3.625% |
2.750% notes due 2023 | Digital Realty Trust, L.P. | |
Debt Instrument [Line Items] | |
Stated interest rate | 2.75% |
4.750% notes due 2025 | Digital Realty Trust, L.P. | |
Debt Instrument [Line Items] | |
Stated interest rate | 4.75% |
3.700% notes due 2027 | Digital Realty Trust, L.P. | |
Debt Instrument [Line Items] | |
Stated interest rate | 3.70% |
4.450% notes due 2028 | Digital Realty Trust, L.P. | |
Debt Instrument [Line Items] | |
Stated interest rate | 4.45% |
3.600% notes due 2029 | Digital Realty Trust, L.P. | |
Debt Instrument [Line Items] | |
Stated interest rate | 3.60% |
4.750% notes due 2023 | |
Debt Instrument [Line Items] | |
Stated interest rate | 4.75% |
2.750% notes due 2024 | |
Debt Instrument [Line Items] | |
Stated interest rate | 2.75% |
4.250% notes due 2025 | |
Debt Instrument [Line Items] | |
Stated interest rate | 4.25% |
3.300% notes due 2029 | |
Debt Instrument [Line Items] | |
Stated interest rate | 3.30% |
3.750% notes due 2030 | |
Debt Instrument [Line Items] | |
Stated interest rate | 3.75% |
2.625% notes due 2024 | |
Debt Instrument [Line Items] | |
Stated interest rate | 2.625% |
2.500% notes due 2026 | |
Debt Instrument [Line Items] | |
Stated interest rate | 2.50% |
1.125% notes due 2028 | |
Debt Instrument [Line Items] | |
Stated interest rate | 1.125% |
Debt of the Operating Partner_3
Debt of the Operating Partnership (Summary of Outstanding Indebtedness) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | |
Unsecured term loans | 2019 Term Loan | Base Rate | ||
Debt Instrument [Line Items] | ||
Interest rate basis spread | 1.00% | |
Unsecured senior notes | Floating rate notes due 2019 | EURIBOR | ||
Debt Instrument [Line Items] | ||
Interest rate basis spread | 0.50% | |
Senior Notes | 4.750% notes due 2023 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.75% | |
Senior Notes | 2.625% notes due 2024 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.625% | |
Senior Notes | 2.750% notes due 2024 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.75% | |
Senior Notes | 4.250% notes due 2025 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.25% | |
Senior Notes | 2.500% notes due 2026 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.50% | |
Senior Notes | 1.125% notes due 2028 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 1.125% | |
Senior Notes | 3.300% notes due 2029 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.30% | |
Senior Notes | 3.750% notes due 2030 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.75% | |
Digital Realty Trust, L.P. | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 10,205,433 | |
Debt Instrument, Unamortized Discount | 22,554 | |
Total indebtedness | 10,122,448 | $ 11,101,479 |
Unamortized net premiums | 6,463 | |
Long-term debt, net of discount (premium) | 10,189,342 | |
Digital Realty Trust, L.P. | Global revolving credit facilities, net | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 245,766 | 1,663,156 |
Debt Instrument, Unamortized Discount | 0 | |
Deferred financing costs | (11,661) | (15,421) |
Total indebtedness | 234,105 | 1,647,735 |
Unamortized net premiums | 0 | |
Long-term debt, net of discount (premium) | $ 245,766 | |
Interest rate basis spread | 90.00% | |
Commitment fee percentage | 20.00% | |
Number of extension options | item | 2 | |
Debt instrument, extension term | 6 months | |
Digital Realty Trust, L.P. | Yen Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 146,451 | 134,564 |
Interest rate basis spread | 50.00% | |
Commitment fee percentage | 10.00% | |
Digital Realty Trust, L.P. | Unsecured term loans | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 813,205 | |
Debt Instrument, Unamortized Discount | 0 | |
Deferred financing costs | (2,986) | (4,216) |
Total indebtedness | 810,219 | 1,178,904 |
Unamortized net premiums | 0 | |
Long-term debt, net of discount (premium) | $ 813,205 | |
Debt instrument, extension term | 6 months | |
Digital Realty Trust, L.P. | Unsecured term loans | 2023 and 2024 Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 813,205 | 808,120 |
Interest rate basis spread | 100.00% | |
Digital Realty Trust, L.P. | Unsecured term loans | 2019 Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 375,000 | |
Digital Realty Trust, L.P. | Unsecured term loans | 2023 Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 300,000 | 300,000 |
Digital Realty Trust, L.P. | Unsecured term loans | 2024 Term Loan | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 513,205 | 508,120 |
Digital Realty Trust, L.P. | Unsecured senior notes | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount | 16,145 | 19,859 |
Deferred financing costs | (52,038) | (40,553) |
Total indebtedness | 8,973,190 | 7,589,126 |
Long-term debt, net of discount (premium) | $ 9,025,228 | 7,629,679 |
Digital Realty Trust, L.P. | Unsecured senior notes | Floating rate notes due 2019 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 143,338 | |
Digital Realty Trust, L.P. | Unsecured senior notes | 5.875% notes due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 500,000 | |
Stated interest rate | 5.875% | |
Digital Realty Trust, L.P. | Unsecured senior notes | 3.400% notes due 2020 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 500,000 | |
Stated interest rate | 3.40% | |
Digital Realty Trust, L.P. | Unsecured senior notes | 5.250% notes due 2021 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 400,000 | |
Stated interest rate | 5.25% | |
Digital Realty Trust, L.P. | Unsecured senior notes | 3.950% notes due 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 500,000 | 500,000 |
Stated interest rate | 3.95% | |
Aggregate principal amount | $ 500,000 | |
Digital Realty Trust, L.P. | Unsecured senior notes | 3.625% notes due 2022 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 300,000 | 300,000 |
Stated interest rate | 3.625% | |
Aggregate principal amount | $ 300,000 | |
Digital Realty Trust, L.P. | Unsecured senior notes | 2.750% notes due 2023 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 350,000 | 350,000 |
Stated interest rate | 2.75% | |
Aggregate principal amount | $ 350,000 | |
Digital Realty Trust, L.P. | Unsecured senior notes | 4.750% notes due 2023 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 397,710 | 382,620 |
Stated interest rate | 4.75% | |
Digital Realty Trust, L.P. | Unsecured senior notes | 2.625% notes due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 672,780 | 688,020 |
Stated interest rate | 2.625% | |
Digital Realty Trust, L.P. | Unsecured senior notes | 2.750% notes due 2024 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 331,425 | 318,850 |
Stated interest rate | 2.75% | |
Digital Realty Trust, L.P. | Unsecured senior notes | 4.250% notes due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 530,280 | 510,160 |
Stated interest rate | 4.25% | |
Digital Realty Trust, L.P. | Unsecured senior notes | 4.750% notes due 2025 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 450,000 | 450,000 |
Stated interest rate | 4.75% | |
Digital Realty Trust, L.P. | Unsecured senior notes | 2.500% notes due 2026 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,205,398 | 0 |
Stated interest rate | 2.50% | |
Digital Realty Trust, L.P. | Unsecured senior notes | 3.700% notes due 2027 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,000,000 | 1,000,000 |
Stated interest rate | 3.70% | |
Aggregate principal amount | $ 1,000,000 | |
Digital Realty Trust, L.P. | Unsecured senior notes | 1.125% notes due 2028 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 560,650 | 0 |
Stated interest rate | 1.125% | |
Digital Realty Trust, L.P. | Unsecured senior notes | 4.450% notes due 2028 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 650,000 | 650,000 |
Stated interest rate | 4.45% | |
Aggregate principal amount | $ 650,000 | |
Digital Realty Trust, L.P. | Unsecured senior notes | 3.600% notes due 2029 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 900,000 | 0 |
Stated interest rate | 3.60% | |
Aggregate principal amount | $ 900,000 | |
Digital Realty Trust, L.P. | Unsecured senior notes | 3.300% notes due 2029 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 463,995 | 446,390 |
Stated interest rate | 3.30% | |
Digital Realty Trust, L.P. | Unsecured senior notes | 3.750% notes due 2030 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 729,135 | 510,160 |
Stated interest rate | 3.75% | |
Digital Realty Trust, L.P. | Senior Notes | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 9,041,373 | |
Debt Instrument, Unamortized Discount | 22,554 | |
Unamortized net premiums | 6,409 | |
Long-term debt, net of discount (premium) | $ 9,025,228 | |
Digital Realty Trust, L.P. | Senior Notes | 3.950% notes due 2022 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.95% | |
Digital Realty Trust, L.P. | Senior Notes | 3.625% notes due 2022 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.625% | |
Digital Realty Trust, L.P. | Senior Notes | 2.750% notes due 2023 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 2.75% | |
Digital Realty Trust, L.P. | Senior Notes | 4.750% notes due 2025 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.75% | |
Digital Realty Trust, L.P. | Senior Notes | 3.700% notes due 2027 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.70% | |
Digital Realty Trust, L.P. | Senior Notes | 4.450% notes due 2028 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.45% | |
Digital Realty Trust, L.P. | Senior Notes | 3.600% notes due 2029 | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 3.60% | |
Digital Realty Trust, L.P. | Secured Debt. | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 105,089 | |
Debt Instrument, Unamortized Discount | 0 | |
Deferred financing costs | (209) | (20,210) |
Total indebtedness | 104,934 | 685,714 |
Unamortized net premiums | 54 | 148 |
Long-term debt, net of discount (premium) | 105,143 | 705,924 |
Digital Realty Trust, L.P. | Secured Debt. | 731 East Trade Street | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 1,089 | 1,776 |
Stated interest rate | 8.22% | |
Digital Realty Trust, L.P. | Secured Debt. | Secured note due March 2023 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 104,000 | 104,000 |
Digital Realty Trust, L.P. | Secured Debt. | Secured note due March 2023 | LIBOR | ||
Debt Instrument [Line Items] | ||
Interest rate basis spread | 1.00% | |
Digital Realty Trust, L.P. | Secured Debt. | Secured note due December 2023 | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | $ 600,000 | |
Digital Realty Trust, L.P. | Secured Debt. | Secured note due December 2023 | Base Rate | ||
Debt Instrument [Line Items] | ||
Interest rate basis spread | 4.25% |
Debt of the Operating Partner_4
Debt of the Operating Partnership (Floating and Base Rate Borrowing) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($)$ / $$ / $$ / $$ / $$ / €$ / £ | Dec. 31, 2018$ / € | Dec. 31, 2018$ / $ | Dec. 31, 2018$ / ¥ | Dec. 31, 2018$ / $ | Dec. 31, 2018$ / $ | Dec. 31, 2018$ / £ | Dec. 31, 2018$ / $ | Dec. 31, 2018USD ($) | Dec. 31, 2018 | |
3.750% notes due 2030 | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Stated interest rate | 3.75% | ||||||||||
Digital Realty Trust, L.P. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 10,205,433 | ||||||||||
Digital Realty Trust, L.P. | Global revolving credit facilities, net | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 245,766 | $ 1,663,156 | |||||||||
Weighted-average interest rate | 1.00% | 2.41% | |||||||||
Interest rate basis spread | 90.00% | ||||||||||
Commitment fee percentage | 20.00% | ||||||||||
Letters of credit issued | $ 45,200 | ||||||||||
Digital Realty Trust, L.P. | Yen Revolving Credit Facility | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 146,451 | 134,564 | |||||||||
Weighted-average interest rate | 0.50% | 0.50% | |||||||||
Interest rate basis spread | 50.00% | ||||||||||
Commitment fee percentage | 10.00% | ||||||||||
Digital Realty Trust, L.P. | Unsecured term loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 813,205 | ||||||||||
Digital Realty Trust, L.P. | Senior Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | 9,041,373 | ||||||||||
Digital Realty Trust, L.P. | Secured Debt. | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | 105,089 | ||||||||||
Digital Realty Trust, L.P. | 2023 and 2024 Term Loan | Unsecured term loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 813,205 | 808,120 | |||||||||
Weighted-average interest rate | 2.62% | 3.17% | |||||||||
Interest rate basis spread | 100.00% | ||||||||||
Digital Realty Trust, L.P. | 2023 and 2024 Term Loan | Unsecured term loans | Interest Rate Swap | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Weighted-average interest rate | 2.39% | 2.66% | |||||||||
Digital Realty Trust, L.P. | 3.750% notes due 2030 | Unsecured senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 729,135 | 510,160 | |||||||||
Stated interest rate | 3.75% | ||||||||||
Digital Realty Trust, L.P. | 5.875% notes due 2020 | Unsecured term loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Early extinguishment charge | $ 12,900 | ||||||||||
Digital Realty Trust, L.P. | 5.875% notes due 2020 | Unsecured senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | 500,000 | ||||||||||
Stated interest rate | 5.875% | ||||||||||
Digital Realty Trust, L.P. | 3.400% notes due 2020 | Unsecured senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | 500,000 | ||||||||||
Stated interest rate | 3.40% | ||||||||||
Digital Realty Trust, L.P. | 3.400% 2020 Notes and 2021 Notes | Unsecured term loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Early extinguishment charge | $ 26,300 | ||||||||||
Digital Realty Trust, L.P. | Floating Rate | Global revolving credit facilities, net | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 99,315 | 1,528,592 | |||||||||
Weighted-average interest rate | 1.75% | 2.57% | |||||||||
Interest rate basis spread | 90.00% | ||||||||||
Digital Realty Trust, L.P. | U.S. dollar ($) | 2023 and 2024 Term Loan | Unsecured term loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 300,000 | 300,000 | |||||||||
Weighted-average interest rate | 2.74% | 3.46% | |||||||||
Digital Realty Trust, L.P. | U.S. dollar ($) | 2023 and 2024 Term Loan | Unsecured term loans | Interest Rate Swap | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Weighted-average interest rate | 2.44% | 2.44% | |||||||||
Digital Realty Trust, L.P. | U.S. dollar ($) | Floating Rate | Global revolving credit facilities, net | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | 890,000 | ||||||||||
Weighted-average interest rate | 3.37% | ||||||||||
Digital Realty Trust, L.P. | British pound sterling () | Global revolving credit facilities, net | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Exchange rate | $ / £ | 1.28 | ||||||||||
Digital Realty Trust, L.P. | British pound sterling () | Unsecured senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Exchange rate | $ / £ | 1.33 | 1.28 | |||||||||
Digital Realty Trust, L.P. | British pound sterling () | Floating Rate | Global revolving credit facilities, net | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | 8,290 | ||||||||||
Weighted-average interest rate | 1.61% | ||||||||||
Digital Realty Trust, L.P. | Euro () | Global revolving credit facilities, net | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Exchange rate | $ / € | 1.12 | 1.15 | |||||||||
Digital Realty Trust, L.P. | Euro () | Unsecured senior notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Exchange rate | $ / € | 1.12 | 1.15 | |||||||||
Digital Realty Trust, L.P. | Euro () | Floating Rate | Global revolving credit facilities, net | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 44,852 | 451,800 | |||||||||
Weighted-average interest rate | 0.90% | 0.90% | |||||||||
Digital Realty Trust, L.P. | Australian dollar (AUD) | Global revolving credit facilities, net | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Exchange rate | $ / $ | 0.70 | 0.70 | |||||||||
Digital Realty Trust, L.P. | Australian dollar (AUD) | 2023 and 2024 Term Loan | Unsecured term loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 203,820 | 204,632 | |||||||||
Weighted-average interest rate | 1.85% | 2.94% | |||||||||
Exchange rate | $ / $ | 0.70 | ||||||||||
Digital Realty Trust, L.P. | Australian dollar (AUD) | Floating Rate | Global revolving credit facilities, net | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 1,264 | 27,632 | |||||||||
Weighted-average interest rate | 1.74% | 2.82% | |||||||||
Digital Realty Trust, L.P. | Hong Kong dollar (HKD) | Global revolving credit facilities, net | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Exchange rate | $ / $ | 0.13 | ||||||||||
Digital Realty Trust, L.P. | Hong Kong dollar (HKD) | 2023 and 2024 Term Loan | Unsecured term loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 85,629 | 85,188 | |||||||||
Weighted-average interest rate | 3.60% | 3.32% | |||||||||
Exchange rate | $ / $ | 0.13 | 0.13 | |||||||||
Digital Realty Trust, L.P. | Hong Kong dollar (HKD) | Floating Rate | Global revolving credit facilities, net | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | 8,797 | ||||||||||
Weighted-average interest rate | 3.14% | ||||||||||
Digital Realty Trust, L.P. | Japanese yen (JPY) | Global revolving credit facilities, net | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Exchange rate | 0.01 | 0.01 | 0.01 | ||||||||
Digital Realty Trust, L.P. | Japanese yen (JPY) | Unsecured term loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Exchange rate | $ / $ | 0.70 | ||||||||||
Digital Realty Trust, L.P. | Japanese yen (JPY) | Floating Rate | Global revolving credit facilities, net | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | 4,105 | ||||||||||
Weighted-average interest rate | 0.90% | ||||||||||
Digital Realty Trust, L.P. | Singapore dollar (SGD) | Global revolving credit facilities, net | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Exchange rate | $ / $ | 0.74 | 0.73 | |||||||||
Digital Realty Trust, L.P. | Singapore dollar (SGD) | 2023 and 2024 Term Loan | Unsecured term loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 147,931 | 146,080 | |||||||||
Weighted-average interest rate | 2.68% | 2.76% | |||||||||
Exchange rate | $ / $ | 0.74 | 0.73 | |||||||||
Digital Realty Trust, L.P. | Singapore dollar (SGD) | Floating Rate | Global revolving credit facilities, net | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 53,199 | 77,112 | |||||||||
Weighted-average interest rate | 2.46% | 2.79% | |||||||||
Digital Realty Trust, L.P. | Canadian dollar (CAD) | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Exchange rate | $ / $ | 0.77 | 0.73 | |||||||||
Digital Realty Trust, L.P. | Canadian dollar (CAD) | Global revolving credit facilities, net | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Exchange rate | $ / $ | 0.73 | ||||||||||
Digital Realty Trust, L.P. | Canadian dollar (CAD) | 2023 and 2024 Term Loan | Unsecured term loans | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 75,825 | 72,220 | |||||||||
Weighted-average interest rate | 3.00% | 3.24% | |||||||||
Exchange rate | $ / $ | 0.77 | 0.73 | |||||||||
Digital Realty Trust, L.P. | Canadian dollar (CAD) | 2023 and 2024 Term Loan | Unsecured term loans | Interest Rate Swap | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Weighted-average interest rate | 1.78% | 1.78% | |||||||||
Digital Realty Trust, L.P. | Canadian dollar (CAD) | Floating Rate | Global revolving credit facilities, net | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Long-term debt, gross | $ 60,856 | ||||||||||
Weighted-average interest rate | 3.16% |
Debt of the Operating Partner_5
Debt of the Operating Partnership (Global Revolving Credit Facilities) (Narrative) (Details) - Digital Realty Trust, L.P. $ in Millions, ¥ in Billions | 12 Months Ended | |||
Dec. 31, 2019USD ($)item | Oct. 24, 2018JPY (¥) | Oct. 24, 2018USD ($) | Jan. 15, 2016USD ($) | |
Global revolving credit facilities, net | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 2,350 | $ 2,000 | ||
Number of extension options | item | 2 | |||
Debt instrument, extension term | 6 months | |||
Interest rate basis spread | 90.00% | |||
Commitment fee percentage | 20.00% | |||
Letters of credit issued | $ 45.2 | |||
Global revolving credit facilities, net | Accordian Feature | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 1,250 | |||
Yen Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | ¥ 33.3 | 296.5 | ||
Interest rate basis spread | 50.00% | |||
Commitment fee percentage | 10.00% | |||
Yen Revolving Credit Facility | Accordian Feature | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | ¥ 93.3 | $ 831.1 |
Debt of the Operating Partner_6
Debt of the Operating Partnership (Unsecured Term Loans) (Narrative) (Details) - Digital Realty Trust, L.P. $ in Thousands | Oct. 24, 2018USD ($) | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Jan. 15, 2016USD ($) |
Debt Instrument [Line Items] | ||||
Long-term debt, gross | $ 10,205,433 | |||
Unsecured term loans | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, extension term | 6 months | |||
Long-term debt, gross | $ 813,205 | |||
2023 and 2024 Term Loan | Unsecured term loans | ||||
Debt Instrument [Line Items] | ||||
Interest rate basis spread | 100.00% | |||
Long-term debt, gross | $ 813,205 | $ 808,120 | ||
Unsecured Term Loan, 5 Year | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 300,000 | |||
Debt instrument term | 5 years | |||
Unsecured Term Loan, 7 Year | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 512,000 | |||
Debt instrument term | 5 years | |||
Unsecured term loans | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 1,550,000 | |||
Number of extension options | item | 2 | |||
Maximum borrowing capacity, subject to receipt of lender commitments and other conditions | $ 1,250,000 | |||
Interest rate basis spread | 1.00% | |||
Long-term debt, gross | $ 800,000 |
Debt of the Operating Partner_7
Debt of the Operating Partnership (Unsecured Senior Notes) (Details) € in Millions, £ in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2019GBP (£) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019GBP (£) | Dec. 31, 2019USD ($) | Mar. 05, 2019GBP (£) | Oct. 17, 2018GBP (£) | |
3.950% notes due 2022 | Digital Realty Trust, L.P. | Senior Notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Stated interest rate | 3.95% | 3.95% | 3.95% | ||||
