Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 04, 2021 | |
Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-32336 | |
Entity Registrant Name | DIGITAL REALTY TRUST, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 26-0081711 | |
Entity Address, Address Line One | 5707 Southwest Parkway, Building 1, Suite 275 | |
Entity Address, City or Town | Austin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78735 | |
City Area Code | 737 | |
Local Phone Number | 281-0101 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 282,593,428 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Central Index Key | 0001297996 | |
Current Fiscal Year End Date | --12-31 | |
Digital Realty Trust, L.P. | ||
Entity Information | ||
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2021 | |
Entity File Number | 000-54023 | |
Entity Registrant Name | DIGITAL REALTY TRUST, L.P. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 20-2402955 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth | false | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Central Index Key | 0001494877 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Entity Information | ||
Title of 12(b) Security | Common Stock | |
Trading Symbol | DLR | |
Security Exchange Name | NYSE | |
Series J Cumulative Redeemable Preferred Stock | ||
Entity Information | ||
Title of 12(b) Security | Series J Cumulative Redeemable Preferred Stock | |
Trading Symbol | DLR Pr J | |
Security Exchange Name | NYSE | |
Series K Cumulative Redeemable Preferred Stock | ||
Entity Information | ||
Title of 12(b) Security | Series K Cumulative Redeemable Preferred Stock | |
Trading Symbol | DLR Pr K | |
Security Exchange Name | NYSE | |
Series L Cumulative Redeemable Preferred Units | ||
Entity Information | ||
Title of 12(b) Security | Series L Cumulative Redeemable Preferred Stock | |
Trading Symbol | DLR Pr L | |
Security Exchange Name | NYSE |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investments in real estate: | ||
Investments in properties, net | $ 20,782,348 | $ 20,582,954 |
Investments in unconsolidated entities | 1,119,026 | 1,148,158 |
Net investments in real estate | 21,901,374 | 21,731,112 |
Operating lease right-of-use assets, net | 1,452,633 | 1,386,959 |
Cash and cash equivalents | 120,482 | 108,501 |
Accounts and other receivables, net | 630,086 | 603,111 |
Deferred rent | 539,379 | 528,180 |
Goodwill | 8,185,931 | 8,330,996 |
Customer relationship value, deferred leasing costs and intangibles, net | 2,956,027 | 3,122,904 |
Other assets | 365,308 | 264,528 |
Total assets | 36,151,220 | 36,076,291 |
LIABILITIES AND EQUITY/CAPITAL | ||
Global revolving credit facilities, net | 1,026,368 | 531,905 |
Unsecured term loans, net | 536,580 | |
Unsecured senior notes, net of discount | 12,659,043 | 11,997,010 |
Secured and other debt, including premiums | 242,410 | 239,222 |
Operating lease liabilities | 1,545,689 | 1,468,712 |
Accounts payable and other accrued liabilities | 1,367,240 | 1,420,162 |
Deferred tax liabilities, net | 742,127 | 698,308 |
Accrued dividends and distributions | 324,386 | |
Security deposits and prepaid rents | 362,606 | 371,659 |
Total liabilities | 17,945,483 | 17,587,944 |
Redeemable noncontrolling interests | 41,490 | 42,011 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Preferred stock/ units | 731,690 | 950,940 |
Common Stock: $0.01 par value per share, 392,000,000 shares authorized and 282,603,152 and 280,289,726 shares issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 2,806 | 2,788 |
Partners' capital: | ||
Additional paid-in capital | 20,844,834 | 20,626,897 |
Accumulated dividends in excess of earnings | (4,153,407) | (3,997,938) |
Accumulated other comprehensive income, net | 31,733 | 135,010 |
Total stockholders' equity | 17,457,656 | 17,717,697 |
Noncontrolling interests in consolidated joint ventures | 192,694 | 119,659 |
Noncontrolling interests | 706,591 | 728,639 |
Total equity | 18,164,247 | 18,446,336 |
Total liabilities and equity/capital | 36,151,220 | 36,076,291 |
Digital Realty Trust, L.P. | ||
Investments in real estate: | ||
Investments in properties, net | 20,782,348 | 20,582,954 |
Investments in unconsolidated entities | 1,119,026 | 1,148,158 |
Net investments in real estate | 21,901,374 | 21,731,112 |
Operating lease right-of-use assets, net | 1,452,633 | 1,386,959 |
Cash and cash equivalents | 120,482 | 108,501 |
Accounts and other receivables, net | 630,086 | 603,111 |
Deferred rent | 539,379 | 528,180 |
Goodwill | 8,185,931 | 8,330,996 |
Customer relationship value, deferred leasing costs and intangibles, net | 2,956,027 | 3,122,904 |
Other assets | 365,308 | 264,528 |
Total assets | 36,151,220 | 36,076,291 |
LIABILITIES AND EQUITY/CAPITAL | ||
Global revolving credit facilities, net | 1,026,368 | 531,905 |
Unsecured term loans, net | 536,580 | |
Unsecured senior notes, net of discount | 12,659,043 | 11,997,010 |
Secured and other debt, including premiums | 242,410 | 239,222 |
Operating lease liabilities | 1,545,689 | 1,468,712 |
Accounts payable and other accrued liabilities | 1,367,240 | 1,420,162 |
Deferred tax liabilities, net | 742,127 | 698,308 |
Accrued dividends and distributions | 324,386 | |
Security deposits and prepaid rents | 362,606 | 371,659 |
Total liabilities | 17,945,483 | 17,587,944 |
Redeemable noncontrolling interests | 41,490 | 42,011 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Preferred stock/ units | 731,690 | 950,940 |
Partners' capital: | ||
Common units, 282,603,152 and 280,289,726 units issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 16,694,233 | 16,631,747 |
Limited Partners, 7,055,409 and 8,046,267 units issued and outstanding as of June 30, 2021 and December 31, 2020, respectively | 516,879 | 609,190 |
Accumulated other comprehensive income, net | 28,751 | 134,800 |
Total partners' capital | 17,971,553 | 18,326,677 |
Noncontrolling interests in consolidated joint ventures | 192,694 | 119,659 |
Total capital | 18,164,247 | 18,446,336 |
Total liabilities and equity/capital | $ 36,151,220 | $ 36,076,291 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
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) | 30,200,000 | 38,250,000 |
Preferred stock, outstanding (shares) | 30,200,000 | 38,250,000 |
Common stock, par value (in dollars per share/unit) | $ 0.01 | $ 0.01 |
Common stock, authorized (shares) | 392,000,000 | 392,000,000 |
Common stock, shares, issued (shares) | 282,603,152 | 280,289,726 |
Common stock, shares, outstanding (shares) | 282,603,152 | 280,289,726 |
Liquidation preference | $ 755,000 | $ 956,250 |
Preferred stock, liquidation preference per share (in dollars per share) | $ 25 | $ 25 |
Digital Realty Trust, L.P. | ||
Preferred units, issued (units) | 30,200,000 | 38,250,000 |
Preferred units, outstanding (units) | 30,200,000 | 38,250,000 |
Common units, issued (units) | 282,603,152 | 280,289,726 |
Common units, outstanding (units) | 282,603,152 | 280,289,726 |
Liquidation preference | $ 755,000 | $ 956,250 |
Preferred stock, liquidation preference per share (in dollars per share) | $ 25 | $ 25 |
Limited Partners' units, issued (units) | 7,055,409 | 8,046,267 |
Limited Partners' units outstanding (units) | 7,055,409 | 8,046,267 |
CONDENSED CONSOLIDATED INCOME S
CONDENSED CONSOLIDATED INCOME STATEMENTS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Revenues: | ||||
Total operating revenues | $ 1,093,188 | $ 992,995 | $ 2,183,579 | $ 1,816,332 |
Operating Expenses: | ||||
Rental property operating and maintenance | 383,216 | 332,647 | 744,995 | 598,355 |
Property taxes and insurance | 48,498 | 48,441 | 101,001 | 94,111 |
Depreciation and amortization | 368,981 | 349,165 | 738,714 | 640,622 |
General and administrative | 97,492 | 94,291 | 197,486 | 157,829 |
Transactions and integration | 7,075 | 15,618 | 21,195 | 72,419 |
Other | 2,298 | 22 | 2,041 | 136 |
Total operating expenses | 907,560 | 840,184 | 1,805,432 | 1,563,472 |
Operating income | 185,628 | 152,811 | 378,147 | 252,860 |
Other Income (Expenses): | ||||
Equity in earnings (loss) of unconsolidated entities | 52,143 | (7,632) | 29,112 | (86,628) |
Gain on disposition of properties, net | 499 | 0 | 334,420 | 304,801 |
Other expense, net | 10,124 | 22,163 | 2,938 | 18,621 |
Interest expense | (75,014) | (79,874) | (150,667) | (165,674) |
Loss from early extinguishment of debt | 0 | 0 | (18,347) | (632) |
Income tax expense | (47,582) | (11,490) | (55,129) | (18,672) |
Net income | 125,798 | 75,978 | 520,474 | 304,676 |
Net (income) loss attributable to noncontrolling interests | (4,544) | (1,147) | (13,300) | (5,831) |
Net income attributable to Digital Realty Trust, Inc./Digital Realty Trust, L.P. | 121,254 | 74,831 | 507,174 | 298,845 |
Preferred stock dividends, including undeclared dividends | (11,885) | (21,155) | (25,399) | (42,310) |
Gain on redemption of preferred stock | 18,000 | 0 | 18,000 | |
Net income available to common stockholders | $ 127,369 | $ 53,676 | $ 499,775 | $ 256,535 |
Net income per share available to common stockholders: | ||||
Basic (in dollars per share/unit) | $ 0.45 | $ 0.20 | $ 1.78 | $ 1.05 |
Diluted (in dollars per share/unit) | $ 0.45 | $ 0.20 | $ 1.77 | $ 1.04 |
Weighted average common shares/ units outstanding: | ||||
Basic (shares/units) | 281,791,855 | 267,569,823 | 281,445,252 | 244,866,574 |
Diluted (shares/units) | 282,433,857 | 270,744,408 | 282,075,611 | 247,576,014 |
Digital Realty Trust, L.P. | ||||
Operating Revenues: | ||||
Total operating revenues | $ 1,093,188 | $ 992,995 | $ 2,183,579 | $ 1,816,332 |
Operating Expenses: | ||||
Rental property operating and maintenance | 383,216 | 332,647 | 744,995 | 598,355 |
Property taxes and insurance | 48,498 | 48,441 | 101,001 | 94,111 |
Depreciation and amortization | 368,981 | 349,165 | 738,714 | 640,622 |
General and administrative | 97,492 | 94,291 | 197,486 | 157,829 |
Transactions and integration | 7,075 | 15,618 | 21,195 | 72,419 |
Other | 2,298 | 22 | 2,041 | 136 |
Total operating expenses | 907,560 | 840,184 | 1,805,432 | 1,563,472 |
Operating income | 185,628 | 152,811 | 378,147 | 252,860 |
Other Income (Expenses): | ||||
Equity in earnings (loss) of unconsolidated entities | 52,143 | (7,632) | 29,112 | (86,628) |
Gain on disposition of properties, net | 499 | 334,420 | 304,801 | |
Other expense, net | 10,124 | 22,163 | 2,938 | 18,621 |
Interest expense | (75,014) | (79,874) | (150,667) | (165,674) |
Loss from early extinguishment of debt | (18,347) | (632) | ||
Income tax expense | (47,582) | (11,490) | (55,129) | (18,672) |
Net income | 125,798 | 75,978 | 520,474 | 304,676 |
Net (income) loss attributable to noncontrolling interests | (1,344) | 253 | (300) | 3,369 |
Net income attributable to Digital Realty Trust, Inc./Digital Realty Trust, L.P. | 124,454 | 76,231 | 520,174 | 308,045 |
Preferred stock dividends, including undeclared dividends | (11,885) | (21,155) | (25,399) | (42,310) |
Gain on redemption of preferred stock | 18,000 | 18,000 | ||
Net income available to common stockholders | $ 130,569 | $ 55,076 | $ 512,775 | $ 265,735 |
Net income per share available to common stockholders: | ||||
Basic (in dollars per share/unit) | $ 0.45 | $ 0.20 | $ 1.78 | $ 1.05 |
Diluted (in dollars per share/unit) | $ 0.45 | $ 0.20 | $ 1.77 | $ 1.04 |
Weighted average common shares/ units outstanding: | ||||
Basic (shares/units) | 288,842,803 | 275,544,524 | 288,588,250 | 252,995,033 |
Diluted (shares/units) | 289,484,805 | 278,719,109 | 289,218,609 | 255,704,473 |
Rental and other services | ||||
Operating Revenues: | ||||
Total operating revenues | $ 1,089,395 | $ 987,675 | $ 2,177,301 | $ 1,807,747 |
Rental and other services | Digital Realty Trust, L.P. | ||||
Operating Revenues: | ||||
Total operating revenues | 1,089,395 | 987,675 | 2,177,301 | 1,807,747 |
Fee income and other | ||||
Operating Revenues: | ||||
Total operating revenues | 3,793 | 5,320 | 6,278 | 8,585 |
Fee income and other | Digital Realty Trust, L.P. | ||||
Operating Revenues: | ||||
Total operating revenues | $ 3,793 | $ 5,320 | $ 6,278 | $ 8,585 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Net income | $ 125,798 | $ 75,978 | $ 520,474 | $ 304,676 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 111,678 | 88,659 | (107,324) | (268,544) |
Increase (decrease) in fair value of interest rate swaps | 226 | (1,011) | 563 | (12,849) |
Reclassification to interest expense from interest rate swaps | 353 | 784 | 712 | 226 |
Other comprehensive income (loss) | 112,257 | 88,432 | (106,049) | (281,167) |
Comprehensive income (loss) | 238,055 | 164,410 | 414,425 | 23,509 |
Comprehensive (income) loss attributable to noncontrolling interests | (7,285) | (3,706) | (10,528) | 4,907 |
Comprehensive income attributable to Digital Realty Trust, Inc./ Digital Realty Trust, L.P. | 230,770 | 160,704 | 403,897 | 28,416 |
Digital Realty Trust, L.P. | ||||
Net income | 125,798 | 75,978 | 520,474 | 304,676 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | 111,678 | 88,659 | (107,324) | (268,544) |
Increase (decrease) in fair value of interest rate swaps | 226 | (1,011) | 563 | (12,849) |
Reclassification to interest expense from interest rate swaps | 353 | 784 | 712 | 226 |
Other comprehensive income (loss) | 112,257 | 88,432 | (106,049) | (281,167) |
Comprehensive income (loss) | 238,055 | 164,410 | 414,425 | 23,509 |
Comprehensive (income) loss attributable to noncontrolling interests | (1,344) | 253 | (300) | 3,369 |
Comprehensive income attributable to Digital Realty Trust, Inc./ Digital Realty Trust, L.P. | $ 236,711 | $ 164,663 | $ 414,125 | $ 26,878 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - USD ($) $ in Thousands | General PartnerPreferred UnitsDigital Realty Trust, L.P.Series C Cumulative Redeemable Perpetual Preferred Stock | General PartnerPreferred UnitsDigital Realty Trust, L.P. | General PartnerCommon UnitsDigital Realty Trust, L.P.Series C Cumulative Redeemable Perpetual Preferred Stock | General PartnerCommon UnitsDigital Realty Trust, L.P. | Limited PartnersCommon UnitsDigital Realty Trust, L.P. | Redeemable InterestsDigital Realty Trust, L.P. | Accumulated other comprehensive income (loss), netDigital Realty Trust, L.P.Interest Rate Swap | Accumulated other comprehensive income (loss), netDigital Realty Trust, L.P. | Noncontrolling Interests in Consolidated Joint VenturesDigital Realty Trust, L.P. | Digital Realty Trust, L.P.Series C Cumulative Redeemable Perpetual Preferred Stock | Digital Realty Trust, L.P.Interest Rate Swap | Digital Realty Trust, L.P. | Redeemable Noncontrolling Interests -- Operating Partnership | Preferred StockSeries C Cumulative Redeemable Perpetual Preferred Stock | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Dividends in Excess of EarningsSeries C Cumulative Redeemable Perpetual Preferred Stock | Accumulated Dividends in Excess of Earnings | Accumulated other comprehensive income (loss), netInterest Rate Swap | Accumulated other comprehensive income (loss), net | Noncontrolling Interests in Operating PartnershipInterest Rate Swap | Noncontrolling Interests in Operating Partnership | Noncontrolling InterestsInterest Rate Swap | Noncontrolling Interests | Series C Cumulative Redeemable Perpetual Preferred Stock | Interest Rate Swap | Total |
Beginning balance at Dec. 31, 2019 | $ 41,465 | $ 1,434,420 | $ 2,073 | $ 11,577,320 | $ (3,046,579) | $ (87,922) | $ 728,788 | $ 10,608,100 | ||||||||||||||||||||
Beginning balance (shares) at Dec. 31, 2019 | 208,900,758 | |||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||
Conversion of common units to common stock | $ 8 | 70,274 | (70,282) | |||||||||||||||||||||||||
Conversion of common units to common stock (shares) | 805,812 | |||||||||||||||||||||||||||
Common stock and share-based awards issued in connection with InterXion combination | $ 6,985,052 | $ 6,985,052 | $ 543 | 6,984,509 | 6,985,052 | |||||||||||||||||||||||
Common stock and share-based awards issued in connection with InterXion combination (in shares) | 54,298,595 | 54,298,595 | ||||||||||||||||||||||||||
Issuance of common stock, net of offering costs | $ 46 | 644,585 | 644,631 | |||||||||||||||||||||||||
Issuance of common stock, net of offering costs (shares) | 4,585,951 | |||||||||||||||||||||||||||
Shares issued under employee stock purchase plan | $ 2,638 | 2,638 | 2,638 | 2,638 | ||||||||||||||||||||||||
Shares issued under employee stock purchase plan (shares) | 25,234 | 25,234 | ||||||||||||||||||||||||||
Amortization of share-based compensation | $ 36,480 | 36,480 | 37,730 | 37,730 | ||||||||||||||||||||||||
Vesting of restricted stock, net (shares) | (217,277) | (217,277) | ||||||||||||||||||||||||||
Shares repurchased and retired to satisfy tax withholding upon vesting | $ (3,500) | (3,500) | (4,750) | (4,750) | ||||||||||||||||||||||||
Reclassification of vested share-based awards | (16,504) | 16,504 | ||||||||||||||||||||||||||
Adjustment to redeemable noncontrolling interests | 3,491 | (3,491) | (3,491) | |||||||||||||||||||||||||
Dividends declared on preferred stock | (42,310) | (42,310) | (42,310) | |||||||||||||||||||||||||
Dividends and distributions on common stock and common and incentive units | (350) | (596,481) | (19,150) | (615,631) | ||||||||||||||||||||||||
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions | $ 1,567 | $ 43,982 | 43,982 | 1,567 | 43,982 | 43,982 | ||||||||||||||||||||||
