Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2022 | May 03, 2022 | |
Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-32336 | |
Entity Registrant Name | DIGITAL REALTY TRUST, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 26-0081711 | |
Entity Address, Address Line One | 5707 Southwest Parkway, Building 1, Suite 275 | |
Entity Address, City or Town | Austin | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 78735 | |
City Area Code | 737 | |
Local Phone Number | 281-0101 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 284,672,362 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
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 | Mar. 31, 2022 | |
Entity File Number | 000-54023 | |
Entity Registrant Name | DIGITAL REALTY TRUST, L.P. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 20-2402955 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth | false | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
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 - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Investments in real estate: | ||
Investments in properties, net | $ 20,932,965 | $ 20,762,241 |
Investments in unconsolidated entities | 2,044,074 | 1,807,689 |
Net investments in real estate | 22,977,039 | 22,569,930 |
Operating lease right-of-use assets, net | 1,361,942 | 1,405,441 |
Cash and cash equivalents | 157,964 | 142,698 |
Accounts and other receivables, net | 774,577 | 671,721 |
Deferred rent, net | 545,666 | 547,385 |
Goodwill | 7,802,440 | 7,937,440 |
Customer relationship value, deferred leasing costs and intangibles, net | 2,640,795 | 2,735,486 |
Other assets | 420,119 | 359,459 |
Total assets | 36,680,542 | 36,369,560 |
LIABILITIES AND EQUITY/CAPITAL | ||
Global revolving credit facilities, net | 943,325 | 398,172 |
Unsecured senior notes, net of discount | 13,284,650 | 12,903,370 |
Secured and other debt, including premiums | 160,240 | 146,668 |
Operating lease liabilities | 1,472,510 | 1,512,187 |
Accounts payable and other accrued liabilities | 1,572,357 | 1,543,623 |
Deferred tax liabilities, net | 649,112 | 666,451 |
Accrued dividends and distributions | 338,729 | |
Security deposits and prepaid rents | 346,908 | 336,578 |
Total liabilities | 18,429,102 | 17,845,778 |
Redeemable noncontrolling interests | 42,734 | 46,995 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Preferred stock/ units | 731,690 | 731,690 |
Common Stock: $0.01 par value per share, 392,000,000 shares authorized; 284,666,082 and 284,415,013 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 2,824 | 2,824 |
Partners' capital: | ||
Additional paid-in capital | 21,069,391 | 21,075,863 |
Accumulated dividends in excess of earnings | (3,916,854) | (3,631,929) |
Accumulated other comprehensive (loss) income, net | (188,844) | (173,880) |
Total stockholders' equity | 17,698,207 | 18,004,568 |
Noncontrolling interests | 510,499 | 472,219 |
Total equity | 18,208,706 | 18,476,787 |
Total liabilities and equity/capital | 36,680,542 | 36,369,560 |
Digital Realty Trust, L.P. | ||
Investments in real estate: | ||
Investments in properties, net | 20,932,965 | 20,762,241 |
Investments in unconsolidated entities | 2,044,074 | 1,807,689 |
Net investments in real estate | 22,977,039 | 22,569,930 |
Operating lease right-of-use assets, net | 1,361,942 | 1,405,441 |
Cash and cash equivalents | 157,964 | 142,698 |
Accounts and other receivables, net | 774,577 | 671,721 |
Deferred rent, net | 545,666 | 547,385 |
Goodwill | 7,802,440 | 7,937,440 |
Customer relationship value, deferred leasing costs and intangibles, net | 2,640,795 | 2,735,486 |
Other assets | 420,119 | 359,459 |
Total assets | 36,680,542 | 36,369,560 |
LIABILITIES AND EQUITY/CAPITAL | ||
Global revolving credit facilities, net | 943,325 | 398,172 |
Unsecured senior notes, net of discount | 13,284,650 | 12,903,370 |
Secured and other debt, including premiums | 160,240 | 146,668 |
Operating lease liabilities | 1,472,510 | 1,512,187 |
Accounts payable and other accrued liabilities | 1,572,357 | 1,543,623 |
Deferred tax liabilities, net | 649,112 | 666,451 |
Accrued dividends and distributions | 338,729 | |
Security deposits and prepaid rents | 346,908 | 336,578 |
Total liabilities | 18,429,102 | 17,845,778 |
Redeemable noncontrolling interests | 42,734 | 46,995 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Preferred stock/ units | 731,690 | 731,690 |
Partners' capital: | ||
Common units, 284,666,082 and 284,415,013 units issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 17,155,361 | 17,446,758 |
Limited Partners, 6,290,465 and 5,931,771 units issued and outstanding as of March 31, 2022 and December 31, 2021, respectively | 451,954 | 432,902 |
Accumulated other comprehensive (loss) income, net | (196,769) | (181,445) |
Total partners' capital | 18,142,236 | 18,429,905 |
Noncontrolling interests in consolidated entities | 66,470 | 46,882 |
Total capital | 18,208,706 | 18,476,787 |
Total liabilities and equity/capital | $ 36,680,542 | $ 36,369,560 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share/unit) | $ 0.01 | $ 0.01 |
Preferred stock, authorized (shares) | 110,000,000 | 110,000,000 |
Liquidation preference | $ 755,000 | $ 755,000 |
Preferred stock, liquidation preference per share (in dollars per share) | $ 25 | $ 25 |
Preferred stock, issued (shares) | 30,200,000 | 30,200,000 |
Preferred stock, outstanding (shares) | 30,200,000 | 30,200,000 |
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) | 284,666,082 | 284,415,013 |
Common stock, shares, outstanding (shares) | 284,666,082 | 284,415,013 |
Digital Realty Trust, L.P. | ||
Liquidation preference | $ 755,000 | |
Preferred stock, liquidation preference per share (in dollars per share) | $ 25 | $ 25 |
Preferred units, issued (units) | 30,200,000 | 30,200,000 |
Preferred units, outstanding (units) | 30,200,000 | 30,200,000 |
Common units, issued (units) | 284,666,082 | 284,415,013 |
Common units, outstanding (units) | 284,666,082 | 284,415,013 |
Limited Partners' units, issued (units) | 6,290,465 | 5,931,771 |
Limited Partners' units outstanding (units) | 6,290,465 | 5,931,771 |
CONDENSED CONSOLIDATED INCOME S
CONDENSED CONSOLIDATED INCOME STATEMENTS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Revenues: | ||
Operating Revenues | $ 1,127,322 | $ 1,090,391 |
Operating Expenses: | ||
Rental property operating and maintenance | 435,593 | 361,779 |
Property taxes and insurance | 50,224 | 52,503 |
Depreciation and amortization | 382,132 | 369,733 |
General and administrative | 98,513 | 99,994 |
Transactions and integration | 11,968 | 14,120 |
Other | 7,657 | (257) |
Total operating expenses | 986,087 | 897,872 |
Operating income | 141,235 | 192,519 |
Other Income (Expenses): | ||
Equity in earnings (loss) of unconsolidated entities | 60,958 | (23,031) |
Gain on disposition of properties, net | 2,770 | 333,921 |
Other income (expenses), net | 3,051 | (7,186) |
Interest expense | (66,725) | (75,653) |
Loss from early extinguishment of debt | (51,135) | (18,347) |
Income tax expense | (13,244) | (7,547) |
Net income | 76,910 | 394,676 |
Net income attributable to noncontrolling interests | (3,629) | (8,756) |
Net income attributable to Digital Realty Trust, Inc/Digital Realty Trustt, L.P. | 73,281 | 385,920 |
Preferred stock dividends | (10,181) | (13,514) |
Net income available to common stockholders | $ 63,100 | $ 372,406 |
Net income per share/unit available to common stockholders/unitholders: | ||
Basic (in dollars per share/unit) | $ 0.22 | $ 1.32 |
Diluted (in dollars per share/unit) | $ 0.22 | $ 1.32 |
Weighted average common shares/ units outstanding: | ||
Basic (shares/units) | 284,526 | 281,095 |
Diluted (shares/units) | 285,025 | 281,917 |
Digital Realty Trust, L.P. | ||
Operating Revenues: | ||
Operating Revenues | $ 1,127,322 | $ 1,090,391 |
Operating Expenses: | ||
Rental property operating and maintenance | 435,593 | 361,779 |
Property taxes and insurance | 50,224 | 52,503 |
Depreciation and amortization | 382,132 | 369,733 |
General and administrative | 98,513 | 99,994 |
Transactions and integration | 11,968 | 14,120 |
Other | 7,657 | (257) |
Total operating expenses | 986,087 | 897,872 |
Operating income | 141,235 | 192,519 |
Other Income (Expenses): | ||
Equity in earnings (loss) of unconsolidated entities | 60,958 | (23,031) |
Gain on disposition of properties, net | 2,770 | 333,921 |
Other income (expenses), net | 3,051 | (7,186) |
Interest expense | (66,725) | (75,653) |
Loss from early extinguishment of debt | (51,135) | (18,347) |
Income tax expense | (13,244) | (7,547) |
Net income | 76,910 | 394,676 |
Net income attributable to noncontrolling interests | (2,029) | 1,044 |
Net income attributable to Digital Realty Trust, Inc/Digital Realty Trustt, L.P. | 74,881 | 395,720 |
Preferred stock dividends | (10,181) | (13,514) |
Net income available to common stockholders | $ 64,700 | $ 382,206 |
Net income per share/unit available to common stockholders/unitholders: | ||
Basic (in dollars per share/unit) | $ 0.22 | $ 1.32 |
Diluted (in dollars per share/unit) | $ 0.22 | $ 1.32 |
Weighted average common shares/ units outstanding: | ||
Basic (shares/units) | 290,163 | 288,377 |
Diluted (shares/units) | 290,662 | 289,199 |
Rental and other services | ||
Operating Revenues: | ||
Operating Revenues | $ 1,121,550 | $ 1,087,906 |
Rental and other services | Digital Realty Trust, L.P. | ||
Operating Revenues: | ||
Operating Revenues | 1,121,550 | 1,087,906 |
Fee income and other | ||
Operating Revenues: | ||
Operating Revenues | 5,772 | 2,485 |
Fee income and other | Digital Realty Trust, L.P. | ||
Operating Revenues: | ||
Operating Revenues | $ 5,772 | $ 2,485 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net income | $ 76,910 | $ 394,676 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | (13,877) | (219,002) |
(Decrease) increase in fair value of interest rate swaps | (1,344) | 337 |
Reclassification to interest expense from interest rate swaps | (103) | 359 |
Other comprehensive loss | (15,324) | (218,306) |
Comprehensive income | 61,586 | 176,370 |
Comprehensive income attributable to noncontrolling interests | (3,269) | (3,143) |
Comprehensive income attributable to Digital Realty Trust, Inc. | 58,317 | 173,227 |
Digital Realty Trust, L.P. | ||
Net income | 76,910 | 394,676 |
Other comprehensive income (loss): | ||
Foreign currency translation adjustments | (13,877) | (219,002) |
(Decrease) increase in fair value of interest rate swaps | (1,344) | 337 |
Reclassification to interest expense from interest rate swaps | (103) | 359 |
Other comprehensive loss | (15,324) | (218,306) |
Comprehensive income | 61,586 | 176,370 |
Comprehensive income attributable to noncontrolling interests | (2,029) | 1,044 |
Comprehensive income attributable to Digital Realty Trust, Inc. | $ 59,557 | $ 177,414 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands | Redeemable Noncontrolling Interests -- Operating Partnership | Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Dividends in Excess of Earnings | Accumulated other comprehensive income (loss), netInterest Rate Swap | Accumulated other comprehensive income (loss), net | Total Noncontrolling InterestsInterest Rate Swap | Total Noncontrolling Interests | Interest Rate Swap | Total |
Beginning balance at Dec. 31, 2020 | $ 42,011 | $ 950,940 | $ 2,788 | $ 20,626,897 | $ (3,997,938) | $ 135,010 | $ 728,639 | $ 18,446,336 | |||
Beginning balance (shares) at Dec. 31, 2020 | 280,289,726 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Conversion of common units to common stock | $ 6 | 53,607 | (53,613) | ||||||||
Conversion of common units to common stock (shares) | 642,190 | ||||||||||
Common stock and share-based awards issued in connection with InterXion combination | $ 1 | 18,269 | 18,270 | ||||||||
Common stock and share-based awards issued in connection with InterXion combination (in shares) | 125,395 | ||||||||||
Payment of offering costs and other | (232) | (232) | |||||||||
Shares issued under employee stock purchase plan | 3,427 | 3,427 | |||||||||
Shares issued under employee stock purchase plan (shares) | 29,475 | ||||||||||
Amortization of share-based compensation | 28,788 | 28,788 | |||||||||
Vesting of restricted stock, net (shares) | 285,524 | ||||||||||
Shares repurchased and retired to satisfy tax withholding upon vesting | (9,718) | (9,718) | |||||||||
Reclassification of vested share-based awards | (20,548) | 20,548 | |||||||||
Adjustment to redeemable noncontrolling interests | 208 | (208) | (208) | ||||||||
Dividends declared on preferred stock | (13,514) | (13,514) | |||||||||
Dividends and distributions on common stock and common and incentive units | (181) | (326,965) | (8,701) | (335,666) | |||||||
Contributions from (distributions to) noncontrolling interests in consolidated entities | (2,150) | 31,680 | 31,680 | ||||||||
Net income (loss) | 209 | 385,920 | 8,547 | 394,467 | |||||||
Other comprehensive income (loss)-foreign currency translation adjustments | (213,471) | (5,531) | (219,002) | ||||||||
Other comprehensive income (loss)-fair value of interest rate swaps | $ 328 | $ 9 | $ 337 | 337 | |||||||
Other comprehensive income- reclassification of accumulated other comprehensive income/loss to interest expense | 350 | 9 | 359 | ||||||||
Ending balance at Mar. 31, 2021 | 40,097 | 950,940 | $ 2,795 | 20,700,282 | (3,952,497) | (77,783) | 721,587 | 18,345,324 | |||
Ending balance (shares) at Mar. 31, 2021 | 281,372,310 | ||||||||||
Beginning balance at Dec. 31, 2020 | 42,011 | 950,940 | $ 2,788 | 20,626,897 | (3,997,938) | 135,010 | 728,639 | 18,446,336 | |||
Beginning balance (shares) at Dec. 31, 2020 | 280,289,726 | ||||||||||
Ending balance at Dec. 31, 2021 | 46,995 | 731,690 | $ 2,824 | 21,075,863 | (3,631,929) | (173,880) | 472,219 | 18,476,787 | |||
Ending balance (shares) at Dec. 31, 2021 | 284,415,013 | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Conversion of common units to common stock | 1,258 | (1,258) | |||||||||
Conversion of common units to common stock (shares) | 14,861 | ||||||||||
Issuance of common units in connection with acquisition (shares) | 194,020 | ||||||||||
Payment of offering costs and other | (4,024) | (4,024) | |||||||||
Shares issued under employee stock purchase plan | 4,969 | 4,969 | |||||||||
Shares issued under employee stock purchase plan (shares) | 42,188 | ||||||||||
Amortization of share-based compensation | 18,545 | 18,545 | |||||||||
Shares repurchased and retired to satisfy tax withholding upon vesting | (6,162) | (6,162) | |||||||||
Reclassification of vested share-based awards | (26,531) | 26,531 | |||||||||
Adjustment to redeemable noncontrolling interests | (5,473) | 5,473 | 5,473 | ||||||||
Dividends declared on preferred stock | (10,181) | (10,181) | |||||||||
Dividends and distributions on common stock and common and incentive units | (190) | (348,025) | (7,786) | (355,811) | |||||||
Contributions from (distributions to) noncontrolling interests in consolidated entities | 1,367 | 17,559 | 17,559 | ||||||||
Net income (loss) | 35 | 73,281 | 3,594 | 76,875 | |||||||
Other comprehensive income (loss)-foreign currency translation adjustments | (13,551) | (326) | (13,877) | ||||||||
Other comprehensive income (loss)-fair value of interest rate swaps | $ (1,312) | $ (32) | $ (1,344) | (1,344) | |||||||
Other comprehensive income- reclassification of accumulated other comprehensive income/loss to interest expense | (101) | (2) | (103) | ||||||||