3.950% notes due 2022 | Digital Realty Trust, L.P. | Unsecured senior notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Debt face amount | $ 500 | ||||||
Net proceeds from offering | $ 491.8 | ||||||
Stated interest rate | 3.95% | 3.95% | 3.95% | ||||
3.625% notes due 2022 | Digital Realty Trust, L.P. | Senior Notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Stated interest rate | 3.625% | 3.625% | 3.625% | ||||
3.625% notes due 2022 | Digital Realty Trust, L.P. | Unsecured senior notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Debt face amount | $ 300 | ||||||
Net proceeds from offering | 293.1 | ||||||
Stated interest rate | 3.625% | 3.625% | 3.625% | ||||
2.750% notes due 2023 | Digital Realty Trust, L.P. | Senior Notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Stated interest rate | 2.75% | 2.75% | 2.75% | ||||
2.750% notes due 2023 | Digital Realty Trust, L.P. | Unsecured senior notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Debt face amount | $ 350 | ||||||
Net proceeds from offering | 346.9 | ||||||
Stated interest rate | 2.75% | 2.75% | 2.75% | ||||
4.750% notes due 2023 | Senior Notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Stated interest rate | 4.75% | 4.75% | 4.75% | ||||
4.750% notes due 2023 | Digital Realty Trust, L.P. | Unsecured senior notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Stated interest rate | 4.75% | 4.75% | 4.75% | ||||
4.750% notes due 2023 | Digital Stout Holding, LLC | Unsecured senior notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Debt face amount | £ | £ 300 | ||||||
Net proceeds from offering | £ | £ 490.9 | ||||||
2.625% notes due 2024 | Senior Notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Stated interest rate | 2.625% | 2.625% | 2.625% | ||||
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% notes due 2024 | Digital Euro Finco, LLC | Unsecured senior notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Debt face amount | € | € 600 | ||||||
Net proceeds from offering | £ | 670.3 | ||||||
2.750% notes due 2024 | Senior Notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Stated interest rate | 2.75% | 2.75% | 2.75% | ||||
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% | ||||
2.750% notes due 2024 | Digital Stout Holding, LLC | Unsecured senior notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Debt face amount | £ | £ 250 | ||||||
Net proceeds from offering | £ | 321.3 | ||||||
4.250% notes due 2025 | Senior Notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Stated interest rate | 4.25% | 4.25% | 4.25% | ||||
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% | ||||
4.250% notes due 2025 | Digital Stout Holding, LLC | Senior Notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Stated interest rate | 4.25% | 4.25% | 4.25% | ||||
4.250% notes due 2025 | Digital Stout Holding, LLC | Unsecured senior notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Debt face amount | £ | £ 400 | ||||||
Net proceeds from offering | £ | 624.2 | ||||||
2.500% notes due 2026 | Senior Notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Stated interest rate | 2.50% | 2.50% | 2.50% | ||||
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% | ||||
2.500% notes due 2026 | Digital Euro Finco, LLC | Unsecured senior notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Debt face amount | $ 1,075 | ||||||
Net proceeds from offering | 1,218.6 | ||||||
3.700% notes due 2027 | Digital Realty Trust, L.P. | Senior Notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Stated interest rate | 3.70% | 3.70% | 3.70% | ||||
3.700% notes due 2027 | Digital Realty Trust, L.P. | Unsecured senior notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Debt face amount | $ 1,000 | ||||||
Net proceeds from offering | 991 | ||||||
Stated interest rate | 3.70% | 3.70% | 3.70% | ||||
1.125% notes due 2028 | Senior Notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Stated interest rate | 1.125% | 1.125% | 1.125% | ||||
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% notes due 2028 | Digital Euro Finco, LLC | Unsecured senior notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Debt face amount | $ 500 | ||||||
Net proceeds from offering | 539.7 | ||||||
4.450% notes due 2028 | Digital Realty Trust, L.P. | Senior Notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Stated interest rate | 4.45% | 4.45% | 4.45% | ||||
4.450% notes due 2028 | Digital Realty Trust, L.P. | Unsecured senior notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Debt face amount | $ 650 | ||||||
Net proceeds from offering | 643.3 | ||||||
Stated interest rate | 4.45% | 4.45% | 4.45% | ||||
3.300% notes due 2029 | Senior Notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Stated interest rate | 3.30% | 3.30% | 3.30% | ||||
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% | ||||
3.300% notes due 2029 | Digital Stout Holding, LLC | Unsecured senior notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Debt face amount | £ | £ 350 | ||||||
Net proceeds from offering | £ | 448.6 | ||||||
3.600% notes due 2029 | Digital Realty Trust, L.P. | Senior Notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Stated interest rate | 3.60% | 3.60% | 3.60% | ||||
3.600% notes due 2029 | Digital Realty Trust, L.P. | Unsecured senior notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Debt face amount | $ 900 | ||||||
Net proceeds from offering | 890.6 | ||||||
Stated interest rate | 3.60% | 3.60% | 3.60% | ||||
3.750% notes due 2030 | Senior Notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Stated interest rate | 3.75% | 3.75% | 3.75% | ||||
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% | ||||
3.750% notes due 2030 | Digital Stout Holding, LLC | Unsecured senior notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Debt face amount | £ | £ 550 | £ 150 | £ 400 | ||||
Net proceeds from offering | £ | £ 716.8 | ||||||
4.750% notes due 2025 | Digital Realty Trust, L.P. | Senior Notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Stated interest rate | 4.75% | 4.75% | 4.75% | ||||
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% | ||||
4.750% notes due 2025 | Digital Delta Holding, LLC | Unsecured senior notes | |||||||
Debt of the Operating Partnership [Line Items] | |||||||
Debt face amount | $ 450 | ||||||
Net proceeds from offering | $ 445.8 | ||||||
Stated interest rate | 4.75% | 4.75% | 4.75% |
Debt of the Operating Partner_8
Debt of the Operating Partnership (Narrative) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Senior Notes | 2.500% notes due 2026 | |
Debt Instrument [Line Items] | |
Stated interest rate | 2.50% |
Senior Notes | 3.600% notes due 2029 | Digital Realty Trust, L.P. | |
Debt Instrument [Line Items] | |
Stated interest rate | 3.60% |
Unsecured senior notes | Digital Realty Trust, L.P. | |
Debt Instrument [Line Items] | |
Leverage ratio | 60.00% |
Secured debt leverage ratio, maximum | 40.00% |
Interest coverage ratio | 1.50 |
Total unencumbered assets | 150.00% |
Unsecured senior notes | 2.500% notes due 2026 | Digital Realty Trust, L.P. | |
Debt Instrument [Line Items] | |
Stated interest rate | 2.50% |
Unsecured senior notes | 2.500% notes due 2026 | Digital Euro Finco, LLC | |
Debt Instrument [Line Items] | |
Aggregate principal amount | $ 1,075 |
Net proceeds from offering | $ 1,218.6 |
Unsecured senior notes | 5.875% notes due 2020 | Digital Realty Trust, L.P. | |
Debt Instrument [Line Items] | |
Stated interest rate | 5.875% |
Unsecured senior notes | 3.600% notes due 2029 | Digital Realty Trust, L.P. | |
Debt Instrument [Line Items] | |
Stated interest rate | 3.60% |
Aggregate principal amount | $ 900 |
Net proceeds from offering | $ 890.6 |
Unsecured senior notes | 3.400% notes due 2020 | Digital Realty Trust, L.P. | |
Debt Instrument [Line Items] | |
Stated interest rate | 3.40% |
Debt of the Operating Partner_9
Debt of the Operating Partnership (Schedule of Debt Maturities And Principal Maturities) (Details) - Digital Realty Trust, L.P. $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | |
Debt Instrument [Line Items] | ||
2020 | $ 1,089 | |
2021 | 800,000 | |
2022 | 1,764,230 | |
2023 | 1,150,656 | |
Thereafter | 6,489,458 | |
Subtotal | 10,205,433 | |
Unamortized discounts, net of premiums | (22,554) | |
Unamortized premium | 6,463 | |
Long-term debt, net of discount (premium) | 10,189,342 | |
Global revolving credit facilities, net | ||
Debt Instrument [Line Items] | ||
2020 | 0 | |
2020 | 0 | |
2021 | 0 | |
2022 | 99,315 | |
2023 | 146,451 | |
Thereafter | 0 | |
Subtotal | 245,766 | $ 1,663,156 |
Unamortized discounts, net of premiums | 0 | |
Unamortized premium | 0 | |
Long-term debt, net of discount (premium) | $ 245,766 | |
Number of extension options | item | 2 | |
Debt instrument, extension term | 6 months | |
Unsecured term loans | ||
Debt Instrument [Line Items] | ||
2020 | $ 0 | |
2020 | 0 | |
2021 | 0 | |
2022 | 813,205 | |
2023 | 0 | |
Thereafter | 0 | |
Subtotal | 813,205 | |
Unamortized discounts, net of premiums | 0 | |
Unamortized premium | 0 | |
Long-term debt, net of discount (premium) | $ 813,205 | |
Debt instrument, extension term | 6 months | |
Senior Notes | ||
Debt Instrument [Line Items] | ||
2020 | $ 0 | |
2020 | 0 | |
2021 | 800,000 | |
2022 | 747,710 | |
2023 | 1,004,205 | |
Thereafter | 6,489,458 | |
Subtotal | 9,041,373 | |
Unamortized discounts, net of premiums | (22,554) | |
Unamortized premium | 6,409 | |
Long-term debt, net of discount (premium) | 9,025,228 | |
Secured Debt. | ||
Debt Instrument [Line Items] | ||
2020 | 1,089 | |
2020 | 0 | |
2021 | 0 | |
2022 | 104,000 | |
2023 | 0 | |
Thereafter | 0 | |
Subtotal | 105,089 | |
Unamortized discounts, net of premiums | 0 | |
Unamortized premium | 54 | 148 |
Long-term debt, net of discount (premium) | $ 105,143 | $ 705,924 |
Income per Share (Summary of Ba
Income per Share (Summary of Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income per Share | |||||||||||
Net income available to common stockholders | $ 315,577 | $ 49,827 | $ 31,738 | $ 95,869 | $ 31,230 | $ 67,268 | $ 65,134 | $ 86,298 | $ 493,011 | $ 249,930 | $ 173,148 |
Weighted average shares outstanding-basic (shares) | 208,325,823 | 206,035,408 | 174,059,386 | ||||||||
Potentially dilutive common shares: | |||||||||||
Unvested incentive units (shares) | 165,185 | 141,260 | 141,136 | ||||||||
Forward equity offering (shares) | 813,073 | 33,315 | 124,527 | ||||||||
Market performance-based awards (shares) | 158,166 | 463,488 | 570,049 | ||||||||
Weighted average shares/units outstanding-diluted (shares/units) | 209,462,247 | 206,673,471 | 174,895,098 | ||||||||
Income per share: | |||||||||||
Basic (in dollars per share) | $ 1.51 | $ 0.24 | $ 0.15 | $ 0.46 | $ 0.15 | $ 0.33 | $ 0.32 | $ 0.42 | $ 2.37 | $ 1.21 | $ 0.99 |
Diluted (in dollars per share) | $ 1.50 | $ 0.24 | $ 0.15 | $ 0.46 | $ 0.15 | $ 0.33 | $ 0.32 | $ 0.42 | $ 2.35 | $ 1.21 | $ 0.99 |
Income per Share (Schedule of A
Income per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 19,466,156 | 20,028,886 | 13,559,863 |
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) | 9,087,726 | 8,227,463 | 3,996,550 |
Series C Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 1,695,765 | 1,876,584 | 540,773 |
Series F Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 0 | 0 | 463,301 |
Potentially dilutive Series G Cumulative Redeemable Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 2,102,655 | 2,326,861 | 2,261,153 |
Potentially dilutive Series H Cumulative Redeemable Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 789,846 | 3,409,772 | 3,313,484 |
Potentially dilutive Series I Cumulative Redeemable Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 2,105,116 | 2,329,584 | 2,263,799 |
Series J Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 1,679,534 | 1,858,622 | 720,803 |
Potentially dilutive Series K Cumulative Redeemable Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 1,334,691 | 0 | 0 |
Series L Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (shares) | 670,823 | 0 | 0 |
Income per Unit (Summary of Bas
Income per Unit (Summary of Basic and Diluted Earnings per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | |||||||||||
Net income available to common unitholders | $ 315,577 | $ 49,827 | $ 31,738 | $ 95,869 | $ 31,230 | $ 67,268 | $ 65,134 | $ 86,298 | $ 493,011 | $ 249,930 | $ 173,148 |
Weighted average units outstanding-basic (units) | 208,325,823 | 206,035,408 | 174,059,386 | ||||||||
Potentially dilutive common units: | |||||||||||
Unvested incentive units (units) | 165,185 | 141,260 | 141,136 | ||||||||
Forward equity offering (units) | 813,073 | 33,315 | 124,527 | ||||||||
Market performance-based awards (units) | 158,166 | 463,488 | 570,049 | ||||||||
Weighted average shares/units outstanding-diluted (shares/units) | 209,462,247 | 206,673,471 | 174,895,098 | ||||||||
Income per share: | |||||||||||
Basic (in dollars per unit) | $ 1.51 | $ 0.24 | $ 0.15 | $ 0.46 | $ 0.15 | $ 0.33 | $ 0.32 | $ 0.42 | $ 2.37 | $ 1.21 | $ 0.99 |
Diluted (in dollars per unit) | $ 1.50 | $ 0.24 | $ 0.15 | $ 0.46 | $ 0.15 | $ 0.33 | $ 0.32 | $ 0.42 | $ 2.35 | $ 1.21 | $ 0.99 |
Digital Realty Trust, L.P. | |||||||||||
Class of Stock [Line Items] | |||||||||||
Net income available to common unitholders | $ 328,677 | $ 52,127 | $ 33,138 | $ 100,169 | $ 32,530 | $ 69,968 | $ 67,834 | $ 89,778 | $ 514,111 | $ 260,110 | $ 176,918 |
Weighted average units outstanding-basic (units) | 217,284,755 | 214,312,871 | 178,055,936 | ||||||||
Potentially dilutive common units: | |||||||||||
Unvested incentive units (units) | 165,185 | 141,260 | 141,136 | ||||||||
Forward equity offering (units) | 813,073 | 33,315 | 124,527 | ||||||||
Market performance-based awards (units) | 158,166 | 463,488 | 570,049 | ||||||||
Weighted average shares/units outstanding-diluted (shares/units) | 218,421,179 | 214,950,934 | 178,891,648 | ||||||||
Income per share: | |||||||||||
Basic (in dollars per unit) | $ 1.51 | $ 0.24 | $ 0.15 | $ 0.46 | $ 0.15 | $ 0.33 | $ 0.32 | $ 0.42 | $ 2.37 | $ 1.21 | $ 0.99 |
Diluted (in dollars per unit) | $ 1.50 | $ 0.24 | $ 0.15 | $ 0.46 | $ 0.15 | $ 0.33 | $ 0.32 | $ 0.42 | $ 2.35 | $ 1.21 | $ 0.99 |
Income per Unit (Schedule of An
Income per Unit (Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (units) | 19,466,156 | 20,028,886 | 13,559,863 |
Series F Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (units) | 0 | 0 | 463,301 |
Series L Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (units) | 670,823 | 0 | 0 |
Digital Realty Trust, L.P. | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (units) | 10,378,430 | 11,801,423 | 9,563,313 |
Digital Realty Trust, L.P. | Series C Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (units) | 1,695,765 | 1,876,584 | 540,773 |
Digital Realty Trust, L.P. | Series F Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (units) | 0 | 0 | 463,301 |
Digital Realty Trust, L.P. | Series G Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (units) | 2,102,655 | 2,326,861 | 2,261,153 |
Digital Realty Trust, L.P. | Series H Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (units) | 789,846 | 3,409,772 | 3,313,484 |
Digital Realty Trust, L.P. | Series I Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (units) | 2,105,116 | 2,329,584 | 2,263,799 |
Digital Realty Trust, L.P. | Potentially dilutive Series J Cumulative Redeemable Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (units) | 1,679,534 | 1,858,622 | 720,803 |
Digital Realty Trust, L.P. | Potentially dilutive Series K Cumulative Redeemable Preferred Units | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (units) | 1,334,691 | 0 | 0 |
Digital Realty Trust, L.P. | Series L Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially dilutive securities (units) | 670,823 | 0 | 0 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Taxes | |||
Percentage of income distributed (at least) | 100.00% | ||
Net deferred tax liability | $ 143,365 | $ 146,552 | |
Effective Income Tax Rate | 21.00% | ||
Gross deferred income tax assets: | |||
Net operating loss carryforwards | 63,280 | 71,656 | |
Basis difference - real estate property | 9,955 | 8,490 | |
Basis difference - intangibles | 1,071 | 256 | |
Other - temporary differences | 19,028 | 24,341 | |
Total gross deferred income tax assets | 93,334 | 104,743 | |
Valuation allowance | (40,795) | (51,439) | |
Total deferred income tax assets, net of valuation allowance | 52,539 | 53,304 | |
Gross deferred income tax liabilities: | |||
Basis difference - real estate property | 162,095 | 164,077 | |
Basis difference - equity investments | 4,000 | ||
Basis difference - intangibles | 1,547 | 6,855 | |
Straight-line rent | 8,044 | 5,340 | |
Other - temporary differences | 20,218 | 23,584 | |
Total gross deferred income tax liabilities | 195,904 | 199,856 | |
Deferred Tax Liabilities, Net, Total | $ 143,365 | $ 146,552 |
Equity and Accumulated Other _3
Equity and Accumulated Other Comprehensive Loss, Net (Equity Distribution Agreements Narrative) (Details) $ in Billions | Jan. 04, 2019USD ($) |
2019 Equity Distribution Agreements | |
Class of Stock [Line Items] | |
Aggregate offering price of the distribution agreement maximum | $ 1 |
Equity and Accumulated Other _4
Equity and Accumulated Other Comprehensive Loss, Net (Forward Equity Sale) (Details) - Digital Realty Trust, L.P. - USD ($) $ in Billions | Sep. 27, 2019 | Sep. 27, 2018 |
Forward Sale Agreement | ||
Class of Stock [Line Items] | ||
Common stock issued in public offering (shares) | 9,775,000 | |
Net proceeds on public offering | $ 1.1 | |
Over-Allotment Option | ||
Class of Stock [Line Items] | ||
Common stock issued in public offering (shares) | 1,275,000 |
Equity and Accumulated Other _5
Equity and Accumulated Other Comprehensive Loss, Net (Redeemable Preferred Stock) (Details) $ / shares in Units, $ in Thousands | Oct. 10, 2019shares | Mar. 13, 2019shares | Sep. 14, 2017$ / sharesshares | Aug. 07, 2017$ / sharesshares | Aug. 24, 2015$ / sharesshares | Mar. 26, 2014$ / sharesshares | Apr. 09, 2013$ / sharesshares | Dec. 31, 2019USD ($)item$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Apr. 01, 2019$ / shares | Apr. 15, 2017$ / shares |
Class of Stock [Line Items] | |||||||||||
Liquidation preference | $ | $ 1,456,250 | ||||||||||
Preferred stock, issued (shares) | shares | 58,250,000 | 50,650,000 | |||||||||
Net proceeds from preferred stock | $ | $ 1,434,420 | $ 1,249,560 | |||||||||
Number of quarters with no dividends triggering voting rights | item | 6 | ||||||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 25 | $ 25 | |||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 25 | ||||||||||
Series C Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share cap (in shares) | shares | 0.6389035 | ||||||||||
Liquidation preference | $ | $ 201,250 | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ / shares | $ 1.65625 | $ 1.65625 | |||||||||
Preferred stock, issued (shares) | shares | 8,050,000 | 8,050,000 | |||||||||
Net proceeds from preferred stock | $ | $ 219,250 | $ 219,250 | |||||||||
Dividend rate percentage | 6.625% | ||||||||||
Potentially dilutive Series G Cumulative Redeemable Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share cap (in shares) | shares | 0.7532000 | ||||||||||
Liquidation preference | $ | $ 250,000 | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ / shares | $ 1.46875 | $ 1.46875 | |||||||||
Preferred stock, issued (shares) | shares | 10,000,000 | 10,000,000 | |||||||||
Net proceeds from preferred stock | $ | $ 241,468 | $ 241,468 | |||||||||
Dividend rate percentage | 5.875% | ||||||||||
Potentially dilutive Series H Cumulative Redeemable Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share cap (in shares) | shares | 0.9632000 | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ / shares | $ 1.84375 | $ 1.84375 | |||||||||
Preferred stock, issued (shares) | shares | 14,600,000 | ||||||||||
Net proceeds from preferred stock | $ | $ 353,290 | ||||||||||
Dividend rate percentage | 7.375% | ||||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 25 | ||||||||||
Potentially dilutive Series I Cumulative Redeemable Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share cap (in shares) | shares | 0.7623100 | ||||||||||
Liquidation preference | $ | $ 250,000 | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ / shares | $ 1.58750 | $ 1.58750 | |||||||||
Preferred stock, issued (shares) | shares | 10,000,000 | 10,000,000 | |||||||||
Net proceeds from preferred stock | $ | $ 242,012 | $ 242,012 | |||||||||
Dividend rate percentage | 6.35% | ||||||||||
Series J Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share cap (in shares) | shares | 0.4252100 | ||||||||||
Liquidation preference | $ | $ 200,000 | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ / shares | $ 1.31250 | $ 1.31250 | |||||||||
Preferred stock, issued (shares) | shares | 8,000,000 | 8,000,000 | |||||||||
Net proceeds from preferred stock | $ | $ 193,540 | $ 193,540 | |||||||||
Dividend rate percentage | 5.25% | ||||||||||
Potentially dilutive Series K Cumulative Redeemable Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share cap (in shares) | shares | 0.4361100 | ||||||||||
Liquidation preference | $ | $ 210,000 | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ / shares | $ 1.46250 | ||||||||||
Preferred stock, issued (shares) | shares | 8,400,000 | ||||||||||
Net proceeds from preferred stock | $ | $ 203,264 | ||||||||||
Dividend rate percentage | 5.85% | ||||||||||
Series L Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Share cap (in shares) | shares | 0.3851800 | ||||||||||
Liquidation preference | $ | $ 345,000 | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ / shares | $ 1.30000 | ||||||||||
Preferred stock, issued (shares) | shares | 13,800,000 | ||||||||||
Net proceeds from preferred stock | $ | $ 334,886 | ||||||||||
Dividend rate percentage | 5.20% | ||||||||||
Series F Preferred Stock | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ / shares | $ 1.65625 | ||||||||||
Preferred stock, liquidation preference per share (in dollars per share) | $ / shares | $ 25 | ||||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 25.01840 |
Equity and Accumulated Other _6
Equity and Accumulated Other Comprehensive Loss, Net (Noncontrolling Interests in Operating Partnership) (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||