Net income (loss) | $ 42,310 | 256,535 | $ 9,335 | (3,188) | (316) | 307,864 | (3,188) | 298,845 | 9,019 | 307,864 | ||||||||||||||||||
Other comprehensive income (loss)-foreign currency translation adjustments | (2,401) | $ (268,543) | (268,543) | (2,401) | (258,257) | (10,286) | (268,513) | |||||||||||||||||||||
Other comprehensive income-fair value of interest rate swaps | $ (12,849) | $ (12,849) | (12,849) | $ (12,393) | $ (456) | $ (12,849) | (12,849) | |||||||||||||||||||||
Other comprehensive income- reclassification of accumulated other comprehensive loss to interest expense | 226 | 223 | 3 | 226 | ||||||||||||||||||||||||
Ending balance at Jun. 30, 2020 | 40,584 | 1,434,420 | $ 2,670 | 19,292,311 | (3,386,525) | (358,349) | 698,122 | $ 698,122 | 17,682,649 | |||||||||||||||||||
Ending balance (shares) at Jun. 30, 2020 | 268,399,073 | |||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2019 | 41,465 | 1,434,420 | $ 2,073 | 11,577,320 | (3,046,579) | (87,922) | 728,788 | 10,608,100 | ||||||||||||||||||||
Beginning balance (shares) at Dec. 31, 2019 | 208,900,758 | |||||||||||||||||||||||||||
Ending balance at Dec. 31, 2020 | 42,011 | 950,940 | $ 2,788 | 20,626,897 | (3,997,938) | 135,010 | 728,639 | 18,446,336 | ||||||||||||||||||||
Ending balance (shares) at Dec. 31, 2020 | 280,289,726 | |||||||||||||||||||||||||||
Beginning balance at Mar. 31, 2020 | 40,027 | 1,434,420 | $ 2,622 | 18,606,766 | (3,139,350) | (444,222) | 716,304 | 17,176,540 | ||||||||||||||||||||
Beginning balance (shares) at Mar. 31, 2020 | 263,595,562 | |||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||
Conversion of common units to common stock | $ 2 | 18,043 | (18,045) | |||||||||||||||||||||||||
Conversion of common units to common stock (shares) | 212,859 | |||||||||||||||||||||||||||
Common stock and share-based awards issued in connection with InterXion combination | 9,800 | 9,800 | 9,800 | 9,800 | ||||||||||||||||||||||||
Issuance of common stock, net of offering costs | $ 46 | 638,080 | 638,126 | |||||||||||||||||||||||||
Issuance of common stock, net of offering costs (shares) | 4,535,951 | |||||||||||||||||||||||||||
Amortization of share-based compensation | $ 22,050 | 22,050 | 22,050 | 22,050 | ||||||||||||||||||||||||
Vesting of restricted stock, net (shares) | 54,701 | 54,701 | ||||||||||||||||||||||||||
Shares repurchased and retired to satisfy tax withholding upon vesting | $ (432) | (432) | (432) | (432) | ||||||||||||||||||||||||
Reclassification of vested share-based awards | (1,497) | 1,497 | ||||||||||||||||||||||||||
Adjustment to redeemable noncontrolling interests | 499 | (499) | (499) | |||||||||||||||||||||||||
Dividends declared on preferred stock | (21,155) | (21,155) | (21,155) | |||||||||||||||||||||||||
Dividends and distributions on common stock and common and incentive units | (175) | (300,851) | (10,128) | (310,979) | ||||||||||||||||||||||||
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions | 515 | 4,506 | 4,506 | 515 | 4,506 | 4,506 | ||||||||||||||||||||||
Net income (loss) | 21,155 | 53,676 | 1,682 | (282) | (253) | 76,260 | (282) | 74,831 | 1,429 | 76,260 | ||||||||||||||||||
Other comprehensive income (loss)-foreign currency translation adjustments | 88,659 | 88,659 | 86,093 | 2,566 | 88,659 | |||||||||||||||||||||||
Other comprehensive income-fair value of interest rate swaps | (1,011) | (1,011) | (1,011) | (981) | $ (30) | (1,011) | (1,011) | |||||||||||||||||||||
Other comprehensive income- reclassification of accumulated other comprehensive loss to interest expense | 784 | 784 | 761 | 23 | 784 | |||||||||||||||||||||||
Ending balance at Jun. 30, 2020 | 40,584 | 1,434,420 | $ 2,670 | 19,292,311 | (3,386,525) | (358,349) | $ 698,122 | 698,122 | 17,682,649 | |||||||||||||||||||
Ending balance (shares) at Jun. 30, 2020 | 268,399,073 | |||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||
Adjustment to redeemable partnership units | (499) | 499 | (499) | |||||||||||||||||||||||||
Beginning balance at Dec. 31, 2020 | 42,011 | 950,940 | $ 2,788 | 20,626,897 | (3,997,938) | 135,010 | 728,639 | 18,446,336 | ||||||||||||||||||||
Beginning balance (shares) at Dec. 31, 2020 | 280,289,726 | |||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||
Conversion of common units to common stock | $ 13 | 111,384 | (111,397) | |||||||||||||||||||||||||
Conversion of common units to common stock (shares) | 1,340,675 | |||||||||||||||||||||||||||
Common stock issued in connection with acquisition | $ 18,270 | 18,270 | $ 1 | 18,269 | 18,270 | |||||||||||||||||||||||
Common stock issued in connection with acquisition (shares) | 125,395 | 125,395 | ||||||||||||||||||||||||||
Issuance of common stock, net of offering costs | $ 5 | 75,433 | 75,438 | |||||||||||||||||||||||||
Issuance of common stock, net of offering costs (shares) | 477,762 | |||||||||||||||||||||||||||
Shares issued under employee stock purchase plan | $ 3,427 | 3,427 | 3,427 | 3,427 | ||||||||||||||||||||||||
Shares issued under employee stock purchase plan (shares) | 29,475 | 29,475 | ||||||||||||||||||||||||||
Amortization of share-based compensation | $ 49,851 | 49,851 | 49,851 | 49,851 | ||||||||||||||||||||||||
Vesting of restricted stock, net (shares) | 340,119 | 340,119 | ||||||||||||||||||||||||||
Shares repurchased and retired to satisfy tax withholding upon vesting | $ (15,849) | (15,849) | $ (1) | (15,848) | (15,849) | |||||||||||||||||||||||
Reclassification of vested share-based awards | (22,870) | 22,870 | ||||||||||||||||||||||||||
Redemption of preferred stock | $ (219,250) | $ 18,000 | $ (201,250) | $ (219,250) | $ 18,000 | $ (201,250) | ||||||||||||||||||||||
Adjustment to redeemable noncontrolling interests | 1,709 | (1,709) | (1,709) | |||||||||||||||||||||||||
Dividends declared on preferred stock | (25,399) | (25,399) | (25,399) | |||||||||||||||||||||||||
Dividends and distributions on common stock and common and incentive units | (362) | (655,244) | (16,502) | (671,746) | ||||||||||||||||||||||||
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions | (2,150) | 72,735 | 72,735 | (2,150) | 72,735 | 72,735 | ||||||||||||||||||||||
Net income (loss) | 25,399 | 481,775 | 12,718 | 282 | 300 | 520,192 | 282 | 507,174 | 13,018 | 520,192 | ||||||||||||||||||
Other comprehensive income (loss)-foreign currency translation adjustments | (107,324) | (107,324) | (104,520) | (2,804) | (107,324) | |||||||||||||||||||||||
Other comprehensive income-fair value of interest rate swaps | $ 563 | $ 563 | 563 | 549 | 14 | 563 | 563 | |||||||||||||||||||||
Other comprehensive income- reclassification of accumulated other comprehensive loss to interest expense | 712 | 712 | 694 | 18 | 712 | |||||||||||||||||||||||
Ending balance at Jun. 30, 2021 | 41,490 | 731,690 | $ 2,806 | 20,844,834 | (4,153,407) | 31,733 | 706,591 | 18,164,247 | ||||||||||||||||||||
Ending balance (shares) at Jun. 30, 2021 | 282,603,152 | |||||||||||||||||||||||||||
Beginning balance at Mar. 31, 2021 | 40,097 | 950,940 | $ 2,795 | 20,700,282 | (3,952,497) | (77,783) | 721,587 | 18,345,324 | ||||||||||||||||||||
Beginning balance (shares) at Mar. 31, 2021 | 281,372,310 | |||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||
Conversion of common units to common stock | $ 7 | 57,777 | (57,784) | |||||||||||||||||||||||||
Conversion of common units to common stock (shares) | 698,485 | |||||||||||||||||||||||||||
Issuance of common stock, net of offering costs | $ 5 | 75,665 | 75,670 | |||||||||||||||||||||||||
Issuance of common stock, net of offering costs (shares) | 477,762 | |||||||||||||||||||||||||||
Amortization of share-based compensation | $ 21,063 | 21,063 | 21,063 | 21,063 | ||||||||||||||||||||||||
Vesting of restricted stock, net (shares) | 54,595 | 54,595 | ||||||||||||||||||||||||||
Shares repurchased and retired to satisfy tax withholding upon vesting | $ (6,131) | (6,131) | $ (1) | (6,130) | (6,131) | |||||||||||||||||||||||
Reclassification of vested share-based awards | (2,322) | 2,322 | ||||||||||||||||||||||||||
Redemption of preferred stock | $ (219,250) | $ 18,000 | $ (201,250) | $ (219,250) | $ 18,000 | $ (201,250) | ||||||||||||||||||||||
Adjustment to redeemable noncontrolling interests | 1,501 | (1,501) | (1,501) | |||||||||||||||||||||||||
Dividends declared on preferred stock | (11,885) | (11,885) | (11,885) | |||||||||||||||||||||||||
Dividends and distributions on common stock and common and incentive units | (181) | (328,279) | (7,801) | (336,080) | ||||||||||||||||||||||||
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions | 41,055 | 41,055 | 41,055 | 41,055 | ||||||||||||||||||||||||
Net income (loss) | $ 11,885 | 109,369 | $ 3,127 | 73 | 1,344 | 125,725 | 73 | 121,254 | 4,471 | 125,725 | ||||||||||||||||||
Other comprehensive income (loss)-foreign currency translation adjustments | 111,678 | $ 0 | 111,678 | 108,951 | 2,727 | 111,678 | ||||||||||||||||||||||
Other comprehensive income-fair value of interest rate swaps | 226 | $ 221 | $ 5 | $ 226 | 226 | |||||||||||||||||||||||
Other comprehensive income- reclassification of accumulated other comprehensive loss to interest expense | $ 353 | 353 | 344 | 9 | 353 | |||||||||||||||||||||||
Ending balance at Jun. 30, 2021 | $ 41,490 | $ 731,690 | $ 2,806 | $ 20,844,834 | $ (4,153,407) | $ 31,733 | $ 706,591 | $ 18,164,247 | ||||||||||||||||||||
Ending balance (shares) at Jun. 30, 2021 | 282,603,152 | |||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||
Issuance of common units, net of forfeitures (units) | 12,623 | |||||||||||||||||||||||||||
Adjustment to redeemable partnership units | $ (1,501) | $ 1,501 | $ (1,501) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Beginning balance (units) | 280,289,726 | ||||
Common units issued in connection with acquisition | $ 18,270 | ||||
Common units and share-based awards issued in connection with Interxion combination | $ 9,800 | $ 6,985,052 | |||
Units issued in connection with employee stock purchase plan | 3,427 | 2,638 | |||
Units repurchased and retired to satisfy tax withholding upon vesting | $ (6,131) | (432) | (15,849) | (4,750) | |
Amortization of share-based compensation | 21,063 | 22,050 | 49,851 | 37,730 | |
Adjustment to redeemable noncontrolling interests | (1,501) | (499) | (1,709) | (3,491) | |
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions | 41,055 | 4,506 | 72,735 | 43,982 | |
Cumulative effect adjustment from adoption of new accounting standard | 18,164,247 | 17,682,649 | 18,164,247 | 17,682,649 | $ 18,446,336 |
Net income (loss) | 125,725 | 76,260 | 520,192 | 307,864 | |
Other comprehensive income (loss)-foreign currency translation adjustments | 111,678 | 88,659 | (107,324) | (268,513) | |
Other comprehensive income-fair value of interest rate swaps | 226 | (1,011) | 563 | (12,849) | |
Other comprehensive income- reclassification of accumulated other comprehensive loss to interest expense | $ 353 | 784 | $ 712 | 226 | |
Ending balance (units) | 282,603,152 | 282,603,152 | 280,289,726 | ||
Interest Rate Swap | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Other comprehensive income-fair value of interest rate swaps | $ 226 | (1,011) | $ 563 | (12,849) | |
Series C Cumulative Redeemable Perpetual Preferred Stock | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Redemption of preferred units | (201,250) | (201,250) | |||
Digital Realty Trust, L.P. | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Beginning balance | 18,345,324 | 17,176,540 | 18,446,336 | 10,608,100 | $ 10,608,100 |
Common units issued in connection with acquisition | 18,270 | ||||
Common units and share-based awards issued in connection with Interxion combination | 9,800 | 6,985,052 | |||
Issuance of common unit, net of offering costs | 75,670 | 638,126 | 75,438 | 644,631 | |
Units issued in connection with employee stock purchase plan | 3,427 | 2,638 | |||
Units repurchased and retired to satisfy tax withholding upon vesting | (6,131) | (432) | (15,849) | (3,500) | |
Amortization of share-based compensation | 21,063 | 22,050 | 49,851 | 36,480 | |
Adjustment to redeemable partnership units | (1,709) | (3,491) | |||
Distributions | (347,965) | (332,134) | (697,145) | (657,941) | |
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions | 41,055 | 4,506 | 72,735 | 43,982 | |
Net income (loss) | 125,725 | 76,260 | 520,192 | 307,864 | |
Other comprehensive income (loss)-foreign currency translation adjustments | 111,678 | 88,659 | (107,324) | (268,543) | |
Other comprehensive income-fair value of interest rate swaps | 226 | (1,011) | 563 | (12,849) | |
Other comprehensive income-fair value of interest rate swaps | 226 | ||||
Other comprehensive income- reclassification of accumulated other comprehensive loss to interest expense | 353 | 784 | 712 | 226 | |
Ending balance | 18,164,247 | 17,682,649 | 18,164,247 | 17,682,649 | 18,446,336 |
Digital Realty Trust, L.P. | Interest Rate Swap | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Other comprehensive income-fair value of interest rate swaps | (1,011) | 563 | (12,849) | ||
Other comprehensive income-fair value of interest rate swaps | 226 | ||||
Digital Realty Trust, L.P. | Series C Cumulative Redeemable Perpetual Preferred Stock | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Redemption of preferred units | (201,250) | (201,250) | |||
Redeemable Interests | Digital Realty Trust, L.P. | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Beginning balance | 40,097 | 40,027 | 42,011 | 41,465 | 41,465 |
Adjustment to redeemable partnership units | 1,709 | 3,491 | |||
Distributions | (181) | (175) | (362) | (350) | |
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions | 515 | (2,150) | 1,567 | ||
Net income (loss) | 73 | (282) | 282 | (3,188) | |
Other comprehensive income (loss)-foreign currency translation adjustments | (2,401) | ||||
Ending balance | 41,490 | 40,584 | 41,490 | 40,584 | 42,011 |
Accumulated other comprehensive income (loss), net | Digital Realty Trust, L.P. | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Beginning balance | (83,506) | (461,007) | 134,800 | (91,409) | (91,409) |
Other comprehensive income (loss)-foreign currency translation adjustments | 111,678 | 88,659 | (107,324) | (268,543) | |
Other comprehensive income-fair value of interest rate swaps | 226 | ||||
Other comprehensive income- reclassification of accumulated other comprehensive loss to interest expense | 353 | 784 | 712 | ||
Ending balance | 28,751 | (372,575) | 28,751 | (372,575) | 134,800 |
Accumulated other comprehensive income (loss), net | Digital Realty Trust, L.P. | Interest Rate Swap | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Other comprehensive income-fair value of interest rate swaps | (1,011) | 563 | (12,849) | ||
Other comprehensive income-fair value of interest rate swaps | 226 | ||||
Noncontrolling Interests in Consolidated Joint Ventures | Digital Realty Trust, L.P. | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Beginning balance | 150,295 | 60,038 | 119,659 | 20,625 | 20,625 |
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions | 41,055 | 4,506 | 72,735 | 43,982 | |
Net income (loss) | 1,344 | (253) | 300 | (316) | |
Other comprehensive income (loss)-foreign currency translation adjustments | 0 | ||||
Ending balance | 192,694 | 64,291 | 192,694 | 64,291 | 119,659 |
General Partner | Preferred Units | Digital Realty Trust, L.P. | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Beginning balance | $ 950,940 | $ 1,434,420 | $ 950,940 | $ 1,434,420 | $ 1,434,420 |
Beginning balance (units) | 38,250,000 | 58,250,000 | 38,250,000 | 58,250,000 | 58,250,000 |
Distributions | $ (11,885) | $ (21,155) | $ (25,399) | $ (42,310) | |
Net income (loss) | 11,885 | 21,155 | 25,399 | 42,310 | |
Ending balance | $ 731,690 | $ 1,434,420 | $ 731,690 | $ 1,434,420 | $ 950,940 |
Ending balance (units) | 30,200,000 | 58,250,000 | 30,200,000 | 58,250,000 | 38,250,000 |
General Partner | Preferred Units | Digital Realty Trust, L.P. | Series C Cumulative Redeemable Perpetual Preferred Stock | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Redemption of preferred units | $ (219,250) | $ (219,250) | |||
Redemption of preferred units (in units) | (8,050,000) | (8,050,000) | |||
General Partner | Common Units | Digital Realty Trust, L.P. | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Beginning balance | $ 16,750,580 | $ 15,470,038 | $ 16,631,747 | $ 8,532,814 | $ 8,532,814 |
Beginning balance (units) | 281,372,310 | 263,595,562 | 280,289,726 | 208,900,758 | 208,900,758 |
Conversion of limited partner common units to general partner common units | $ 57,784 | $ 18,045 | $ 111,397 | $ 70,282 | |
Conversion of limited partner common units to general partner common units (units) | 698,485 | 212,859 | 1,340,675 | 805,812 | |
Common units issued in connection with acquisition | $ 18,270 | ||||
Common units issued in connection with acquisition (in units) | 125,395 | ||||
Common units and share-based awards issued in connection with Interxion combination | $ 9,800 | $ 6,985,052 | |||
Common units and share-based awards issued in connection with Interxion combination (in units) | 54,298,595 | ||||
Issuance of common unit, net of offering costs | $ 75,670 | $ 638,126 | $ 75,438 | $ 644,631 | |
Issuance of common units, net of offering costs (in units) | 477,762 | 4,535,951 | 477,762 | 4,585,951 | |