Ending balance at Mar. 31, 2022 | $ 42,734 | $ 731,690 | $ 2,824 | $ 21,069,391 | $ (3,916,854) | $ (188,844) | $ 510,499 | $ 18,208,706 | |||
Ending balance (shares) at Mar. 31, 2022 | 284,666,082 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CAPITAL - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning balance (units) | 284,415,000 | ||
Common units and share-based awards issued in connection with Interxion combination | $ 18,270 | ||
Units issued in connection with employee stock purchase plan | $ 4,969 | 3,427 | |
Units repurchased and retired to satisfy tax withholding upon vesting | (6,162) | (9,718) | |
Amortization of share-based compensation | 18,545 | 28,788 | |
Adjustment to redeemable noncontrolling interests | 5,473 | (208) | |
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions | 17,559 | 31,680 | |
Cumulative effect adjustment from adoption of new accounting standard | 18,208,706 | 18,345,324 | $ 18,476,787 |
Net income (loss) | 76,875 | 394,467 | |
Other comprehensive income (loss)-foreign currency translation adjustments | (13,877) | (219,002) | |
Other comprehensive income (loss)-fair value of interest rate swaps | (1,344) | 337 | |
Other comprehensive income- reclassification of accumulated other comprehensive income/loss to interest expense | $ (103) | 359 | |
Ending balance (units) | 284,666,000 | 284,415,000 | |
Interest Rate Swap | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Other comprehensive income (loss)-fair value of interest rate swaps | $ (1,344) | 337 | |
Digital Realty Trust, L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning balance | 18,476,787 | 18,446,336 | $ 18,446,336 |
Common units and share-based awards issued in connection with Interxion combination | 18,270 | ||
Common unit offering costs and other | (4,024) | ||
Issuance of common unit, net of offering costs | (232) | ||
Units issued in connection with employee stock purchase plan | 4,969 | 3,427 | |
Units repurchased and retired to satisfy tax withholding upon vesting | (6,162) | (9,718) | |
Amortization of share-based compensation | 18,545 | 28,788 | |
Adjustment to redeemable partnership units | 5,473 | (208) | |
Distributions | (365,992) | (349,180) | |
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions | 17,559 | 31,680 | |
Net income (loss) | 76,875 | 394,467 | |
Other comprehensive income (loss)-foreign currency translation adjustments | (13,877) | (219,002) | |
Other comprehensive income (loss)-fair value of interest rate swaps | (1,344) | 337 | |
Other comprehensive income- reclassification of accumulated other comprehensive income/loss to interest expense | (103) | 359 | |
Ending balance | 18,208,706 | 18,345,324 | 18,476,787 |
Digital Realty Trust, L.P. | Interest Rate Swap | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Other comprehensive income (loss)-fair value of interest rate swaps | (1,344) | ||
Other comprehensive income-fair value of interest rate swaps | 337 | ||
Redeemable Interests | Digital Realty Trust, L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning balance | 46,995 | 42,011 | 42,011 |
Adjustment to redeemable partnership units | (5,473) | 208 | |
Distributions | (190) | (181) | |
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions | 1,367 | (2,150) | |
Net income (loss) | 35 | 209 | |
Ending balance | 42,734 | 40,097 | 46,995 |
Accumulated other comprehensive income (loss), net | Digital Realty Trust, L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning balance | (181,445) | 134,800 | 134,800 |
Other comprehensive income (loss)-foreign currency translation adjustments | (13,877) | (219,002) | |
Other comprehensive income- reclassification of accumulated other comprehensive income/loss to interest expense | (103) | 359 | |
Ending balance | (196,769) | (83,506) | (181,445) |
Accumulated other comprehensive income (loss), net | Digital Realty Trust, L.P. | Interest Rate Swap | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Other comprehensive income (loss)-fair value of interest rate swaps | (1,344) | ||
Other comprehensive income-fair value of interest rate swaps | 337 | ||
Noncontrolling Interests in Consolidated Joint Ventures | Digital Realty Trust, L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning balance | 46,882 | 119,659 | 119,659 |
Contributions from noncontrolling interests in consolidated joint ventures, net of distributions | 17,559 | 31,680 | |
Net income (loss) | 2,029 | (1,044) | |
Ending balance | 66,470 | 150,295 | 46,882 |
General Partner | Preferred Units | Digital Realty Trust, L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning balance | $ 731,690 | $ 950,940 | $ 950,940 |
Beginning balance (units) | 30,200,000 | 38,250,000 | 38,250,000 |
Distributions | $ (13,514) | ||
Net income (loss) | 13,514 | ||
Ending balance | $ 731,690 | $ 950,940 | $ 731,690 |
Ending balance (units) | 30,200,000 | 38,250,000 | 30,200,000 |
General Partner | Common Units | Digital Realty Trust, L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning balance | $ 17,446,758 | $ 16,631,747 | $ 16,631,747 |
Beginning balance (units) | 284,415,013 | 280,289,726 | 280,289,726 |
Conversion of limited partner common units to general partner common units | $ 1,258 | $ 53,613 | |
Conversion of limited partner common units to general partner common units (units) | 14,861 | 642,190 | |
Common units issued in connection with acquisition (in units) | 194,020 | ||
Common units and share-based awards issued in connection with Interxion combination | $ 18,270 | ||
Common units and share-based awards issued in connection with Interxion combination (in units) | 125,395 | ||
Common unit offering costs and other | $ (4,024) | ||
Issuance of common unit, net of offering costs | $ (232) | ||
Units issued in connection with employee stock purchase plan | $ 4,969 | $ 3,427 | |
Units issued in connection with employee stock purchase plan (units) | 42,188 | 29,475 | |
Units repurchased and retired to satisfy tax withholding upon vesting | $ (6,162) | $ (9,718) | |
Amortization of share-based compensation | 18,545 | $ 28,788 | |
Vesting of restricted common units, net (units) | 285,524 | ||
Reclassification of vested share-based awards | (26,531) | $ (20,548) | |
Adjustment to redeemable partnership units | 5,473 | (208) | |
Distributions | (358,206) | (326,965) | |
Net income (loss) | 73,281 | 372,506 | |
Ending balance | $ 17,155,361 | $ 16,750,680 | $ 17,446,758 |
Ending balance (units) | 284,666,082 | 281,372,310 | 284,415,013 |
Limited Partners | Common Units | Digital Realty Trust, L.P. | |||
Increase (Decrease) in Partners' Capital [Roll Forward] | |||
Beginning balance | $ 432,902 | $ 609,190 | $ 609,190 |
Beginning balance (units) | 5,931,771 | 8,046,267 | 8,046,267 |
Conversion of limited partner common units to general partner common units | $ (1,258) | $ (53,613) | |
Conversion of limited partner common units to general partner common units (units) | (14,861) | (642,190) | |
Common unit offering costs and other (in units) | 373,555 | ||
Issuance of common units, net of forfeitures (units) | 337,194 | ||
Reclassification of vested share-based awards | $ 26,531 | $ 20,548 | |
Distributions | (7,786) | (8,701) | |
Net income (loss) | 1,565 | 9,491 | |
Ending balance | $ 451,954 | $ 576,915 | $ 432,902 |
Ending balance (units) | 6,290,465 | 7,741,271 | 5,931,771 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 76,910 | $ 394,676 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on disposition of properties, net | (2,770) | (333,921) |
Equity in (earnings) loss of unconsolidated entities | (60,958) | 23,031 |
Distributions from unconsolidated entities | 14,419 | 15,567 |
Depreciation and amortization | 382,132 | 369,733 |
Amortization of share-based compensation | 18,545 | 27,654 |
Loss from early extinguishment of debt | 51,135 | 18,347 |
Straight-lined rents and amortization of above and below market leases | 4,456 | (8,539) |
Amortization of deferred financing costs and debt discount / premium | 4,972 | 4,672 |
Other items, net | 8,995 | 1,945 |
Changes in assets and liabilities: | ||
Increase in accounts receivable and other assets | (168,789) | (108,993) |
Decrease in accounts payable and other liabilities | (51,362) | (76,297) |
Net cash provided by operating activities | 277,685 | 327,875 |
Cash flows from investing activities: | ||
Improvements to investments in real estate | (518,734) | (508,523) |
Cash paid for assets acquired | (20,133) | (27,623) |
Proceeds from unconsolidated entities, net | 40,796 | |
(Investment in) unconsolidated entities, net | (150,196) | |
Proceeds from sale of real estate | 685,484 | |
Other investing activities, net | (30,029) | (4,676) |
Net cash (used in) provided by investing activities | (719,092) | 185,458 |
Cash flows from financing activities: | ||
Net proceeds from (payments on) credit facilities | 551,022 | (69,438) |
Borrowings on secured / unsecured debt | 1,125,318 | 1,215,890 |
Repayments on secured / unsecured debt | (450,000) | (886,959) |
Premium paid for early extinguishment of debt | (49,662) | (16,482) |
Capital contributions from noncontrolling interests, net | 18,926 | 29,530 |
Payments of dividends and distributions | (704,911) | (673,747) |
Other financing activities, net | (12,397) | (15,459) |
Net cash (used in) provided by financing activities | 478,296 | (416,665) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 36,889 | 96,668 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (20,035) | 10,392 |
Cash, cash equivalents and restricted cash at beginning of period | 151,485 | 123,652 |
Cash, cash equivalents and restricted cash at end of period | 168,339 | 230,712 |
Digital Realty Trust, L.P. | ||
Cash flows from operating activities: | ||
Net income | 76,910 | 394,676 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Gain on disposition of properties, net | (2,770) | (333,921) |
Equity in (earnings) loss of unconsolidated entities | (60,958) | 23,031 |
Distributions from unconsolidated entities | 14,419 | 15,567 |
Depreciation and amortization | 382,132 | 369,733 |
Amortization of share-based compensation | 18,545 | 27,654 |
Loss from early extinguishment of debt | 51,135 | 18,347 |
Amortization of acquired above-market leases and acquired below-market leases, net | 4,456 | (8,539) |
Amortization of deferred financing costs and debt discount / premium | 4,972 | 4,672 |
Other items, net | 8,995 | 1,945 |
Changes in assets and liabilities: | ||
Increase in accounts receivable and other assets | (168,789) | (108,993) |
Decrease in accounts payable and other liabilities | (51,362) | (76,297) |
Net cash provided by operating activities | 277,685 | 327,875 |
Cash flows from investing activities: | ||
Improvements to investments in real estate | (518,734) | (508,523) |
Cash paid for assets acquired | (20,133) | (27,623) |
Proceeds from unconsolidated entities, net | 40,796 | |
(Investment in) unconsolidated entities, net | (150,196) | |
Proceeds from sale of real estate | 685,484 | |
Other investing activities, net | (30,029) | (4,676) |
Net cash (used in) provided by investing activities | (719,092) | 185,458 |
Cash flows from financing activities: | ||
Net proceeds from (payments on) credit facilities | 551,022 | (69,438) |
Borrowings on secured / unsecured debt | 1,125,318 | 1,215,890 |
Repayments on secured / unsecured debt | (450,000) | (886,959) |
Premium paid for early extinguishment of debt | (49,662) | (16,482) |
Capital contributions from noncontrolling interests, net | 18,926 | 29,530 |
Payments of dividends and distributions | (704,911) | (673,747) |
Other financing activities, net | (12,397) | (15,459) |
Net cash (used in) provided by financing activities | 478,296 | (416,665) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 36,889 | 96,668 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (20,035) | 10,392 |
Cash, cash equivalents and restricted cash at beginning of period | 151,485 | 123,652 |
Cash, cash equivalents and restricted cash at end of period | $ 168,339 | $ 230,712 |
General
General | 3 Months Ended |
Mar. 31, 2022 | |
General | |
General | 1. General Organization and Description of Business. The Parent’s only material asset is its ownership of partnership interests of the OP. The Parent generally does not conduct business itself, other than acting as the sole general partner of the OP, issuing public securities from time to time and guaranteeing certain unsecured debt of the OP and certain of its subsidiaries and affiliates. The Parent has not issued any debt but guarantees the unsecured debt of the OP and certain of its subsidiaries and affiliates. The OP holds substantially all the assets of the Company. The OP conducts the operations of the business and has no publicly traded equity. Except for net proceeds from public equity issuances by the Parent, which are generally contributed to the OP in exchange for partnership units, the OP generally generates the capital required by the Company’s business primarily through the OP’s operations, by the OP’s or its affiliates’ direct or indirect incurrence of indebtedness or through the issuance of partnership units. Accounting Principles and Basis of Presentation. Management Estimates and Assumptions. New Accounting Pronouncements. |
Investments in Properties
Investments in Properties | 3 Months Ended |
Mar. 31, 2022 | |
Investments in Properties | |
Investments in Properties | 2. Investments in Properties A summary of our investments in properties is below (in thousands): Property Type As of March 31, 2022 As of December 31, 2021 Land $ 1,013,832 $ 1,019,723 Acquired ground lease 6,526 6,721 Buildings and improvements 22,050,895 21,914,091 Tenant improvements 698,458 684,915 23,769,711 23,625,450 Accumulated depreciation and amortization (6,467,233) (6,210,281) Investments in operating properties, net 17,302,478 17,415,169 Construction in progress and space held for development 3,523,485 3,213,389 Land held for future development 107,002 133,683 Investments in properties, net $ 20,932,965 $ 20,762,241 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2022 | |
Leases | |
Leases | 3. Leases Lessor Accounting We generate most of our revenue by leasing operating properties to customers under operating lease agreements. We recognize the total minimum lease payments provided for under the leases on a straight-line basis over the lease term if we determine that it is probable that substantially all of the lease payments will be collected over the lease term. Otherwise, rental revenue is recognized based on the amount contractually due. Generally, under the terms of our leases, most of our rental expenses, including common area maintenance, real estate taxes and insurance, are recovered from our customers. We record amounts reimbursed by customers in the period the applicable expenses are incurred, which is generally ratably throughout the term of the lease. Reimbursements are recognized in rental and other services revenue in the condensed consolidated income statements as we are the primary obligor with respect to purchasing and selecting goods and services from third-party vendors and bearing the associated credit risk. Lessee Accounting We lease space at certain of our data centers from third parties and certain equipment under noncancelable lease agreements. Leases for our data centers expire at various dates through 2069. As of March 31, 2022, certain of our data centers, primarily in Europe and Singapore, are subject to ground leases. As of March 31, 2022, the termination dates of these ground leases generally range from 2049 to 2108. In addition, our corporate headquarters along with several regional office locations are subject to leases with termination dates ranging from 2022 to 2028. The leases generally require us to make fixed rental payments that increase at defined intervals during the term of the lease plus pay our share of common area, real estate and utility expenses as incurred. The leases neither contain residual value guarantees nor impose material restrictions or covenants on us. Further, the leases have been classified and accounted for as either operating or finance leases. Rent expense related to operating leases included in rental property operating and maintenance expense in the condensed consolidated income statements amounted to approximately $37.4 million and $35.6 million for the three months ended March 31, 2022 and 2021, respectively. |