Number of units (units) | 208,900,758 | 206,425,656 |
Percentage of total | 95.90% | 95.10% |
Common stock conversion ratio | 1 | |
Digital Realty Trust, L.P. | ||
Class of Stock [Line Items] | ||
Common stock conversion ratio | 1 | |
Redeemable noncontrolling interests - operating partnership | $ 997.6 | $ 1,076.9 |
Ascenty | ||
Class of Stock [Line Items] | ||
Issuance of units in connection with Ascenty Acquisition (units) | 0 | 2,338,874 |
Percentage of total | 0.00% | 1.10% |
Common units held by third parties | ||
Class of Stock [Line Items] | ||
Common units held by third parties (units) | 6,820,201 | 6,297,272 |
Percentage of total | 3.10% | 2.90% |
Incentive units held by employees and directors (see Note 14) | ||
Class of Stock [Line Items] | ||
Incentive units held by employees and directors (units) | 2,022,954 | 1,944,738 |
Percentage of total | 0.90% | 0.90% |
Noncontrolling Interests in Operating Partnership | ||
Class of Stock [Line Items] | ||
Number of units (units) | 217,743,913 | 217,006,540 |
Percentage of total | 100.00% | 100.00% |
Equity and Accumulated Other _7
Equity and Accumulated Other Comprehensive Loss, Net (Summary of Activity For Noncontrolling Interests in The Operating Partnership) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Common and Incentive Unit Activity [Roll Forward] | |||
Beginning balance (units) | 10,580,884 | 8,489,095 | 2,475,663 |
Issuance of common stock, net of offering costs (shares) | 2,338,874 | 6,111,770 | |
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units) | (1,815,945) | (601,822) | (354,490) |
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units) | (338,515) | (110,070) | (208,092) |
Incentive units issued upon achievement of market performance condition (units) | 319,279 | 357,956 | 390,795 |
Grant of incentive units to employees and directors (units) | 120,368 | 128,986 | 73,449 |
Cancellation / forfeitures of incentive units held by employees and directors (units) | (22,916) | (22,135) | |
Ending balance (units) | 8,843,155 | 10,580,884 | 8,489,095 |
Common Units | |||
Common and Incentive Unit Activity [Roll Forward] | |||
Beginning balance (units) | 8,636,146 | 6,899,094 | 1,141,814 |
Issuance of common stock, net of offering costs (shares) | 2,338,874 | 6,111,770 | |
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units) | (1,815,945) | (601,822) | (354,490) |
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units) | 0 | 0 | 0 |
Incentive units issued upon achievement of market performance condition (units) | 0 | 0 | 0 |
Grant of incentive units to employees and directors (units) | 0 | 0 | 0 |
Cancellation / forfeitures of incentive units held by employees and directors (units) | 0 | 0 | |
Ending balance (units) | 6,820,201 | 8,636,146 | 6,899,094 |
Incentive Units | |||
Common and Incentive Unit Activity [Roll Forward] | |||
Beginning balance (units) | 1,944,738 | 1,590,001 | 1,333,849 |
Issuance of common stock, net of offering costs (shares) | 0 | 0 | |
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units) | 0 | 0 | 0 |
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units) | (338,515) | (110,070) | (208,092) |
Incentive units issued upon achievement of market performance condition (units) | 319,279 | 357,956 | 390,795 |
Grant of incentive units to employees and directors (units) | 120,368 | 128,986 | 73,449 |
Cancellation / forfeitures of incentive units held by employees and directors (units) | (22,916) | (22,135) | |
Ending balance (units) | 2,022,954 | 1,944,738 | 1,590,001 |
Equity and Accumulated Other _8
Equity and Accumulated Other Comprehensive Loss, Net (Schedule of Dividends) (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 14, 2017 | Aug. 07, 2017 | Apr. 15, 2017 | Aug. 24, 2015 | Mar. 26, 2014 | Apr. 09, 2013 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 01, 2019 |
Dividends Payable [Line Items] | ||||||||||
Redemption price (in dollars per share) | $ 25 | |||||||||
Preferred stock, liquidation preference per share/unit (in dollars per share) | 25 | $ 25 | ||||||||
Series C Preferred Stock | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ 1.65625 | $ 1.65625 | ||||||||
Series C Preferred Stock | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | $ 13,332 | $ 13,332 | $ 3,963 | |||||||
Series C Preferred Stock | Installment 3 Year One | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,333 | |||||||||
Series C Preferred Stock | Installment 1 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 0 | |||||||||
Series C Preferred Stock | Installment 2 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 0 | |||||||||
Series C Preferred Stock | Installment 3 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,333 | 0 | ||||||||
Series C Preferred Stock | Installment 4 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,963 | |||||||||
Series C Preferred Stock | Installment 1 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,333 | |||||||||
Series C Preferred Stock | Installment 2 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,333 | |||||||||
Series C Preferred Stock | Installment 3 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,333 | 3,333 | ||||||||
Series C Preferred Stock | Installment 3 Year Four | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | $ 3,333 | |||||||||
Series C Preferred Stock | Installment 4 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,333 | |||||||||
Series F Preferred Stock | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ 1.65625 | |||||||||
Redemption price (in dollars per share) | $ 25.01840 | |||||||||
Preferred stock, liquidation preference per share/unit (in dollars per share) | $ 25 | |||||||||
Accrued and unpaid dividends up to but not including the redemption date | $ 100 | |||||||||
Redemption premium | $ 6,300 | |||||||||
Series F Preferred Stock | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | $ 0 | 0 | 3,023 | |||||||
Series F Preferred Stock | Installment 3 Year One | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 0 | |||||||||
Series F Preferred Stock | Installment 1 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,023 | |||||||||
Series F Preferred Stock | Installment 2 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 0 | |||||||||
Series F Preferred Stock | Installment 3 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 0 | 0 | ||||||||
Series F Preferred Stock | Installment 4 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 0 | |||||||||
Series F Preferred Stock | Installment 1 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 0 | |||||||||
Series F Preferred Stock | Installment 2 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 0 | |||||||||
Series F Preferred Stock | Installment 3 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 0 | 0 | ||||||||
Series F Preferred Stock | Installment 3 Year Four | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | $ 0 | |||||||||
Series F Preferred Stock | Installment 4 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 0 | |||||||||
Potentially dilutive Series G Cumulative Redeemable Preferred Stock | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ 1.46875 | $ 1.46875 | ||||||||
Potentially dilutive Series G Cumulative Redeemable Preferred Stock | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | $ 14,688 | 14,688 | 14,688 | |||||||
Potentially dilutive Series G Cumulative Redeemable Preferred Stock | Installment 3 Year One | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,672 | |||||||||
Potentially dilutive Series G Cumulative Redeemable Preferred Stock | Installment 1 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,672 | |||||||||
Potentially dilutive Series G Cumulative Redeemable Preferred Stock | Installment 2 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,672 | |||||||||
Potentially dilutive Series G Cumulative Redeemable Preferred Stock | Installment 3 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,672 | 3,672 | ||||||||
Potentially dilutive Series G Cumulative Redeemable Preferred Stock | Installment 4 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,672 | |||||||||
Potentially dilutive Series G Cumulative Redeemable Preferred Stock | Installment 1 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,672 | |||||||||
Potentially dilutive Series G Cumulative Redeemable Preferred Stock | Installment 2 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,672 | |||||||||
Potentially dilutive Series G Cumulative Redeemable Preferred Stock | Installment 3 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,672 | 3,672 | ||||||||
Potentially dilutive Series G Cumulative Redeemable Preferred Stock | Installment 3 Year Four | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | $ 3,672 | |||||||||
Potentially dilutive Series G Cumulative Redeemable Preferred Stock | Installment 4 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,672 | |||||||||
Potentially dilutive Series H Cumulative Redeemable Preferred Stock | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ 1.84375 | $ 1.84375 | ||||||||
Redemption price (in dollars per share) | $ 25 | |||||||||
Offering costs | $ 11,800 | |||||||||
Potentially dilutive Series H Cumulative Redeemable Preferred Stock | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | $ 6,730 | 26,920 | 26,920 | |||||||
Potentially dilutive Series H Cumulative Redeemable Preferred Stock | Installment 3 Year One | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | $ 6,730 | |||||||||
Potentially dilutive Series H Cumulative Redeemable Preferred Stock | Installment 1 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 6,730 | |||||||||
Potentially dilutive Series H Cumulative Redeemable Preferred Stock | Installment 2 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 6,730 | |||||||||
Potentially dilutive Series H Cumulative Redeemable Preferred Stock | Installment 3 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 6,730 | |||||||||
Potentially dilutive Series H Cumulative Redeemable Preferred Stock | Installment 4 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 6,730 | |||||||||
Potentially dilutive Series H Cumulative Redeemable Preferred Stock | Installment 1 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 6,730 | |||||||||
Potentially dilutive Series H Cumulative Redeemable Preferred Stock | Installment 2 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 6,730 | |||||||||
Potentially dilutive Series H Cumulative Redeemable Preferred Stock | Installment 3 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 6,730 | |||||||||
Potentially dilutive Series H Cumulative Redeemable Preferred Stock | Installment 4 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 6,730 | |||||||||
Potentially dilutive Series I Cumulative Redeemable Preferred Stock | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ 1.58750 | $ 1.58750 | ||||||||
Potentially dilutive Series I Cumulative Redeemable Preferred Stock | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | $ 15,876 | 15,876 | 15,876 | |||||||
Potentially dilutive Series I Cumulative Redeemable Preferred Stock | Installment 3 Year One | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,969 | |||||||||
Potentially dilutive Series I Cumulative Redeemable Preferred Stock | Installment 1 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,969 | |||||||||
Potentially dilutive Series I Cumulative Redeemable Preferred Stock | Installment 2 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,969 | |||||||||
Potentially dilutive Series I Cumulative Redeemable Preferred Stock | Installment 3 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,969 | 3,969 | ||||||||
Potentially dilutive Series I Cumulative Redeemable Preferred Stock | Installment 4 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,969 | |||||||||
Potentially dilutive Series I Cumulative Redeemable Preferred Stock | Installment 1 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,969 | |||||||||
Potentially dilutive Series I Cumulative Redeemable Preferred Stock | Installment 2 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,969 | |||||||||
Potentially dilutive Series I Cumulative Redeemable Preferred Stock | Installment 3 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,969 | 3,969 | ||||||||
Potentially dilutive Series I Cumulative Redeemable Preferred Stock | Installment 3 Year Four | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | $ 3,969 | |||||||||
Potentially dilutive Series I Cumulative Redeemable Preferred Stock | Installment 4 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,969 | |||||||||
Series J Preferred Stock | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ 1.31250 | $ 1.31250 | ||||||||
Series J Preferred Stock | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | $ 10,500 | 10,500 | 4,200 | |||||||
Series J Preferred Stock | Installment 3 Year One | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 2,625 | |||||||||
Series J Preferred Stock | Installment 1 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 0 | |||||||||
Series J Preferred Stock | Installment 2 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 0 | |||||||||
Series J Preferred Stock | Installment 3 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 2,625 | 0 | ||||||||
Series J Preferred Stock | Installment 4 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | $ 4,200 | |||||||||
Series J Preferred Stock | Installment 1 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 2,625 | |||||||||
Series J Preferred Stock | Installment 2 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 2,625 | |||||||||
Series J Preferred Stock | Installment 3 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 2,625 | 2,625 | ||||||||
Series J Preferred Stock | Installment 3 Year Four | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | $ 2,625 | |||||||||
Series J Preferred Stock | Installment 4 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | $ 2,625 | |||||||||
Potentially dilutive Series K Cumulative Redeemable Preferred Stock | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ 1.46250 | |||||||||
Potentially dilutive Series K Cumulative Redeemable Preferred Stock | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | $ 9,828 | |||||||||
Potentially dilutive Series K Cumulative Redeemable Preferred Stock | Installment 3 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,686 | |||||||||
Potentially dilutive Series K Cumulative Redeemable Preferred Stock | Installment 3 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | 3,071 | |||||||||
Potentially dilutive Series K Cumulative Redeemable Preferred Stock | Installment 3 Year Four | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | $ 3,071 | |||||||||
Series L Preferred Stock | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ 1.30000 | |||||||||
Series L Preferred Stock | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | $ 4,036 | |||||||||
Series L Preferred Stock | Installment 3 Year Four | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, preferred stock | $ 4,036 | |||||||||
Common Stock | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Common stock dividend per share amount (in dollars per share) | $ 4.320 | $ 4.040 | $ 3.720 | |||||||
Common Stock | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, common stock | $ 900,373 | $ 832,667 | $ 681,280 | |||||||
Common Stock | Installment 3 Year One | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, common stock | 224,802 | |||||||||
Common Stock | Installment 1 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, common stock | 148,358 | |||||||||
Common Stock | Installment 2 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, common stock | 150,814 | |||||||||
Common Stock | Installment 3 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, common stock | 224,895 | 191,041 | ||||||||
Common Stock | Installment 4 Year Two | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, common stock | $ 191,067 | |||||||||
Common Stock | Installment 1 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, common stock | 208,015 | |||||||||
Common Stock | Installment 2 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, common stock | 208,071 | |||||||||
Common Stock | Installment 3 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, common stock | 225,188 | 208,166 | ||||||||
Common Stock | Installment 3 Year Four | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, common stock | $ 225,488 | |||||||||
Common Stock | Installment 4 Year Three | Digital Realty Trust, L.P. | ||||||||||
Dividends Payable [Line Items] | ||||||||||
Dividends, common stock | $ 208,415 |
Equity and Accumulated Other _9
Equity and Accumulated Other Comprehensive Loss, Net (Schedule of Accumulated Other Comprehensive Loss, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | $ 10,858,210 | $ 11,049,450 |
Reclassification of foreign currency translation adjustment due to deconsolidation of Ascenty | 21,687 | |
Ending balance | 10,608,100 | 10,858,210 |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (158,649) | (147,370) |
Net current period change | 22,015 | (11,279) |
Reclassification of foreign currency translation adjustment due to deconsolidation of Ascenty | 21,687 | |
Reclassification to interest expense from interest rate swaps | 0 | 0 |
Ending balance | (114,947) | (158,649) |
Cash flow hedge adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 17,264 | 13,200 |
Net current period change | (8,839) | 7,890 |
Reclassification to interest expense from interest rate swaps | (7,138) | (3,826) |
Ending balance | 1,287 | 17,264 |
Accumulated other comprehensive income (loss), net | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (115,647) | (108,432) |
Net current period change | 13,176 | (3,389) |
Reclassification of foreign currency translation adjustment due to deconsolidation of Ascenty | 21,687 | |
Reclassification to interest expense from interest rate swaps | (7,138) | (3,826) |
Ending balance | (87,922) | (115,647) |
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 25,738 | 25,738 |
Net current period change | 0 | 0 |
Reclassification of foreign currency translation adjustment due to deconsolidation of Ascenty | 0 | |
Reclassification to interest expense from interest rate swaps | 0 | 0 |
Ending balance | $ 25,738 | $ 25,738 |
Capital and Accumulated Other_3
Capital and Accumulated Other Comprehensive Income (Loss) (Forward Equity Sale) (Details) - Digital Realty Trust, L.P. - USD ($) $ in Billions | Sep. 27, 2019 | Sep. 27, 2018 |
Forward Sale Agreement | ||
Class of Stock [Line Items] | ||
Common stock issued in public offering (shares) | 9,775,000 | |
Net proceeds on public offering | $ 1.1 | |
Over-Allotment Option | ||
Class of Stock [Line Items] | ||
Common stock issued in public offering (shares) | 1,275,000 |
Capital and Accumulated Other_4
Capital and Accumulated Other Comprehensive Income (Loss) (Redeemable Preferred Units) (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 10, 2019 | Mar. 13, 2019 | Sep. 14, 2017 | Sep. 07, 2017 | Aug. 07, 2017 | Aug. 24, 2015 | Mar. 26, 2014 | Apr. 09, 2013 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 01, 2019 |
Preferred Units [Line Items] | |||||||||||
Liquidation preference | $ 1,456,250 | ||||||||||
Units outstanding (in units) | 58,250,000 | 50,650,000 | |||||||||
Balance (in thousands, net of issuance costs) as of December 31, | $ 1,434,420 | $ 1,249,560 | |||||||||
Preferred stock, liquidation preference per share/unit (in dollars per unit) | $ 25 | $ 25 | |||||||||
Preferred Stock, Redemption Price Per Share | $ 25 | ||||||||||
Series C Preferred Units | |||||||||||
Preferred Units [Line Items] | |||||||||||
Liquidation preference | $ 201,250 | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ 1.65625 | ||||||||||
Units outstanding (in units) | 8,050,000 | 8,050,000 | |||||||||
Balance (in thousands, net of issuance costs) as of December 31, | $ 219,250 | $ 219,250 | |||||||||
Dividend rate percentage | 6.625% | ||||||||||
Series G Preferred Units | |||||||||||
Preferred Units [Line Items] | |||||||||||
Liquidation preference | $ 250,000 | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ 1.46875 | ||||||||||
Units outstanding (in units) | 10,000,000 | 10,000,000 | |||||||||
Balance (in thousands, net of issuance costs) as of December 31, | $ 241,468 | $ 241,468 | |||||||||
Dividend rate percentage | 5.875% | ||||||||||
Series H Preferred Units | |||||||||||
Preferred Units [Line Items] | |||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ 1.84375 | ||||||||||
Units outstanding (in units) | 14,600,000 | ||||||||||
Balance (in thousands, net of issuance costs) as of December 31, | $ 353,290 | ||||||||||
Preferred stock, liquidation preference per share/unit (in dollars per unit) | $ 25 | ||||||||||
Dividend rate percentage | 7.375% | ||||||||||
Preferred Stock, Redemption Price Per Share | $ 25 | ||||||||||
Series I Preferred Units | |||||||||||
Preferred Units [Line Items] | |||||||||||
Liquidation preference | $ 250,000 | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ 1.58750 | ||||||||||
Units outstanding (in units) | 10,000,000 | 10,000,000 | |||||||||
Balance (in thousands, net of issuance costs) as of December 31, | $ 242,012 | $ 242,012 | |||||||||
Dividend rate percentage | 6.35% | ||||||||||
Potentially dilutive Series J Cumulative Redeemable Preferred Units | |||||||||||
Preferred Units [Line Items] | |||||||||||
Liquidation preference | $ 200,000 | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ 1.31250 | ||||||||||
Units outstanding (in units) | 8,000,000 | 8,000,000 | |||||||||
Balance (in thousands, net of issuance costs) as of December 31, | $ 193,540 | $ 193,540 | |||||||||
Dividend rate percentage | 5.25% | ||||||||||
Potentially dilutive Series K Cumulative Redeemable Preferred Units | |||||||||||
Preferred Units [Line Items] | |||||||||||
Liquidation preference | $ 210,000 | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ 1.46250 | ||||||||||
Units outstanding (in units) | 8,400,000 | ||||||||||
Balance (in thousands, net of issuance costs) as of December 31, | $ 203,264 | ||||||||||
Dividend rate percentage | 5.85% | ||||||||||
Series L Preferred Units | |||||||||||
Preferred Units [Line Items] | |||||||||||
Liquidation preference | $ 345,000 | ||||||||||