Units issued in connection with employee stock purchase plan | $ 3,427 | $ 2,638 | |||
Units issued in connection with employee stock purchase plan (units) | 29,475 | 25,234 | |||
Units repurchased and retired to satisfy tax withholding upon vesting | $ (6,131) | $ (432) | $ (15,849) | $ (3,500) | |
Amortization of share-based compensation | $ 21,063 | $ 22,050 | $ 49,851 | $ 36,480 | |
Vesting of restricted common units, net (units) | 54,595 | 54,701 | 340,119 | (217,277) | |
Reclassification of vested share-based awards | $ (2,322) | $ (1,497) | $ (22,870) | $ (16,504) | |
Adjustment to redeemable partnership units | (1,709) | (3,491) | |||
Distributions | (328,279) | (300,851) | (655,244) | (596,481) | |
Net income (loss) | 109,369 | 53,676 | 481,775 | 256,535 | |
Ending balance | $ 16,694,233 | $ 15,908,456 | $ 16,694,233 | $ 15,908,456 | $ 16,631,747 |
Ending balance (units) | 282,603,152 | 268,399,073 | 282,603,152 | 268,399,073 | 280,289,726 |
General Partner | Common Units | Digital Realty Trust, L.P. | Series C Cumulative Redeemable Perpetual Preferred Stock | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Redemption of preferred units | $ 18,000 | $ 18,000 | |||
Limited Partners | Common Units | Digital Realty Trust, L.P. | |||||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||||
Beginning balance | $ 577,015 | $ 673,051 | $ 609,190 | $ 711,650 | $ 711,650 |
Beginning balance (units) | 7,741,271 | 8,473,386 | 8,046,267 | 8,843,155 | 8,843,155 |
Conversion of limited partner common units to general partner common units | $ (57,784) | $ (18,045) | $ (111,397) | $ (70,282) | |
Conversion of limited partner common units to general partner common units (units) | (698,485) | (212,859) | (1,340,675) | (805,812) | |
Issuance of common units, net of forfeitures (units) | (27,292) | 349,817 | 250,476 | ||
Reclassification of vested share-based awards | $ 2,322 | $ 1,497 | $ 22,870 | $ 16,504 | |
Distributions | (7,801) | (10,128) | (16,502) | (19,150) | |
Net income (loss) | 3,127 | 1,682 | 12,718 | 9,335 | |
Ending balance | $ 516,879 | $ 648,057 | $ 516,879 | $ 648,057 | $ 609,190 |
Ending balance (units) | 7,055,409 | 8,287,819 | 7,055,409 | 8,287,819 | 8,046,267 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 520,474 | $ 304,676 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on disposition of properties, net | (334,420) | (304,801) |
Equity in earnings (loss) of unconsolidated entities | (29,112) | 86,628 |
Distributions from unconsolidated entities | 57,037 | 9,231 |
Depreciation and amortization | 738,714 | 640,622 |
Amortization of share-based compensation | 47,668 | 35,580 |
Loss from early extinguishment of debt | 18,347 | 632 |
Amortization of acquired above-market leases and acquired below-market leases, net | 4,157 | 7,087 |
Amortization of deferred financing costs and debt discount / premium | 9,571 | 9,820 |
Other items, net | (2,066) | (10,944) |
Changes in assets and liabilities: | ||
Increase in accounts receivable and other assets | (146,503) | (48,345) |
Decrease in accounts payable and other liabilities | (33,945) | (17,816) |
Net cash provided by operating activities | 849,922 | 712,370 |
Cash flows from investing activities: | ||
Improvements to investments in real estate | (1,081,446) | (854,885) |
Cash paid for business combinations and assets acquisition, net of cash and restricted cash acquired | (168,439) | (234,448) |
Proceeds from (investment in) unconsolidated entities | 6,131 | |
Proceeds from (investment in) unconsolidated entities | (94,169) | |
Proceeds from sale of real estate | 703,936 | 526,362 |
Other investing activities, net | (18,827) | (21,675) |
Net cash used in investing activities | (558,645) | (678,815) |
Cash flows from financing activities: | ||
Net proceeds (payments on) from credit facilities | 508,169 | (287,271) |
Borrowings on secured / unsecured debt | 1,218,650 | 2,357,417 |
Repayments on secured / unsecured debt | (886,963) | (1,436,362) |
Premium paid for early extinguishment of debt | (16,482) | |
Capital contributions from noncontrolling interests | 70,585 | 36,876 |
Proceeds from Issuance of Common Stock, Net | 75,438 | 639,881 |
Redemption of preferred stock | (201,250) | |
Payments of dividends and distributions | (1,021,893) | (892,911) |
Other financing activities, net | (21,602) | (12,802) |
Net cash (used in) provided by financing activities | (275,348) | 404,828 |
Net increase in cash, cash equivalents and restricted cash | 15,929 | 438,383 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (11,068) | (16,603) |
Cash, cash equivalents and restricted cash at beginning of period | 123,652 | 97,253 |
Cash, cash equivalents and restricted cash at end of period | 128,513 | 519,033 |
Digital Realty Trust, L.P. | ||
Cash flows from operating activities: | ||
Net income | 520,474 | 304,676 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on disposition of properties, net | (334,420) | (304,801) |
Equity in earnings (loss) of unconsolidated entities | (29,112) | 86,628 |
Distributions from unconsolidated entities | 57,037 | 9,231 |
Depreciation and amortization | 738,714 | 640,622 |
Amortization of share-based compensation | 47,668 | 35,580 |
Loss from early extinguishment of debt | 18,347 | 632 |
Amortization of acquired above-market leases and acquired below-market leases, net | 4,157 | 7,087 |
Amortization of deferred financing costs and debt discount / premium | 9,571 | 9,820 |
Other items, net | (2,066) | (10,944) |
Changes in assets and liabilities: | ||
Increase in accounts receivable and other assets | (146,503) | (48,345) |
Decrease in accounts payable and other liabilities | (33,945) | (17,816) |
Net cash provided by operating activities | 849,922 | 712,370 |
Cash flows from investing activities: | ||
Improvements to investments in real estate | (1,081,446) | (854,885) |
Cash paid for business combinations and assets acquisition, net of cash and restricted cash acquired | (168,439) | (234,448) |
Proceeds from (investment in) unconsolidated entities | 6,131 | |
Proceeds from (investment in) unconsolidated entities | (94,169) | |
Proceeds from sale of real estate | 703,936 | 526,362 |
Other investing activities, net | (18,827) | (21,675) |
Net cash used in investing activities | (558,645) | (678,815) |
Cash flows from financing activities: | ||
Net proceeds (payments on) from credit facilities | 508,169 | (287,271) |
Borrowings on secured / unsecured debt | 1,218,650 | 2,357,417 |
Repayments on secured / unsecured debt | (886,963) | (1,436,362) |
Premium paid for early extinguishment of debt | (16,482) | |
Capital contributions from noncontrolling interests | 70,585 | 36,876 |
General partner contributions | 75,438 | 639,881 |
General partner distributions | (201,250) | |
Payments of dividends and distributions | (1,021,893) | (892,911) |
Other financing activities, net | (21,602) | (12,802) |
Net cash (used in) provided by financing activities | (275,348) | 404,828 |
Net increase in cash, cash equivalents and restricted cash | 15,929 | 438,383 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (11,068) | (16,603) |
Cash, cash equivalents and restricted cash at beginning of period | 123,652 | 97,253 |
Cash, cash equivalents and restricted cash at end of period | $ 128,513 | $ 519,033 |
General
General | 6 Months Ended |
Jun. 30, 2021 | |
General | |
General | 1. General Business Digital Realty Trust, Inc. (the Parent), through its controlling interest in Digital Realty Trust, L.P. (the Operating Partnership or the OP) and the subsidiaries of the OP (collectively, we, our, us or the Company), is a leading global provider of data center (including colocation and interconnection) solutions for customers across a variety of industry verticals ranging from cloud and information technology services, social networking and communications to financial services, manufacturing, energy, healthcare, and consumer products. The OP, a Maryland limited partnership, is the entity through which the Parent, a Maryland corporation, conducts its business of owning, acquiring, developing and operating data centers. The Parent operates as a REIT for federal income tax purposes. Accounting Principles Our unaudited interim condensed consolidated financial statements and accompanying notes are prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”). All material intercompany transactions with consolidated entities have been eliminated. In the opinion of management, the unaudited interim consolidated financial statements reflect all adjustments of a normal recurring nature that are necessary for a fair statement of the results for the interim periods presented. Interim results are not always indicative of results for a full year. The information included in this Form 10-Q should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2020 (“2020 Form 10-K”), as filed with the U.S. Securities and Exchange Commission (“SEC”), our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, as filed with the SEC, and other filings with the SEC. Basis of Presentation The accompanying interim condensed consolidated financial statements include all accounts of the Parent, the OP and the subsidiaries of the OP. The notes to the condensed consolidated financial statements have been combined. The Parent’s only material asset is its ownership of partnership interests of the OP. As a result, the Parent generally does not conduct business itself, other than acting as the sole general partner of the OP, issuing public securities from time to time and guaranteeing certain unsecured debt of the OP and certain of its subsidiaries and affiliates. The Parent has not issued any debt but guarantees the unsecured debt of the OP and certain of its subsidiaries and affiliates. The OP holds substantially all the assets of the Company. The OP conducts the operations of the business and has no publicly traded equity. Except for net proceeds from public equity issuances by the Parent, which are generally contributed to the OP in exchange for partnership units, the OP generally generates the capital required by the Company’s business primarily through the OP’s operations, by the OP’s or its affiliates’ direct or indirect incurrence of indebtedness or through the issuance of partnership units. Management Estimates and Assumptions 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, liabilities, revenue, and expenses. We evaluate our estimates on an ongoing basis. We base our estimates on historical experience, current market conditions, and various other assumptions that we believe to be reasonable under the circumstances. Examples of estimates and assumptions include: the probability of collection of lease payments from customers, the recoverability of the carrying values of investments in real estate, the fair value of share-based compensation awards, loss contingencies, the fair value of and/or potential impairment of goodwill and intangible assets, useful lives of tangible and intangible assets, and the fair value of customer relationships, buildings & improvements, and other tangible and intangible assets acquired in business combinations and asset acquisitions. Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties. The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business and geographies, including how the pandemic is impacting the Company’s customers and business partners. While the Company has not incurred significant disruptions during the six months ended June 30, 2021 from the COVID-19 pandemic, we are unable to predict the impact the COVID-19 pandemic will have on the Company’s financial condition, results of operations and cash flows due to numerous uncertainties. New Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (FASB) issued updated guidance for the accounting for income taxes. The updated guidance is intended to simplify the accounting for income taxes by removing several exceptions contained in existing guidance and amending other existing guidance to simplify several other income tax accounting matters. The Company adopted the updated guidance for the quarter ended March 31, 2021. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity. We determined that all other recently issued accounting pronouncements that have yet to be adopted by the Company will not have a material impact on our consolidated financial statements or do not apply to our operations. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2021 | |
Business Combinations | |
Business Combinations | 2. Business Combinations We obtained control of InterXion Holding N.V. (“Interxion”) on March 9, 2020 and completed the Company’s combination with Interxion (“Interxion Combination”) on March 12, 2020 for total equity consideration of approximately million of assumed cash and cash equivalents. Revenues attributable to Interxion amounted to million for the six months ended June 30, 2021 and 2020, respectively. Net income attributable to Interxion amounted to |
Investments in Properties
Investments in Properties | 6 Months Ended |
Jun. 30, 2021 | |
Investments in Properties | |
Investments in Properties | 3. Investments in Properties A summary of our investments in properties as of June 30, 2021 and December 31, 2020 is below (in thousands): Property Type As of June 30, 2021 As of December 31, 2020 Land $ 1,115,383 $ 1,106,392 Acquired ground lease 6,872 10,308 Buildings and improvements 21,476,874 21,335,396 Tenant improvements 688,724 690,892 23,287,853 23,142,988 Accumulated depreciation and amortization (5,919,650) (5,555,221) Investments in operating properties, net 17,368,203 17,587,767 Construction in progress and space held for development 3,270,570 2,768,325 Land held for future development 143,575 226,862 Investments in properties, net $ 20,782,348 $ 20,582,954 Disposition On March 16, 2021 we sold a portfolio of 11 data centers in Europe (four in the United Kingdom, three in the Netherlands, three in France and one in Switzerland) to Ascendas Reit, a CapitaLand sponsored REIT, for total purchase consideration of approximately $680.0 million (subject to customary final adjustments for working capital and other items). The total gain recorded during the three months ended March 31, 2021 as a result of this sale was approximately $333.3 million. We will provide transitional property management services for one year from the closing date at a customary market rate. The assets and liabilities sold were not representative of a significant component of our portfolio, nor did the sale represent a significant shift in our strategy. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases | |
Leases | 4 Lessor Accounting We lease our operating properties to customers under agreements that are classified as operating leases. The majority of our revenue is derived from lease arrangements. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term if we determine that it is probable that substantially all of the lease payments will be collected over the lease term. Otherwise, rental revenue is recognized based on the amount contractually due. Generally, under the terms of our leases, the majority of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. We record amounts reimbursed by customers in the period that the applicable expenses are incurred, which is generally ratably throughout the term of the lease. The reimbursements are recognized in rental and other services revenue in the condensed consolidated income statements as we are the primary obligor with respect to purchasing and selecting goods and services from third-party vendors and bearing the associated credit risk. Lessee Accounting We lease space at certain of our data centers from third parties and certain equipment under noncancelable lease agreements. Leases for our data centers expire at various dates through 2069. As of June 30, 2021, certain of our data centers, primarily in Europe and Singapore, are subject to ground leases. As of June 30, 2021, the termination dates of these ground leases generally range from 2041 to 2125. In addition, our corporate headquarters along with several regional office locations are subject to leases with termination dates ranging from 2021 to 2028. The leases generally require us to make fixed rental payments that increase at defined intervals during the term of the lease plus pay our share of common area, real estate and utility expenses as incurred. The leases neither contain residual value guarantees nor impose material restrictions or covenants on us. Further, the leases have been classified and accounted for as either operating or finance leases. Rent expense related to operating leases included in rental property operating and maintenance expense in the condensed consolidated income statements amounted to approximately |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 6 Months Ended |
Jun. 30, 2021 | |
Investments in Unconsolidated Entities | |