Receivables
Receivables | 3 Months Ended |
Mar. 31, 2022 | |
Receivables | |
Receivables | 4. Receivables Accounts and Other Receivables, Net Accounts and other receivables, net is primarily comprised of contractual rents and other lease-related obligations currently due from customers. These amounts are shown in the subsequent table as Accounts receivable – trade. Other receivables shown separately from Accounts receivable – trade, consist primarily of amounts that have not yet been billed to customers, such as for utility reimbursements and installation fees. Balance as of Balance as of (Amounts in thousands): March 31, 2022 December 31, 2021 Accounts receivable – trade, net $ 466,656 $ 399,029 Allowance for doubtful accounts (35,387) (28,574) Accounts receivable, net 431,269 370,455 Accounts receivable – customer recoveries 145,136 131,538 Value-added tax receivables 113,415 104,036 Accounts receivable – installation fees 45,915 43,626 Other receivables 38,842 22,066 Accounts and other receivables, net $ 774,577 $ 671,721 Deferred Rent Deferred rent receivables represent rental income that has been recognized as revenue under ASC 842, but which is not yet due from customers under their existing rental agreements. The Company recognizes an allowance against deferred rent receivables to the extent it becomes no longer probable that a customer or group of customers will be able to make substantially all of their required cash rental payments over the entirety of their respective lease terms. Balance as of Balance as of (Amounts in thousands): March 31, 2022 December 31, 2021 Deferred rent receivables $ 566,071 $ 556,251 Allowance for deferred rent receivables (20,405) (8,866) Deferred rent receivables, net $ 545,666 $ 547,385 |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 3 Months Ended |
Mar. 31, 2022 | |
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 of Properties % Ownership March 31, 2022 December 31, 2021 Digital Core REIT (DCRU) 2021 U.S. / Canada 35 % $ 342,460 $ 343,317 Ownership interest in DCRU operating properties 2021 U.S. / Canada 10 % 144,050 144,050 Ascenty 2019 Brazil / Chile / Mexico 51 % 734,106 553,031 Mapletree 2019 Northern Virginia 20 % 169,895 172,465 Mitsubishi Various Osaka / Tokyo 50 % 417,497 401,509 Lumen 2012 Hong Kong 50 % 69,303 68,854 Other Various U.S. / India / Nigeria Various 166,763 124,463 Total $ 2,044,074 $ 1,807,689 DCREIT on the closing price per unit of $1.11 as of March 31, 2022, the fair value of the units the Company owns in DCRU was $433 million. This value does not include the value of the Company’s 10% interest in the operating properties of DCRU, because the associated ownership interests are not publicly traded. The Company accounts for its ownership interest in DCREIT as an equity method investment (and not at fair value) based on the significant influence it is able to exert on DCREIT. Pursuant to contractual agreements with the DCREIT, the Company will earn fees for asset and property management services as well as fees for aiding the DCREIT in future acquisition, disposition and development activities. Certain of these fees are payable to the Company in the form of additional units in the DCREIT or in cash. During the three months ended March 31, 2022, the Company earned fees pursuant to these contractual agreements of approximately $2.3 million, which is recorded as fee income and other on the condensed consolidated income statement. Ascenty The debt of our unconsolidated entities generally is non-recourse to us, except for customary exceptions pertaining to matters such as intentional misuse of funds, environmental conditions, and material misrepresentations. |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022 as compared to December 31, 2021 were driven by changes in exchange rates associated with goodwill balances denominated in foreign currencies. |
Acquired Intangible Assets and
Acquired Intangible Assets and Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
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: Balance as of March 31, 2022 December 31, 2021 (Amounts in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationship value $ 2,804,837 $ (759,084) $ 2,045,753 $ 2,838,842 $ (721,983) $ 2,116,859 Acquired in-place lease value 1,275,069 (1,008,479) 266,590 1,278,012 (995,883) 282,129 Other 99,325 (18,769) 80,556 101,869 (14,688) 87,181 Acquired above-market leases 267,747 (249,742) 18,005 268,724 (247,135) 21,589 Acquired below-market leases (350,129) 250,946 (99,183) (351,052) 247,877 (103,175) Amortization of customer relationship value, acquired in-place lease value and other intangibles (a component of depreciation and amortization expense) was approximately $61.6 million and $67.7 million for the three months ended March 31, 2022 and 2021, respectively. Amortization of acquired below-market leases, net of acquired above-market leases, resulted in an increase in rental and other services revenue of $0.2 million and a decrease of $(1.4) million for the three months ended March 31, 2022 and 2021, respectively. Estimated annual amortization for each of the five succeeding years and thereafter, commencing April 1, 2022 is as follows: (Amounts in thousands) Customer relationship value Acquired in-place lease value Other (1) Acquired above-market leases Acquired below-market leases Remainder of 2022 $ 125,119 $ 38,651 $ 7,221 $ 7,627 $ (10,349) 2023 166,157 43,641 3,189 4,758 (12,613) 2024 165,577 37,876 1,770 2,584 (11,320) 2025 165,075 34,798 1,729 1,452 (10,328) 2026 164,640 30,686 1,522 684 (8,709) Thereafter 1,259,185 80,938 1,522 900 (45,864) Total $ 2,045,753 $ 266,590 $ 16,953 $ 18,005 $ (99,183) (1) Excludes power grid rights in the amount of approximately $63.6 million that are currently not being amortized. Amortization of these assets will begin once the data centers associated with the power grid rights are placed into service . |
Debt of the Operating Partnersh
Debt of the Operating Partnership | 3 Months Ended |
Mar. 31, 2022 | |
Debt of the Operating Partnership | |
Debt of the Operating Partnership | 8. Debt of the Operating Partnership All debt is currently held by the OP or its consolidated subsidiaries, and the Parent is the guarantor or co-guarantor of the global revolving credit facilities and unsecured senior notes. A summary of outstanding indebtedness is as follows (in thousands): March 31, 2022 December 31, 2021 Weighted- Weighted- average Amount average Amount interest rate Outstanding interest rate Outstanding Global revolving credit facilities 1.18 % $ 959,713 0.96 % $ 415,116 Unsecured senior notes 2.11 % 13,388,665 2.26 % 13,000,042 Secured and other debt 3.70 % 160,593 3.47 % 147,082 Total 2.06 % $ 14,508,971 2.23 % $ 13,562,240 The weighted-average interest rates shown represent interest rates at the end of the periods for the debt outstanding and include the impact of designated interest rate swaps, which effectively fix the interest rates on certain variable rate debt. We primarily borrow in the functional currencies of the countries where we invest. Included in the outstanding balances were borrowings denominated in the following currencies (in thousands, U.S. dollars): March 31, 2022 December 31, 2021 Amount Amount Denomination of Draw Outstanding % of Total Outstanding % of Total U.S. dollar ($) $ 3,340,903 23.0 % $ 3,141,951 23.2 % British pound sterling (£) 2,056,097 14.2 % 2,117,758 15.6 % Euro ( € 7,942,786 54.7 % 7,532,057 55.5 % Other 1,169,185 8.1 % 770,474 5.7 % Total $ 14,508,971 $ 13,562,240 The table below summarizes our debt maturities and principal payments as of March 31, 2022 (in thousands): Global Revolving Unsecured Secured and Credit Facilities (1) Senior Notes Other Debt Total Debt 2022 $ — $ 664,020 $ 782 $ 664,802 2023 — 108,390 3,081 111,471 2024 — 992,470 — 992,470 2025 — 1,244,875 — 1,244,875 2026 — 1,487,776 7,822 1,495,598 Thereafter 959,713 8,891,134 148,908 9,999,755 Subtotal $ 959,713 $ 13,388,665 $ 160,593 $ 14,508,971 Unamortized net discounts — (39,268) — (39,268) Unamortized deferred financing costs (16,388) (64,747) (353) (81,488) Total $ 943,325 $ 13,284,650 $ 160,240 $ 14,388,215 (1) Includes amounts outstanding for the Global Revolving Credit Facility and the Yen Revolving Credit Facility (together, referred to as the “Global Revolving Credit Facilities”), which are discussed separately in these footnotes. Unsecured Senior Notes The following table provides details of our unsecured senior notes (balances in thousands): Aggregate Principal Amount at Issuance Balance as of Borrowing Currency USD Maturity Date March 31, 2022 December 31, 2021 Floating rate notes due 2022 € 300,000 $ 349,800 Sep 23, 2022 $ 332,010 $ 341,100 0.125% notes due 2022 € 300,000 332,760 Oct 15, 2022 332,010 341,100 0.600% notes due 2023 CHF 100,000 108,310 Oct 02, 2023 108,390 - 2.625% notes due 2024 € 600,000 677,040 Apr 15, 2024 664,020 682,200 2.750% notes due 2024 £ 250,000 324,925 Jul 19, 2024 328,450 338,300 4.250% notes due 2025 £ 400,000 634,480 Jan 17, 2025 525,520 541,280 0.625% notes due 2025 € 650,000 720,980 Jul 15, 2025 719,355 739,050 4.750% notes due 2025 $ 450,000 450,000 Oct 01, 2025 - 450,000 2.500% notes due 2026 € 1,075,000 1,224,640 Jan 16, 2026 1,189,703 1,222,275 0.200% notes due 2026 CHF 275,000 298,404 Dec 15, 2026 298,073 301,419 1.700% notes due 2027 CHF 150,000 162,465 Mar 30, 2027 162,585 - 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 553,350 568,500 4.450% notes due 2028 $ 650,000 650,000 Jul 15, 2028 650,000 650,000 0.550% notes due 2029 CHF 270,000 292,478 Apr 16, 2029 292,654 295,938 3.300% notes due 2029 £ 350,000 454,895 Jul 19, 2029 459,830 473,620 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 830,025 852,750 3.750% notes due 2030 £ 550,000 719,825 Oct 17, 2030 722,590 744,260 1.250% notes due 2031 € 500,000 560,950 Feb 01, 2031 553,350 568,500 0.625% notes due 2031 € 1,000,000 1,220,700 Jul 15, 2031 1,106,700 1,137,000 1.000% notes due 2032 € 750,000 874,500 Jan 15, 2032 830,025 852,750 1.375% notes due 2032 € 750,000 849,375 Jul 18, 2032 830,025 - $ 13,388,665 $ 13,000,042 Unamortized discounts, net of premiums (39,268) (33,612) Deferred financing costs, net (64,747) (63,060) Total unsecured senior notes, net of discount and deferred financing costs $ 13,284,650 $ 12,903,370 Restrictive Covenants in Unsecured Senior Notes The indentures governing our senior notes contain certain covenants, including (1) a leverage ratio not to exceed 60%, (2) a secured debt leverage ratio not to exceed 40% and (3) an interest coverage ratio of greater than 1.50. The covenants also require us to maintain total unencumbered assets of not less than 150% of the aggregate principal amount of unsecured debt. At March 31, 2022, we were in compliance with each of these financial covenants. Early Extinguishment of Unsecured Senior Notes We recognized the following losses on early extinguishment of unsecured notes: ● During the three months ended March 31, 2022 : $51.1 million primarily due to redemption of the 4.750% Notes due 2025 in February 2022. ● During the three months ended March 31, 2021 : $18.3 million primarily due to redemption of the 2.750% Notes due 2023 in February 2021. Issuance of Unsecured Senior Notes Digital Intrepid Holding B.V., an indirect wholly owned holding and finance subsidiary of the Operating Partnership through which the Interxion business is held, issued and sold the following notes during the quarter ended March 31, 2022: ● January 18, 2022: Issued and sold €750.0 million aggregate principal amount of 1.375% Guaranteed Notes due 2032 (the “2032 Notes”). Net proceeds from the offering were approximately €737.5 million (approximately $835.3 million based on the exchange rate on January 18, 2022) after deducting managers’ discounts and estimated offering expenses. ● March 30, 2022: Issued and sold CHF 100 million aggregate principal amount of 0.600% Guaranteed Notes due 2023 (the “2023 Notes”) and CHF 150 million aggregate principal amount of 1.700% Guaranteed Notes due 2027 (the “2027 Notes” and, together with the “2023 Notes,” the “Swiss Franc Notes”). Net proceeds from the offering of the Swiss Franc Notes were approximately CHF 248.6 million (approximately $269.2 million based on the exchange rate on March 30, 2022) after deducting the managers’ commissions and certain offering expenses. All of the notes listed above 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. |
Earnings per Common Share or Un
Earnings per Common Share or Unit | 3 Months Ended |
Mar. 31, 2022 | |
Earnings per Common Share or Unit | |
Earnings per Common Share or Unit | 9. Earnings per Common Share or Unit The following is a summary of basic and diluted income per share/unit (in thousands, except per share/unit amounts): Digital Realty Trust, Inc. Earnings per Common Share Three Months Ended March 31, 2022 2021 Net income available to common stockholders $ 63,100 $ 372,406 Weighted average shares outstanding—basic 284,526 281,095 Potentially dilutive common shares: Unvested incentive units 348 324 Unvested restricted stock 91 158 Market performance-based awards 60 340 Weighted average shares outstanding—diluted 285,025 281,917 Income per share: Basic $ 0.22 $ 1.32 Diluted $ 0.22 $ 1.32 Digital Realty Trust, L.P. Earnings per Unit Three Months Ended March 31, 2022 2021 Net income available to common unitholders $ 64,700 $ 382,206 Weighted average units outstanding—basic 290,163 288,377 Potentially dilutive common units: Unvested incentive units 348 324 Unvested restricted units 91 158 Market performance-based awards 60 340 Weighted average units outstanding—diluted 290,662 289,199 Income per unit: Basic $ 0.22 $ 1.32 Diluted $ 0.22 $ 1.32 The below table shows the securities that would be antidilutive or not dilutive to the calculation of earnings per share and unit. Common units of the Operating Partnership not owned by Digital Realty Trust, Inc. were excluded only from the calculation of earnings per share as they are not applicable to the calculation of earnings per unit. All other securities shown below were excluded from the calculation of both earnings per share and earnings per unit (in thousands). Three Months Ended March 31, 2022 2021 Shares subject to Forward Equity Offering 6,250 — Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. 7,552 7,283 Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock — 1,476 Potentially dilutive Series J Cumulative Redeemable Preferred Stock 1,452 1,462 Potentially dilutive Series K Cumulative Redeemable Preferred Stock 1,527 1,537 Potentially dilutive Series L Cumulative Redeemable Preferred Stock 2,505 2,521 Total 19,286 14,279 |