Preferred stock dividend per share amount (in dollars per share) | $ 1.30000 | $ 1.30000 | |||||||||
Units outstanding (in units) | 13,800,000 | ||||||||||
Balance (in thousands, net of issuance costs) as of December 31, | $ 334,886 | ||||||||||
Dividend rate percentage | 5.20% |
Capital and Accumulated Other_5
Capital and Accumulated Other Comprehensive Income (Loss) (Partnership Units Narrative) (Details) $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Class of Stock [Line Items] | ||
Common stock conversion ratio | 1 | |
Digital Realty Trust, L.P. | ||
Class of Stock [Line Items] | ||
Common stock conversion ratio | 1 | |
Redeemable noncontrolling interests - operating partnership | $ 997.6 | $ 1,076.9 |
Redeemable noncontrolling interests - operating partnership | $ 997.6 | $ 1,076.9 |
Capital and Accumulated Other_6
Capital and Accumulated Other Comprehensive Income (Loss) (Schedule of Distributions) (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 10, 2019 | Apr. 01, 2019 | Mar. 13, 2019 | Sep. 14, 2017 | Aug. 07, 2017 | Apr. 05, 2017 | Aug. 24, 2015 | Mar. 26, 2014 | Apr. 09, 2013 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Dividends Payable [Line Items] | ||||||||||||
Redemption price (in dollars per share) | $ 25 | |||||||||||
Preferred stock, liquidation preference per share/unit (in dollars per share) | $ 25 | $ 25 | ||||||||||
Series C Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.65625 | |||||||||||
Series F Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Redemption price (in dollars per share) | $ 25.01840 | |||||||||||
Preferred stock, liquidation preference per share/unit (in dollars per share) | $ 25 | |||||||||||
Accrued and unpaid dividends up to but not including the redemption date | $ 100 | |||||||||||
Redemption premium | $ 6,300 | |||||||||||
Series G Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.46875 | |||||||||||
Series H Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.84375 | |||||||||||
Redemption price (in dollars per share) | $ 25 | |||||||||||
Preferred stock, liquidation preference per share/unit (in dollars per share) | $ 25 | |||||||||||
Redemption premium | $ 11,800 | |||||||||||
Series I Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.58750 | |||||||||||
Potentially dilutive Series J Cumulative Redeemable Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.31250 | |||||||||||
Potentially dilutive Series K Cumulative Redeemable Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.46250 | |||||||||||
Series L Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | $ 4,036 | |||||||||||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.30000 | $ 1.30000 | ||||||||||
Installment 4 Year One | Series L Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | $ 4,036 | |||||||||||
Digital Realty Trust, L.P. | Series C Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | $ 13,332 | $ 13,332 | $ 3,963 | |||||||||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.65625 | |||||||||||
Digital Realty Trust, L.P. | Series F Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | $ 0 | 0 | 3,023 | |||||||||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.65625 | |||||||||||
Digital Realty Trust, L.P. | Series G Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | $ 14,688 | 14,688 | 14,688 | |||||||||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.46875 | |||||||||||
Digital Realty Trust, L.P. | Series H Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | $ 6,730 | 26,920 | 26,920 | |||||||||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.84375 | |||||||||||
Digital Realty Trust, L.P. | Series I Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | $ 15,876 | 15,876 | 15,876 | |||||||||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.58750 | |||||||||||
Digital Realty Trust, L.P. | Potentially dilutive Series J Cumulative Redeemable Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | $ 10,500 | 10,500 | 4,200 | |||||||||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.31250 | |||||||||||
Digital Realty Trust, L.P. | Potentially dilutive Series K Cumulative Redeemable Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | $ 9,828 | |||||||||||
Preferred stock dividend per share amount (in dollars per share/unit) | $ 1.46250 | |||||||||||
Digital Realty Trust, L.P. | Common Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, common stock/units | $ 940,716 | $ 867,405 | $ 702,254 | |||||||||
Common stock dividend per share amount (in dollars per share/unit) | $ 4.320 | $ 4.040 | $ 3.720 | |||||||||
Digital Realty Trust, L.P. | Installment 1 Year One | Series C Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | $ 3,333 | |||||||||||
Digital Realty Trust, L.P. | Installment 1 Year One | Series F Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 0 | |||||||||||
Digital Realty Trust, L.P. | Installment 1 Year One | Series G Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,672 | |||||||||||
Digital Realty Trust, L.P. | Installment 1 Year One | Series H Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 6,730 | |||||||||||
Digital Realty Trust, L.P. | Installment 1 Year One | Series I Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,969 | |||||||||||
Digital Realty Trust, L.P. | Installment 1 Year One | Potentially dilutive Series J Cumulative Redeemable Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 2,625 | |||||||||||
Digital Realty Trust, L.P. | Installment 1 Year One | Common Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, common stock/units | 235,256 | |||||||||||
Digital Realty Trust, L.P. | Installment 1 Year Three | Series C Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | $ 0 | |||||||||||
Digital Realty Trust, L.P. | Installment 1 Year Three | Series F Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,023 | |||||||||||
Digital Realty Trust, L.P. | Installment 1 Year Three | Series G Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,672 | |||||||||||
Digital Realty Trust, L.P. | Installment 1 Year Three | Series H Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 6,730 | |||||||||||
Digital Realty Trust, L.P. | Installment 1 Year Three | Series I Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,969 | |||||||||||
Digital Realty Trust, L.P. | Installment 1 Year Three | Potentially dilutive Series J Cumulative Redeemable Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 0 | |||||||||||
Digital Realty Trust, L.P. | Installment 1 Year Three | Common Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, common stock/units | 150,968 | |||||||||||
Digital Realty Trust, L.P. | Installment 1 Year Two | Series C Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | $ 3,333 | |||||||||||
Digital Realty Trust, L.P. | Installment 1 Year Two | Series F Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 0 | |||||||||||
Digital Realty Trust, L.P. | Installment 1 Year Two | Series G Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,672 | |||||||||||
Digital Realty Trust, L.P. | Installment 1 Year Two | Series H Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 6,730 | |||||||||||
Digital Realty Trust, L.P. | Installment 1 Year Two | Series I Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,969 | |||||||||||
Digital Realty Trust, L.P. | Installment 1 Year Two | Potentially dilutive Series J Cumulative Redeemable Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 2,625 | |||||||||||
Digital Realty Trust, L.P. | Installment 1 Year Two | Common Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, common stock/units | 216,953 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year One | Series C Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,333 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year One | Series F Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 0 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year One | Series G Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,672 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year One | Series I Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,969 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year One | Potentially dilutive Series J Cumulative Redeemable Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 2,625 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year One | Potentially dilutive Series K Cumulative Redeemable Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,686 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year One | Common Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, common stock/units | 235,142 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year Three | Series C Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 0 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year Three | Series F Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 0 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year Three | Series G Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,672 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year Three | Series H Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 6,730 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year Three | Series I Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,969 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year Three | Potentially dilutive Series J Cumulative Redeemable Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 0 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year Three | Common Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, common stock/units | 153,176 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year Two | Series C Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,333 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year Two | Series F Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 0 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year Two | Series G Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,672 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year Two | Series H Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 6,730 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year Two | Series I Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,969 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year Two | Potentially dilutive Series J Cumulative Redeemable Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 2,625 | |||||||||||
Digital Realty Trust, L.P. | Installment 2 Year Two | Common Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, common stock/units | 216,789 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year One | Series C Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,333 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year One | Series F Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 0 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year One | Series G Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,672 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year One | Series I Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,969 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year One | Potentially dilutive Series J Cumulative Redeemable Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 2,625 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year One | Potentially dilutive Series K Cumulative Redeemable Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,071 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year One | Common Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, common stock/units | 235,164 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year Three | Series C Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 0 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year Three | Series F Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 0 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year Three | Series G Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,672 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year Three | Series H Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 6,730 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year Three | Series I Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,969 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year Three | Potentially dilutive Series J Cumulative Redeemable Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 0 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year Three | Common Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, common stock/units | 199,049 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year Two | Series C Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,333 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year Two | Series F Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 0 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year Two | Series G Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,672 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year Two | Series H Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 6,730 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year Two | Series I Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,969 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year Two | Potentially dilutive Series J Cumulative Redeemable Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 2,625 | |||||||||||
Digital Realty Trust, L.P. | Installment 3 Year Two | Common Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, common stock/units | 216,825 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year One | Series C Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,333 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year One | Series F Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 0 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year One | Series G Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,672 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year One | Series I Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,969 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year One | Potentially dilutive Series J Cumulative Redeemable Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 2,625 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year One | Potentially dilutive Series K Cumulative Redeemable Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,071 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year One | Common Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, common stock/units | $ 235,154 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year Three | Series C Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,963 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year Three | Series F Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 0 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year Three | Series G Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,672 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year Three | Series H Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 6,730 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year Three | Series I Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,969 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year Three | Potentially dilutive Series J Cumulative Redeemable Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 4,200 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year Three | Common Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, common stock/units | $ 199,061 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year Two | Series C Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,333 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year Two | Series F Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 0 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year Two | Series G Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,672 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year Two | Series H Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 6,730 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year Two | Series I Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 3,969 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year Two | Potentially dilutive Series J Cumulative Redeemable Preferred Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, preferred units | 2,625 | |||||||||||
Digital Realty Trust, L.P. | Installment 4 Year Two | Common Units | ||||||||||||
Dividends Payable [Line Items] | ||||||||||||
Dividends/Distributions, common stock/units | $ 216,838 |
Capital and Accumulated Other_7
Capital and Accumulated Other Comprehensive Income (Loss) (Schedule of Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Reclassification of foreign currency translation adjustment due to deconsolidation of Ascenty | $ 21,687 | |
Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Net current period change | 22,015 | $ (11,279) |
Reclassification of foreign currency translation adjustment due to deconsolidation of Ascenty | 21,687 | |
Reclassification to interest expense from interest rate swaps | 0 | 0 |
Cash flow hedge adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Net current period change | (8,839) | 7,890 |
Reclassification to interest expense from interest rate swaps | (7,138) | (3,826) |
Accumulated other comprehensive income (loss), net | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Net current period change | 13,176 | (3,389) |
Reclassification of foreign currency translation adjustment due to deconsolidation of Ascenty | 21,687 | |
Reclassification to interest expense from interest rate swaps | (7,138) | (3,826) |
Digital Realty Trust, L.P. | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 10,858,210 | 11,049,450 |
Reclassification of foreign currency translation adjustment due to deconsolidation of Ascenty | 21,687 | |
Ending balance | 10,608,100 | 10,858,210 |
Digital Realty Trust, L.P. | Foreign currency translation adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (163,531) | (151,795) |
Net current period change | 23,975 | (11,736) |
Reclassification of foreign currency translation adjustment due to deconsolidation of Ascenty | 21,687 | |
Reclassification to interest expense from interest rate swaps | 0 | 0 |
Ending balance | (117,869) | (163,531) |
Digital Realty Trust, L.P. | Cash flow hedge adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 16,986 | 12,758 |
Net current period change | (9,232) | 8,197 |
Reclassification to interest expense from interest rate swaps | (7,446) | (3,969) |
Ending balance | 308 | 16,986 |
Digital Realty Trust, L.P. | Foreign currency net investment hedge adjustments | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | 26,152 | 26,152 |
Net current period change | 0 | 0 |
Reclassification of foreign currency translation adjustment due to deconsolidation of Ascenty | 0 | |
Reclassification to interest expense from interest rate swaps | 0 | 0 |
Ending balance | 26,152 | 26,152 |
Digital Realty Trust, L.P. | Accumulated other comprehensive income (loss), net | ||
Accumulated Other Comprehensive Income (Loss) [Roll Forward] | ||
Beginning balance | (120,393) | (112,885) |
Net current period change | 14,743 | (3,539) |
Reclassification of foreign currency translation adjustment due to deconsolidation of Ascenty | 21,687 | |
Reclassification to interest expense from interest rate swaps | (7,446) | (3,969) |
Ending balance | $ (91,409) | $ (120,393) |
Incentive Plan (Narrative) (Det
Incentive Plan (Narrative) (Details) shares in Millions | Sep. 22, 2017shares | Dec. 31, 2019shares |
2004 Incentive Award Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Additional shares registered for issuance (shares) | 3.7 | |
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) | 6.6 | |
Conversion of units to shares ratio | 1 |
Incentive Plan (Schedule of Com
Incentive Plan (Schedule of Compensation Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Long-term incentive units | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Deferred compensation, expensed | $ 8.7 | $ 6.8 | $ 3.9 |
Deferred compensation, capitalized | 0.2 | 0.2 | 1.7 |
Unearned Compensation | $ 15.4 | $ 11.5 | |
Expected period to recognize unearned compensation (in years) | 2 years 2 months 12 days | 2 years 2 months 12 days | |
Market performance-based awards | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Deferred compensation, expensed | $ 13 | $ 12.7 | 9.6 |
Deferred compensation, capitalized | 0.8 | 0.8 | 2.3 |
Unearned Compensation | $ 28.4 | $ 24.8 | |
Expected period to recognize unearned compensation (in years) | 2 years 6 months | 2 years 6 months | |
Restricted stock | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Deferred compensation, expensed | $ 11.5 | $ 6.1 | 4.5 |
Deferred compensation, capitalized | 2.8 | 4.2 | $ 3.3 |
Unearned Compensation | $ 29.1 | $ 23.6 | |
Expected period to recognize unearned compensation (in years) | 2 years 7 months 6 days | 2 years 7 months 6 days |
Incentive Plan (Summary of Long
Incentive Plan (Summary of Long-Term Incentive Units) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Units | |||
Granted (shares) | 120,368 | 128,986 | 73,449 |
Weighted-Average Grant Date Fair Value | |||
Award vesting period | 4 years | ||
Long-term incentive units | |||
Units | |||
Unvested beginning of period (shares) | 162,186 | ||
Granted (shares) | 120,368 | ||
Vested (shares) | (55,039) | ||
Cancelled or expired (shares) | (19,228) | ||
Unvested end of period (shares) | 208,287 | 162,186 | |
Weighted-Average Grant Date Fair Value | |||
Unvested, beginning of period (in dollars per share) | $ 100.59 | ||
Granted (in dollars per share) | 116.22 | $ 101.86 | $ 109.71 |
Vested (in dollars per share) | 100.33 | ||
Cancelled or expired (in dollars per share) | 97.32 | ||
Unvested, end of period (in dollars per share) | $ 110 | 100.59 | |
Long-term incentive units | Minimum | |||
Weighted-Average Grant Date Fair Value | |||
Award vesting period | 2 years | ||
Long-term incentive units | Maximum | |||
Weighted-Average Grant Date Fair Value | |||
Award vesting period | 4 years | ||
Market performance-based awards | |||
Units | |||
Vested (shares) | (696,379) | ||
Weighted-Average Grant Date Fair Value | |||
Granted (in dollars per share) | $ 114.97 | $ 119.29 | $ 111.06 |
Class D Units | |||
Units | |||
Vested (shares) | (2,509,963) |
Incentive Plan (Market Performa