Investments in Unconsolidated Entities | 5. Investments in Unconsolidated Entities See below for a summary of our investments in unconsolidated entities accounted for under the equity method of accounting as presented in our condensed consolidated balance sheets (in thousands): Year Metropolitan Balance as of Balance as of Entity Entity Formed Area % Ownership June 30, 2021 December 31, 2020 Ascenty (1) 2019 Brazil / Chile / Mexico 51 % (2) $ 613,086 $ 567,192 Mapletree 2019 Northern Virginia 20 % 178,429 184,890 Mitsubishi Various Osaka / Tokyo 50 % 181,056 278,947 Lumen 2012 Hong Kong 50 % 78,923 86,600 Other Various U.S. Various 67,532 30,529 Total $ 1,119,026 $ 1,148,158 (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 entity, which has a carrying value as of June 30, 2021 and December 31, 2020 of approximately $19.7 million and $21.9 million, respectively, and is classified within redeemable noncontrolling interests in our condensed consolidated balance sheet. The debt of our unconsolidated entities generally is non-recourse to us, except for customary exceptions pertaining to such matters as intentional misuse of funds, environmental conditions, and material misrepresentations. |
Goodwill
Goodwill | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill. | |
Goodwill | 6. Goodwill Goodwill represents the excess of the purchase price over the fair value of net tangible and intangible assets acquired in a business combination. Changes in the value of goodwill at June 30, 2021 as compared to December 31, 2020 were immaterial and driven primarily by changes in exchange rates associated with goodwill balances denominated in foreign currencies. |
Acquired Intangible Assets and
Acquired Intangible Assets and Liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Acquired Intangible Assets and Liabilities | |
Acquired Intangible Assets and Liabilities | 7. Acquired Intangible Assets and Liabilities The following table summarizes our acquired intangible assets and liabilities. (Amounts in thousands) Balance as of June 30, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationship value $ 2,960,866 $ (657,293) $ 2,303,573 $ 2,993,093 $ (570,886) $ 2,422,207 Acquired in-place lease value 1,341,381 (1,008,732) 332,649 1,382,563 (1,004,421) 378,142 Other 56,321 (11,109) 45,212 57,370 (7,107) 50,263 Acquired above-market leases 275,251 (243,700) 31,551 280,216 (236,923) 43,293 Acquired below-market leases (383,127) 265,746 (117,381) (401,539) 270,648 (130,891) Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $66.4 million and $79.5 million for the three months ended June 30, 2021 and 2020, respectively, and approximately $134.1 million and $135.8 million for the six months ended June 30, 2021 and 2020, respectively. Amortization of acquired below-market leases, net of acquired above-market leases, resulted in a decrease in rental and other services revenue of $(1.1) million and $(3.1) million for the three months ended June 30, 2021 and 2020, respectively, and $(2.6) million and $(6.4) million for the six months ended June 30, 2021 and 2020, respectively. Estimated annual amortization for each of the five succeeding years and thereafter, commencing July 1, 2021 is as follows: (Amounts in thousands) Customer relationship value Acquired in-place lease value Other (1) Acquired above-market leases Acquired below-market leases Remainder of 2021 $ 88,088 $ 37,471 $ 4,210 $ 9,962 $ (9,055) 2022 175,004 58,817 8,419 11,209 (15,974) 2023 174,335 47,776 1,520 4,759 (14,289) 2024 173,755 41,010 — 2,584 (12,676) 2025 173,253 35,767 — 1,452 (10,779) Thereafter 1,519,138 111,808 — 1,585 (54,608) Total $ 2,303,573 $ 332,649 $ 14,149 $ 31,551 $ (117,381) (1) Excludes power grid rights in the amount of approximately $31.1 million that are currently not being amortized. Amortization will begin once a data center associated with the power grid right is placed into service |
Debt
Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt | |
Debt | 8. Debt On a standalone basis (e.g., excluding its subsidiaries), Digital Realty Trust, Inc. does not have any indebtedness. The Parent is the guarantor or co-guarantor on all debt held by the OP or its subsidiaries. All debt is currently held directly or indirectly by the OP. A summary of outstanding indebtedness of the OP, together with its subsidiaries, as of June 30, 2021 and December 31, 2020 is as follows (in thousands): June 30, 2021 December 31, 2020 Weighted- Weighted- average Amount average Amount interest rate Outstanding interest rate Outstanding Global revolving credit facilities 0.98 % $ 1,032,946 0.91 % $ 540,184 Unsecured term loans — % — 1.20 % 537,470 Unsecured senior notes 2.33 % 12,762,570 2.49 % 12,096,029 Secured and other debt 3.06 % 242,870 2.92 % 239,330 Total 2.24 % $ 14,038,386 2.38 % $ 13,413,013 The interest rates presented in the table above represent the interest rates at the end of the periods for the debt outstanding and include the impact of designated interest rate swaps, which effectively fix the interest rate on certain variable rate debt. We borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies (in thousands): June 30, 2021 December 31, 2020 Amount Amount Denomination of Draw Outstanding % of Total Outstanding % of Total U.S. dollar ($) $ 3,822,870 27.2 % $ 3,629,000 27.1 % British pound sterling (£) 2,143,805 15.3 % 2,166,695 16.2 % Euro ( € 7,757,504 55.3 % 6,912,142 51.5 % Other 314,207 2.2 % 705,176 5.2 % Total $ 14,038,386 $ 13,413,013 The following table provides details of our unsecured senior notes (balances in thousands) : Aggregate Principal at Issuance Balance as of Borrowing Currency USD Maturity Date June 30, 2021 December 31, 2020 Floating rate notes due 2022 € 300,000 $ 349,800 Sep 23, 2022 $ 355,740 $ 366,480 0.125% notes due 2022 € 300,000 $ 332,760 Oct 15, 2022 355,740 366,480 2.750% notes due 2023 $ 350,000 $ 350,000 Feb 1, 2023 - 350,000 2.625% notes due 2024 € 600,000 $ 677,040 Apr 15, 2024 711,480 732,960 2.750% notes due 2024 £ 250,000 $ 324,925 Jul 19, 2024 345,775 341,750 4.250% notes due 2025 £ 400,000 $ 634,480 Jan 17, 2025 553,240 546,800 0.625% notes due 2025 € 650,000 $ 720,980 Jul 15, 2025 770,770 794,040 4.750% notes due 2025 $ 450,000 $ 450,000 Oct 1, 2025 450,000 450,000 2.500% notes due 2026 € 1,075,000 $ 1,224,640 Jan 16, 2026 1,274,735 1,313,219 3.700% notes due 2027 $ 1,000,000 $ 1,000,000 Aug 15, 2027 1,000,000 1,000,000 1.125% notes due 2028 € 500,000 $ 548,550 Apr 09, 2028 592,900 610,800 4.450% notes due 2028 $ 650,000 $ 650,000 Jul 15, 2028 650,000 650,000 3.300% notes due 2029 £ 350,000 $ 454,895 Jul 19, 2029 484,085 478,450 3.600% notes due 2029 $ 900,000 $ 900,000 Jul 01, 2029 900,000 900,000 1.500% notes due 2030 € 750,000 $ 831,900 Mar 15, 2030 889,350 916,200 3.750% notes due 2030 £ 550,000 $ 719,825 Oct 17, 2030 760,705 751,850 1.250% notes due 2031 € 500,000 $ 560,950 Feb 1, 2031 592,900 610,800 0.625% notes due 2031 € 1,000,000 $ 1,220,700 Jul 15, 2031 1,185,800 - 1.000% notes due 2032 € 750,000 $ 874,500 Jan 15, 2032 889,350 916,200 $ 12,762,570 $ 12,096,029 Unamortized discounts, net of premiums (37,743) (34,988) Deferred financing costs, net (65,784) (64,031) Total unsecured senior notes, net of discount and deferred financing costs $ 12,659,043 $ 11,997,010 The indentures governing our senior notes contain certain covenants, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 40% and (3) an interest coverage ratio of greater than 1.50, and also requires us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At June 30, 2021, we were in compliance with each of these financial covenants. The table below summarizes our debt maturities and principal payments as of June 30, 2021 (in thousands): Global Revolving Unsecured Secured and Credit Facilities (1) Senior Notes Other Debt Total Debt Remainder of 2021 $ — $ — $ — $ — 2022 — 711,480 — 711,480 2023 996,766 — 104,000 1,100,766 2024 36,180 1,057,255 — 1,093,435 2025 — 1,774,010 — 1,774,010 Thereafter — 9,219,825 138,870 9,358,695 Subtotal $ 1,032,946 $ 12,762,570 $ 242,870 $ 14,038,386 Unamortized net discounts — (37,743) — (37,743) Unamortized deferred financing costs (6,578) (65,784) (460) (72,822) Total $ 1,026,368 $ 12,659,043 $ 242,410 $ 13,927,821 (1) The global revolving credit facility is 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. During the six months ended June 30, 2021, we recognized a loss on early extinguishment of debt of approximately $18.3 million, mostly due to the redemption of the 2.750% Notes due 2023 in February. During the six months ended June 30, 2020, losses on early extinguishment of debt were not significant. |
Earnings per Common Share or Un
Earnings per Common Share or Unit | 6 Months Ended |
Jun. 30, 2021 | |
Earnings per Common Share or Unit | |
Earnings per Common Share or Unit | 9. Earnings per Common Share or Unit The computation of basic and diluted earnings per share and unit is shown below (in thousands, except share/unit and per share / unit amounts): Digital Realty Trust, Inc. Earnings per Common Share Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income available to common stockholders $ 127,369 $ 53,676 $ 499,775 $ 256,535 Weighted average shares outstanding—basic 281,791,855 267,569,823 281,445,252 244,866,574 Potentially dilutive common shares: Unvested incentive units 176,777 110,178 167,352 81,319 Unvested restricted stock 164,787 312,634 142,677 261,758 Forward equity offering — 2,246,171 — 1,845,832 Market performance-based awards 300,438 505,602 320,330 520,531 Weighted average shares outstanding—diluted 282,433,857 270,744,408 282,075,611 247,576,014 Income per share: Basic $ 0.45 $ 0.20 $ 1.78 $ 1.05 Diluted $ 0.45 $ 0.20 $ 1.77 $ 1.04 Digital Realty Trust, L.P. Earnings per Unit Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income available to common unitholders $ 130,569 $ 55,076 $ 512,775 $ 265,735 Weighted average units outstanding—basic 288,842,803 275,544,524 288,588,250 252,995,033 Potentially dilutive common units: Unvested incentive units 176,777 110,178 167,352 81,319 Unvested restricted units 164,787 312,634 142,677 261,758 Forward equity offering — 2,246,171 — 1,845,832 Market performance-based awards 300,438 505,602 320,330 520,531 Weighted average units outstanding—diluted 289,484,805 278,719,109 289,218,609 255,704,473 Income per unit: Basic $ 0.45 $ 0.20 $ 1.78 $ 1.05 Diluted $ 0.45 $ 0.20 $ 1.77 $ 1.04 The below table shows the securities that would be antidilutive or not dilutive to the calculation of earnings per share and unit. Common units of the Operating Partnership not owned by Digital Realty Trust, Inc. were excluded only from the calculation of earnings per share as they are not applicable to the calculation of earnings per unit. All other securities shown below were excluded from the calculation of both earnings per share and earnings per unit. Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. (excluded only from calculation of earnings per share) 7,050,948 7,974,701 7,142,998 8,128,459 Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock 688,978 1,441,895 1,082,497 1,518,997 Potentially dilutive Series G Cumulative Redeemable Preferred Stock — 1,787,870 — 1,883,473 Potentially dilutive Series I Cumulative Redeemable Preferred Stock — 1,789,962 1,269,035 1,885,677 Potentially dilutive Series J Cumulative Redeemable Preferred Stock 1,317,184 1,428,093 1,389,536 1,504,458 Potentially dilutive Series K Cumulative Redeemable Preferred Stock 1,385,091 1,501,718 1,461,173 1,582,019 Potentially dilutive Series L Cumulative Redeemable Preferred Stock 2,271,862 2,463,157 2,396,654 2,593,120 Total 12,714,063 18,387,396 14,741,893 19,096,203 |
Equity and Capital
Equity and Capital | 6 Months Ended |
Jun. 30, 2021 | |
Equity and Capital | |
Equity and Capital | 10. Equity and Capital Equity Distribution Agreement Digital Realty Trust, Inc. and Digital Realty Trust, L.P., are parties to an at-the-market (ATM) equity offering sales agreement dated January 4, 2019, as amended in 2020 (the “Sales Agreement”). Pursuant to the Sales Agreement, Digital Realty Trust, Inc. can issue and sell common stock having an aggregate offering price of up to $1.0 billion through various named agents from time to time. For the six months ended June 30, 2021, Digital Realty Trust, Inc. issued approximately 0.5 million common shares under the Sales Agreement at an average price of $161.57 per share Preferred Stock Redemption On May 17, 2021, Digital Realty Trust, Inc. redeemed all outstanding shares of its Series C cumulative redeemable perpetual preferred stock for $25.211632 per share, or a redemption price of $25.00 per share, plus accrued and unpaid dividends up to but not including the redemption date (the “Series C Preferred Share Redemption”). The transaction resulted in a gain on redemption of $18.0 million, measured as the difference between the cash consideration paid upon redemption, which was $201.3 million and the carrying value of the preferred stock at the time of the redemption, which was $219.3 million. This amount is reflected as gain on redemption of preferred stock which increased net income available to common stockholders. Noncontrolling Interests The following table details the components of noncontrolling interests as of June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 December 31, 2020 Noncontrolling interests in Operating Partnership $ 513,897 $ 608,980 Noncontrolling interests in consolidated entities 192,694 119,659 Total noncontrolling interests $ 706,591 $ 728,639 Noncontrolling interests are interests in consolidated subsidiaries that are not owned by Digital Realty Trust, Inc. The following table shows the ownership interest in the Operating Partnership as of June 30, 2021 and December 31, 2020: June 30, 2021 December 31, 2020 Number of Percentage of Number of Percentage of units total units total Digital Realty Trust, Inc. 282,603,152 97.6 % 280,289,726 97.2 % Noncontrolling interests consist of: Common units held by third parties 5,352,766 1.8 % 6,212,369 2.2 % Incentive units held by employees and directors (see Note 15 below) 1,702,643 0.6 % 1,833,898 0.6 % 289,658,561 100.0 % 288,335,993 100.0 % 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. The common units and incentive units of the Operating Partnership are classified within equity, except for certain common units issued to certain former DuPont Fabros Technology, L.P. unitholders in the Company’s acquisition of DuPont Fabros Technology, Inc., which are subject to certain restrictions and, accordingly, are not presented as permanent equity in the condensed consolidated balance sheet. The redemption value of the noncontrolling Operating Partnership common units and the vested incentive units was approximately $1,009.8 million and $1,078.9 million based on the closing market price of Digital Realty Trust, Inc. common stock on June 30, 2021 and December 31, 2020, respectively. The following table shows activity for the noncontrolling interests in the Operating Partnership for the six months ended June 30, 2021: Common Units Incentive Units Total As of December 31, 2020 6,212,369 1,833,898 8,046,267 Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1) (859,603) — (859,603) Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1) — (481,072) (481,072) Incentive units issued upon achievement of market performance condition — 219,652 219,652 Grant of incentive units to employees and directors — 132,041 132,041 Cancellation / forfeitures of incentive units held by employees and directors — (1,876) (1,876) As of June 30, 2021 5,352,766 1,702,643 7,055,409 (1) These redemptions and conversions were recorded as a reduction to noncontrolling interests in the Operating Partnership and an increase to common stock and additional paid in capital based on the book value per unit in the accompanying consolidated balance sheet of Digital Realty Trust, Inc. Dividends and Distributions Digital Realty Trust, Inc. Dividends Digital Realty Trust, Inc. declared and paid the following dividends on its common and preferred stock for the six months ended June 30, 2021 (in thousands, except per share data): Series C Series J Series K Series L Preferred Preferred Preferred Preferred Common Date dividend declared Dividend payment date Stock Stock Stock Stock Stock February 25, 2021 March 31, 2021 $ 3,333 $ 2,625 $ 3,071 $ 4,485 $ 326,965 May 10, 2021 June 30, 2021 — (1) 2,625 3,071 4,485 328,279 $ 3,333 $ 5,250 $ 6,142 $ 8,970 $ 655,244 Annual rate of dividend per share $ 1.65625 $ 1.31250 $ 1.46250 $ 1.30000 $ 4.64000 (1) These shares were redeemed in the Series C Preferred Share Redemption on May 17, 2021 as discussed a bove. Digital Realty Trust, L.P. Distributions All distributions on the Operating Partnership’s units are at the discretion of Digital Realty Trust, Inc.’s Board of Directors. The Operating Partnership has declared and paid the following distributions on its common and preferred units for the six months ended June 30, 2021 (in thousands, except for per unit data): Series C Series J Series K Series L Preferred Preferred Preferred Preferred Common Date distribution declared Distribution payment date Units Units Units Units Units February 25, 2021 March 31, 2021 $ 3,333 $ 2,625 $ 3,071 $ 4,485 $ 336,041 May 10, 2021 June 30, 2021 — (1) 2,625 3,071 4,485 336,543 $ 3,333 $ 5,250 $ 6,142 $ 8,970 $ 672,584 Annual rate of distribution per unit $ 1.65625 $ 1.31250 $ 1.46250 $ 1.30000 $ 4.64000 (1) These units were redeemed in connection with the Series C Preferred Share Redemption on May 17, 2021 as discussed above. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss), Net | 6 Months Ended |
Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net | |
Accumulated Other Comprehensive Loss, Net | 11. Accumulated Other Comprehensive Income (Loss), Net The accumulated balances for each item within accumulated other comprehensive income (loss) are shown below (in thousands) for Digital Realty Trust, Inc. and separately for Digital Realty Trust, L.P: Digital Realty Trust, Inc. Foreign currency Cash flow Foreign currency net Accumulated other translation hedge investment hedge comprehensive adjustments adjustments adjustments income (loss), net Balance as of December 31, 2020 $ 98,760 $ (2,630) $ 38,880 $ 135,010 Net current period change (104,520) 549 — (103,971) Reclassification to interest expense from interest — 694 — 694 Balance as of June 30, 2021 $ (5,760) $ (1,387) $ 38,880 $ 31,733 Digital Realty Trust, L.P. Foreign currency Foreign currency net Accumulated other translation Cash flow hedge investment hedge comprehensive adjustments adjustments adjustments income (loss) Balance as of December 31, 2020 $ 98,946 $ (3,823) $ 39,677 $ 134,800 Net current period change (107,324) 563 — (106,761) Reclassification to interest expense from interest — 712 — 712 Balance as of June 30, 2021 $ (8,378) $ (2,548) $ 39,677 $ 28,751 |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments | |
Derivative Instruments | 13. Derivative Instruments As of June 30, 2021, there was no impact from netting arrangements as the Company did not have any derivatives in asset positions. There have been no significant changes to our policy or strategy from what was disclosed in our 2020 Form 10-K. A summary of our outstanding interest rate derivative instruments is shown in the subsequent table (in thousands). Summary of Outstanding Interest Rate Derivatives Fair Value at Significant Other Notional Amount Observable Inputs (Level 2) As of As of As of As of June 30, December 31, Type of Strike Effective Expiration June 30, December 31, 2021 2020 Derivative Rate Date Date 2021 2020 Currently-paying contracts 104,000 104,000 Swap 1.435 Jan 15, 2016 Jan 15, 2023 (2,031) (2,773) — 77,352 Swap 0.779 Jan 15, 2016 Jan 15, 2021 — (9) $ 104,000 $ 181,352 $ (2,031) $ (2,782) As of June 30, 2021, we estimate that an additional $1.4 million will be reclassified as an increase to interest expense during the twelve months ended June 30, 2022, when the hedged forecasted transactions impact earnings. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value of Financial Instruments | |
Fair Value of Financial Instruments | 14. Fair Value of Financial Instruments There have been no significant changes in our policy for fair value measurements from what was disclosed in our 2020 Form 10-K. As of June 30, 2021 and December 31, 2020, the carrying amounts of certain financial instruments, including cash and cash equivalents, accounts and notes receivable, accounts payable and accrued expenses were representative of their fair values. The carrying value of our global revolving credit facilities and unsecured term loans approximates estimated fair value, because these liabilities have variable interest rates and our credit ratings have remained stable. Differences between the carrying value and fair value of our unsecured senior notes and secured debt are caused by differences in interest rates or borrowing spreads that were available to us on June 30, 2021 and December 31, 2020 as compared to those in effect when the debt was issued or assumed. A comparison of estimated fair value and carrying value of our debt is shown in the subsequent table (in thousands). Categorization As of June 30, 2021 As of December 31, 2020 under the fair value Estimated Fair Estimated Fair hierarchy Value Carrying Value Value Carrying Value Global revolving credit facilities Level 2 $ 1,032,946 $ 1,032,946 $ 540,184 $ 540,184 Unsecured term loans Level 2 — — 537,470 537,470 Unsecured senior notes (1) Level 2 13,630,380 12,762,570 13,359,960 12,096,029 Secured and other debt (1) Level 2 250,836 242,870 242,051 239,326 $ 14,914,162 $ 14,038,386 $ 14,679,665 $ 13,413,009 (1) 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 . |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies. | |
Commitments and Contingencies | 15. Commitments and Contingencies Our properties require periodic investments of capital for tenant-related capital expenditures and for general capital improvements including ground up construction. From time to time in the normal course of our business, we enter into various construction contracts with third parties that may obligate us to make payments. At June 30, 2021, we had open commitments, including amounts reimbursable of approximately $35.2 million, related to construction contracts of approximately $1.5 billion. In the ordinary course of our business, we may become subject to various legal proceedings. As of June 30, 2021, we were not a party to any legal proceedings which we believe would have a material adverse effect on our operations or financial position. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2021 | |
Supplemental Cash Flow Information | |
Supplemental Cash Flow Information | 16. Supplemental Cash Flow Information Cash, cash equivalents, and restricted cash balances as of June 30, 2021, and December 31, 2020: Balance as of (Amounts in thousands) June 30, 2021 December 31, 2020 Cash and cash equivalents $ 120,482 $ 108,501 Restricted cash (included in other assets) 8,031 15,151 Total $ 128,513 $ 123,652 We paid $151.7 million and $151.5 million for interest, net of amounts capitalized, for the six months ended June 30, 2021 and 2020, respectively. We paid $12.7 million and $8.6 million for income taxes, net of refunds, for the six months ended June 30, 2021 and 2020, respectively. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events | |
Subsequent Events | 17. Subsequent Events On July 15, 2021, Digital Intrepid Holding B.V., an indirect wholly owned subsidiary of the Operating Partnership, issued and sold CHF 275 million aggregate principal amount of 0.20% Guaranteed Notes due 2026 (the “2026 Notes”) and CHF 270 million aggregate principal amount of 0.55% Guaranteed Notes due 2029 (the “2029 Notes” and together with the 2026 Notes, the “Swiss Franc Notes”). The Swiss Franc Notes are senior unsecured obligations of Digital Intrepid Holding B.V. and are fully and unconditionally guaranteed by Digital Realty Trust, Inc. and the Operating Partnership. Net proceeds from the offering of the Swiss Franc Notes were approximately CHF 542.3 million after deducting the managers’ commissions and certain offering expenses. |
General (Policies)
General (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
General | |
Business | Business Digital Realty Trust, Inc. (the Parent), through its controlling interest in Digital Realty Trust, L.P. (the Operating Partnership or the OP) and the subsidiaries of the OP (collectively, we, our, us or the Company), is a leading global provider of data center (including colocation and interconnection) solutions for customers across a variety of industry verticals ranging from cloud and information technology services, social networking and communications to financial services, manufacturing, energy, healthcare, and consumer products. The OP, a Maryland limited partnership, is the entity through which the Parent, a Maryland corporation, conducts its business of owning, acquiring, developing and operating data centers. The Parent operates as a REIT for federal income tax purposes. |
Basis of Presentation | Basis of Presentation The accompanying interim condensed consolidated financial statements include all accounts of the Parent, the OP and the subsidiaries of the OP. The notes to the condensed consolidated financial statements have been combined. The Parent’s only material asset is its ownership of partnership interests of the OP. As a result, the Parent generally does not conduct business itself, other than acting as the sole general partner of the OP, issuing public securities from time to time and guaranteeing certain unsecured debt of the OP and certain of its subsidiaries and affiliates. The Parent has not issued any debt but guarantees the unsecured debt of the OP and certain of its subsidiaries and affiliates. The OP holds substantially all the assets of the Company. The OP conducts the operations of the business and has no publicly traded equity. Except for net proceeds from public equity issuances by the Parent, which are generally contributed to the OP in exchange for partnership units, the OP generally generates the capital required by the Company’s business primarily through the OP’s operations, by the OP’s or its affiliates’ direct or indirect incurrence of indebtedness or through the issuance of partnership units. |
Management Estimates and Assumptions | Management Estimates and Assumptions 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, liabilities, revenue, and expenses. We evaluate our estimates on an ongoing basis. We base our estimates on historical experience, current market conditions, and various other assumptions that we believe to be reasonable under the circumstances. Examples of estimates and assumptions include: the probability of collection of lease payments from customers, the recoverability of the carrying values of investments in real estate, the fair value of share-based compensation awards, loss contingencies, the fair value of and/or potential impairment of goodwill and intangible assets, useful lives of tangible and intangible assets, and the fair value of customer relationships, buildings & improvements, and other tangible and intangible assets acquired in business combinations and asset acquisitions. Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties. The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business and geographies, including how the pandemic is impacting the Company’s customers and business partners. While the Company has not incurred significant disruptions during the six months ended June 30, 2021 from the COVID-19 pandemic, we are unable to predict the impact the COVID-19 pandemic will have on the Company’s financial condition, results of operations and cash flows due to numerous uncertainties. |
New Accounting Pronouncements | New Accounting Pronouncements In December 2019, the Financial Accounting Standards Board (FASB) issued updated guidance for the accounting for income taxes. The updated guidance is intended to simplify the accounting for income taxes by removing several exceptions contained in existing guidance and amending other existing guidance to simplify several other income tax accounting matters. The Company adopted the updated guidance for the quarter ended March 31, 2021. The adoption of this guidance did not have a material effect on the Company’s results of operations, financial position or liquidity. We determined that all other recently issued accounting pronouncements that have yet to be adopted by the Company will not have a material impact on our consolidated financial statements or do not apply to our operations. |
Investments in Properties (Tabl
Investments in Properties (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments in Properties | |
Schedule of Investments in Properties | A summary of our investments in properties as of June 30, 2021 and December 31, 2020 is below (in thousands): Property Type As of June 30, 2021 As of December 31, 2020 Land $ 1,115,383 $ 1,106,392 Acquired ground lease 6,872 10,308 Buildings and improvements 21,476,874 21,335,396 Tenant improvements 688,724 690,892 23,287,853 23,142,988 Accumulated depreciation and amortization (5,919,650) (5,555,221) Investments in operating properties, net 17,368,203 17,587,767 Construction in progress and space held for development 3,270,570 2,768,325 Land held for future development 143,575 226,862 Investments in properties, net $ 20,782,348 $ 20,582,954 |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Investments in Unconsolidated Entities | |
Summary of Financial Information for Unconsolidated Entities | See below for a summary of our investments in unconsolidated entities accounted for under the equity method of accounting as presented in our condensed consolidated balance sheets (in thousands): Year Metropolitan Balance as of Balance as of Entity Entity Formed Area % Ownership June 30, 2021 December 31, 2020 Ascenty (1) 2019 Brazil / Chile / Mexico 51 % (2) $ 613,086 $ 567,192 Mapletree 2019 Northern Virginia 20 % 178,429 184,890 Mitsubishi Various Osaka / Tokyo 50 % 181,056 278,947 Lumen 2012 Hong Kong 50 % 78,923 86,600 Other Various U.S. Various 67,532 30,529 Total $ 1,119,026 $ 1,148,158 (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 entity, which has a carrying value as of June 30, 2021 and December 31, 2020 of approximately $19.7 million and $21.9 million, respectively, and is classified within redeemable noncontrolling interests in our condensed consolidated balance sheet. |
Acquired Intangible Assets an_2
Acquired Intangible Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Acquired Intangible Assets and Liabilities | |
Summary of Acquired Intangible Assets and Liabilities | (Amounts in thousands) Balance as of June 30, 2021 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationship value $ 2,960,866 $ (657,293) $ 2,303,573 $ 2,993,093 $ (570,886) $ 2,422,207 Acquired in-place lease value 1,341,381 (1,008,732) 332,649 1,382,563 (1,004,421) 378,142 Other 56,321 (11,109) 45,212 57,370 (7,107) 50,263 Acquired above-market leases 275,251 (243,700) 31,551 280,216 (236,923) 43,293 Acquired below-market leases (383,127) 265,746 (117,381) (401,539) 270,648 (130,891) |
Schedule of Estimated Annual Amortization of Customer Relationship Value | Amortization of acquired below-market leases, net of acquired above-market leases, resulted in a decrease in rental and other services revenue of $(1.1) million and $(3.1) million for the three months ended June 30, 2021 and 2020, respectively, and $(2.6) million and $(6.4) million for the six months ended June 30, 2021 and 2020, respectively. Estimated annual amortization for each of the five succeeding years and thereafter, commencing July 1, 2021 is as follows: |
Schedule of Estimated Annual Amortization of Acquired of Intangible Assets | (Amounts in thousands) Customer relationship value Acquired in-place lease value Other (1) Acquired above-market leases Acquired below-market leases Remainder of 2021 $ 88,088 $ 37,471 $ 4,210 $ 9,962 $ (9,055) 2022 175,004 58,817 8,419 11,209 (15,974) 2023 174,335 47,776 1,520 4,759 (14,289) 2024 173,755 41,010 — 2,584 (12,676) 2025 173,253 35,767 — 1,452 (10,779) Thereafter 1,519,138 111,808 — 1,585 (54,608) Total $ 2,303,573 $ 332,649 $ 14,149 $ 31,551 $ (117,381) (1) Excludes power grid rights in the amount of approximately $31.1 million that are currently not being amortized. Amortization will begin once a data center associated with the power grid right is placed into service |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt | |
Summary of Outstanding Indebtedness of the Operating Partnership | June 30, 2021 December 31, 2020 Weighted- Weighted- average Amount average Amount interest rate Outstanding interest rate Outstanding Global revolving credit facilities 0.98 % $ 1,032,946 0.91 % $ 540,184 Unsecured term loans — % — 1.20 % 537,470 Unsecured senior notes 2.33 % 12,762,570 2.49 % 12,096,029 Secured and other debt 3.06 % 242,870 2.92 % 239,330 Total 2.24 % $ 14,038,386 2.38 % $ 13,413,013 |
Schedule of Debt In Functional Currencies | June 30, 2021 December 31, 2020 Amount Amount Denomination of Draw Outstanding % of Total Outstanding % of Total U.S. dollar ($) $ 3,822,870 27.2 % $ 3,629,000 27.1 % British pound sterling (£) 2,143,805 15.3 % 2,166,695 16.2 % Euro ( € 7,757,504 55.3 % 6,912,142 51.5 % Other 314,207 2.2 % 705,176 5.2 % Total $ 14,038,386 $ 13,413,013 |
Schedule of Unsecured Senior Notes | June 30, 2021 December 31, 2020 Amount Amount Denomination of Draw Outstanding % of Total Outstanding % of Total U.S. dollar ($) $ 3,822,870 27.2 % $ 3,629,000 27.1 % British pound sterling (£) 2,143,805 15.3 % 2,166,695 16.2 % Euro ( € 7,757,504 55.3 % 6,912,142 51.5 % Other 314,207 2.2 % 705,176 5.2 % Total $ 14,038,386 $ 13,413,013 |
Schedule of Debt Maturities and Principal Maturities | The table below summarizes our debt maturities and principal payments as of June 30, 2021 (in thousands): Global Revolving Unsecured Secured and Credit Facilities (1) Senior Notes Other Debt Total Debt Remainder of 2021 $ — $ — $ — $ — 2022 — 711,480 — 711,480 2023 996,766 — 104,000 1,100,766 2024 36,180 1,057,255 — 1,093,435 2025 — 1,774,010 — 1,774,010 Thereafter — 9,219,825 138,870 9,358,695 Subtotal $ 1,032,946 $ 12,762,570 $ 242,870 $ 14,038,386 Unamortized net discounts — (37,743) — (37,743) Unamortized deferred financing costs (6,578) (65,784) (460) (72,822) Total $ 1,026,368 $ 12,659,043 $ 242,410 $ 13,927,821 (1) The global revolving credit facility is 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. |
Earnings per Common Share or _2
Earnings per Common Share or Unit (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings per Common Share or Unit | |