Equity and Capital
Equity and Capital | 3 Months Ended |
Mar. 31, 2022 | |
Equity and Capital | |
Equity and Capital | 10. Equity and Capital Equity Distribution Agreement Digital Realty Trust, Inc. and Digital Realty Trust, L.P., were 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. was able to 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 three months ended March 31, 2022 and 2021, there was no activity under the Sales Agreement. Subsequent to quarter-end, Digital Realty Trust, Inc. and Digital Realty Trust, L.P., entered into an ATM equity offering sales agreement dated April 1, 2022 (the “2022 Sales Agreement”). Upon entry into the 2022 Sales Agreement, we terminated our prior ATM program. At the time of the termination, $577.6 million remained unsold under the prior program. Pursuant to the 2022 Sales Agreement, Digital Realty Trust, Inc. can issue and sell common stock having an aggregate offering price of up to $1.5 billion through various named agents from time to time. Forward Equity Sale On September 13, 2021, Digital Realty Trust, Inc. completed an underwritten public offering of 6,250,000 shares of its common stock, all of which were offered in connection with forward sale agreements it entered into with certain financial institutions acting as forward purchasers. The forward purchasers borrowed and sold an aggregate of 6,250,000 shares of Digital Realty Trust, Inc.’s common stock in the public offering. Digital Realty Trust, Inc. did not receive any proceeds from the sale of our common stock by the forward purchasers in the public offering. The Company may receive gross proceeds of approximately $1.0 billion (based on the offering price of $155.69 per share) upon full physical settlement of the forward sale agreements, which is to be no later than March 13, 2023. Upon physical settlement of the forward sale agreements, the Operating Partnership is expected to issue general partner common partnership units to Digital Realty Trust, Inc. in exchange for contribution of the net proceeds. We account for our forward equity sales agreements in accordance with the accounting guidance governing financial instruments and derivatives. As of March 31, 2022, none of our forward equity sales agreements were deemed to be liabilities as they did not embody obligations to repurchase our shares, nor did they embody obligations to issue a variable number of shares for which the monetary value was predominantly fixed, varied with something other than the fair value of our shares, or varied inversely in relation to our shares. We also evaluated whether the agreements met the derivatives and hedging guidance scope exception to be accounted for as equity instruments and concluded that the agreements could be classified as equity contracts based on the following assessment: (i) none of the agreements’ exercise contingencies were based on observable markets or indices besides those related to the market for our own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to our own stock. Noncontrolling Interests in Operating Partnership Noncontrolling interests in the Operating Partnership relate to the proportion of entities consolidated by the Company that are owned by third parties. The following table shows the ownership interest in the Operating Partnership as of March 31, 2022 and December 31, 2021 (in thousands): March 31, 2022 December 31, 2021 Number of Percentage of Number of Percentage of units total units total Digital Realty Trust, Inc. 284,666 97.8 % 284,415 98.0 % Noncontrolling interests consist of: Common units held by third parties 4,387 1.5 % 4,389 1.5 % Incentive units held by employees and directors (see Note 12. "Incentive Plan") 1,904 0.7 % 1,543 0.5 % 290,957 100.0 % 290,347 100.0 % Limited partners have the right to require the Operating Partnership to redeem all or a portion of their common units for cash based on the fair market value of an equivalent number of shares of Digital Realty Trust, Inc. common stock at the time of redemption. Alternatively, Digital Realty Trust, Inc. may elect to acquire those common units in exchange for shares of its common stock on a one-for-one basis, subject to adjustment in the event of stock splits, stock dividends, issuance of stock rights, specified extraordinary distributions and similar events. The common units and incentive units of the Operating Partnership are classified within equity, except for certain common units issued to certain former DuPont Fabros Technology, L.P. unitholders in the Company’s acquisition of DuPont Fabros Technology, Inc., which are subject to certain restrictions and, accordingly, are not presented as permanent equity in the condensed balance sheet. The redemption value of the noncontrolling Operating Partnership common units and the vested incentive units was approximately $716.7 million and $1,074.7 million based on the closing market price of Digital Realty Trust, Inc. common stock on March 31, 2022 and December 31, 2021, respectively. The following table shows activity for the noncontrolling interests in the Operating Partnership for the three months ended March 31, 2022 (in thousands): Common Units Incentive Units Total As of December 31, 2021 4,389 1,542 5,931 Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1) (2) — (2) Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1) — (12) (12) Incentive units issued upon achievement of market performance condition — 221 221 Grant of incentive units to employees and directors — 153 153 As of March 31, 2022 4,387 1,904 6,291 (1) These redemptions and conversions were recorded as a reduction to noncontrolling interests in the Operating Partnership and an increase to common stock and additional paid-in capital based on the book value per unit in the accompanying consolidated balance sheet of Digital Realty Trust, Inc. Dividends and Distributions Digital Realty Trust, Inc. Dividends We have declared and paid the following dividends on our common and preferred stock for the three months ended March 31, 2022 (in thousands, except per share data): Series J Series K Series L Preferred Preferred Preferred Common Date dividend declared Dividend payment date Stock Stock Stock Stock March 3, 2022 March 31, 2022 $ 2,625 $ 3,071 $ 4,485 $ 348,025 Annual rate of dividend per share $ 1.31250 $ 1.46250 $ 1.30000 $ 4.88000 Digital Realty Trust, L.P. Distributions All distributions on the Operating Partnership’s units are at the discretion of Digital Realty Trust, Inc.’s Board of Directors. The table below shows the distributions declared and paid by the Operating Partnership on its common and preferred units for the three months ended March 31, 2022 (in thousands, except for per unit data): Series J Series K Series L Preferred Preferred Preferred Common Date distribution declared Distribution payment date Units Units Units Units March 3, 2022 March 31, 2022 $ 2,625 $ 3,071 $ 4,485 $ 355,812 Annual rate of distribution per unit $ 1.31250 $ 1.46250 $ 1.30000 $ 4.88000 |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss), Net | 3 Months Ended |
Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net. | |
Accumulated Other Comprehensive Income (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, 2021 $ (212,653) $ (107) $ 38,880 $ (173,880) Net current period change (13,551) (1,312) — (14,863) Reclassification to interest expense from interest rate swaps — (101) — (101) Balance as of March 31, 2022 $ (226,204) $ (1,520) $ 38,880 $ (188,844) 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, 2021 $ (219,882) $ (1,240) $ 39,677 $ (181,445) Net current period change (13,877) (1,344) — (15,221) Reclassification to interest expense from interest rate swaps — (103) — (103) Balance as of March 31, 2022 $ (233,759) $ (2,687) $ 39,677 $ (196,769) |
Incentive Plans
Incentive Plans | 3 Months Ended |
Mar. 31, 2022 | |
Incentive Plans | |
Incentive Plans | 12. Incentive Plans 2014 Incentive Award Plan The Company provides incentive awards in the form of common stock or awards convertible into common stock pursuant to the Digital Realty Trust, Inc., Digital Services, Inc. and Digital Realty Trust, L.P. 2014 Incentive Award Plan, as amended (the “Incentive Plan”). The major categories of awards that can be issued under the Incentive Plan include: Long-Term Incentive Units (“LTIP Units”) two Service-Based Restricted Stock Units two Performance-Based Awards (“the Performance Awards”) Market-Based Performance Awards. The percentage of the total number of units that performance vest for Market-Based Performance Awards is determined by comparing the Company’s total shareholder return (“TSR”) relative to the MSCI US REIT Index (“RMS”) over a three-year period. The awards then have a time-based vesting element that allows for 50% of the performance-vested units to fully vest in the immediately following year and 50% of the performance-vested units to fully vest in the next-subsequent year. The fair value of these awards is determined using a Monte Carlo simulation to estimate the probability of the market vesting condition being satisfied. Achievement of the market performance condition is measured based on the difference between Digital Realty Trust, Inc.’s TSR percentage and the TSR percentage of the RMS as is shown in the subsequent table (the “RMS Relative Market Performance”). Market 2021-2022 Performance RMS Relative Vesting Level Market Performance Percentage Below Threshold Level ≤ -500 basis points 0 % Threshold Level -500 basis points 25 % Target Level 0 basis points 50 % High Level ≥ 500 basis points 100 % If the RMS Relative Market Performance falls between the levels specified in the above table, the percentage of the award that will vest with respect to the market condition will be determined using straight-line linear interpolation between such levels. 2019 Awards Following the completion of the applicable Market Performance Period, in January 2022, the Compensation Committee made the following determinations regarding the vesting of these awards: ● The RMS Relative Market Performance fell between the target and high levels for the 2019 awards and accordingly, 239,436 Class D units and 70,721 Restricted Stock Units performance vested and qualified for time-based vesting. ● The number of performance-vested Class D units included 18,966 distribution equivalent units that immediately vested on December 31, 2021. ● On February 27, 2022, 50% of the 2019 awards vested and the remaining 50% will vest on February 27, 2023, subject to continued employment through the applicable vesting date. The grant date fair value of the Market-Based Performance Awards was approximately $12.3 million and $25.0 million for the three months ended March 31, 2022 and 2021, respectively. This amount will be recognized as compensation expense on a straight-line basis over the expected service period of approximately four years. Financial-Based Performance Awards. On March 4, 2022, the Company granted Financial-Based Performance Awards, based on growth in core funds from operation (“Core FFO”) during the three-year period commencing on January 1, 2022. The awards then have a time-based vesting element consistent with the Market-Based Performance Awards discussed above. For these awards, fair value is based on market value on the date of grant and compensation cost is recognized based on the probable achievement of the performance condition at each reporting period. The grant date fair value of these awards is Other Items two As of March 31, 2022, approximately 5.0 million shares of common stock, including awards that can be converted to or exchanged for shares of common stock, remained available for future issuance under the Incentive Plan. Each LTIP unit and each Class D unit issued under the Incentive Plan counts as one share of common stock for purposes of calculating the limit on shares that may be issued under the Incentive Plan and the individual award limits set forth therein. Below is a summary of our compensation expense and our unearned compensation (in millions): Expected period to Deferred Compensation Unearned Compensation recognize Expensed Capitalized As of As of unearned Three Months Ended March 31, March 31, December 31, compensation Type of incentive award 2022 2021 2022 2021 2022 2021 (in years) Long-term incentive units $ 5.2 $ 4.2 $ — $ 0.1 $ 38.4 $ 19.8 2.5 Performance-based awards 5.0 6.2 0.2 0.4 54.4 39.2 2.6 Service-based restricted stock units 5.3 6.0 1.0 0.7 75.6 44.5 3.0 Interxion awards 0.9 10.5 — — 5.9 8.5 1.3 Activity for LTIP Units and service-based Restricted Stock Units for the three months ended March 31, 2022 is shown below. Weighted-Average Grant Date Fair Unvested LTIP Units Units Value Unvested, beginning of period 250,468 $ 132.66 Granted 153,085 155.90 Vested (112,666) 126.98 Cancelled or expired — — Unvested, end of period 290,887 $ 147.09 Weighted-Average Grant Date Fair Unvested Restricted Stock Units Shares Value Unvested, beginning of period 509,369 $ 129.52 Granted 283,852 139.68 Vested (104,647) 123.80 Cancelled or expired (25,344) 131.82 Unvested, end of period 663,230 $ 134.69 |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2022 | |
Derivative Instruments | |
Derivative Instruments | 13. Derivative Instruments We had no material outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of March 31, 2022. Amounts reported in accumulated other comprehensive loss related to interest rate swaps are reclassified to interest expense as interest payments are made on our debt. As of March 31, 2022, we had no material interest rate swap agreements outstanding. Upon entering into derivatives, we would have agreements with each of our derivative counterparties that contain a provision where we could be declared in default on our derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to our default on the indebtedness. As of March 31, 2022, we did not have any material derivatives outstanding. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2022 | |
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 2021 Form 10-K. As of March 31, 2022 and December 31, 2021, the carrying amounts for cash and cash equivalents, restricted cash, accounts and other receivables, accounts payable and other accrued liabilities, accrued dividends and distributions, security deposits and prepaid rents approximate fair value because of the short-term nature of these instruments. The carrying value of our global revolving credit facilities approximates estimated fair value, because these liabilities have variable interest rates and our credit ratings have remained stable. Differences between the carrying value and fair value of our unsecured senior notes and secured and other debt are caused by differences in interest rates or borrowing spreads that were available to us on March 31, 2022 and December 31, 2021 as compared to those in effect when the debt was issued or assumed. We calculate the fair value of our secured and other debt and unsecured senior notes based on currently available market rates assuming the loans are outstanding through maturity and considering the collateral and other loan terms. In determining the current market rate for fixed rate debt, a market spread is added to the quoted yields on federal government treasury securities with similar maturity dates to our debt. The aggregate estimated fair value and carrying value of our global revolving credit facilities, unsecured senior notes and secured and other debt as of the respective periods is shown below (in thousands): Categorization As of March 31, 2022 As of December 31, 2021 under the fair value Estimated Fair Estimated Fair hierarchy Value Carrying Value Value Carrying Value Global revolving credit facilities Level 2 $ 959,713 $ 959,713 $ 415,116 $ 415,116 Unsecured senior notes (1) Level 2 12,880,195 13,388,665 13,580,262 13,000,042 Secured and other debt (1) Level 2 158,566 160,593 152,511 147,082 $ 13,998,474 $ 14,508,971 $ 14,147,889 $ 13,562,240 (1) Valuations for our unsecured senior notes and secured and other debt are determined based on the expected future payments discounted at risk-adjusted rates and quoted market prices. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