Incentive Plan (Market Performance Based Awards) (Details) $ in Millions | Feb. 27, 2023 | Feb. 27, 2022 | Feb. 27, 2021 | Feb. 27, 2020 | Dec. 31, 2019shares | Feb. 27, 2019 | Feb. 27, 2018 | Dec. 31, 2017shares | Jan. 31, 2020shares | Jan. 31, 2019shares | Jan. 31, 2018shares | Dec. 31, 2019USD ($)itemshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
2014 Awards | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Performance period | 3 years | |||||||||||||
2015 Awards | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Performance period | 3 years | |||||||||||||
Market performance-based awards | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Performance period | 3 years | |||||||||||||
Vested (shares) | 696,379 | |||||||||||||
Number of trials | item | 100,000 | |||||||||||||
Fair value of awards | $ | $ 22.3 | $ 21.8 | $ 19.5 | |||||||||||
Award requisite service period | 4 years | |||||||||||||
Market performance-based awards | Below Threshold Level | 2015 Awards | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting percentage | 0.00% | |||||||||||||
Performance Threshold | (300.00%) | |||||||||||||
Market performance-based awards | Threshold Level | 2015 Awards | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting percentage | 25.00% | |||||||||||||
Market performance-based awards | Target Level | 2015 Awards | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting percentage | 50.00% | |||||||||||||
Performance Threshold | 100.00% | |||||||||||||
Market performance-based awards | High Level | 2015 Awards | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting percentage | 100.00% | |||||||||||||
Performance Threshold | 500.00% | |||||||||||||
Market performance-based awards | First Vesting Period in February | 2015 Awards | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting percentage | 50.00% | |||||||||||||
Market performance-based awards | First Vesting Period in February | 2016 Performance Grant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting percentage | 50.00% | 50.00% | ||||||||||||
Market performance-based awards | Second Vesting Period in February | 2015 Awards | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting percentage | 50.00% | |||||||||||||
Class D Units | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vested (shares) | 2,509,963 | |||||||||||||
Class D Units | 2015 Awards | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vested (shares) | 363,193 | |||||||||||||
Class D Units | 2016 Performance Grant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vested (shares) | 339,317 | |||||||||||||
Distribution Equivalent Unit | High Level | 2015 Awards | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vested (shares) | 36,246 | |||||||||||||
Distribution Equivalent Unit | High Level | 2016 Performance Grant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vested (shares) | 31,009 | |||||||||||||
Distribution Equivalent Unit | High Level | 2017 Performance Grant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vested (shares) | 10,971 | |||||||||||||
Restricted Stock Units (RSUs) | 2015 Awards | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vested (shares) | 49,707 | |||||||||||||
Restricted Stock Units (RSUs) | 2016 Performance Grant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vested (shares) | 56,778 | |||||||||||||
Scenario, Forecast | Market performance-based awards | First Vesting Period in February | 2017 Performance Grant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting percentage | 50.00% | |||||||||||||
Scenario, Forecast | Market performance-based awards | First Vesting Period in February | 2018 Awards | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting percentage | 50.00% | |||||||||||||
Scenario, Forecast | Market performance-based awards | First Vesting Period in February | 2019 Performance Grant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting percentage | 50.00% | |||||||||||||
Scenario, Forecast | Market performance-based awards | Second Vesting Period in February | 2017 Performance Grant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting percentage | 50.00% | |||||||||||||
Scenario, Forecast | Market performance-based awards | Second Vesting Period in February | 2018 Awards | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting percentage | 50.00% | |||||||||||||
Scenario, Forecast | Market performance-based awards | Second Vesting Period in February | 2019 Performance Grant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting percentage | 50.00% | |||||||||||||
Scenario, Forecast | Class D Units | 2017 Performance Grant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vested (shares) | 137,816 | |||||||||||||
Scenario, Forecast | Restricted Stock Units (RSUs) | High Level | 2017 Performance Grant | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vested (shares) | 29,141 |
Incentive Plan (Assumptions Use
Incentive Plan (Assumptions Used) (Details) - shares | Feb. 21, 2019 | Jan. 01, 2019 | Mar. 09, 2018 | Mar. 01, 2018 | Jan. 01, 2018 | Feb. 28, 2017 | Jan. 01, 2017 | Dec. 31, 2019 |
Class D Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vested (shares) | 2,509,963 | |||||||
Market performance-based awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Expected Stock Price Volatility | 23.00% | 23.00% | 22.00% | 22.00% | 22.00% | 23.00% | 25.00% | |
Risk-Free Interest rate | 2.48% | 2.44% | 2.42% | 2.34% | 1.98% | 1.43% | 1.49% | |
Vested (shares) | 696,379 |
Incentive Plan (Summary of Rest
Incentive Plan (Summary of Restricted Stock Activity) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Units | |||
Granted (shares) | 120,368 | 128,986 | 73,449 |
Weighted-Average Grant Date Fair Value | |||
Award vesting period | 4 years | ||
Restricted stock | |||
Units | |||
Unvested beginning of period (shares) | 299,215 | ||
Granted (shares) | 226,902 | ||
Vested (shares) | (111,950) | ||
Cancelled or expired (shares) | (41,375) | ||
Unvested end of period (shares) | 372,792 | 299,215 | |
Weighted-Average Grant Date Fair Value | |||
Unvested, beginning of period (in dollars per share) | $ 97.55 | ||
Granted (in dollars per share) | 115.25 | $ 100.33 | $ 108.65 |
Vested (in dollars per share) | 93.38 | ||
Cancelled or expired (in dollars per share) | 107.52 | ||
Unvested, end of period (in dollars per share) | $ 108.47 | $ 97.55 |
Incentive Plan (401(k)) (Narrat
Incentive Plan (401(k)) (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Incentive Plan | |||
Vesting percentage of discretionary contributions | 100.00% | ||
Aggregate cost of contributions to the 401(k) Plan | $ 5.2 | $ 4.8 | $ 4.6 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) £ in Millions | 12 Months Ended | |||||
Dec. 31, 2019USD ($)derivative | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017GBP (£)instrument | Jul. 01, 2016instrument | Jun. 30, 2016USD ($) | |
Derivative [Line Items] | ||||||
Gain (loss) to be reclassified within twelve months | $ 1,600,000 | |||||
Notional Amount | 479,825,000 | $ 783,125,000 | ||||
Excess proceeds from forward contract settlement | 0 | 0 | $ 63,956,000 | |||
Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Impact from netting arrangements | $ 0 | |||||
Derivatives in liability positions | derivative | 0 | |||||
Not Designated as Hedging Instrument | Foreign Exchange Forward | ||||||
Derivative [Line Items] | ||||||
Fair value of derivatives | $ 37,800,000 | |||||
Designated as Hedging Instrument | Foreign Exchange Forward | ||||||
Derivative [Line Items] | ||||||
Number of forward contracts | instrument | 4 | 4 | ||||
Notional Amount | £ | £ 357.3 | |||||
Excess proceeds from forward contract settlement | $ 64,000,000 | |||||
Amount of AOCI to remain in AOCI | 26,200,000 | |||||
Level 3 | Recurring basis | ||||||
Derivative [Line Items] | ||||||
Derivative Asset | $ 0 | $ 0 |
Derivative Instruments (Outstan
Derivative Instruments (Outstanding Interest Rate Derivatives) (Details) $ in Thousands | Dec. 31, 2019USD ($)$ / $ | Dec. 31, 2018USD ($)$ / $ |
Currently-paying contracts | ||
Notional Amount | $ 479,825 | $ 783,125 |
Level 2 | ||
Currently-paying contracts | ||
Fair value of derivatives | $ 2,396 | 20,119 |
Interest Rate Swap, 1.611 | ||
Currently-paying contracts | ||
Notional Amount | 206,000 | |
Strike Rate | 1.611% | |
Interest Rate Swap, 1.611 | Level 2 | ||
Currently-paying contracts | ||
Fair value of derivatives | 1,976 | |
Interest Rate Swap, 1.605 | ||
Currently-paying contracts | ||
Notional Amount | 54,905 | |
Strike Rate | 1.605% | |
Interest Rate Swap, 1.605 | Level 2 | ||
Currently-paying contracts | ||
Fair value of derivatives | 517 | |
Interest Rate Swap 1.016 | ||
Currently-paying contracts | ||
Notional Amount | $ 29,000 | 75,000 |
Strike Rate | 1.016% | |
Interest Rate Swap 1.016 | Level 2 | ||
Currently-paying contracts | ||
Fair value of derivatives | $ 175 | 2,169 |
Interest Rate Swap, 1.164 | ||
Currently-paying contracts | ||
Notional Amount | $ 75,000 | 75,000 |
Strike Rate | 1.164% | |
Interest Rate Swap, 1.164 | Level 2 | ||
Currently-paying contracts | ||
Fair value of derivatives | $ 345 | 1,970 |
Interest Rate Swap, 1.435 | ||
Currently-paying contracts | ||
Notional Amount | $ 300,000 | 300,000 |
Strike Rate | 1.435% | |
Interest Rate Swap, 1.435 | Level 2 | ||
Currently-paying contracts | ||
Fair value of derivatives | $ 945 | 11,463 |
Interest Rate Swap, 0.779 | ||
Currently-paying contracts | ||
Notional Amount | $ 75,825 | 72,220 |
Strike Rate | 0.779% | |
Interest Rate Swap, 0.779 | Level 2 | ||
Currently-paying contracts | ||
Fair value of derivatives | $ 931 | $ 2,024 |
Digital Realty Trust, L.P. | Canadian dollar (CAD) | ||
Currently-paying contracts | ||
Exchange rate | $ / $ | 0.77 | 0.73 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Estimated Fair Value And Carrying Amounts) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | $ 10,861,382 | $ 11,236,731 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | $ 10,189,343 | 11,181,880 |
Senior Notes | 2.625% notes due 2024 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stated interest rate | 2.625% | |
Senior Notes | 2.750% notes due 2024 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stated interest rate | 2.75% | |
Senior Notes | 3.300% notes due 2029 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Stated interest rate | 3.30% | |
Level 2 | Global revolving credit facilities, net | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | $ 245,766 | 1,663,156 |
Level 2 | Global revolving credit facilities, net | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | 245,766 | 1,663,156 |
Level 2 | Unsecured term loans | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | 813,205 | 1,183,121 |
Level 2 | Unsecured term loans | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | 813,205 | 1,183,121 |
Level 2 | Unsecured senior notes | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured senior notes | 9,697,166 | 7,684,368 |
Level 2 | Unsecured senior notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured senior notes | 9,025,229 | 7,629,679 |
Level 2 | Mortgage loans | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | 105,245 | 706,086 |
Level 2 | Mortgage loans | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage loans | $ 105,143 | $ 705,924 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | Oct. 29, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Commitments and Contingencies. | ||||
Contract Termination Fee | $ 72,600 | |||
Contract Termination Fee, To Counter Party | $ 254,300 | |||
Rental property operating and maintenance | $ 1,020,578 | $ 957,065 | $ 759,616 | |
Assumption of capital lease obligations upon acquisition | $ 75,030 | |||
Reimbursable amount of commitments related to construction contracts | 25,400 | |||
Commitments related to construction contracts | $ 472,700 |
Quarterly Financial Informati_5
Quarterly Financial Information (Digital Realty Trust, Inc.) (unaudited) (Summary Of Selected Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information (unaudited) | |||||||||||
Revenues | $ 787,463 | $ 806,466 | $ 800,797 | $ 814,515 | $ 778,267 | $ 768,924 | $ 754,919 | $ 744,368 | $ 3,209,241 | $ 3,046,478 | $ 2,457,928 |
Net income | 349,326 | 67,574 | 61,324 | 120,997 | 52,597 | 90,264 | 88,159 | 110,095 | 599,221 | 341,115 | 256,267 |
Net income attributable to Digital Realty Trust, L.P. | 336,284 | 66,497 | 60,168 | 116,812 | 51,559 | 87,597 | 85,463 | 106,627 | 579,761 | 331,246 | 248,259 |
Preferred stock dividends and issuance costs associated with redeemed preferred stock | (20,707) | (16,670) | (28,430) | (20,943) | (20,329) | (20,329) | (20,329) | (20,329) | |||
Net income available to common stock/unitholders | $ 315,577 | $ 49,827 | $ 31,738 | $ 95,869 | $ 31,230 | $ 67,268 | $ 65,134 | $ 86,298 | $ 493,011 | $ 249,930 | $ 173,148 |
Basic (in dollars per share) | $ 1.51 | $ 0.24 | $ 0.15 | $ 0.46 | $ 0.15 | $ 0.33 | $ 0.32 | $ 0.42 | $ 2.37 | $ 1.21 | $ 0.99 |
Diluted (in dollars per share) | $ 1.50 | $ 0.24 | $ 0.15 | $ 0.46 | $ 0.15 | $ 0.33 | $ 0.32 | $ 0.42 | $ 2.35 | $ 1.21 | $ 0.99 |
Quarterly Financial Informati_6
Quarterly Financial Information (Digital Realty Trust, L.P.) (Summary Of Selected Quarterly Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information [Line Items] | |||||||||||
Revenues | $ 787,463 | $ 806,466 | $ 800,797 | $ 814,515 | $ 778,267 | $ 768,924 | $ 754,919 | $ 744,368 | $ 3,209,241 | $ 3,046,478 | $ 2,457,928 |
Net income | 349,326 | 67,574 | 61,324 | 120,997 | 52,597 | 90,264 | 88,159 | 110,095 | 599,221 | 341,115 | 256,267 |
Net income attributable to Digital Realty Trust, L.P. | 336,284 | 66,497 | 60,168 | 116,812 | 51,559 | 87,597 | 85,463 | 106,627 | 579,761 | 331,246 | 248,259 |
Preferred stock dividends and issuance costs associated with redeemed preferred stock | (20,707) | (16,670) | (28,430) | (20,943) | (20,329) | (20,329) | (20,329) | (20,329) | |||
Net income available to common stock/unitholders | $ 315,577 | $ 49,827 | $ 31,738 | $ 95,869 | $ 31,230 | $ 67,268 | $ 65,134 | $ 86,298 | $ 493,011 | $ 249,930 | $ 173,148 |
Basic (in dollars per share/unit) | $ 1.51 | $ 0.24 | $ 0.15 | $ 0.46 | $ 0.15 | $ 0.33 | $ 0.32 | $ 0.42 | $ 2.37 | $ 1.21 | $ 0.99 |
Diluted (in dollars per share/unit) | $ 1.50 | $ 0.24 | $ 0.15 | $ 0.46 | $ 0.15 | $ 0.33 | $ 0.32 | $ 0.42 | $ 2.35 | $ 1.21 | $ 0.99 |
Digital Realty Trust, L.P. | |||||||||||
Quarterly Financial Information [Line Items] | |||||||||||
Revenues | $ 787,463 | $ 806,466 | $ 800,797 | $ 814,515 | $ 778,267 | $ 768,924 | $ 754,919 | $ 744,368 | $ 3,209,241 | $ 3,046,478 | $ 2,457,928 |
Net income | 349,326 | 67,574 | 61,324 | 120,997 | 52,597 | 90,264 | 88,159 | 110,095 | 599,221 | 341,115 | 256,267 |
Net income attributable to Digital Realty Trust, L.P. | 349,384 | 68,797 | 61,568 | 121,112 | 52,859 | 90,297 | 88,163 | 110,107 | 600,861 | 341,426 | 252,029 |
Preferred stock dividends and issuance costs associated with redeemed preferred stock | (20,707) | (16,670) | (28,430) | (20,943) | (20,329) | (20,329) | (20,329) | (20,329) | |||
Net income available to common stock/unitholders | $ 328,677 | $ 52,127 | $ 33,138 | $ 100,169 | $ 32,530 | $ 69,968 | $ 67,834 | $ 89,778 | $ 514,111 | $ 260,110 | $ 176,918 |
Basic (in dollars per share/unit) | $ 1.51 | $ 0.24 | $ 0.15 | $ 0.46 | $ 0.15 | $ 0.33 | $ 0.32 | $ 0.42 | $ 2.37 | $ 1.21 | $ 0.99 |
Diluted (in dollars per share/unit) | $ 1.50 | $ 0.24 | $ 0.15 | $ 0.46 | $ 0.15 | $ 0.33 | $ 0.32 | $ 0.42 | $ 2.35 | $ 1.21 | $ 0.99 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event € in Millions, $ in Millions | Feb. 25, 2020USD ($) | Jan. 17, 2020EUR (€) | Jan. 17, 2020USD ($) |
Westin Building Exchange | |||
Subsequent Event [Line Items] | |||
Cash and equity consideration | $ | $ 305 | ||
Ownership interest | 49.00% | ||
Increases our ownership interest | 99.00% | ||
Digital Dutch Finco B.V. | Senior Notes | |||
Subsequent Event [Line Items] | |||
Net proceeds on public offering | € 1,678.6 | $ 1,861.9 | |
Digital Dutch Finco B.V. | 2022 Notes | Senior Notes | |||
Subsequent Event [Line Items] | |||
Debt face amount | € 300 | ||
Stated interest rate | 0.125% | ||
Digital Dutch Finco B.V. | 2025 Notes | Senior Notes | |||
Subsequent Event [Line Items] | |||
Debt face amount | € 650 | ||
Stated interest rate | 0.625% | ||
Digital Dutch Finco B.V. | 2030 Notes | Senior Notes | |||
Subsequent Event [Line Items] | |||
Debt face amount | € 750 | ||
Stated interest rate | 1.50% |
Schedule III Properties And A_2
Schedule III Properties And Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 105,089 | |||
Land, Initial costs | 930,961 | |||
Acquired ground lease, Initial costs | 13,509 | |||
Buildings and improvements, Initial costs | 8,327,303 | |||
Improvements, Costs capitalized subsequent to acquisition | 7,620,170 | |||
Carry costs, Costs capitalized subsequent to acquisition | (5,351) | |||
Land, Total costs | 804,830 | |||
Acquired ground lease, Total costs | 10,725 | |||
Buildings and improvements, Total costs | 16,071,037 | |||
Total | 16,886,592 | $ 17,055,016 | $ 16,915,936 | $ 11,558,469 |
Accumulated depreciation and amortization | $ (4,536,169) | $ (3,935,267) | $ (3,238,227) | $ (2,668,509) |
36 NE 2nd Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Miami | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 1,942 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 24,184 | |||
Improvements, Costs capitalized subsequent to acquisition | 28,557 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,943 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 52,740 | |||
Total | 54,683 | |||
Accumulated depreciation and amortization | $ (20,112) | |||
2323 Bryan Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dallas | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 1,838 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 77,604 | |||
Improvements, Costs capitalized subsequent to acquisition | 51,961 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,672 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 129,731 | |||
Total | 131,403 | |||
Accumulated depreciation and amortization | $ (77,314) | |||
300 Boulevard East | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | New York | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 5,140 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 48,526 | |||
Improvements, Costs capitalized subsequent to acquisition | 56,701 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 5,140 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 105,227 | |||
Total | 110,367 | |||
Accumulated depreciation and amortization | $ (70,773) | |||
2334 Lundy Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Silicon Valley | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 3,607 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 23,008 | |||
Improvements, Costs capitalized subsequent to acquisition | 63 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 3,607 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 23,071 | |||
Total | 26,678 | |||
Accumulated depreciation and amortization | $ (11,349) | |||
2440 Marsh Lane | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dallas | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 1,477 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 10,330 | |||
Improvements, Costs capitalized subsequent to acquisition | 74,858 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,486 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 85,179 | |||
Total | 86,665 | |||
Accumulated depreciation and amortization | $ (70,641) | |||
4849 Alpha Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dallas | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 2,983 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 10,650 | |||
Improvements, Costs capitalized subsequent to acquisition | 44,117 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 2,983 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 54,767 | |||
Total | 57,750 | |||
Accumulated depreciation and amortization | $ (37,360) | |||
600 West Seventh Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Los Angeles | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 18,478 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 50,824 | |||
Improvements, Costs capitalized subsequent to acquisition | 78,054 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 18,537 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 128,819 | |||
Total | 147,356 | |||
Accumulated depreciation and amortization | $ (73,549) | |||
2045 & 2055 Lafayette Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Silicon Valley | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 6,065 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 43,817 | |||
Improvements, Costs capitalized subsequent to acquisition | 45 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 6,065 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 43,862 | |||
Total | 49,927 | |||
Accumulated depreciation and amortization | $ (20,264) | |||
11830 Webb Chapel Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dallas | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 5,881 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 34,473 | |||
Improvements, Costs capitalized subsequent to acquisition | 2,534 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 5,881 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 37,007 | |||
Total | 42,888 | |||
Accumulated depreciation and amortization | $ (18,292) | |||
150 South First Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Silicon Valley | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 2,068 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 29,214 | |||
Improvements, Costs capitalized subsequent to acquisition | 1,499 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 2,068 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 30,713 | |||
Total | 32,781 | |||
Accumulated depreciation and amortization | $ (14,486) | |||
200 Paul Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | San Francisco | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 14,427 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 75,777 | |||
Improvements, Costs capitalized subsequent to acquisition | 122,607 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 13,162 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 199,649 | |||