Summary of Basic and Diluted Earnings Per Share and Unit | The computation of basic and diluted earnings per share and unit is shown below (in thousands, except share/unit and per share / unit amounts): Digital Realty Trust, Inc. Earnings per Common Share Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income available to common stockholders $ 127,369 $ 53,676 $ 499,775 $ 256,535 Weighted average shares outstanding—basic 281,791,855 267,569,823 281,445,252 244,866,574 Potentially dilutive common shares: Unvested incentive units 176,777 110,178 167,352 81,319 Unvested restricted stock 164,787 312,634 142,677 261,758 Forward equity offering — 2,246,171 — 1,845,832 Market performance-based awards 300,438 505,602 320,330 520,531 Weighted average shares outstanding—diluted 282,433,857 270,744,408 282,075,611 247,576,014 Income per share: Basic $ 0.45 $ 0.20 $ 1.78 $ 1.05 Diluted $ 0.45 $ 0.20 $ 1.77 $ 1.04 Digital Realty Trust, L.P. Earnings per Unit Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income available to common unitholders $ 130,569 $ 55,076 $ 512,775 $ 265,735 Weighted average units outstanding—basic 288,842,803 275,544,524 288,588,250 252,995,033 Potentially dilutive common units: Unvested incentive units 176,777 110,178 167,352 81,319 Unvested restricted units 164,787 312,634 142,677 261,758 Forward equity offering — 2,246,171 — 1,845,832 Market performance-based awards 300,438 505,602 320,330 520,531 Weighted average units outstanding—diluted 289,484,805 278,719,109 289,218,609 255,704,473 Income per unit: Basic $ 0.45 $ 0.20 $ 1.78 $ 1.05 Diluted $ 0.45 $ 0.20 $ 1.77 $ 1.04 |
Schedule of Antidilutive Securities Excluded from Calculations | Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. (excluded only from calculation of earnings per share) 7,050,948 7,974,701 7,142,998 8,128,459 Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock 688,978 1,441,895 1,082,497 1,518,997 Potentially dilutive Series G Cumulative Redeemable Preferred Stock — 1,787,870 — 1,883,473 Potentially dilutive Series I Cumulative Redeemable Preferred Stock — 1,789,962 1,269,035 1,885,677 Potentially dilutive Series J Cumulative Redeemable Preferred Stock 1,317,184 1,428,093 1,389,536 1,504,458 Potentially dilutive Series K Cumulative Redeemable Preferred Stock 1,385,091 1,501,718 1,461,173 1,582,019 Potentially dilutive Series L Cumulative Redeemable Preferred Stock 2,271,862 2,463,157 2,396,654 2,593,120 Total 12,714,063 18,387,396 14,741,893 19,096,203 |
Equity and Capital (Tables)
Equity and Capital (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Class of Stock | |
Summary of Components of Noncontrolling Interests | The following table details the components of noncontrolling interests as of June 30, 2021 and December 31, 2020 (in thousands): June 30, 2021 December 31, 2020 Noncontrolling interests in Operating Partnership $ 513,897 $ 608,980 Noncontrolling interests in consolidated entities 192,694 119,659 Total noncontrolling interests $ 706,591 $ 728,639 |
Ownership Interest In The Operating Partnership | June 30, 2021 December 31, 2020 Number of Percentage of Number of Percentage of units total units total Digital Realty Trust, Inc. 282,603,152 97.6 % 280,289,726 97.2 % Noncontrolling interests consist of: Common units held by third parties 5,352,766 1.8 % 6,212,369 2.2 % Incentive units held by employees and directors (see Note 15 below) 1,702,643 0.6 % 1,833,898 0.6 % 289,658,561 100.0 % 288,335,993 100.0 % |
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 six months ended June 30, 2021: Common Units Incentive Units Total As of December 31, 2020 6,212,369 1,833,898 8,046,267 Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1) (859,603) — (859,603) Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1) — (481,072) (481,072) Incentive units issued upon achievement of market performance condition — 219,652 219,652 Grant of incentive units to employees and directors — 132,041 132,041 Cancellation / forfeitures of incentive units held by employees and directors — (1,876) (1,876) As of June 30, 2021 5,352,766 1,702,643 7,055,409 (1) These redemptions and conversions were recorded as a reduction to noncontrolling interests in the Operating Partnership and an increase to common stock and additional paid in capital based on the book value per unit in the accompanying consolidated balance sheet of Digital Realty Trust, Inc. |
Schedule of Dividends and Distributions | Digital Realty Trust, Inc. Dividends Digital Realty Trust, Inc. declared and paid the following dividends on its common and preferred stock for the six months ended June 30, 2021 (in thousands, except per share data): Series C Series J Series K Series L Preferred Preferred Preferred Preferred Common Date dividend declared Dividend payment date Stock Stock Stock Stock Stock February 25, 2021 March 31, 2021 $ 3,333 $ 2,625 $ 3,071 $ 4,485 $ 326,965 May 10, 2021 June 30, 2021 — (1) 2,625 3,071 4,485 328,279 $ 3,333 $ 5,250 $ 6,142 $ 8,970 $ 655,244 Annual rate of dividend per share $ 1.65625 $ 1.31250 $ 1.46250 $ 1.30000 $ 4.64000 (1) These shares were redeemed in the Series C Preferred Share Redemption on May 17, 2021 as discussed a bove. |
Digital Realty Trust, L.P. | |
Class of Stock | |
Schedule of Dividends and Distributions | The Operating Partnership has declared and paid the following distributions on its common and preferred units for the six months ended June 30, 2021 (in thousands, except for per unit data): Series C Series J Series K Series L Preferred Preferred Preferred Preferred Common Date distribution declared Distribution payment date Units Units Units Units Units February 25, 2021 March 31, 2021 $ 3,333 $ 2,625 $ 3,071 $ 4,485 $ 336,041 May 10, 2021 June 30, 2021 — (1) 2,625 3,071 4,485 336,543 $ 3,333 $ 5,250 $ 6,142 $ 8,970 $ 672,584 Annual rate of distribution per unit $ 1.65625 $ 1.31250 $ 1.46250 $ 1.30000 $ 4.64000 (1) These units were redeemed in connection with the Series C Preferred Share Redemption on May 17, 2021 as discussed above. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss), Net (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net | |
Schedule of Accumulated Other Comprehensive Loss, Net | Digital Realty Trust, Inc. Foreign currency Cash flow Foreign currency net Accumulated other translation hedge investment hedge comprehensive adjustments adjustments adjustments income (loss), net Balance as of December 31, 2020 $ 98,760 $ (2,630) $ 38,880 $ 135,010 Net current period change (104,520) 549 — (103,971) Reclassification to interest expense from interest — 694 — 694 Balance as of June 30, 2021 $ (5,760) $ (1,387) $ 38,880 $ 31,733 Digital Realty Trust, L.P. Foreign currency Foreign currency net Accumulated other translation Cash flow hedge investment hedge comprehensive adjustments adjustments adjustments income (loss) Balance as of December 31, 2020 $ 98,946 $ (3,823) $ 39,677 $ 134,800 Net current period change (107,324) 563 — (106,761) Reclassification to interest expense from interest — 712 — 712 Balance as of June 30, 2021 $ (8,378) $ (2,548) $ 39,677 $ 28,751 |
Incentive Plans (Tables)
Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Incentive Plans | |
Schedule of Valuation Assumptions | Expected Stock Price Risk-Free Interest Award Date Volatility Rate February 19, 2020 22 % 1.39 % February 20, 2020 22 % 1.35 % January 1, 2021 27 % 0.17 % February 25, 2021 26 % 0.31 % |
Schedule of Deferred Compensation | Below is a summary of our compensation expense and unearned compensation (in millions): Expected period to Deferred Compensation Unearned Compensation recognize Expensed Capitalized As of As of unearned Three Months Ended June 30, June 30, December 31, compensation Type of incentive award 2021 2020 2021 2020 2021 2020 (in years) Long-term incentive units $ 2.8 $ 3.1 $ — $ — $ 24.9 $ 15.1 2.3 Performance-based awards 6.4 6.6 0.1 0.2 47.2 34.4 2.8 Service-based restricted stock units 5.3 3.6 0.9 0.8 57.6 41.5 2.8 Interxion awards 4.1 7.1 — — 12.8 27.2 1.9 Six Months Ended June 30, 2021 2020 2021 2020 Long-term incentive units $ 6.0 $ 6.2 $ 0.1 $ 0.1 Performance-based awards 14.9 11.2 0.5 0.4 Service-based restricted stock units 9.2 6.8 1.6 1.6 Interxion awards 14.6 10.1 — — |
Summary of Long-Term Incentive Unit Activity | Weighted-Average Grant Date Fair Unvested Long-term Incentive Units Units Value Unvested, beginning of period 235,535 $ 122.22 Granted 132,041 138.05 Vested (124,984) 122.22 Cancelled or expired (1,876) 128.38 Unvested, end of period 240,716 $ 130.86 |
Summary of Restricted Stock Activity | Weighted-Average Grant Date Fair Unvested Restricted Stock Shares Value Unvested, beginning of period 783,219 $ 123.04 Granted 243,107 135.44 Vested (327,773) 120.04 Cancelled or expired (30,366) 129.01 Unvested, end of period 668,187 $ 128.75 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Instruments | |
Schedule of Outstanding Derivative Instruments | Summary of Outstanding Interest Rate Derivatives Fair Value at Significant Other Notional Amount Observable Inputs (Level 2) As of As of As of As of June 30, December 31, Type of Strike Effective Expiration June 30, December 31, 2021 2020 Derivative Rate Date Date 2021 2020 Currently-paying contracts 104,000 104,000 Swap 1.435 Jan 15, 2016 Jan 15, 2023 (2,031) (2,773) — 77,352 Swap 0.779 Jan 15, 2016 Jan 15, 2021 — (9) $ 104,000 $ 181,352 $ (2,031) $ (2,782) |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value of Financial Instruments | |
Estimated Fair Value And Carrying Amounts | A comparison of estimated fair value and carrying value of our debt is shown in the subsequent table (in thousands). Categorization As of June 30, 2021 As of December 31, 2020 under the fair value Estimated Fair Estimated Fair hierarchy Value Carrying Value Value Carrying Value Global revolving credit facilities Level 2 $ 1,032,946 $ 1,032,946 $ 540,184 $ 540,184 Unsecured term loans Level 2 — — 537,470 537,470 Unsecured senior notes (1) Level 2 13,630,380 12,762,570 13,359,960 12,096,029 Secured and other debt (1) Level 2 250,836 242,870 242,051 239,326 $ 14,914,162 $ 14,038,386 $ 14,679,665 $ 13,413,009 (1) 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 . |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Supplemental Cash Flow Information | |
Schedule of cash, cash equivalents, and restricted cash | Balance as of (Amounts in thousands) June 30, 2021 December 31, 2020 Cash and cash equivalents $ 120,482 $ 108,501 Restricted cash (included in other assets) 8,031 15,151 Total $ 128,513 $ 123,652 |
Business Combinations - Narrati
Business Combinations - Narrative (Details) - USD ($) $ in Thousands | Mar. 12, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 |
Business Acquisition [Line Items] | |||||
Revenues | $ 1,093,188 | $ 992,995 | $ 2,183,579 | $ 1,816,332 | |
Net income | 121,254 | 74,831 | 507,174 | 298,845 | |
Interxion Combination | |||||
Business Acquisition [Line Items] | |||||
Assumed cash and cash equivalents | $ 108,500 | ||||
Total equity consideration | $ 7,000,000 | ||||
Revenues | 244,600 | 194,500 | 480,800 | 241,900 | |
Net income | $ 23,200 | $ 9,400 | $ 41,200 | $ 12,100 |
Investments in Properties (Deta
Investments in Properties (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Investments in Properties | ||
Land | $ 1,115,383 | $ 1,106,392 |
Acquired ground lease | 6,872 | 10,308 |
Buildings and improvements | 21,476,874 | 21,335,396 |
Tenant improvements | 688,724 | 690,892 |
Total investments in operating properties | 23,287,853 | 23,142,988 |
Accumulated depreciation and amortization | (5,919,650) | (5,555,221) |
Investments in operating properties, net | 17,368,203 | 17,587,767 |
Construction in progress and space held for development | 3,270,570 | 2,768,325 |
Land held for future development | 143,575 | 226,862 |
Investments in properties, net | $ 20,782,348 | $ 20,582,954 |
Investments in Properties - Dis
Investments in Properties - Dispositions (Details) - Portfolio Centers in Europe - Disposed of by Sale $ in Millions | Mar. 16, 2021USD ($)property | Mar. 31, 2021USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties sold | 11 | |
Purchase consideration | $ | $ 680 | |
Gain on sale | $ | $ 333.3 | |
Period of transitional property management services provided after closing on sale of real estate | 1 year | |
UK | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties sold | 4 | |
Netherlands | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties sold | 3 | |
France | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties sold | 3 | |
Switzerland | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties sold | 1 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases | ||||
Rent expense | $ 37.2 | $ 33.3 | $ 72.4 | $ 57.9 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities - Equity Method of Accounting Presented in our Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule of Equity Method Investments [Line Items] | ||
Noncontrolling interests in consolidated joint ventures | $ 192,694 | $ 119,659 |
Investments in Unconsolidated Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated joint ventures | 1,119,026 | 1,148,158 |
Ascenty Acquisition | ||
Schedule of Equity Method Investments [Line Items] | ||
Noncontrolling interests in consolidated joint ventures | $ 19,700 | 21,900 |
Ascenty Acquisition | Investments in Unconsolidated Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
% Ownership | 51.00% | |
Investments in unconsolidated joint ventures | $ 613,086 | $ 567,192 |
Ascenty Acquisition | Subsidiary of Operating Partnership subsidiary | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest by noncontrolling interest | 2.00% | 2.00% |
Mapletree JV | Investments in Unconsolidated Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
% Ownership | 20.00% | |
Investments in unconsolidated joint ventures | $ 178,429 | $ 184,890 |
Mitsubishi | Investments in Unconsolidated Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
% Ownership | 50.00% | |
Investments in unconsolidated joint ventures | $ 181,056 | 278,947 |
CenturyLink | Investments in Unconsolidated Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
% Ownership | 50.00% | |
Investments in unconsolidated joint ventures | $ 78,923 | 86,600 |
Other | Investments in Unconsolidated Entities | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated joint ventures | $ 67,532 | $ 30,529 |
Acquired Intangible Assets an_3
Acquired Intangible Assets and Liabilities - Summary of Acquired Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Customer Relationship Value | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | $ 2,960,866 | $ 2,993,093 |
Accumulated amortization | (657,293) | (570,886) |
Total | 2,303,573 | 2,422,207 |
Acquired in-place lease value | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 1,341,381 | 1,382,563 |
Accumulated amortization | (1,008,732) | (1,004,421) |
Total | 332,649 | 378,142 |
Other | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 56,321 | 57,370 |
Accumulated amortization | (11,109) | (7,107) |
Total | 45,212 | 50,263 |
Acquired above-market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 275,251 | 280,216 |
Accumulated amortization | (243,700) | (236,923) |
Total | 31,551 | 43,293 |
Acquired below-market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Below-market lease, gross amount | (383,127) | (401,539) |
Below-market lease, accumulated amortization | 265,746 | 270,648 |
Total | (117,381) | $ (130,891) |
Power grid rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total | $ 31,100 |
Acquired Intangible Assets an_4
Acquired Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Customer Relationship Value, Acquired In-Place Lease Value and Other Intangibles | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of customer relationship value, acquired in-place lease value and deferred leasing costs | $ 66.4 | $ 79.5 | $ 134.1 | $ 135.8 |
Rental and other services | Below-Market Leases, Net of Above-Market Leases | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Decrease in revenue | $ (1.1) | $ (3.1) | $ (2.6) | $ (6.4) |
Acquired Intangible Assets An_5
Acquired Intangible Assets And Liabilities - Schedule of Estimated Annual Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Customer Relationship Value | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2021 | $ 88,088 | |
2022 | 175,004 | |
2023 | 174,335 | |
2024 | 173,755 | |
2025 | 173,253 | |
Thereafter | 1,519,138 | |
Total | 2,303,573 | $ 2,422,207 |
Acquired in-place lease value | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2021 | 37,471 | |
2022 | 58,817 | |
2023 | 47,776 | |
2024 | 41,010 | |
2025 | 35,767 | |
Thereafter | 111,808 | |
Total | 332,649 | 378,142 |
Other (excludes power grid rights) | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2021 | 4,210 | |
2022 | 8,419 | |
2023 | 1,520 | |
Total | 14,149 | |
Power grid rights | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Total | 31,100 | |
Acquired above-market leases | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2021 | 9,962 | |
2022 | 11,209 | |
2023 | 4,759 | |
2024 | 2,584 | |
2025 | 1,452 | |
Thereafter | 1,585 | |
Total | 31,551 | $ 43,293 |
Acquired below-market leases | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2021 | (9,055) | |
2022 | (15,974) | |
2023 | (14,289) | |
2024 | (12,676) | |
2025 | (10,779) | |
Thereafter | (54,608) | |
Total | $ (117,381) |
Debt - Summary of Outstanding I