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 March 31, 2022, we had open commitments, including amounts reimbursable by customers of approximately $49.1 million, related to construction contracts of approximately $1.4 billion. In the ordinary course of our business, we may become subject to various legal proceedings. As of March 31, 2022, we were not a party to any legal proceedings which we believe would have a material adverse effect on our operations or financial position. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Information | |
Supplemental Cash Flow Information | 16. Supplemental Cash Flow Information Cash, cash equivalents, and restricted cash balances as of March 31, 2022, and December 31, 2021: Balance as of (Amounts in thousands) March 31, 2022 December 31, 2021 Cash and cash equivalents $ 157,964 $ 142,698 Restricted cash (included in other assets) 10,375 8,787 Total $ 168,339 $ 151,485 We paid $119.0 million and $120.3 million for interest, net of amounts capitalized, for the three months ended March 31, 2022 and 2021, respectively. We paid $7.6 million and $4.6 million for income taxes, net of refunds, for the three months ended March 31, 2022 and 2021, respectively. Accrued construction related costs totaled $417.3 million and $322.5 million as of March 31, 2022 and 2021, respectively. |
Segment and Geographic Informat
Segment and Geographic Information | 3 Months Ended |
Mar. 31, 2022 | |
Segment and Geographic Information | |
Segment and Geographic Information | 17. Segment and Geographic Information Most of the Company’s largest customers are global entities that transact with the Company across multiple geographies worldwide. The Company manages critical decisions around development, operations, and leasing globally based on customer demand considerations to best address the needs of its global customers. In this regard, the Company manages customer relationships on a global basis in order to achieve consistent sales and delivery experience of our products for our customers. In order to best accommodate the needs of our current and potential global customers, the Company manages its operations as a single global business – with one operating segment and, therefore, one reporting segment. Operating Revenues Investments in Real Estate Three Months Ended March 31, As of March 31, As of December 31, (Amounts in billions) 2022 2021 2022 2021 Inside the United States $ 0.7 $ 0.7 $ 11.2 $ 11.2 Outside the United States 0.5 0.4 9.8 9.6 Revenue Outside of US % 41.0 % 36.6 % Net Assets in Foreign Operations $ 3.2 $ 3.9 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events | |
Subsequent Events | 18. Subsequent Events On April 5, 2022, the Operating Partnership entered into an amendment to the Second Amended and Restated Global Senior Credit Agreement. The Amendment provides for, among other things: (1) an increase in the size of the global revolving credit facility from $3.0 billion to $3.75 billion and (2) the transition from U.S. dollar London Interbank Offered Rate (LIBOR) to Term Secured Overnight Financing Rate (SOFR) for floating rate borrowings denominated in U.S. dollars for all purposes under the Credit Agreement. |
General (Policies)
General (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
General | |
Organization and Description of Business | Organization and Description of Business. The Parent’s only material asset is its ownership of partnership interests of the OP. The Parent generally does not conduct business itself, other than acting as the sole general partner of the OP, issuing public securities from time to time and guaranteeing certain unsecured debt of the OP and certain of its subsidiaries and affiliates. The Parent has not issued any debt but guarantees the unsecured debt of the OP and certain of its subsidiaries and affiliates. The OP holds substantially all the assets of the Company. The OP conducts the operations of the business and has no publicly traded equity. Except for net proceeds from public equity issuances by the Parent, which are generally contributed to the OP in exchange for partnership units, the OP generally generates the capital required by the Company’s business primarily through the OP’s operations, by the OP’s or its affiliates’ direct or indirect incurrence of indebtedness or through the issuance of partnership units. |
Accounting Principles and Basis of Presentation | Accounting Principles and Basis of Presentation. |
Management Estimates and Assumptions | Management Estimates and Assumptions. |
New Accounting Pronouncements | New Accounting Pronouncements. |
Investments in Properties (Tabl
Investments in Properties (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Investments in Properties | |
Schedule of Investments in Properties | A summary of our investments in properties is below (in thousands): Property Type As of March 31, 2022 As of December 31, 2021 Land $ 1,013,832 $ 1,019,723 Acquired ground lease 6,526 6,721 Buildings and improvements 22,050,895 21,914,091 Tenant improvements 698,458 684,915 23,769,711 23,625,450 Accumulated depreciation and amortization (6,467,233) (6,210,281) Investments in operating properties, net 17,302,478 17,415,169 Construction in progress and space held for development 3,523,485 3,213,389 Land held for future development 107,002 133,683 Investments in properties, net $ 20,932,965 $ 20,762,241 |
Receivables (Tables)
Receivables (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Receivables | |
Schedule of accounts and other receivables, net is primarily comprised of contractual rents and other lease-related obligations | Balance as of Balance as of (Amounts in thousands): March 31, 2022 December 31, 2021 Accounts receivable – trade, net $ 466,656 $ 399,029 Allowance for doubtful accounts (35,387) (28,574) Accounts receivable, net 431,269 370,455 Accounts receivable – customer recoveries 145,136 131,538 Value-added tax receivables 113,415 104,036 Accounts receivable – installation fees 45,915 43,626 Other receivables 38,842 22,066 Accounts and other receivables, net $ 774,577 $ 671,721 |
Schedule of deferred rent | Balance as of Balance as of (Amounts in thousands): March 31, 2022 December 31, 2021 Deferred rent receivables $ 566,071 $ 556,251 Allowance for deferred rent receivables (20,405) (8,866) Deferred rent receivables, net $ 545,666 $ 547,385 |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
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 of Properties % Ownership March 31, 2022 December 31, 2021 Digital Core REIT (DCRU) 2021 U.S. / Canada 35 % $ 342,460 $ 343,317 Ownership interest in DCRU operating properties 2021 U.S. / Canada 10 % 144,050 144,050 Ascenty 2019 Brazil / Chile / Mexico 51 % 734,106 553,031 Mapletree 2019 Northern Virginia 20 % 169,895 172,465 Mitsubishi Various Osaka / Tokyo 50 % 417,497 401,509 Lumen 2012 Hong Kong 50 % 69,303 68,854 Other Various U.S. / India / Nigeria Various 166,763 124,463 Total $ 2,044,074 $ 1,807,689 |
Acquired Intangible Assets an_2
Acquired Intangible Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Acquired Intangible Assets and Liabilities | |
Summary of Acquired Intangible Assets and Liabilities | Balance as of March 31, 2022 December 31, 2021 (Amounts in thousands) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Customer relationship value $ 2,804,837 $ (759,084) $ 2,045,753 $ 2,838,842 $ (721,983) $ 2,116,859 Acquired in-place lease value 1,275,069 (1,008,479) 266,590 1,278,012 (995,883) 282,129 Other 99,325 (18,769) 80,556 101,869 (14,688) 87,181 Acquired above-market leases 267,747 (249,742) 18,005 268,724 (247,135) 21,589 Acquired below-market leases (350,129) 250,946 (99,183) (351,052) 247,877 (103,175) |
Schedule of Estimated Annual Amortization of Acquired of Intangible Assets | (Amounts in thousands) Customer relationship value Acquired in-place lease value Other (1) Acquired above-market leases Acquired below-market leases Remainder of 2022 $ 125,119 $ 38,651 $ 7,221 $ 7,627 $ (10,349) 2023 166,157 43,641 3,189 4,758 (12,613) 2024 165,577 37,876 1,770 2,584 (11,320) 2025 165,075 34,798 1,729 1,452 (10,328) 2026 164,640 30,686 1,522 684 (8,709) Thereafter 1,259,185 80,938 1,522 900 (45,864) Total $ 2,045,753 $ 266,590 $ 16,953 $ 18,005 $ (99,183) (1) Excludes power grid rights in the amount of approximately $63.6 million that are currently not being amortized. Amortization of these assets will begin once the data centers associated with the power grid rights are placed into service . |
Debt of the Operating Partner_2
Debt of the Operating Partnership (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Debt of the Operating Partnership | |
Summary of Outstanding Indebtedness of the Operating Partnership | March 31, 2022 December 31, 2021 Weighted- Weighted- average Amount average Amount interest rate Outstanding interest rate Outstanding Global revolving credit facilities 1.18 % $ 959,713 0.96 % $ 415,116 Unsecured senior notes 2.11 % 13,388,665 2.26 % 13,000,042 Secured and other debt 3.70 % 160,593 3.47 % 147,082 Total 2.06 % $ 14,508,971 2.23 % $ 13,562,240 |
Schedule of Debt In Functional Currencies | March 31, 2022 December 31, 2021 Amount Amount Denomination of Draw Outstanding % of Total Outstanding % of Total U.S. dollar ($) $ 3,340,903 23.0 % $ 3,141,951 23.2 % British pound sterling (£) 2,056,097 14.2 % 2,117,758 15.6 % Euro ( € 7,942,786 54.7 % 7,532,057 55.5 % Other 1,169,185 8.1 % 770,474 5.7 % Total $ 14,508,971 $ 13,562,240 |
Schedule of Debt Maturities and Principal Maturities | The table below summarizes our debt maturities and principal payments as of March 31, 2022 (in thousands): Global Revolving Unsecured Secured and Credit Facilities (1) Senior Notes Other Debt Total Debt 2022 $ — $ 664,020 $ 782 $ 664,802 2023 — 108,390 3,081 111,471 2024 — 992,470 — 992,470 2025 — 1,244,875 — 1,244,875 2026 — 1,487,776 7,822 1,495,598 Thereafter 959,713 8,891,134 148,908 9,999,755 Subtotal $ 959,713 $ 13,388,665 $ 160,593 $ 14,508,971 Unamortized net discounts — (39,268) — (39,268) Unamortized deferred financing costs (16,388) (64,747) (353) (81,488) Total $ 943,325 $ 13,284,650 $ 160,240 $ 14,388,215 (1) Includes amounts outstanding for the Global Revolving Credit Facility and the Yen Revolving Credit Facility (together, referred to as the “Global Revolving Credit Facilities”), which are discussed separately in these footnotes. |
Schedule of Unsecured Senior Notes | Aggregate Principal Amount at Issuance Balance as of Borrowing Currency USD Maturity Date March 31, 2022 December 31, 2021 Floating rate notes due 2022 € 300,000 $ 349,800 Sep 23, 2022 $ 332,010 $ 341,100 0.125% notes due 2022 € 300,000 332,760 Oct 15, 2022 332,010 341,100 0.600% notes due 2023 CHF 100,000 108,310 Oct 02, 2023 108,390 - 2.625% notes due 2024 € 600,000 677,040 Apr 15, 2024 664,020 682,200 2.750% notes due 2024 £ 250,000 324,925 Jul 19, 2024 328,450 338,300 4.250% notes due 2025 £ 400,000 634,480 Jan 17, 2025 525,520 541,280 0.625% notes due 2025 € 650,000 720,980 Jul 15, 2025 719,355 739,050 4.750% notes due 2025 $ 450,000 450,000 Oct 01, 2025 - 450,000 2.500% notes due 2026 € 1,075,000 1,224,640 Jan 16, 2026 1,189,703 1,222,275 0.200% notes due 2026 CHF 275,000 298,404 Dec 15, 2026 298,073 301,419 1.700% notes due 2027 CHF 150,000 162,465 Mar 30, 2027 162,585 - 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 553,350 568,500 4.450% notes due 2028 $ 650,000 650,000 Jul 15, 2028 650,000 650,000 0.550% notes due 2029 CHF 270,000 292,478 Apr 16, 2029 292,654 295,938 3.300% notes due 2029 £ 350,000 454,895 Jul 19, 2029 459,830 473,620 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 830,025 852,750 3.750% notes due 2030 £ 550,000 719,825 Oct 17, 2030 722,590 744,260 1.250% notes due 2031 € 500,000 560,950 Feb 01, 2031 553,350 568,500 0.625% notes due 2031 € 1,000,000 1,220,700 Jul 15, 2031 1,106,700 1,137,000 1.000% notes due 2032 € 750,000 874,500 Jan 15, 2032 830,025 852,750 1.375% notes due 2032 € 750,000 849,375 Jul 18, 2032 830,025 - $ 13,388,665 $ 13,000,042 Unamortized discounts, net of premiums (39,268) (33,612) Deferred financing costs, net (64,747) (63,060) Total unsecured senior notes, net of discount and deferred financing costs $ 13,284,650 $ 12,903,370 |
Earnings per Common Share or _2
Earnings per Common Share or Unit (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Earnings per Common Share or Unit | |
Summary of Basic and Diluted Earnings Per Share and Unit | The following is a summary of basic and diluted income per share/unit (in thousands, except per share/unit amounts): Digital Realty Trust, Inc. Earnings per Common Share Three Months Ended March 31, 2022 2021 Net income available to common stockholders $ 63,100 $ 372,406 Weighted average shares outstanding—basic 284,526 281,095 Potentially dilutive common shares: Unvested incentive units 348 324 Unvested restricted stock 91 158 Market performance-based awards 60 340 Weighted average shares outstanding—diluted 285,025 281,917 Income per share: Basic $ 0.22 $ 1.32 Diluted $ 0.22 $ 1.32 Digital Realty Trust, L.P. Earnings per Unit Three Months Ended March 31, 2022 2021 Net income available to common unitholders $ 64,700 $ 382,206 Weighted average units outstanding—basic 290,163 288,377 Potentially dilutive common units: Unvested incentive units 348 324 Unvested restricted units 91 158 Market performance-based awards 60 340 Weighted average units outstanding—diluted 290,662 289,199 Income per unit: Basic $ 0.22 $ 1.32 Diluted $ 0.22 $ 1.32 |
Schedule of Antidilutive Securities Excluded from Calculations | Three Months Ended March 31, 2022 2021 Shares subject to Forward Equity Offering 6,250 — Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. 7,552 7,283 Potentially dilutive Series C Cumulative Redeemable Perpetual Preferred Stock — 1,476 Potentially dilutive Series J Cumulative Redeemable Preferred Stock 1,452 1,462 Potentially dilutive Series K Cumulative Redeemable Preferred Stock 1,527 1,537 Potentially dilutive Series L Cumulative Redeemable Preferred Stock 2,505 2,521 Total 19,286 14,279 |
Equity and Capital (Tables)
Equity and Capital (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Class of Stock | |