Total | 212,811 | |||
Accumulated depreciation and amortization | $ (95,975) | |||
1100 Space Park Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Silicon Valley | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 5,130 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 18,206 | |||
Improvements, Costs capitalized subsequent to acquisition | 43,521 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 5,130 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 61,727 | |||
Total | 66,857 | |||
Accumulated depreciation and amortization | $ (36,889) | |||
3015 Winona Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Los Angeles | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 6,534 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 8,356 | |||
Improvements, Costs capitalized subsequent to acquisition | 6 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 6,534 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 8,362 | |||
Total | 14,896 | |||
Accumulated depreciation and amortization | $ (4,007) | |||
350 East Cermak Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Chicago | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 8,466 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 103,232 | |||
Improvements, Costs capitalized subsequent to acquisition | 248,477 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 8,620 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 351,555 | |||
Total | 360,175 | |||
Accumulated depreciation and amortization | $ (238,555) | |||
2401 Walsh Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Silicon Valley | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 5,775 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 19,267 | |||
Improvements, Costs capitalized subsequent to acquisition | 115 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 5,775 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 19,382 | |||
Total | 25,157 | |||
Accumulated depreciation and amortization | $ (9,323) | |||
2403 Walsh Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Silicon Valley | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 5,514 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 11,695 | |||
Improvements, Costs capitalized subsequent to acquisition | 124 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 5,514 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 11,819 | |||
Total | 17,333 | |||
Accumulated depreciation and amortization | $ (5,944) | |||
200 North Nash Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Los Angeles | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 4,562 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 12,503 | |||
Improvements, Costs capitalized subsequent to acquisition | 344 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 4,562 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 12,847 | |||
Total | 17,409 | |||
Accumulated depreciation and amortization | $ (7,010) | |||
731 East Trade Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Charlotte | |||
Encumbrances | $ 1,089 | |||
Land, Initial costs | 1,748 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 5,727 | |||
Improvements, Costs capitalized subsequent to acquisition | 267 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,748 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 5,994 | |||
Total | 7,742 | |||
Accumulated depreciation and amortization | (2,782) | |||
Unamortized premium | $ 54 | |||
113 North Myers | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Charlotte | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 1,098 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 3,127 | |||
Improvements, Costs capitalized subsequent to acquisition | 5,007 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,098 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 8,134 | |||
Total | 9,232 | |||
Accumulated depreciation and amortization | $ (2,942) | |||
125 North Myers | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Charlotte | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 1,271 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 3,738 | |||
Improvements, Costs capitalized subsequent to acquisition | 6,378 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,271 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 10,116 | |||
Total | 11,387 | |||
Accumulated depreciation and amortization | $ (7,820) | |||
Paul van Vlissingenstraat 16 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Amsterdam | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 15,255 | |||
Improvements, Costs capitalized subsequent to acquisition | 26,000 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 41,255 | |||
Total | 41,255 | |||
Accumulated depreciation and amortization | $ (22,108) | |||
600-780 S. Federal | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Chicago | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 7,849 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 27,881 | |||
Improvements, Costs capitalized subsequent to acquisition | 44,112 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 7,304 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 72,538 | |||
Total | 79,842 | |||
Accumulated depreciation and amortization | $ (20,834) | |||
Chemin de l'Epinglier 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Geneva | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 20,071 | |||
Improvements, Costs capitalized subsequent to acquisition | (990) | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 19,081 | |||
Total | 19,081 | |||
Accumulated depreciation and amortization | $ (8,548) | |||
7500 Metro Center Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Austin | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 1,177 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 4,877 | |||
Improvements, Costs capitalized subsequent to acquisition | 71,399 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,177 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 76,276 | |||
Total | 77,453 | |||
Accumulated depreciation and amortization | $ (16,572) | |||
3 Corporate Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | New York | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 1,543 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 12,678 | |||
Improvements, Costs capitalized subsequent to acquisition | 92,737 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,543 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 105,415 | |||
Total | 106,958 | |||
Accumulated depreciation and amortization | $ (87,175) | |||
1115 Centennial Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | New York | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 581 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 58,202 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 581 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 58,202 | |||
Total | 58,783 | |||
Accumulated depreciation and amortization | $ (2,518) | |||
4025 Midway Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dallas | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 2,196 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 14,037 | |||
Improvements, Costs capitalized subsequent to acquisition | 30,398 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 2,017 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 44,614 | |||
Total | 46,631 | |||
Accumulated depreciation and amortization | $ (32,501) | |||
Clonshaugh Industrial Estate | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dublin | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 1,444 | |||
Buildings and improvements, Initial costs | 5,569 | |||
Improvements, Costs capitalized subsequent to acquisition | 1,493 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 93 | |||
Buildings and improvements, Total costs | 8,413 | |||
Total | 8,506 | |||
Accumulated depreciation and amortization | $ (5,526) | |||
Digital Houston | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Houston | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 6,965 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 23,492 | |||
Improvements, Costs capitalized subsequent to acquisition | 148,349 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 6,594 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 172,212 | |||
Total | 178,806 | |||
Accumulated depreciation and amortization | $ (80,689) | |||
120 E Van Buren | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Phoenix | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 4,524 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 157,822 | |||
Improvements, Costs capitalized subsequent to acquisition | 121,422 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 4,524 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 279,244 | |||
Total | 283,768 | |||
Accumulated depreciation and amortization | $ (148,484) | |||
Gyroscoopweg 2E-2F | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Amsterdam | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 13,450 | |||
Improvements, Costs capitalized subsequent to acquisition | (1,643) | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 11,807 | |||
Total | 11,807 | |||
Accumulated depreciation and amortization | $ (5,260) | |||
Clonshaugh Industrial Estate II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dublin | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 77,840 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 77,840 | |||
Total | 77,840 | |||
Accumulated depreciation and amortization | $ (50,061) | |||
600 Winter Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Boston | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 1,429 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 6,228 | |||
Improvements, Costs capitalized subsequent to acquisition | 456 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,429 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 6,684 | |||
Total | 8,113 | |||
Accumulated depreciation and amortization | $ (2,757) | |||
2300 NW 89th Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Miami | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 1,022 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 3,767 | |||
Improvements, Costs capitalized subsequent to acquisition | 19 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,022 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 3,786 | |||
Total | 4,808 | |||
Accumulated depreciation and amortization | $ (1,800) | |||
Unit 9, Blanchardstown Corporate Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dublin | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 1,927 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 40,024 | |||
Improvements, Costs capitalized subsequent to acquisition | 23,867 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,623 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 64,195 | |||
Total | 65,818 | |||
Accumulated depreciation and amortization | $ (28,897) | |||
111 8th Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | New York | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 17,688 | |||
Improvements, Costs capitalized subsequent to acquisition | 29,149 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 46,837 | |||
Total | 46,837 | |||
Accumulated depreciation and amortization | $ (33,612) | |||
8100 Boone Boulevard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 158 | |||
Improvements, Costs capitalized subsequent to acquisition | 2,034 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 2,192 | |||
Total | 2,192 | |||
Accumulated depreciation and amortization | $ (2,192) | |||
3011 Lafayette Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Silicon Valley | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 3,354 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 10,305 | |||
Improvements, Costs capitalized subsequent to acquisition | 53,352 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 3,354 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 63,657 | |||
Total | 67,011 | |||
Accumulated depreciation and amortization | $ (52,456) | |||
44470 Chilum Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 3,531 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 37,360 | |||
Improvements, Costs capitalized subsequent to acquisition | 1 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 3,531 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 37,361 | |||
Total | 40,892 | |||
Accumulated depreciation and amortization | $ (13,154) | |||
43881 Devin Shafron Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 4,653 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 23,631 | |||
Improvements, Costs capitalized subsequent to acquisition | 97,322 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 4,653 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 120,953 | |||
Total | 125,606 | |||
Accumulated depreciation and amortization | $ (98,771) | |||
43831 Devin Shafron Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 3,027 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 16,247 | |||
Improvements, Costs capitalized subsequent to acquisition | 1,441 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 3,027 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 17,688 | |||
Total | 20,715 | |||
Accumulated depreciation and amortization | $ (7,156) | |||
43791 Devin Shafron Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 3,490 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 17,444 | |||
Improvements, Costs capitalized subsequent to acquisition | 78,515 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 3,490 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 95,959 | |||
Total | 99,449 | |||
Accumulated depreciation and amortization | $ (66,593) | |||
Mundells Roundabout | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | London | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 31,354 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 44,158 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 21,131 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 54,381 | |||
Total | 75,512 | |||
Accumulated depreciation and amortization | $ (15,485) | |||
1500 Space Park Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Silicon Valley | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 6,732 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 6,325 | |||
Improvements, Costs capitalized subsequent to acquisition | 46,593 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 4,106 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 55,544 | |||
Total | 59,650 | |||
Accumulated depreciation and amortization | $ (53,696) | |||
Cressex 1 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | London | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 3,629 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 9,036 | |||
Improvements, Costs capitalized subsequent to acquisition | 21,335 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 2,548 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 31,452 | |||
Total | 34,000 | |||
Accumulated depreciation and amortization | $ (22,054) | |||
Naritaweg 52 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Amsterdam | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 1,192 | |||
Buildings and improvements, Initial costs | 23,441 | |||
Improvements, Costs capitalized subsequent to acquisition | (5,561) | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 917 | |||
Buildings and improvements, Total costs | 18,155 | |||
Total | 19,072 | |||
Accumulated depreciation and amortization | $ (6,396) | |||
1 St. Anne's Boulevard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | London | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 1,490 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 1,045 | |||
Improvements, Costs capitalized subsequent to acquisition | (736) | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,014 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 785 | |||
Total | 1,799 | |||
Accumulated depreciation and amortization | $ (238) | |||
2 St. Anne's Boulevard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | London | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 922 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 695 | |||
Improvements, Costs capitalized subsequent to acquisition | 34,379 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 676 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 35,320 | |||
Total | 35,996 | |||
Accumulated depreciation and amortization | $ (7,647) | |||
3 St. Anne's Boulevard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | London | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 22,079 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 16,351 | |||
Improvements, Costs capitalized subsequent to acquisition | 81,570 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 14,901 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 105,099 | |||
Total | 120,000 | |||
Accumulated depreciation and amortization | $ (70,353) | |||
365 South Randolphville Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | New York | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 3,019 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 17,404 | |||
Improvements, Costs capitalized subsequent to acquisition | 296,533 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 2,853 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 314,103 | |||
Total | 316,956 | |||
Accumulated depreciation and amortization | $ (155,008) | |||
701 & 717 Leonard Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dallas | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 2,165 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 9,934 | |||
Improvements, Costs capitalized subsequent to acquisition | 969 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 2,165 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 10,903 | |||
Total | 13,068 | |||
Accumulated depreciation and amortization | $ (3,608) | |||
Manchester Technopark | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Manchester | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 23,918 | |||
Improvements, Costs capitalized subsequent to acquisition | (7,539) | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 16,379 | |||
Total | 16,379 | |||
Accumulated depreciation and amortization | $ (5,427) | |||
1201 Comstock Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Silicon Valley | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 2,093 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 1,606 | |||
Improvements, Costs capitalized subsequent to acquisition | 27,687 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 3,398 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 27,988 | |||
Total | 31,386 | |||
Accumulated depreciation and amortization | $ (20,843) | |||
1550 Space Park Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Silicon Valley | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 0 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 0 | |||
Total | 0 | |||
Accumulated depreciation and amortization | $ 0 | |||
1525 Comstock Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Silicon Valley | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 2,293 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 16,216 | |||
Improvements, Costs capitalized subsequent to acquisition | 32,286 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 2,061 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 48,734 | |||
Total | 50,795 | |||
Accumulated depreciation and amortization | $ (36,862) | |||
43830 Devin Shafron Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 5,509 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 74,322 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 4,928 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 74,903 | |||
Total | 79,831 | |||
Accumulated depreciation and amortization | $ (50,129) | |||
1232 Alma Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dallas | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 2,267 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 3,740 | |||
Improvements, Costs capitalized subsequent to acquisition | 66,014 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 2,266 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 69,755 | |||
Total | 72,021 | |||
Accumulated depreciation and amortization | $ (49,754) | |||
900 Quality Way | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dallas | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 1,446 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 1,659 | |||
Improvements, Costs capitalized subsequent to acquisition | 69,987 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,437 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 71,655 | |||
Total | 73,092 | |||
Accumulated depreciation and amortization | $ (25,389) | |||
1210 Integrity Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dallas | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 2,041 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 3,389 | |||
Improvements, Costs capitalized subsequent to acquisition | 187,448 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 3,204 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 189,674 | |||
Total | 192,878 | |||
Accumulated depreciation and amortization | $ (13,445) | |||
907 Security Row | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dallas | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 333 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 344 | |||
Improvements, Costs capitalized subsequent to acquisition | 97,851 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 2,112 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 96,416 | |||
Total | 98,528 | |||
Accumulated depreciation and amortization | $ (12,469) | |||
908 Quality Way | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dallas | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 6,730 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 4,493 | |||
Improvements, Costs capitalized subsequent to acquisition | 13,954 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 2,067 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 23,110 | |||
Total | 25,177 | |||
Accumulated depreciation and amortization | $ (18,696) | |||