Debt - Summary of Outstanding Indebtedness (Details) - Digital Realty Trust, L.P. - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument | ||
Weighted-average interest rate | 2.24% | 2.38% |
Amount Outstanding | $ 14,038,386 | $ 13,413,013 |
Global revolving credit facilities | ||
Debt Instrument | ||
Weighted-average interest rate | 0.98% | 0.91% |
Amount Outstanding | $ 1,032,946 | $ 540,184 |
Unsecured term loans | ||
Debt Instrument | ||
Weighted-average interest rate | 1.20% | |
Amount Outstanding | $ 537,470 | |
Unsecured senior notes | ||
Debt Instrument | ||
Weighted-average interest rate | 2.33% | 2.49% |
Amount Outstanding | $ 12,762,570 | $ 12,096,029 |
Unsecured senior notes | 0.125% notes due 2022 | ||
Debt Instrument | ||
Amount Outstanding | 355,740 | 366,480 |
Unsecured senior notes | 2.750% notes due 2023 | ||
Debt Instrument | ||
Amount Outstanding | 350,000 | |
Unsecured senior notes | 2.625% notes due 2024 | ||
Debt Instrument | ||
Amount Outstanding | 711,480 | 732,960 |
Unsecured senior notes | 2.750% notes due 2024 | ||
Debt Instrument | ||
Amount Outstanding | 345,775 | 341,750 |
Unsecured senior notes | 4.250% notes due 2025 | ||
Debt Instrument | ||
Amount Outstanding | 553,240 | 546,800 |
Unsecured senior notes | 0.625% notes due 2025 | ||
Debt Instrument | ||
Amount Outstanding | 770,770 | 794,040 |
Unsecured senior notes | 2.500% notes due 2026 | ||
Debt Instrument | ||
Amount Outstanding | 1,274,735 | 1,313,219 |
Unsecured senior notes | 3.700% notes due 2027 | ||
Debt Instrument | ||
Amount Outstanding | 1,000,000 | 1,000,000 |
Unsecured senior notes | 1.125% notes due 2028 | ||
Debt Instrument | ||
Amount Outstanding | 592,900 | 610,800 |
Unsecured senior notes | 4.450% notes due 2028 | ||
Debt Instrument | ||
Amount Outstanding | 650,000 | 650,000 |
Unsecured senior notes | 3.600% notes due 2029 | ||
Debt Instrument | ||
Amount Outstanding | 900,000 | 900,000 |
Unsecured senior notes | 3.300% notes due 2029 | ||
Debt Instrument | ||
Amount Outstanding | 484,085 | 478,450 |
Unsecured senior notes | 3.750% notes due 2030 | ||
Debt Instrument | ||
Amount Outstanding | 760,705 | $ 751,850 |
Senior Notes. | ||
Debt Instrument | ||
Amount Outstanding | $ 12,762,570 | |
Secured and Other Debt | ||
Debt Instrument | ||
Weighted-average interest rate | 3.06% | 2.92% |
Amount Outstanding | $ 242,870 | $ 239,330 |
Debt - Schedule of Debt Functio
Debt - Schedule of Debt Functional Currencies (Details) - Digital Realty Trust, L.P. - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument | ||
Amount Outstanding | $ 14,038,386 | $ 13,413,013 |
Weighted-average interest rate | 2.24% | 2.38% |
Global revolving credit facilities | ||
Debt Instrument | ||
Amount Outstanding | $ 1,032,946 | $ 540,184 |
Weighted-average interest rate | 0.98% | 0.91% |
Unsecured term loans | ||
Debt Instrument | ||
Amount Outstanding | $ 537,470 | |
Weighted-average interest rate | 1.20% | |
Unsecured senior notes | ||
Debt Instrument | ||
Amount Outstanding | $ 12,762,570 | $ 12,096,029 |
Weighted-average interest rate | 2.33% | 2.49% |
Senior Notes. | ||
Debt Instrument | ||
Amount Outstanding | $ 12,762,570 | |
Secured and Other Debt | ||
Debt Instrument | ||
Amount Outstanding | $ 242,870 | $ 239,330 |
Weighted-average interest rate | 3.06% | 2.92% |
3.750% notes due 2030 | Unsecured senior notes | ||
Debt Instrument | ||
Amount Outstanding | $ 760,705 | $ 751,850 |
2.750% notes due 2023 | Unsecured senior notes | ||
Debt Instrument | ||
Amount Outstanding | 350,000 | |
U.S. dollar ($) | ||
Debt Instrument | ||
Amount Outstanding | $ 3,822,870 | $ 3,629,000 |
Weighted-average interest rate | 27.20% | 27.10% |
British pound sterling () | ||
Debt Instrument | ||
Amount Outstanding | $ 2,143,805 | $ 2,166,695 |
Weighted-average interest rate | 15.30% | 16.20% |
Euro () | ||
Debt Instrument | ||
Amount Outstanding | $ 7,757,504 | $ 6,912,142 |
Weighted-average interest rate | 55.30% | 51.50% |
Other | ||
Debt Instrument | ||
Amount Outstanding | $ 314,207 | $ 705,176 |
Weighted-average interest rate | 2.20% | 5.20% |
Debt - Unsecured Senior Notes (
Debt - Unsecured Senior Notes (Details) - Digital Realty Trust, L.P. € in Thousands, £ in Thousands, $ in Thousands | Jun. 30, 2021USD ($) | Jun. 30, 2021EUR (€) | Jun. 30, 2021GBP (£) | Dec. 31, 2020USD ($) |
Debt of the Operating Partnership [Line Items] | ||||
Long-term Debt, Gross | $ 14,038,386 | $ 13,413,013 | ||
Deferred financing costs | (72,822) | |||
Senior Notes. | ||||
Debt of the Operating Partnership [Line Items] | ||||
Long-term Debt, Gross | 12,762,570 | |||
Deferred financing costs | (65,784) | |||
Unsecured senior notes | ||||
Debt of the Operating Partnership [Line Items] | ||||
Long-term Debt, Gross | 12,762,570 | 12,096,029 | ||
Unamortized discounts, net of premiums | (37,743) | (34,988) | ||
Deferred financing costs | (65,784) | (64,031) | ||
Total unsecured senior notes, net of discount and deferred financing costs | 12,659,043 | 11,997,010 | ||
Floating Rate Notes due 2022 | Unsecured senior notes | ||||
Debt of the Operating Partnership [Line Items] | ||||
Aggregate principal amount | 349,800 | € 300,000 | ||
Long-term Debt, Gross | $ 355,740 | 366,480 | ||
0.125% notes due 2022 | Unsecured senior notes | ||||
Debt of the Operating Partnership [Line Items] | ||||
Stated interest rate | 0.125% | 0.125% | 0.125% | |
Aggregate principal amount | $ 332,760 | € 300,000 | ||
Long-term Debt, Gross | $ 355,740 | 366,480 | ||
2.750% notes due 2023 | Unsecured senior notes | ||||
Debt of the Operating Partnership [Line Items] | ||||
Stated interest rate | 2.75% | 2.75% | 2.75% | |
Aggregate principal amount | $ 350,000 | |||
Long-term Debt, Gross | 350,000 | |||
2.625% notes due 2024 | Unsecured senior notes | ||||
Debt of the Operating Partnership [Line Items] | ||||
Stated interest rate | 2.625% | 2.625% | 2.625% | |
Aggregate principal amount | $ 677,040 | € 600,000 | ||
Long-term Debt, Gross | $ 711,480 | 732,960 | ||
2.750% notes due 2024 | Unsecured senior notes | ||||
Debt of the Operating Partnership [Line Items] | ||||
Stated interest rate | 2.75% | 2.75% | 2.75% | |
Aggregate principal amount | $ 324,925 | £ 250,000 | ||
Long-term Debt, Gross | $ 345,775 | 341,750 | ||
4.250% notes due 2025 | Unsecured senior notes | ||||
Debt of the Operating Partnership [Line Items] | ||||
Stated interest rate | 4.25% | 4.25% | 4.25% | |
Aggregate principal amount | $ 634,480 | £ 400,000 | ||
Long-term Debt, Gross | $ 553,240 | 546,800 | ||
0.625% notes due 2025 | Unsecured senior notes | ||||
Debt of the Operating Partnership [Line Items] | ||||
Stated interest rate | 0.625% | 0.625% | 0.625% | |
Aggregate principal amount | $ 720,980 | € 650,000 | ||
Long-term Debt, Gross | $ 770,770 | 794,040 | ||
4.750% Notes due 2025 | Unsecured senior notes | ||||
Debt of the Operating Partnership [Line Items] | ||||
Stated interest rate | 4.75% | 4.75% | 4.75% | |
Aggregate principal amount | $ 450,000 | |||
Long-term Debt, Gross | $ 450,000 | 450,000 | ||
2.500% notes due 2026 | Unsecured senior notes | ||||
Debt of the Operating Partnership [Line Items] | ||||
Stated interest rate | 2.50% | 2.50% | 2.50% | |
Aggregate principal amount | $ 1,224,640 | € 1,075,000 | ||
Long-term Debt, Gross | $ 1,274,735 | 1,313,219 | ||
3.700% notes due 2027 | Unsecured senior notes | ||||
Debt of the Operating Partnership [Line Items] | ||||
Stated interest rate | 3.70% | 3.70% | 3.70% | |
Aggregate principal amount | $ 1,000,000 | |||
Long-term Debt, Gross | $ 1,000,000 | 1,000,000 | ||
1.125% notes due 2028 | Unsecured senior notes | ||||
Debt of the Operating Partnership [Line Items] | ||||
Stated interest rate | 1.125% | 1.125% | 1.125% | |
Aggregate principal amount | $ 548,550 | € 500,000 | ||
Long-term Debt, Gross | $ 592,900 | 610,800 | ||
4.450% notes due 2028 | Unsecured senior notes | ||||
Debt of the Operating Partnership [Line Items] | ||||
Stated interest rate | 4.45% | 4.45% | 4.45% | |
Aggregate principal amount | $ 650,000 | |||
Long-term Debt, Gross | $ 650,000 | 650,000 | ||
3.300% notes due 2029 | Unsecured senior notes | ||||
Debt of the Operating Partnership [Line Items] | ||||
Stated interest rate | 3.30% | 3.30% | 3.30% | |
Aggregate principal amount | $ 454,895 | £ 350,000 | ||
Long-term Debt, Gross | $ 484,085 | 478,450 | ||
3.600% notes due 2029 | Unsecured senior notes | ||||
Debt of the Operating Partnership [Line Items] | ||||
Stated interest rate | 3.60% | 3.60% | 3.60% | |
Aggregate principal amount | $ 900,000 | |||
Long-term Debt, Gross | $ 900,000 | 900,000 | ||
1.500% Notes due 2030 | Unsecured senior notes | ||||
Debt of the Operating Partnership [Line Items] | ||||
Stated interest rate | 1.50% | 1.50% | 1.50% | |
Aggregate principal amount | $ 831,900 | € 750,000 | ||
Long-term Debt, Gross | $ 889,350 | 916,200 | ||
3.750% notes due 2030 | Unsecured senior notes | ||||
Debt of the Operating Partnership [Line Items] | ||||
Stated interest rate | 3.75% | 3.75% | 3.75% | |
Aggregate principal amount | $ 719,825 | £ 550,000 | ||
Long-term Debt, Gross | $ 760,705 | 751,850 | ||
1.250% Notes due 2031 | Unsecured senior notes | ||||
Debt of the Operating Partnership [Line Items] | ||||
Stated interest rate | 1.25% | 1.25% | 1.25% | |
Aggregate principal amount | $ 560,950 | € 500,000 | ||
Long-term Debt, Gross | $ 592,900 | 610,800 | ||
0.625% notes due 2031 | Unsecured senior notes | ||||
Debt of the Operating Partnership [Line Items] | ||||
Stated interest rate | 0.625% | 0.625% | 0.625% | |
Aggregate principal amount | $ 1,220,700 | € 1,000,000 | ||
Long-term Debt, Gross | $ 1,185,800 | |||
1.000% Notes due 2032 | Unsecured senior notes | ||||
Debt of the Operating Partnership [Line Items] | ||||
Stated interest rate | 1.00% | 1.00% | 1.00% | |
Aggregate principal amount | $ 874,500 | € 750,000 | ||
Long-term Debt, Gross | $ 889,350 | $ 916,200 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Debt Instrument | ||||
Leverage ratio | 60.00% | |||
Secured debt leverage ratio, maximum | 40.00% | |||
Interest coverage ratio | 1.50 | |||
Total unencumbered assets | 150.00% | |||
Loss from early extinguishment of debt | $ 0 | $ 0 | $ (18,347) | $ (632) |
Digital Realty Trust, L.P. | ||||
Debt Instrument | ||||
Loss from early extinguishment of debt | (18,347) | $ (632) | ||
Unsecured senior notes | 2.750% notes due 2023 | Digital Realty Trust, L.P. | ||||
Debt Instrument | ||||
Loss from early extinguishment of debt | $ 18,300 | |||
Stated interest rate | 2.75% | 2.75% |
Debt - Schedule of Debt Maturit
Debt - Schedule of Debt Maturities And Principal Payments (Details) - Digital Realty Trust, L.P. $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($)item | Dec. 31, 2020USD ($) | |
Debt Instrument | ||
Remainder of 2021 | $ 0 | |
2022 | 711,480 | |
2023 | 1,100,766 | |
2024 | 1,093,435 | |
2025 | 1,774,010 | |
Thereafter | 9,358,695 | |
Subtotal | 14,038,386 | $ 13,413,013 |
Unamortized net discounts | (37,743) | |
Unamortized deferred financing costs | (72,822) | |
Total | 13,927,821 | |
Global revolving credit facilities | ||
Debt Instrument | ||
Remainder of 2021 | 0 | |
2022 | 0 | |
2023 | 996,766 | |
2024 | 36,180 | |
2025 | 0 | |
Thereafter | 0 | |
Subtotal | 1,032,946 | 540,184 |
Unamortized net discounts | 0 | |
Unamortized deferred financing costs | (6,578) | |
Total | $ 1,026,368 | |
Number of extension options | item | 2 | |
Debt instrument, extension term | 6 months | |
Unsecured term loans | ||
Debt Instrument | ||
Subtotal | 537,470 | |
Senior Notes. | ||
Debt Instrument | ||
Remainder of 2021 | $ 0 | |
2022 | 711,480 | |
2023 | 0 | |
2024 | 1,057,255 | |
2025 | 1,774,010 | |
Thereafter | 9,219,825 | |
Subtotal | 12,762,570 | |
Unamortized net discounts | (37,743) | |
Unamortized deferred financing costs | (65,784) | |
Total | 12,659,043 | |
Secured and Other Debt | ||
Debt Instrument | ||
Remainder of 2021 | 0 | |
2022 | 0 | |
2023 | 104,000 | |
2024 | 0 | |
2025 | 0 | |
Thereafter | 138,870 | |
Subtotal | 242,870 | $ 239,330 |
Unamortized net discounts | 0 | |
Unamortized deferred financing costs | (460) | |
Total | $ 242,410 |
Earnings per Common Share or _3
Earnings per Common Share or Unit - Summary of Basic and Diluted Earnings per Share and Unit (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Class of Stock | ||||
Net income available to common stockholders | $ 127,369 | $ 53,676 | $ 499,775 | $ 256,535 |
Weighted average units outstanding-basic (shares/units) | 281,791,855 | 267,569,823 | 281,445,252 | 244,866,574 |
Potentially dilutive common shares/units: | ||||
Unvested incentive units (shares/units) | 176,777 | 110,178 | 167,352 | 81,319 |
Unvested restricted stock (shares/units) | 164,787 | 312,634 | 142,677 | 261,758 |
Forward equity offering (shares/units) | 2,246,171 | 1,845,832 | ||
Market performance-based awards (shares/units) | 300,438 | 505,602 | 320,330 | 520,531 |
Weighted average shares/units outstanding-diluted (shares/units) | 282,433,857 | 270,744,408 | 282,075,611 | 247,576,014 |
Income per share/unit: | ||||
Basic (in dollars per share/unit) | $ 0.45 | $ 0.20 | $ 1.78 | $ 1.05 |
Diluted (in dollars per share/unit) | $ 0.45 | $ 0.20 | $ 1.77 | $ 1.04 |
Digital Realty Trust, L.P. | ||||
Class of Stock | ||||
Net income available to common stockholders | $ 130,569 | $ 55,076 | $ 512,775 | $ 265,735 |
Weighted average units outstanding-basic (shares/units) | 288,842,803 | 275,544,524 | 288,588,250 | 252,995,033 |
Potentially dilutive common shares/units: | ||||
Unvested incentive units (shares/units) | 176,777 | 110,178 | 167,352 | 81,319 |
Unvested restricted stock (shares/units) | 164,787 | 312,634 | 142,677 | 261,758 |
Forward equity offering (shares/units) | 2,246,171 | 1,845,832 | ||
Market performance-based awards (shares/units) | 300,438 | 505,602 | 320,330 | 520,531 |
Weighted average shares/units outstanding-diluted (shares/units) | 289,484,805 | 278,719,109 | 289,218,609 | 255,704,473 |
Income per share/unit: | ||||
Basic (in dollars per share/unit) | $ 0.45 | $ 0.20 | $ 1.78 | $ 1.05 |
Diluted (in dollars per share/unit) | $ 0.45 | $ 0.20 | $ 1.77 | $ 1.04 |
Earnings per Common Share or _4
Earnings per Common Share or Unit - Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities (shares) | 12,714,063 | 18,387,396 | 14,741,893 | 19,096,203 |
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) | 7,050,948 | 7,974,701 | 7,142,998 | 8,128,459 |
Series C Cumulative Redeemable Perpetual Preferred Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities (shares) | 688,978 | 1,441,895 | 1,082,497 | 1,518,997 |
Series G Cumulative Redeemable Preferred Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities (shares) | 1,787,870 | 1,883,473 | ||
Series I Cumulative Redeemable Preferred Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities (shares) | 1,789,962 | 1,269,035 | 1,885,677 | |
Series J Cumulative Redeemable Preferred Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities (shares) | 1,317,184 | 1,428,093 | 1,389,536 | 1,504,458 |
Series K Cumulative Redeemable Preferred Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities (shares) | 1,385,091 | 1,501,718 | 1,461,173 | 1,582,019 |
Series L Cumulative Redeemable Preferred Units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potentially dilutive securities (shares) | 2,271,862 | 2,463,157 | 2,396,654 | 2,593,120 |
Equity and Capital - Equity Dis
Equity and Capital - Equity Distribution Agreement (Details) - Sales Agreement - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Class of Stock [Line Items] | ||
Common stock issued in public offering (shares) | 0.5 | 4.6 |
Average price per share | $ 161.57 | $ 142.39 |
Amount of shares reserved for future issuance | $ 672.2 | |
Maximum | ||
Class of Stock [Line Items] | ||
Aggregate offering price of the distribution agreement maximum | $ 1,000 |
Equity and Capital - Preferred
Equity and Capital - Preferred Stock Redemption (Details) - USD ($) $ / shares in Units, $ in Thousands | May 17, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 |
Class of Stock [Line Items] | ||||
Gain on redemption of preferred stock | $ 18,000 | $ 0 | $ 18,000 | |
Series C Cumulative Redeemable Perpetual Preferred Stock | ||||
Class of Stock [Line Items] | ||||
Preferred Stock, Redemption Price Per Share | $ 25.211632 | |||
Redemption price | $ 25 | |||
Gain on redemption of preferred stock | $ 18,000 | |||
Preferred Stock, Redemption Amount, Fair Value | 201,300 | |||
Carrying value of the preferred stock | $ 219,300 |
Equity and Capital - Noncontrol
Equity and Capital - Noncontrolling Interests (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Class of Stock [Line Items] | ||
Noncontrolling interests in Operating Partnership | $ 513,897 | $ 608,980 |
Noncontrolling interests in consolidated joint ventures | 192,694 | 119,659 |
Total noncontrolling interests | 706,591 | 728,639 |
Digital Realty Trust, L.P. | ||
Class of Stock [Line Items] | ||
Noncontrolling interests in consolidated joint ventures | $ 192,694 | $ 119,659 |
Equity and Capital - Noncontr_2
Equity and Capital - Noncontrolling Interests in Operating Partnership (Details) - USD ($) $ in Millions | Jun. 30, 2021 | Dec. 31, 2020 |
Class of Stock | ||
Number of units (units) | 282,603,152 | 280,289,726 |
Percentage of total | 97.60% | 97.20% |
Common stock conversion ratio | 1 | |
Digital Realty Trust, L.P. | ||