Ownership Interest In The Operating Partnership | March 31, 2022 December 31, 2021 Number of Percentage of Number of Percentage of units total units total Digital Realty Trust, Inc. 284,666 97.8 % 284,415 98.0 % Noncontrolling interests consist of: Common units held by third parties 4,387 1.5 % 4,389 1.5 % Incentive units held by employees and directors (see Note 12. "Incentive Plan") 1,904 0.7 % 1,543 0.5 % 290,957 100.0 % 290,347 100.0 % |
Summary of Activity for Noncontrolling Interests in the Operating Partnership | The following table shows activity for the noncontrolling interests in the Operating Partnership for the three months ended March 31, 2022 (in thousands): Common Units Incentive Units Total As of December 31, 2021 4,389 1,542 5,931 Redemption of common units for shares of Digital Realty Trust, Inc. common stock (1) (2) — (2) Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (1) — (12) (12) Incentive units issued upon achievement of market performance condition — 221 221 Grant of incentive units to employees and directors — 153 153 As of March 31, 2022 4,387 1,904 6,291 (1) These redemptions and conversions were recorded as a reduction to noncontrolling interests in the Operating Partnership and an increase to common stock and additional paid-in capital based on the book value per unit in the accompanying consolidated balance sheet of Digital Realty Trust, Inc. |
Schedule of Dividends and Distributions | We have declared and paid the following dividends on our common and preferred stock for the three months ended March 31, 2022 (in thousands, except per share data): Series J Series K Series L Preferred Preferred Preferred Common Date dividend declared Dividend payment date Stock Stock Stock Stock March 3, 2022 March 31, 2022 $ 2,625 $ 3,071 $ 4,485 $ 348,025 Annual rate of dividend per share $ 1.31250 $ 1.46250 $ 1.30000 $ 4.88000 |
Digital Realty Trust, L.P. | |
Class of Stock | |
Schedule of Dividends and Distributions | All distributions on the Operating Partnership’s units are at the discretion of Digital Realty Trust, Inc.’s Board of Directors. The table below shows the distributions declared and paid by the Operating Partnership on its common and preferred units for the three months ended March 31, 2022 (in thousands, except for per unit data): Series J Series K Series L Preferred Preferred Preferred Common Date distribution declared Distribution payment date Units Units Units Units March 3, 2022 March 31, 2022 $ 2,625 $ 3,071 $ 4,485 $ 355,812 Annual rate of distribution per unit $ 1.31250 $ 1.46250 $ 1.30000 $ 4.88000 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss), Net (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accumulated Other Comprehensive Income (Loss), Net. | |
Schedule of Accumulated Other Comprehensive Income (Loss), Net | Digital Realty Trust, Inc. Foreign currency Cash flow Foreign currency net Accumulated other translation hedge investment hedge comprehensive adjustments adjustments adjustments income (loss), net Balance as of December 31, 2021 $ (212,653) $ (107) $ 38,880 $ (173,880) Net current period change (13,551) (1,312) — (14,863) Reclassification to interest expense from interest rate swaps — (101) — (101) Balance as of March 31, 2022 $ (226,204) $ (1,520) $ 38,880 $ (188,844) 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, 2021 $ (219,882) $ (1,240) $ 39,677 $ (181,445) Net current period change (13,877) (1,344) — (15,221) Reclassification to interest expense from interest rate swaps — (103) — (103) Balance as of March 31, 2022 $ (233,759) $ (2,687) $ 39,677 $ (196,769) |
Incentive Plans (Tables)
Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Incentive Plans | |
Market Performance Based Awards | Market 2021-2022 Performance RMS Relative Vesting Level Market Performance Percentage Below Threshold Level ≤ -500 basis points 0 % Threshold Level -500 basis points 25 % Target Level 0 basis points 50 % High Level ≥ 500 basis points 100 % |
Schedule of compensation expense and unearned compensation | Below is a summary of our compensation expense and our unearned compensation (in millions): Expected period to Deferred Compensation Unearned Compensation recognize Expensed Capitalized As of As of unearned Three Months Ended March 31, March 31, December 31, compensation Type of incentive award 2022 2021 2022 2021 2022 2021 (in years) Long-term incentive units $ 5.2 $ 4.2 $ — $ 0.1 $ 38.4 $ 19.8 2.5 Performance-based awards 5.0 6.2 0.2 0.4 54.4 39.2 2.6 Service-based restricted stock units 5.3 6.0 1.0 0.7 75.6 44.5 3.0 Interxion awards 0.9 10.5 — — 5.9 8.5 1.3 |
Summary of Long-Term Incentive Unit Activity | Weighted-Average Grant Date Fair Unvested LTIP Units Units Value Unvested, beginning of period 250,468 $ 132.66 Granted 153,085 155.90 Vested (112,666) 126.98 Cancelled or expired — — Unvested, end of period 290,887 $ 147.09 |
Summary of Restricted Stock Activity | Weighted-Average Grant Date Fair Unvested Restricted Stock Units Shares Value Unvested, beginning of period 509,369 $ 129.52 Granted 283,852 139.68 Vested (104,647) 123.80 Cancelled or expired (25,344) 131.82 Unvested, end of period 663,230 $ 134.69 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Fair Value of Financial Instruments | |
Estimated Fair Value And Carrying Amounts | We calculate the fair value of our secured and other debt and unsecured senior notes based on currently available market rates assuming the loans are outstanding through maturity and considering the collateral and other loan terms. In determining the current market rate for fixed rate debt, a market spread is added to the quoted yields on federal government treasury securities with similar maturity dates to our debt. The aggregate estimated fair value and carrying value of our global revolving credit facilities, unsecured senior notes and secured and other debt as of the respective periods is shown below (in thousands): Categorization As of March 31, 2022 As of December 31, 2021 under the fair value Estimated Fair Estimated Fair hierarchy Value Carrying Value Value Carrying Value Global revolving credit facilities Level 2 $ 959,713 $ 959,713 $ 415,116 $ 415,116 Unsecured senior notes (1) Level 2 12,880,195 13,388,665 13,580,262 13,000,042 Secured and other debt (1) Level 2 158,566 160,593 152,511 147,082 $ 13,998,474 $ 14,508,971 $ 14,147,889 $ 13,562,240 (1) Valuations for our unsecured senior notes and secured and other debt are determined based on the expected future payments discounted at risk-adjusted rates and quoted market prices. |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Supplemental Cash Flow Information | |
Schedule of cash, cash equivalents, and restricted cash | Balance as of (Amounts in thousands) March 31, 2022 December 31, 2021 Cash and cash equivalents $ 157,964 $ 142,698 Restricted cash (included in other assets) 10,375 8,787 Total $ 168,339 $ 151,485 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment and Geographic Information | |
Schedule of Investment and operating revenues of geographical areas | Operating Revenues Investments in Real Estate Three Months Ended March 31, As of March 31, As of December 31, (Amounts in billions) 2022 2021 2022 2021 Inside the United States $ 0.7 $ 0.7 $ 11.2 $ 11.2 Outside the United States 0.5 0.4 9.8 9.6 Revenue Outside of US % 41.0 % 36.6 % Net Assets in Foreign Operations $ 3.2 $ 3.9 |
Investments in Properties (Deta
Investments in Properties (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Investments in Properties | ||
Land | $ 1,013,832 | $ 1,019,723 |
Acquired ground lease | 6,526 | 6,721 |
Buildings and improvements | 22,050,895 | 21,914,091 |
Tenant improvements | 698,458 | 684,915 |
Total investments in operating properties | 23,769,711 | 23,625,450 |
Accumulated depreciation and amortization | (6,467,233) | (6,210,281) |
Investments in operating properties, net | 17,302,478 | 17,415,169 |
Construction in progress and space held for development | 3,523,485 | 3,213,389 |
Land held for future development | 107,002 | 133,683 |
Investments in properties, net | $ 20,932,965 | $ 20,762,241 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases | ||
Rent expense | $ 37.4 | $ 35.6 |
Receivables - Accounts and Othe
Receivables - Accounts and Other Receivables, Net (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Receivables | ||
Accounts receivable -- trade | $ 466,656 | $ 399,029 |
Allowance for doubtful accounts | (35,387) | (28,574) |
Accounts receivable, net | 431,269 | 370,455 |
Accounts receivable -- customer recoveries | 145,136 | 131,538 |
Value-added tax receivables | 113,415 | 104,036 |
Accounts receivable -- installation fees | 45,915 | 43,626 |
Other receivables | 38,842 | 22,066 |
Accounts and other receivables, net | $ 774,577 | $ 671,721 |
Receivables - Deferred rent (De
Receivables - Deferred rent (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Receivables | ||
Deferred rent receivables | $ 566,071 | $ 556,251 |
Allowance for deferred rent receivables | (20,405) | (8,866) |
Deferred rent receivables, net | $ 545,666 | $ 547,385 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities - Equity Method of Accounting Presented in our Balance Sheets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Unconsolidated Joint Ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated joint ventures | $ 2,044,074 | $ 1,807,689 |
Digital Core REIT (DCRU) | Unconsolidated Joint Ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
% Ownership | 35.00% | |
Investments in unconsolidated joint ventures | $ 342,460 | 343,317 |
Ownership interest in DCRU operating properties | Unconsolidated Joint Ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
% Ownership | 10.00% | |
Investments in unconsolidated joint ventures | $ 144,050 | 144,050 |
Ascenty | Unconsolidated Joint Ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
% Ownership | 51.00% | |
Investments in unconsolidated joint ventures | $ 734,106 | 553,031 |
Ascenty | Subsidiary of Operating Partnership subsidiary | ||
Schedule of Equity Method Investments [Line Items] | ||
Ownership interest by noncontrolling interest | 2.00% | |
Noncontrolling interests in consolidated entities | $ 22,200 | 20,900 |
Mapletree | Unconsolidated Joint Ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
% Ownership | 20.00% | |
Investments in unconsolidated joint ventures | $ 169,895 | 172,465 |
Mitsubishi | Unconsolidated Joint Ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
% Ownership | 50.00% | |
Investments in unconsolidated joint ventures | $ 417,497 | 401,509 |
Lumen | Unconsolidated Joint Ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
% Ownership | 50.00% | |
Investments in unconsolidated joint ventures | $ 69,303 | 68,854 |
Other | Unconsolidated Joint Ventures | ||
Schedule of Equity Method Investments [Line Items] | ||
Investments in unconsolidated joint ventures | $ 166,763 | $ 124,463 |
Investments in Unconsolidated_4
Investments in Unconsolidated Entities - Narrative (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($)propertyitem$ / shares | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Schedule of Equity Method Investments [Line Items] | |||
Operating Revenues | $ 1,127,322 | $ 1,090,391 | |
Fee income and other | |||
Schedule of Equity Method Investments [Line Items] | |||
Operating Revenues | $ 5,772 | $ 2,485 | |
Digital Core REIT (DCRU) | |||
Schedule of Equity Method Investments [Line Items] | |||
Number Of Data Centers | property | 10 | ||
Fees earned pursuant to these contractual agreements | $ 2,300 | ||
Percentage of interest in partnership | 35.00% | ||
Number of assets in portfolio | item | 390 | ||
Closing price per unit | $ / shares | $ 1.11 | ||
Fair value of shares | $ 433,000 | ||
Digital Core REIT (DCRU) | Unconsolidated Joint Ventures | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in joint ventures | 35.00% | ||
Ascenty | Subsidiary of Operating Partnership subsidiary | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest by noncontrolling interest | 2.00% | ||
Noncontrolling interests in consolidated entities | $ 22,200 | $ 20,900 | |
Ascenty | Unconsolidated Joint Ventures | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in joint ventures | 51.00% | ||
Ownership interest in DCRU operating properties | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership interest in operating properties | 10.00% | ||
Ownership interest in DCRU operating properties | Unconsolidated Joint Ventures | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage in joint ventures | 10.00% |
Acquired Intangible Assets an_3
Acquired Intangible Assets and Liabilities - Summary of Acquired Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Customer Relationship Value | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | $ 2,804,837 | $ 2,838,842 |
Accumulated amortization | (759,084) | (721,983) |
Total | 2,045,753 | 2,116,859 |
Acquired in-place lease value | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 1,275,069 | 1,278,012 |
Accumulated amortization | (1,008,479) | (995,883) |
Total | 266,590 | 282,129 |
Other Intangible Assets | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 99,325 | 101,869 |
Accumulated amortization | (18,769) | (14,688) |
Total | 80,556 | 87,181 |
Acquired above-market leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross amount | 267,747 | 268,724 |
Accumulated amortization | (249,742) | (247,135) |
Total | 18,005 | 21,589 |
Below-Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Below-market lease, gross amount | (350,129) | (351,052) |
Below-market lease, accumulated amortization | 250,946 | 247,877 |
Total | $ (99,183) | $ (103,175) |
Acquired Intangible Assets an_4
Acquired Intangible Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
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 | $ 61.6 | $ 67.7 |
Rental and other services | Below-Market Leases, Net of Above-Market Leases | ||
Finite-Lived Intangible Assets [Line Items] | ||
Increase (decrease) in revenue | $ 0.2 | $ (1.4) |
Acquired Intangible Assets An_5
Acquired Intangible Assets And Liabilities - Schedule of Estimated Annual Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Customer Relationship Value | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2022 | $ 125,119 | |
2023 | 166,157 | |
2024 | 165,577 | |
2025 | 165,075 | |
2026 | 164,640 | |
Thereafter | 1,259,185 | |
Total | 2,045,753 | $ 2,116,859 |
Acquired in-place lease value | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2022 | 38,651 | |
2023 | 43,641 | |
2024 | 37,876 | |
2025 | 34,798 | |
2026 | 30,686 | |
Thereafter | 80,938 | |
Total | 266,590 | 282,129 |
Other (excludes power grid rights) | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2022 | 7,221 | |
2023 | 3,189 | |
2024 | 1,770 | |
2025 | 1,729 | |
2026 | 1,522 | |
Thereafter | 1,522 | |
Total | 16,953 | |
Power grid rights | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Total | 63,600 | |
Acquired above-market leases | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2022 | 7,627 | |
2023 | 4,758 | |
2024 | 2,584 | |
2025 | 1,452 | |
2026 | 684 | |
Thereafter | 900 | |
Total | 18,005 | $ 21,589 |
Below-Market Leases | ||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
Remainder of 2022 | (10,349) | |
2022 | (12,613) | |
2023 | (11,320) | |
2024 | (10,328) | |
2025 | (8,709) | |
Thereafter | (45,864) | |
Total | $ (99,183) |
Debt of the Operating Partner_3
Debt of the Operating Partnership - Summary of Outstanding Indebtedness (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 2.06% | 2.23% |
Amount Outstanding | $ 14,508,971 | $ 13,562,240 |