904 Quality Way | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dallas | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 760 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 744 | |||
Improvements, Costs capitalized subsequent to acquisition | 6,812 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,151 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 7,165 | |||
Total | 8,316 | |||
Accumulated depreciation and amortization | $ (1,382) | |||
1215 Integrity Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dallas | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 69,926 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 995 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 68,931 | |||
Total | 69,926 | |||
Accumulated depreciation and amortization | $ (23,033) | |||
1350 Duane & 3080 Raymond | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Silicon Valley | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 7,081 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 69,817 | |||
Improvements, Costs capitalized subsequent to acquisition | 354 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 7,081 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 70,171 | |||
Total | 77,252 | |||
Accumulated depreciation and amortization | $ (18,445) | |||
60 & 80 Merritt | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | New York | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 3,418 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 71,477 | |||
Improvements, Costs capitalized subsequent to acquisition | 94,485 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 3,148 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 166,232 | |||
Total | 169,380 | |||
Accumulated depreciation and amortization | $ (49,071) | |||
55 Middlesex | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Boston | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 9,975 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 68,363 | |||
Improvements, Costs capitalized subsequent to acquisition | 14,499 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 9,975 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 82,862 | |||
Total | 92,837 | |||
Accumulated depreciation and amortization | $ (29,930) | |||
128 First Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Boston | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 5,465 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 185,348 | |||
Improvements, Costs capitalized subsequent to acquisition | 39,134 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 5,465 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 224,482 | |||
Total | 229,947 | |||
Accumulated depreciation and amortization | $ (80,988) | |||
Cateringweg 5 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Amsterdam | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 3,518 | |||
Buildings and improvements, Initial costs | 3,517 | |||
Improvements, Costs capitalized subsequent to acquisition | 37,814 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 3,223 | |||
Buildings and improvements, Total costs | 41,626 | |||
Total | 44,849 | |||
Accumulated depreciation and amortization | $ (9,429) | |||
1725 Comstock Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Silicon Valley | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 3,274 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 6,567 | |||
Improvements, Costs capitalized subsequent to acquisition | 39,308 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 3,274 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 45,875 | |||
Total | 49,149 | |||
Accumulated depreciation and amortization | $ (29,302) | |||
3105 Alfred Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Silicon Valley | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 6,533 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 3,725 | |||
Improvements, Costs capitalized subsequent to acquisition | 123,691 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 6,533 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 127,416 | |||
Total | 133,949 | |||
Accumulated depreciation and amortization | $ (38,853) | |||
365 Main Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | San Francisco | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 22,854 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 158,709 | |||
Improvements, Costs capitalized subsequent to acquisition | 35,001 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 22,854 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 193,710 | |||
Total | 216,564 | |||
Accumulated depreciation and amortization | $ (60,449) | |||
720 2nd Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | San Francisco | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 3,884 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 116,861 | |||
Improvements, Costs capitalized subsequent to acquisition | 13,601 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 3,884 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 130,462 | |||
Total | 134,346 | |||
Accumulated depreciation and amortization | $ (36,724) | |||
2260 East El Segundo | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Los Angeles | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 11,053 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 51,397 | |||
Improvements, Costs capitalized subsequent to acquisition | 17,433 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 11,053 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 68,830 | |||
Total | 79,883 | |||
Accumulated depreciation and amortization | $ (23,640) | |||
2121 South Price Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Phoenix | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 7,335 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 238,452 | |||
Improvements, Costs capitalized subsequent to acquisition | 215,183 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 4,835 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 456,135 | |||
Total | 460,970 | |||
Accumulated depreciation and amortization | $ (147,927) | |||
4030 Lafayette | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 2,492 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 16,912 | |||
Improvements, Costs capitalized subsequent to acquisition | 12,780 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 2,492 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 29,692 | |||
Total | 32,184 | |||
Accumulated depreciation and amortization | $ (9,100) | |||
4040 Lafayette | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 1,246 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 4,267 | |||
Improvements, Costs capitalized subsequent to acquisition | 24,887 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,246 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 29,154 | |||
Total | 30,400 | |||
Accumulated depreciation and amortization | $ (5,804) | |||
4050 Lafayette | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 1,246 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 4,371 | |||
Improvements, Costs capitalized subsequent to acquisition | 36,244 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,246 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 40,615 | |||
Total | 41,861 | |||
Accumulated depreciation and amortization | $ (26,913) | |||
2805 Lafayette Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Silicon Valley | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 8,976 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 18,155 | |||
Improvements, Costs capitalized subsequent to acquisition | 131,011 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 8,294 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 149,848 | |||
Total | 158,142 | |||
Accumulated depreciation and amortization | $ (38,954) | |||
29A International Business Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Singapore | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 137,545 | |||
Improvements, Costs capitalized subsequent to acquisition | 223,342 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 360,887 | |||
Total | 360,887 | |||
Accumulated depreciation and amortization | $ (152,206) | |||
43940 Digital Loudoun Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 6,229 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 285,614 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 7,524 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 284,319 | |||
Total | 291,843 | |||
Accumulated depreciation and amortization | $ (90,924) | |||
44060 Digital Loudoun Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 3,700 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 187,004 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 3,441 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 187,263 | |||
Total | 190,704 | |||
Accumulated depreciation and amortization | $ (31,598) | |||
44100 Digital Loudoun Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 3,700 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 141,840 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 3,493 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 142,047 | |||
Total | 145,540 | |||
Accumulated depreciation and amortization | $ (17,596) | |||
43780 Digital Loudoun Plaza | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 3,671 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 123,368 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 4,186 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 122,853 | |||
Total | 127,039 | |||
Accumulated depreciation and amortization | $ (12,532) | |||
1-11 Templar Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Sydney | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 6,937 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 62,836 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 4,349 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 65,424 | |||
Total | 69,773 | |||
Accumulated depreciation and amortization | $ (19,316) | |||
13-23 Templar Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Sydney | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 4,236 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 52,379 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 2,501 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 54,114 | |||
Total | 56,615 | |||
Accumulated depreciation and amortization | $ (1,034) | |||
Fountain Court | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | London | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 7,544 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 12,506 | |||
Improvements, Costs capitalized subsequent to acquisition | 100,446 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 6,569 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 113,927 | |||
Total | 120,496 | |||
Accumulated depreciation and amortization | $ (30,892) | |||
72 Radnor Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Melbourne | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 2,568 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 66,029 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,737 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 66,860 | |||
Total | 68,597 | |||
Accumulated depreciation and amortization | $ (12,370) | |||
98 Radnor Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Melbourne | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 1,899 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 36,140 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,339 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 36,700 | |||
Total | 38,039 | |||
Accumulated depreciation and amortization | $ (17,738) | |||
105 Cabot Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Boston | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 2,386 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 35,876 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,161 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 37,101 | |||
Total | 38,262 | |||
Accumulated depreciation and amortization | $ (11,061) | |||
3825 NW Aloclek Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Portland | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 1,689 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 58,230 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,689 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 58,230 | |||
Total | 59,919 | |||
Accumulated depreciation and amortization | $ (24,836) | |||
Profile Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dublin | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 6,288 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 56,087 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 2,050 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 60,325 | |||
Total | 62,375 | |||
Accumulated depreciation and amortization | $ (6,256) | |||
760 Doug Davis Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Atlanta | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 4,837 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 53,551 | |||
Improvements, Costs capitalized subsequent to acquisition | 3,373 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 4,837 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 56,924 | |||
Total | 61,761 | |||
Accumulated depreciation and amortization | $ (15,131) | |||
2501 S. State Hwy 121 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dallas | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 23,137 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 93,943 | |||
Improvements, Costs capitalized subsequent to acquisition | 11,954 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 16,242 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 112,792 | |||
Total | 129,034 | |||
Accumulated depreciation and amortization | $ (35,468) | |||
9333 Grand Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Chicago | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 5,686 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 14,515 | |||
Improvements, Costs capitalized subsequent to acquisition | 75,076 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,205 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 94,072 | |||
Total | 95,277 | |||
Accumulated depreciation and amortization | $ (40,321) | |||
9355 Grand Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Chicago | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 228,171 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 2,518 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 225,653 | |||
Total | 228,171 | |||
Accumulated depreciation and amortization | $ (30,014) | |||
9377 Grand Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Chicago | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 133,910 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 2,799 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 131,111 | |||
Total | 133,910 | |||
Accumulated depreciation and amortization | $ (6,039) | |||
850 E Collins | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dallas | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 1,614 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 86,565 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,614 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 86,565 | |||
Total | 88,179 | |||
Accumulated depreciation and amortization | $ (23,682) | |||
950 E Collins | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dallas | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 1,546 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 75,695 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,546 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 75,695 | |||
Total | 77,241 | |||
Accumulated depreciation and amortization | $ (15,163) | |||
400 S. Akard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dallas | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 10,075 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 62,730 | |||
Improvements, Costs capitalized subsequent to acquisition | 2,943 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 10,075 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 65,673 | |||
Total | 75,748 | |||
Accumulated depreciation and amortization | $ (13,571) | |||
410 Commerce Boulevard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | New York | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 30,260 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 30,260 | |||
Total | 30,260 | |||
Accumulated depreciation and amortization | $ (15,310) | |||
Croydon | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | London | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 1,683 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 104,728 | |||
Improvements, Costs capitalized subsequent to acquisition | 47,591 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 2,367 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 151,635 | |||
Total | 154,002 | |||
Accumulated depreciation and amortization | $ (31,430) | |||
Watford | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | London | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 7,355 | |||
Buildings and improvements, Initial costs | 219,273 | |||
Improvements, Costs capitalized subsequent to acquisition | 5,018 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 6,492 | |||
Buildings and improvements, Total costs | 225,154 | |||
Total | 231,646 | |||
Accumulated depreciation and amortization | $ (48,278) | |||
Unit 21 Goldsworth Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | London | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 17,334 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 928,129 | |||
Improvements, Costs capitalized subsequent to acquisition | (121,080) | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 13,237 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 811,146 | |||
Total | 824,383 | |||
Accumulated depreciation and amortization | $ (182,102) | |||
23 Waterloo Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Sydney | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 7,112 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 3,868 | |||
Improvements, Costs capitalized subsequent to acquisition | (3,564) | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 4,804 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 2,612 | |||
Total | 7,416 | |||
Accumulated depreciation and amortization | $ (500) | |||
1 Rue Jean-Pierre | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Paris | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 9,621 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 35,825 | |||
Improvements, Costs capitalized subsequent to acquisition | (6,820) | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 8,177 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 30,449 | |||
Total | 38,626 | |||
Accumulated depreciation and amortization | $ (7,732) | |||
Liet-dit le Christ de Saclay | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Paris | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 3,402 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 3,090 | |||
Improvements, Costs capitalized subsequent to acquisition | (975) | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 2,891 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 2,626 | |||
Total | 5,517 | |||
Accumulated depreciation and amortization | $ (861) | |||
127 Rue de Paris | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Paris | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 8,637 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 10,838 | |||
Improvements, Costs capitalized subsequent to acquisition | (2,923) | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 7,341 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 9,211 | |||
Total | 16,552 | |||
Accumulated depreciation and amortization | $ (2,910) | |||
1900 S. Price Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Phoenix | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 5,380 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 16,975 | |||
Improvements, Costs capitalized subsequent to acquisition | (11,394) | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 2,423 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 8,538 | |||
Total | 10,961 | |||
Accumulated depreciation and amortization | $ (2,412) | |||
371 Gough Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Toronto | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 7,394 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 677 | |||
Improvements, Costs capitalized subsequent to acquisition | 93,801 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 5,838 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 96,034 | |||
Total | 101,872 | |||
Accumulated depreciation and amortization | $ (13,452) | |||
1500 Towerview Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Minneapolis | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 10,190 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 20,054 | |||
Improvements, Costs capitalized subsequent to acquisition | 3,191 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 10,190 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 23,245 | |||
Total | 33,435 | |||
Accumulated depreciation and amortization | $ (5,566) | |||
Principal Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | London | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 11,837 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 76,060 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 7,097 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 80,800 | |||
Total | 87,897 | |||
Accumulated depreciation and amortization | $ (13,080) | |||
Liverpoolweg 10 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Amsterdam | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 733 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 3,122 | |||
Improvements, Costs capitalized subsequent to acquisition | 9,429 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 630 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 12,654 | |||
Total | 13,284 | |||
Accumulated depreciation and amortization | $ (3,020) | |||
DePresident | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Amsterdam | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 6,737 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 116,399 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 6,996 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 116,140 | |||