Class of Stock | ||
Redeemable noncontrolling interests - operating partnership | $ 1,009.8 | $ 1,078.9 |
Common units held by third parties | ||
Class of Stock | ||
Common units held by third parties (units) | 5,352,766 | 6,212,369 |
Percentage of total | 1.80% | 2.20% |
Incentive units held by employees and directors (see Note 15 below) | ||
Class of Stock | ||
Incentive units held by employees and directors (units) | 1,702,643 | 1,833,898 |
Percentage of total | 0.60% | 0.60% |
Noncontrolling Interests in Operating Partnership | ||
Class of Stock | ||
Number of units (units) | 289,658,561 | 288,335,993 |
Percentage of total | 100.00% | 100.00% |
Equity and Capital - Summary of
Equity and Capital - Summary of Activity For Noncontrolling Interests in The Operating Partnership (Details) | 6 Months Ended |
Jun. 30, 2021shares | |
Common And Incentive Unit Activity [Roll Forward] | |
Beginning balance (units) | 8,046,267 |
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units) | (859,603) |
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units) | (481,072) |
Incentive units issued upon achievement of market performance condition (units) | 219,652 |
Grant of incentive units to employees and directors (units) | 132,041 |
Cancellation / forfeitures of incentive units held by employees and directors (units) | (1,876) |
Ending balance (units) | 7,055,409 |
Common Units | |
Common And Incentive Unit Activity [Roll Forward] | |
Beginning balance (units) | 6,212,369 |
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units) | (859,603) |
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units) | 0 |
Incentive units issued upon achievement of market performance condition (units) | 0 |
Grant of incentive units to employees and directors (units) | 0 |
Cancellation / forfeitures of incentive units held by employees and directors (units) | 0 |
Ending balance (units) | 5,352,766 |
Incentive Units | |
Common And Incentive Unit Activity [Roll Forward] | |
Beginning balance (units) | 1,833,898 |
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units) | 0 |
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units) | (481,072) |
Incentive units issued upon achievement of market performance condition (units) | 219,652 |
Grant of incentive units to employees and directors (units) | 132,041 |
Cancellation / forfeitures of incentive units held by employees and directors (units) | (1,876) |
Ending balance (units) | 1,702,643 |
Equity and Capital - Schedule o
Equity and Capital - Schedule of Dividends and Distributions (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($)$ / shares | |
Series C Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 3,333 |
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 1.65625 |
Series J Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 5,250 |
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 1.31250 |
Series K Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 6,142 |
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 1.46250 |
Series L Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 8,970 |
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 1.30000 |
Common Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 655,244 |
Common stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 4.64000 |
February 25 2021 | Series C Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 3,333 |
February 25 2021 | Series J Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 2,625 |
February 25 2021 | Series K Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 3,071 |
February 25 2021 | Series L Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 4,485 |
February 25 2021 | Common Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, common stock/units | 326,965 |
May 12 2021 | Series J Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 2,625 |
May 12 2021 | Series K Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 3,071 |
May 12 2021 | Series L Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 4,485 |
May 12 2021 | Common Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 328,279 |
Digital Realty Trust, L.P. | Series C Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 3,333 |
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 1.65625 |
Digital Realty Trust, L.P. | Series J Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 5,250 |
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 1.31250 |
Digital Realty Trust, L.P. | Series K Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 6,142 |
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 1.46250 |
Digital Realty Trust, L.P. | Series L Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 8,970 |
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 1.30000 |
Digital Realty Trust, L.P. | Common Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 672,584 |
Common stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 4.64000 |
Digital Realty Trust, L.P. | February 25 2021 | Series C Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 3,333 |
Digital Realty Trust, L.P. | February 25 2021 | Series J Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 2,625 |
Digital Realty Trust, L.P. | February 25 2021 | Series K Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 3,071 |
Digital Realty Trust, L.P. | February 25 2021 | Series L Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 4,485 |
Digital Realty Trust, L.P. | February 25 2021 | Common Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, common stock/units | 336,041 |
Digital Realty Trust, L.P. | May 12 2021 | Series J Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 2,625 |
Digital Realty Trust, L.P. | May 12 2021 | Series K Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 3,071 |
Digital Realty Trust, L.P. | May 12 2021 | Series L Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | 4,485 |
Digital Realty Trust, L.P. | May 12 2021 | Common Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ 336,543 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss), Net (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Foreign currency translation adjustments | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | $ 98,760 |
Net current period change | (104,520) |
Ending balance | (5,760) |
Cash flow hedge adjustments | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | (2,630) |
Net current period change | 549 |
Reclassification to interest expense from interest rate swaps | 694 |
Ending balance | (1,387) |
Foreign currency net investment hedge adjustments | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | 38,880 |
Ending balance | 38,880 |
Accumulated other comprehensive income (loss), net | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | 135,010 |
Net current period change | (103,971) |
Reclassification to interest expense from interest rate swaps | 694 |
Ending balance | 31,733 |
Digital Realty Trust, L.P. | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | 18,446,336 |
Ending balance | 18,164,247 |
Digital Realty Trust, L.P. | Foreign currency translation adjustments | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | 98,946 |
Net current period change | (107,324) |
Ending balance | (8,378) |
Digital Realty Trust, L.P. | Cash flow hedge adjustments | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | (3,823) |
Net current period change | 563 |
Reclassification to interest expense from interest rate swaps | 712 |
Ending balance | (2,548) |
Digital Realty Trust, L.P. | Foreign currency net investment hedge adjustments | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | 39,677 |
Ending balance | 39,677 |
Digital Realty Trust, L.P. | Accumulated other comprehensive income (loss), net | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | 134,800 |
Net current period change | (106,761) |
Reclassification to interest expense from interest rate swaps | 712 |
Ending balance | $ 28,751 |
Incentive Plan - Summary of Lon
Incentive Plan - Summary of Long-Term Incentive Units (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Units | |
Granted (shares) | 132,041 |
Long-term incentive units | |
Units | |
Unvested beginning of period (shares) | 235,535 |
Granted (shares) | 132,041 |
Vested (shares) | (124,984) |
Cancelled or expired (shares) | (1,876) |
Unvested end of period (shares) | 240,716 |
Weighted-Average Grant Date Fair Value | |
Unvested, beginning of period (in dollars per share) | $ / shares | $ 122.22 |
Granted (in dollars per share) | $ / shares | 138.05 |
Vested (in dollars per share) | $ / shares | 122.22 |
Cancelled or expired (in dollars per share) | $ / shares | 128.38 |
Unvested, end of period (in dollars per share) | $ / shares | $ 130.86 |
Long-term incentive units | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 2 years |
Long-term incentive units | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 4 years |
Incentive Plan - Summary of act
Incentive Plan - Summary of activity for Service-Based Restricted Stock Units (Details) | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Units | |
Granted (shares) | 132,041 |
Service-Based Restricted Stock Units | |
Units | |
Unvested beginning of period (shares) | 783,219 |
Granted (shares) | 243,107 |
Vested (shares) | (327,773) |
Cancelled or expired (shares) | (30,366) |
Unvested end of period (shares) | 668,187 |
Weighted-Average Grant Date Fair Value | |
Unvested, beginning of period (in dollars per share) | $ / shares | $ 123.04 |
Granted (in dollars per share) | $ / shares | 135.44 |
Vested (in dollars per share) | $ / shares | 120.04 |
Cancelled or expired (in dollars per share) | $ / shares | 129.01 |
Unvested, end of period (in dollars per share) | $ / shares | $ 128.75 |
Service-Based Restricted Stock Units | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance period | 4 years |
Incentive Plan - Market Perform
Incentive Plan - Market Performance Based Awards (Details) $ in Millions | Feb. 27, 2022 | Feb. 27, 2021item | Jan. 31, 2021shares | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2020shares |
Market performance-based awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance period | 3 years | |||||
Number of trials | item | 100,000 | |||||
Fair value of awards | $ | $ 25 | $ 17.2 | ||||
Award requisite service period | 4 years | |||||
Market performance-based awards | 2018 Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting of restricted common units, net (units) | 63,498 | |||||
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% | |||||
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% | |||||
Class D Units | 2018 Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting of restricted common units, net (units) | 240,377 | |||||
Distribution Equivalent Unit | 2018 Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Vesting of restricted common units, net (units) | 20,725 |
Incentive Plan - Assumptions Us
Incentive Plan - Assumptions Used (Details) - Market performance-based awards | Feb. 25, 2021 | Jan. 01, 2021 | Feb. 20, 2020 | Feb. 19, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected Stock Price Volatility | 26.00% | 27.00% | 22.00% | 22.00% |
Risk-Free Interest rate | 0.31% | 0.17% | 1.35% | 1.39% |
Incentive Plan - Schedule of Co
Incentive Plan - Schedule of Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Long-term incentive units | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Deferred compensation, expensed | $ 2.8 | $ 3.1 | $ 6 | $ 6.2 | |
Deferred compensation, capitalized | 0.1 | 0.1 | |||
Unearned Compensation | 24.9 | $ 24.9 | $ 15.1 | ||
Expected period to recognize unearned compensation (in years) | 2 years 3 months 18 days | ||||
Market performance-based awards | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Deferred compensation, expensed | 6.4 | 6.6 | $ 14.9 | 11.2 | |
Deferred compensation, capitalized | 0.1 | 0.2 | 0.5 | 0.4 | |
Unearned Compensation | 47.2 | $ 47.2 | 34.4 | ||
Expected period to recognize unearned compensation (in years) | 2 years 9 months 18 days | ||||
Service-Based Restricted Stock Units | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Deferred compensation, expensed | 5.3 | 3.6 | $ 9.2 | 6.8 | |
Deferred compensation, capitalized | 0.9 | 0.8 | 1.6 | 1.6 | |
Unearned Compensation | 57.6 | $ 57.6 | 41.5 | ||
Expected period to recognize unearned compensation (in years) | 2 years 9 months 18 days | ||||
Interxion awards | |||||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||||
Deferred compensation, expensed | 4.1 | $ 7.1 | $ 14.6 | $ 10.1 | |
Unearned Compensation | $ 12.8 | $ 12.8 | $ 27.2 | ||
Expected period to recognize unearned compensation (in years) | 1 year 10 months 24 days |
Incentive Plan - Narrative (Det
Incentive Plan - Narrative (Details) - shares shares in Millions | Feb. 27, 2021 | Mar. 09, 2020 | Jun. 30, 2021 |
Interxion Combination | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Additional shares registered for issuance (shares) | 0.6 | ||
Interxion Combination | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 2 years | ||
Interxion Combination | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Market performance-based awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 3 years | ||
Market performance-based awards | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Market performance-based awards | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 3 years | ||
Service-Based Restricted Stock Units | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 2 years | ||
Service-Based Restricted Stock Units | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance period | 4 years | ||
Incentive Award Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares remaining for issuance under Incentive Plan (shares) | 5.5 | ||
Long-term incentive units | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 2 years | ||
Long-term incentive units | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Award vesting period | 4 years |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Derivative Instruments | |
Gain (loss) to be reclassified within twelve months | $ 1.4 |
Derivative Instruments - Outsta
Derivative Instruments - Outstanding Interest Rate Derivatives (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Interest Rate Swap, 1.435 | ||
Currently-paying contracts | ||
Notional Amount | $ 104,000 | $ 104,000 |
Strike Rate | 1.435% | |
Interest Rate Swap, 1.435 | Level 2 | ||
Currently-paying contracts | ||
Fair value of derivatives | $ (2,031) | (2,773) |
Interest Rate Swap, 0.779 | ||
Currently-paying contracts | ||
Notional Amount | 77,352 | |
Strike Rate | 0.779% | |
Interest Rate Swap, 0.779 | Level 2 | ||
Currently-paying contracts | ||
Fair value of derivatives | (9) | |
Interest Rate Swap | ||
Currently-paying contracts | ||
Notional Amount | $ 104,000 | 181,352 |
Interest Rate Swap | Level 2 | ||
Currently-paying contracts | ||
Fair value of derivatives | $ (2,031) | $ (2,782) |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Estimated Fair Value And Carrying Amounts (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | $ 14,914,162 | $ 14,679,665 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | 14,038,386 | 13,413,009 |
Level 2 | Global revolving credit facilities | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | 1,032,946 | 540,184 |
Level 2 | Global revolving credit facilities | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | 1,032,946 | 540,184 |
Level 2 | Unsecured term loans | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | 537,470 | |
Level 2 | Unsecured term loans | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | 537,470 | |
Level 2 | Unsecured senior notes | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured senior notes | 13,630,380 | 13,359,960 |
Level 2 | Unsecured senior notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured senior notes | 12,762,570 | 12,096,029 |
Level 2 | Secured and Other Debt | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured debt | 250,836 | 242,051 |
Level 2 | Secured and Other Debt | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured debt | $ 242,870 | $ 239,326 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | Jun. 30, 2021USD ($) |
Commitments and Contingencies. | |
Reimbursable amount of commitments related to construction contracts | $ 35.2 |
Commitments related to construction contracts | $ 1,500 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Information | ||||
Cash and cash equivalents | $ 120,482 | $ 108,501 | ||
Restricted cash (included in other assets) | 8,031 | 15,151 | ||
Total | 128,513 | $ 519,033 | $ 123,652 | $ 97,253 |
Interest, net of amounts capitalized | 151,700 | 151,500 | ||
Income taxes, net of refunds | $ 12,700 | $ 8,600 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | Jul. 15, 2021 | Jun. 30, 2021 | Jun. 30, 2020 |
Subsequent Events | |||
Net proceeds from offering | $ 1,218,650 | $ 2,357,417 | |
Subsequent Events | Unsecured senior notes | |||
Subsequent Events | |||
Net proceeds from offering | $ 542,300 | ||
Subsequent Events | 0.20% Guaranteed Notes due 2026 | |||
Subsequent Events | |||
Aggregate principal amount | $ 275,000 | ||
Interest rate | 0.20% | ||
Subsequent Events | 0.55% Guaranteed Notes due 2029 | |||
Subsequent Events | |||
Aggregate principal amount | $ 270,000 | ||
Interest rate | 0.55% |