Global revolving credit facilities | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 1.18% | 0.96% |
Amount Outstanding | $ 959,713 | $ 415,116 |
Unsecured term loans | ||
Debt Instrument [Line Items] | ||
Amount Outstanding | $ 13,388,665 | |
Unsecured senior notes | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 2.11% | 2.26% |
Amount Outstanding | $ 13,388,665 | $ 13,000,042 |
Secured and other debt | ||
Debt Instrument [Line Items] | ||
Weighted-average interest rate | 3.70% | 3.47% |
Amount Outstanding | $ 160,593 | $ 147,082 |
Digital Realty Trust, L.P. | Unsecured senior notes | ||
Debt Instrument [Line Items] | ||
Amount Outstanding | $ 13,388,665 | $ 13,000,042 |
Debt of the Operating Partner_4
Debt of the Operating Partnership - Schedule of Debt Functional Currencies (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Amount Outstanding | $ 14,508,971 | $ 13,562,240 |
% of Total | 2.06% | 2.23% |
U.S. dollar | ||
Debt Instrument [Line Items] | ||
Amount Outstanding | $ 3,340,903 | $ 3,141,951 |
% of Total | 23.00% | 23.20% |
British pound sterling | ||
Debt Instrument [Line Items] | ||
Amount Outstanding | $ 2,056,097 | $ 2,117,758 |
% of Total | 14.20% | 15.60% |
Euro | ||
Debt Instrument [Line Items] | ||
Amount Outstanding | $ 7,942,786 | $ 7,532,057 |
% of Total | 54.70% | 55.50% |
Other currency | ||
Debt Instrument [Line Items] | ||
Amount Outstanding | $ 1,169,185 | $ 770,474 |
% of Total | 8.10% | 5.70% |
Debt of the Operating Partner_5
Debt of the Operating Partnership - Schedule of Debt Maturities And Principal Payments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Debt Instrument | ||
2022 | $ 664,802 | |
2023 | 111,471 | |
2024 | 992,470 | |
2025 | 1,244,875 | |
2026 | 1,495,598 | |
Thereafter | 9,999,755 | |
Subtotal | 14,508,971 | $ 13,562,240 |
Unamortized net discounts | (39,268) | |
Unamortized deferred financing costs | (81,488) | |
Total | 14,388,215 | |
Global revolving credit facilities | ||
Debt Instrument | ||
Thereafter | 959,713 | |
Subtotal | 959,713 | $ 415,116 |
Unamortized deferred financing costs | (16,388) | |
Total | 943,325 | |
Unsecured term loans | ||
Debt Instrument | ||
2022 | 664,020 | |
2023 | 108,390 | |
2024 | 992,470 | |
2025 | 1,244,875 | |
2026 | 1,487,776 | |
Thereafter | 8,891,134 | |
Subtotal | 13,388,665 | |
Unamortized net discounts | (39,268) | |
Unamortized deferred financing costs | (64,747) | |
Total | 13,284,650 | |
Senior Notes. | ||
Debt Instrument | ||
2022 | 782 | |
2023 | 3,081 | |
2026 | 7,822 | |
Thereafter | 148,908 | |
Subtotal | 160,593 | |
Unamortized deferred financing costs | (353) | |
Total | $ 160,240 |
Debt of the Operating Partner_6
Debt of the Operating Partnership - Unsecured Senior Notes (Details) € in Thousands, £ in Thousands, SFr in Thousands, $ in Thousands | Mar. 31, 2022USD ($) | Mar. 31, 2022EUR (€) | Mar. 31, 2022CHF (SFr) | Mar. 31, 2022GBP (£) | Dec. 31, 2021USD ($) | Mar. 31, 2021 |
Debt of the Operating Partnership [Line Items] | ||||||
Long-term Debt, Gross | $ 14,508,971 | $ 13,562,240 | ||||
Deferred financing costs | (81,488) | |||||
Senior Notes. | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Long-term Debt, Gross | 160,593 | |||||
Deferred financing costs | (353) | |||||
Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Long-term Debt, Gross | 13,388,665 | 13,000,042 | ||||
Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Long-term Debt, Gross | 13,388,665 | 13,000,042 | ||||
Unamortized discounts, net of premiums | (39,268) | (33,612) | ||||
Deferred financing costs | (64,747) | (63,060) | ||||
Total unsecured senior notes, net of discount and deferred financing costs | 13,284,650 | 12,903,370 | ||||
Floating Rate Notes due 2022 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Aggregate principal amount | 349,800 | € 300,000 | ||||
Long-term Debt, Gross | $ 332,010 | 341,100 | ||||
0.125% notes due 2022 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 0.125% | 0.125% | 0.125% | 0.125% | ||
Aggregate principal amount | $ 332,760 | € 300,000 | ||||
Long-term Debt, Gross | $ 332,010 | 341,100 | ||||
0.600% notes due 2023 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 0.60% | 0.60% | 0.60% | 0.60% | ||
Aggregate principal amount | $ 108,310 | SFr 100,000 | ||||
Long-term Debt, Gross | $ 108,390 | |||||
2.750% notes due 2023 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 2.75% | |||||
2.625% notes due 2024 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 2.625% | 2.625% | 2.625% | 2.625% | ||
Aggregate principal amount | $ 677,040 | € 600,000 | ||||
Long-term Debt, Gross | $ 664,020 | 682,200 | ||||
2.750% notes due 2024 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 2.75% | 2.75% | 2.75% | 2.75% | ||
Aggregate principal amount | $ 324,925 | £ 250,000 | ||||
Long-term Debt, Gross | $ 328,450 | 338,300 | ||||
4.250% notes due 2025 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 4.25% | 4.25% | 4.25% | 4.25% | ||
Aggregate principal amount | $ 634,480 | £ 400,000 | ||||
Long-term Debt, Gross | $ 525,520 | 541,280 | ||||
0.625% notes due 2025 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 0.625% | 0.625% | 0.625% | 0.625% | ||
Aggregate principal amount | $ 720,980 | € 650,000 | ||||
Long-term Debt, Gross | $ 719,355 | 739,050 | ||||
4.750% Notes due 2025 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 4.75% | 4.75% | 4.75% | 4.75% | ||
Aggregate principal amount | $ 450,000 | |||||
Long-term Debt, Gross | 450,000 | |||||
2.500% notes due 2026 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 2.50% | 2.50% | 2.50% | 2.50% | ||
Aggregate principal amount | $ 1,224,640 | € 1,075,000 | ||||
Long-term Debt, Gross | $ 1,189,703 | 1,222,275 | ||||
0.200% notes due 2026 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 0.20% | 0.20% | 0.20% | 0.20% | ||
Aggregate principal amount | $ 298,404 | SFr 275,000 | ||||
Long-term Debt, Gross | $ 298,073 | 301,419 | ||||
1.700% notes due 2027 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 1.70% | 1.70% | 1.70% | 1.70% | ||
Aggregate principal amount | $ 162,465 | SFr 150,000 | ||||
Long-term Debt, Gross | $ 162,585 | |||||
3.700% notes due 2027 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 3.70% | 3.70% | 3.70% | 3.70% | ||
Aggregate principal amount | $ 1,000,000 | |||||
Long-term Debt, Gross | $ 1,000,000 | 1,000,000 | ||||
1.125% notes due 2028 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 1.125% | 1.125% | 1.125% | 1.125% | ||
Aggregate principal amount | $ 548,550 | € 500,000 | ||||
Long-term Debt, Gross | $ 553,350 | 568,500 | ||||
4.450% notes due 2028 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 4.45% | 4.45% | 4.45% | 4.45% | ||
Aggregate principal amount | $ 650,000 | |||||
Long-term Debt, Gross | $ 650,000 | 650,000 | ||||
0.550% notes due 2029 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 0.55% | 0.55% | 0.55% | 0.55% | ||
Aggregate principal amount | $ 292,478 | SFr 270,000 | ||||
Long-term Debt, Gross | $ 292,654 | 295,938 | ||||
3.300% notes due 2029 | Digital Realty Trust, L.P. | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 3.30% | 3.30% | 3.30% | 3.30% | ||
3.300% notes due 2029 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Aggregate principal amount | $ 454,895 | £ 350,000 | ||||
Long-term Debt, Gross | $ 459,830 | 473,620 | ||||
3.600% notes due 2029 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 3.60% | 3.60% | 3.60% | 3.60% | ||
Aggregate principal amount | $ 900,000 | |||||
Long-term Debt, Gross | $ 900,000 | 900,000 | ||||
1.500% Notes due 2030 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 1.50% | 1.50% | 1.50% | 1.50% | ||
Aggregate principal amount | $ 831,900 | € 750,000 | ||||
Long-term Debt, Gross | $ 830,025 | 852,750 | ||||
3.750% notes due 2030 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 3.75% | 3.75% | 3.75% | 3.75% | ||
Aggregate principal amount | $ 719,825 | £ 550,000 | ||||
Long-term Debt, Gross | $ 722,590 | 744,260 | ||||
1.250% Notes due 2031 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 1.25% | 1.25% | 1.25% | 1.25% | ||
Aggregate principal amount | $ 560,950 | € 500,000 | ||||
Long-term Debt, Gross | $ 553,350 | 568,500 | ||||
0.625% notes due 2031 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 0.625% | 0.625% | 0.625% | 0.625% | ||
Aggregate principal amount | $ 1,220,700 | € 1,000,000 | ||||
Long-term Debt, Gross | $ 1,106,700 | 1,137,000 | ||||
1.000% Notes due 2032 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 1.00% | 1.00% | 1.00% | 1.00% | ||
Aggregate principal amount | $ 874,500 | € 750,000 | ||||
Long-term Debt, Gross | $ 830,025 | $ 852,750 | ||||
1.375% notes due 2032 | Digital Realty Trust, L.P. | Unsecured senior notes | ||||||
Debt of the Operating Partnership [Line Items] | ||||||
Stated interest rate | 1.375% | 1.375% | 1.375% | 1.375% | ||
Aggregate principal amount | $ 849,375 | € 750,000 | ||||
Long-term Debt, Gross | $ 830,025 |
Debt of the Operating Partner_7
Debt of the Operating Partnership - Narrative (Details) - Unsecured senior notes SFr in Thousands, $ in Thousands, € in Millions | Jan. 18, 2022EUR (€) | Jan. 18, 2022USD ($) | Mar. 30, 2022USD ($) | Mar. 30, 2022CHF (SFr) | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2022CHF (SFr) |
Digital Realty Trust, L.P. | Maximum | |||||||
Debt Instrument | |||||||
Leverage ratio | 60.00% | ||||||
Secured debt leverage ratio, maximum | 40.00% | ||||||
Digital Realty Trust, L.P. | Minimum | |||||||
Debt Instrument | |||||||
Interest coverage ratio | 1.50 | ||||||
Total unencumbered assets | 150.00% | ||||||
1.375% Guaranteed Notes due 2032 | Digital Intrepid Holding B.V | |||||||
Debt Instrument | |||||||
Aggregate principal amount | € | € 750 | ||||||
Stated interest rate | 1.375% | ||||||
Net proceeds from offering | € 737.5 | $ 835,300 | |||||
2.750% notes due 2023 | Digital Realty Trust, L.P. | |||||||
Debt Instrument | |||||||
Stated interest rate | 2.75% | ||||||
Early extinguishment charge | $ | $ 18,300 | ||||||
4.750% notes due 2023 | Digital Realty Trust, L.P. | |||||||
Debt Instrument | |||||||
Stated interest rate | 4.75% | 4.75% | |||||
Early extinguishment charge | $ | $ 51,100 | ||||||
Swiss Franc Notes | Digital Intrepid Holding B.V | |||||||
Debt Instrument | |||||||
Net proceeds from offering | $ 269,200 | SFr 248,600 | |||||
0.600% notes due 2023 | Digital Realty Trust, L.P. | |||||||
Debt Instrument | |||||||
Aggregate principal amount | $ 108,310 | SFr 100,000 | |||||
Stated interest rate | 0.60% | 0.60% | |||||
0.600% notes due 2023 | Digital Intrepid Holding B.V | |||||||
Debt Instrument | |||||||
Aggregate principal amount | SFr | SFr 100,000 | ||||||
Stated interest rate | 0.60% | ||||||
1.700% notes due 2027 | Digital Realty Trust, L.P. | |||||||
Debt Instrument | |||||||
Aggregate principal amount | $ 162,465 | SFr 150,000 | |||||
Stated interest rate | 1.70% | 1.70% | |||||
1.700% notes due 2027 | Digital Intrepid Holding B.V | |||||||
Debt Instrument | |||||||
Aggregate principal amount | SFr | SFr 150,000 | ||||||
Stated interest rate | 1.70% |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Class of Stock | ||
Net income available to common stockholders | $ 63,100 | $ 372,406 |
Weighted average units outstanding-basic (shares/units) | 284,526 | 281,095 |
Potentially dilutive common shares/units: | ||
Unvested incentive units (shares/units) | 348 | 324 |
Unvested restricted stock (shares/units) | 91 | 158 |
Market performance-based awards (shares/units) | 60 | 340 |
Weighted average shares/units outstanding-diluted (shares/units) | 285,025 | 281,917 |
Income per share/unit: | ||
Basic (in dollars per share/unit) | $ 0.22 | $ 1.32 |
Diluted (in dollars per share/unit) | $ 0.22 | $ 1.32 |
Digital Realty Trust, L.P. | ||
Class of Stock | ||
Net income available to common stockholders | $ 64,700 | $ 382,206 |
Weighted average units outstanding-basic (shares/units) | 290,163 | 288,377 |
Potentially dilutive common shares/units: | ||
Unvested incentive units (shares/units) | 348 | 324 |
Unvested restricted stock (shares/units) | 91 | 158 |
Market performance-based awards (shares/units) | 60 | 340 |
Weighted average shares/units outstanding-diluted (shares/units) | 290,662 | 289,199 |
Income per share/unit: | ||
Basic (in dollars per share/unit) | $ 0.22 | $ 1.32 |
Diluted (in dollars per share/unit) | $ 0.22 | $ 1.32 |
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 | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (shares) | 19,286 | 14,279 |
Shares subject to Forward Equity Offering | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (shares) | 6,250 | |
Weighted average of Operating Partnership common units not owned by Digital Realty Trust, Inc. | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (shares) | 7,552 | 7,283 |
Series C Cumulative Redeemable Perpetual Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (shares) | 1,476 | |
Series J Cumulative Redeemable Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (shares) | 1,452 | 1,462 |
Series K Cumulative Redeemable Preferred Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (shares) | 1,527 | 1,537 |
Series L Cumulative Redeemable Preferred Units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities (shares) | 2,505 | 2,521 |
Equity and Capital - Equity Dis
Equity and Capital - Equity Distribution Agreement (Details) - USD ($) $ in Millions | Apr. 01, 2022 | Dec. 31, 2021 |
Sales Agreement | ||
Class of Stock [Line Items] | ||
Aggregate maximum offering price | $ 1,000 | |
2022 Sales Agreement | Subsequent Event | ||
Class of Stock [Line Items] | ||
Aggregate maximum offering price | $ 1,500 | |
Aggregate gross sales price unsold | $ 577.6 |
Equity and Capital - Forward Eq
Equity and Capital - Forward Equity Sale (Details) - USD ($) $ / shares in Units, $ in Thousands | Sep. 13, 2021 | Mar. 31, 2022 |
Class of Stock [Line Items] | ||
Forward equity sales agreement deemed to be liabilities | $ 0 | |
Underwritten Public Offering | ||
Class of Stock [Line Items] | ||
Issuance of common stock, net of costs (shares) | 6,250,000 | |
Gross proceeds | $ 1,000,000 | |
Offering price | $ 155.69 |
Equity and Capital - Noncontrol
Equity and Capital - Noncontrolling Interests in Operating Partnership (Details) - USD ($) shares in Thousands, $ in Millions | Mar. 31, 2022 | Dec. 31, 2021 |
Class of Stock | ||
Number of units (units) | 284,666 | 284,415 |
Percentage of total | 97.80% | 98.00% |
Common stock conversion ratio | 1 | |
Digital Realty Trust, L.P. | ||
Class of Stock | ||
Redeemable noncontrolling interests - operating partnership | $ 716.7 | $ 1,074.7 |
Common units held by third parties | ||
Class of Stock | ||
Common units held by third parties (units) | 4,387 | 4,389 |
Percentage of total | 1.50% | 1.50% |
Incentive units held by employees and directors (see Note 14) | ||
Class of Stock | ||
Incentive units held by employees and directors (units) | 1,904 | 1,543 |
Percentage of total | 0.70% | 0.50% |
Noncontrolling Interests in Operating Partnership | ||
Class of Stock | ||
Number of units (units) | 290,957 | 290,347 |
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) | 3 Months Ended |
Mar. 31, 2022shares | |
Common And Incentive Unit Activity [Roll Forward] | |
Beginning balance (units) | 5,931 |
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units) | (2) |
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units) | (12) |