Total | 123,136 | |||
Accumulated depreciation and amortization | $ (5,534) | |||
Crawley 2 | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | London | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 24,305 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 33,139 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 4,252 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 53,192 | |||
Total | 57,444 | |||
Accumulated depreciation and amortization | $ (2,048) | |||
3 Loyang Way | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Singapore | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 180,615 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 180,615 | |||
Total | 180,615 | |||
Accumulated depreciation and amortization | $ (11,645) | |||
Digital Loudoun III | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 43,000 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 800,087 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 47,399 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 795,688 | |||
Total | 843,087 | |||
Accumulated depreciation and amortization | $ (37,172) | |||
Digital Frankfurt | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Frankfurt | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 5,543 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 137,399 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 4,111 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 138,831 | |||
Total | 142,942 | |||
Accumulated depreciation and amortization | $ (3,706) | |||
56 Marietta Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Atlanta | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 1,700 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 211,397 | |||
Improvements, Costs capitalized subsequent to acquisition | 28,272 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 1,715 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 239,654 | |||
Total | 241,369 | |||
Accumulated depreciation and amortization | $ (42,690) | |||
2 Peekay Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | New York | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 115,439 | |||
Improvements, Costs capitalized subsequent to acquisition | (16,103) | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 99,336 | |||
Total | 99,336 | |||
Accumulated depreciation and amortization | $ (23,282) | |||
100 Delawanna Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | New York | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 3,600 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 85,438 | |||
Improvements, Costs capitalized subsequent to acquisition | 11,712 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 3,600 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 97,150 | |||
Total | 100,750 | |||
Accumulated depreciation and amortization | $ (14,734) | |||
60 Hudson Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | New York | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 32,280 | |||
Improvements, Costs capitalized subsequent to acquisition | 18,735 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 51,015 | |||
Total | 51,015 | |||
Accumulated depreciation and amortization | $ (17,575) | |||
32 Avenue of the Americas | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | New York | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 30,980 | |||
Improvements, Costs capitalized subsequent to acquisition | 4,362 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 35,342 | |||
Total | 35,342 | |||
Accumulated depreciation and amortization | $ (12,081) | |||
3433 S 120th Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Seattle | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 11,688 | |||
Improvements, Costs capitalized subsequent to acquisition | (1,312) | |||
Carry costs, Costs capitalized subsequent to acquisition | (5,351) | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 5,025 | |||
Total | 5,025 | |||
Accumulated depreciation and amortization | $ (5,024) | |||
8435 Stemmons Freeway | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dallas | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 5,023 | |||
Improvements, Costs capitalized subsequent to acquisition | 2,725 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 7,748 | |||
Total | 7,748 | |||
Accumulated depreciation and amortization | $ (2,818) | |||
2625 Walsh Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Silicon Valley | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 4,276 | |||
Improvements, Costs capitalized subsequent to acquisition | 9,051 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 13,327 | |||
Total | 13,327 | |||
Accumulated depreciation and amortization | $ (4,017) | |||
111 8th Avenue - Telx | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | New York | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 42,454 | |||
Improvements, Costs capitalized subsequent to acquisition | 18,899 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 61,353 | |||
Total | 61,353 | |||
Accumulated depreciation and amortization | $ (23,063) | |||
350 East Cermak Road - Telx | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Chicago | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 13,933 | |||
Improvements, Costs capitalized subsequent to acquisition | 11,031 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 24,964 | |||
Total | 24,964 | |||
Accumulated depreciation and amortization | $ (8,114) | |||
200 Paul Avenue - Telx | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | San Francisco | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 6,719 | |||
Improvements, Costs capitalized subsequent to acquisition | 4,632 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 11,351 | |||
Total | 11,351 | |||
Accumulated depreciation and amortization | $ (3,864) | |||
2323 Bryan Street - Telx | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Dallas | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 5,191 | |||
Improvements, Costs capitalized subsequent to acquisition | 5,621 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 10,812 | |||
Total | 10,812 | |||
Accumulated depreciation and amortization | $ (3,728) | |||
600 W. 7th Street - Telx | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Los Angeles | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 3,689 | |||
Improvements, Costs capitalized subsequent to acquisition | 8,050 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 11,739 | |||
Total | 11,739 | |||
Accumulated depreciation and amortization | $ (3,018) | |||
3825 NW Aloclek Place - Telx | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Portland | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 3,131 | |||
Improvements, Costs capitalized subsequent to acquisition | 1,347 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 4,478 | |||
Total | 4,478 | |||
Accumulated depreciation and amortization | $ (1,857) | |||
120 E. Van Buren Street - Telx | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Phoenix | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 2,848 | |||
Improvements, Costs capitalized subsequent to acquisition | 3,451 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 6,299 | |||
Total | 6,299 | |||
Accumulated depreciation and amortization | $ (1,910) | |||
36 NE 2nd Street - Telx | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Miami | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 1,842 | |||
Improvements, Costs capitalized subsequent to acquisition | 4,374 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 6,216 | |||
Total | 6,216 | |||
Accumulated depreciation and amortization | $ (1,929) | |||
600-780 S. Federal Street - Telx | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Chicago | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 1,815 | |||
Improvements, Costs capitalized subsequent to acquisition | 4,577 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 6,392 | |||
Total | 6,392 | |||
Accumulated depreciation and amortization | $ (1,588) | |||
113 N. Myers Street - Telx | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Charlotte | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 476 | |||
Improvements, Costs capitalized subsequent to acquisition | 1,142 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 1,618 | |||
Total | 1,618 | |||
Accumulated depreciation and amortization | $ (482) | |||
1100 Space Park Drive - Telx | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Silicon Valley | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 352 | |||
Improvements, Costs capitalized subsequent to acquisition | 2,265 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 2,617 | |||
Total | 2,617 | |||
Accumulated depreciation and amortization | $ (484) | |||
300 Boulevard East - Telx | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | New York | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 197 | |||
Improvements, Costs capitalized subsequent to acquisition | 168 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 365 | |||
Total | 365 | |||
Accumulated depreciation and amortization | $ (186) | |||
Science Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Amsterdam | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 665 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 75,095 | |||
Improvements, Costs capitalized subsequent to acquisition | 13,037 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 88,797 | |||
Total | 88,797 | |||
Accumulated depreciation and amortization | $ (8,152) | |||
Sovereign House | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | London | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 7,943 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 75,184 | |||
Improvements, Costs capitalized subsequent to acquisition | 58,238 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 141,365 | |||
Total | 141,365 | |||
Accumulated depreciation and amortization | $ (20,816) | |||
Amstel Business Park | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Amsterdam | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 2,991 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 58,138 | |||
Improvements, Costs capitalized subsequent to acquisition | 12,448 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 3,028 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 70,549 | |||
Total | 73,577 | |||
Accumulated depreciation and amortization | $ (20,491) | |||
Olivers Yard | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | London | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 7,943 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 34,744 | |||
Improvements, Costs capitalized subsequent to acquisition | 2,357 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 45,044 | |||
Total | 45,044 | |||
Accumulated depreciation and amortization | $ (13,783) | |||
Bonnington House | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | London | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 14,127 | |||
Improvements, Costs capitalized subsequent to acquisition | 64,055 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 78,182 | |||
Total | 78,182 | |||
Accumulated depreciation and amortization | $ (1,405) | |||
West Drayton | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | London | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 10,135 | |||
Improvements, Costs capitalized subsequent to acquisition | 3,519 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 13,654 | |||
Total | 13,654 | |||
Accumulated depreciation and amortization | $ (7,281) | |||
Lyonerstrasse | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Frankfurt | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 8,407 | |||
Improvements, Costs capitalized subsequent to acquisition | 6,393 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 14,800 | |||
Total | 14,800 | |||
Accumulated depreciation and amortization | $ (5,137) | |||
Meridian Gate | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | London | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 5,893 | |||
Improvements, Costs capitalized subsequent to acquisition | 1,621 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 7,514 | |||
Total | 7,514 | |||
Accumulated depreciation and amortization | $ (3,829) | |||
2425-2553 Edgington Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Chicago | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 11,950 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 1,615 | |||
Improvements, Costs capitalized subsequent to acquisition | 64 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 11,959 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 1,670 | |||
Total | 13,629 | |||
Accumulated depreciation and amortization | $ (160) | |||
44520 Hastings Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 104,000 | |||
Land, Initial costs | 6,140 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 108,105 | |||
Improvements, Costs capitalized subsequent to acquisition | 1,581 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 6,140 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 109,686 | |||
Total | 115,826 | |||
Accumulated depreciation and amortization | $ (14,806) | |||
44480 Hastings Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 12,860 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 278,384 | |||
Improvements, Costs capitalized subsequent to acquisition | 1,227 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 12,860 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 279,611 | |||
Total | 292,471 | |||
Accumulated depreciation and amortization | $ (38,147) | |||
44521 Hastings Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 13,210 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 315,539 | |||
Improvements, Costs capitalized subsequent to acquisition | 361 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 13,210 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 315,900 | |||
Total | 329,110 | |||
Accumulated depreciation and amortization | $ (43,315) | |||
44461 Chilum Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 9,620 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 249,371 | |||
Improvements, Costs capitalized subsequent to acquisition | 523 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 9,620 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 249,894 | |||
Total | 259,514 | |||
Accumulated depreciation and amortization | $ (34,452) | |||
21625 Gresham Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 17,500 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 448,968 | |||
Improvements, Costs capitalized subsequent to acquisition | 488 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 17,500 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 449,456 | |||
Total | 466,956 | |||
Accumulated depreciation and amortization | $ (62,151) | |||
2200 Busse Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Chicago | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 17,270 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 384,558 | |||
Improvements, Costs capitalized subsequent to acquisition | 1,905 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 17,270 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 386,463 | |||
Total | 403,733 | |||
Accumulated depreciation and amortization | $ (50,399) | |||
2299 Busse Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Chicago | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 12,780 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 348,348 | |||
Improvements, Costs capitalized subsequent to acquisition | (1,687) | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 12,780 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 346,661 | |||
Total | 359,441 | |||
Accumulated depreciation and amortization | $ (47,004) | |||
1780 Business Center Drive | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 7,510 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 106,363 | |||
Improvements, Costs capitalized subsequent to acquisition | 1,122 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 7,510 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 107,485 | |||
Total | 114,995 | |||
Accumulated depreciation and amortization | $ (13,001) | |||
8217 Linton Hall Road | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 22,340 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 81,985 | |||
Improvements, Costs capitalized subsequent to acquisition | 355 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 22,340 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 82,340 | |||
Total | 104,680 | |||
Accumulated depreciation and amortization | $ (9,386) | |||
1400 East Devon Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Chicago | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 11,012 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 178,627 | |||
Improvements, Costs capitalized subsequent to acquisition | 45,871 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 9,994 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 225,516 | |||
Total | 235,510 | |||
Accumulated depreciation and amortization | $ (17,462) | |||
2220 De La Cruz Blvd | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Silicon Valley | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 84,650 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 634,007 | |||
Improvements, Costs capitalized subsequent to acquisition | 4,588 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 84,650 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 638,595 | |||
Total | 723,245 | |||
Accumulated depreciation and amortization | $ (81,549) | |||
1 Century Place | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Toronto | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 26,600 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 116,863 | |||
Improvements, Costs capitalized subsequent to acquisition | 1,302 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 8,479 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 136,286 | |||
Total | 144,765 | |||
Accumulated depreciation and amortization | $ (4,861) | |||
505 North Railroad Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Chicago | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 20,431 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 245,810 | |||
Improvements, Costs capitalized subsequent to acquisition | (33,149) | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 12,271 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 220,821 | |||
Total | 233,092 | |||
Accumulated depreciation and amortization | $ (12,612) | |||
250 Williams | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Atlanta | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 26,774 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 26,774 | |||
Total | 26,774 | |||
Accumulated depreciation and amortization | $ (5,240) | |||
CME Agreement | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Chicago | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 42,875 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 42,875 | |||
Total | 42,875 | |||
Accumulated depreciation and amortization | $ (21,741) | |||
De President II | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Amsterdam | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 6,315 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 37,181 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 2,453 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 41,043 | |||
Total | 43,496 | |||
Accumulated depreciation and amortization | $ 0 | |||
2825-2845 Lafayette Street | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | Silicon Valley | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 2,941 | |||
Improvements, Costs capitalized subsequent to acquisition | 60 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 0 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 3,001 | |||
Total | 3,001 | |||
Accumulated depreciation and amortization | $ (3,001) | |||
21780 Filigree Court | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Metropolitan Area | N. Virginia | |||
Encumbrances | $ 0 | |||
Land, Initial costs | 24,315 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 3,039 | |||
Improvements, Costs capitalized subsequent to acquisition | 1,346 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 25,740 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 2,960 | |||
Total | 28,700 | |||
Accumulated depreciation and amortization | (491) | |||
Other | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land, Initial costs | 0 | |||
Acquired ground lease, Initial costs | 0 | |||
Buildings and improvements, Initial costs | 0 | |||
Improvements, Costs capitalized subsequent to acquisition | 55,482 | |||
Carry costs, Costs capitalized subsequent to acquisition | 0 | |||
Land, Total costs | 25 | |||
Acquired ground lease, Total costs | 0 | |||
Buildings and improvements, Total costs | 55,457 | |||
Total | 55,482 | |||
Accumulated depreciation and amortization | $ (18,053) |
Schedule III Properties And A_3
Schedule III Properties And Accumulated Depreciation (Narrative) (Details) $ in Billions | Dec. 31, 2019USD ($) |
Schedule III Properties And Accumulated Depreciation | |
Aggregate gross cost of properties for federal income tax purposes | $ 19.7 |
Schedule III Properties And A_4
Schedule III Properties And Accumulated Depreciation (Summary Of Historical Cost) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance, beginning of year | $ 17,055,016 | $ 16,915,936 | $ 11,558,469 |
Additions during period (acquisitions and improvements) | 833,836 | 223,163 | 5,663,404 |
Deductions during period (dispositions, impairments and assets held for sale) | (1,002,260) | (84,083) | (305,937) |
Balance, end of year | $ 16,886,592 | $ 17,055,016 | $ 16,915,936 |
Schedule III Properties And A_5
Schedule III Properties And Accumulated Depreciation (Summary Of Accumulated Depreciation And Amortization) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance, beginning of year | $ 3,935,267 | $ 3,238,227 | $ 2,668,509 |
Additions during period (depreciation and amortization expense) | 805,916 | 714,336 | 612,970 |
Deductions during period (dispositions and assets held for sale) | (205,014) | (17,296) | (43,252) |
Balance, end of year | $ 4,536,169 | $ 3,935,267 | $ 3,238,227 |