Incentive units issued upon achievement of market performance condition (units) | 221 |
Grant of incentive units to employees and directors (units) | 153 |
Ending balance (units) | 6,291 |
Common Units | |
Common And Incentive Unit Activity [Roll Forward] | |
Beginning balance (units) | 4,389 |
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units) | (2) |
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units) | 0 |
Incentive units issued upon achievement of market performance condition (units) | 0 |
Grant of incentive units to employees and directors (units) | 0 |
Ending balance (units) | 4,387 |
Incentive Units | |
Common And Incentive Unit Activity [Roll Forward] | |
Beginning balance (units) | 1,542 |
Redemption of common units for shares of Digital Realty Trust, Inc. common stock (units) | 0 |
Conversion of incentive units held by employees and directors for shares of Digital Realty Trust, Inc. common stock (units) | (12) |
Incentive units issued upon achievement of market performance condition (units) | 221 |
Grant of incentive units to employees and directors (units) | 153 |
Ending balance (units) | 1,904 |
Equity and Capital - Schedule o
Equity and Capital - Schedule of Dividends and Distributions (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($)$ / shares | |
Series J Preferred Units | |
Dividends Payable [Line Items] | |
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 1.31250 |
Series K Preferred Units | |
Dividends Payable [Line Items] | |
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares | 1.46250 |
Series L Preferred Units | |
Dividends Payable [Line Items] | |
Preferred stock dividend per share amount (in dollars per share/unit) | $ / shares | 1.30000 |
Common Units | |
Dividends Payable [Line Items] | |
Common stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 4.88000 |
March 3, 2022 | Series J Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ | $ 2,625 |
March 3, 2022 | Series K Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ | 3,071 |
March 3, 2022 | Series L Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ | 4,485 |
March 3, 2022 | Common Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, common stock/units | $ | $ 348,025 |
Digital Realty Trust, L.P. | Series J Preferred Units | |
Dividends Payable [Line Items] | |
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] | |
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] | |
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] | |
Common stock dividend per share amount (in dollars per share/unit) | $ / shares | $ 4.88000 |
Digital Realty Trust, L.P. | March 3, 2022 | Series J Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ | $ 2,625 |
Digital Realty Trust, L.P. | March 3, 2022 | Series K Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ | 3,071 |
Digital Realty Trust, L.P. | March 3, 2022 | Series L Preferred Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, preferred units | $ | 4,485 |
Digital Realty Trust, L.P. | March 3, 2022 | Common Units | |
Dividends Payable [Line Items] | |
Dividends/Distributions, common stock/units | $ | $ 355,812 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss), Net (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Foreign currency translation adjustments | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | $ (212,653) |
Net current period change | (13,551) |
Ending balance | (226,204) |
Cash flow hedge adjustments | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | (107) |
Net current period change | (1,312) |
Reclassification to interest expense from interest rate swaps | (101) |
Ending balance | (1,520) |
Foreign currency net investment hedge adjustments | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | 38,880 |
Ending balance | 38,880 |
Accumulated other comprehensive income (loss), net | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | (173,880) |
Net current period change | (14,863) |
Reclassification to interest expense from interest rate swaps | (101) |
Ending balance | (188,844) |
Digital Realty Trust, L.P. | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | 18,476,787 |
Ending balance | 18,208,706 |
Digital Realty Trust, L.P. | Foreign currency translation adjustments | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | (219,882) |
Net current period change | (13,877) |
Ending balance | (233,759) |
Digital Realty Trust, L.P. | Cash flow hedge adjustments | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | (1,240) |
Net current period change | (1,344) |
Reclassification to interest expense from interest rate swaps | (103) |
Ending balance | (2,687) |
Digital Realty Trust, L.P. | Foreign currency net investment hedge adjustments | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | 39,677 |
Ending balance | 39,677 |
Digital Realty Trust, L.P. | Accumulated other comprehensive income (loss), net | |
Accumulated Other Comprehensive Income (Loss), Net | |
Beginning balance | (181,445) |
Net current period change | (15,221) |
Reclassification to interest expense from interest rate swaps | (103) |
Ending balance | $ (196,769) |
Incentive Plan - Market-Based P
Incentive Plan - Market-Based Performance Awards (Details) - USD ($) $ in Millions | Feb. 27, 2023 | Mar. 04, 2022 | Feb. 22, 2022 | Jan. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 |
Market-based performance awards | 2014 Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award requisite service period | 3 years | ||||||
Market-based performance awards | 2019 Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award requisite service period | 4 years | 4 years | |||||
Market-based performance awards | Below Threshold Level | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 0.00% | ||||||
Performance Threshold | (500.00%) | (500.00%) | |||||
Market-based performance awards | Threshold Level | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 25.00% | ||||||
Performance Threshold | (500.00%) | (500.00%) | |||||
Market-based performance awards | Target Level | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 50.00% | ||||||
Performance Threshold | 0.00% | 0.00% | |||||
Market-based performance awards | High Level | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 100.00% | ||||||
Performance Threshold | 500.00% | 500.00% | |||||
Market-based performance awards | First Vesting Period | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 50.00% | ||||||
Market-based performance awards | First Vesting Period | 2019 Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 50.00% | ||||||
Market-based performance awards | Second Vesting Period | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 50.00% | ||||||
Market-based performance awards | Second Vesting Period | 2019 Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 50.00% | ||||||
Class D Units | 2019 Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting of restricted common units, net (units) | 239,436 | 18,966 | |||||
Share-based compensation arrangement by share-based payment award, grant date fair value | $ 12.3 | ||||||
Restricted Stock Units | 2019 Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting of restricted common units, net (units) | 70,721 | ||||||
Share-based compensation arrangement by share-based payment award, grant date fair value | $ 25 | ||||||
Financial-based performance awards | 2019 Awards | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award requisite service period | 3 years | ||||||
Share-based compensation arrangement by share-based payment award, grant date fair value | $ 12.3 | ||||||
Financial-based performance awards | 2019 Awards | Minimum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award requisite service period | 2 years | ||||||
Financial-based performance awards | 2019 Awards | Maximum | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award requisite service period | 3 years |
Incentive Plan - Schedule of Co
Incentive Plan - Schedule of Compensation Expense (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Long-term incentive units | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Deferred compensation, expensed | $ 5.2 | $ 4.2 | |
Deferred compensation, capitalized | 0.1 | ||
Unearned Compensation | $ 38.4 | $ 19.8 | |
Expected period to recognize unearned compensation (in years) | 2 years 6 months | ||
Market-based performance awards | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Deferred compensation, expensed | $ 5 | 6.2 | |
Deferred compensation, capitalized | 0.2 | 0.4 | |
Unearned Compensation | $ 54.4 | 39.2 | |
Expected period to recognize unearned compensation (in years) | 2 years 7 months 6 days | ||
Interxion awards | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Deferred compensation, expensed | $ 0.9 | 10.5 | |
Unearned Compensation | $ 5.9 | 8.5 | |
Expected period to recognize unearned compensation (in years) | 1 year 3 months 18 days | ||
Restricted Stock Units | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | |||
Deferred compensation, expensed | $ 5.3 | 6 | |
Deferred compensation, capitalized | 1 | $ 0.7 | |
Unearned Compensation | $ 75.6 | $ 44.5 | |
Expected period to recognize unearned compensation (in years) | 3 years |
Incentive Plan - Summary of Lon
Incentive Plan - Summary of Long-Term Incentive Units (Details) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Units | |
Granted (shares) | 153 |
Long-term incentive units | |
Units | |
Unvested beginning of period (shares) | 250,468 |
Granted (shares) | 153,085 |
Vested (shares) | (112,666) |
Unvested end of period (shares) | 290,887 |
Weighted-Average Grant Date Fair Value | |
Unvested, beginning of period (in dollars per share) | $ / shares | $ 132.66 |
Granted (in dollars per share) | $ / shares | 155.90 |
Vested (in dollars per share) | $ / shares | 126.98 |
Unvested, end of period (in dollars per share) | $ / shares | $ 147.09 |
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 |
Restricted stock | |
Units | |
Unvested beginning of period (shares) | 509,369 |
Granted (shares) | 283,852 |
Vested (shares) | (104,647) |
Cancelled or expired (shares) | (25,344) |
Unvested end of period (shares) | 663,230 |
Weighted-Average Grant Date Fair Value | |
Unvested, beginning of period (in dollars per share) | $ / shares | $ 129.52 |
Granted (in dollars per share) | $ / shares | 139.68 |
Vested (in dollars per share) | $ / shares | 123.80 |
Cancelled or expired (in dollars per share) | $ / shares | 131.82 |
Unvested, end of period (in dollars per share) | $ / shares | $ 134.69 |
Incentive Plan - Summary of act
Incentive Plan - Summary of activity for Service-Based Restricted Stock Units (Details) | 3 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Units | |
Granted (shares) | 153 |
Restricted stock | |
Units | |
Unvested beginning of period (shares) | 509,369 |
Granted (shares) | 283,852 |
Vested (shares) | (104,647) |
Cancelled or expired (shares) | (25,344) |
Unvested end of period (shares) | 663,230 |
Weighted-Average Grant Date Fair Value | |
Unvested, beginning of period (in dollars per share) | $ / shares | $ 129.52 |
Granted (in dollars per share) | $ / shares | 139.68 |
Vested (in dollars per share) | $ / shares | 123.80 |
Cancelled or expired (in dollars per share) | $ / shares | 131.82 |
Unvested, end of period (in dollars per share) | $ / shares | $ 134.69 |
Incentive Plan - Narrative (Det
Incentive Plan - Narrative (Details) shares in Millions | 3 Months Ended |
Mar. 31, 2022shares | |
2014 Incentive Award Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares remaining for issuance under Incentive Plan (shares) | 5 |
Long-term incentive units | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 2 years |
Long-term incentive units | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 4 years |
Service Based Restricted Stock Units | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 2 years |
Service Based Restricted Stock Units | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Award vesting period | 4 years |
Derivative Instruments - Outsta
Derivative Instruments - Outstanding Interest Rate Derivatives (Details) $ in Thousands | Mar. 31, 2022USD ($) |
Level 2 | |
Currently-paying contracts | |
Fair value of derivatives | $ 0 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Estimated Fair Value And Carrying Amounts (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | $ 13,998,474 | $ 14,147,889 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of long-term debt | 14,508,971 | 13,562,240 |
Level 2 | Global revolving credit facilities | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | 959,713 | 415,116 |
Level 2 | Global revolving credit facilities | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Lines of credit | 959,713 | 415,116 |
Level 2 | Unsecured senior notes | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured senior notes | 12,880,195 | 13,580,262 |
Level 2 | Unsecured senior notes | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unsecured senior notes | 13,388,665 | 13,000,042 |
Level 2 | Secured and Other Debt | Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured and other debt | 158,566 | 152,511 |
Level 2 | Secured and Other Debt | Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Secured and other debt | $ 160,593 | $ 147,082 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | Mar. 31, 2022USD ($) |
Commitments and Contingencies. | |
Reimbursable amount of commitments related to construction contracts | $ 49.1 |
Commitments related to construction contracts | $ 1,400 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Information | ||||
Cash and cash equivalents | $ 157,964 | $ 142,698 | ||
Restricted cash (included in other assets) | 10,375 | 8,787 | ||
Total | 168,339 | $ 230,712 | $ 151,485 | $ 123,652 |
Interest, net of amounts capitalized | 119,000 | 120,300 | ||
Income taxes, net of refunds | 7,600 | 4,600 | ||
Accrued construction related costs | $ 417,300 | $ 322,500 |
Segment and Geographic Inform_3
Segment and Geographic Information (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022USD ($)segment | Mar. 31, 2021USD ($) | Dec. 31, 2021USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of Operating Segments | segment | 1 | ||
Number of Reportable Segments | segment | 1 | ||
Operating Revenues | $ 1,127,322 | $ 1,090,391 | |
Investments in Real Estate | 22,977,039 | $ 22,569,930 | |
Net Assets in Foreign Operations | 3,200,000 | 3,900,000 | |
Outside the United States | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 500,000 | 400,000 | |
Investments in Real Estate | $ 9,800,000 | $ 9,600,000 | |
Outside the United States | Revenue | Geographic Concentration Risk | |||
Segment Reporting Information [Line Items] | |||
Concentration risk | 41.00% | 36.60% | |
United States | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | $ 700,000 | $ 700,000 | |
Investments in Real Estate | $ 11,200,000 | $ 11,200,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | Apr. 01, 2022 | Apr. 05, 2022 | Mar. 31, 2022 |
Global revolving credit facilities | |||
Subsequent Events | |||
Line of credit facility maximum borrowing capacity | $ 3,000 | ||
Subsequent Event | 2022 Sales Agreement | |||
Subsequent Events | |||
Aggregate maximum offering price | $ 1,500 | ||
Aggregate gross sales price unsold | $ 577.6 | ||
Subsequent Event | Global revolving credit facilities | |||
Subsequent Events | |||
Line of credit facility maximum borrowing capacity | $ 3,750 |